有色钢铁行业周观点（2025年第3周）：关注有色钢铁的春季躁动行情

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [6] Core Viewpoints - The report emphasizes the potential for a spring rally in the non-ferrous and steel sectors, driven by resilient inflation data and improved expectations from US-China relations [15] - It highlights a slight increase in steel prices, with specific price movements noted for various steel products [39] - The report discusses the upward trend in industrial metal prices, particularly copper and aluminum, alongside the anticipated growth in demand from the electric vehicle sector [18] Summary by Sections Macro - The report notes that the US CPI increased by 2.9% year-on-year and 0.4% month-on-month, indicating potential resilience in demand and positive implications for non-ferrous metal prices [15] - Improved US-China relations could enhance global manufacturing recovery, benefiting the non-ferrous and steel sectors [15] Steel - The report indicates a decrease in rebar consumption, with a total of 1.85 million tons consumed, down 2.58% week-on-week [21] - The average price index for steel increased by 1.20%, with hot-rolled prices rising by 3.02% to 3,457 CNY/ton [39] - The report highlights a slight increase in total steel inventory, with a week-on-week rise of 1.98% [29] Industrial Metals - The LME copper price rose to 9,132 USD/ton, up 1.52% week-on-week, while aluminum prices increased to 2,659 USD/ton, up 3.83% [18] - The report anticipates a widening supply-demand gap for aluminum due to increased demand from the electric vehicle and renewable energy sectors [18] Precious Metals - Gold prices increased slightly to 2,740 USD/ounce, with a notable rise in non-commercial net long positions [19] - The report suggests that geopolitical uncertainties and central bank gold purchases may continue to support gold prices [19] Investment Recommendations - The report recommends focusing on specific companies within the non-ferrous and steel sectors, including Tianshan Aluminum and Jiu Li Special Materials, among others [4]