钢铁行业周报：宏观情绪转暖推升钢价反弹

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The macro sentiment has improved, leading to a rebound in steel prices, and there are ongoing opportunities for valuation recovery in steel stocks [2][3] - The current industry profitability is at a low point, with expectations of more macro policy measures gradually emerging, indicating potential upward space for the sector's prosperity [3] Summary by Relevant Sections Market Performance Review - The steel sector increased by 3.34%, outperforming the Shanghai Composite Index by 1.02 percentage points [10] - National average steel prices showed a strong trend, with rebar prices in Beijing, Shanghai, and Guangzhou at 3,256, 3,354, and 3,568 yuan per ton respectively, reflecting increases of 34, 24, and 18 yuan [11] Fundamental Tracking - Steel prices are generally strong, while iron ore inventories have risen [12] - The average daily transaction volume of construction steel was 66,300 tons, a decrease of 1,900 tons week-on-week [5] - The national high furnace operating rate remained stable at 77.18%, with total weekly output of five major steel products at 8.2406 million tons, an increase of 156,400 tons week-on-week [5][28] Industry Dynamics - The report highlights that the steel industry is experiencing a rebound in prices, driven by improved macroeconomic data and increased market sentiment [2][3] - The report suggests focusing on specific steel stocks such as Baosteel, Nanjing Steel, and Hualing Steel for potential valuation recovery opportunities [3]