钢铁周报：专项债加速发行，为后市需求奠定良好基础

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The acceleration of special bond issuance lays a solid foundation for future demand in the steel industry [1] Price Summary - The Shanghai Composite Index is at 3,379 with a weekly increase of 1.0% and a year-to-date increase of 0.8% [3] - The SW Steel Index stands at 2,156, reflecting a weekly increase of 0.3% and a year-to-date increase of 2.6% [3] - Rebar (HRB400 20mm) price is at 3,400 CNY/ton, with a weekly increase of 3.0% and a year-to-date decrease of 0.3% [3] - Iron ore price is at 110 USD/ton, with a weekly increase of 2.5% and a year-to-date increase of 9.5% [3] Inventory Summary - Total social inventory of five major steel products is 1,313,000 tons, with a weekly increase of 2.7% and a year-to-date increase of 73.2% [5] - Steel mill inventory stands at 550,000 tons, with a weekly increase of 1.4% and a year-to-date increase of 57.1% [5] - Port inventory of iron ore is at 15,364,000 tons, with a weekly increase of 2.9% and a year-to-date increase of 3.4% [5] Supply and Demand - The weekly output of five major steel products is projected to increase, indicating a positive trend in production capacity [9] - The average daily molten iron output is expected to rise, reflecting a healthy demand in the market [9] Profitability - The profitability rate of steel mills is showing signs of improvement, indicating a potential recovery in the industry [14]