需求逐步复苏，钢价短期或维持震荡钢铁

Investment Rating - The investment rating for the steel industry is "Positive" [3] Core Viewpoints - The steel market is experiencing a gradual recovery in demand, with steel prices expected to remain volatile in the short term [4] - The overall profit of the steel industry is declining due to prominent supply-demand contradictions, but demand is expected to stabilize or slightly increase due to supportive policies and market conditions [6] - High-quality development and macro trends favoring high-end steel products are anticipated to benefit the industry [6] Supply Summary - As of February 28, the average daily molten iron output was 2.2794 million tons, a week-on-week increase of 0.43% [18] - The capacity utilization rate for blast furnaces was 85.6%, up by 0.17 percentage points week-on-week [18] - The production of five major steel products reached 7.357 million tons, an increase of 1.27% week-on-week [18] Demand Summary - The consumption of five major steel products was 8.273 million tons, a week-on-week increase of 4.14% [24] - The transaction volume of construction steel by mainstream traders was 106,000 tons, up by 1.60% week-on-week [24] - The net financing amount of local government special bonds was 1.5348 trillion yuan, a year-on-year increase of 24.45% [24] Inventory Summary - Social inventory of five major steel products was 13.418 million tons, a week-on-week increase of 2.12% [31] - Factory inventory of five major steel products was 5.374 million tons, a week-on-week decrease of 2.33% [31] Price & Profit Summary - The comprehensive index for ordinary steel was 3,591.3 yuan/ton, a week-on-week decrease of 0.94% [40] - The comprehensive index for special steel was 6,770.0 yuan/ton, a week-on-week decrease of 0.05% [40] - The profit for rebar produced in blast furnaces was -165.11 yuan/ton, a week-on-week decrease of 9.46% [46]