钢铁行业周报：发动消费引擎提振需求

Investment Rating - The report maintains a "Buy" rating for the steel industry, indicating a positive outlook for selected companies within the sector [7]. Core Insights - The report emphasizes the recovery of demand driven by government policies aimed at boosting consumption, alongside a gradual improvement in the overall economic environment [2][4]. - It highlights the ongoing adjustments in supply-side policies, particularly in the steel industry, which are expected to enhance the long-term fundamentals of steel products [4][12]. - The report identifies several undervalued companies within the industry that are likely to benefit from the anticipated recovery in demand and supply-side reforms [2][4]. Summary by Sections Market Overview - The CITIC Steel Index closed at 1,658.89 points, up 1.36%, underperforming the CSI 300 Index by 0.23 percentage points, ranking 19th among 30 CITIC primary sectors [1][68]. Supply Dynamics - Daily average pig iron production increased by 0.1 million tons to 230.7 million tons, indicating a slight uptick in supply amid improving demand [11]. - The capacity utilization rate for 247 steel mills remained stable at 86.6%, reflecting a year-on-year increase of 3.5 percentage points [16]. Inventory Trends - Total steel inventory decreased by 1.6% week-on-week, with social inventory down 25.0% year-on-year, indicating a tightening supply situation [22][26]. Demand Recovery - Apparent consumption of the five major steel products reached 883.9 million tons, up 3.6% week-on-week and 6.4% year-on-year, with rebar consumption showing a notable increase [40][34]. Raw Material Prices - Iron ore prices strengthened, with the Platts 62% iron ore price index at $103.5 per ton, reflecting a week-on-week increase of 1.6% [48]. Price and Profitability - Steel spot prices rose, with the Myspic comprehensive steel price index at 126.5, up 0.3% week-on-week, while the gross profit margins for long-process steel products slightly declined [55][54]. Key Companies and Recommendations - The report recommends several companies for investment, including: - Hualing Steel (Buy) - Baosteel (Buy) - Nanjing Steel (Buy) - New Steel (Buy) - Jiuli Special Materials (Buy) - Emerging Foundry (Hold) [8].