钢铁供给有望迎来结构性改善，板块依旧处于底部配置舒适区钢铁

Investment Rating - The steel industry is rated as "Positive" [2] Core Viewpoints - The steel supply is expected to see structural improvements, and the sector remains in a comfortable bottom configuration for investment [2][4] - Despite facing supply-demand contradictions, the overall steel demand is anticipated to remain stable or slightly increase due to supportive factors such as real estate stabilization, steady infrastructure investment, and sustained manufacturing development [4] - The report highlights that the steel industry is likely to maintain a balanced supply-demand situation, benefiting from high-end steel products and companies with strong cost control and scale effects [4] Supply Summary - As of March 14, the average daily pig iron output was 2.3059 million tons, a week-on-week increase of 0.08 thousand tons and a year-on-year increase of 83.4 thousand tons [16] - The capacity utilization rate for blast furnaces was 86.6%, up by 0.03 percentage points week-on-week [16] - The total output of five major steel products reached 7.445 million tons, an increase of 141.7 thousand tons week-on-week, or 1.94% [16][17] Demand Summary - The consumption of five major steel products was 8.839 million tons, an increase of 307.7 thousand tons week-on-week, or 3.61% [22][23] - The transaction volume of construction steel by mainstream traders was 110 thousand tons, up by 9.16% week-on-week [22] Inventory Summary - Social inventory of five major steel products was 13.199 million tons, a decrease of 196.3 thousand tons week-on-week, or 1.47% [29][30] - Factory inventory of five major steel products was 5.097 million tons, down by 110.4 thousand tons week-on-week, or 2.12% [29][31] Price & Profit Summary - The comprehensive index for ordinary steel was 3,575.9 yuan/ton, a week-on-week increase of 10.48 yuan/ton, or 0.29% [38] - The comprehensive index for special steel was 6,714.1 yuan/ton, a week-on-week decrease of 22.09 yuan/ton, or 0.33% [38] - The profit for rebar produced in blast furnaces was -165.11 yuan/ton, a decrease of 14.3 yuan/ton week-on-week [44] - The profit for rebar produced in electric arc furnaces was -247.86 yuan/ton, a decrease of 6.2 yuan/ton week-on-week [44]