钢铁行业周报：供给小幅稳增，需求持续恢复

Investment Rating - The report maintains a "Recommended" investment rating for the steel industry [2][8] Core Viewpoints - Supply is slightly increasing while demand continues to recover, indicating a positive trend for the steel industry [4][54] - The report highlights the importance of high-quality supply leading to demand, with a focus on industry restructuring and capacity reduction [8][51] Supply Summary - As of March 14, 2025, the total production of five major steel products reached 8.5321 million tons, a week-on-week increase of 2.27% and a year-on-year increase of 0.50% [4][15] - The average daily pig iron production from 247 steel enterprises was 2.3059 million tons, with a week-on-week increase of 0.03% and a year-on-year increase of 4.42% [4][15] - The capacity utilization rate of blast furnaces in 247 steel enterprises was 86.57%, up 0.03 percentage points week-on-week and up 3.99 percentage points year-on-year [4][15] Demand Summary - The total consumption of five major steel products reached 8.8388 million tons as of March 14, 2025, with a week-on-week increase of 3.61% and a year-on-year increase of 6.42% [20][22] - The daily transaction volume of construction steel from mainstream traders was 119,100 tons, reflecting a significant week-on-week increase of 32.29% [20][22] Inventory Summary - The total social inventory of five major steel products was 13.1991 million tons, a week-on-week decrease of 1.47% and a year-on-year decrease of 24.99% [29][30] - The total factory inventory of five major steel products was 5.0971 million tons, a week-on-week decrease of 2.12% and a year-on-year decrease of 31.71% [29][31] Cost Summary - As of March 14, 2025, the price index for Australian iron ore (62% Fe) was 780.6 RMB/wet ton, with a week-on-week increase of 0.13% and a year-on-year decrease of 4.85% [42][44] - The comprehensive absolute price index for scrap steel was 2508.77 RMB/ton, with a week-on-week decrease of 0.90% and a year-on-year decrease of 13.86% [42][43] Price Summary - The Mysteel ordinary steel absolute price index was 3575.89 RMB/ton, with a week-on-week increase of 0.29% and a year-on-year decrease of 10.04% [45][46] - The Mysteel special steel absolute price index was 9402.63 RMB/ton, with a week-on-week decrease of 0.33% and a year-on-year decrease of 3.24% [45][46]