钢铁钢价震荡等待方向，关注两会政策释放力度

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report emphasizes the recovery of downstream demand and the positive impact of government policies, particularly regarding the issuance of special bonds, which is expected to support steel prices in the near future [3][4] - The report suggests that the steel sector is likely to experience a rebound in sentiment due to macroeconomic policy measures and supply-side reforms, with a focus on high-quality development and balancing environmental goals with economic objectives [4] - The report highlights the potential for valuation recovery in steel stocks, recommending specific companies such as Baosteel, Nanjing Steel, Hualing Steel, and Maanshan Steel [4] Summary by Sections Market Performance - The steel sector saw an increase of 3.18%, outperforming the Shanghai Composite Index by 4.9 percentage points [12] Fundamental Tracking - National steel prices showed a general decline, with rebar prices averaging 3,322 CNY/ton in Beijing, down by 4 CNY/ton [11] - The apparent consumption of rebar was 1.9071 million tons, up by 22,090 tons week-on-week [6] - The overall profitability of hot-rolled steel was 107 CNY/ton, an increase of 32 CNY/ton from the previous period [6][28] Industry Dynamics - The report notes a decrease in the operating rate of blast furnaces to 78.29%, down by 0.61 percentage points week-on-week [6][30] - The report indicates that the supply of iron ore is strong while demand remains weak, with global iron ore shipments at 30.669 million tons, a decrease of 13.787 million tons week-on-week [5] - The report mentions that the total crude steel production in 2024 was 1,005.091 million tons, a year-on-year decrease of 1.7% [38]