行业周报：生铁产量增速偏高-2025-03-30

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report indicates a high growth rate in pig iron production, with a week-on-week increase of 0.43% and a year-on-year increase of 7.22% [6][58]. - Social steel inventory has decreased by 3.04% week-on-week, with significant year-on-year declines of approximately 28% [6][61]. - The report highlights that the manufacturing steel demand remains strong, while the construction steel demand is impacted by a significant drop in new real estate projects [73]. Summary by Sections Market Performance - The Wind Steel Index fell by 3.01% last week, while individual stocks like Hangang Co. dropped by about 10% [10][12]. - Year-to-date performance shows a 6.10% increase for the steel sector [10]. Steel Prices - The Myspic steel price index increased by 0.52% last week, with rebar futures rising by 1.30% and hot-rolled futures by 0.69% [15][24]. Costs - The Platts index for iron ore rose by 2.75%, with iron ore futures increasing by 3.70% [33][34]. - Coke prices remained stable, while coke futures increased by 5.31% [43]. Profit Margins - The report notes a general decline in steel profit margins, with cold-rolled steel dropping by 65 CNY/ton and rebar by 37 CNY/ton [52]. - The profitability rate of 247 surveyed steel companies is approximately 53.68%, showing a slight increase from the previous week [56]. Supply - Daily pig iron production from 247 steel companies averaged 2.3728 million tons, reflecting a week-on-week increase of 0.43% [58][59]. Inventory - The report states that the total inventory of five major steel mills decreased by 2.94% week-on-week, with a significant year-on-year decline [61][62]. - Port inventory of imported iron ore increased by 0.44% week-on-week, totaling 14,979 million tons [69][70]. Export Challenges - The report discusses anti-dumping measures imposed by countries like Vietnam and India on Chinese steel products, which may negatively impact exports [72]. Production Data - In the first two months of 2025, crude steel production decreased by 1.5% year-on-year, while steel production overall increased by 4.7% [73].