钢铁3月数据跟踪：粗钢产量大增，消费端需求持续回升

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [8]. Core Viewpoints - The steel industry is experiencing a significant recovery in production and demand, with March crude steel daily output increasing by 5.2% year-on-year and 6.3% month-on-month, indicating a strong recovery in steel mills' production enthusiasm [2][6]. - The apparent consumption of steel in March 2025 reached 82.89 million tons, a year-on-year increase of 4.9%, with a notable acceleration in downstream demand [2]. - The net export of steel in March was 9.96 million tons, up 7.4% year-on-year, driven by price advantages and export factors [3]. Summary by Sections Production and Demand - In March 2025, crude steel production was 92.84 million tons, a year-on-year increase of 4.6%, with a daily average of 2.995 million tons [6]. - The manufacturing sector showed strong growth, with the manufacturing purchasing managers' index (PMI) at 50.5, indicating expansion [2]. Export and Import Trends - March steel exports were 10.46 million tons, a year-on-year increase of 5.7%, while imports decreased by 18.8% [6]. - Iron ore imports in March were 93.97 million tons, down 6.7% year-on-year, influenced by high port inventories [6]. Government Policy and Industry Outlook - The government is expected to continue implementing crude steel production controls to promote industry restructuring [3]. - The report suggests that with ongoing adjustments in supply-side policies and improving demand, the steel industry's fundamentals are likely to continue to improve [7]. Investment Recommendations - The report recommends stocks such as Hualing Steel, Nanjing Steel, Baosteel, and New Steel, which are expected to benefit from the recovery in demand and favorable market conditions [7].