重点关注业绩改善空间更大的优质普钢企业钢铁

Investment Rating - The report maintains a "Positive" investment rating for the steel industry, consistent with the previous rating [2]. Core Insights - The steel sector has shown a weekly increase of 1.70%, outperforming the broader market, with specific segments like special steel and long products seeing gains of 2.45% and 3.33% respectively [3][11]. - As of April 25, 2025, the average daily pig iron production reached 2.4435 million tons, marking a week-on-week increase of 4.23% and a year-on-year increase of 18.13% [3][25]. - The report highlights a decrease in the consumption of five major steel products, with total consumption dropping to 9.263 million tons, a week-on-week decline of 22.39 thousand tons [3][34]. - Social inventory of five major steel products decreased to 10.834 million tons, down 41.40 thousand tons week-on-week, reflecting a 3.68% decline [3][41]. - The report notes an increase in the price index for ordinary steel, which rose to 3,477.1 CNY/ton, a week-on-week increase of 19.44 CNY/ton [3][47]. Supply - The capacity utilization rate for blast furnaces among sample steel companies was 91.6%, up 1.45 percentage points week-on-week [3][25]. - Electric furnace capacity utilization was reported at 56.7%, an increase of 0.33 percentage points week-on-week [3][25]. - The total production of five major steel products reached 7.664 million tons, reflecting a week-on-week increase of 2.44 thousand tons [3][25]. Demand - The report indicates a decline in the consumption of five major steel products, with a total of 9.263 million tons consumed, down 2.36% week-on-week [3][34]. - The transaction volume for construction steel among mainstream traders was 121 thousand tons, which increased by 11.56% week-on-week [3][34]. - The report also mentions a decrease in the transaction area of commercial housing in 30 major cities, which fell to 149.4 million square meters, a week-on-week decline of 15.2 million square meters [3][34]. Inventory - Social inventory of five major steel products decreased to 10.834 million tons, down 3.68% week-on-week [3][41]. - Factory inventory for the same products was reported at 4.508 million tons, reflecting a week-on-week decrease of 1.96% [3][41]. Prices - The comprehensive index for ordinary steel reached 3,477.1 CNY/ton, with a year-on-year decrease of 12.90% [3][47]. - The comprehensive index for special steel was reported at 6,641.6 CNY/ton, with a year-on-year decrease of 4.04% [3][47]. Profitability - The average profit for blast furnace steel production was reported at 98 CNY/ton, an increase of 25.0 CNY/ton week-on-week [3][56]. - The average profit for electric furnace steel production was reported at -357.04 CNY/ton, a decrease of 32.5 CNY/ton week-on-week [3][56]. - The profitability rate for 247 steel companies was reported at 57.58%, an increase of 2.6 percentage points week-on-week [3][56].