钢铁周报：等待供给侧约束落地-20250511

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report emphasizes the anticipation of supply-side constraints being implemented, which is expected to impact the steel industry positively [1] Price Data Summary - The SW Steel Index is at 2,169, with a weekly increase of 1.8% and a year-to-date increase of 3.2% [3] - The price of rebar (HRB400 20mm) is 3,150 CNY/ton, showing a weekly decrease of 1.6% and a year-to-date decrease of 7.6% [3] - The price of hot-rolled coil is 3,200 CNY/ton, with a weekly decrease of 1.2% and a year-to-date decrease of 6.4% [3] - The iron ore price index is at 98 USD/ton, reflecting a weekly increase of 1.1% and a year-to-date decrease of 2.0% [3] Inventory Summary - The total social inventory of five major steel products is 1,032 million tons, with a weekly decrease of 4.7% and a year-to-date increase of 1.36% [5] - The total inventory at steel mills is 443 million tons, with a weekly decrease of 1.6% and a year-to-date increase of 26.5% [5] - The port inventory of iron ore is 14,235 million tons, with no weekly change and a year-to-date increase of 4.2% [5] Supply and Demand Summary - The weekly output of five major steel products is projected to be 1,000 million tons [9] - The average daily molten iron production is expected to be around 230 million tons [9]