钢铁周报：库存继续去库，铁水拐点初现

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that inventory continues to decrease, with signs of a turning point in molten iron production [1] - The total social inventory of five major steel products is 9.93 million tons, showing a weekly decrease of 3.8% and a year-to-date increase of 31.0% [5] - The total inventory of steel mills for the five major products is 4.37 million tons, reflecting a weekly increase of 1.4% and a year-to-date increase of 24.8% [5] - The port inventory of iron ore stands at 141.63 million tons, with a weekly decrease of 0.5% and a year-to-date increase of 4.7% [5] Price Data Summary - The SW Steel Index is at 2,159, with a weekly decrease of 0.4% and a year-to-date increase of 2.7% [3] - The price of rebar (HRB400 20mm) is 3,200 CNY/ton, with a weekly increase of 1.6% and a year-to-date decrease of 6.2% [3] - The price of hot-rolled steel is 3,270 CNY/ton, with a weekly increase of 2.2% and a year-to-date decrease of 4.4% [3] - The iron ore Platts index is at 102 USD/ton, reflecting a weekly increase of 3.7% and a year-to-date increase of 2.2% [3] Supply and Demand - The weekly output of five major steel products is projected to be stable, with daily molten iron production expected to maintain a steady trend [8][10] - The report highlights the overall demand for rebar, indicating a positive outlook for the market [14]