Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The supply and demand of hot-rolled coils have both weakened. The production of hot-rolled coils has been declining continuously due to increased maintenance by plate steel mills. The weekly output decreased by 63,000 tons week-on-week, and the supply has dropped to a relatively low level. However, the profit per ton of the product is still acceptable, and there will be a resumption of production later, and the positive effect needs to be tracked. Meanwhile, the demand for hot-rolled coils has also weakened, with the weekly apparent demand decreasing by 164,700 tons week-on-week, and the high-frequency transactions have also decreased. The production of cold-rolled coils, the main downstream product, remains at a high level, and the risk of external demand has eased, so the demand contraction space is limited. However, it is necessary to guard against the intensification of contradictions in the cold-rolled industry. Currently, the supply of hot-rolled coils continues to shrink, while the demand also weakens. The fundamentals have not improved under the situation of weak supply and demand. The relatively positive factor is that the risk of external demand has eased, which supports its relatively strong operation. But it is still necessary to guard against the intensification of downstream contradictions and the resumption of production by steel mills. It is expected that the price of hot-rolled coils will continue to fluctuate. Attention should be paid to the production situation of steel mills. [7] 3. Summary by Relevant Catalogs Supply - The weekly output of hot-rolled coils is 3.0568 million tons, a week-on-week decrease of 63,000 tons, and a decrease of 118,200 tons from the end of last month. Compared with the same period, it decreased by 196,800 tons. The blast furnace capacity utilization rate is 91.32%, a week-on-week decrease of 0.44 percentage points, and a decrease of 0.28 percentage points from the end of last month. [2] Demand - The apparent demand for hot-rolled coils is 3.1306 million tons, a week-on-week decrease of 164,700 tons, and a decrease of 113,000 tons from the end of last month. Compared with the same period, it decreased by 147,800 tons. The weekly output of cold-rolled coils is 881,400 tons. [2] Inventory - The total inventory of hot-rolled coils is 3.4019 million tons, a week-on-week decrease of 73,800 tons, and a decrease of 275,000 tons from the end of last month. Compared with the same period, it decreased by 729,800 tons. Among them, the in-plant inventory is 769,200 tons, a week-on-week decrease of 13,000 tons, and a decrease of 79,100 tons from the end of last month. Compared with the same period, it decreased by 81,800 tons. The social inventory is 2.6327 million tons, a week-on-week decrease of 60,800 tons, and a decrease of 195,900 tons from the end of last month. Compared with the same period, it decreased by 648,000 tons. [2]
宝城期货热轧卷板周度数据-20250523
Bao Cheng Qi Huo·2025-05-23 01:32