原料成本松动，钢厂利润持续回升

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Viewpoints - Raw material costs are easing, leading to a continuous recovery in steel mill profits. The report indicates that the price decline of steel is less than that of raw materials, which supports profit recovery for steel mills [3][4]. - The steel demand is transitioning between peak and off-peak seasons, with ongoing uncertainties regarding overseas tariff policies. Future attention should be paid to the developments in overseas tariffs and seasonal demand [3][4]. - The report highlights the potential for improved profitability for steel companies due to increased control over crude steel production and a more relaxed supply of raw materials like iron ore and coking coal [3][4]. Summary by Sections Price Trends - As of May 30, steel prices have decreased, with HRB400 rebar priced at 3,130 CNY/ton, down 30 CNY/ton from the previous week. Other steel products also saw price declines [1][8]. Production and Inventory - The total production of five major steel varieties reached 8.81 million tons, an increase of 84,100 tons week-on-week. Total inventory decreased by 280,700 tons to 9.31 million tons [2][3]. Profitability - Long-process steel profits have risen, with rebar, hot-rolled, and cold-rolled margins increasing by 21 CNY/ton, 4 CNY/ton, and 22 CNY/ton respectively. Short-process electric furnace steel margins decreased by 20 CNY/ton [1][3]. Investment Recommendations - The report recommends several companies for investment: - General steel sector: Baosteel, Hualing Steel, Nanjing Steel - Special steel sector: CITIC Special Steel, Yongjin Co., Xianglou New Materials - Pipe materials: Jiuli Special Materials, Wujin Stainless Steel, Youfa Group - High-temperature alloy: Fushun Special Steel [3][4].