钢铁周报：重视淡季的底部布局-20250602

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report emphasizes the importance of bottom positioning during the off-season for the steel industry [1] - The report provides weekly data on steel prices, indicating fluctuations in various steel products and raw materials [3][5] - The total social inventory of five major steel products is reported at 9.31 million tons, with a year-to-date increase of 22.8% [5] - The report highlights the current state of iron ore port inventory at 138.64 million tons, showing a decrease of 6.7% year-to-date [5] Price Data Summary - The SW Steel Index is at 2,124, with a weekly decline of 0.7% and a year-to-date increase of 1.0% [3] - Rebar (HRB400 20mm) is priced at 3,130 CNY/ton, reflecting a weekly decrease of 0.9% and a year-to-date decline of 8.2% [3] - Hot-rolled coil is priced at 3,160 CNY/ton, with a weekly decrease of 2.5% and a year-to-date decline of 7.6% [3] - Cold-rolled steel is priced at 3,520 CNY/ton, showing a weekly decrease of 3.3% and a year-to-date decline of 14.4% [3] Inventory Summary - The total inventory of five major steel products in social storage is 9.31 million tons, with a weekly increase of 2.9% [5] - The total inventory at steel mills is 4.33 million tons, reflecting a weekly decrease of 10.1% [5] - Iron ore port inventory stands at 138.64 million tons, with a weekly decrease of 0.9% [5] Supply and Demand Summary - The report indicates the weekly production of five major steel products, with a focus on the average daily molten iron output [8] - The report provides insights into the operating rates of blast furnaces and electric furnaces across China, indicating trends in production capacity utilization [11][13]