钢铁周报：重视淡季的底部布局

Investment Rating - The industry investment rating is optimistic [1][24]. Core Viewpoints - The report emphasizes the importance of bottom positioning during the off-season for the steel industry [1]. - It highlights the recent trends in steel prices and inventory levels, indicating a potential for recovery [3][5]. Price Trends - 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]. - The price of rebar (HRB400 20mm) is 3,130 CNY/ton, showing 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 drop of 2.5% and a year-to-date decrease of 7.6% [3]. Inventory Levels - The total social inventory of five major steel products is 9.31 million tons, reflecting a weekly decrease of 2.9% and a year-to-date increase of 22.8% [5]. - The total inventory at steel mills is 4.33 million tons, with a weekly decline of 10.1% and a year-to-date increase of 23.7% [5]. - Iron ore port inventory stands at 13.86 million tons, unchanged week-on-week but up 6.7% year-to-date [5]. Supply and Demand - The weekly output of five major steel products is projected to be stable, with daily average pig iron production expected to maintain current levels [9][12]. - The report indicates a steady demand for rebar, with apparent demand figures showing resilience [15].