钢材周度供需数据解读-20250606

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report This week, the demand for rebar has seasonally weakened, but the year - on - year decline is not obvious. EAFs are generally in the red, and BF profits have also weakened. Rebar production has dropped significantly, and inventory has been significantly reduced. In the case of plates, production has increased, supply has further recovered, and apparent consumption has also entered a seasonally weakening phase. Inventory has slightly increased at a low level, and the pressure is acceptable. The supply - demand of cold - rolled and medium - heavy plates remains high. The "rush to export" still provides some support for manufacturing demand. However, based on terminal research feedback, there is an expectation of a weakening in the total direct and indirect steel exports. Pessimistic sentiment still dominates. The pressure of off - season inventory is driving a return to fundamentals, and black prices are expected to maintain a weak and volatile trend [2]. 3. Summary by Relevant Catalogs Demand - Rebar apparent demand is 2.2903 million tons (-196,500 tons), a year - on - year decrease of 0.91% [1]. - Hot - rolled coil apparent demand is 3.2092 million tons (-60,100 tons), a year - on - year decrease of 2.73% [1]. - The apparent demand for the five major steel products is 8.8217 million tons (-316,200 tons), a year - on - year decrease of 3.46% [1]. Supply - Rebar production is 2.1846 million tons (-70,500 tons), a year - on - year decrease of 3.13% [1]. - Hot - rolled coil production is 3.2875 million tons (+92,000 tons), a year - on - year increase of 2.88% [1]. - The production of the five major steel products is 8.8038 million tons (-4,700 tons), a year - on - year decrease of 0.05% [1]. Inventory - Rebar inventory is 5.7048 million tons (-105,700 tons), a year - on - year decrease of 1.82% [1]. - Hot - rolled coil inventory is 3.4064 million tons (+78,300 tons), a year - on - year increase of 2.35% [1]. - The inventory of the five major steel products is 13.6381 million tons (-17,900 tons), a year - on - year decrease of 0.13% [1].