成材：供需改善有限，钢价反弹承压

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The report suggests taking a short - selling approach on price rebounds [1][3] Group 3: Summary According to Key Information Steel Inventory - In late May, the steel inventory of key steel enterprises under the statistics of the China Iron and Steel Association was 15.3 million tons, a decrease of 1.05 million tons (6.4%) from the previous ten - day period, an increase of 2.93 million tons (23.7%) from the beginning of the year, and an increase of 10,000 tons (0.1%) from the same ten - day period of the previous month [2] Steel Production Indicators - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.65%, a decrease of 0.04 percentage points from the previous week; the steel mill profitability rate was 58.87%, unchanged from the previous week; the daily average pig iron output was 2.418 million tons, a decrease of 1,100 tons from the previous week [2] - The average operating rate of 90 independent electric arc furnace steel mills nationwide was 76.69%, a decrease of 1.09 percentage points from the previous week and an increase of 5.67 percentage points from the same period last year; the average capacity utilization rate was 58.7%, a decrease of 0.34 percentage points from the previous week and an increase of 4.41 percentage points from the same period last year [2] Steel Price and Market Situation - After the leaders of China and the United States had a phone call last week, releasing positive signals, the rebound of coking coal prices promoted the finished steel, and steel prices rebounded slightly after reaching a phased bottom [2] - However, last week's steel production remained at a high level, continuing the high - supply situation [2] - As it has entered the seasonal off - season, short - term demand is difficult to improve and may even decline further due to factors such as the temporary suspension of construction during the college entrance examination and increased rainfall in some areas [2] Later Focus - Macro policies and downstream demand conditions [3]