炉料成本延续下跌，高炉吨钢利润走阔

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector experienced a decline of 2.20% last week, underperforming the broader market, with specific segments like special steel down 2.58% and long products down 2.32% [3][11] - Iron water production increased, with a capacity utilization rate of 90.8% for blast furnaces as of June 20, reflecting a week-on-week increase of 0.21 percentage points [3][26] - The consumption of five major steel products rose, with a total consumption of 884.2 million tons, marking a week-on-week increase of 16.08 million tons [3][37] - Social inventory of five major steel products decreased to 913.1 million tons, down 14.37 million tons week-on-week, and down 28.19% year-on-year [3][45] - The average price of ordinary steel decreased slightly, with the comprehensive index at 3361.1 yuan/ton, down 3.71 yuan/ton week-on-week [3][51] - The profit for rebar from blast furnaces increased to 155 yuan/ton, up 20.0 yuan/ton week-on-week, while electric arc furnace profits remained negative at -357.04 yuan/ton [3][59] Summary by Sections 1. Market Performance - The steel sector underperformed the market, with a 2.20% decline compared to a 0.45% drop in the Shanghai and Shenzhen 300 index [11][13] 2. Supply - As of June 20, the average daily iron water production was 2.4218 million tons, a week-on-week increase of 0.57% [26] - The capacity utilization rate for electric furnaces was 54.5%, down 2.19 percentage points week-on-week [26] 3. Demand - The total consumption of five major steel products reached 884.2 million tons, with a week-on-week increase of 16.08 million tons [37] - The transaction volume of construction steel was 97,000 tons, down 0.22% week-on-week [37] 4. Inventory - Social inventory of five major steel products decreased to 913.1 million tons, down 1.55% week-on-week [45] - Factory inventory was 425.8 million tons, down 0.30% week-on-week [45] 5. Prices & Profits - The comprehensive index for ordinary steel was 3361.1 yuan/ton, down 0.11% week-on-week [51] - The profit for rebar from blast furnaces was 155 yuan/ton, an increase of 14.81% week-on-week [59]