成材：宏观和基本面共振，钢价自低位反弹

Report Industry Investment Rating - Not provided Core View of the Report - The report suggests treating the steel price rebound as an opportunity to try short-selling [1][2] Summary by Relevant Content Steel Production and Inventory - In late June, the average daily output of crude steel from key steel enterprises was 2.129 million tons, a 0.9% decrease from the previous period; the steel inventory was 15.45 million tons, a 4.7% decrease from the previous ten - day period and a 1.0% increase from the same period last month [1] Steel Mill Operating Rates - Last week, the blast furnace operating rate of 247 steel mills was 83.46%, a decrease of 0.36 percentage points from the previous week; the blast furnace iron - making capacity utilization rate was 90.29%, a decrease of 0.54 percentage points from the previous week; the daily average pig iron output was 2.4085 million tons, a decrease of 14,400 tons from the previous week [1] - The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 51.05%, a decrease of 3.44 percentage points from the previous period and an increase of 2.03 percentage points from the same period last year; the average operating rate was 66.87%, a decrease of 3.27 percentage points from the previous period and a decrease of 3.12 percentage points from the same period last year [1] Steel Price Rebound Factors - The steel price rebounded from a low level due to an anti - involution storm in the market last week and some steel mills in Tangshan receiving production restriction notices. The positive candlestick on Wednesday brought some changes to the sluggish market [1] Impact on Rebound - Fundamentally, the operating rate declined and the daily average pig iron output decreased slightly. Macroscopically, there will be an important domestic meeting at the end of this month, and the market atmosphere has improved compared with the previous period. However, it is currently the off - season for demand, and high temperatures and rainfall in many places exist, which will drag down the height of the rebound to a certain extent [1]