成材：政策指引下情绪改善钢价反弹

Group 1 - Report industry investment rating: Not provided Group 2 - The core view of the report: Short - term observation or short - selling on rebounds [3] Group 3 - Last week, the blast furnace operating rate of 247 steel mills was 83.15%, a decrease of 0.31 percentage points from the previous week; the blast furnace iron - making capacity utilization rate was 89.9%, a decrease of 0.39 percentage points from the previous week; the daily average hot metal output was 2.3981 million tons, a decrease of 10,400 tons from the previous week. The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 50.36%, a decrease of 0.69 percentage points from the previous week and an increase of 5.63 percentage points year - on - year; the average operating rate was 63.59%, a decrease of 3.27 percentage points from the previous week and a decrease of 1.16 percentage points year - on - year [2] - On July 11, it was stated that the sales volume of new energy vehicles is expected to reach 16 million this year, and the proportion of new energy vehicle sales is expected to exceed 50% [2] - After a brief adjustment, finished products soared again on Thursday last week driven by the news of production restrictions in Shanxi. Market sentiment warmed up, and the daily trading volume of building materials rebounded to over 100,000 tons. Driven by macro anti - involution policies, the fundamentals of finished products improved to some extent last week, mainly due to varying degrees of decline in the supply of the five major steel products. The rise in raw materials also supported steel prices. Currently, the improvement in downstream demand is not obvious. It is recommended to observe in the short term and try short - selling on rebounds [2] - Later, attention should be paid to macro policies, supply - side production reduction, and downstream demand [3]