钢铁周报：“反内卷”信号将带动行业走出底部-20250721

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that signals of "anti-involution" will drive the industry out of the bottom [1] Summary by Relevant Sections Steel Price Data - The SW Steel Index is at 2,326 with a weekly increase of 0.4% and a year-to-date increase of 10.6% [3] - The price of rebar (HRB400 20mm) is 3,270 CNY/ton, with a weekly increase of 0.9% and a year-to-date decrease of 4.1% [3] - Hot-rolled coil is priced at 3,360 CNY/ton, showing a weekly increase of 1.5% and a year-to-date increase of 1.8% [3] Inventory Data - Total social inventory of five major steel products is 921,000 tons, with a weekly increase of 0.9% and a year-to-date increase of 21.5% [5] - Total inventory at steel mills is 416,000 tons, with a weekly increase of 2.4% and a year-to-date increase of 18.6% [5] - Port inventory of iron ore is 13,782,000 tons, with a weekly increase of 0.1% and a year-to-date increase of 7.3% [5] Supply and Demand - The weekly output of five major steel products is projected to be around 1,000,000 tons [9] - Daily average pig iron production is expected to reach approximately 230,000 tons [9] Profitability - The profitability rate of steel mills is currently at 6.6% [19]