成材：宏观驱动下钢价反弹

Group 1: Report Investment Rating - The report suggests short - term observation for both the finished product and raw material sectors [3] Group 2: Core View - Macro - level positive news has continuously emerged, significantly boosting market sentiment, while the industry's fundamentals are relatively average, especially with little change in downstream demand [3] Group 3: Summary According to Relevant Data Cost and Profit - On July 21, the average cost of 76 independent electric arc furnace construction steel mills was 3,317 yuan/ton, a 24 - yuan/ton increase compared to last Friday; the average profit was - 69 yuan/ton, and the off - peak electricity profit was 34 yuan/ton, a 15 - yuan/ton increase compared to last Friday [3] Steel Price - On July 21, the ex - factory tax - included price of ordinary billet resources in Qian'an, Tangshan increased by 20, reaching 3,060 yuan/ton [3] Shipbuilding Data - From January to June 2025, China's shipbuilding completion volume was 24.13 million deadweight tons, a 3.5% year - on - year decrease; the new order volume was 44.33 million deadweight tons, an 18.2% year - on - year decrease; as of the end of June, the order backlog was 234.54 million deadweight tons, a 36.7% year - on - year increase [3] Market Performance - Over the weekend, the Ministry of Industry and Information Technology announced that it would introduce a growth - stabilizing plan, and the China Iron and Steel Association stated that it would study and establish a new capacity governance mechanism. The black series started to rise on Friday night and continued the upward trend yesterday. Both rebar and hot - rolled coils reached new highs since the rebound, with an increase in trading volume and open interest [3]