成材：基本面偏弱钢价调整

Group 1: Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] Group 2: Core View of the Report - The fundamentals of finished steel products are weak, and steel prices are undergoing adjustments. There is still potential for further adjustment, and it is advisable to adopt a wait - and - see approach [2][3] Group 3: Summary by Related Content General Situation of Steel Billets - In July, the total resource volume of national sample steel billet circulation enterprises was about 3.32 million tons, with a month - on - month increase of about 4% and a year - on - year increase of about 29%. At the beginning of August, some steel enterprises resumed production after blast furnace maintenance, and the steel billet profit was relatively good, driving up the steel billet delivery volume, which is expected to remain at about 44,000 tons per day, at a relatively high level. On August 4, the ex - factory tax - included price of common square billets in Qian'an, Tangshan increased by 20 yuan, reaching 3,050 yuan per ton [3] Situation of Finished Steel Products - Finished steel products rebounded slightly from the low level yesterday. After the macro - sentiment subsided, steel prices continuously declined, and the market refocused on the fundamental factors of steel. Currently, the supply of steel is still stronger than the demand. The daily average hot metal output, blast furnace operating rate, and steel mill profitability on the supply side are all relatively high, but the downstream demand is mediocre, affected by monthly real - estate data and the actual impact of the rainy season on construction sites [3]