原料托举钢价趋强，钢价上行静待东风

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel market is currently facing a supply-demand imbalance, but with the implementation of various "stabilization growth" policies, overall steel demand is expected to remain stable or slightly increase [5][12] - The report highlights that the steel industry is likely to benefit from structural investment opportunities, particularly in high-margin special steel companies and leading steel enterprises with strong cost control [5][12] Market Performance - The steel sector experienced a decline of 2.00% this week, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 2.37% [12] - Among the steel sub-sectors, special steel fell by 0.92%, long products by 1.44%, and flat products by 3.15% [12] Supply Data - As of August 15, the average daily pig iron production was 2.4066 million tons, a week-on-week increase of 0.34 million tons [25] - The capacity utilization rate for blast furnaces was 90.2%, up by 0.13 percentage points week-on-week [25] - The total production of five major steel products reached 7.601 million tons, an increase of 0.27% week-on-week [25] Demand Data - The consumption of five major steel products was 8.31 million tons, a decrease of 1.74% week-on-week [36] - The transaction volume of construction steel among mainstream traders was 102,000 tons, down by 1.08% week-on-week [36] Inventory Data - Social inventory of five major steel products increased to 9.908 million tons, a week-on-week rise of 2.94% [44] - Factory inventory of five major steel products reached 4.251 million tons, up by 2.97% week-on-week [44] Price Data - The comprehensive index for ordinary steel was 3,566.4 yuan/ton, with a week-on-week increase of 0.10% [50] - The comprehensive index for special steel was 6,638.7 yuan/ton, with a slight week-on-week increase of 0.01% [50] Profitability - The profit per ton for rebar was 121 yuan, down by 23.42% week-on-week [59] - The profit per ton for electric arc furnace construction steel was -68 yuan, a significant decrease of 58.14% week-on-week [59] Raw Material Prices - The spot price index for Australian iron ore (62% Fe) was 774 yuan/ton, with a week-on-week increase of 0.13% [72] - The price of primary metallurgical coke was 1,770 yuan/ton, remaining stable week-on-week [72]