成材：供需双弱，钢价整理

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The short - term price fluctuations are large, and the market will operate weakly with oscillations [4] Group 3: Summary According to the Content Steel Production and Utilization Rates - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.25%, a 0.03 - percentage - point increase from the previous week; the steel mill profitability rate was 64.94%, a 0.86 - percentage - point decrease; the daily average pig iron output was 240.75 tons, a 0.09 - ton increase [3] - The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 56.67%, a 0.72 - percentage - point decrease from the previous week and a 22.48 - percentage - point increase year - on - year. The average operating rate was 75.69%, a 0.69 - percentage - point decrease from the previous week and a 24.72 - percentage - point increase year - on - year [3] - Among 87 section steel production lines in Tangshan, 15 were actually in operation, with an overall operating rate of 25.42%, a 27.12% decrease from the previous week; the capacity utilization rate was 49.23%, a 0.89% increase from the previous week [3] Steel Mill Maintenance Plans - According to the survey, 45% of steel mills in Tangshan, Hebei plan to conduct maintenance in the short - term but are waiting for notice, 32% have confirmed maintenance, and 23% will not conduct maintenance. The known daily average impact on pig iron output in Tangshan, Hebei is about 4.18 tons, with a total pig iron volume of 37 - 45 tons [3] Steel Price - Over the weekend, the ex - factory tax - included price of common billet resources in Qian'an, Tangshan increased by 20 yuan/ton to 3040 yuan/ton [3] Market Situation - Last week, the finished steel market mainly oscillated and corrected, returning to the fundamental trading logic. Although there were production restrictions on the supply side, downstream demand remained weak. As September approaches, construction sites in the Beijing - Tianjin - Hebei region will face stricter shutdowns, and short - term demand is difficult to improve [3] Factors to Watch - Macro policies, supply - side production reduction, and downstream demand [5]