成材：原料走强，钢价跟涨

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The short - term price of finished steel products fluctuates greatly and runs weakly in a volatile manner. Whether the adjustment of real estate policies can drive the price up needs further observation, and the recent steel price trend is greatly affected by raw materials [3]. 3. Summary by Relevant Content Steel Production and Inventory - In mid - August, the average daily output of crude steel of key steel enterprises was 2.115 million tons, with a daily output increase of 2.0% month - on - month. The steel inventory was 15.67 million tons, an increase of 600,000 tons or 4.0% compared with the previous ten - day period [3]. Real Estate Policy - On August 25, six departments in Shanghai jointly issued a notice to optimize and adjust local real estate policies, including reducing housing purchase restrictions, optimizing housing provident funds, optimizing personal housing credit, and improving personal housing property tax [3]. Shipbuilding Orders - From August 18th to August 24th, global shipyards received 16 + 4 new ship orders. Chinese shipyards received 8 + 3 new ship orders, South Korean shipyards received 6 new ship orders, and US shipyards also got relevant new ship orders [3]. Price Movement Reasons - The price of finished steel products rebounded yesterday. On one hand, the large increase in coking coal prices drove the follow - up rise of finished products. On the other hand, the optimization and adjustment of real estate policies in Shanghai led to fluctuations in the A - share real estate sector, indirectly driving up the price of finished products [3]. Later Focus - Macro policies, supply - side production reduction, and downstream demand [3].