钢材周度供需数据解读-20250905

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint Affected by the military parade, iron - water production decreased, leading to a decline in steel production, especially in hot - rolled production. During the military parade, construction sites and rolling mills in some northern regions stopped working, causing a week - on - week weakening of demand, with a significant drop in hot - rolled apparent consumption. Both rebar and hot - rolled steel inventories continued to accumulate. The supply and demand of the five major steel products both decreased, and inventory accumulation maintained a relatively fast pace, showing a weak fundamental situation. Recently, steel inventories have been continuously accumulating, the fundamentals are weak, and the market's expectations for peak - season demand are relatively conservative, putting pressure on the market. However, after the military parade, iron - water production may return to a relatively high level. Meanwhile, steel circulation indicates that vehicle traffic in mountainous areas is gradually resuming, and some construction sites and rolling mills will gradually resume work. Attention should be paid to the phased restocking demand after the military parade during the peak season, which may support the futures prices [3]. 3. Summary by Related Catalogs Demand - Rebar apparent demand was 2.0207 million tons (-21,400 tons), a year - on - year decrease of 7.57% [2]. - Hot - rolled apparent demand was 3.0536 million tons (-153,600 tons), a year - on - year decrease of 0.63% [2]. - The apparent demand for the five major steel products was 8.2783 million tons (-299,400 tons), a year - on - year decrease of 3.49% [2]. Supply - Rebar production was 2.1868 million tons (-18,800 tons), a year - on - year decrease of 0.85% [2]. - Hot - rolled production was 3.1424 million tons (-105,000 tons), a year - on - year decrease of 3.23% [2]. - The production of the five major steel products was 8.6065 million tons (-239,600 tons), a year - on - year decrease of 2.71% [2]. Inventory - Rebar inventory was 6.4 million tons (+166,100 tons), a year - on - year increase of 2.66% [2]. - Hot - rolled inventory was 3.7434 million tons (+88,800 tons), a year - on - year increase of 2.43% [2]. - The inventory of the five major steel products was 15.007 million tons (+328,200 tons), a year - on - year increase of 2.24% [2].