成材：关注周度基本面变化，钢价低位震荡-20250911

Group 1: Report Industry Investment Rating - The industry investment rating is "oscillating weakly" [2] Group 2: Core View of the Report - The steel price is expected to continue oscillating weakly, as the current low demand with no short - term improvement and the rising production may put pressure on the price, and the market lacks new drivers, following the industry's fundamental logic [1][2] Group 3: Summary According to the Content Cost and Profit - This week, the average含税 cost of steel billets of mainstream sample steel mills in Tangshan is 2991 yuan/ton, up 20 yuan/ton week - on - week. Compared with the ex - factory price of common billets of 2990 yuan/ton on September 10th, the average loss of steel mills is 1 yuan/ton [1] - On September 10th, the average cost of 76 independent electric arc furnace construction steel mills is 3342 yuan/ton, with an average profit loss of 145 yuan/ton and a valley - electricity profit loss of 49 yuan/ton [1] Real Estate Sales - As of September 10th, according to Mysteel statistics, the total sales of 16 key real - estate enterprises from January to August 2025 are 868.862 billion yuan, a year - on - year decrease of 17%. The total sales in August are 106.451 billion yuan, a year - on - year decrease of 4.5% and a month - on - month increase of 20.2% [1] Market Situation - After the military parade, both supply and demand have recovered. Currently, the low demand and the rising production may bring more pressure on the price [1] Later Concerns - Later concerns include macro policies, supply - side production reduction, and downstream demand [2]