华宝期货晨报成材-20250919

Group 1: Report Industry Investment Rating - The report does not explicitly mention the industry investment rating [1][2][3] Group 2: Core View of the Report - The steel price is expected to operate at a low level under the drive of fundamentals [1][2][3] Group 3: Summary According to Related Catalogs Production - The output of rebar decreased by 54,800 tons to 2.0645 million tons, the output of hot-rolled coil increased by 13,500 tons to 3.2649 million tons, and the output of the five major steel products decreased by 17,800 tons to 8.5546 million tons [2] Inventory - The total inventory of rebar decreased by 35,800 tons to 6.5028 million tons, the total inventory of hot-rolled coil increased by 46,700 tons to 3.7799 million tons, and the total inventory of the five major steel products increased by 51,300 tons to 15.1974 million tons [2] Apparent Demand - The apparent demand for rebar increased by 119,600 tons to 2.1003 million tons, the apparent demand for hot-rolled coil decreased by 43,400 tons to 3.2182 million tons, and the apparent demand for the five major steel products increased by 70,000 tons to 8.5033 million tons [2] Market Situation - After the Fed's interest rate cut, the macro - drive weakened, and the finished steel products mainly corrected yesterday. The short - term price has no more macro - factor guidance. The rebar and hot - rolled coil showed different trends, with rebar performing stronger than hot - rolled coil [2]