成材：关注周度基本面变化，钢价震荡运行-20250925

Group 1: Report Industry Investment Rating - The investment rating for the industry is "Low-level operation" [2] Group 2: Core View of the Report - The steel price is oscillating. The downstream situation remains weak, and the price is consolidating at a low level. Attention should be paid to weekly fundamental changes [1] Group 3: Summary Based on Related Information Policy Information - The Ministry of Industry and Information Technology and other departments issued the "Work Plan for Steady Growth of the Building Materials Industry (2025 - 2026)", aiming to strictly control cement and glass production capacity and prohibit the addition of cement clinker and flat glass production capacity [1] Production and Inventory Data - In mid-September, key steel enterprises produced 20.73 million tons of crude steel, with an average daily output of 2.073 million tons, a 0.6% decrease from the previous period. The steel inventory was 15.29 million tons, a decrease of 530,000 tons (3.4%) from the previous ten-day period [1] Cost and Profit Data - This week, the average tax-excluded hot metal cost of mainstream sample steel mills in Tangshan was 2,228 yuan/ton, and the average tax-included billet cost was 2,986 yuan/ton, a week-on-week decrease of 5 yuan/ton. Compared with the billet ex-factory price of 3,030 yuan/ton on September 24, the average profit per ton for steel mills was 44 yuan, a week-on-week decrease of 25 yuan/ton [1] Market Performance - Yesterday, finished products oscillated and rebounded, driven by the rise of coking coal and glass in the afternoon [1] Factors to Watch - Macro policies and downstream demand conditions are the factors to watch in the later stage [2]