Group 1: Industry Investment Rating - The industry is rated to be in low - level operation [3] Group 2: Core Viewpoints - The report focuses on the steel industry, with the government taking measures to address price competition. There are changes in production costs, capacity utilization, and supply - demand and inventory. The market shows a slight price rebound after the festival, and the overall situation is relatively stable with weak actual terminal performance [1][2] Group 3: Summary According to Content Policy - The National Development and Reform Commission and the State Administration for Market Regulation issued an announcement on governing price disorderly competition and maintaining a good market price order, guiding relevant institutions to investigate and evaluate the average industry cost [2] Cost - A survey of 91 blast - furnace steel mills in the country showed that the average含税 cost of rebar at the end of September was 3,106 yuan/ton, a month - on - month increase of 37 yuan/ton, with a loss of 60 yuan/ton [2] Production Capacity - The average capacity utilization rate of 90 independent electric - arc furnace steel mills in the country this week was 51.07%, a month - on - month increase of 0.23 percentage points and a year - on - year increase of 3.01 percentage points; the average operating rate was 67.06%, a month - on - month increase of 1.19 percentage points and a year - on - year increase of 1.8 percentage points [2] Supply - Demand and Inventory - The supply of five major steel products this week was 863,310 tons, a week - on - week decrease of 3,760 tons, a decrease of 0.4%; the total inventory was 1,600,720 tons, a week - on - week increase of 127,860 tons, an increase of 8.7%; the weekly consumption was 751,430 tons, with a month - on - month decrease of 32.8% in building materials consumption and a month - on - month decrease of 7.8% in plate consumption [2] Market Performance - After the festival, the first - day performance of finished products fluctuated, with two varieties closing in the red but with small increases. The market was calm during the festival. The significant decline in the apparent demand of the five major steel products on a weekly basis was mainly due to the holiday. The overall supply - demand and inventory situation was relatively stable, and the actual terminal performance was weak. After the release of the government's price competition governance announcement, the night - trading of the black series was generally strong [2] Future Concerns - Macro - policies and downstream demand conditions should be monitored [3]
成材：治理无序竞争价格小幅反弹
Hua Bao Qi Huo·2025-10-10 02:48