成材：关注宏观会议，钢价低位运行

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The steel price is running at a low level, with short - term downward pressure. Attention should be paid to the narrowing of the spread between hot - rolled coil and rebar [3] Group 3: Summary by Relevant Catalogs Market News - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China will be held from October 20th to 23rd in Beijing, mainly to study the suggestions for formulating the 15th Five - Year Plan for National Economic and Social Development and analyze the current economic situation and deploy the economic work for the second half of the year [2] - On October 18th, He Lifeng held a video call with the US Treasury Secretary and Trade Representative, and both sides agreed to hold a new round of China - US economic and trade consultations as soon as possible [2] Production Data - Last week, 13 provincial steel mills had production line maintenance and resumption. There were 3 maintenance lines, a decrease of 6 compared with the previous week, and 8 resumption lines, an increase of 1 compared with the previous week. The production affected by maintenance was 215,300 tons last week and is expected to be 63,800 tons this week [2] - The blast furnace iron - making capacity utilization rate of 247 steel mills last week was 90.33%, a decrease of 0.22 percentage points from the previous week and an increase of 2.34 percentage points year - on - year. The daily average hot metal output was 2.4095 million tons, a decrease of 5,900 tons from the previous week and an increase of 65,900 tons year - on - year [2] - The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide last week was 53.2%, an increase of 2.13 percentage points from the previous week and an increase of 1.32 percentage points year - on - year. The average operating rate was 68.85%, an increase of 1.79 percentage points from the previous week and a decrease of 0.73 percentage points year - on - year [2] Price and Market Analysis - The finished steel prices fluctuated and declined last week, hitting new lows. Rebar was close to 3,000, and hot - rolled coil once fell below 3,200. After the holiday, the fundamentals of steel changed little, and the weak downstream situation improved limitedly. The weekly fundamentals were neutral to weak. Sino - US trade frictions affected market sentiment and caused the steel price to decline. Attention should be paid to Sino - US economic and trade consultations and domestic important meetings [2]