华宝期货成材晨报：基本面平静，钢价盘整-20251023

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the given content. 2) Core View of the Report - The steel price is operating at a low level and faces short - term downward pressure. Later, attention should be paid to macro - policies and downstream demand [4]. 3) Summary by Related Contents - Production Situation: In October, some steel mills in Northeast China resumed production, but their winter production enthusiasm was low. In Liaoning, 2 steel mills have resumed production, 1 will resume at the end of the month, 1 will resume in early November, and 2 are undetermined; 1 in Jilin has resumed production, and 2 in Heilongjiang have both resumed production. Additionally, 3 Liaoning steel mills will conduct another overhaul. Currently, the daily average output in Northeast China has decreased by 44,000 tons, and there are 19 overhauled production lines [3]. - Cost and Profit: This week, the average tax - free hot metal cost of mainstream sample steel mills in Tangshan was 2,245 yuan/ton, and the average tax - included billet cost was 3,003 yuan/ton, a week - on - week decrease of 3 yuan/ton. Compared with the factory price of common billets of 2,940 yuan/ton on October 22, steel mills had an average loss of 63 yuan/ton [3]. - Funds in Construction Projects: As of October 21, the capital availability rate of sample construction sites was 59.62%, a week - on - week increase of 0.18 percentage points. Among them, the capital availability rate of non - housing construction projects was 61.06%, a week - on - week increase of 0.06 percentage points; the capital availability rate of housing construction projects was 52.76%, a week - on - week increase of 0.77 percentage points [3]. - Market Performance: The finished steel rebounded slightly yesterday, with the price still at the current level and little fluctuation. The industry's fundamentals are relatively calm, and demand restricts price increases. If there are no incremental policies in relevant meetings, steel prices will still face pressure [3].