钢材11月报：宏观影响边际走弱，钢价延续区间震荡-20251031

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core View of the Report - The marginal impact of the macro - environment on the steel industry is weakening, and steel prices will continue to fluctuate within a range [1]. 3. Summary According to Related Catalogs 2.1 Fundamental Situation - Price and Basis: The report presents season - based price charts of Shanghai 20mm rebar and 4.75mm hot - rolled coil, as well as the basis season charts of rebar and hot - rolled coil 01 contracts in Shanghai [9][10][12]. - Contract Spreads: It includes the 01 - 05 contract spreads of rebar and hot - rolled coil, and the spread between the main contracts of hot - rolled coil and rebar [14][15][16]. - Profit: The report shows the 01 - contract disk profits of rebar and hot - rolled coil [22]. - Production: Statistics on monthly pig iron and crude steel production, 247 steel mills' daily average hot - metal output, and the capacity utilization rate of 89 independent electric arc furnaces are provided [24][25][34]. - Import and Export: Data on steel and billet import quantities, steel and billet export quantities, and the export profits of Indian and Japanese hot - rolled coils are presented [36][59]. - Demand and Inventory: Information on the weekly apparent demand and total inventory of five major steel products, as well as the inventory of billets in the Tangshan area, is included [44][51]. 2.2 November Market Outlook - Although no specific outlook content is provided, the report is expected to analyze the market trend of the steel industry in November based on the previous fundamental data. 2.3 Macroeconomic and Downstream Industry Indicators - Financial Indicators: Data on new social financing scale, new RMB loans, and the loan demand index for infrastructure are presented [74][93]. - Real Estate Indicators: Information on the cumulative year - on - year growth rate of fixed - asset investment, land transaction area in 100 large and medium - sized cities, monthly year - on - year growth rate of commercial housing sales area, and new housing starts area is provided [76][81]. - Infrastructure Indicators: Data on the cumulative year - on - year growth rate of infrastructure fixed - asset investment, monthly year - on - year growth rate of infrastructure construction investment, and cement direct - supply volume for infrastructure are presented [96][99]. - Manufacturing Indicators: Information on the performance of various sub - items of the PMI, cumulative year - on - year growth rate of industrial enterprise profits, and monthly year - on - year growth rate of industrial added value is provided [105][108]. - Downstream Industry Production: Data on the monthly production of automobiles, civil steel ships, excavators, metal containers, refrigerators, and air conditioners are presented [119][125].