热轧卷板周度数据（20251031）-20251031

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The supply - demand pattern of hot - rolled coils has little change. High supply and high inventory situations remain, but demand performs well. The industry contradictions are not continuously accumulating. Market sentiment supports a recent increase in hot - rolled coil prices. However, there are still demand concerns, and the fundamentals have no substantial improvement. Be cautious of the market operation logic switching to the industrial side, which may cause prices to decline. Attention should be paid to demand performance [1] Group 3: Summary by Related Catalogs Supply - Hot - rolled coil weekly production increased by 1.10 tons week - on - week, remaining at a high level for the year. Plate steel mills' production is stable, but supply pressure is still large due to limited high - level inventory reduction [1] Demand - Hot - rolled coil demand shows good performance, with weekly apparent demand increasing week - on - week and remaining at a high level compared to the same period. However, high - frequency transactions are relatively weak, and the fundamentals of the main downstream cold - rolled products have not improved, so demand concerns remain. The relative positive factor is the marginal improvement of external demand, but it needs to be tracked after the price increase [1] Inventory - The total inventory of hot - rolled coils is at a high level, with a week - on - week decrease of 8.33 tons. Factory inventory increased by 0.31 tons week - on - week, while social inventory decreased by 8.64 tons week - on - week. High - level inventory reduction is limited, and supply pressure remains large [1]