Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that while iron water production has decreased and profitability has declined, equity performance benefits from low valuations [1] Summary by Relevant Sections Steel Weekly Data - The SW Steel Index increased by 2.6% week-on-week and 24.7% year-to-date [3] - The total social inventory of five major steel products is 1,076 million tons, with a year-to-date increase of 41.9% [5] - The iron ore port inventory stands at 14,539 million tons, reflecting a year-to-date decrease of 2.2% [5] Supply and Demand - The average daily pig iron production is projected to be 220 million tons in 2025 [9] - The report highlights the operational rates of blast furnaces and electric furnaces across China, indicating a steady production environment [12][14] Price Trends - The price of rebar (HRB400 20mm) is reported at 3,210 CNY per ton, with a year-to-date increase of 5.9% [3] - The iron ore price index is at 108 USD per ton, showing a week-on-week increase of 2.4% [3]
钢铁周报：铁水回落盈利下滑，但权益走势受益于低估值-20251102
ZHESHANG SECURITIES·2025-11-02 11:49