成材：关注周度数据，钢价低位运行-20251106

Group 1 - Report industry investment rating: Callback operation [3] Group 2 - The core view of the report: The steel price is running at a low level, and the callback is running. After the macro - positive news, the steel price returns to its own fundamentals, and the current steel price still faces pressure [1][2][3] Group 3 Trade policy - Since 13:01 on November 10, 2025, the measure of imposing additional tariffs on imported goods originating from the United States has been adjusted. The 24% additional tariff rate on the United States will continue to be suspended for one year, and the 10% additional tariff rate on the United States will be retained [2] Steel production - As of November 5, 14 out of 89 blast furnaces of 23 sample steel enterprises in Tangshan were under maintenance. Some enterprises planned to moderately reduce production, with an average daily impact on hot metal of about 39,100 tons. The capacity utilization rate was 83.19%, an increase of 0.28% from last week and a decrease of 5.07% from the same period last year [2] - In late October 2025, key steel enterprises produced 19.99 million tons of crude steel, with an average daily output of 1.817 million tons, a 9.8% decrease in daily output month - on - month. The steel inventory was 14.63 million tons, a decrease of 1.95 million tons or 11.8% from the previous ten - day period [2] Cost and profit - This week, the average tax - included cost of billets of mainstream sample steel mills in Tangshan was 3,081 yuan/ton, an increase of 48 yuan/ton week - on - week. Compared with the ex - factory price of 2,910 yuan/ton of common billets on November 5, the average loss of steel mills was 171 yuan/ton [2] Market performance - The finished steel bottomed out and rebounded yesterday. The main contract of rebar once fell to around 3,000. Rebar gave back all the gains since late October, while hot - rolled coils performed slightly stronger [2] Market situation - After the Sino - US trade consultations and the "15th Five - Year Plan" suggestions, the macro - positive news has come to an end, and the steel price has returned to its own fundamentals. The current real estate market continues to be sluggish, and the industry fundamentals have not changed much, so the steel price still faces pressure [2] Later attention - Later, attention should be paid to macro - policies and downstream demand [3]