热轧卷板周度数据-20251107

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply and demand of hot-rolled coils are both weakening. The weekly output of hot-rolled coils decreased by 54,000 tons due to production restrictions, but it remains at a relatively high level this year, and the high inventory continues to suppress prices. Meanwhile, the demand for hot-rolled coils has started to decline, with the weekly apparent demand dropping by 175,900 tons, and high-frequency transactions remaining sluggish. The continuous decline in the output of cold-rolled coils, the main downstream product, has not alleviated industrial contradictions, dragging down hot-rolled coils. With limited improvement in external demand, the demand resilience of hot-rolled coils is weakening. Currently, the supply of hot-rolled coils is falling from a high level, but the demand is also poor. The industrial contradictions in the situation of weak supply and demand continue to accumulate, and the price of hot-rolled coils continues to be under pressure. Given the support from the cost side, the subsequent trend will show a pattern of bottom - hunting in a volatile manner, and it will be weaker than building materials. Breaking the deadlock depends on steel mills increasing production cuts [1] 3. Summary by Relevant Catalogs Supply - The weekly output of hot-rolled coils is 3.1816 million tons, a week-on-week decrease of 54,000 tons, and a decrease of 54,000 tons compared with the end of last month. The weekly output of cold-rolled coils is 838,400 tons, a week-on-week decrease of 21,300 tons, and a decrease of 21,300 tons compared with the end of last month. The blast furnace capacity utilization rate is 87.81%, a week-on-week decrease of 0.80 percentage points, and a decrease of 0.80 percentage points compared with the end of last month [1] Demand - The weekly apparent demand for hot-rolled coils is 3.143 million tons, a week-on-week decrease of 175,900 tons, and a decrease of 175,900 tons compared with the end of last month. High-frequency transactions are sluggish, and the output of cold-rolled coils, the main downstream product, continues to decline, and external demand improvement is limited [1] Inventory - The total inventory of hot-rolled coils is 4.1045 million tons, a week-on-week increase of 38,600 tons, and an increase of 38,600 tons compared with the end of last month. The in - plant inventory is 774,300 tons, a week-on-week decrease of 2,300 tons, and a decrease of 2,300 tons compared with the end of last month. The social inventory is 3.3302 million tons, a week-on-week increase of 40,900 tons, and an increase of 40,900 tons compared with the end of last month [1]