成材：周度基本面变化不大，钢价震荡运行-20251107

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The steel price of finished products fluctuated and rebounded slightly, with macro - positive factors ending and the price returning to its fundamentals. The real - estate market remained sluggish, and the industry fundamentals changed little, so the steel price was still under pressure. The raw material price was expected to run in a callback mode [1] Group 3: Summary According to Related Catalogs Finished Products - Supply: The supply of five major steel products was 856,740 tons, a week - on - week decrease of 18,550 tons or 2.1% [1] - Inventory: The total inventory was 1,503,570 tons, a week - on - week decrease of 10,190 tons or 0.67% [1] - Consumption: The weekly consumption was 866,930 tons, a decrease of 5.4%. Among them, the building material consumption decreased by 7.2% week - on - week, and the plate consumption decreased by 0.2% week - on - week [1] - Furnace Operation: In the Fenwei region, 13 steel production enterprises had 23 actually - operating blast furnaces, 1 less than before, with an operating rate of 67.65%. The actual iron production of blast furnaces was 70,250 tons, 1,150 tons less than last week, and the capacity utilization rate was 72.31% [1] Raw Materials - The view was that the price would run in a callback mode [1]