钢铁周报：商品符合淡季预期，权益走势反映期待-20251109

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that commodity prices align with seasonal expectations, and equity trends reflect positive market sentiment [1] Price Performance - The Shanghai Composite Index is at 3,998 with a weekly increase of 1.1% and a year-to-date increase of 19.3% [3] - The SW Steel Index is at 2,737 with a weekly increase of 4.4% and a year-to-date increase of 30.2% [3] - Rebar (HRB400 20mm) price is at 3,200 CNY/ton, showing a weekly decrease of 0.3% and a year-to-date decrease of 6.2% [3] - Iron ore price index is at 105 USD/ton, reflecting a weekly decrease of 2.5% and a year-to-date decrease of 4.7% [3] Inventory - Total social inventory of five major steel products is 1,074,000 tons, with a weekly increase of 0% and a year-to-date increase of 41.7% [6] - Total inventory at steel mills is 429,600 tons, with a weekly increase of 0% and a year-to-date increase of 22.4% [6] - Port inventory of iron ore is 14,895,000 tons, with a weekly increase of 2.4% [6] Supply and Demand - The report highlights the weekly production of five major steel products and daily average molten iron output, indicating ongoing production levels [9][12] - The report also discusses the operational rates of blast furnaces and electric furnaces across the country, reflecting the industry's capacity utilization [11][12]