成材：弱驱动下钢价窄幅整理

Group 1: Report Investment Rating - The industry investment rating is not provided in the report. Group 2: Core Viewpoint - The report's core view is that the steel price will run in a callback [3]. Group 3: Key Points from the Report - This week, the average含税 cost of steel billets at mainstream sample steel mills in Tangshan was 3,083 yuan/ton. Compared with the ex - factory price of common square billets of 2,930 yuan/ton on November 12th, the average loss per ton for steel mills was 153 yuan, a week - on - week increase of 2 yuan/ton [2] - As of November 11th, the capital arrival rate of sample construction sites was 59.76%, a week - on - week decrease of 0.06 percentage points. The capital arrival rate of non - housing construction projects was 61.06%, a week - on - week decrease of 0.16 percentage points [2] - Handan, Hebei launched a level - II emergency response for heavy pollution weather at 18:00 on November 12th, 2025, and it is expected to be lifted around November 16th [2] - Recently, the price of finished steel products has been consolidating at a low level, trading within a narrow range in recent trading days with little fluctuation. After the macro situation has calmed down, the market lacks new drivers. Currently, the downstream demand for steel is weak, and the high steel inventory further restricts steel prices. Attention should be paid to weekly fundamental changes [2] - Later, attention should be paid to macro - policies and downstream demand [3]