热轧卷板周度数据（20251114）-20251114

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply - demand pattern of hot - rolled coils has not changed significantly. The supply is still at a relatively high level with production cuts by plate mills, and the inventory is high, so the supply pressure remains. The demand shows weakening resilience, with a slight decline in weekly apparent demand and continued low daily trading volume. The contradictions in the main downstream cold - rolled products have not been resolved, which may drag down the demand for hot - rolled coils. Overall, both supply and demand are weakening, and the industrial contradictions are alleviated only to a limited extent. The coil price is under pressure, but the cost provides some support. The subsequent trend will continue to fluctuate at a low level, and the production situation of steel mills should be monitored [1] 3. Summary by Relevant Catalogs Supply - The weekly output of hot - rolled coils decreased by 45,000 tons compared with the previous week, and the supply continued to shrink but remained at a relatively high level. The weekly output of cold - rolled coils was 839,600 tons, an increase of 12,000 tons from the previous week, and a decrease of 20,100 tons from the end of last month. The blast furnace capacity utilization rate was 88.80%, an increase of 0.99 percentage points from the previous week [1] Demand - The weekly apparent demand for hot - rolled coils decreased by 7,100 tons compared with the previous week, and decreased by 183,000 tons compared with the end of last month. The high - frequency daily trading volume also remained low, and the demand showed a weakening trend. The contradictions in the main downstream cold - rolled products have not been resolved, which may drag down the demand for hot - rolled coils, and the improvement in external demand is limited [1] Inventory - The total inventory of hot - rolled coils was 4.1052 million tons, an increase of 7,000 tons from the previous week and an increase of 39,300 tons from the end of last month. The in - plant inventory was 775,200 tons, an increase of 9,000 tons from the previous week and a decrease of 1,400 tons from the end of last month. The social inventory was 3.33 million tons, a decrease of 2,000 tons from the previous week and an increase of 40,700 tons from the end of last month [1]