成材：周度基本面变化不大钢价盘整-20251114

Group 1 - Report industry investment rating: Callback operation [3] - Core view of the report: The weekly fundamentals of finished products changed little, and steel prices consolidated. The prices will run in a callback. Pay attention to macro - policies and downstream demand in the later stage [1][2][3] Group 2 - Summary according to relevant content: The market supervision department will strengthen anti - monopoly and anti - unfair competition law enforcement. This week, the supply of five major steel products was 8.3438 billion tons, a week - on - week decrease of 223,600 tons, a decline of 2.6%; the total inventory was 14.7734 billion tons, a week - on - week decrease of 262,300 tons, a decline of 1.7%. The weekly apparent consumption of five major steel products was 8.606 billion tons, a month - on - month decrease of 0.7%; among them, building material consumption decreased by 1.3%, and plate consumption decreased by 0.4%. In early November 2025, the average daily output of crude steel of key steel enterprises was 1.926 million tons, a month - on - month increase of 6.0%; the steel inventory was 15.49 million tons, a month - on - month increase of 5.9% compared with the previous ten - day period and a decrease of 2.5% compared with the same ten - day period last month. The finished products continued to consolidate yesterday with little fluctuation. The weekly data released by Steel Union was neutral, with both output and apparent demand decreasing. As the weather gets colder, the downstream market is weak. Rebar still has support at the 3000 level. Steel prices are consolidating in a narrow range [2]