钢铁周报：价格筑底，权益因风格短期仍看偏强-20251117

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that steel prices are stabilizing, and the equity market is expected to remain strong in the short term due to style preferences [1] Price Performance - The SW Steel Index has shown a year-to-date increase of 31.4%, while the SW General Steel Index has increased by 30.6% [3] - The price of rebar (HRB400 20mm) is at 3,170 CNY/ton, with a weekly change of -0.9% and a year-to-date change of 7.0% [3] - Iron ore prices have increased by 1.5% to 104 USD/ton, with a year-to-date increase of 3.6% [3] Inventory - The total social inventory of five major steel products is 1,060,000 tons, with a year-to-date increase of 39.8% [5] - The total inventory at steel mills is 416,000 tons, with a year-to-date increase of 18.8% [5] - Port inventory of iron ore stands at 15,126,000 tons, with a year-to-date increase of 1.8% [5] Supply and Demand - The weekly output of five major steel products is projected to be around 1,000,000 tons [9] - The average daily pig iron production is expected to be approximately 230,000 tons [9] - The report highlights the profitability rate of steel mills, indicating a positive trend in the industry [14]