钢材：现实供需双弱，盘面表现坚挺

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View This week, steel prices fluctuated and rose. Although the weak reality continued to suppress steel prices, the expectation of maintenance production increased, market sentiment returned to rationality, market activity was fair, and raw material support was strong. As of November 14, the average price of 20mm grade - III seismic - resistant rebar in major cities across the country was 3,241 yuan/ton, up 16 yuan/ton week - on - week; the average price of 8.0mm HPB300 high - speed wire rod was 3,425 yuan/ton, up 15 yuan/ton week - on - week. In the short term, the steel market will mainly fluctuate within a range. With the strengthening of coking coal and coke disturbances, the downward price space is limited. In the future, as the expectation of production reduction increases, the supply - demand relationship may improve periodically [1]. 3. Summary by Directory 3.1 Market Review and Outlook - Price Performance: This week, steel prices fluctuated and rose. The average price of 20mm grade - III seismic - resistant rebar in major cities across the country was 3,241 yuan/ton, up 16 yuan/ton week - on - week; the average price of 8.0mm HPB300 high - speed wire rod was 3,425 yuan/ton, up 15 yuan/ton week - on - week [1]. - Market Outlook: Steel has entered the off - season of demand. In the short term, the market will mainly fluctuate within a range. With the strengthening of coking coal and coke disturbances, the downward price space is limited. In the future, as the expectation of production reduction increases, the supply - demand relationship may improve periodically [1]. 3.2 Fundamental Data Weekly Changes | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Daily average hot metal output of steel mills | 10,000 tons | 236.88 | 234.22 | 2.66 | 1.14% | Weekly | | Rebar mill inventory | 10,000 tons | 160.42 | 166.84 | - 6.42 | - 3.85% | Weekly | | Rebar social inventory | 10,000 tons | 415.75 | 425.7 | - 9.95 | - 2.34% | Weekly | | Hot - rolled coil mill inventory | 10,000 tons | 77.52 | 77.43 | 0.09 | 0.12% | Weekly | | Hot - rolled coil social inventory | 10,000 tons | 333 | 333.02 | - 0.02 | - 0.01% | Weekly | [3]