成材：关注周度基本面变化，钢价低位整理-20251120

Group 1: Report Industry Investment Rating - The report gives a "Callback Operation" rating for the industry [2] Group 2: Core Viewpoints of the Report - The steel price is in a low - level consolidation, and the finished products continued to decline in a volatile manner yesterday. The downstream demand is weak, and the market's expectation for future demand is further reduced due to the cooling weather. The market lacks upward drivers, so it is necessary to pay attention to the weekly fundamental changes of steel [1] Group 3: Summary According to the Content - Cost and Profit Situation: This week, the average含税 cost of steel billets of mainstream sample steel mills in Tangshan is 3,091 yuan/ton, a week - on - week increase of 8 yuan/ton. Compared with the ex - factory price of common square billets of 2,970 yuan/ton on November 19th, the average loss of steel mills is 121 yuan/ton, a week - on - week decrease of 32 yuan/ton. On November 19th, the average cost of 76 independent electric arc furnace construction steel mills is 3,336 yuan/ton, a day - on - day increase of 4 yuan/ton, with an average profit loss of 117 yuan/ton and a valley - electricity profit loss of 12 yuan/ton [1] - Concrete Mixing Station Data: From November 12th to November 18th, the capacity utilization rate of 506 domestic concrete mixing stations surveyed by Centennial Building is 7.69%, a week - on - week decrease of 0.10 percentage points and a year - on - year increase of 0.65 percentage points. The shipping volume is 1.5397 million cubic meters, a week - on - week decrease of 1.29% and a year - on - year increase of 9.19% [1]