热轧卷板周度数据（20251121）-20251121

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The supply - demand pattern of hot - rolled coils has changed. The production of plate steel mills has stabilized, supply has rebounded and is at a high level within the year with high inventory pressure. Demand has improved but the improvement space is limited due to unresolved downstream cold - rolling contradictions and stable external demand. The supply - demand pattern has improved slightly, inventory has been reduced again, but the supply pressure remains and demand resilience is doubtful. The fundamentals' improvement is limited, and the positive effect is weak. The relative advantage is the low valuation, and the price is expected to continue to fluctuate at a low level. Attention should be paid to the production situation of steel mills [1] Group 3: Summary by Related Catalogs Supply - The weekly output of hot - rolled coils is 316.01 tons, with a week - on - week increase of 2.35 tons, and a month - on - month decrease of 7.55 tons. The weekly output of cold - rolled coils is 84.53 tons, with a week - on - week increase of 0.57 tons and a month - on - month decrease of 1.44 tons. The blast furnace capacity utilization rate is 88.58%, with a week - on - week decrease of 0.22% and a month - on - month decrease of 0.03% [1] Demand - The apparent weekly demand for hot - rolled coils is 324.42 tons, with a week - on - week increase of 10.83 tons and a month - on - month decrease of 7.47 tons. The downstream cold - rolling contradictions are not resolved, and the external demand is mainly stable, so the demand improvement space is limited [1] Inventory - The total inventory of hot - rolled coils is 402.11 tons, with a week - on - week decrease of 8.41 tons and a month - on - month decrease of 4.48 tons. The in - plant inventory is 78.02 tons, with a week - on - week increase of 0.50 tons and a month - on - month increase of 0.36 tons. The social inventory is 324.09 tons, with a week - on - week decrease of 8.91 tons and a month - on - month decrease of 4.84 tons [1]