成材：关注周度基本面变化，钢价窄幅震荡-20251204

Group 1: Report's Investment Rating for the Industry - The report's view on the industry is that it will operate in a consolidation phase [2] Group 2: Core Viewpoints of the Report - The steel price is in a narrow - range shock, and the market's overall driving force is not strong. It is necessary to pay attention to the changes in weekly fundamental data [1] - The steel market is currently in the off - season of demand, which puts pressure on steel prices. However, the improvement of macro - level expectations near the end of the year has driven a recent rebound [1] Group 3: Summary by Relevant Catalogs Industry Background - Premier Li Qiang pointed out that new - type urbanization is an important carrier for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic large - scale cycle. The development space of new - type urbanization in the "15th Five - Year Plan" period is still large [1] Cost and Profit - The average tax - free cost of hot metal of mainstream sample steel mills in Tangshan this week is 2,310 yuan/ton. Compared with the ex - factory price of billets of 2,990 yuan/ton on December 3rd, the average loss of steel mills is 81 yuan/ton, a week - on - week decrease of 24 yuan/ton [1] Production - In November, a total of 42 construction steel production enterprises in the country carried out production reduction and maintenance, 9 more than last month, affecting a production volume of 2.0134 million tons, a month - on - month increase of 14.27% [1] Capital - As of December 2nd, the capital availability rate of sample construction sites is 59.49%, a week - on - week decrease of 0.07 percentage points. Among them, the capital availability rate of housing construction projects is 54.02%, a week - on - week increase of 0.03 percentage points [1]