钢铁周报：淡季深入-20251214

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the steel industry is currently in a deep off-season, which may affect demand and pricing dynamics [1] - The overall performance of the steel sector is expected to outperform the broader market, as indicated by the positive investment rating [1] Price Performance - The SW Steel Index is at 2,541, with a weekly change of -2.9% and a year-to-date change of 20.9% [3] - The price of rebar (HRB400 20mm) is at 3,250 CNY/ton, showing a weekly decrease of 0.6% and a year-to-date decrease of 4.7% [3] - The iron ore price index is at 105 USD/ton, with no change from the previous week and a year-to-date increase of 5.0% [3] Inventory Levels - Total social inventory of the five major steel products is 9.41 million tons, with a weekly increase of 3.7% and a year-to-date increase of 24.1% [5] - Steel mill inventory stands at 4.05 million tons, reflecting a weekly increase of 4.5% and a year-to-date increase of 15.5% [5] - Port inventory of iron ore is at 15.428 million tons, with a weekly increase of 0.9% and a year-to-date increase of 3.8% [5] Supply and Demand - The weekly output of the five major steel products is projected to be 1.1 million tons [9] - The average daily molten iron production is estimated at 240,000 tons [9] - The report highlights the importance of monitoring supply and demand dynamics as the industry navigates through the off-season [11]