成材：缺乏驱动盘整运行

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The report believes that the steel products market lacks driving forces and will operate in a consolidation phase. The price rebound of steel products mainly follows the trend of coking coal in the raw material end, with its own fundamentals showing a situation of weak supply and demand. The demand side shows no improvement in the short - term and may decline further with the cold weather, while the daily hot metal supply has dropped to a relatively low level this year. The macro - level will be calm in the future, and the raw materials are expected to operate in a low - level consolidation [2][3]. Group 3: Summary by Relevant Catalog Steel Products - Last week, the blast furnace capacity utilization rate of 247 steel mills was 84.93%, a decrease of 0.99 percentage points from the previous week; the steel mill profitability rate was 35.93%, remaining the same as the previous week; the daily average hot metal output was 2.2655 million tons, a decrease of 26,500 tons from the previous week. The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 54.34%, an increase of 1.57 percentage points from the previous week [3]. - According to the preliminary estimate of the Passenger Car Association, the retail market of narrow - sense passenger cars in December is expected to be about 2.3 million, a slight increase of 3.4% from the previous month and a decrease of 12.7% from the same period last year. Among them, the new - energy vehicle retail volume can reach about 1.38 million, with a penetration rate of 60% [3]. - The steel products fluctuated and rebounded last week, with rebar dropping to above 3000 at the lowest and hot - rolled coil briefly falling below 3200 [3]. Raw Materials - The view is that raw materials will operate in a low - level consolidation [3]. - The factors to be concerned about in the later stage are macro - policies and downstream demand conditions [3]