热轧卷板周度数据（20260109）-20260109

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The supply - demand pattern of hot - rolled coils has changed little. The supply pressure has not been alleviated and continues to put pressure on steel prices. The demand has weakened, but the high - level cold - rolled production provides some support. The fundamentals have not improved under the situation of increasing supply and weak demand, and the upward driving force is not strong. It is expected that the price will maintain a volatile trend [2][3] 3. Summary According to Relevant Catalogs Supply - The weekly output of hot - rolled coils is 305.51 tons, a week - on - week increase of 1.00 tons. The blast furnace capacity utilization rate is 86.04%, a week - on - week increase of 0.78 percentage points. The weekly output of cold - rolled coils is 88.84 tons, a week - on - week increase of 2.47 tons [2] Demand - The apparent demand for hot - rolled coils is 308.34 tons, a week - on - week decrease of 2.43 tons. The daily high - frequency trading volume is at a low level. Although the high - level cold - rolled production supports the demand, the industrial contradictions are accumulating, and the export performance is average, so there are concerns about demand [2][3] Inventory - The total inventory of hot - rolled coils is 368.13 tons, a week - on - week decrease of 2.83 tons. The in - plant inventory is 77.32 tons, a week - on - week decrease of 5.00 tons. The social inventory is 290.81 tons, a week - on - week increase of 2.17 tons [2]