钢铁周报：权益底部继续修复-20260111

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report indicates that the equity bottom is continuing to recover, suggesting a positive outlook for the steel industry [1] Price Performance - The Shanghai Composite Index is at 4,120, with a weekly increase of 3.8% and a year-to-date increase of 3.8% [3] - The SW Steel Index is at 2,752, with a weekly increase of 3.5% and a year-to-date increase of 3.5% [3] - The average price of rebar (HRB400 20mm) is 3,280 CNY/ton, with a weekly decrease of 1.2% [3] - Iron ore price index is at 108 USD/ton, with a weekly increase of 6% [3] Inventory - Total social inventory of five major steel products is 864,000 tons, with a weekly increase of 1.7% [5] - Total inventory at steel mills is 389,000 tons, with a weekly increase of 1.9% [5] - Port inventory of iron ore is 16,280,000 tons, with a weekly increase of 2.6% [5] Supply and Demand - The weekly output of five major steel products is projected to be around 750,000 tons [9] - Daily average molten iron production is expected to reach 195,000 tons [9] - The report highlights the recovery in demand for steel products, indicating a positive trend in the market [8][10]