热轧卷板周度数据（20260116）-20260116

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The demand for hot-rolled coils shows some resilience, and the fundamentals are operating smoothly. However, the supply is still at a high level, and there are concerns about demand. Once the demand weakens, industrial contradictions are likely to accumulate, and prices are likely to come under pressure. In the short term, the price trend will maintain a volatile state, and attention should be paid to the demand performance [3]. 3. Summary by Relevant Catalogs Supply - The weekly output of hot-rolled coils is 303.36 tons, a week-on-week decrease of 2.15 tons. The supply has shrunk again but is still at a relatively high level, and the inventory is significantly higher than in previous years, resulting in large supply pressure and potential downward pressure on steel prices [2]. - The blast furnace capacity utilization rate is 85.48%, a week-on-week decrease of 0.56 percentage points [2]. Demand - The apparent weekly demand for hot-rolled coils is 309.38 tons, a week-on-week increase of 1.04 tons. The demand shows some resilience. The high output of downstream cold-rolled products provides support for the demand for hot-rolled coils, but there are concerns as contradictions in the cold-rolled market are accumulating and exports are average [2][3]. - The weekly output of cold-rolled coils is 88.67 tons, a week-on-week decrease of 0.17 tons, but still at a high level [2]. Inventory - The total inventory of hot-rolled coils is 362.11 tons, a week-on-week decrease of 6.02 tons, and the inventory reduction has expanded [2]. - The in-plant inventory is 76.53 tons, a week-on-week decrease of 0.79 tons [2]. - The social inventory is 285.58 tons, a week-on-week decrease of 5.23 tons [2].