行业周报：黑色金属周报：钢厂补库仍稳，原料支撑行情趋缓-20260118

Investment Rating - The report does not explicitly state an investment rating for the steel industry, but it implies a cautious outlook based on current market conditions and price trends [93]. Core Insights - The steel industry is experiencing a stable bottom in its fundamentals, with a current profit margin of 39.8% and a loss of 34.6 yuan per ton [11][12]. - The market is facing weak and steady demand, leading to a slight price correction in iron ore due to a lack of further catalysts [11][12]. - The overall sentiment in the steel market is influenced by seasonal inventory replenishment expectations and external factors such as commercial aerospace adjustments [11]. Summary by Sections 1. Steel Industry Overview & Index Performance - Iron ore port inventories have reached high levels, leading to cautious replenishment by steel mills, which has resulted in a slight price correction [11]. - The steel price gap has increased by 4 yuan, indicating a stable bottom in the steel industry fundamentals [11]. 2. Sub-industry Fundamentals Overview - Steel: The hot-rolled coil price has shown a slight increase, with an average price of 3317 yuan/ton across 24 major markets [12]. - Coke and Coal: The market is stable, with prices for various grades of coke and coal reported, and a cautious recovery in coal mine operations [13]. - Iron Ore: The price of imported iron ore has weakened, with a current index of 976 yuan/ton for 66% fines, reflecting a cautious purchasing approach by steel mills [14]. 3. Price Data Updates - Steel Prices: The report highlights the price trends for various steel products, including hot-rolled and cold-rolled sheets, indicating a narrow fluctuation in prices [39][45]. - Raw Material Prices: The prices for iron ore and coke are detailed, showing stability in the market despite recent fluctuations [46][51]. 4. Supply and Demand Data Updates - Steel: The report provides insights into the supply and demand dynamics within the steel industry, noting a cautious approach to inventory replenishment [68]. - Iron Ore: The total inventory of imported iron ore at 45 ports is reported at 16555.10 million tons, indicating a slight increase [14]. - Coke and Coal: The report discusses the supply situation for coke and coal, with a focus on inventory levels and production rates [80][81].