成材：缺乏驱动，震荡运行
Hua Bao Qi Huo·2026-01-26 02:41

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The report believes that the finished steel will be in a low - level consolidation operation [4] Group 3: Summary According to the Logic Section - In December 2025, the crude steel output of 70 countries/regions included in the World Steel Association's statistics was 139.6 million tons, a year - on - year decrease of 3.7%. The global crude steel output in 2025 was 1.8494 billion tons [3] - In mid - January, the average daily output of key steel enterprises' crude steel was 1.979 million tons, a 0.9% decrease from the previous period; the steel inventory was 16.13 million tons, a 7.3% increase from the previous ten - day period and a 0.8% increase from the same period last month [3] - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 85.51%, an increase of 0.03 percentage points from the previous week; the steel mill profitability rate was 40.69%, an increase of 0.86 percentage points from the previous week; the daily average hot metal output was 2.281 million tons, an increase of 0.09 million tons from the previous week [3] - Last week, the average capacity utilization rate of 94 independent electric arc furnace steel mills in the country was 57.94%, a decrease of 0.05 percentage points from the previous week and an increase of 41.18 percentage points year - on - year [3] - The finished steel fluctuated last week, first falling and then rising. The late - week rebound was driven by the raw material end, and the steel price continued to consolidate in the low - level range. The market drive is not strong, and the weak demand characteristics put some pressure on the price. The macro - market has been relatively calm recently, providing no trend guidance for the price [3] Group 4: Summary According to the View Section - The finished steel will be in a low - level consolidation operation [4] - Later, attention should be paid to macro - policies and downstream demand [4]