钢铁周报：黑色不惧宏观震荡-20260201

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that the steel sector remains resilient despite macroeconomic fluctuations [1] - The overall performance of the steel sector is expected to outperform the Shanghai and Shenzhen 300 Index by over 10% in the next six months [21] Price Performance - The SW Steel Index has shown a year-to-date increase of 7.1% [4] - The price of rebar (HRB400 20mm) is at 3,240 CNY per ton, with a weekly change of -0.6% and a year-to-date change of -2.4% [4] - The iron ore price index is at 104 USD per ton, reflecting a year-to-date increase of 4.0% [4] Inventory - The total social inventory of the five major steel products is 8.9 million tons, with a weekly increase of 2.6% and a year-to-date increase of 21% [5] - The total inventory at steel mills is 3.88 million tons, with a weekly change of 0% and a year-to-date change of 0.6% [5] - The port inventory of iron ore stands at 17.019 million tons, with a weekly increase of 1.5% and a year-to-date increase of 7.3% [5] Supply and Demand - The weekly output of the five major steel products is projected to be around 2.5 million tons [9] - The average daily molten iron production is expected to be approximately 2.4 million tons [9] - The operating rate of blast furnaces across 247 steel mills is a critical indicator of supply dynamics [11]