钢铁周报：黑色不惧宏观震荡

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 [22] 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, reflecting a year-to-date increase of 24% [4] - The price of hot-rolled steel is at 3,250 CNY per ton, with a slight year-to-date decrease of 0.3% [4] Inventory - The total social inventory of five major steel products is 890,000 tons, with a weekly increase of 2.6% and a year-to-date increase of 2.1% [6] - The total inventory at steel mills is 388,000 tons, with a weekly increase of 0.2% and a year-to-date increase of 0.6% [6] - The port inventory of iron ore stands at 17,019,000 tons, with a weekly increase of 1.5% and a year-to-date increase of 7.3% [6] Supply and Demand - The weekly output of five major steel products is projected to be stable, with daily molten iron production expected to maintain a steady rate [10] - The report highlights that the steel mills' profitability remains a key factor in the industry's performance [15]