热轧卷板周度数据（20260213）-20260213

Report Industry Investment Rating - No relevant information provided Core View - The supply and demand of hot-rolled coil plates continued to weaken seasonally, with an expanding inventory increase. The production of plate mills was weakly stable. The weekly output of hot-rolled coils decreased by 14,000 tons week-on-week, still at a relatively high level, and the inventory was at a high level, with supply pressure remaining. Meanwhile, as the holiday approached, the demand for hot-rolled coils continued to weaken, with the weekly apparent demand decreasing by 93,500 tons week-on-week. However, the production of downstream cold-rolled coils remained at a high level, providing support for hot-rolled coils. But attention should be paid to the pressure caused by the intensification of contradictions. The export performance was average, and the demand resilience of hot-rolled coils weakened. In general, the supply pressure of hot-rolled coils did not recede, while the demand continued to weaken seasonally. The fundamentals were running weakly, and the price of hot-rolled coils continued to be under pressure. The relatively positive factor was the policy expectation after the holiday. It is expected that the price will continue to fluctuate weakly. Attention should be paid to the inventory accumulation during the holiday and the demand recovery after the holiday [2] Summary by Relevant Catalog Supply - The weekly output of hot-rolled coils was 3.0776 million tons, a week-on-week decrease of 14,000 tons, and a decrease of 14,500 tons from the end of last month. Compared with the same period (lunar calendar), it decreased by 148,800 tons. The blast furnace capacity utilization rate was 86.41%, a week-on-week increase of 0.72 percentage points, and an increase of 0.94 percentage points from the end of last month. Compared with the same period (lunar calendar), it increased by 1.77 percentage points [2] Demand - The apparent demand for hot-rolled coils was 2.9619 million tons, a week-on-week decrease of 93,500 tons, and a decrease of 152,200 tons from the end of last month. Compared with the same period (lunar calendar), it decreased by 63,700 tons. The weekly output of cold-rolled coils was 886,800 tons, a week-on-week decrease of 2,000 tons, and an increase of 2,600 tons from the end of last month. Compared with the same period (lunar calendar), it increased by 28,900 tons [2] Inventory - The total inventory of hot-rolled coils was 3.7077 million tons, a week-on-week increase of 115,700 tons, and an increase of 151,900 tons from the end of last month. Compared with the same period (lunar calendar), it increased by 342,600 tons. The in-plant inventory was 798,500 tons, a week-on-week increase of 11,000 tons, and an increase of 26,000 tons from the end of last month. Compared with the same period (lunar calendar), it increased by 3,000 tons. The social inventory was 2.9092 million tons, a week-on-week increase of 104,700 tons, and an increase of 125,900 tons from the end of last month. Compared with the same period (lunar calendar), it increased by 339,600 tons [2]