热轧卷板周度数据（20260227）-20260227

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply - demand pattern of hot - rolled coils has changed little. The production of plate steel mills is stabilizing. The weekly output of hot - rolled coils decreased slightly by 0.20 million tons, remaining at a relatively high level. With high - level inventory accumulation and large supply pressure, steel prices are still suppressed. Meanwhile, the demand for hot - rolled coils is recovering well, the weekly apparent demand has rebounded, and the output of cold - rolled steel, the main downstream product, remains high, supporting the demand for hot - rolled coils. However, industrial contradictions are accumulating, and export demand is average, so the resilience of demand needs further tracking. Overall, the demand for hot - rolled coils has begun to recover, but its resilience needs to be tracked, the supply pressure remains, the fundamentals are weakly stable, and prices are still under pressure. The relative positive factor is policy expectations. Under the game between expectations and reality, the price is expected to fluctuate and find a bottom. Attention should be paid to the demand performance [3] 3. Summary According to Relevant Data Hot - Rolled Coil - Weekly output is 309.61 million tons, a week - on - week decrease of 0.20 million tons, an increase of 0.40 million tons compared to the end of last month, and a decrease of 14.52 million tons compared to the same period (lunar calendar) [1] - Blast furnace capacity utilization is 87.45%, a week - on - week increase of 1.04 percentage points, an increase of 1.98 percentage points compared to the end of last month, and an increase of 1.69 percentage points compared to the same period (lunar calendar) [1] - Apparent demand is 291.31 million tons, a week - on - week increase of 44.58 million tons, a decrease of 20.10 million tons compared to the end of last month, and a decrease of 7.11 million tons compared to the same period (lunar calendar) [1] - Factory inventory is 94.78 million tons, a week - on - week increase of 1.40 million tons, an increase of 17.53 million tons compared to the end of last month, and a decrease of 2.17 million tons compared to the same period (lunar calendar) [2] - Social inventory is 357.37 million tons, a week - on - week increase of 16.90 million tons, an increase of 79.04 million tons compared to the end of last month, and an increase of 40.00 million tons compared to the same period (lunar calendar) [2] Cold - Rolled Coil - Weekly output is 87.75 million tons, a week - on - week increase of 0.18 million tons, a decrease of 0.67 million tons compared to the end of last month, and an increase of 4.48 million tons compared to the same period (lunar calendar) [6] - Total inventory is 452.15 million tons, a week - on - week increase of 18.30 million tons, an increase of 96.57 million tons compared to the end of last month, and an increase of 37.83 million tons compared to the same period (lunar calendar) [6]