钢材3月报：3月钢价压力仍存-20260227

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoint of the Report - The steel price will still face pressure in March [1]. 3. Summary According to Relevant Catalogs 2. Fundamental Situation - Price and Basis: The document presents season - charts of Shanghai 20mm rebar spot price, Shanghai 4.75mm hot - rolled coil spot price, rebar 05 contract basis, and hot - rolled coil 05 contract basis [6][9]. - Production: It shows the monthly pig iron and crude steel production from the National Bureau of Statistics, the daily average hot metal output of 247 steel mills, and the capacity utilization rate of 89 independent electric arc furnaces [22][27]. - Import and Export: There are charts of steel and billet import quantities, as well as steel and billet export quantities [32][56]. - Demand and Inventory: It includes the weekly apparent demand and lunar total inventory of five major steel products, rebar, and hot - rolled coil, as well as the billet inventory in Tangshan area and the global (excluding China) blast furnace pig iron production [37][40][52][53]. - Profit: The document shows the export profit of Indian and Japanese hot - rolled coils [60]. 3. March Market Outlook - Profit: It presents the cash profit of East China electric arc furnaces (flat - rate electricity) and the cash profit of North China rebar long - process production [62]. - Production: There are charts of rebar and hot - rolled coil weekly production [65]. - Macroeconomic Indicators: It includes social financing scale, new RMB loans, fixed - asset investment cumulative year - on - year, 100 large - and medium - sized city land transaction area, commercial housing sales area month - on - year, housing new construction area month - on - year, housing completion area month - on - year, real estate development funds source month - on - year, 30 - city commercial housing transaction ma7, national urban second - hand housing listing price index, national building materials transaction, East China building materials transaction, local government special bond issuance, China's infrastructure loan demand index, infrastructure fixed - asset investment completion cumulative year - on - year sub - items, infrastructure construction investment month - on - year, cement infrastructure direct supply volume, cement delivery volume for housing construction and civil use [69][71][76][82][90][94]. - PMI and Industrial Indicators: It shows the performance of various PMI sub - items, manufacturing PMI, industrial enterprise profit total cumulative year - on - year and manufacturing sub - items, industrial added value month - on - year and sub - items, industrial enterprise finished product inventory and year - on - year, industrial enterprise finished product turnover days, China's automobile monthly output, civil steel ship production year - on - year, China's excavator monthly output, China's metal container monthly output, China's refrigerator production year - on - year, and China's air - conditioner production year - on - year [104][107][109][114][116][119].