钢铁周报：预期先行，钢铁继续

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates a positive outlook for the steel industry, suggesting that expectations are leading the market forward [1] Price Performance - The SW Steel Index has shown a year-to-date increase of 17.8% [4] - The price of rebar (HRB400 20mm) is at 3,200 CNY per ton, reflecting a 3% weekly increase and a 6% increase since the beginning of the year [4] - Hot-rolled coil prices are at 3,260 CNY per ton, with a 9% weekly increase [4] - The iron ore price index is at 99.3 USD per ton, unchanged from the previous week [4] Inventory - The total social inventory of five major steel products is 1,294,000 tons, with a weekly increase of 9.6% and a year-to-date increase of 48.4% [6] - The total inventory at steel mills is 550,000 tons, reflecting a 32.3% weekly increase and a 42.8% year-to-date increase [6] - The port inventory of iron ore stands at 17,096,000 tons, with a 0.9% weekly increase and a 7.8% year-to-date increase [6] Supply and Demand - The weekly output of five major steel products is projected to increase, with daily molten iron production expected to rise [10] - The report highlights the operational rates of blast furnaces and electric furnaces, indicating a stable production environment [13][15]