钢铁周报：两会稳增长，期待“反内卷”-20260308

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report emphasizes the expectation of stable growth driven by the Two Sessions, with a focus on "anti-involution" measures [1] Price Performance - The SW Steel Index is at 3,023, with a weekly change of -3.5% and a year-to-date change of 13.6% [3] - The price of rebar (HRB400 20mm) is 3,170 CNY/ton, with a year-to-date change of -4.5% [3] - The iron ore price index is at 101 USD/ton, reflecting a year-to-date decrease of 6.6% [3] Inventory - Total social inventory of five major steel products is 1,402,000 tons, with a weekly increase of 8.3% and a year-to-date increase of 60.8% [5] - Steel mill inventory stands at 549,000 tons, with a weekly increase of 31.9% and a year-to-date increase of 42.4% [5] - Port inventory of iron ore is 17,123,000 tons, with a weekly increase of 0.2% and a year-to-date increase of 7.9% [5] Supply and Demand - The weekly output of five major steel products is projected to be around 1,000,000 tons [9] - Daily average molten iron production is expected to reach approximately 240,000 tons [9] - The report indicates a steady demand for rebar, with a focus on maintaining production efficiency [15]