华宝期货晨报成材-20260309

Group 1: Report Industry Investment Rating - The report gives an investment rating of oscillating and trending stronger [3] Group 2: Core Viewpoints of the Report - The price of finished products mainly fluctuated last week. The current market focus is on the energy and chemical sectors, and the black market as a whole is relatively quiet. However, on Thursday and Friday last week, coking coal and iron ore saw a catch - up rise driven by the energy sector, and the finished products followed suit, with the price center shifting slightly upwards. The probability of the finished products being significantly driven is low, and its price is still determined by its own fundamentals, especially the downstream startup situation [2] - The finished products are expected to operate in an oscillating and stronger manner [3] Group 3: Summary by Related Catalogs Production and Capacity Utilization - In February, a total of 58 national construction steel production enterprises carried out production cut and maintenance, an increase of 36 compared with the previous month. This round of production cut and maintenance affected the crude steel output in February by 3.9143 million tons, a month - on - month increase of 441.77%; it affected the construction steel output by 4.072 million tons, a month - on - month increase of 239.62% [2] - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 85.32%, a decrease of 2.13 percentage points compared with the previous week and a decrease of 1.22 percentage points year - on - year; the steel mill profitability rate was 38.1%, a decrease of 1.73 percentage points compared with the previous week and a decrease of 15.15 percentage points year - on - year; the daily average hot metal output was 2.2759 million tons, a decrease of 56,900 tons compared with the previous week and a decrease of 29,200 tons year - on - year [2] - Last week, the average capacity utilization rate of 94 independent electric arc furnace steel mills nationwide was 20.71%, an increase of 13.36 percentage points compared with the previous week and a decrease of 31.38 percentage points year - on - year; the average operating rate was 24.71%, an increase of 14.57 percentage points compared with the previous week and a decrease of 42.22 percentage points year - on - year [2] Later Concerns - The later concerns include macro - policies and downstream demand [3]