成材：跟随原料波动，钢价震荡偏强

Group 1 - Report industry investment rating: Oscillating operation [3] - Core view: The steel price of finished products fluctuates with raw materials and is oscillating strongly. The finished products rebounded last week, with the weekly fundamentals in line with expectations. Both production and apparent demand increased, the inventory accumulation speed decreased, and the inventory peak is approaching. Due to the recent rise in crude oil prices, inflation has led to an overall increase in market prices, and the rise in upstream raw materials has also driven up the center of steel prices. Attention should still be paid to downstream demand [1][2] Group 2 - According to the data of China Iron and Steel Association, in the first ten days of March 2026, key steel enterprises produced 20.11 million tons of crude steel, with an average daily output of 2.011 million tons, a 0.8% decrease in daily output compared with the previous period. The steel inventory was 17.81 million tons, an increase of 470,000 tons or 2.7% compared with the previous ten - day period [2] - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 82.92%, a decrease of 2.40 percentage points compared with the previous period and a decrease of 3.65 percentage points compared with the same period last year. The steel mill profitability rate was 41.13%, an increase of 3.03 percentage points compared with the previous period and a decrease of 12.12 percentage points compared with the same period last year [2] - Last week, the average capacity utilization rate of 94 independent electric arc furnace steel mills in the country was 50.44%, an increase of 29.73 percentage points compared with the previous period and a decrease of 3.05 percentage points compared with the same period last year. The average operating rate was 57.34%, an increase of 32.63 percentage points compared with the previous period and a decrease of 12.59 percentage points compared with the same period last year [2] - At the end of last week, the ex - factory tax - included price of common billet resources in Qian'an, Tangshan remained stable at 2,970 yuan/ton [2]