钢铁行业周报：库存下降，需求回暖带动钢价止跌回升

Investment Rating - The report maintains an "Overweight" rating for the steel industry, with specific companies recommended for increased holdings, including Baosteel, Hualing Steel, Nanjing Steel, Hebei Resources, Jiuli Special Materials, and Yongjin Co. [1] Core Insights - The steel prices are currently weak, but there are signs of recovery in demand, particularly in the context of the upcoming Two Sessions policy and the progress of demand recovery [2][5] - The report highlights that the steel industry is entering a destocking cycle, which, combined with demand recovery, is expected to support a rebound in steel prices [6][5] Summary by Sections 1. Market Performance Review - The report notes a recent rebound in black commodity prices, with rebar futures returning to the 3600 yuan mark, indicating improved market sentiment [2] - The apparent demand for steel has shown some improvement, with social and factory inventories entering a destocking phase [2][4] 2. Fundamental Tracking 2.1 Overall Steel Price Weakness - National steel prices are generally weak, with rebar prices in Beijing, Shanghai, and Guangzhou showing declines [14] - Iron ore inventories at 45 ports have increased, indicating a supply-side pressure [3][14] 2.2 Recovery in Production and Demand - The operating rate of blast furnaces has increased to 76.90%, with a slight rise in daily iron output [4][36] - The average transaction volume of construction steel has risen to 159,100 tons, reflecting a week-on-week increase [4] 3. Industry Dynamics 3.1 Key Industry News - China's steel plate exports in February reached 5.12 million tons, a year-on-year increase of 32.0% [39] - The report also mentions significant developments in the global steel market, including new iron ore discoveries by Turkish steel producer Erdemir [42] 3.2 Company Announcements - Major companies like Dazhong Mining and *ST Xigang have released their annual reports, showing varied performance metrics [43][44]