热轧卷板周度数据（20251010） | | | | | | | | | | | | | | | | | | | | | | | | 黑色金属研究员 涂伟华 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 本周值 | | | 环比变化 | | 上月末值 | | | | 本月变化 | | | 同期值 | | | | | | 同期变化 | | 供给 | | | | | | 周度产量 | | | 323.29 | | -1.40 | | | 324.69 | | | | -1.40 | | | 308.19 | | | 15.10 | | | | | | | | | 高炉产能利用率（%） | | | | 90.55 | | -0.10 | | | 90.65 | | | | -0.10 | ...

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - The supply - demand situation of hot - rolled coils has changed. The production of plate mills is stable, and the weekly output of hot - rolled coils has increased by 1.79 million tons week - on - week, remaining at a high level this year with relatively large supply pressure. Meanwhile, the demand toughness of hot - rolled coils has weakened, with the weekly apparent demand decreasing by 4.44 million tons week - on - week and low - frequency trading performance. Although the downstream cold - rolled production remains high, providing support for hot - rolled coil demand, the upcoming end of the Sino - US tariff "exemption period" may lead to the fermentation of external risks, and demand concerns still exist. Overall, the supply of hot - rolled coils remains stable at a high level, while demand has weakened, and fundamental contradictions have accumulated. The price of hot - rolled coils continues to be under pressure and operates in a low - level oscillation. Attention should be paid to the tariff risks after the end of the "exemption period" [8]. 3. Summary by Directory Supply - Weekly output: The weekly output of hot - rolled coils is 327.24 million tons, with a week - on - week increase of 1.79 million tons, a month - on - month increase of 7.69 million tons, and a year - on - year increase of 5.39 million tons [2]. - Blast furnace capacity utilization rate: The blast furnace capacity utilization rate is 90.83%, with a week - on - week increase of 0.04 percentage points, a month - on - month increase of 0.14 percentage points, and a year - on - year increase of 1.70 percentage points [2]. Demand - Apparent demand: The apparent demand for hot - rolled coils is 326.25 million tons, with a week - on - week decrease of 4.44 million tons, a month - on - month decrease of 0.68 million tons, and a year - on - year increase of 1.59 million tons [2]. - Weekly output of cold - rolled coils: The weekly output of cold - rolled coils is 88.06 million tons, with a week - on - week decrease of 0.29 million tons, a month - on - month increase of 0.06 million tons, and a year - on - year increase of 1.86 million tons [2]. Inventory - Total inventory: The total inventory of hot - rolled coils is 341.16 million tons, with a week - on - week increase of 0.99 million tons, a month - on - month increase of 8.35 million tons, and a year - on - year decrease of 71.64 million tons [2]. - In - plant inventory: The in - plant inventory of hot - rolled coils is 78.22 million tons, with a week - on - week increase of 1.70 million tons, a month - on - month increase of 3.20 million tons, and a year - on - year decrease of 11.78 million tons [2]. - Social inventory: The social inventory of hot - rolled coils is 262.94 million tons, with a week - on - week decrease of 0.71 million tons, a month - on - month increase of 5.15 million tons, and a year - on - year decrease of 59.86 million tons [2].

热轧卷板周度数据（20250613） | 黑色金属研究员 涂伟华 | 环比变化 | 上月末值 | 本月变化 | 同期值 | 同期变化 | 本周值 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 5.10 | 327.65 | 周度产量 | 324.65 | -4.10 | 319.55 | -3.00 | 供给 | 1.05 | 高炉产能利用率（%） | 90.58 | -0.07 | 90.69 | -0.11 | 89.53 | | 表观需求量 | 319.88 | -1.04 | 326.93 | -7.05 | 328.67 | -8.79 | 需求 | 0.49 | 86.01 | 2.48 | 冷轧卷板周产量 | 88.49 | -0.27 | 88.00 | | 4.77 | 332.81 | 12.60 | 413.83 | 总库存 | 345.41 | -68.42 | 0.18 | 75.02 | 1.51 | 89 ...