Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Seasonal demand is weakening, but production restrictions are expected to provide support [1] - The report highlights that the overall inventory of five major steel products is 9.3 million tons, with a year-to-date increase of 22.7% [5] - The total inventory at steel mills is 4.33 million tons, reflecting a year-to-date increase of 23.6% [5] - Iron ore port inventory stands at 13.83 million tons, with a year-to-date increase of 6.9% [5] Price Trends - The SW Steel Index is at 2,119, with a weekly change of -0.2% and a year-to-date change of 0.8% [3] - Rebar (HRB400 20mm) price is 3,140 CNY/ton, with a weekly increase of 0.3% and a year-to-date increase of 7.9% [3] - Hot-rolled coil price is 3,097 CNY/ton, with a weekly increase of 0.1% and a year-to-date decrease of 9.5% [3] - Cold-rolled steel price is 3,640 CNY/ton, with a weekly increase of 2.8% and a year-to-date increase of 11.4% [3] Supply and Demand - The average daily pig iron output is projected to be around 230,000 tons [9] - The report indicates that the steel mills' operating rate is fluctuating, impacting overall production [12] - The apparent demand for rebar is noted to be significant, with ongoing monitoring of market conditions [14]

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates a continued reduction in inventory levels, with signs of a turning point in molten iron production [1] - The total social inventory of five major steel products is 9.93 million tons, showing a year-to-date decrease of 31% [5] - The total inventory at steel mills for the same products is 4.37 million tons, reflecting a year-to-date decrease of 24.8% [5] - Port inventory of iron ore stands at 14.16 million tons, with a year-to-date decrease of 4.7% [5] Price Data Summary - The SW Steel Index is at 2,159, with a weekly decline of 0.4% and a year-to-date increase of 2.7% [3] - Rebar (HRB400 20mm) price is 3,200 CNY/ton, with a weekly increase of 1.6% [3] - Hot-rolled coil price is 3,270 CNY/ton, with a weekly increase of 2.2% [3] - Iron ore price (Platts Index) is at 102 USD/ton, reflecting a weekly increase of 3.7% [3] Supply and Demand Summary - The weekly output of five major steel products is projected to be stable, with daily molten iron production averaging around 230,000 tons [8] - The report highlights a potential recovery in downstream demand, which could positively impact the steel industry [7][10]