Investment Rating - The steel industry is rated as "Positive" [2] Core Insights - The market performance for the steel sector showed a 0.20% increase, outperforming the broader market, with specific segments like special steel and long products experiencing slight declines [2][10] - Supply conditions indicate a high furnace capacity utilization rate of 86.6%, with an increase of 1.10 percentage points week-on-week [2][25] - Demand for the five major steel products rose to 888.0 million tons, reflecting a week-on-week increase of 19.49 million tons, or 2.24% [2][34] - Social inventory of the five major steel products decreased by 23.33 million tons week-on-week, a decline of 1.65% [2][40] - The average price index for common steel increased to 3450.8 CNY/ton, with a slight week-on-week rise of 2.86 CNY/ton [2][47] Supply Summary - As of March 27, the average daily pig iron output was 2.3109 million tons, showing a week-on-week increase of 2.94 million tons [2][25] - The capacity utilization for electric furnaces reached 58.9%, up by 2.30 percentage points week-on-week [2][25] - The total production of the five major steel products was 743.9 million tons, a slight decrease of 0.21 million tons week-on-week [2][25] Demand Summary - The consumption of the five major steel products reached 888.0 million tons, with a week-on-week increase of 19.49 million tons [2][34] - The transaction volume of construction steel by mainstream traders was 95,000 tons, reflecting a minor increase of 0.01 million tons week-on-week [2][34] - The transaction area of commercial housing in 30 major cities increased to 208.8 million square meters, up by 39.2 million square meters week-on-week [34] Inventory Summary - Social inventory of the five major steel products stood at 1387.7 million tons, down by 23.33 million tons week-on-week [2][40] - Factory inventory for the five major steel products was 510.2 million tons, a decrease of 25.06 million tons week-on-week [2][40] Price & Profit Summary - The comprehensive index for common steel was 3450.8 CNY/ton, with a year-on-year decline of 3.14% [2][47] - The profit for rebar from blast furnaces was 55 CNY/ton, down by 4.0 CNY/ton week-on-week [2][54] - The average cost of pig iron was 2369 CNY/ton, with a week-on-week decrease of 11.0 CNY/ton [2][54] Raw Material Summary - The spot price index for Australian iron ore (62% Fe) was 776 CNY/ton, with a week-on-week increase of 1.0 CNY/ton [2][70] - The price for main coking coal at Jingtang Port was 1720 CNY/ton, up by 120.0 CNY/ton week-on-week [2][70] - The price for first-grade metallurgical coke remained stable at 1715 CNY/ton [2][70] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential growth [2][71]

Investment Rating - The industry investment rating is positive [1] Core Viewpoints - The report suggests a cyclical recovery in the steel industry following the US-Iran conflict [1] - The report highlights the performance of various steel indices, indicating a mixed trend in price changes year-to-date [3] - The total inventory of five major steel products has increased significantly, indicating a potential oversupply situation [5] Price Performance - The Shanghai Composite Index is at 3,914 with a weekly decline of 1% and a year-to-date decline of 4% [3] - The SW Steel Index is at 2,678 with a weekly increase of 0.4% and a year-to-date increase of 6% [3] - Rebar prices (HRB400 20mm) are at 3,200 CNY/ton, showing a weekly decline of 0.3% and a year-to-date increase of 6% [3] Inventory - The total social inventory of five major steel products is 1,386 million tons, with a weekly decline of 1% and a year-to-date increase of 590% [5] - The total inventory at steel mills is 510 million tons, with a weekly increase of 22% and a year-to-date increase of 324% [5] - The port inventory of iron ore is 16,997 million tons, with a weekly decline of 0% and a year-to-date increase of 72% [5] Supply and Demand - The weekly output of five major steel products is projected to be around 1,000 million tons [9] - The average daily molten iron production is expected to be around 225 million tons [9] - The report indicates a potential mismatch between supply and demand, which could affect pricing and profitability in the industry [10]

Investment Rating - The steel sector is rated as having absolute value, with the CITIC Steel Index increasing by 0.2%, outperforming the market by 1.3% [1][11]. Core Insights - The steel industry is experiencing a stabilization at the bottom of its economic cycle, with a profit ratio of 43.3% among 247 surveyed steel mills, despite a current average loss of 30.6 yuan per ton due to high inventory levels and moderate demand [1][11]. - The iron ore inventory at ports remains high at approximately 180 million tons, with ongoing negotiations affecting market dynamics, while steel production is gradually recovering [1][11]. - The market for coking coal is showing positive short-term performance, with prices driven by seasonal demand rather than cost increases [3][13]. Summary by Sections Steel Industry Overview & Index Performance - The steel industry is currently facing mixed signals, with high iron ore inventories and slow recovery in steel production. The market is stabilizing after a macroeconomic downturn, with the CITIC Steel Index reflecting this trend [1][11]. Black Industry Chain Profitability - The profitability indicators show a stable bottom for the steel industry, with a significant portion of mills reporting profits despite challenging conditions [1][11]. Price Data Updates - The average price for hot-rolled coils is 3322 yuan per ton, with a slight increase from the previous week. Inventory levels are decreasing, but the pace of destocking is slow [2][12]. - Coking coal prices are stable, with various grades priced between 1210 and 1600 yuan per ton, indicating a balanced supply-demand scenario [3][13]. Supply and Demand Data Updates - The total inventory of imported iron ore at ports is reported at 170 million tons, with a slight decrease from the previous week. The daily average discharge volume is also declining, indicating a tightening supply [4][14]. - The coking coal market is expected to maintain a dual increase in supply and demand in the short term, reflecting a positive outlook for the sector [3][13].

Investment Rating - The steel industry is rated as having absolute value, with the CITIC Steel Index increasing by 0.2%, outperforming the market by 1.3% this week [1][11]. Core Insights - The steel industry is experiencing a stabilization at the bottom of its economic cycle, with a profit ratio of 43.3% among 247 surveyed steel mills, despite a current average loss of 30.6 yuan per ton due to high inventory levels and moderate terminal demand [1][11]. - The iron ore inventory at ports remains high at approximately 180 million tons, with ongoing negotiations between major players causing market fluctuations [1][11]. - The market for coking coal is showing positive short-term performance, with prices driven by seasonal demand rather than cost increases [3][13]. Summary by Sections Steel Industry Overview - The domestic hot-rolled coil market is showing strong price consolidation, with an average price of 3,322 yuan per ton, up 10 yuan from last week [2][12]. - Social inventory of hot-rolled coils decreased by 54,000 tons week-on-week but increased by 166,800 tons month-on-month, indicating a slow destocking process [2][12]. Coking Coal Market - Prices for main coking coal in Shanxi are reported at 1,329 yuan per ton for S2.8 and 1,580 yuan per ton for S0.45 [3][13]. - The total inventory of imported coking coal at 16 ports is 478.10 thousand tons, reflecting a decrease of 2.93 thousand tons [3][13]. Iron Ore Market - The price index for domestic iron concentrate has decreased, with the 66% concentrate price in Tangshan at 967 yuan per ton, down 3 yuan [4][14]. - The total inventory of imported iron ore at 45 ports is 170 million tons, down 980,900 tons from the previous week [4][14].

Report Industry Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints of the Report - The steel industry is expected to see long - term improvement in supply - demand relations during the 15th Five - Year Plan period. In the short term, iron ore prices are expected to be strong due to factors such as the Iran situation and tightened iron ore procurement restrictions, strengthening the cost support for steel prices. With the long - term improvement in the supply - demand pattern, strengthened short - term cost support, and low sector valuation, the steel sector is expected to experience value restoration and has significant allocation value [3]. - Based on the judgment of the steel industry cycle, in an environment where PPI is at the bottom of the cycle, market liquidity is abundant, and risk premium is rising, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity from performance restoration and room for sector valuation increase from the improvement of the supply pattern. The industry still has medium - to long - term strategic investment opportunities, so the "Positive" rating for the industry is maintained [3]. Summary by Directory 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector rose 0.20% this week, outperforming the broader market. The CSI 300 index fell 1.41% to 4502.57. The top three sectors in terms of gains were basic chemicals (3.31%), non - ferrous metals (2.60%), and comprehensive (2.41%) [10]. - Among the sub - sectors, the special steel sector fell 0.53%, the long - product sector fell 0.24%, the plate sector fell 1.02%, the iron ore sector rose 7.48%, the steel consumables sector fell 0.31%, and the trading and distribution sector rose 1.37% [12][17]. - The top three stocks in the steel sector in terms of gains were Dazhong Mining (23.30%), Tunan Co., Ltd. (7.17%), and ST Hukel (4.18%) [15] 2. This Week's Core Data Supply - As of March 27, the daily average hot metal output was 231.09 million tons, a week - on - week increase of 2.94 million tons (1.29%) and a year - on - year decrease of 2.19% [25]. - As of March 27, the blast furnace capacity utilization rate of sample steel enterprises was 86.6%, a week - on - week increase of 1.10 percentage points [25]. - As of March 27, the electric furnace capacity utilization rate of sample steel enterprises was 58.9%, a week - on - week increase of 2.30 percentage points [25]. - As of March 27, the output of the five major steel products was 743.9 million tons, a week - on - week decrease of 0.21 million tons (0.03%) [25] Demand - As of March 27, the consumption of the five major steel products was 888.0 million tons, a week - on - week increase of 19.49 million tons (2.24%) [34]. - As of March 27, the trading volume of construction steel by mainstream traders was 9.5 million tons, a week - on - week increase of 0.01 million tons (0.14%) [34]. - As of March 22, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 2.088 million square meters, a week - on - week increase of 0.392 million square meters [34]. - As of March 29, the net financing of local government special bonds was 2.138 trillion yuan, a cumulative year - on - year decrease of 1.25% [34] Inventory - As of March 27, the social inventory of the five major steel products was 13.877 million tons, a week - on - week decrease of 0.2333 million tons (1.65%) and a year - on - year increase of 10.69% [40]. - As of March 27, the in - plant inventory of the five major steel products was 5.102 million tons, a week - on - week decrease of 0.2506 million tons (4.68%) and a year - on - year increase of 5.37% [40] Steel Prices - As of March 27, the general index of ordinary steel was 3450.8 yuan/ton, a week - on - week increase of 2.86 yuan/ton (0.08%) and a year - on - year decrease of 3.14% [47]. - As of March 27, the general index of special steel was 6632.9 yuan/ton, a week - on - week increase of 10.22 yuan/ton (0.15%) and a year - on - year decrease of 1.02% [47] Steel Mill Profits - As of March 27, the national average hot metal cost was 2369 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [54]. - As of March 27, the profit per ton of construction steel electric furnace at normal electricity price was - 85 yuan/ton, a week - on - week increase of 1.0 yuan/ton (1.16%) [54]. - As of March 27, the profit per ton of blast furnace for rebar was 55 yuan/ton, a week - on - week decrease of 4.0 yuan/ton (6.78%) [54]. - As of March 27, the profitability rate of 247 steel enterprises was 43.29%, a week - on - week increase of 0.9 percentage points [54] Futures - Spot Basis - As of March 27, the spot basis of hot - rolled coils was - 9 yuan/ton, a week - on - week increase of 8.0 yuan/ton [62]. - As of March 27, the spot basis of rebar was 96 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [62]. - As of March 27, the spot basis of coke was - 115 yuan/ton, a week - on - week increase of 7.5 yuan/ton [62]. - As of March 27, the spot basis of coking coal was 29.5 yuan/ton, a week - on - week decrease of 41.0 yuan/ton [62]. - As of March 27, the spot basis of iron ore was - 26 yuan/ton, a week - on - week decrease of 8.5 yuan/ton [62] Raw Materials: Price and Profit - As of March 20, the spot price index of Australian powder ore (62% Fe) at Rizhao Port was 776 yuan/ton, a week - on - week increase of 1.0 yuan/ton [70]. - As of March 27, the ex - warehouse price of main coking coal at Jingtang Port was 1720 yuan/ton, a week - on - week increase of 120.0 yuan/ton [70]. - As of March 27, the ex - factory price of first - grade metallurgical coke was 1715 yuan/ton, unchanged from the previous week [70]. - As of March 27, the average profit per ton of coke for independent coking enterprises was 21 yuan/ton, a week - on - week decrease of 17.0 yuan/ton [70]. - As of March 27, the price difference between hot metal and scrap steel was 13.5 yuan/ton, a week - on - week increase of 1.6 yuan/ton [70] 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profit attributable to shareholders, EPS, and P/E ratios of key listed companies such as Baoshan Iron & Steel Co., Ltd., Valin Steel Co., Ltd., and Nanjing Iron & Steel Co., Ltd. from 2024 to 2027 [71] Key Announcements of Listed Companies - Baodi Mining Co., Ltd. announced that several specific shareholders plan to reduce their shareholdings through centralized competitive bidding [72]. - Fangda Special Steel Co., Ltd. released its 2025 annual report, showing steel production, operating income, net profit, total assets, and net assets [73]. - Hainan Mining Co., Ltd. plans to repurchase and cancel some restricted stocks of the 2024 restricted stock incentive plan and adjust the repurchase price [73][74]. - Beijing Shougang Co., Ltd. announced the implementation results and share changes of its share repurchase [75] 4. This Week's Important Industry News - The Ministry of Finance will focus on expanding domestic demand, investing in people, and opening up and sharing, which is expected to boost steel demand and benefit steel prices [76]. - 14 provinces have announced 172 key steel industry projects, which boosts demand expectations and is beneficial to steel prices [76]. - The steel inventory has continued to decline, and the apparent demand has increased month - on - month, which supports steel prices [76]. - The steel industry reported a loss of 2.47 billion yuan from January to February, which reflects weak demand and poor profitability, suppressing market confidence and having a negative impact on steel prices [76]

| 经营指标 | 2025 年度 | 2024 年度 | 增减幅度（%） | | --- | --- | --- | --- | | 建材 | | | | | 产量（万吨） | 127.49 | 137.64 | -7.37 | | 销量（万吨） | 130.11 | 140.71 | -7.53 | | 平均售价（元/吨） （不含税） | 2962.55 | 3342.55 | -11.37 | | 板材 | | | | | 产量（万吨） | 411.32 | 355.00 | 15.86 | | 销量（万吨） | 413.65 | 356.68 | 15.97 | | 平均售价（元/吨） （不含税） | 3264.72 | 3513.98 | -7.09 | | 金属制品 | | | | | 产量（万吨） | 81.18 | 79.88 | 1.63 | | 销量（万吨） | 80.92 | 80.74 | 0.22 | | 平均售价（元/吨） （不含税） | 3319.79 | 3,490.81 | -4.90 | 特此公告。 新疆八一钢铁股份有限公司董事会 2026 年 3 月 30 日 证券代码：6 ...

Group 1: Oil Price Impact - The recent rise in oil prices has led to increased costs for fuel vehicles, prompting residents to shift to public transportation, evidenced by a rise in subway ridership and a decrease in road congestion[5] - The National Development and Reform Commission (NDRC) implemented temporary price controls on refined oil for the first time since 2013, reducing the theoretical price increase from 2205 CNY/ton to 1160 CNY/ton, effectively compressing the increase by about 50%[12] - International oil prices surged due to escalating conflicts in the Middle East, with prices exceeding 150 USD/barrel, marking an increase of over 130% compared to pre-conflict levels[14] Group 2: Economic Context - In January-February 2026, industrial profits surged by 15.2% year-on-year, a significant increase from 5.3% in December 2025, driven by improved production rates and reduced cost ratios[33] - The profit recovery among industries is uneven, with upstream sectors benefiting from price increases, midstream from volume growth, and downstream sectors facing pressure[39] - The upcoming manufacturing PMI for March 2026 is expected to show a strong rebound, typically averaging a 1.4 percentage point increase following the Lunar New Year[56] Group 3: Policy and Risks - The report highlights risks including potential external economic shocks, slower-than-expected policy implementation, and discrepancies in economic structural adjustments[58][59][60] - Recent investigations into provincial and ministerial issues have increased, reflecting a stricter governance approach under the current political climate[44]

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several companies within the sector [2][3]. Core Insights - The ongoing conflict in the Middle East is expected to prolong, leading to a strong price trend in the steel market. The raw material prices are likely to fluctuate due to the conflict, with potential supply constraints affecting mining operations [9][31]. - Steel production remains stable, with a notable decrease in total inventory, indicating a healthy demand-supply balance. The report anticipates that carbon reduction requirements will impose constraints on steel supply, which may lead to a recovery in steel company profits [9][31]. Summary by Sections Domestic Steel Market - As of March 27, the price of 20mm HRB400 rebar is 3200 CNY/ton, down 10 CNY/ton from the previous week. Other steel products show mixed price movements, with cold-rolled steel increasing by 10 CNY/ton to 3710 CNY/ton [14][15]. International Steel Market - In the U.S., hot-rolled steel prices are at 1120 USD/ton, down 2 USD/ton, while in Europe, prices are relatively stable with slight increases in some categories [26][28]. Raw Materials and Shipping Market - Domestic iron ore prices remain stable, while imported iron ore prices have seen slight declines. The report notes a decrease in scrap steel prices to 2150 CNY/ton [31][36]. Company Profit Forecasts and Valuations - The report provides profit forecasts for key companies, with several firms such as Hualing Steel, Baosteel, and Nanjing Steel receiving "Buy" recommendations based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [2][9].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The steel industry is expected to see a recovery in steel prices due to significant inventory reduction and improved demand as the traditional peak season approaches [9][14] - Geopolitical tensions, particularly related to the US-Iran situation, are causing fluctuations in the domestic market, but rising raw material prices are providing short-term support for steel prices [9][13] - The report emphasizes the importance of optimizing the supply structure towards low-carbon and high-quality development in the steel sector [13] Summary by Sections 1. Cycle Assessment: Inventory Reduction and Price Recovery - Inventory reduction is evident, with a notable decrease in both social and steel mill inventories [9][20] - The average daily pig iron production is 2.31 million tons, showing a week-on-week increase of 1.29% [14] - The report anticipates that the supply side will continue to shrink, leading to a more balanced supply-demand situation in 2026 [13] 2. Supply: Steady Recovery in Downstream Production - The average daily pig iron production increased by 1.29% week-on-week, while rebar production decreased by 2.69% [15][18] - The capacity utilization rates for long-process and short-process rebar production slightly declined [15] 3. Inventory: Clear Reduction in Social and Steel Mill Inventories - Total inventory decreased by 2.49% week-on-week, with social inventory at 1.388 million tons and steel mill inventory at 510 thousand tons [21] - Rebar inventory also showed a reduction, indicating improved demand [21] 4. Demand: Marginal Increase in Steel Demand - The apparent consumption of five major steel products totaled 8.88 million tons, reflecting a week-on-week increase of 2.24% [23][24] - The demand for rebar saw the highest increase, with an 8.30% rise week-on-week [24] 5. Cost and Profitability: Cost Support for Steel Prices - The average pig iron cost (excluding tax) is 2,302 CNY per ton, with a slight week-on-week increase of 0.12% [39] - The profitability rate for steel companies is 43.29%, showing a week-on-week increase of 0.87 percentage points [39] 6. Steel Prices: Positive Outlook for Price Increase - The general steel price index increased by 0.08% this week, with specific products showing varied price movements [47][48] - The report suggests that with the recovery in downstream construction, steel prices are expected to continue rising [14][45] 7. Sector Performance: Steel Sector Slightly Up Amid Market Fluctuations - The Shanghai Composite Index fell by 1.09%, while the steel sector index rose by 0.42% [52][53] - The report highlights that the steel sector is performing relatively better compared to the overall market [52]

Investment Rating - The report maintains a recommendation for the steel industry, indicating an improvement in supply and demand during the peak season, leading to a slight recovery in industry profitability [2][4]. Core Insights - The steel industry is experiencing a dual increase in supply and demand, with pig iron production rising above 2.3 million tons and consumption of the five major steel products reaching 8.8797 million tons, a week-on-week increase of 194,900 tons. This improvement in supply and demand has led to a rebound in steel prices and a slight expansion in corporate profitability. However, the overall demand recovery remains slow, resulting in inventory levels still under pressure compared to the same period last year, leading to cautious market sentiment [3][4]. - The report highlights that the upstream raw material-related stocks have performed relatively stable, while the prices of major steel products have shown slight fluctuations. The steel industry is currently in a phase of stable supply and demand, with a potential for recovery in industry prosperity as policies on both supply and demand sides are implemented [4][5]. Industry Data Tracking Production Data - As of March 27, the total production of the five major steel products was 8.3958 million tons, with a week-on-week decrease of 0.24 million tons. The average daily pig iron production from 247 steel enterprises was 2.3109 million tons, a week-on-week increase of 29,400 tons. The utilization rate of blast furnace capacity was 86.63%, and the operating rate was 81.03% [10][21]. Consumption Data - The total consumption of the five major steel products reached 8.8797 million tons, with week-on-week increases in rebar (+172,800 tons), wire rod (+73,000 tons), and hot-rolled products (+31,200 tons). However, cold-rolled and medium-thick plates saw decreases of 34,000 tons and 48,100 tons, respectively [10][21]. Inventory Situation - The total steel inventory was 18.9784 million tons, a week-on-week decrease of 483,900 tons. Social inventory accounted for 13.8769 million tons, down 23.33% week-on-week, while steel mill inventory was 5.1015 million tons, down 25.06% week-on-week [10][21]. Profitability - As of March 27, the profitability of various steel products was as follows: high furnace rebar (55 CNY/ton), building steel (electric furnace, -91 CNY/ton), hot-rolled sheets (16 CNY/ton), and cold-rolled sheets (-139 CNY/ton). Approximately 43.29% of the sampled steel enterprises were profitable [10][21].