Report Industry Investment Rating - The report gives a rating of "oscillating operation" for the industry [3] Core Viewpoint - The steel price is currently oscillating and weakening, mainly dragged down by coking coal on the raw material side. The steel price is temporarily following the changes in the raw material side, and the subsequent focus is on the downstream demand situation [2][3] Summary by Related Catalog Industry Data - In March, China's manufacturing, non - manufacturing, and comprehensive PMI output indices all returned to the expansion range, at 50.4%, 50.1%, and 50.5% respectively, up 1.4, 0.6, and 1 percentage points from the previous month [2] - In March, the actual production of tube billet steel mills was 1.3393 million tons, a month - on - month increase of 85,000 tons and a year - on - year increase of 107,600 tons. The estimated output in April is 1.3542 million tons [2] - On March 31, the average cost of 76 independent electric arc furnace construction steel mills was 3,410 yuan/ton, a daily increase of 2 yuan/ton. The average profit was a loss of 86 yuan/ton, and the off - peak electricity profit was 21 yuan/ton [2] Industry Events - On March 30, the UK Trade Remedies Authority announced an anti - absorption review of the anti - dumping measures applicable to imported excavators from China to decide whether to maintain or adjust the current anti - dumping duty rate [2]

Group 1: Report Industry Investment Rating - The investment rating of the steel industry is "Oscillating operation" [3] Group 2: Core Viewpoints of the Report - The steel price is expected to oscillate. The follow - up focus should be on macro - policies and downstream demand [3] Group 3: Summary According to the Content Steel Production and Utilization - Last week, the blast furnace operating rate of 247 steel mills was 81.03%, a 1.25 - percentage - point increase from the previous week; the steel mill profitability rate was 43.29%, a 0.87 - percentage - point increase; the daily average pig iron output was 2.3109 million tons, a 29,400 - ton increase [2] - The average capacity utilization rate of 94 independent electric arc furnace steel mills nationwide was 58.87%, a 2.3 - percentage - point increase from the previous week and a 3.87 - percentage - point increase year - on - year. The average operating rate was 68.82%, a 1.93 - percentage - point increase from the previous week and a 4.51 - percentage - point decrease year - on - year [2] Downstream Production - In April 2026, the total production schedule of air conditioners, refrigerators, and washing machines was 37.64 million units, a 3.6% decrease compared with the actual production in the same period last year [2] Environmental Policy - On March 30, 2026, Tangshan, Handan, Cangzhou, Langfang, Baoding, Hengshui and other places lifted the emergency response to heavy pollution weather [2] Steel Price - At the end of last week, the ex - factory price of common billet resources in Qian'an, Tangshan increased by 10 yuan/ton to 2,970 yuan/ton [2] Market Situation - The steel price in the last week oscillated. The fundamental contradiction was not obvious. The apparent demand increased weekly, and there was a slight inventory reduction, but there was no performance beyond expectations. The steel price mainly followed the raw material end. It is recommended to continue to pay attention to downstream demand [2]

Group 1: Report's Investment Rating for the Industry - The report's view on the industry is that it will operate in a consolidation phase [2] Group 2: Core Viewpoints of the Report - The steel price is in a narrow - range shock, and the market's overall driving force is not strong. It is necessary to pay attention to the changes in weekly fundamental data [1] - The steel market is currently in the off - season of demand, which puts pressure on steel prices. However, the improvement of macro - level expectations near the end of the year has driven a recent rebound [1] Group 3: Summary by Relevant Catalogs Industry Background - Premier Li Qiang pointed out that new - type urbanization is an important carrier for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic large - scale cycle. The development space of new - type urbanization in the "15th Five - Year Plan" period is still large [1] Cost and Profit - The average tax - free cost of hot metal of mainstream sample steel mills in Tangshan this week is 2,310 yuan/ton. Compared with the ex - factory price of billets of 2,990 yuan/ton on December 3rd, the average loss of steel mills is 81 yuan/ton, a week - on - week decrease of 24 yuan/ton [1] Production - In November, a total of 42 construction steel production enterprises in the country carried out production reduction and maintenance, 9 more than last month, affecting a production volume of 2.0134 million tons, a month - on - month increase of 14.27% [1] Capital - As of December 2nd, the capital availability rate of sample construction sites is 59.49%, a week - on - week decrease of 0.07 percentage points. Among them, the capital availability rate of housing construction projects is 54.02%, a week - on - week increase of 0.03 percentage points [1]