Downstream demand performance is good. Industry analysis This week, steel prices continue to rise, and downstream demand is still recovering. Especially the rebound in real estate sales has made the market have good expectations for future start-up, but under the pressure of high inventory, the steel price brought by the recovery of demand The rise is subject to certain restrictions. In addition, the rate of demand recovery in March is relatively slow, so steel prices have risen in recent weeks but the magnitude is not large. From the statistics of the Bureau of Statistics, the downstream demand is better than our previous judgment, and our short-term view on the industry is also neutral. The pessimistic adjustment is neutral and optimistic, waiting for the arrival of downstream demand to accelerate the recovery period. Destocking is still slow, and high inventory is still stress. Weekend steel social stocks were 18.411 million tons, down 253,000 tons from the end of last week, including 10.473 million tons of long products, down 202,000 tons; board stocks of 7.835 million tons, down 50,000 tons. At present, the speed of destocking is still slow, indicating that the current recovery rate of downstream demand is still slow, and the acceleration period of destocking has not yet arrived, which also restricts the rising rate of steel prices in the short term. Maintain the industry's “Neutral†rating.
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