钢铁行业周报：需求恢复，累库放缓

Group 1 - Industry Investment Rating: Maintain "Overweight" [3] - Core Viewpoint: Demand recovery and inventory accumulation slowing down [6][8] - Recent Industry Performance: Steel sector increased by 0.33%, underperforming the benchmark index (CSI 300) by 0.67 percentage points [5] Group 2 - Supply Data: As of February 21, iron and steel production decreased slightly, with a total output of 2.2744 million tons, and a blast furnace operating rate of 77.66% [6] - Demand Data: Weekly apparent consumption of five major steel products reached 7.9438 million tons, a week-on-week increase of 19.77%, driven by a significant rise in construction material consumption [6][45] - Inventory Data: Total inventory of five major steel products was 18.642 million tons, with a week-on-week increase of 2.3%, indicating a slowdown in inventory accumulation [6] Group 3 - Price and Profitability: Prices for major steel products showed a slight increase, while the profitability of sample steel enterprises decreased to 49.8% [7][8] - Investment Suggestions: Short-term market recovery is expected, with a focus on green steel enterprises and leading companies with scale advantages for long-term investment [8][56]