短期市场或回归基本面 预计线材区间震荡为主

Core Viewpoint - The steel market is experiencing price adjustments, with several steel mills reducing rebar prices, indicating a shift in market dynamics and potential impacts on supply and demand [1]. Price Adjustments - Approximately five steel mills have adjusted their rebar ex-factory prices today, with reductions of 30 CNY/ton in Northeast China and 20 CNY/ton in both North and South China [1]. - Specific prices for high-strength rebar (HPB300) are reported, with prices ranging from 3340 CNY/ton to 3540 CNY/ton across various regions [3]. Market Inventory and Demand - The total inventory of construction steel this week is 4.8725 million tons, a decrease of 83,900 tons (-1.69%) compared to the previous week, covering 30 cities and 79 warehouses [4]. - On October 31, the national construction material transaction volume was 89,900 tons, a slight decrease of 0.33% from the previous trading day [4]. Market Analysis - According to Donghai Futures research, the market is shifting focus from macro events to fundamental factors, with real demand showing marginal improvement and a significant increase in apparent consumption of major steel products by 236,900 tons [5]. - Despite a slight decrease in iron output, finished steel production has seen a small increase, while steel mill profits are under pressure, and environmental production limits in Hebei are expected to further reduce steel supply [5]. - The short-term outlook for the steel market is anticipated to return to fundamentals, with expectations of range-bound fluctuations [5].