华安期货：12月12日钢材低位震荡

Group 1 - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75% on February 10, with predictions of further rate cuts in 2026 and 2027 [1] Group 2 - The inventory of major steel materials decreased by 2.45% to 13.32 million tons, the lowest since the Spring Festival this year, with production down by 2.74% to 8.06 million tons and apparent demand falling to 8.40 million tons, marking a 2.83% decline [3] - Rebar weekly production decreased by 5.56%, with inventory dropping by 4.81% and demand falling by 6.4%; wire rod demand decline narrowed to 3.94%; hot-rolled demand decline also narrowed to 0.92%, with inventory increasing by 5.14%; medium and heavy plate demand fell by over 4%, while cold-rolled demand increased by 2.54% with production up by 0.92% [3] - The current steel industry data indicates a weak supply-demand balance, with accelerated production cuts in rebar improving the supply-demand relationship, while hot-rolled data remains stable with high inventory pressure [3] - Overall, the market outlook suggests a low-level fluctuation in steel prices [3]