热轧板卷：热轧板卷需求存韧性，1月份现货市场震荡趋强

Core Viewpoint - The hot-rolled coil market shows resilience in demand, with prices experiencing a slight increase in January, indicating a potential for price stability despite underlying supply-demand challenges [1] Group 1: Market Price Trends - As of January 16, the national average price for hot-rolled coils is 3,290 yuan per ton, reflecting an increase of 22 yuan per ton or 0.67% since the beginning of January [1] Group 2: Supply and Demand Dynamics - Production enterprises are resuming operations, leading to a continuous increase in output, while market participants focus on destocking, which may exert downward pressure on prices [1] - Despite the weak supply-demand fundamentals, there is resilient downstream demand and potential strengthening of raw material prices, which could lead to a slight increase in costs [1] Group 3: Market Sentiment and Expectations - Recent improvements in macroeconomic expectations have bolstered market sentiment and funding, providing additional support for price stability [1] - Overall, while the supply-demand balance appears weak, the strengthening of raw materials and market sentiment may continue to support prices in a fluctuating yet upward trend [1]