1月29日钢铁市场：美联储维稳利率终结三连降！钢铁市场短期承压，但长期有支撑！

Group 1 - The Federal Reserve has decided to maintain the federal funds rate at 3.5%-3.75%, ending the previous trend of three consecutive rate cuts, which suppresses global liquidity easing expectations [2] - The steel inventory continues to accumulate, with a week-on-week increase of 1.7% to 12.7851 million tons, while apparent demand has slightly decreased by 0.96% to 8.0174 million tons, indicating a growing supply-demand imbalance that may pressure steel prices in the short term [2][3] - The apparent demand for rebar, a key construction steel product, has significantly declined, weakening the support for spot transactions and prices [3] Group 2 - During the "14th Five-Year Plan" period, China has completed ultra-low emission upgrades for 940 million tons of crude steel capacity, while also eliminating over 120 million tons of outdated sintering capacity and 6.8 million tons of small coke oven capacity, enhancing the industry's pollution reduction capabilities [4] - The elimination of outdated capacity and the ultra-low emission upgrades are expected to compress inefficient supply, optimize the supply-demand structure in the steel industry, and reduce disorderly competition, providing long-term support for construction steel prices [4] - Despite short-term pressures from high interest rates and accumulating inventories, the long-term effects of the industry's green transformation are significant, with expectations for stable or slightly rising construction steel prices in the near future [5]