Xin Lang Cai Jing·2026-02-12 01:24Group 1 - The core viewpoint indicates a weak expectation in the steel market, with low volatility in futures steel prices [14][19] - In January, China's CPI rose by 0.2% month-on-month and year-on-year, while PPI increased by 0.4% month-on-month, marking the fourth consecutive month of growth [4][15] - The sales of excavators in January 2026 reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales up 61.4% and exports up 40.5% [4][15] Group 2 - As of February 11, 2026, only two steel mills have introduced winter storage discount policies, targeting internal agreement clients and nearby strategic customers [4][15] - The operating rate of blast furnaces among 247 steel mills was 79.53%, an increase of 0.53 percentage points week-on-week [4][15] - The average cost for 76 independent electric arc furnace construction steel mills was 3,296 yuan/ton, a decrease of 62 yuan/ton from the previous day, with an average loss of 52 yuan/ton [5][16] Group 3 - Last week, rebar production decreased by 81,500 tons to 1.9168 million tons, with total inventory increasing by 440,400 tons to 5.1957 million tons [6][17] - Hot-rolled steel production slightly decreased by 500 tons to 3.0916 million tons, with total inventory increasing by 36,200 tons [7][18] - The five major steel products' total supply was 8.199 million tons, a week-on-week decrease of 32,700 tons, while total inventory rose by 592,400 tons [5][16] Group 4 - The strategy for rebar futures is bearish in the short term, with support observed around 3,050 [8][19] - The strategy for hot-rolled futures is also bearish in the short term, with support around 3,200 [8][19] - The alloy prices are under pressure, with silicon iron supply remaining low and manganese prices at a high level [9][20]