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Report Industry Investment Rating - The investment rating of the report is ★★ [4] Core Viewpoints - Last week, the apparent demand for rebar increased for the sixth consecutive week, factory inventories decreased for the fifth consecutive week, social inventories decreased for the third consecutive week, and production changed from a decrease to an increase. After some steel mills in western provinces announced production cut plans at the beginning of last week, it provided a short - term boost to the market. However, the positive sentiment faded in the second half of the week. Coupled with the negative impact of the US 25% tariff on imported cars on the macro - level, the black sector weakened again. The rb2505 contract should focus on the support around 3130 yuan/ton [3][31] Summary by Directory Price Analysis - As of March 28, 2025, the spot price of rebar in Shanghai was 3,210 yuan/ton, a decrease of 20 yuan/ton from the previous trading day, and in Tianjin it was 3,250 yuan/ton, a decrease of 10 yuan/ton from the previous trading day [9] Important Market Information - On March 26, US President Trump signed an executive order to impose a 25% tariff on all imported cars, which will take effect on April 2 [13] Supply - side and Demand - side and Inventory - side Information - As of February 2025, the current value of the non - manufacturing PMI in the construction industry was 52.7, a month - on - month increase of 3.4%; the current value of the steel circulation industry purchasing manager index was 49.3, a month - on - month increase of 2.4% [17] Fundamental Analysis - According to Mysteel data, last week, the blast furnace operating rate of 247 surveyed steel mills was 82.11%, a month - on - month increase of 0.15% and a year - on - year increase of 5.51%. The blast furnace iron - making capacity utilization rate was 89.08%, a month - on - month increase of 0.38% and a year - on - year increase of 6.32%. The steel mill profitability rate was 53.68%, a month - on - month increase of 0.43% and a year - on - year increase of 25.11%. The daily average hot metal output was 2.3728 million tons, a month - on - month increase of 10,200 tons and a year - on - year increase of 159,700 tons. The average national profit per ton of coke for 30 independent coking plants was - 50 yuan/ton; the average profit of quasi - first - grade coke in Shanxi was - 26 yuan/ton, in Shandong was - 8 yuan/ton, in Inner Mongolia's second - grade coke was - 98 yuan/ton, and in Hebei's quasi - first - grade coke was 24 yuan/ton [30] 后市展望 - Last week, the apparent demand for rebar increased for the sixth consecutive week, factory inventories decreased for the fifth consecutive week, social inventories decreased for the third consecutive week, and production changed from a decrease to an increase. After the short - term boost from the production cut plans of some steel mills in western provinces at the beginning of last week, the sentiment faded in the second half of the week. Affected by the negative macro - level impact of the US 25% tariff on imported cars, the black sector weakened again. The rb2505 contract should focus on the support around 3130 yuan/ton [31] Operation Strategy - It is recommended that the rb2505 contract focus on the support around 3130 yuan/ton. If it effectively breaks below, it is recommended to turn to a wait - and - see approach [32]