成材：宏观空头氛围下钢价延续跌势

Group 1: Report Industry Investment Rating - The investment rating of the report is bearish [3] Group 2: Core Viewpoints of the Report - The steel price continued its downward trend under the macro bearish atmosphere, with the rebar main contract falling to 3100 and hot-rolled coil falling to 3200. The macro bearish atmosphere continued to affect the market, and the US tariff measures would have a significant negative impact on the global economy. Short-term focus should be on avoiding price decline risks [1][2] Group 3: Summary by Related Catalog - On April 8, the average cost of 76 independent electric arc furnace construction steel mills was 3346 yuan/ton, with an average profit of -94 yuan/ton and a valley electricity profit of 12 yuan/ton, a daily increase of 3 yuan/ton [2] - From March 31 to April 6, the total transaction (signing) area of newly built commercial housing in 10 key cities was 1.6197 million square meters, a year-on-year increase of 33.3%; the total transaction (signing) area of second-hand housing was 1.9058 million square meters, a year-on-year increase of 19.7% [2]