成材：市场情绪回升，钢价出现反弹

Group 1: Report Industry Investment Rating - Not mentioned Group 2: Core View of the Report - The report's core view is that the steel price will experience a short - term rebound but be under overall pressure [3] Group 3: Summary According to Content - The logic behind the market is that the Politburo meeting proposed to use a more proactive fiscal policy and a moderately loose monetary policy, including possible reserve - requirement ratio cuts and interest - rate cuts, raise the income of low - and middle - income groups, support corporate financing, help struggling enterprises, build a new real - estate development model, and introduce incremental reserve policies for counter - cyclical adjustment. Last week, the average operating rate of 90 independent electric arc furnace steel mills in China was 74.93%, a 0.14 - percentage - point decrease from the previous week, and the average capacity utilization rate was 56.66%, a 0.33 - percentage - point increase. The blast - furnace operating rate of 247 steel mills was 84.33%, a 0.77 - percentage - point increase; the steel - mill profitability rate was 57.58%, a 2.60 - percentage - point increase from the previous week and a 6.93 - percentage - point increase compared to the same period last year; the daily average pig - iron output was 244.35 tons, a 4.23 - ton increase [2] - Last week, the finished - steel market was in a consolidation phase, with the daily K - line showing a mix of long and short positions. On the night of last Friday, rebar and hot - rolled coils saw a rapid price increase, and there were rumors of a 50 - million - ton reduction in crude - steel production, which were unconfirmed. As the US trade policy eases and the macro - sentiment calms down, the steel - price movement returns to the fundamental logic. Steel mills are actively producing due to good profits, and the pig - iron output continues to rise, exerting some pressure on prices. However, short - term sentiment may drive a steel - price rebound due to the speculation of production - cut rumors [2] - The later focus includes macro - policies and downstream demand [3]