成材：关注宏观政策价格偏弱整理

Report Industry Investment Rating - Not provided Core View of the Report - The market lacks highlights, the fundamentals are under pressure, showing a situation of strong supply and weak demand, and the steel price lacks upward drivers. The view is that the driving force is weak and the overall situation is under pressure [1][2][3] Summary by Related Catalog Market Background - The State Council Information Office will hold a press conference on May 7th to introduce "a package of financial policies to support market stability and expectations". The Minister of Finance stated that China will adopt more proactive macro policies and is confident in achieving the 5% growth target in 2025 [2] Cost and Profit - On May 6th, the average cost of 76 independent electric arc furnace construction steel mills was 3,341 yuan/ton, with an average profit loss of 80 yuan/ton and a valley electricity profit of 26 yuan/ton [2] Production and Maintenance - Last week, the number of steel mill maintenance production lines decreased. There were 11 provinces with steel mills involved in maintenance and resumption of production, including 4 maintenance production lines and 5 resumption production lines. According to the rolling mill output calculation, the production decreased by 156,000 tons due to maintenance and resumption. It is expected that the production will decrease by 119,200 tons due to maintenance and resumption this week, and the impact will decline [2] Market Situation - The finished products rose and then fell yesterday. The market has no obvious improvement in the downstream, and the previous rumor of crude steel production restriction has limited and unsustainable support for prices. Subsequently, entering the seasonal off - season, the steel price lacks upward drivers [2] Later Concerns - Later, attention should be paid to macro policies and downstream demand [3]