成材：需求偏弱，价格震荡下行

Group 1: Report Industry Investment Rating - The report suggests treating the market with a bearish bias in a range-bound manner and still considering shorting on rebounds [2][3] Group 2: Core Viewpoints of the Report - After the macro sentiment stabilizes, the industry's fundamental pattern of strong supply and weak demand exerts pressure on prices. Currently, steel mills have decent profits, with overall high operating rates and production levels. However, downstream demand is gradually entering the off-season [2] Group 3: Summary Based on Related Information - From January to April, China's cumulative crude steel production was 345.35 million tons, a year-on-year increase of 0.4% [2] - On May 19, the average cost of 76 independent electric arc furnace construction steel mills was 3,326 yuan per ton, a decrease of 9 yuan per ton compared to last Friday. The average profit was a loss of 95 yuan per ton, and the valley electricity profit was 10 yuan per ton [2] - In April 2025, the total sales of various graders were 756 units, a year-on-year increase of 21.5%. Domestic sales were 140 units, a year-on-year increase of 42.9%, and export volume was 616 units, a year-on-year increase of 17.6% [2] - The finished products fluctuated and declined yesterday, and the market did not change much [2]