成材：弱需求下钢价回调

Report Industry Investment Rating - Not provided Core View of the Report - In the short term, the steel price fluctuates greatly and runs weakly in a volatile manner [3] Summary by Related Catalogs Industry Situation - Under weak demand, the steel price is in a callback situation [2] - Although the expectation of production restriction still exists, the impact of macro - sentiment has declined, and the steel price has returned to its own fundamentals to a certain extent. Currently, the weak downstream situation persists and is difficult to improve in the short term [3] Production Restriction Measures - Some independent strip steel rolling enterprises in Tangshan plan to implement production suspension from August 20th to September 3rd. If strictly enforced, it is expected to reduce the daily output of 10 local billet - rolling strip steel enterprises by about 0.5 million tons [3] - Some steel pipe production enterprises will take production reduction measures on August 20th, and only National VI and new - energy vehicles are allowed to enter the factory for transportation [3] - From 0:00 on August 20th to 24:00 on August 24th, billet - rolling section steel production enterprises will control the transportation of National V and below fuel - powered and gas - powered vehicles. From 8 p.m. to 8 a.m. the next day, 109 key vehicle - using units will control 70% of their fuel - powered and gas - powered vehicles [3] Production Data - In July, China's rebar production was 15.182 million tons, a year - on - year decrease of 2.3%; from January to July, the cumulative production was 113.387 million tons, a year - on - year decrease of 2.3% [3] Market Performance - Yesterday, the price of finished products continued to decline in a volatile manner. The price of rebar hit a recent low, and the price of hot - rolled coil slightly decreased [3] Factors to Watch - Macro policies; production reduction on the supply side; downstream demand [3]