供需矛盾累积，盘面震荡偏弱

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The steel market is in a state of weak balance with supply and demand, and the cost still provides support. Next week, steel prices may adjust within a narrow range, and the pattern of repeated ups and downs will continue. The market should be treated as weakly volatile, and patiently wait for opportunities for a bottom - rebound [29]. Group 3: Summary by Relevant Catalogs 1. This Week's Market Review - Market sentiment was average, with the game between long - and short - term factors and fundamentals. This week, steel prices showed a volatile downward trend, and the price center of gravity shifted down compared with last week. The national average price of rebar decreased by 8 yuan/ton, and the average price of high - speed wire decreased by 9 yuan/ton. Except for a slight increase in the Northeast region, all other regions declined slightly, with a decline ranging from 10 - 30 yuan/ton [2][3] 2. Macro and Industrial News - The "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting High - Quality Urban Development" was released, supporting the construction of world - class city clusters in the Beijing - Tianjin - Hebei, Yangtze River Delta, and Guangdong - Hong Kong - Macao Greater Bay Area. The Ministry of Commerce will introduce policies to expand service consumption next month and has formulated policies to promote service exports. From January to July this year, the national issuance of new local government bonds was 331.59 billion yuan, and the total issuance of local government bonds was 670.36 billion yuan. From January to July, the total profit of the ferrous metal smelting and rolling processing industry was 64.36 billion yuan, a year - on - year increase of 5175.4%. In mid - August 2025, the daily output of key steel enterprises increased, and the estimated national daily output of steel also increased. As of the week of August 27, the capacity utilization rate of 523 coking coal mines decreased, and the inventory of raw coal and clean coal increased. Recently, many small and medium - sized banks announced a reduction in RMB deposit interest rates [5][6] 3. Fundamental Analysis - According to the survey of 237 mainstream traders by Mysteel, the average daily trading volume of building materials from Monday to Friday this week was 94,400 tons, lower than last week's 94,800 tons. The demand for steel in the off - season continued to be weak, downstream terminals purchased on demand, and merchants' willingness to replenish inventory was not strong. The short - term market was dominated by a wait - and - see attitude [9] 4. Market Outlook and Investment Strategies - The current steel demand is at the switching point between the off - season and peak season. Short - term demand is still weak, but there is an expectation of improvement in the medium - term. The increase in construction steel output is expected to slow down. The steel market is in a weak balance, and the cost still provides support. The steel price may adjust within a narrow range next week. From the perspective of the disk, most black commodities closed down, and the iron ore main contract rose slightly. The rebar main contract 2601 showed a downward trend, with the center of gravity shifting down. It should be treated as weakly volatile, waiting for a bottom - rebound opportunity. Investment strategies include mainly range - bound operations for single - side trading, waiting and seeing for inter - period arbitrage, volume - screw spread, and steel profit, and a wide - straddle consolidation for option strategies [29]