成材：成材：成材基本面尚可钢价震荡运行

Report Industry Investment Rating - The report does not mention the industry investment rating [1][2][3] Core Viewpoint of the Report - The steel price is expected to run at a low level [3] Summary by Related Catalogs Industry News - The Mexican government plans to increase import tariff rates on products from non - free - trade partners such as China, covering products like automobiles and parts, textiles, clothing, plastics, steel, home appliances, aluminum, and glass. The Chinese Ministry of Commerce decides to launch an investigation into relevant Mexican measures restricting Chinese products [2] - Yunnan steel enterprises have taken a substantial step in "anti - involution". Five leading steel enterprises have locked in 600,000 tons of resource allocation in the province, and production control, price stabilization, and order management have entered the practical stage [2] Production and Inventory Data - This week, the output of rebar increased by 0.01 million tons to 2.0646 million tons, the output of hot - rolled coils decreased by 2.3 million tons to 3.2419 million tons, and the total output of five major steel products increased by 9.47 million tons to 8.6493 million tons [2] - The total inventory of rebar decreased by 13.98 million tons to 6.363 million tons, the total inventory of hot - rolled coils increased by 2.51 million tons to 3.805 million tons, and the total inventory of five major steel products decreased by 9.13 million tons to 15.1061 million tons [2] - The apparent demand for rebar increased by 10.41 million tons to 2.2044 million tons, the apparent demand for hot - rolled coils decreased by 0.14 million tons to 3.2168 million tons, and the apparent demand for five major steel products increased by 23.73 million tons to 8.7406 million tons [2] Market Performance and Outlook - The finished steel continued to fluctuate yesterday, first falling and then rising. In terms of weekly fundamentals, rebar performed well with a slight increase in output, a large increase in apparent demand, and inventory reduction; the output and apparent demand of hot - rolled coils decreased slightly, and the inventory increased slightly [2] - The anti - involution expectation at the macro level has rebounded slightly, which strengthens the support for prices. However, the weak downstream situation has not changed, and the price is running in a low - level consolidation [2] - Future attention should be paid to macro policies and downstream demand [3]