成材：受宏观扰动，钢价震荡走低

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The steel price is in low - level operation, with short - term downward pressure, and attention should be paid to the narrowing of the coil - rebar spread [3]. Group 3: Summary of Related Information Industry Data - In early October 2025, the daily output of crude steel of key steel enterprises was 2.032 million tons, a 7.5% increase from the previous period; the steel inventory was 15.88 million tons, an 8.2% increase from the previous ten - day period and a 0.6% increase from the same period last month [2]. - The World Steel Association expects the global steel demand in 2025 to be the same as in 2024, reaching about 1.75 billion tons. China's steel demand decline will slow down, while developing economies such as India, Vietnam, Egypt, and Saudi Arabia will see strong growth, and European steel demand will have a long - awaited recovery [2]. Industry Events - Facing the challenges of "high costs, low prices, and widespread industry losses", the Sichuan - Chongqing steel industry held an anti - involution seminar on October 13, focusing on "anti - involution, price stabilization, and promoting synergy" [2]. Market Conditions - The finished steel fluctuated and declined yesterday, with a slight rebound in the afternoon and hitting a new low during the session. The low - level downstream demand in the industry still exists. The main short - term factor dragging down steel prices is the Sino - US tariff dispute, which has led to significant fluctuations in multiple markets and varieties, including the black - colored commodities [2]. Later Concerns - Macro policies and downstream demand conditions should be concerned [3].