成材：市场环境转好，钢价存反弹

Group 1: Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core View - The steel price is running at a low level and there is a short - term rebound potential. The later stage should focus on macro - policies and downstream demand [3]. Group 3: Summary Based on Logical Content - After the Sino - US consultations, initial consensus has been reached, the macro - level has improved, and risk sentiment has recovered [2]. - The Ministry of Industry and Information Technology has publicly solicited opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment)". It is strictly prohibited to increase the total steel production capacity in key areas, transfer steel production capacity from non - key areas to key areas, and transfer steel production capacity between different key areas. The capacity replacement ratio of ironmaking and steelmaking in each province (autonomous region, municipality) is not less than 1.5:1 [2]. - Since 12:00 on October 27, Hebei's Tangshan, Langfang, Handan, and Baoding have launched a level - II emergency response for heavy pollution weather. Some steel mills in Tangshan have received notices to extend the sintering machine production restriction time until the end of October, and blast furnaces are to be shut down by 30% according to capacity. As of October 24, the daily average hot metal output of steel mills in Tangshan was 39.69 tons. If the blast furnace is restricted by 30%, the daily average hot metal output will be affected by 9.1 tons, and a total of 40.95 tons of hot metal output will be affected in 4.5 days [2]. Group 4: Summary of Market Conditions - Last week, the finished product market fluctuated and the price rebounded slightly. The initial consensus after the Sino - US consultations improved the macro - level and increased risk sentiment. The level - II emergency response in some areas of Hebei since Monday is expected to affect the hot metal output by 40.95 tons, which will support the finished product price [2].