成材：弱需求叠加原料拖累钢价向下调整

Group 1: Report Industry Investment Rating - The industry's investment rating is "Weak operation" [2] Group 2: Report's Core View - The steel market is in a state of weak operation due to weak demand and a decline in raw material prices [1][2] Group 3: Summary by Related Catalog - Jilin Province's winter storage situation: The winter storage sentiment for construction steel in Jilin Province has significantly cooled. The total planned winter storage volume of sample enterprises in 2026 is 12.8 tons, a decrease of 4.6 tons or 26.4% compared to the actual winter storage volume in 2025. Market participation willingness has declined overall, especially among small and medium-sized traders [1] - Heilongjiang Province's winter storage situation: The winter storage situation in Heilongjiang is worse than last year. The total planned winter storage volume of 10 sample enterprises in 2025 is 8.9 tons, a year - on - year decrease of 30%. Most traders are bearish on the future market this winter [1] - Steel price performance: The finished steel prices fell again yesterday, showing three consecutive negative days. Both varieties gave back previous gains and reached new recent lows. Rebar prices returned above 3,000, and hot - rolled coil prices returned above 3,200. Weak downstream demand and cold weather put pressure on prices. The recent decline in coking coal prices has further dragged down steel prices [1]