成材：供需双弱，震荡运行

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The steel products are expected to trade in a low - level consolidation range [4] Group 3: Summary Based on Content Macro - Policy - Premier Li Qiang of the State Council chaired a meeting of the leading group for the preparation of the Outline Draft of the 15th Five - Year Plan, emphasizing the planning of major projects and carriers to support future development and current economic stability [3] Export Situation in November 2025 - In November 2025, most categories of China's steel exports reversed from a decline to an increase on a month - on - month basis, with an obvious rotation in the export structure. Among plates, there was a differentiation: the month - on - month export of coated sheets, which had ranked first for many months, dropped by 13.7% to 1.753 million tons, while the month - on - month export of hot - rolled sheets reversed from a decline to an increase, rising to the first place in monthly export volume [3] Market Performance - The steel products fluctuated and consolidated yesterday with a small price range, and the market contradiction was not prominent. The fundamentals showed a situation of weak supply and demand. After the domestic meetings at the end of the year, macro - disturbances will significantly decrease in the future. Without a driving force, steel prices may continue to consolidate within the current range [3]