成材：供需双弱震荡运行

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The finished product market is in a state of weak supply and demand, with horizontal consolidation and limited price fluctuations before the festival, and the macro - market has limited impact on prices. The raw materials are in a low - level consolidation state [2][3] 3. Summary by Relevant Catalogs 3.1 Steel坯 and Steel Products - In December 2025, the resource volume of national sample steel billet circulation enterprises decreased to about 2.4 million tons, a month - on - month decrease of 7.72% and a year - on - year decrease of 6.75%. Among them, North China accounted for about 49%, and Northeast China accounted for 21% [3] - Last week, the weekly output of rebar was 1.8822 million tons, a week - on - week increase of 2.08%; the market inventory of rebar was 4.2203 million tons, a week - on - week decrease of 2.81%; the consumption was 2.0044 million tons, a week - on - week decrease of 1.11% [3] 3.2 Heavy - Duty Truck Market - In December 2025, about 95,000 heavy - duty trucks were sold in China, a month - on - month decrease of about 16% and a year - on - year increase of about 13%. The total annual sales volume in 2025 reached 1.137 million, a year - on - year increase of about 26% [3]