成材：矛盾不明显，钢价盘整运行

Group 1: Report Industry Investment Rating - The report does not provide an industry investment rating. Group 2: Core View of the Report - The steel price is expected to move in a low - level consolidation [3]. Group 3: Summary based on Report Content Steel Demand - In December 2025, the actual steel procurement volume of construction enterprises was 6.6% lower month - on - month at 667 million tons; the planned steel procurement volume in January was 578 million tons, with a possible significant month - on - month decline in actual procurement volume [2]. - In December 2025, the domestic retail sales of new energy passenger vehicles reached 1.337 million, a year - on - year increase of 2.6% and a month - on - month increase of 1.2%; the cumulative retail sales from January to December were 12.809 million, a 17.6% increase [2]. Steel Supply - Last week, the average capacity utilization rate of 95 independent electric arc furnace steel mills was 56.91%, a 1.76 - percentage - point increase; the average start - up rate was 72.97%, a 4.34 - percentage - point increase [2]. - Last week, the blast furnace start - up rate of 247 steel mills was 79.31%, a 0.37 - percentage - point increase; the profit rate was 37.66%, a 0.44 - percentage - point decrease; the daily average hot metal output was 2.295 million tons, a 20,700 - ton increase [2]. Steel Price Movement - Last week, the finished steel price first rose and then fell. The increase in raw materials during the week drove up the steel price, but due to weak fundamentals (slight increase in supply and low demand), the steel price oscillated and declined, performing weaker than raw materials. The macro - market was calm with limited impact on prices [2].