钢材：市场成交减弱，短期震荡为主

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, the steel market showed a stable and slightly stronger trend, with a divergence between the supply - demand fundamentals and macro sentiment. Despite the sharp fluctuations in the commodity market and the cooling of market risk appetite, the rebar industry remained relatively stable with a slight inventory reduction, providing bottom support for prices. - In the future, building material demand will face seasonal weakening pressure, but steel enterprise production will continue to recover. Rebar will start seasonal inventory accumulation. Meanwhile, the raw material replenishment demand of steel enterprises before the Spring Festival will continue to support the prices of furnace materials, and the cost side will still have support. It is expected that prices will fluctuate. [2] 3. Summary by Relevant Catalogs Market Review and Outlook - The steel market was stable and slightly stronger this week. The rebar industry was relatively stable with minor inventory reduction, despite the volatile commodity market and cooling risk appetite. - In the future, building material demand will weaken seasonally, steel production will recover, rebar will accumulate inventory seasonally, and cost support from raw material replenishment will keep prices fluctuating. [2] Fundamental Data Weekly Changes - Steel mill daily average hot metal production was 228.01 million tons, a week - on - week decrease of 1.49 million tons (-0.65%). - Rebar mill inventory was 142.66 million tons, a week - on - week decrease of 5.27 million tons (-3.56%). - Rebar social inventory was 295.41 million tons, a week - on - week increase of 5.23 million tons (1.80%). - Hot - rolled coil mill inventory was 76.53 million tons, a week - on - week decrease of 0.79 million tons (-1.02%). - Hot - rolled coil social inventory was 285.8 million tons, a week - on - week decrease of 5.01 million tons (-1.72%). [4] Futures Market Review - There are figures related to the 5 - day intraday chart of rebar and hot - rolled coil main contracts, rebar 05 - 10 spread, hot - rolled coil 05 - 10 spread, disk coil - rebar spread, and speculation degree (volume/position). [7][10] Spot Market Review - There are figures related to rebar prices in East China (Shanghai), hot - rolled 4.75 spot prices (Shanghai), rebar basis, and hot - rolled coil basis. [15][16] Fundamental Data - There are figures related to the daily average hot metal production of 247 steel mills, rebar blast furnace profit, rebar and hot - rolled coil supply - demand trend, rebar and hot - rolled coil mill inventory seasonal analysis, and rebar and hot - rolled coil social inventory seasonal analysis. [18][22][25]