成材：供需双弱，成材偏弱整理

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core View - The report predicts that the market for finished products will move in a volatile manner [4] 3. Summary by Relevant Catalog Steel Production and Supply - Last week, the blast furnace operating rate of 247 steel mills was 79.53%, a month - on - month increase of 0.53 percentage points and a year - on - year increase of 1.55 percentage points; the daily average hot metal output was 2.2858 million tons, a month - on - month increase of 0.60 million tons and a year - on - year increase of 0.14 million tons [3] - Six cities in Hebei launched a Level II emergency response for heavy air pollution on February 8 [3] Winter Storage Policy and Market Sentiment - Henan's winter storage policies were gradually introduced, with the mainstream locked - in price at 3,040 yuan/ton, and the post - settlement model extended to the end of March. Some steel mills chose self - storage or on - demand delivery [3] - Merchants' willingness for winter storage was low, generally stocking 1,000 - 2,000 tons. The market was cautious and waiting due to weak expectations of post - holiday demand recovery [3] Excavator Sales - In January 2026, 18,708 excavators of various types were sold, a year - on - year increase of 49.5%. Among them, domestic sales were 8,723 units, a year - on - year increase of 61.4%; exports were 9,985 units, a year - on - year increase of 40.5% [3] Steel Price - At the end of last week, the ex - factory price of common billet resources in Qian'an, Tangshan remained stable at 2,910 yuan/ton [3] Market Situation - Last week, finished products fluctuated lower, and the steel market continued to show a situation of weak supply and demand. As the Spring Festival approached, the spot market gradually entered the holiday rhythm. There might still be capital outflows before the holiday, leading to a decline in market trading. The macro - environment was calm and had little impact on prices [3]