成材：弱需求下钢价延续震荡寻底

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The steel price continues to oscillate and seek the bottom under weak demand. The downstream demand slump is the key factor dragging down the steel price. With the Spring Festival approaching, the spot market gradually enters the holiday rhythm, and there may still be capital leaving the market before the festival, resulting in a decline in market trading. The macro - situation is calm and has little impact on the price. The raw materials are expected to run weakly in an oscillating manner, and attention should be paid to the 3000 support level for rebar [1][2] 3. Summary by Relevant Catalogs 3.1 Automobile Industry - In 2026, China will optimize the implementation of automobile trade - in programs, carry out pilot reforms on automobile circulation and consumption, improve industry management systems, and take multiple measures to promote the expansion and quality improvement of automobile consumption. In 2025, the sales volume of light commercial vehicles reached 2.901 million, a year - on - year increase of 6.5%. In 2026, the annual sales volume is expected to increase slightly by 0.3% to about 2.911 million [2] 3.2 Steel Industry - On February 9, the average cost of 76 independent electric arc furnace construction steel mills was 3358 yuan/ton, a decrease of 20 yuan/ton compared with last Friday. The average profit was a loss of 83 yuan/ton, and the valley - electricity profit was 24 yuan/ton. The finished steel oscillated weakly yesterday, with a small overall price fluctuation but hitting a new low recently [2]