格林期货早盘提示：钢材-20260226

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On Wednesday, rebar and hot-rolled coils closed higher, and also closed higher in the night session. The market logic is that some steel enterprises in North China have been notified to implement phased emission reduction control from March 4th to March 11th during an important meeting, which will cause a phased contraction of regional crude steel supply. The actual supply reduction may be lower than market expectations. The market may digest the emission reduction expectation in advance, which is short-term positive for the futures price, but the medium-term trend still depends on the demand recovery. If the downstream construction site starts and manufacturing procurement during the Two Sessions do not meet expectations and inventory reduction is slow, it will offset the positive impact of supply contraction. The trading strategy is to continue to hold long positions and keep raising the stop-loss line. When the spread between hot-rolled coils and rebar drops to 156, pay attention to the opportunity to go long on hot-rolled coils and short on rebar, preferably when the spread is below 150. [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Wednesday, rebar and hot-rolled coils closed higher, and also closed higher in the night session. [1] 3.2 Important Information - Shanghai issued the "Shanghai Seven Measures" to further reduce housing purchase restrictions. - On February 25, 2026, the Australian Anti-dumping Commission announced that the Australian Minister for Industry, Innovation and Science approved the final anti-dumping review recommendation on steel reinforcing bars with a diameter of 50 mm or less imported from China, and decided to levy anti-dumping duties on Baowu Group Echeng Iron and Steel Co., Ltd. using the floor price method from the date of the announcement. - On February 16, 2026, the Mexican Ministry of Economy announced that at the request of Mexican producer Ternium México, S.A. de C.V., it launched an anti-dumping investigation on cold-rolled coils originating from China, the United States, and Malaysia, and also launched a countervailing investigation on the products from the United States. The investigation period is from April 1, 2024, to March 31, 2025, and the damage analysis period is from April 1, 2022, to March 31, 2025. The涉案 products are cold-rolled coils with a thickness of less than 4.75 mm, unlimited width, uncoated or unplated, alloy or non-alloy, and unannealed or annealed. [1] 3.3 Market Logic - Some steel enterprises in North China have been notified to implement phased emission reduction control from March 4th to March 11th during an important meeting. The control is based on the principles of independent emission reduction and staggered production, focusing on key emission processes such as blast furnaces. The supply of crude steel in the region will be phased contracted, but the actual supply reduction may be lower than market expectations. The market may digest the emission reduction expectation in advance, which is short-term positive for the futures price, but the medium-term trend still depends on the demand recovery. If the downstream construction site starts and manufacturing procurement during the Two Sessions do not meet expectations and inventory reduction is slow, it will offset the positive impact of supply contraction. [1] 3.4 Trading Strategy - Continue to hold long positions and keep raising the stop-loss line. When the spread between hot-rolled coils and rebar drops to 156, pay attention to the opportunity to go long on hot-rolled coils and short on rebar, preferably when the spread is below 150. [1]