格林期货早盘提示：钢材-20260227

Report Overview - The report is about the steel industry, including market conditions, important news, market logic, and trading strategies [1] Report Investment Rating - The report does not mention the industry investment rating Core Viewpoints - The steel market is in a state of shock. During the Two - Sessions, the production control of steel mills has been digested by the market. After the Spring Festival, steel mills have gradually resumed work, mainly electric - arc furnaces. This week, the output of screw and coil has decreased, inventory has continued to rise, and apparent demand has declined, which is in line with expectations [1] Summary by Directory Market Review - On Thursday, rebar and hot - rolled coils closed up, and closed down at night [1] Important News - On February 18, 2026, Brazil's Foreign Trade Commission's Executive Management Committee (GECEX) issued Resolution No. 856 of 2026, imposing a 5 - year anti - dumping duty of 284.98 - 709.63 US dollars per ton on galvanized and aluminized zinc sheets and coils originating from China [1] - Around the Spring Festival in 2026, Chinese shipbuilding industry signed many orders in the international market, covering various ship types, showing strong competitiveness [1] - As of February 25, the resumption rate of 10,692 construction sites across the country was 8.9%, with a year - on - year increase of 1.5 percentage points; the labor employment rate was 15.5%, with a year - on - year increase of 3.7 percentage points; the fund availability rate was 29%, with a year - on - year increase of 9.4 percentage points. The resumption rate of real estate projects was 8.2%, and that of non - real estate projects was 9.2% [1] - This week, the supply of five major steel products was 7.9677 million tons, a week - on - week decrease of 1%; the total inventory of five major steel products was 18.4611 million tons, a week - on - week increase of 7.8%; the weekly consumption of five major products was 5.6464 million tons, a week - on - week decrease of 10.9%. Among them, building material consumption decreased by 47.6%, and plate consumption decreased by 0.3% [1] Market Logic - The production control of steel mills during the Two - Sessions has been digested by the market. After the festival, steel mills have gradually resumed work, mostly after the Lantern Festival, and most of the resumed work is electric - arc furnace steel. This week, the output of screw and coil has decreased, inventory has continued to rise, and apparent demand has declined, which is in line with expectations [1] Trading Strategies - Hold long positions cautiously, or reduce or close positions opportunistically. Based on the closing price, the spread between hot - rolled coils and rebar has converged to 151. Pay attention to the opportunity to go long on hot - rolled coils and short on rebar when the spread is below 150 [1]