钢材：短期震荡偏强，关注需求恢复

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The steel market is expected to fluctuate strongly in the short - term, and attention should be paid to demand recovery. This week, the rebar market showed a "relatively stable" operation characteristic. The macro environment is relatively warm, with overseas tariff policy adjustments, geopolitical situations, and the relaxation of domestic real - estate policies supporting market sentiment, resulting in relatively strong futures prices. However, the industrial reality is under some pressure. After the festival, as electric - arc furnaces gradually resume production, rebar production is expected to rise from a low level. Demand recovery after the festival may not occur until after the Lantern Festival, and there will still be short - term pressure from high inventories, with limited fundamental support [1] 3. Summary by Relevant Catalogs Market Review and Outlook - The rebar market was "relatively stable" this week. Macro - level factors supported market sentiment, while the industrial reality was under pressure. After the festival, rebar production may rise as electric - arc furnaces resume, but demand recovery may be delayed until after the Lantern Festival, and short - term high inventory pressure remains [1] Fundamental Data Weekly Changes - The average daily hot - metal output of steel mills was 2.3328 million tons, a week - on - week increase of 27,900 tons or 1.21%. Rebar mill inventory was 2.3284 million tons, a week - on - week increase of 117,700 tons or 5.32%. Rebar social inventory was 5.6776 million tons, a week - on - week increase of 727,900 tons or 14.71%. Hot - rolled coil mill inventory was 947,800 tons, a week - on - week increase of 14,000 tons or 1.50%. Hot - rolled coil social inventory was 3.5737 million tons, a week - on - week increase of 169,000 tons or 4.96% [3] Futures Market Review - The content mainly includes charts such as the 5 - day intraday chart of rebar and hot - rolled coil main contracts, rebar 05 - 10 spread, hot - rolled coil 05 - 10 spread, on - the - plate coil - rebar spread, and speculation degree (trading volume/position) [4][5][8] Spot Market Review - The content includes charts showing the rebar price in East China (Shanghai), the hot - rolled 4.75 spot price (Shanghai), rebar basis, and hot - rolled coil basis [15][17] Fundamental Data - The content includes charts of the average daily hot - metal output of 247 steel mills, rebar blast - furnace profit, rebar supply - demand trend chart, hot - rolled coil supply - demand trend chart, rebar mill inventory seasonal analysis, rebar social inventory seasonal analysis, hot - rolled coil mill inventory seasonal analysis, and hot - rolled coil social inventory seasonal analysis [20][22][26]