成材：关注需求变化，钢价震荡运行

Group 1: Investment Rating - The report does not provide an investment rating for the industry [1][2][3] Group 2: Core View - The steel price is expected to fluctuate and operate in the later period [3] Group 3: Summary According to Relevant Catalogs - Industry Situation: The construction industry has tight funds after the Spring Festival, and the resumption of work is progressing steadily. 11.54% of enterprises face poor fund availability, and 9.62% of enterprises report slow resumption progress. On March 2, Anshan launched a yellow (Level III) early warning for heavy pollution weather, and some steel enterprises in the area are implementing production reduction measures of up to 40% [2] - Market Performance: The finished steel fluctuated yesterday. The Middle East situation has limited impact on steel, and steel prices mainly follow their own fundamentals, especially the start - up of downstream demand. As the Two Sessions approach, the macro - level disturbances to prices have increased [2] - Factors to Watch: Macro policies and downstream demand conditions should be focused on in the later period [3]