Group 1: Steel Price Trends - Since April, steel prices have been operating at low levels, with a focus on fundamental logic as the "tariff war" with the U.S. eases, but prices remain under pressure due to strong supply and weak demand [1] - The steel price outlook is expected to be neutral to slightly bearish in the short to medium term, primarily due to the ongoing supply-demand imbalance [7] Group 2: Real Estate Market Impact - The real estate market shows signs of improvement, but its support for construction steel prices is limited, with national real estate development investment in the first quarter at approximately 1.99 trillion yuan, down 9.9% year-on-year [2] - New housing starts and completions have seen significant declines, with new starts down 24.4% and completions down 14.3% year-on-year, indicating ongoing pressure on steel prices from the construction sector [3] Group 3: Export Dynamics - In March, China exported 10.46 million tons of steel, with cumulative exports from January to March at 27.43 million tons, a year-on-year increase of 6.3%, while imports decreased by 11.3% [4] - The price advantage of Chinese steel and declining overseas crude steel production are contributing to continued export growth, although future exports may face pressure from rising international trade protectionism [4] Group 4: Production and Profitability - In March, China's crude steel production reached 92.84 million tons, a year-on-year increase of 4.6%, with a high operating rate of 84.33% among steel mills, indicating strong production activity despite low prices [5] - Steel mills are experiencing improved profitability, which reduces the likelihood of voluntary production cuts, although some mills in Xinjiang have announced production reductions [5][6] Group 5: Product-Specific Trends - In March, rebar production was 18.61 million tons, up 5.6% year-on-year, while the production of medium and heavy wide steel plates increased by 8.5% [7] - The production adjustments between rebar and hot-rolled coils are expected to become more flexible in the coming months, influenced by export conditions [7]

Group 1 - The core viewpoint indicates that the black metal market is experiencing significant fluctuations, with current prices showing slight increases in various regions, but overall demand remains weak and the medium to long-term trend is downward [1] - Steel production is decreasing overall, with a slowdown in inventory reduction and an accumulation of inventory in construction materials, while the demand for steel has significantly declined [1] - There are rumors that domestic export inspections may increase in May, which, combined with overseas tariff impacts, could lead to a decline in steel exports [1] Group 2 - The recent monetary policy adjustments include a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in the policy interest rate, which is expected to influence steel prices [1] - As of May 6, the funding availability rate for construction sites is reported at 58.95%, with a slight week-on-week increase, indicating a mixed outlook for construction projects [1] - The funding availability rate for non-residential projects is higher at 60.47%, while residential projects lag behind at 51.38%, reflecting varying levels of financial support across different construction sectors [1]

Group 1 - The core point of the article highlights that China's steel exports in April reached 10.462 million tons, showing a slight increase from 10.456 million tons in March [1] Group 2 - The data indicates a stable export performance in the steel industry, with only a marginal increase in volume from March to April [1]

Core Viewpoint - The General Administration of Customs reported that China's steel exports from January to April reached 37.891 million tons [1] Group 1 - China's steel exports for the first four months of the year totaled 37.891 million tons, indicating a significant volume in the global steel market [1]