新华社北京12月3日电 题：护航经济运行 激发发展潜能——更加积极有为的宏观政策发力显效 新华社记者申铖、吴雨 有效的宏观政策、精准的宏观调控，是护航中国经济行稳致远的重要手段。 今年以来，在以习近平同志为核心的党中央坚强领导下，面对复杂形势，我国宏观经济治理不断创 新完善，宏观政策更加积极有为，政策"工具箱"更加丰富给力。 一项项政策因时酝酿、因势推出，一笔笔资金加速落地、惠企利民……政策效能不断转化为澎湃发 展动能，有力巩固和增强中国经济稳中向好态势，为高质量完成全年经济社会发展目标任务提供坚实支 撑。 用好用足财政货币政策 保障经济平稳健康发展 从手机、平板等消费品纳入"国补"，到育儿补贴发放、免费学前教育逐步推行，再到长江沿线铁 路、西部陆海新通道建设推进……今年以来，一系列发展大事和民生实事都离不开宏观政策的支持。 实施更加积极有为的宏观政策，是在重要节点及时准确研判形势作出的工作部署，是深刻把握高质 量发展要求对复杂形势的主动应对。 "中国经济长期向好的支撑条件和基本趋势没有变，把积极因素和有利条件用足用到位，需要宏观 政策更加积极有为。"国家发展改革委经济研究所副所长郭丽岩说。 作为宏观调控的两 ...

供需与逻辑：供应端，成材产量小幅提升；库存端，成材库存下降节奏略有放缓，板材库存仍处高位状态。需求 端，当前成材消费表现平稳，但持续性存疑，后续板材工业属性支撑下，消费预期优于成材。短期基本面矛盾尚 不突出，宏观政策偏多氛围持续提振市场预期，投机情绪有所升温，后续需重点关注宏观政策落地力度、天气变 化对施工的影响、终端需求释放节奏及冬储行情启动情况。 策略 单边：震荡 跨期：无 黑色建材日报 | 2025-12-03 宏观预期继续发力，钢价区间震荡运行 钢材：宏观预期继续发力，钢价区间震荡运行 市场分析 昨日螺纹钢期货主力合约收于3133元/吨，热卷主力合约收于3325元/吨。现货方面，今日钢材现货成交整体一般偏 弱，环比昨日转弱明显，盘面持稳，无期现承接，终端对涨价后现货接受意愿较弱，部分地区有对昨日的补涨。 今日全国建材成交9.82万吨。 跨品种：无 期现：无 期权：无 风险 宏观政策、成材需求情况、钢材出口、钢厂利润、成本支撑等。 铁矿：宏观氛围回暖，矿价持续震荡 市场分析 期现货方面：昨日铁矿石期货价格小幅上涨，最终铁矿石2601合约收盘800.5元/吨；现货方面，报价整体小幅上涨、 成交氛围略显平淡 ...

成材：重心下移 偏弱运行 铝锭：库存小幅去化 关注宏观情绪 晨报 铝锭 以伊冲突 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 个别钢厂预计 1 月 20 日后停产放假，停产期间日度影响产量 1.62 万吨左 右。2024 年 12 月 30 日-2025 年 1 月 5 日，10 个重点城市新建商品房成 交（签约）面积总计 223.4 万平方米，环比下降 40.3%，同比增长 43.2%。 成材昨日继续震荡下行，价格再创近期新低。在供需双弱的格局下， 市场情绪同样偏悲观，导致价格重心持续下移。无论从宏观上还是产业上， 市场近期均无太多亮点。且今年冬储偏低迷，对价格支撑不强。 观点：震荡整理运行。 后期关注/风险因素：宏观政策；下游需求情况。 成 材：武秋婷 原材料：程 鹏 原材料： 冯艳成 基本面来看，据 SMM 统计，11 月（30 天）中国铝土矿产量环比减少 1.56%， 同比减少 5.26%；11 月份（30 天）国内电解铝产量同比增长 1.47%，环比减少 2.82%。11 月开始电解铝逐 ...

Core Viewpoint - The macro policy has entered a critical window of "tuning - starting" with a GDP growth target expected to remain around 5% until 2026, emphasizing price factors and nominal growth [1] Group 1: Macro Policy Focus - The macro policy is expected to focus on three main lines: firstly, to emphasize "starting well," with a more proactive and timely macro policy [1] - Secondly, there will be a focus on "expanding domestic demand," shifting the consumption drive from goods to service consumption, with a need for stronger real estate policies and a recovery in infrastructure investment [1] - Thirdly, the technology focus will remain unchanged, accelerating the transition between old and new growth drivers [1] Group 2: Market Attention Areas - The strength and direction of policies aimed at stabilizing the real estate market, promoting consumption, and "reducing competition" will be key areas of market attention [1]

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ★★★ [1] - Coke: ☆☆☆ [1] - Coking coal: ☆☆☆ [1] - Silicon manganese: ☆☆☆ [1] - Ferrosilicon: ★★★ [1] Core Views - Steel market has supply pressure easing but weak domestic demand, with the spot price relatively firm and the futures price continuing to rebound [2] - Iron ore market has a loose supply-demand situation, and the futures price is expected to fluctuate [3] - Coke and coking coal markets have expectations of downstream replenishment, with the coke price likely to maintain a rebound and the coking coal price likely to fluctuate strongly in the short term [4][5] - Silicon manganese and ferrosilicon markets have the futures price fluctuating, with the supply decreasing and the inventory slightly declining [6][7] Summary by Commodity Steel - Thread: Surface demand and production decline, inventory decreases, and the market continues to decline [2] - Hot-rolled coil: Demand declines, production increases, inventory slowly decreases, and the pressure remains to be alleviated [2] Iron Ore - Supply: Global shipments increase, domestic arrivals decline but remain high, and port inventories continue to accumulate [3] - Demand: Steel surface demand is low, iron water is in a production reduction trend, and the demand has room to weaken [3] - Market: The macro atmosphere is warm, and the futures price is expected to fluctuate [3] Coke - Supply: Coking profit is average, and daily production slightly increases [4] - Demand: Downstream demand has resilience, but the steel mill's profit is average, and the pressure on raw material prices is strong [4] - Market: The price is expected to maintain a rebound [4] Coking Coal - Supply: Coking coal mine production increases slightly, and the spot auction price mainly decreases [5] - Demand: Similar to coke [5] - Market: The price is expected to fluctuate strongly in the short term [5] Silicon Manganese - Supply: Production decreases slightly, and inventory slowly accumulates [6] - Demand: Iron water production rebounds to a high level [6] - Market: The price fluctuates, and the manganese ore price rises [6] Ferrosilicon - Supply: Supply decreases, and inventory slightly declines [7] - Demand: Iron water production rebounds, export demand declines, and metal magnesium production increases [7] - Market: The price fluctuates, and there are expectations of cost reduction [7]

Report Industry Investment Rating No specific industry investment rating is provided in the reports. Core Views - The steel market is influenced by macro - expectations, with steel prices fluctuating within a range. The consumption stability of finished products needs further observation, and attention should be paid to macro - policy implementation, weather, demand, and winter stockpiling [1]. - The iron ore market has a growing supply - demand contradiction with rising inventory. Some inventory is locked, keeping prices high. As steel mills cut production and iron - water output is expected to decline seasonally, the market may face pressure if inventory is released [3]. - The coking coal and coke (double - coking) market is running in a volatile manner. The market sentiment is cautious. For coking coal, domestic inventory is accumulating, and the implementation of supply - guarantee policies needs attention. For coke, the first price cut has been implemented, and demand is weakening [5][6]. - The thermal coal market is experiencing weak prices. Downstream consumption is lower than expected, and inventory is relatively high. Long - term supply pattern changes and non - power coal consumption and restocking should be monitored [7]. Summary by Relevant Catalogs Steel - **Market Analysis**: The closing price of the rebar futures main contract was 3,134 yuan/ton, and that of the hot - rolled coil main contract was 3,327 yuan/ton. Spot steel transactions were generally good, mainly for speculation and futures - spot trading, while rigid demand was average. Rebar prices in some regions were supported by mills. The national building materials trading volume was 124,959 [1]. - **Supply - Demand and Logic**: Finished product output increased slightly, inventory decline slowed, and consumption stability needs further observation. Plate inventory still exists, and its industrial - property consumption is expected to be better than that of finished products. With futures contract roll - over and positive macro - policies, market expectations remain. Attention should be paid to macro - policy implementation, weather, demand, and winter stockpiling [1]. - **Strategy**: The unilateral strategy is to expect a volatile market, while there are no strategies for inter - period, inter - variety, futures - spot, and options trading [2]. Iron Ore - **Market Analysis**: Iron ore futures prices rose slightly, and spot prices were generally weak and stable with mediocre transactions. The total iron ore trading volume at major ports was 964,000 tons, a 11.32% increase from the previous day [3]. - **Supply - Demand and Logic**: The supply - demand contradiction is intensifying, with rising total inventory. Some inventory is locked due to non - market factors, keeping prices high. As steel mills cut production and iron - water output is expected to decline seasonally, the market may face pressure if inventory is released. Attention should be paid to subsequent negotiation progress [3]. - **Strategy**: The unilateral strategy is to expect a volatile market, while there are no strategies for inter - period, inter - variety, futures - spot, and options trading [4]. Double - Coking (Coking Coal and Coke) - **Market Analysis**: Driven by improved market sentiment, double - coking futures prices rebounded and showed a volatile trend. For imported Mongolian coal, the customs clearance volume remained high, traders were cautious, and the market was quiet with falling port prices [5]. - **Logic and Views**: For coking coal, domestic inventory is accumulating, and the implementation of supply - guarantee policies needs attention. For coke, the first price cut has been implemented, market divergence on future prices has increased, and demand is weakening [5][6]. - **Strategy**: The strategy for both coking coal and coke is to expect a volatile market, while there are no strategies for inter - period, inter - variety, futures - spot, and options trading [6]. Thermal Coal - **Market Analysis**: In the production areas, coal prices are weakening, and the market is pessimistic. Downstream buyers mainly rely on long - term contracts. Some mines have inventory backlogs and fewer trucks for coal transportation. At ports, the market sentiment is weak, downstream demand is cold, and inventory is rising. Import coal tender prices are falling, and traders are cautious [7]. - **Demand and Logic**: Recently, coal prices have been weak due to lower - than - expected downstream consumption and high inventory. In the long term, supply pattern changes, non - power coal consumption, and restocking should be monitored [7]. - **Strategy**: No specific strategy is provided [7].

作者丨周潇枭 编辑丨张星 进入12月份，2025年经济运行状况大致明朗，整体呈现"前高后低"的走势。 前三季度我国经济同比增长5.2%，其中一季度增长5.4%，二季度增长5.2%，三季度增长4.8%。从10-11 月份经济数据来看，四季度经济仍然面临一定下行压力，但是稳投资、防风险等政策陆续推出，2025年 全年能实现5%左右的增长目标。 与此同时，多家机构陆续给出2026年经济展望。2026年作为"十五五"的开局之年，机构普遍预计经济增 长目标仍将维持在5%左右，相应地应加大宏观政策力度，提早布局"十五五"时期的重大项目，推动房 地产市场实现"止跌回稳"等。 2025年经济出现两个"高于预期" 11月30日，国家统计局发布制造业采购经理指数（PMI），11月制造业PMI录得49.2%，比上月上升0.2 个百分点，景气水平有所改善，但仍处于扩张区间之下。这显示出，9月底以来，5000亿元新型政策性 金融工具的加快投放，以及盘活5000亿元地方债结存限额，为投资带来增量资金，同时还能一定程度补 充地方财力，这些稳增长政策工具效应在逐步释放。 11月30日，中国人民大学国家发展与战略研究院副院长刘晓光在"中国人民 ...

Economic Overview - The overall economic performance in 2025 is expected to show a "high first, low second" trend, with a projected annual growth rate of around 5% [1][2][4] - The manufacturing PMI for November recorded at 49.2%, indicating a slight improvement but still below the expansion threshold, reflecting ongoing economic challenges [2][5] - The economy is characterized by strong supply but weak demand, with CPI and PPI showing declines, indicating low inflationary pressures [3][4] Investment and Policy Measures - The government has introduced several policies to stabilize investment and mitigate risks, including the acceleration of 500 billion yuan in new policy financial tools [2][5] - There is an expectation for increased macroeconomic policy efforts in 2026, particularly in infrastructure and consumption sectors, to support economic recovery [6][8] Sector Performance - Exports have shown resilience, with a 5.3% increase in the first ten months of 2025, despite external pressures [4][10] - The real estate market is undergoing significant adjustments, with ongoing challenges in consumer sentiment and investment [4][9] Future Projections - For 2026, economic growth is anticipated to be around 5%, with a potential shift to a "low first, high second" trend as new opportunities arise [7][10] - The fiscal deficit is expected to increase to 4.5%, with a focus on enhancing public spending and supporting consumer demand [8][10]

Group 1: Report Title and Date - Report Title: [HuaBao Futures] Non-ferrous Metals Weekly Report [1] - Report Date: December 1, 2025 [3] Group 2: Investment Ratings - No investment ratings provided in the report. Group 3: Core Views Aluminum - Logic: Last week, aluminum prices fluctuated strongly. The market believes that weak employment data will prompt the Fed to cut interest rates further, and the US government is releasing delayed economic data. In November, domestic electrolytic aluminum production increased year-on-year but decreased month-on-month. Downstream开工率 declined, and the aluminum water ratio decreased. In December, the operating capacity of electrolytic aluminum is expected to increase slightly month-on-month. The PMI of the aluminum processing industry in November showed significant differentiation. As of December 1, the electrolytic aluminum ingot inventory in the mainstream consumption areas in China remained flat compared with last Thursday and decreased by 17,000 tons compared with last Monday [13]. - View: There is obvious support from the macro - aspect, and the overseas supply is expected to tighten fundamentally. However, with the arrival of the short - term off - season, the downstream demand weakens and the pressure of inventory accumulation increases. It is expected that the price will remain high and fluctuate in the short term. Subsequently, attention should be paid to the inventory - consumption trend and the high - level pressure [13]. Zinc - Logic: Last week, zinc prices remained high. The processing fees of zinc concentrates decreased compared with early November. The galvanizing开工率 decreased slightly last week. The zinc ingot inventory decreased slightly, and the export window of zinc ingots was still open recently [14]. - View: In the short term, the price maintains a pattern of strong overseas and weak domestic, but the medium - and long - term supply increase still exerts upward pressure. Attention should be paid to the transmission from the mine end to the smelting end, and be vigilant against macro - risk events and the LME inventory trend [14]. Tin - Logic: Last week, the price of Shanghai tin rose significantly. Due to the slow ore output in Myanmar and the tense situation in the Democratic Republic of the Congo, the price of Shanghai tin exceeded 300,000. In October, the import volume of tin ore and concentrates decreased year - on - year. Yunnan and Jiangxi are still in a state of raw material shortage with low开工率. The downstream semiconductor consumption is acceptable, but the traditional automotive and home appliance sectors have cooled down [15]. - View: Due to the sudden situation at the mine end, the price of tin is strongly sorted [15]. Group 4: Weekly Market Review Futures and Spot Prices | Variety | Futures Contract | Closing Price on Dec 1, 2025 | Closing Price on Nov 24, 2025 | Weekly Change | Weekly Increase/Decrease | Spot Price on Dec 1, 2025 | Spot Price on Nov 24, 2025 | Weekly Change | Weekly Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Copper | CU2601 | 89,280 | 86,080 | 3,200 | 3.72% | 89,150 | 86,215 | 2,935 | 3.40% | | Aluminum | AL2601 | 21,865 | 21,380 | 485 | 2.27% | 21,730 | 21,330 | 400 | 1.88% | | Zinc | ZN2601 | 22,590 | 22,390 | 200 | 0.89% | 22,206 | 22,212 | - 6 | - 0.03% | | Tin | SN2601 | 306,580 | 292,860 | 13,720 | 4.68% | 311,500 | 293,750 | 17,750 | 6.04% | | Nickel | NI2601 | 117,850 | 115,530 | 2,320 | 2.01% | 120,340 | 118,290 | 2,050 | 1.73% | [9] Group 5: Variety Data - Aluminum Bauxite - Price: The price of domestic high - grade bauxite in Henan remained unchanged week - on - week on November 28, up 5 year - on - year; the price of domestic low - grade bauxite in Henan remained unchanged week - on - week, up 20 year - on - year; the average price index of imported bauxite was 72.2 US dollars/ton on November 28, down 0.26 week - on - week and 20.24 year - on - year [20]. - Arrival and Departure Volume: The arrival volume at ports on November 28 was 5.1392 million tons, up 3.0815 million tons week - on - week and 1.4105 million tons year - on - year; the departure volume at ports was 4.5221 million tons, down 262,300 tons week - on - week and 134,000 tons year - on - year [23]. Alumina - Price and Cost - Profit: The domestic price in Henan remained unchanged week - on - week on November 28, down 2,855 year - on - year; the full cost was 2,899.3 yuan/ton, down 5.5 week - on - week and 342.6 year - on - year; the profit in Shanxi was - 100.23 yuan/ton, unchanged week - on - week and down 2,881.99 year - on - year [26]. Electrolytic Aluminum - Total Cost: The total cost on November 28 was 16,078.1 yuan/ton, down 2.64 week - on - week and 5,109.33 year - on - year [30]. - Regional Price Difference: The price difference between Foshan and SMM A00 aluminum was - 90 yuan/ton on November 28, up 30 week - on - week and down 30 year - on - year [30]. - Operating Rate: The operating rate of aluminum cables on November 27 was 63, up 0.6 week - on - week and down 8.8 year - on - year; the operating rate of aluminum foil was 70.4, unchanged week - on - week and down 4.6 year - on - year; the operating rate of aluminum strips was 66.4, unchanged week - on - week and down 5.6 year - on - year; the operating rate of aluminum profiles was 52.5, up 0.4 week - on - week and up 1.7 year - on - year; the operating rate of primary aluminum alloy was 60.2, up 0.4 week - on - week and up 5.2 year - on - year; the operating rate of recycled aluminum alloy was 61.5, up 0.9 week - on - week and up 5.6 year - on - year [32][33]. - Inventory: The bonded - area inventory in Shanghai on November 27 was 39,500 tons, down 1,600 week - on - week and down 1,400 year - on - year; the total bonded - area inventory was 60,500 tons, down 1,600 week - on - week and up 10,400 year - on - year; the social inventory on December 1 was 596,000 tons, down 17,000 week - on - week and up 43,000 year - on - year; the weekly outbound volume of aluminum ingots in the main consumption areas on November 24 was 139,400 tons, up 25,300 week - on - week and up 17,300 year - on - year; the SHFE inventory on November 28 was 115,277 tons, down 8,439 week - on - week and down 109,099 year - on - year; the LME inventory on November 27 was 539,050 tons, down 8,950 week - on - week and down 159,425 year - on - year [37][38]. - Spot and Basis: The basis for the current month on November 28 was - 150 yuan/ton, down 230 week - on - week and down 100 year - on - year; the basis for the main contract was - 160 yuan/ton, down 200 week - on - week and down 130 year - on - year; the basis for the third - consecutive contract was - 210 yuan/ton, down 205 week - on - week and down 115 year - on - year [44]. - Monthly Spread: The spread between the current month and the main contract on November 28 was - 10 yuan/ton, up 30 week - on - week and down 50 year - on - year; the spread between the current month and the third - consecutive contract was - 60 yuan/ton, up 25 week - on - week and down 20 year - on - year [45]. Group 6: Variety Data - Zinc Zinc Concentrate - Price and Processing Fees: The price of domestic zinc concentrate on November 28 was 18,490 yuan/metal ton, up 194 week - on - week and down 3,518 year - on - year; the domestic processing fee was 2,350 yuan/metal ton, down 250 week - on - week and up 850 year - on - year; the import processing fee was 61.25 US dollars/dry ton, down 11.8 week - on - week [54]. - Production Profit, Import Profit - Loss and Inventory: The enterprise production profit on November 28 was 5,490 yuan/metal ton, up 194 week - on - week and down 3,538 year - on - year; the import profit - loss was - 2,710.15 yuan/ton, down 859.58 week - on - week and down 2,543.97 year - on - year; the inventory of imported zinc concentrate in Lianyungang on November 28 was 150,000 physical tons, unchanged week - on - week and up 9 year - on - year [58]. Refined Zinc - Inventory: The social inventory of zinc ingots in SMM's seven regions on December 1 was 144,300 tons, down 6,700 week - on - week and up 44,400 year - on - year; the bonded - area inventory on November 27 was 3,600 tons, unchanged week - on - week and down 5,900 year - on - year; the SHFE refined zinc inventory on November 28 was 95,916 tons, down 4,431 week - on - week and up 42,933 year - on - year; the LME zinc inventory on November 27 was 51,750 tons, up 4,425 week - on - week and down 216,875 year - on - year [62]. Galvanizing - Production, Operating Rate and Inventory: The production on November 27 was 336,690 tons, up 5,300 week - on - week and down 61,375 year - on - year; the operating rate was 56.54, down 0.63 week - on - week and down 9.97 year - on - year; the raw - material inventory was 14,520 tons, down 330 week - on - week and up 2,480 year - on - year; the finished - product inventory was 366,200 tons, down 600 week - on - week and up 12,820 year - on - year [66]. Zinc Basis and Monthly Spread - Basis: The basis for the current month on November 28 was - 15 yuan/ton, down 60 week - on - week and down 990 year - on - year; the basis for the main contract was - 55 yuan/ton, down 100 week - on - week and down 1,450 year - on - year; the basis for the third - consecutive contract was - 105 yuan/ton, down 140 week - on - week and down 1,865 year - on - year [70]. - Monthly Spread: The spread between the current month and the main contract on November 28 was - 40 yuan/ton, down 40 week - on - week and down 460 year - on - year; the spread between the current month and the third - consecutive contract was - 90 yuan/ton, down 80 week - on - week and down 875 year - on - year [71]. Group 7: Variety Data - Tin Refined Tin - Production and Operating Rate: The combined production of Yunnan and Jiangxi provinces on November 28 was 0.336 million tons, up 0.002 week - on - week and up 0.0175 year - on - year; the combined operating rate of Yunnan and Jiangxi provinces was 69.34%, up 0.41 week - on - week and up 3.61 year - on - year [80]. Tin Ingot - Inventory: The total SHFE tin - ingot inventory on November 28 was 6,359 tons, up 130 week - on - week and down 880 year - on - year; the social inventory of tin ingots in different regions of China on November 28 was 7,825 tons, up 171 week - on - week and down 352 year - on - year [84]. Tin Concentrate - Processing Fees: The processing fee for 40% tin concentrate in Yunnan on November 28 was 12,000 yuan/ton, unchanged week - on - week and down 3,000 year - on - year; the processing fees for 60% tin concentrate in Guangxi, Hunan and Jiangxi were 8,000 yuan/ton, unchanged week - on - week and down 3,000 year - on - year [85]. - Import Profit - Loss: The import profit - loss level of tin ore on November 28 was 9,605.95 yuan/ton, down 4,095.68 week - on - week and down 2,350.24 year - on - year [88]. - Spot Price: The price of 40% tin concentrate in Yunnan on November 28 was 288,000 yuan/ton, up 8,700 week - on - week and up 63,400 year - on - year; the prices of 60% tin concentrate in Guangxi, Hunan and Jiangxi were 292,000 yuan/ton, up 8,700 week - on - week and up 63,400 year - on - year [94].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - This week, steel prices rose slightly, market sentiment was high, inventory was depleted, and there were expectations of maintenance production. The overall market enthusiasm was relatively high, demand improved to some extent, and raw material support remained strong. The bottom of steel prices may have been determined. As of November 28, the average price of 20mm third - grade seismic rebar in major cities across the country was 3,291 yuan/ton, a weekly increase of 23 yuan/ton; the average price of 8.0mm HPB300 high - speed wire rod was 3,473 yuan/ton, a weekly increase of 23 yuan/ton. - In December, the Central Economic Work Conference is about to be held, and there are still expectations of interest rate cuts overseas. The macro - environment is warm, and the futures market has the driving force to rebound from a low level. However, the rebar inventory level is still relatively high year - on - year. As the off - season deepens, demand expectations are still under pressure, and the upside space of the futures market is limited. It is expected that the futures price will fluctuate widely at a low level. [2] 3. Summary by Directory Market Review and Outlook - This week, steel prices rose slightly, with improved demand and strong raw material support. The bottom of steel prices may be determined. - Looking ahead, the upcoming December Central Economic Work Conference and overseas interest rate cut expectations create a warm macro - environment, driving a potential low - level rebound in the futures market. But high rebar inventory and weakening demand in the off - season limit the upside space, and the futures price is expected to have wide - range low - level fluctuations. [2] Fundamental Data Weekly Changes | Data Item | Unit | Latest Week | Previous Week | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Daily average pig iron output of steel mills | 10,000 tons | 234.68 | 236.28 | - 1.6 | - 0.68% | Weekly | | Rebar inventory in steel mills | 10,000 tons | 146.73 | 153.32 | - 6.59 | - 4.30% | Weekly | | Rebar social inventory | 10,000 tons | 384.75 | 400.02 | - 15.27 | - 3.82% | Weekly | | Hot - rolled coil inventory in steel mills | 10,000 tons | 78.02 | 78.02 | 0 | 0% | Weekly | | Hot - rolled coil social inventory | 10,000 tons | 322.88 | 324.09 | - 1.21 | - 0.37% | Weekly | [4]