Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - Short - term fluctuations are significant, and it is advisable to try long positions on pullbacks. Later, attention should be paid to macro - policies, supply - side production cuts, and downstream demand [4]. Group 3: Summary by Content Steel Production and Inventory - According to Steel Union's weekly data, the output of rebar decreased by 0.73 million tons to 2.2045 million tons, the output of hot - rolled coils increased by 0.7 million tons to 3.1559 million tons, and the total output of five major steel products increased by 2.42 million tons to 8.7163 million tons. The total inventory of rebar increased by 30.51 million tons to 5.8719 million tons, the total inventory of hot - rolled coils increased by 0.84 million tons to 3.5747 million tons, and the total inventory of five major steel products increased by 40.61 million tons to 14.1597 million tons [3]. Steel Apparent Demand - The apparent demand for rebar decreased by 20.85 million tons to 1.8994 million tons, the apparent demand for hot - rolled coils increased by 8.54 million tons to 3.1475 million tons, and the apparent demand for five major steel products decreased by 14.72 million tons to 8.3102 million tons [3]. Production Line Operation in Tangshan - Among the 87 section steel production lines in Tangshan, 31 were actually in operation, with an overall operating rate of 52.54%, a 10.17% increase from last week, and a capacity utilization rate of 48.34%, a 6.82% increase from last week [3]. Steel Price Movement - The decline in raw fuels continues to drive down the price of finished steel. The rapid accumulation of the inventory of five major steel products and the decrease in apparent demand lead to weak performance of steel prices during the day session. The weekly fundamentals of rebar are weaker than those of hot - rolled coils, with a decline of nearly 2%, and the main contract fell below 3200. The weak downstream situation is difficult to improve in the short term. The market is mainly dominated by macro - sentiment in the short term, and the expectation of production restrictions in Beijing, Tianjin, and Hebei still exists [3].