Group 1: Report Industry Investment Rating - The investment rating for raw materials is low-level consolidation [2] Group 2: Core Viewpoints - The supply of finished steel products is increasing while the demand is decreasing, and steel prices are consolidating. The raw materials are expected to move in a low-level consolidation [1][2] - The rebound of finished steel products was driven by coking coal. The five major steel products showed an increase in supply and a decrease in demand, mainly due to holiday factors. The sentiment in other sectors of commodities is bullish, but currently has limited impact on the black sector. The macro market has been calm recently, providing no trend guidance for prices. Attention should be paid to the weekly fundamental changes [2] Group 3: Summary by Related Content Finished Steel Products - This week, the supply of the five major steel products was 8.2317 million tons, a week-on-week increase of 35,800 tons or 0.4%. The total inventory was 12.7851 million tons, a week-on-week increase of 214,300 tons or 1.7%. The weekly apparent consumption was 8.0174 million tons, a month-on-month decrease of 1.0% [2] - A survey of 95 independent electric arc furnace steel mills on their Spring Festival shutdowns showed that most shutdowns are concentrated in February. The largest number of shutdowns, 44 mills or 47.83%, will occur from February 1st to February 8th. The remaining 9 mills will shut down after February 8th, with the latest on February 15th [2] Raw Materials - The view is that raw materials will move in a low-level consolidation [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The steel products are expected to trade in a low - level consolidation range [4] Group 3: Summary Based on Content Macro - Policy - Premier Li Qiang of the State Council chaired a meeting of the leading group for the preparation of the Outline Draft of the 15th Five - Year Plan, emphasizing the planning of major projects and carriers to support future development and current economic stability [3] Export Situation in November 2025 - In November 2025, most categories of China's steel exports reversed from a decline to an increase on a month - on - month basis, with an obvious rotation in the export structure. Among plates, there was a differentiation: the month - on - month export of coated sheets, which had ranked first for many months, dropped by 13.7% to 1.753 million tons, while the month - on - month export of hot - rolled sheets reversed from a decline to an increase, rising to the first place in monthly export volume [3] Market Performance - The steel products fluctuated and consolidated yesterday with a small price range, and the market contradiction was not prominent. The fundamentals showed a situation of weak supply and demand. After the domestic meetings at the end of the year, macro - disturbances will significantly decrease in the future. Without a driving force, steel prices may continue to consolidate within the current range [3]