Group 1: Report's Investment Rating - The report gives an investment rating of "Oscillating operation" [3] Group 2: Core Viewpoints - The report believes that the steel market will operate in an oscillating manner, and later attention should be paid to macro - policies and downstream demand [3] Group 3: Summary by Key Information - In March, the planned volume of northeast rebar moving south is only 150,000 tons, a year - on - year sharp decline, hitting the largest historical drop. Resource allocation has been comprehensively shrunk, only the North China market is retained, and Beijing accounts for over 75%. The volume of wire rod moving south has slightly increased to 320,000 tons, mainly sent to the East China region. The adjustment of steel mill production structure and the recovery of local demand are the main reasons, and the pattern of steel moving from the north to the south has turned [2] - This week, the supply of five major steel products is 7.9724 million tons, a week - on - week increase of 470 tons; the total inventory is 19.52 million tons, a week - on - week increase of 1.0589 million tons, with an increase rate of 5.7%; the weekly consumption is 6.335 million tons, among which the consumption of building materials has increased by 90.8% week - on - week, and the consumption of plates has increased by 0.3% week - on - week [2] - The steel price continued to oscillate yesterday. The market focus was on the energy and chemical sector, and the black sector was relatively calm. The steel price has been adjusted horizontally in a small range in the past few trading days, and the weekly fundamentals are normal. The turmoil in the Middle East has little impact on the domestic steel sector. Attention should be paid to the demand verification and whether there are major macro - policies during the Two Sessions that will affect the steel price [2]