1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - **Rebar**: The main contract price of rebar showed a decline of 0.10% after reaching a high and then falling back, with increasing trading volume and decreasing open interest. Currently, rebar supply has returned to a high level, while demand is also seasonally improving. In the situation of both supply and demand increasing, the fundamentals are weakly stable. However, the strong performance of raw materials provides cost support. It is expected that rebar prices will maintain a stable and oscillating trend, and attention should be paid to the demand situation [5]. - **Hot - rolled coil**: The main contract price of hot - rolled coil oscillated, recording a daily increase of 0.21%, with increasing trading volume and decreasing open interest. At present, the fundamentals of hot - rolled coils have improved under the situation of weak supply and increasing demand. Coupled with the cost support brought by the strong raw materials, the price of hot - rolled coils continues to be stable and oscillating. However, the resilience of demand is questionable, and the price trend of coils under the high - inventory situation should be viewed with caution. Attention should be paid to the demand situation [5]. - **Iron ore**: The main contract price of iron ore oscillated at a high level, recording a decline of 0.12%, with decreasing trading volume and open interest. Currently, due to the increase in transportation costs and concerns about spot liquidity, the bullish factors are fermenting to support the strong operation of iron ore prices. However, the fundamentals of the iron ore market have not been substantially improved under the situation of stable supply and weak demand, and the valuation is relatively high, so the upward driving force is not strong. The subsequent trend will turn into high - level oscillation, and attention should be paid to the performance of steel products [5]. 3. Summary by Directory 3.1 Industry Dynamics - **Automobile exports and imports**: In February 2026, China exported 740,000 vehicles, a year - on - year increase of 75.1%; from January to February, the cumulative export was 1.53 million vehicles, a year - on - year increase of 57.9%. In February, China imported 30,000 vehicles, a year - on - year decrease of 11.6%; from January to February, the cumulative import was 70,000 vehicles, a year - on - year increase of 24.7% [7]. - **Engineering machinery sales**: In February 2026, the sales of various graders were 679 units, a year - on - year increase of 6.93%. Among them, domestic sales were 96 units, a year - on - year decrease of 14.3%; exports were 583 units, a year - on - year increase of 11.5%. From January to February 2026, a total of 1,433 graders were sold, a year - on - year increase of 7.5%. Among them, domestic sales were 200 units, a year - on - year decrease of 11.5%; exports were 1,233 units, a year - on - year increase of 11.4%. In February 2026, the sales of various truck cranes were 1,460 units, a year - on - year decrease of 11.8%. Among them, domestic sales were 729 units, a year - on - year decrease of 26%; exports were 731 units, a year - on - year increase of 8.94%. From January to February 2026, a total of 3,090 truck cranes were sold, a year - on - year increase of 5.71%. Among them, domestic sales were 1,550 units, a year - on - year increase of 2.38%; exports were 1,540 units, a year - on - year increase of 9.3% [8]. - **Steel exports**: In February 2026, China exported 4.63 million tons of steel plates, a year - on - year decrease of 12.6%; from January to February, the cumulative export was 9.33 million tons, a year - on - year decrease of 14.5%. In February, China exported 1.19 million tons of steel bars, a year - on - year decrease of 7.7%; from January to February, the cumulative export was 2.32 million tons, a year - on - year decrease of 5.9% [9]. 3.2 Spot Market - The report provides the spot quotes of black metals, including the prices of rebar, hot - rolled coil, iron ore, and other varieties in Shanghai, Tianjin, and the national average, as well as the price differences between varieties. The data of freight rates, SGX swaps, and iron ore price indices are from the previous day [10]. 3.3 Futures Market | Variety | Active Contract | Closing Price | Change (%) | High Price | Low Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,140 | - 0.10 | 3,167 | 3,135 | 860,500 | 268,019 | 1,514,911 | - 34,623 | | Hot - rolled coil | - | 3,310 | 0.21 | 3,330 | 3,299 | 358,351 | 78,768 | 1,171,958 | - 7,990 | | Iron ore | - | 811.0 | - 0.12 | 818.5 | 806.0 | 189,201 | - 20,855 | 455,521 | - 6,207 | [12] 3.4 Related Charts - **Steel inventory**: The report shows the weekly changes and total inventory (steel mill + social inventory) of rebar and hot - rolled coil, including the comparison of data in different years [14][15][17]. - **Iron ore inventory**: It includes the inventory of 45 ports in the country, the inventory of 247 steel mills, and the inventory of domestic mine iron concentrate, as well as their seasonal changes and inventory环比变化 [23][24][27]. - **Steel mill production situation**: It shows the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the operating rate of 94 independent electric furnace steel mills, the proportion of profitable steel mills among 247 steel mills, and the profit situation of 94 independent electric arc furnace steel mills [31][33][35]. 3.5 Market Outlook - **Rebar**: Both supply and demand of rebar continue to recover seasonally. The weekly output of rebar increased by 219,900 tons compared with the previous week, and has returned to a relatively high level for two consecutive weeks. Coupled with the high inventory level, the supply pressure continues to increase. At the same time, the demand for rebar has also improved, with the weekly apparent demand increasing by 785,800 tons compared with the previous week, and the high - frequency daily trading volume has also increased. However, it is still at a relatively low level, and there is no substantial change in the downstream industries. The subsequent demand improvement is questionable, and the positive effect is not strong. In general, the supply of rebar has returned to a high level, while the demand is also seasonally improving. In the situation of both supply and demand increasing, the fundamentals are weakly stable. However, the strong performance of raw materials provides cost support. It is expected that rebar prices will maintain a stable and oscillating trend, and attention should be paid to the demand situation [39]. - **Hot - rolled coil**: The supply - demand pattern of hot - rolled coil has changed. The production of plate steel mills has weakened, and the weekly output of hot - rolled coil has decreased by 58,500 tons compared with the previous week. The supply continues to shrink, resulting in an inflection point in inventory, and the sustainability needs to be tracked. At the same time, the demand for hot - rolled coil is good, with the weekly apparent demand increasing again, and the high - frequency daily trading volume has increased significantly, providing support for the price. It should be noted that the contradiction in the downstream cold - rolling industry has not been resolved, and the steel exports are under pressure due to the Middle East conflict. The resilience of demand is questionable. In summary, the fundamentals of hot - rolled coils have improved under the situation of weak supply and increasing demand. Coupled with the cost support brought by the strong raw materials, the price of hot - rolled coils continues to be stable and oscillating. However, the resilience of demand is questionable, and the price trend of coils under the high - inventory situation should be viewed with caution. Attention should be paid to the demand situation [39]. - **Iron ore**: The supply - demand pattern of iron ore has not changed much. The production of steel mills is restricted, and the terminal consumption of iron ore continues to decline. Last week, the daily average hot metal output and the daily consumption of imported ore of sample steel mills both decreased significantly, mainly due to environmental protection restrictions during the Two Sessions, and will gradually recover later. However, the profit situation of steel mills has not improved, and the improvement of iron ore demand is limited. At the same time, the arrival of iron ore at domestic ports has decreased again, while the shipments of overseas miners have increased. According to the shipping schedule, the subsequent arrivals are expected to be stable, and the domestic ore supply continues to recover, so the iron ore supply is increasing steadily. In general, due to the increase in transportation costs and concerns about spot liquidity, the bullish factors are fermenting to support the strong operation of iron ore prices. However, the fundamentals of the iron ore market have not been substantially improved under the situation of stable supply and weak demand, and the valuation is relatively high, so the upward driving force is not strong. The subsequent trend will turn into high - level oscillation, and attention should be paid to the performance of steel products [40].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The report focuses on the pig market, stating that the impact of commodity sentiment has been realized, and the market is returning to the industrial logic [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: Henan spot price is 10,480 yuan/ton with a year - on - year decrease of 50; Sichuan spot price is 10,350 yuan/ton with a year - on - year decrease of 50; Guangdong spot price is 10,860 yuan/ton with a year - on - year decrease of 100 [2]. - **Futures Prices**: The price of pig2605 is 11,200 yuan/ton with a year - on - year increase of 40; pig2607 is 12,300 yuan/ton with a year - on - year increase of 120; pig2609 is 13,210 yuan/ton with a year - on - year increase of 70 [2]. - **Trading Volume and Open Interest**: For pig2605, the trading volume is 175,079 hands with an increase of 93,513 compared to the previous day, and the open interest is 180,023 hands with an increase of 6,829 compared to the previous day. For pig2607, the trading volume is 22,294 hands with an increase of 7,296, and the open interest is 59,659 hands with an increase of 621. For pig2609, the trading volume is 28,181 hands with an increase of 7,293, and the open interest is 54,247 hands with an increase of 170 [2]. - **Basis and Spreads**: The basis of pig2605 is - 80 yuan/ton; pig2607 is - 910 yuan/ton with a year - on - year increase of 50; pig2609 is - 720 yuan/ton with a year - on - year decrease of 90. The pig 5 - 7 spread is - 1,820 yuan/ton with a year - on - year decrease of 170; the pig 7 - 9 spread is - 2,730 yuan/ton with a year - on - year decrease of 120; and another spread data is - 1,100 [2]. 3.2 Trend Intensity - The trend intensity is - 2, indicating the most bearish view. The trend intensity value ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [2].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The main contract price of rebar fluctuated higher, with a daily increase of 1.30%. The supply and demand of rebar have both increased, but the industrial contradictions remain unresolved, and the fundamentals are still weak. Supported by cost and positive commodity sentiment, rebar prices are expected to continue to stabilize in a volatile manner. Attention should be paid to demand performance [5]. - The main contract price of hot-rolled coil also fluctuated higher, with a daily increase of 1.58%. Currently, hot-rolled coil production has declined, but inventory remains high, and supply pressure persists. Demand resilience is weakening, industrial contradictions are accumulating, and prices continue to face pressure. Positive commodity sentiment is expected to keep hot-rolled coil prices in a volatile range. Attention should be paid to demand changes [5]. - The main contract price of iron ore rose strongly, with a daily increase of 2.28%. Driven by short-term factors such as rising transportation costs and structural contradictions in varieties, iron ore prices have trended higher. However, iron ore demand has weakened again, and supply is increasing. The fundamentals of the iron ore market are weak, and the upward momentum is limited. A cautious and optimistic outlook for future trends is recommended, with attention on steel performance [5]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - In February, affected by the Spring Festival, the national CPI increased by 1.3% year-on-year, and the core CPI excluding food and energy prices increased by 1.8% year-on-year. The PPI increased by 0.4% month-on-month and decreased by 0.9% year-on-year, with the decline narrowing continuously [7]. - In February, China's shipbuilding industry led the global market with an 80% market share in new ship orders. Global new ship orders totaled 163 vessels (5.21 million CGT), a 15% increase year-on-year. Chinese shipyards received orders for 131 vessels (4.15 million CGT), ranking first globally, and achieving the highest market share since August 2024 [8]. - As of March 6, 38 steel enterprises have passed the acceptance of the ultimate energy efficiency benchmark, including Hanbao Iron and Steel Co., Ltd. of Handan Iron and Steel Group and Yongfeng Lingang Co., Ltd. of Shandong Iron and Steel Group [9]. 3.2 Spot Market - Rebar: The spot prices in Shanghai, Tianjin, and the national average were 3,190, 3,150, and 3,324 respectively, with daily changes of 30, 30, and 24 [10]. - Hot-rolled coil: The spot prices in Shanghai, Tianjin, and the national average were 3,260, 3,180, and 3,287 respectively, with daily changes of 30, 40, and 22 [10]. - Tangshan billet: The spot price was 2,930, with no daily change [10]. - Zhangjiagang heavy scrap: The spot price was 2,160, with no daily change [10]. - Iron ore: The price of PB fines at Shandong ports was 770, with a daily increase of 5. The price of Tangshan iron concentrate was 767, with a daily increase of 5. The freight rates from Australia and Brazil were 10.30 and 25.65 respectively, with daily changes of -0.73 and -0.41. The SGX swap price (current month) was 102.20, with a daily increase of 1.19. The iron ore price index (61% FE, CFR) was 102.65, with a daily increase of 1.30 [10]. 3.3 Futures Market - Rebar: The closing price of the active contract was 3,119, with a daily increase of 1.30%. The trading volume was 1,576,431, with an increase of 872,128. The open interest was 1,740,832, with a decrease of 57,900 [14]. - Hot-rolled coil: The closing price of the active contract was 3,270, with a daily increase of 1.58%. The trading volume was 784,875, with an increase of 444,546. The open interest was 1,292,623, with a decrease of 106,185 [14]. - Iron ore: The closing price of the active contract was 784.5, with a daily increase of 2.28%. The trading volume was 411,614, with an increase of 146,950. The open interest was 473,257, with a decrease of 14,997 [14]. 3.4 Relevant Charts - Steel inventory: The report provides charts on the weekly changes and total inventory of rebar and hot-rolled coil, including the inventory of steel mills and social warehouses [16][17][19]. - Iron ore inventory: The report includes charts on the inventory of 45 ports, 247 steel mills, and domestic mines, as well as the seasonal inventory of 45 ports [24][25][28]. - Steel mill production: The report shows charts on the blast furnace operating rate, capacity utilization rate, profitability of 247 steel mills, and the operating rate and profitability of 94 independent electric arc furnace steel mills [32][34][39]. 3.5 Market Outlook - Rebar: Supply and demand have both increased. The production of short-process steel mills has resumed, leading to an increase in production. However, demand is still at a relatively low level, and the policy has not exceeded expectations. The fundamentals remain weak, and prices continue to face pressure. Supported by cost and positive commodity sentiment, rebar prices are expected to continue to stabilize in a volatile manner. Attention should be paid to demand performance [40]. - Hot-rolled coil: Supply and demand have both weakened. Production has decreased, but inventory remains high, and supply pressure persists. Demand has also weakened, and the resilience of demand is expected to decline. The industrial contradictions are accumulating, and prices continue to face pressure. Positive commodity sentiment is expected to keep hot-rolled coil prices in a volatile range. Attention should be paid to demand changes [40]. - Iron ore: Demand has weakened again due to environmental restrictions and poor profitability of steel mills. Supply is increasing, with a significant increase in domestic port arrivals and a recovery in domestic mine production. The fundamentals of the iron ore market are weak, and the upward momentum is limited. A cautious and optimistic outlook for future trends is recommended, with attention on steel performance [41].

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "Oscillation" [5] 2. Core View of the Report - In the off - season, the pressure of inventory accumulation in the steel sector is gradually emerging, the fundamentals lack highlights, and the futures market follows the market sentiment and weakens. The resumption of production in steel mills is slow, and the iron ore market is under pressure from high shipments and high inventory, while pre - holiday restocking in the demand side supports the ore price. The first round of price increase for coke has been implemented, Mongolian coal imports remain at a high level, but there is an expectation of supply tightening for coking coal before the Spring Festival, and the futures market fluctuates sharply. There are disturbances in the glass supply, but the oversupply situation continues to limit the upside space of the glass futures market. Overall, the off - season fundamentals are lackluster, there is pressure above the futures price, but the restocking intensity before the Spring Festival still exists, and the subsequent resumption of production by steel enterprises is expected to further boost the restocking expectation, and the cost side still has support. It is expected that the sector will oscillate widely at the bottom, and attention should be paid to macro - policy disturbances [1][2][5] 3. Summary of Each Category 3.1 Iron Element - **Iron Ore**: Overseas mine shipments increased month - on - month, and arrivals continued to weaken. Due to the impact of weather, there is an expectation of supply disturbances. On the demand side, iron - making water production decreased slightly month - on - month, steel mills' profitability weakened, rigid demand was stable, and steel mills' restocking accelerated before the Spring Festival, but the support for prices may gradually weaken as restocking progresses. Port inventory continued to accumulate, and the overall inventory pressure is increasing. It is expected to oscillate in the short term, and attention should be paid to market sentiment changes [6][7] - **Scrap Steel**: Both supply and daily consumption are expected to decline seasonally. As restocking nears the end, the overall fundamentals will weaken marginally, and it is expected that the spot price will mainly follow the finished products [8] 3.2 Carbon Element - **Coke**: The first round of price increase has been fully implemented, and coking profits have improved significantly. The overall supply change is limited. On the demand side, steel - mill blast furnaces are in a state of both resumption and maintenance, and iron - making water production remains high, with strong rigid demand support. The inventory in steel mills has increased steadily. The supply growth space is limited, and the downstream steel - mill resumption expectation still exists. The supply - demand structure will remain healthy, but the fundamental bullish driving force is also limited. The spot is expected to remain stable for the time being, and the futures market is expected to follow the cost side (coking coal) [10][11] - **Coking Coal**: The domestic supply is temporarily stable, and Mongolian coal imports remain at a high level. The downstream winter - storage restocking is still in progress, and the upstream coal - mine inventory is being continuously digested. As the winter - storage inventory gradually reaches the target, the spot - market sentiment has cooled down, and the online auctions show mixed results, with the overall coal price weakly stable. The futures market oscillates due to the impact of capital - sentiment fluctuations. Before the Spring Festival, domestic coal - mine production will gradually decline, the fundamentals will remain healthy, but the fundamental bullish driving force is limited. The spot is expected to oscillate before the Spring Festival, and the fluctuation of the futures - market sentiment remains to be observed [12] 3.3 Alloys - **Manganese Silicon**: The market continues to be in a state of loose supply and demand, and the upstream has great pressure to destock. When the futures market rises to a high level, it will face selling - hedging pressure. It is expected that the futures price of the main contract will mainly oscillate around the cost valuation. Attention should be paid to the adjustment range of raw - material prices and the change in manufacturers' production - control intensity [15] - **Silicon Ferrosilicon**: The supply - and - demand situation is weak, and the fundamental driving force is limited. The low trading activity before the Spring Festival suppresses the upside space of the futures market. It is expected that the futures price will mainly oscillate around the cost valuation. Attention should be paid to the adjustment range of semi - coke prices and settlement electricity prices, as well as the production - control trends in the main production areas [16] 3.4 Glass and Soda Ash - **Glass**: The supply has an expectation of disturbances, but the inventory of the middle and lower reaches is moderately high. Currently, the supply - and - demand situation is still in oversupply. If there is no more cold - repair by the end of the year, the high inventory will suppress the price, and it is expected to oscillate weakly; otherwise, the price will rise [13] - **Soda Ash**: The daily production is continuously at a high level, and restocking is nearing the end. The overall supply - and - demand situation is still in oversupply. It is expected to oscillate in the short term. In the long run, the oversupply situation will further intensify, and the price center will continue to decline to promote capacity reduction [13]

Report Industry Investment Rating No information provided in the report. Core Views - The main contract price of rebar weakened and declined by 1.56% daily, with volume contracting and positions increasing. Currently, rebar supply is running stably at a high level, while demand is weak. The fundamental situation continues to be weak. Coupled with weak commodity sentiment, steel prices are under pressure and running weakly in the off - season. Monitor inventory changes [5]. - The main contract price of hot - rolled coil weakened, with a daily decline of 1.24%, volume increasing and positions decreasing. Currently, both supply and demand of hot - rolled coils are at a high level, the fundamentals are running weakly. Coupled with poor commodity sentiment, hot - rolled coils are under pressure and running weakly. Be wary of the intensification of industrial contradictions caused by weakening demand, and monitor demand performance [5]. - The main contract price of iron ore fluctuated downward, with a daily decline of 1.26%, volume increasing and positions decreasing. Currently, the supply pressure of iron ore has not receded under the high - inventory situation, while the demand for iron ore is running weakly. The fundamentals of iron ore have not improved, and the ore price continues to be under pressure. The relative positive factor is the pre - holiday restocking. It is expected that the ore price will continue to fluctuate. Monitor the restocking situation of steel mills [5]. Industry Dynamics - In 2025, China's shipbuilding industry continued to lead the world in three major indicators. The shipbuilding completion volume was 53.69 million deadweight tons, a year - on - year increase of 11.4%, accounting for 56.1% of the global market; the new order volume was 107.82 million deadweight tons, accounting for 69% of the global market; as of the end of December, the holding order volume was 274.42 million deadweight tons, a year - on - year increase of 31.5%, accounting for 66.8% of the global market, reaching a new historical high [7]. - In January 2026, the total sales of the TOP100 real - estate enterprises were 19.052 billion yuan, a year - on - year decrease of 18.9%. The decline was basically the same as that of last year, indicating that the sales of real - estate enterprises continued the trend at the end of last year and remained stable [8]. - As of February 1, 12 steel enterprises, including Chengyu Vanadium and Titanium Technology Co., Ltd., carried out the publicity of ultra - low emission transformation and evaluation and monitoring progress. So far, 276 steel enterprises have been publicized on the website of the China Iron and Steel Association [9]. Spot Market - For rebar, the Shanghai price was 3,200 yuan, down 20 yuan; the Tianjin price was 3,170 yuan, unchanged; the national average price was 3,312 yuan, down 4 yuan. For hot - rolled coil, the Shanghai price was 3,160 yuan, down 10 yuan; the Tianjin price was 3,260 yuan, down 10 yuan; the national average price was 3,293 yuan, down 6 yuan. The price of Tangshan billet was 2,940 yuan, unchanged; the price of Zhangjiagang heavy scrap was 2,130 yuan, unchanged. The volume - screw spread was 60 yuan, up 10 yuan; the screw - scrap spread was 1,070 yuan, down 20 yuan [10]. - The price of PB powder at Shandong ports was 780 yuan, down 9 yuan; the price of Tangshan iron concentrate was 777 yuan, down 5 yuan; the Australian sea freight was 9.69 yuan, up 0.81 yuan; the Brazilian sea freight was 25.01 yuan, up 1.04 yuan; the SGX swap (current month) was 105.62, down 0.08; the iron ore price index (61% FE, CFR) was 103.20, down 0.95 [10]. Futures Market - The closing price of the rebar active contract was 3,098 yuan, a decline of 1.56%. The highest price was 3,139 yuan, the lowest price was 3,093 yuan, the trading volume was 1,134,404 lots, a decrease of 83,917 lots, and the open interest was 1,784,097 lots, an increase of 49,987 lots [14]. - The closing price of the hot - rolled coil active contract was 3,261 yuan, a decline of 1.24%. The highest price was 3,298 yuan, the lowest price was 3,260 yuan, the trading volume was 529,496 lots, an increase of 5,596 lots, and the open interest was 1,498,793 lots, a decrease of 30,859 lots [14]. - The closing price of the iron ore active contract was 783.0 yuan, a decline of 1.26%. The highest price was 793.5 yuan, the lowest price was 781.0 yuan, the trading volume was 304,564 lots, an increase of 26,268 lots, and the open interest was 520,684 lots, a decrease of 20,544 lots [14]. 后市研判 - Rebar: The supply - demand pattern continues to weaken, and the inventory increase has expanded. The production of construction steel mills has stabilized. The weekly output of rebar increased slightly by 0.28 tons. Supply is running stably at a high level, but considering that short - process steel mills will gradually stop production as the Spring Festival approaches, supply is expected to decrease. Monitor subsequent changes. At the same time, rebar demand continues to weaken, the weekly apparent demand and high - frequency transactions have decreased, and they are still at the low level of the same lunar period in recent years. The off - season weak demand pattern remains unchanged, which drags down steel prices. In summary, rebar supply is running stably at a high level, while demand is weak, the fundamental situation continues to be weak. Coupled with weak commodity sentiment, steel prices are under pressure and running weakly in the off - season. Monitor inventory changes [40]. - Hot - rolled coil: There are changes in both supply and demand, and the inventory reduction has narrowed. The production of plate steel mills has stabilized. The weekly output of hot - rolled coils increased by 3.80 tons, rebounded again and is at a relatively high level, and the inventory level is high, so the supply pressure has not receded. However, the demand for hot - rolled coils shows good resilience. The weekly apparent demand increased slightly, mainly due to the high output of downstream cold - rolled products, but we still need to be wary of the accumulation of contradictions. The corresponding external demand and exports are average, and the demand resilience needs to be tracked. Currently, both supply and demand of hot - rolled coils are at a high level, the fundamentals are running weakly. Coupled with poor commodity sentiment, hot - rolled coils are under pressure and running weakly. Be wary of the intensification of industrial contradictions caused by weakening demand, and monitor demand performance [40]. - Iron ore: The supply - demand pattern has not changed much, and the inventory continues to rise. The production of steel mills is weakly stable, and the terminal consumption of iron ore is running smoothly. The average daily hot - metal output and imported ore consumption of sample steel mills decreased slightly last week, and the contradictions in the off - season steel market are accumulating. Steel mills mainly conduct normal restocking before the festival, and the positive factors are limited. It is expected that the demand for iron ore will continue to run weakly. At the same time, the arrival of iron ore at domestic ports has rebounded from a low level, and the shipments of overseas miners have continued to increase. The overseas iron ore supply has stabilized, while the domestic ore supply is stable. Coupled with the high inventory, the supply pressure of iron ore has not receded. In short, the supply pressure of iron ore has not receded under the high - inventory situation, while the demand for iron ore is running weakly. The fundamentals of iron ore have not improved, and the ore price continues to be under pressure. The relative positive factor is the pre - holiday restocking. It is expected that the ore price will continue to fluctuate. Monitor the restocking situation of steel mills [41].

Core Viewpoint - The stainless steel market is experiencing fluctuations with a strong overall sentiment, driven by supply reductions and cost support, despite weak demand conditions [3] Supply - As of January 2026, the estimated crude steel production from 43 domestic stainless steel mills is 3.426 million tons, a month-on-month increase of 165,500 tons (5.08%) and a year-on-year increase of 248,300 tons [2] - The production forecast for February is 2.651 million tons, a month-on-month decrease of 226,200 tons (12.49%) [2] - Some steel mills are increasing production cuts and initiating maintenance ahead of the holiday season [2] Inventory - Social inventory has slightly accumulated, with a trend of decreasing warehouse receipts [2] - As of January 30, the social inventory of 300 series stainless steel in Wuxi and Foshan is 457,600 tons, a week-on-week increase of 3,700 tons [2] - The Shanghai Futures Exchange's stainless steel inventory is 43,579 tons, a week-on-week increase of 4,950 tons [2] Market Dynamics - The nickel ore market is tight due to limited shipments from Indonesian mines, with nickel ore premiums rising to $28-32 per wet ton [3] - The high-nickel pig iron market is experiencing weak inquiries, leading to a narrowing of price increases [3] - The chromium iron market remains firm due to limited resource circulation and slowed supply growth [3] Demand - Demand is weak, with traditional and emerging sectors showing reduced purchasing activity due to financial pressures on downstream enterprises [3] - The expected impact on production from the 300 series stainless steel is 485,000 tons due to maintenance and production cuts [3] Price Outlook - The main price reference is set between 14,200 and 15,200, with expectations of strong fluctuations in the short term [4]

1. Report Industry Investment Rating - No relevant content provided in the report 2. Core Views of the Report - **Rebar**: The main contract price of rebar fluctuated higher with a daily increase of 1.12%, and both trading volume and open interest expanded. Currently, the supply of rebar is stable while demand is weak, and the fundamentals remain weak. Steel prices are under pressure during the off - season. The positive factor is the warm commodity sentiment, and steel prices are expected to stabilize in a volatile manner. Attention should be paid to inventory changes [5][35]. - **Hot - rolled coil**: The main contract price of hot - rolled coil showed a strong - side fluctuation with a daily increase of 0.79%, and both trading volume and open interest expanded. At present, both supply and demand of hot - rolled coil are at a high level, and the fundamentals are weakly stable. However, there are concerns about demand. If demand weakens, it may intensify industrial contradictions and put pressure on prices. The positive factor is the good commodity sentiment, and the price is expected to continue to fluctuate. Attention should be paid to demand performance [5][35]. - **Iron ore**: The main contract price of iron ore rose strongly with a daily increase of 1.78%, trading volume increased while open interest decreased. Currently, overseas ore shipments have stabilized, port inventories are high, and there is still pressure on ore supply. Ore demand is weakly stable, and the fundamentals of iron ore are weak, putting pressure on ore prices. The positive factor is the warm commodity sentiment, and the price is expected to maintain a volatile trend. Attention should be paid to steel mills' restocking [5][36]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - **Transportation investment**: As of January 29, 14 provinces have announced their 2026 transportation plan investments, with a total investment of over 1.5 trillion yuan. Six provinces have transportation plan investments of over 100 billion yuan, and Jiangsu Province has the highest planned transportation fixed - asset investment of 240 billion yuan in 2026 [7]. - **Real - estate policy**: Shanghai has extended the validity period of the "Notice on Several Issues Concerning the Pilot Project of Levying Property Tax on Some Individual Housing in this Municipality" to January 27, 2031 [8]. - **Australian mining company**: Australian mining company MinRes had strong iron ore production and shipment in the fourth quarter of 2025. The total iron ore production of its Onslow Iron and Pilbara Hub projects reached 11.5 million tons (100% basis), and the total shipment volume reached 11.1 million tons (100% basis). The Onslow project had excellent cost management, with a FOB unit cost of 50 Australian dollars per wet ton (equivalent to about 33 US dollars per wet ton) in the fourth quarter of 2025, lower than the lower limit of the fiscal - year guidance range [9]. 3.2 Spot Market - **Black - metal spot quotes**: The report provides spot quotes for rebar, hot - rolled coil, iron ore, and other black - metal products in Shanghai, Tianjin, and the national average, as well as information on main - variety price differences, sea freight, SGX swaps, and iron ore price indices [11]. 3.3 Futures Market | Variety | Active Contract | Closing Price | Daily Change (%) | High Price | Low Price | Trading Volume | Volume Difference | Open Interest | Open - interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,157 | 1.12 | 3,159 | 3,120 | 1,026,450 | 419,194 | 1,785,380 | 40,974 | | Hot - rolled coil | - | 3,308 | 0.79 | 3,313 | 3,277 | 434,547 | 150,771 | 1,547,118 | 29,468 | | Iron ore | - | 798.5 | 1.78 | 800.0 | 781.0 | 307,714 | 89,896 | 555,392 | - 9,221 | [13] 3.4 Related Charts - **Steel inventory**: Charts show the weekly changes and total inventory (steel mills + social inventory) of rebar and hot - rolled coil, as well as the seasonal inventory of 45 ports' iron ore [15][16][19][21]. - **Iron - ore inventory**: Charts show the inventory of 45 ports' iron ore, 247 steel mills' iron - ore inventory, and domestic mine iron - concentrate inventory [23][24][26]. - **Steel - mill production**: Charts show the blast - furnace operating rate and capacity utilization rate of 247 sample steel mills, the operating rate of 87 independent electric furnaces, the proportion of profitable steel mills among 247 steel mills, and the profit - and - loss situation of 75 building - material independent electric - arc - furnace steel mills [28][30][31][34]. 3.5后市研判 - **Rebar**: The supply - demand pattern continues to weaken, inventory growth expands. Supply is stable at a high level but is expected to decrease as short - process steel mills shut down for the Spring Festival. Demand continues to weaken, and the off - season weak - demand pattern remains unchanged, putting pressure on steel prices. The positive factor is the warm commodity sentiment, and steel prices are expected to stabilize in a volatile manner. Attention should be paid to inventory changes [35]. - **Hot - rolled coil**: Supply and demand have changed. Supply is at a high level with high inventory and pressure. Demand shows some resilience but there are concerns. The positive factor is the good commodity sentiment, and the price is expected to continue to fluctuate. Attention should be paid to demand performance [35]. - **Iron ore**: The supply - demand pattern remains weak, and inventory is rising at a high level. Ore demand will continue to be weak, and the positive factor is steel mills' continuous restocking. Supply - side positive effects are limited. The price is expected to maintain a volatile trend. Attention should be paid to steel mills' restocking [36].

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - The main contract price of rebar showed a weak and volatile trend, with a daily decline of 0.32%, a decrease in trading volume, and an increase in open interest. Currently, rebar supply is increasing while demand is weak. In the situation of increasing supply and weak demand, the fundamentals continue to weaken. Steel prices are prone to pressure during the off - season. The relatively positive factor is the warm sentiment in the commodity market. It is expected that the trend will continue to oscillate at a low level, and attention should be paid to inventory changes [5]. - The main contract price of hot - rolled coil oscillated. It recorded a daily decline of 0.39%, with a decrease in trading volume and an increase in open interest. At present, the output of hot - rolled coil has declined, and demand has also weakened. In the situation of double - reduction in supply and demand, the industrial pattern is weakly stable, but the inventory is high, and prices are still prone to pressure. The relatively positive factor is that the commodity sentiment is okay. It is expected that the trend will continue to oscillate, and attention should be paid to the demand performance [5]. - The main contract price of iron ore showed a weak and volatile trend, with a daily decline of 0.70%, an increase in trading volume, and a decrease in open interest. Currently, iron ore inventory is high. Even though overseas supply has a seasonal contraction, the supply pressure remains. The demand for iron ore is weakly stable, and the fundamentals of iron ore are weak. Iron ore prices are under pressure. The relatively positive factor is the warm sentiment in the commodity market. In the short term, the trend will maintain an oscillating state, and attention should be paid to the restocking situation of steel mills [5]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - Many real - estate enterprises are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly. However, some troubled real - estate enterprises are required to regularly report financial indicators such as asset - liability ratio to the special team in the city where their headquarters are located [7]. - According to the latest production scheduling report of the three major white goods released by Industry Online, the total scheduled production of air conditioners, refrigerators, and washing machines in February 2026 is 23.79 million units, a 22.1% decrease compared with the actual production in the same period last year. Specifically, the scheduled production of household air conditioners in February is 11.49 million units, a 31.6% decline compared with the actual production in the same period last year; the scheduled production of refrigerators is 6 million units, a 17% decrease; the scheduled production of washing machines is 6.3 million units, a 3.2% decline [8]. - In December 2025, among key - statistical enterprises, the output of medium - heavy plate rolling mills increased year - on - year, while the output of hot - continuous rolling mills and cold - continuous rolling mills decreased year - on - year. The medium - heavy plate rolling mills produced 6.05 million tons, an increase of 190,000 tons or 3.2% year - on - year, and the cumulative production was 76.3 million tons, an increase of 2.97 million tons or 4.1% year - on - year. The hot - continuous rolling mills produced 15.15 million tons in December, a decrease of 1.27 million tons or 7.7% year - on - year, and the cumulative production was 191.92 million tons, remaining flat year - on - year [9]. 3.2 Spot Market - Rebar: The prices in Shanghai (HRB400E, 20mm) is 3,210 yuan, in Tianjin is 3,160 yuan, and the national average price is 3,313 yuan. The price changes are - 20 yuan in Shanghai, 0 yuan in Tianjin, and - 2 yuan for the national average [10]. - Hot - rolled coil: The prices in Shanghai (4.75mm) is 3,270 yuan, in Tianjin is 3,170 yuan, and the national average price is 3,295 yuan. The price changes are - 10 yuan in Shanghai, 0 yuan in Tianjin, and - 3 yuan for the national average [10]. - Tangshan billet (Q235) price is 2,930 yuan with no change [10]. - Zhangjiagang heavy scrap (≥6mm) price is 2,130 yuan with no change [10]. - The spread between hot - rolled coil and rebar is 60 yuan, and the spread between rebar and scrap is 1,080 yuan. The changes are 10 yuan and - 20 yuan respectively [10]. - PB powder (Shandong port) price is 786 yuan with a decrease of 5 yuan; Tangshan iron concentrate powder (wet - basis) price is 780 yuan with no change. The sea freight from Australia is 8.81 yuan and from Brazil is 22.36 yuan, with increases of 0.97 yuan and 0.69 yuan respectively. The SGX swap (current month) price is 105.70 yuan with an increase of 0.08 yuan. The iron ore price index (61% FE, CFR) is 103.35 yuan with no change [10]. 3.3 Futures Market - Rebar: The closing price of the active contract is 3,123 yuan, with a decline of 0.32%. The highest price is 3,131 yuan, the lowest price is 3,115 yuan, the trading volume is 607,256 lots, a decrease of 66,540 lots compared with the previous period, the open interest is 1,744,406 lots, an increase of 29,747 lots [14]. - Hot - rolled coil: The closing price of the active contract is 3,280 yuan, with a decline of 0.39%. The highest price is 3,290 yuan, the lowest price is 3,275 yuan, the trading volume is 283,776 lots, a decrease of 4,924 lots compared with the previous period, the open interest is 1,517,650 lots, an increase of 9,222 lots [14]. - Iron ore: The closing price of the active contract is 783.0 yuan, with a decline of 0.70%. The highest price is 789.5 yuan, the lowest price is 780.5 yuan, the trading volume is 217,818 lots, an increase of 6,074 lots compared with the previous period, the open interest is 564,613 lots, a decrease of 6,440 lots [14]. 3.4 Relevant Charts - **Steel Inventory**: Charts show the weekly changes and total inventory (including steel mills and social inventory) of rebar and hot - rolled coil, as well as the inventory of 45 ports of iron ore [16][20][22]. - **Iron Ore Inventory**: Charts show the inventory of 45 ports of iron ore, the inventory of 247 steel mills' iron ore, and the inventory of domestic mine iron concentrate powder [24][25][27]. - **Steel Mill Production**: Charts show the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the operating rate of 87 independent electric furnaces, the proportion of profitable steel mills among 247 steel mills, and the profit - loss situation of 75 building material independent electric arc furnace steel mills [29][31][35]. 3.5后市研判 - Rebar: Supply and demand have changed. Construction steel mills are actively producing, and the weekly output of rebar has increased by 92,500 tons month - on - month, reaching a relatively high level. The supply pressure continues to increase, and the inventory inflection point has reappeared. At the same time, the demand for rebar is weak. The weekly apparent demand has decreased month - on - month, and the high - frequency trading volume is sluggish. Both are at the low levels in recent years, and the downstream industries have not improved. The demand continues the seasonal weakness, which drags down the steel price. It is expected that the trend will continue to oscillate at a low level, and attention should be paid to inventory changes [36]. - Hot - rolled coil: Both supply and demand have weakened, and the inventory has decreased slightly. Plate steel mills' production is weakly stable. The weekly output of hot - rolled coil has decreased by 29,500 tons month - on - month. The supply has slightly shrunk but is still at a relatively high level, and the inventory level is high, so the supply pressure still exists. At the same time, the demand for hot - rolled coil has weakened. The weekly apparent demand has decreased by 42,000 tons month - on - month, and the high - frequency trading volume is at a low level. The relatively positive factor is that the output of the main downstream cold - rolled products remains at a high level, but the accumulation of contradictions still needs to be guarded against. The external demand for exports is average, and the demand toughness of hot - rolled coil is expected to weaken. It is expected that the trend will continue to oscillate, and attention should be paid to the demand performance [36]. - Iron ore: The supply - demand pattern continues to be weak, and the inventory is rising at a high level. Steel mills' production is weakly stable, and the terminal consumption of iron ore has not changed much. The average daily hot - metal output and the daily consumption of imported ore of sample steel mills increased slightly last week. In the off - season, the improvement of steel mills' profitability is limited, and the demand for iron ore will continue to be weak. The positive factor is that steel mills are continuously restocking. At the same time, the arrival at ports has continued to decline, but the shipments of overseas miners have increased. According to the shipping schedule, the subsequent arrival will be at a low level, and the domestic ore supply has increased. Coupled with the high inventory, the positive effect on the supply side is limited. It is expected that the short - term trend will maintain an oscillating state, and attention should be paid to the restocking situation of steel mills [37].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The main contract price of rebar oscillated with a daily increase of 0.03%, showing a pattern of decreasing volume and increasing open interest. Currently, rebar supply is rising while demand is weak, with the fundamentals operating weakly. Steel prices in the off - season continue to face pressure. The relatively positive factor is the warm commodity sentiment. Subsequently, rebar prices are expected to continue to oscillate, and the production situation of steel mills should be monitored [5]. - The main contract price of hot - rolled coil oscillated with a daily decrease of 0.09%, also showing decreasing volume and increasing open interest. At present, hot - rolled coil supply is continuously increasing while demand has slightly declined. Both supply and demand are at high levels, and the supply - increasing and demand - weakening fundamentals are operating weakly, putting pressure on prices. The relatively positive factor is the warm commodity sentiment. It is expected that the price trend will maintain an oscillating pattern, and attention should be paid to the demand performance [5]. - The main contract price of iron ore oscillated at a high level with a daily increase of 0.06%, with decreasing volume and increasing open interest. Currently, iron ore supply remains at a high level, and the improvement in demand is limited. The fundamentals of the iron ore market have not improved, and inventories are rising at a high level, with weak upward drivers. The relatively positive factor is the pre - holiday restocking. Under the game of long and short factors, iron ore prices are expected to maintain a high - level oscillating pattern, and the restocking situation of steel mills should be monitored [5]. Summary by Directory Industry Dynamics - In 2025, China's foreign trade imports and exports reached 45.47 trillion yuan, a year - on - year increase of 3.8%. Exports were 26.99 trillion yuan, up 6.1%, and imports were 18.48 trillion yuan, up 0.5%. The total value of imports and exports reached a new high, and China will continue to maintain its position as the world's largest goods trading country [7]. - In 2025, China's automobile production and sales reached new historical highs, with production at 34.531 million vehicles and sales at 34.4 million vehicles, a year - on - year increase of 10.4% and 9.4% respectively. It has ranked first in the world for 17 consecutive years. New energy vehicle production and sales exceeded 16 million vehicles, accounting for over 50% of domestic new vehicle sales. Automobile exports exceeded 7 million vehicles, and exports of new energy vehicles reached 2.615 million vehicles, doubling year - on - year [8]. - In 2025, China exported 119.019 million tons of steel, a year - on - year increase of 7.5%. In December, China exported 11.301 million tons of steel, a month - on - month increase of 13.2%, and imported 517,000 tons of steel, a month - on - month increase of 4.2%. From January to December, China imported 6.059 million tons of steel, a year - on - year decrease of 11.1%. In December, China imported 119.647 million tons of iron ore and its concentrates, a month - on - month increase of 8.2%. From January to December, the cumulative import of iron ore and its concentrates was 1.258709 billion tons, a year - on - year increase of 1.8% [9]. Spot Market - Rebar: The spot price in Shanghai was 3,270 yuan, in Tianjin was 3,210 yuan, and the national average price was 3,341 yuan. - Hot - rolled coil: The spot price in Shanghai was 3,290 yuan, in Tianjin was 3,190 yuan, and the national average price was 3,308 yuan. - Tangshan billet: The spot price was 2,970 yuan. - Zhangjiagang heavy scrap: The spot price was 2,110 yuan. - PB powder (Shandong port): The price was 821 yuan. - Tangshan iron concentrate (wet basis): The price was 782 yuan. - Ocean freight: Australia was 7.56 yuan, and Brazil was 20.83 yuan. - SGX swap (current month): The price was 108.19 yuan. - Iron ore price index (61% FE, CFR): The price was 108.20 yuan [10]. Futures Market - Rebar: The closing price of the active contract was 3,162 yuan, with a daily increase of 0.03%. The trading volume was 764,719 contracts, a decrease of 73,160 contracts compared with the previous day, and the open interest was 1,691,461 contracts, an increase of 3,518 contracts [14]. - Hot - rolled coil: The closing price of the active contract was 3,306 yuan, with a daily decrease of 0.09%. The trading volume was 309,018 contracts, a decrease of 95,043 contracts compared with the previous day, and the open interest was 1,448,875 contracts, an increase of 8,625 contracts [14]. - Iron ore: The closing price of the active contract was 821.0 yuan, with a daily increase of 0.06%. The trading volume was 238,116 contracts, a decrease of 73,505 contracts compared with the previous day, and the open interest was 662,688 contracts, an increase of 9,381 contracts [14]. Related Charts - Steel inventories: Included charts of rebar inventory (weekly change, total inventory of steel mills and social inventory), hot - rolled coil inventory (weekly change, total inventory of steel mills and social inventory) [16]. - Iron ore inventories: Included charts of 45 - port iron ore inventory (inventory and its monthly change, seasonal inventory), 247 steel mills' iron ore inventory, and domestic mine iron concentrate inventory [24]. - Steel mill production: Included charts of the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the profitability ratio of 247 steel mills, the operating rate of 87 independent electric furnaces, and the profit - loss situation of 75 independent electric arc furnace steel mills for building materials [31]. 后市研判 - Rebar: The supply - demand pattern has weakened, with a significant increase in inventory. Building steel mills are continuously resuming production, and the weekly output of rebar has increased by 28,200 tons month - on - month. Supply continues to rise and has room for further increase. Meanwhile, rebar demand continues to weaken seasonally, with the weekly apparent demand decreasing by 254,800 tons month - on - month. High - frequency transactions have rebounded due to holiday factors, but both are still at low levels in recent years. The weak demand pattern remains unchanged, continuing to put pressure on steel prices. Subsequently, rebar prices are expected to continue to oscillate, and the production situation of steel mills should be monitored [41]. - Hot - rolled coil: The supply - demand pattern has not changed much. Plate steel mills' production is stabilizing, and the weekly output of hot - rolled coil has increased by 10,000 tons month - on - month. Supply continues to rise and is at a relatively high level, and the high inventory level has not alleviated the supply pressure, continuing to put pressure on prices. Meanwhile, the demand for hot - rolled coil has weakened, with the weekly apparent demand decreasing by 24,300 tons month - on - month, and high - frequency daily transactions are at a low level. The relatively positive factor is that the production of downstream cold - rolled products remains at a high level, providing support for hot - rolled coil demand, but industrial contradictions are accumulating, and export performance is average, so there are concerns about demand. It is expected that the price trend will maintain an oscillating pattern, and attention should be paid to the demand performance [42]. - Iron ore: The supply - demand pattern is operating weakly, and inventories are continuously rising. Steel mills are starting to resume production, and the terminal consumption of iron ore has rebounded from a low level. Last week, the average daily hot metal output and the daily consumption of imported ore of sample steel mills increased month - on - month, but the overall increase was not large. The profitability of steel mills has not improved, and the off - season steel market can hardly accommodate a large - scale increase in production, so the room for improvement in iron ore demand is limited and the positive effect is weak. Meanwhile, port arrivals are continuously increasing, and the shipments of miners are weakly stable, both at relatively high levels. Overseas iron ore supply is active, and domestic ore supply is also rebounding, so iron ore supply remains at a relatively high level. Under the game of long and short factors, iron ore prices are expected to maintain a high - level oscillating pattern, and the restocking situation of steel mills should be monitored [43].

Report Industry Investment Rating No relevant content provided. Core Views - The main contract price of rebar oscillated higher with a daily increase of 0.60%, showing a pattern of decreasing volume and increasing open interest. With supply increasing and demand weak, the fundamental contradiction has accumulated. Although the positive factor is the warm commodity sentiment, the rebar price is expected to continue the oscillatory and stable operation. Attention should be paid to the production situation of steel mills [5]. - The main contract price of hot-rolled coil also oscillated higher with a daily increase of 0.55%, with decreasing volume and increasing open interest. In the current situation of increasing supply and weak demand, the fundamentals of hot-rolled coil are weak, and the price continues to be under pressure. The relatively positive factor is the warm commodity sentiment, and its trend is expected to maintain an oscillatory and stable operation. Attention should be paid to the demand performance [5]. - The main contract price of iron ore oscillated higher with a daily increase of 0.92%, and both volume and open interest expanded. Currently, the supply of iron ore is high while the demand improvement is limited, so the fundamentals of iron ore are weak, and the ore price continues to be under pressure. The relatively positive factors are the warm commodity sentiment and pre - holiday restocking support. Under the game of multiple and short factors, the ore price maintains a high - level operation. Attention should be paid to the restocking situation of steel mills [5]. Summary by Directory 1. Industry Dynamics - In December 2025, 482 projects started across the country with a total investment of about 534.092 billion yuan. The total investment in 2025 was about 27.52 trillion yuan. The top three provinces in terms of start - up investment in December were Guangxi, Jiangxi, and Anhui, with total investments of 121.238 billion yuan, 59.41 billion yuan, and 49.103 billion yuan respectively [7]. - As of January 12, 2026, 21 car companies announced their 2025 production and sales data. These 21 car companies sold a total of 25.0233 million vehicles in 2025. BYD led the domestic market with sales of 4.6024 million vehicles. SAIC Group ranked first in production with 4.602 million vehicles in 2025, followed by BYD with 4.5374 million vehicles. 18 car companies saw their sales increase in 2025. XPeng Motors had the highest growth rate of 125.94%, followed by Leapmotor with 103.10%, and BAIC BluePark with 84.06% [8]. - Since January 12, 2026, Handan has launched a level - II emergency response for heavy pollution weather, which is expected to be lifted around January 17 due to poor atmospheric diffusion conditions [9]. 2. Spot Market - Rebar: The spot price in Shanghai was 3,280 yuan, in Tianjin was 3,200 yuan, and the national average was 3,341 yuan. The price changes were 20 yuan, 0 yuan, and 4 yuan respectively [10]. - Hot - rolled coil: The spot price in Shanghai was 3,290 yuan, in Tianjin was 3,190 yuan, and the national average was 3,311 yuan. The price changes were 20 yuan, 0 yuan, and 5 yuan respectively [10]. - Tangshan billet: The price was 2,970 yuan with a change of - 10 yuan [10]. - Zhangjiagang heavy scrap: The price was 2,090 yuan with no change [10]. - PB powder (Shandong port): The price was 825 yuan with a change of 7 yuan [10]. - Tangshan iron concentrate powder (wet - basis): The price was 777 yuan with no change [10]. - Freight rates: Australian freight was 7.84 yuan with a change of - 0.08 yuan, and Brazilian freight was 21.13 yuan with a change of - 0.46 yuan [10]. - SGX swap (current month): The price was 108.34 yuan with a change of 0.49 yuan [10]. - Platts Index (CFR): The price was 108.50 yuan with a change of 0.30 yuan [10]. 3. Futures Market - Rebar: The closing price of the active contract was 3,165 yuan, with a daily increase of 0.60%. The highest price was 3,174 yuan, the lowest was 3,141 yuan, the trading volume was 957,432 lots (a decrease of 212,075 lots), and the open interest was 1,726,703 lots (an increase of 11,840 lots) [13]. - Hot - rolled coil: The closing price of the active contract was 3,311 yuan, with a daily increase of 0.55%. The highest price was 3,320 yuan, the lowest was 3,289 yuan, the trading volume was 408,729 lots (a decrease of 106,874 lots), and the open interest was 1,427,498 lots (an increase of 10,408 lots) [13]. - Iron ore: The closing price of the active contract was 822.5 yuan, with a daily increase of 0.92%. The highest price was 826.0 yuan, the lowest was 817.0 yuan, the trading volume was 272,044 lots (an increase of 1,717 lots), and the open interest was 654,834 lots (an increase of 14,950 lots) [13]. 4. Related Charts - Steel inventory: Charts show the weekly changes and total inventory (steel mill + social inventory) of rebar and hot - rolled coil from 2022 - 2026 [15][21][25]. - Iron ore inventory: Charts show the inventory of 45 ports in China, including inventory changes, seasonal inventory, inventory of 247 steel mills, and inventory of domestic mine iron concentrate powder [23][24][26]. - Steel mill production: Charts show the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the profitability ratio of 247 steel mills, the operating rate of 87 independent electric furnaces, and the profit and loss situation of 75 building material independent electric arc furnace steel mills [30][33][35]. 5. Future Outlook - Rebar: The supply - demand pattern has weakened. The weekly output increased by 2.82 tons, and the demand decreased by 25.48 tons. With the accumulation of fundamental contradictions, the rebar price is under pressure in the off - season. Although there is positive commodity sentiment and cost support, it is expected to continue the oscillatory and stable operation. Attention should be paid to the production of steel mills [40]. - Hot - rolled coil: The supply - demand pattern has changed little. The weekly output increased by 1.00 tons, and the demand decreased by 2.43 tons. With high inventory and weakening demand, the price is under pressure. Although the positive factor is the warm commodity sentiment, it is expected to maintain an oscillatory and stable operation. Attention should be paid to the demand performance [40]. - Iron ore: The supply - demand pattern is weak. The inventory is rising, and the demand improvement is limited due to the poor profitability of steel mills and the off - season steel market. The supply is at a relatively high level. Although there is warm commodity sentiment and pre - holiday restocking support, the ore price is expected to maintain a high - level operation. Attention should be paid to the restocking of steel mills [41].