Supply - The average operating rate of high furnaces decreased by 1.3 percentage points to 81.6%, compared to a 0.1 percentage point decrease year-on-year[2] - The asphalt operating rate fell by 3.1 percentage points to 26.3%, marking a new low for recent years[2] - The cement dispatch rate decreased by 1.8 percentage points to 33.4%, also the lowest in recent years[2] Demand - New housing sales in 30 major cities increased by 8.0% month-on-month but decreased by 31.7% year-on-year, remaining at the lowest level in recent years[3] - Second-hand housing sales in 18 key cities rose by 20.8% month-on-month but fell by 14.9% year-on-year[3] - Passenger car sales averaged 60,000 units per day, down 1.6% month-on-month and 11.4% year-on-year, primarily due to reduced coverage and support of vehicle replacement subsidies[3] Prices - The average price of rebar increased by 1.6% month-on-month, with the year-on-year decline narrowing to 4.7%[4] - The average price of pork decreased by 1.0% to approximately 17.9 CNY/kg, with a year-on-year decline of 24.0%[6] - The average price of cement fell by 0.8%, with a year-on-year decline expanding to 23.8%[4] Inventory - Steel inventory decreased by 6.0% month-on-month, while the year-on-year increase was 21.8%[7] - The average coal inventory at coastal power plants rose by 2.0% month-on-month but decreased by 5.4% year-on-year[7] - Asphalt inventory fell by 7.9% month-on-month, with a year-on-year increase of 11.0%[7] Liquidity - The central bank implemented a net liquidity injection of 38.98 billion CNY through open market operations in the past half month[9] - The issuance of government bonds totaled 12,026 billion CNY, with a month-on-month decrease of 382.7 billion CNY[9] - The yield on 10-year government bonds rose by 2.2 basis points to 1.844%[9]