Group 1: Report Industry Investment Rating - The industry investment rating is that the steel industry is expected to operate in a volatile and weak manner [3] Group 2: Core View of the Report - The steel price rebounded slightly due to the raw material drive, with both supply and demand decreasing and inventory rising this week. The supply decline was mainly affected by the parade, and with recent resumptions of production in many places, the supply is expected to increase. However, the demand has changed little and is difficult to reverse in the short - term, leading to the price continuing to run weakly [2][3] Group 3: Summary by Relevant Contents - **Production Data**: According to the weekly data from Steel Union, the production of rebar decreased by 18,800 tons to 2.1868 million tons, the production of hot - rolled coils decreased by 105,000 tons to 3.1424 million tons, and the total production of the five major steel products decreased by 239,600 tons to 8.6065 million tons [2] - **Inventory Data**: The total inventory of rebar increased by 166,100 tons to 6.4 million tons, the total inventory of hot - rolled coils increased by 88,800 tons to 3.7434 million tons, and the total inventory of the five major steel products increased by 328,200 tons to 15.007 million tons [2] - **Apparent Demand Data**: The apparent demand for rebar decreased by 21,400 tons to 2.0207 million tons, the apparent demand for hot - rolled coils decreased by 153,600 tons to 3.0536 million tons, and the apparent demand for the five major steel products decreased by 299,400 tons to 8.2783 million tons [2] - **Production Resumption in Tangshan**: Starting from September 4th, independent section steel mills in Tangshan gradually resumed normal production. As of the morning of September 4th, the survey showed that the operating rate of 29 section steel production enterprises in Tangshan was 49%, an increase of 14% compared to before the resumption [2] - **Later Concerns**: Macro policies; supply - side production reduction situation; downstream demand situation [3]