Report Industry Investment Rating - No information provided Core Views - The price of finished products is expected to move in a range-bound manner, and the price of aluminum is expected to remain high in the short term [1][2] Summary by Relevant Catalogs Finished Products - Yungui region's short - process construction steel enterprises will have a total production reduction of 74.1 tons during the Spring Festival shutdown. Anhui's 6 short - process steel mills will have a daily production reduction of 1.62 tons during the shutdown [1] - From December 30, 2024, to January 5, 2025, the transaction area of newly - built commercial housing in 10 key cities decreased by 40.3% week - on - week and increased by 43.2% year - on - year [1] - Finished products continued to decline yesterday, reaching a new low. In the pattern of weak supply and demand, the market sentiment is pessimistic, and winter storage is sluggish, with weak price support [1] Aluminum - Macro - level tariff threats from the US to Europe will negatively impact aluminum demand expectations, while China's GDP growth and industrial added - value growth provide long - term support for aluminum demand [1] - Newly - invested electrolytic aluminum projects in China and Indonesia are ramping up production, and the daily output is increasing. The supply of domestic bauxite is gradually improving, and the inventory of alumina plants has increased by 70.36 tons [1] - The price of alumina is falling, and the willingness of alumina plants to purchase bauxite at a premium is low, so the price of domestic bauxite may decline [1] - The operating rates of domestic aluminum downstream processing enterprises are differentiated, with a slight increase of 0.2 percentage points to 60.2%. High aluminum prices suppress downstream consumption and the expansion of inventory - building willingness [1] - On January 19, the inventory of electrolytic aluminum ingots in mainstream consumption areas increased by 1.9 tons compared to last Monday [1] - Due to macro uncertainties and weak fundamentals, but strong bullish sentiment from funds, aluminum prices are expected to remain high in the short term [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The steel price is operating at a low level and faces short - term downward pressure [3] Group 3: Summary by Related Content Steel Production Data - In September 2025, China's crude steel production was 73.49 million tons, a year - on - year decrease of 4.6%; pig iron production was 66.05 million tons, a year - on - year decrease of 2.4%; steel production was 124.21 million tons, a year - on - year increase of 5.1%. From January to September, China's crude steel production was 746.25 million tons, a year - on - year decrease of 2.9%; pig iron production was 645.86 million tons, a year - on - year decrease of 1.1%; steel production was 1.10385 billion tons, a year - on - year increase of 5.4% [2] Real Estate Data - From January to September, the national real estate development investment was 677.06 billion yuan, a year - on - year decrease of 13.9%; residential investment was 520.46 billion yuan, a decrease of 12.9%. The construction area of real estate development enterprises was 6.4858 billion square meters, a year - on - year decrease of 9.4%; residential construction area was 4.52165 billion square meters, a decrease of 9.7%. The new construction area was 453.99 million square meters, a decrease of 18.9%; residential new construction area was 332.73 million square meters, a decrease of 18.3%. The completed area was 311.29 million square meters, a decrease of 15.3%; residential completed area was 222.28 million square meters, a decrease of 17.1% [2] Market Performance and Influencing Factors - The finished steel price rose first and then fell. After rising on Friday night and Monday morning, it gradually declined and gave back most of the day's gains at the close. The overall macro - economic data released today was weak, especially the limited improvement in the real estate sector. Overseas trade frictions also had a negative impact on China's steel exports. Attention should be paid to Sino - US economic and trade consultations and domestic important meetings [2] Later Concerns - Macro policies and downstream demand conditions should be concerned [3]