Group 1: Market Information - Shanghai Zhongtian rebar price is 3190 yuan (-10), Beijing Jingye rebar price is 3180 yuan (-), Shanghai Angang hot-rolled coil price is 3310 yuan (-20), and Tianjin Hegang hot-rolled coil price is 3230 yuan (-20) [4] Group 2: Market Analysis - Steel prices continued to decline today, with spot trading volume generally weak. The futures market also fell, and speculative sentiment was poor [5] - This week's data shows that steel production recovery has accelerated. Although blast furnaces in Hebei have reduced production due to environmental protection, the impact is limited [5] - Steel demand has continued to recover recently, with faster inventory reduction and increased apparent demand. The drop in temperature has contributed to the demand recovery [5] - The coal mine market has been volatile. Rising thermal coal prices and frequent coal mine accidents have led to short-term supply shortages of coking coal [5] - Plate inventory is high, and in the fourth quarter, capital release has slowed down, downstream payment collection is slow, and the number of projects has declined year-on-year. The impact of macro factors is gradually fading, and there is still pressure on the upside [5] - Steel prices will continue to fluctuate within a range, and a breakthrough requires more factors [5] Group 3: Trading Strategies - Unilateral trading: Steel prices will maintain a range-bound trend [6] - Arbitrage: Hold the 1-5 positive spread and the long position in the hot-rolled coil to rebar spread [7] - Options: It is recommended to wait and see [8] Group 4: Important News - Affected by large losses, Meijin shut down a 450 blast furnace on October 12, with no复产 date determined. Jianlong plans to conduct rotational maintenance on a 1080 and a 1380 blast furnace starting on November 10. Hongda plans to shut down a 1350 blast furnace in November, and Gaoyi plans to shut down a 1380 blast furnace on December 1. Jinguang plans to reduce production at two blast furnaces on a rotational basis from December 1. Steel mills in the Linfen area of Shanxi have conservatively reduced hot metal production by more than 30% [9] - In October 2025, 17,100 new new energy heavy trucks were added nationwide, a 21% decrease from the previous month and a 153% increase from the same period last year [10]