1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - For the rebar and hot - rolled coil sector, the market is currently in a holiday mode with weak supply and demand. It is expected to start after the Lantern Festival. The market's demand expectation for 2026 is relatively weak. Although the futures price has rebounded significantly, whether it can reverse remains to be seen. Due to the low current valuation, the downside space may be limited [2]. - For the iron ore sector, the market is still in a holiday mode and is expected to enter the consumption peak season after the Lantern Festival. The supply is affected by seasonal factors, with short - term shipments remaining low but expected to gradually recover. The port inventory has reached a record high. The iron ore has a technical rebound, but it is not certain if it has bottomed out [4]. 3. Summaries According to Relevant Catalogs 3.1 Rebar and Hot - Rolled Coil - **Market News**: Shanghai issued the "Shanghai Seven - Point Plan" to further reduce housing purchase restrictions. Some steel enterprises in North China received a notice of temporary independent emission reduction during the 2026 National Two Sessions, with a requirement of at least 30% reduction in blast furnace load from March 4th to March 11th [2]. - **Supply and Demand**: Before the Spring Festival, the output of rebar from 247 sample steel mills decreased significantly, the apparent demand declined month - on - month, and the total inventory continued to rise. The total output of the five major varieties decreased significantly, and the inventory continued to increase. The apparent demand is at a low level for the year [2]. - **Technical Analysis**: The futures price has a significant rebound, but whether it can form a reversal remains to be observed. Due to the low valuation, the downside space may be limited [2]. - **Operation Suggestion**: Maintain a wait - and - see attitude and trade cautiously [2]. - **Data**: A large amount of data on rebar and hot - rolled coil, including prices, basis, spreads, production, inventory, and apparent demand, are provided in Table 1 [2]. 3.2 Iron Ore - **Demand**: The market is in a holiday mode and is expected to enter the consumption peak season after the Lantern Festival. Before the Spring Festival, the average daily hot metal output of 247 sample steel mills increased slightly, and the steel and hot metal output are at a seasonal low. The market is more concerned about the spring consumption demand [4]. - **Supply**: Affected by seasonal factors in the Southern Hemisphere, the short - term shipments are expected to remain low but will gradually recover as the weather improves. The arrival volume has rebounded, and the port inventory has reached a record high [4]. - **Technical Analysis**: Driven by the Shanghai real - estate new policy and the rise of rebar, the iron ore has a technical rebound, but it is not certain if it has bottomed out [4]. - **Operation Suggestion**: Hold short positions lightly [4]. - **Data**: A large amount of data on iron ore, including prices, basis, spreads, shipments, arrival volume, inventory, and freight rates, are provided in Table 2 [5]. 3.3 Industry News - **Real - Estate Policy**: Shanghai issued the "Shanghai Seven - Point Plan" to further reduce housing purchase restrictions, including reducing the social security years for non - Shanghai residents to buy housing within the outer ring from 3 years to 1 year, allowing those who have paid social security for 3 years to purchase an additional property, and allowing those with a residence permit for 5 years to buy a property without social security. The maximum amount of provident fund family loans can reach 3.24 million yuan. Shanghai - registered families can be temporarily exempted from property tax if the newly purchased housing is their only property [7]. - **Coal Mine Production**: According to Mysteel's statistics, the daily output of raw coal from 523 coking coal mines increased by 430,000 tons week - on - week. Most coal mines that were on holiday during the Spring Festival have resumed production, and the output has increased significantly. However, the production is still at a low level, and a few coal mines will not be able to produce normally until after the Lantern Festival. The output will continue to increase next week. The coking coal inventory is 2.577 million tons, an increase of 60,000 tons month - on - month. After the Spring Festival, the market is in a wait - and - see mood, coking and steel enterprises are reducing inventory, and their purchasing enthusiasm is low, while the coal mine resumption rhythm is relatively fast, resulting in a slight accumulation of pit - mouth inventory [7][8]