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Market Overview - As of September 30, the price of rebar is 3230 CNY/ton, with a weekly increase in shipments to 54,000 tons, up by 14,000 tons compared to the same period last week [1] - Rebar inventory in Hangzhou is at 834,000 tons, down by 176,000 tons from the previous week [1] - The Shanghai rebar price index shows a slight fluctuation throughout September, with a peak of 3206 CNY/ton and a low of 3139 CNY/ton, resulting in a maximum fluctuation of less than 70 CNY/ton [1] Supply and Demand Dynamics - As of September 25, rebar production has shifted from decline to increase, with a production of 2.0646 million tons, up by 0.01 million tons from the previous week [1] - The apparent demand for rebar is 2.2044 million tons, which is an increase of 104,100 tons, reflecting a growth rate of 4.96% [1] - Despite a slight improvement in demand in September, the long-term outlook for the real estate sector remains negative, leading to a year-on-year decline in rebar demand [3] Industry Sentiment - According to Ningzheng Futures, cash flow for most downstream enterprises has improved only slightly, with weak inventory accumulation concerns ahead of the National Day holiday [2] - There are expectations of increased supply-demand pressure post-holiday, which may lead to production cuts by steel mills [2] - Southwest Futures notes that the overall inventory levels for rebar are significantly higher than the same period last year, indicating rising inventory pressure [3]