1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - This week, the apparent demand for rebar declined, production continued to rise slightly, and inventory continued to decline. The demand for hot-rolled coils recovered, production increased slightly, and inventory reduction accelerated, but the pressure still needs to be alleviated. Attention should be paid to the marginal changes in demand during the off-season [1] 3. Summary According to the Directory 3.1 Production - The total production of the five major varieties was 872.56 tons, a week-on-week decrease of 1.15 tons. Among them, rebar production was 385.43 tons, a week-on-week decrease of 33.91 tons; wire rod production was 77.44 tons, a week-on-week increase of 293.54 tons; hot-rolled coil production was 1.63 tons, a week-on-week decrease of 2.90 tons; cold-rolled coil production was 86.48 tons, a week-on-week increase of 0.39 tons; medium plate production was 385.43 tons, a week-on-week decrease of 36.79 tons [1] 3.2 Inventory - The total inventory of the five major varieties (factory inventory + social inventory) was 1257.99 tons, a week-on-week decrease of 18.29 tons. Among them, the rebar inventory (factory inventory + 35-city social inventory) was 434.25 tons, a week-on-week decrease of 18.29 tons; the wire rod inventory was 377.22 tons, a week-on-week decrease of 13.50 tons; the hot-rolled coil inventory was 307.04 tons, a week-on-week increase of 8.76 tons; the cold-rolled coil inventory was 124.25 tons, a week-on-week decrease of 1.88 tons; the medium plate inventory was 159.78 tons, a week-on-week decrease of 1.02 tons [1] 3.3 Consumption - The weekly consumption of the five major varieties (excluding imports and exports) was 833.61 tons, a week-on-week decrease of 5.96 tons. Among them, the rebar consumption was 202.68 tons, a week-on-week decrease of 5.96 tons; the wire rod consumption was 43.32 tons, a week-on-week increase of 72.33 tons; the hot-rolled coil consumption was 87.02 tons, a week-on-week decrease of 5.11 tons; the cold-rolled coil consumption was 86.67 tons, a week-on-week decrease of 0.04 tons; the medium plate consumption was 796.82 tons, a week-on-week decrease of 2.88 tons [1]