1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The steel futures market continued to face pressure, with overall weak spot trading. Steel prices declined following the futures market, and procurement was mainly driven by rigid demand [5]. - Last week, steel production resumed, and the output of both rebar and hot - rolled coils increased due to improved profit margins. Total steel inventory continued to decline, with social inventory decreasing faster than factory inventory. Steel was still in the de - stocking cycle, and inventory accumulation was relatively delayed [5]. - Seasonal factors led to a weakening in the apparent demand for building materials, while the apparent demand for hot - rolled coils continued to increase due to year - end inventory replenishment by home appliance enterprises and export volume surges. Overall, steel demand remained fair [5]. - On the raw material side, coal mine supply decreased slightly, and prices stopped falling and stabilized. The loss of import profit supported iron ore prices, providing cost support for steel. Recently, the iron ore market started to trade on inventory replenishment. However, subsequent resumption of hot metal production may suppress the upward space for steel prices [5]. - In January, the management of steel export licenses began. After the export surge in December, short - term exports may decline. With the arrival of winter, the marginal demand for steel weakened, putting pressure on steel prices. The impact of subsequent policies on the export side still needs to be observed, and attention should be paid to the influence of macro - news on the futures market [5]. 3. Summary by Relevant Catalogs Market Information - Spot prices: The net price of Shanghai Zhongtian rebar was 3,260 yuan (- 10), Beijing Jingye rebar was 3,140 yuan (- 10), Shanghai Angang hot - rolled coil was 3,250 yuan (- 20), and Tianjin Hegang hot - rolled coil was 3,170 yuan (- 10) [4]. Market Judgments Trading Strategies - Unilateral: The steel market is expected to maintain a weak and volatile trend [6]. - Arbitrage: It is recommended to short the hot - rolled coil to coking coal ratio at high levels and continue to hold the short position in the hot - rolled coil to rebar spread [7]. - Options: It is recommended to wait and see [8]. Important Information - As of December 30, the capital availability rate of sample construction sites was 59.9%, a week - on - week increase of 0.19 percentage points. The capital availability rate of non - housing construction projects was 61%, a week - on - week increase of 0.2 percentage points, and that of housing construction projects was 54.62%, a week - on - week increase of 0.12 percentage points. The capital availability rate has increased for two consecutive weeks, and the improvement in non - housing construction projects was greater than that in housing construction projects. At the end of the year, project payment collections have gradually improved, especially for projects covered by central and state - owned enterprises. The regions with improved capital are in East and South China [9]. - On December 31, 2025, the Mexican Ministry of Economy issued an announcement, making a positive preliminary anti - dumping ruling on finished and semi - finished hollow profiles originating from China and the United States. It initially decided to impose a temporary anti - dumping duty on the涉案 products, with a tax of 1.88 US dollars per kilogram for products imported from China and 1.62 US dollars per kilogram for those from the United States. The measure took effect the day after the announcement and is valid for four months [10]. Relevant Attachments - The report includes 31 figures, such as those showing the aggregated prices of rebar and hot - rolled coils, basis differences of different contracts, price spreads between different contracts, and various profit indicators of steel products. The data sources are Galaxy Futures, Mysteel, and Wind [13][15][17]