Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The black metal sector maintained a volatile and slightly stronger trend today, but the volatility of steel prices further decreased. Short - term steel prices lack driving forces, with overall weak spot trading, less spot - futures purchases, and increasing market wait - and - see sentiment [5]. - Last week, the output of the five major steel products increased slightly. Among them, rebar output continued to increase while hot - rolled coil output decreased. However, as production suspensions and overhauls end this week, pig iron production is expected to resume [5]. - Recently, downstream demand has seasonally recovered, showing good performance, but inventories are still accumulating rapidly. Rebar inventory is accumulating faster, while hot - rolled coil inventory has started to decline [5]. - The capital availability of downstream construction sites across the country has improved recently, but the resumption of work and capital conditions are still weaker than in previous years [5]. - Recently, export orders have been performing well, leading to an improvement in the supply - demand situation of hot - rolled coils, but the overall inventory level is still high, and there is pressure on supply and demand [5]. - Overseas geopolitical frictions have increased recently, energy prices and shipping freight rates have continued to rise, and there are rumors of import disruptions for iron ore. If the frictions intensify in the future, it may drive up the raw material costs of steel [5]. - Short - term steel prices will maintain a volatile market with support at the bottom. In the future, attention should be paid to pig iron production, downstream demand performance, and overseas geopolitical frictions [5]. Group 3: Summary by Related Catalogs Market Information - Spot prices: Shanghai Zhongtian rebar is 3220 yuan (unchanged), Beijing Jingye rebar is 3170 yuan (+10 yuan), Shanghai Angang hot - rolled coil is 3290 yuan (+10 yuan), and Tianjin Hegang hot - rolled coil is 3220 yuan (unchanged) [4]. Market Judgments Trading Strategies - Unilateral trading: Follow overseas sentiment and maintain a volatile trend [6]. - Arbitrage: It is recommended to short the hot - rolled coil to coking coal ratio at high prices, and continue to hold the short position of the hot - rolled coil to rebar spread [6]. - Options: It is recommended to wait and see [7]. Important Information - From January to February 2026, China's pig iron output was 137.7 million tons, a year - on - year decrease of 2.7%; crude steel output was 160.34 million tons, a year - on - year decrease of 3.6%; and steel output was 221.19 million tons, a year - on - year decrease of 1.1% [8]. - On March 12, 2026, the UK Trade Remedies Authority issued an announcement, making a positive final anti - dumping ruling on tin - plated sheets originating from China. The dumping margin for Shougang Group is 27.85%, the injury margin is 62.39%, and the anti - dumping duty is 27.85%. The dumping margin for other exporters is 49.98%, the injury margin is 88.00%, and the anti - dumping duty is 49.98%. It is recommended to impose an anti - dumping duty on Chinese products involved for a period of 5 years [8][9]. Related Attachments - The report provides multiple charts, including the basis of rebar and hot - rolled coil contracts (01, 05, 10 contracts in Shanghai area), the price differences between different contracts (01 - 05, 05 - 10, 10 - 01), the spread between hot - rolled coil and rebar, the disk profit of rebar and hot - rolled coil contracts, the cash profit of different steel products (such as East China rebar, Tianjin hot - rolled coil, etc.), the cash profit of electric furnaces (at flat and valley electricity prices), the cash profit of Tangshan billets, the price difference between East China pig iron and scrap steel, the price difference between cold and hot rolled products in Shanghai, and the cost of East China electric furnaces [14][16][20]

1. Report's Industry Investment Rating - The investment rating for the steel industry in the black building materials sector is "volatile" [1] 2. Core Viewpoints of the Report - After the Spring Festival, the first trading day for rebar and hot-rolled coils ended lower, but they rose in the night session. The prices are currently at a relatively low level, so short - term long positions can be attempted at low prices with stop - loss set. It is expected that the later trend of hot - rolled coils will be stronger than that of rebar, and attention should be paid to the opportunity of going long on hot - rolled coils and short on rebar, with a higher safety margin when the price difference is below 150 [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On the first trading day after the Spring Festival, rebar and hot - rolled coils ended lower, and rose in the night session [1] 3.2 Important Information - As of February 22, 2026, the consumer goods trade - in program has benefited 30.532 million people, driving sales of 204.54 billion yuan. During the Spring Festival holiday, the sales of smart glasses and water - saving sanitary ware on key platforms increased by 47.3% and 23.2% respectively [1] - From February 16 to February 22, 2026, global shipyards received 23 new ship orders, among which Chinese shipyards received 14, Japanese shipyards received 4, and Finnish and American shipyards also received relevant orders [1] - As of the end of 2025, the ultra - low emission renovation project of China's steel industry has been successfully completed, with over 80% of crude steel production capacity achieving ultra - low emissions. The energy consumption of blast furnaces and converters of 143 cultivated enterprises decreased by 2.5% and 12.2% respectively compared with 2023, saving a total of 13.2 million tons of standard coal and reducing carbon dioxide emissions by 34 million tons [1] - During the "14th Five - Year Plan" period, a total of 940 million tons of crude steel production capacity, 470 million tons of cement clinker production capacity, 360 million tons of coking production capacity, and 170 million kilowatts of coal - fired power units have completed ultra - low emission renovations, establishing the world's largest clean power supply system and clean steel production system [1] 3.3 Market Logic - During the Spring Festival, the production of the five major steel products increased, and the inventory continued to rise, but the inventory accumulation rate was low. The spot price of steel was stable, and the market was basically closed [1] 3.4 Trading Strategies - After the Spring Festival, the intraday decline of rebar and hot - rolled coils was relatively large, and the decline stopped in the night session. At the current low price, short - term long positions can be attempted at low prices with stop - loss set. It is expected that the later trend of hot - rolled coils will be stronger than that of rebar, and attention should be paid to the opportunity of going long on hot - rolled coils and short on rebar, with a higher safety margin when the price difference is below 150 [1]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - On Monday, rebar and hot-rolled coils closed down, and also closed down during the night session. Steel spot prices declined in some areas and remained stable in most regions. As the Spring Festival approaches, winter storage in each region has basically ended, merchants are gradually on holiday, and the spot trading volume of construction steel has dropped to a freezing point. The market is mostly waiting for the recovery of post-festival demand. This year's winter storage intensity is weak, with a winter storage price of 3050 - 3150 yuan in the post-settlement mode [1]. 3. Summary by Relevant Catalog 3.1行情复盘 (Market Review) - On Monday, rebar and hot-rolled coils closed down, and also closed down during the night session [1]. 3.2重要资讯 (Important Information) - From February 2nd to February 8th, 2026, global shipyards received a total of 65 + 2 new ship orders. Chinese shipyards received 58 new ship orders, and South Korean shipyards received 7 + 2 new ship orders [1]. - On February 6th, 2026, the Brazilian Ministry of Development, Industry, Trade and Services' Foreign Trade Secretariat issued Announcement No. 6 of 2026, making a positive preliminary anti-dumping ruling on wire rods originating from China and Russia. It recommended continuing the investigation, not implementing temporary anti-dumping measures, and extending the deadline for making a final ruling to within 18 months from the date of filing the case. The products involved are under the Mercosur tariff numbers 72139110, 72139190, 72139910, 72139990, 72279000, 72132000, and 72272000 [1]. 3.3市场逻辑 (Market Logic) - Steel spot prices declined in some areas and remained stable in most regions. As the Spring Festival approaches, winter storage in each region has basically ended, merchants are gradually on holiday, and the spot trading volume of construction steel has dropped to a freezing point. The market is mostly waiting for the recovery of post-festival demand. This year's winter storage intensity is weak, with a winter storage price of 3050 - 3150 yuan in the post-settlement mode [1]. 3.4交易策略 (Trading Strategy) - Pay attention to whether the support line of 3050 for rebar can be effectively broken. As the holiday approaches, it is recommended to hold a light position or be out of the market [1].

1. Report Industry Investment Rating - There is no information provided about the report industry investment rating in the given content. 2. Report's Core View - The steel market is expected to maintain a volatile trend before the Spring Festival, but prices may fluctuate due to market sentiment. The market sentiment has weakened, with limited upside potential, and it may experience a slight correction in the short - term, maintaining a weak and volatile trend. [6][7] 3. Summary by Relevant Catalogs 3.1 Market Information 3.1.1 Thread Steel - **Futures**: RB05 closed at 3162 yuan/ton, up 4 yuan from the previous day; RB10 at 3210 yuan/ton, up 8 yuan; RB01 at 3143 yuan/ton, up 9 yuan. The 05 - contract thread steel's on - disk profit was - 167 yuan/ton, up 4 yuan; the 10 - contract was - 117 yuan/ton, up 10 yuan; the 01 - contract was - 97 yuan/ton, up 5 yuan. [2] - **Spot**: The price of Shanghai Zhongtian thread steel remained at 3270 yuan/ton. The cheapest deliverable was 3200 yuan/ton, with a 05 - contract basis of 38 yuan/ton, a 10 - contract basis of - 10 yuan/ton, and a 01 - contract basis of 57 yuan/ton. The profit of Shanghai thread steel rolling was 20 yuan/ton, up 10 yuan from the previous day, while the profit of East China thread steel was - 106 yuan/ton, down 2 yuan. [2] 3.1.2 Hot - Rolled Coil - **Futures**: HC05 closed at 3306 yuan/ton, up 3 yuan from the previous day; HC10 at 3330 yuan/ton, up 9 yuan; HC01 at 3251 yuan/ton, down 29 yuan. The 05 - contract hot - rolled coil's on - disk profit was - 23 yuan/ton, up 3 yuan; the 10 - contract was 3 yuan/ton, up 11 yuan; the 01 - contract was 11 yuan/ton, down 33 yuan. [2] - **Spot**: The price of Shanghai Angang hot - rolled coil was 3290 yuan/ton, up 10 yuan. The cheapest deliverable was 3280 yuan/ton, with a 05 - contract basis of - 26 yuan/ton, a 10 - contract basis of - 50 yuan/ton, and a 01 - contract basis of 29 yuan/ton. The profit of Tianjin hot - rolled coil was - 368 yuan/ton, up 1 yuan from the previous day, and the profit of East China hot - rolled coil was - 180 yuan/ton, up 8 yuan. [2] 3.2 Market Judgment 3.2.1 Related Prices - The spot price of Shanghai Zhongtian thread steel was 3270 yuan, unchanged; Beijing Jingye was 3170 yuan, unchanged; Shanghai Angang hot - rolled coil was 3290 yuan, up 10 yuan; Tianjin Hegang hot - rolled coil was 3190 yuan, unchanged. [5] 3.2.2 Trading Strategies - **Unilateral**: The market sentiment has weakened, with limited upside potential. It may experience a slight correction in the short - term and maintain a weak and volatile trend. [7] - **Arbitrage**: It is recommended to short the hot - rolled coil to coking coal ratio at high levels and continue to hold the short position of the hot - rolled coil to thread steel spread. [8] - **Options**: It is recommended to wait and see. [9] 3.2.3 Important Information - In December 2025, China exported 1130.1 million tons of steel, an increase of 132.1 million tons from the previous month, a month - on - month increase of 13.2%; from January to December, the cumulative steel exports were 11901.9 million tons, a year - on - year increase of 7.5%. In December, China imported 51.7 million tons of steel, an increase of 2.1 million tons from the previous month, a month - on - month increase of 4.2%; from January to December, the cumulative steel imports were 605.9 million tons, a year - on - year decrease of 11.1%. [10] - In December 2025, China exported 994,000 vehicles; from January to December, the cumulative vehicle exports were 8.324 million, a year - on - year increase of 30.0%. [11] 3.3 Related Attachments - The report provides multiple charts, including those related to the basis, price spreads, on - disk profits, and cash profits of thread steel and hot - rolled coil, as well as the spreads between different regions and products. [16][18][20]

Report Summary 1. Report Industry Investment Rating - The report gives a "Oscillating Bullish" rating for the steel products in the black building materials sector [1] 2. Core Viewpoints - Steel prices are affected by factors such as production reduction and maintenance of steel mills, policy adjustments, and supply - demand relationships. Although the demand side is weak, the marginal reduction of crude steel supply and the release of negative risks may lead to a short - term rebound in steel prices [1] 3. Summary by Related Catalogs 3.1 Market Review - On Wednesday, rebar and hot - rolled coils continued to decline. At night, rebar closed down and hot - rolled coils closed up [1] 3.2 Important Information - Some steel mills in Shanxi have proposed production suspension and maintenance plans. One steel mill's blast furnace is planned to be shut down for maintenance this weekend, with a daily output impact of about 0.7 million tons. Three steel mills are tentatively planned for maintenance in December, with a daily output impact of about 1.35 million tons [1] - The Dalian Commodity Exchange publicly solicited opinions on adjusting the coking coal delivery quality standard [1] - The Tariff Commission of the State Council announced that starting from 13:01 on November 10, 2025, it will adjust the tariff - imposing measures on imported goods originating from the United States, continuing to suspend the implementation of the 24% tariff rate on the United States for one year and retaining the 10% tariff rate [1] - According to data from the China Iron and Steel Association, in late October 2025, key steel enterprises produced 19.99 billion tons of crude steel, with an average daily output of 1.817 billion tons, a 9.8% decrease from the previous ten - day period. The steel inventory was 14.63 billion tons, a decrease of 1.95 billion tons or 11.8% from the previous ten - day period [1] 3.3 Market Logic - On Wednesday, the price of 61.5% Australian PB iron ore powder was 775 yuan/ton (- 10). The price of first - class metallurgical coke at Rizhao Port was 1680 yuan/ton, unchanged; the price of second - class metallurgical coke was 1580 yuan/ton, unchanged. The price of Shanghai rebar was 3190 yuan/ton (- 20) [1] - Blast furnaces in Tangshan are reducing production and undergoing maintenance, some enterprises are reducing production, and electric - arc furnace steel is in full - scale loss. The marginal supply of crude steel is shrinking, while the demand side remains weak. Rebar has declined again, approaching the 3000 - point mark, and negative risks have been released. The resistance level of the rebar main contract is 3230, and the support level is 3000 [1] 3.4 Trading Strategy - The 3000 - point level of rebar still has strong resilience and may rebound in the short term. It is recommended to try to lay out long positions around 3000, and stop loss if it effectively breaks below 3000 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The steel market is in a short - term volatile state. The prices of rebar and hot - rolled coils have shown fluctuations, and the market is affected by various factors such as policies, production data, and exchange rates. Traders are advised to wait for opportunities or conduct short - term operations [1] 3. Summary by Directory Market Review - On Thursday, the main rebar contract closed at 2973, up 0.10%; the second - main contract closed at 2978, up 0.17%. The main hot - rolled coil contract closed at 3103, up 0.39%; the second - main contract closed at 3101, up 0.29%. The night session continued to close higher [1] Important Information - The third batch of consumer goods trade - in funds will be issued in July by the National Development and Reform Commission - The Eurasian Economic Commission continues to impose anti - dumping duties on seamless steel pipes from China - In mid - June, the average daily output of crude steel by key steel enterprises was 2.148 million tons, a 0.5% decrease from the previous period. It is estimated that the national daily output of crude steel this ten - day period was 2.77 million tons, a 1.2% increase from the previous period - On June 26, the on - shore RMB exchange rate against the US dollar rose above the 7.17 and 7.16 levels, reaching a new high since mid - November last year. The US dollar index once fell below the 97.0 level, hitting a new low since February 2022 [1] Market Logic - On Thursday, the spot prices of rebar and hot - rolled coils fluctuated, and the trading volume was average. During the day, coking coal led the rise, and the finished products rose at the end of the session. The iron ore had a large increase in the night session. According to Steel Union data, this week, the rebar production increased, the inventory decreased, and the apparent demand slightly increased. The production and inventory of hot - rolled coils slightly increased, and the apparent demand decreased. Recently, many electric - arc furnace plants have shut down, but more blast furnaces have resumed production. The hot and rainy weather continues to affect the building materials demand. Rebar and hot - rolled coils are still in the volatile range. The upper pressure level of the main rebar contract is 3050, and the important support level is 2912. The support level of hot - rolled coils is 3026, and the pressure level is 3150. Stainless steel is in a downward trend, with a support level of 12000 and a pressure level of 12655. Attention should be paid to whether rebar and hot - rolled coils can break through the upper edge of the volatile range [1] Trading Strategy - Wait for opportunities or conduct short - term operations [1]