1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint of the Report - On Friday, rebar and hot-rolled coils closed down, and also closed down during the night session. This week, the production and inventory of the five major steel products both increased while the demand decreased. Rebar production and inventory both increased, and rebar continued to accumulate inventory. Hot-rolled coil production increased while inventory decreased. Rigid demand has entered the seasonal off - season, winter storage demand is lower than in previous years, and the market generally expects stability after the festival. Before the festival, the supply - demand situation changes little, and it is expected to fluctuate in the short term [1]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Friday, rebar and hot - rolled coils closed down, and also closed down during the night session [1]. 3.2 Important Information - The Ministry of Transport expects to complete more than 3.6 trillion yuan in transportation fixed - asset investment in 2025 [1]. - According to the latest production schedule report of the three major white goods released by Industrial Online, the total production volume of air conditioners, refrigerators, and washing machines in February 2026 is 23.79 million units, a 22.1% decrease compared with the actual production volume of the same period last year [1]. - Mysteel's research on the Spring Festival shutdown of 95 independent electric arc furnace steel mills shows that most of them shut down in February. From February 1st to February 8th, the number of shut - down steel mills was the largest, 44, accounting for 47.83%. The remaining 9 steel mills will shut down one after another after February 8th, and the latest one will shut down on February 15th [1]. - A survey of winter storage of construction steel mills in Hubei shows that in terms of price - locking policies, the leading price - locking price of construction steel in Wuhan is about 3,150 yuan/ton, and the scale of price - locking policies has decreased [1]. - China's official manufacturing PMI in January was 49.3%, a decrease of 0.8 percentage points from the previous month. The National Bureau of Statistics pointed out that in January, some manufacturing industries entered the traditional off - season, and the effective market demand was still insufficient, so the manufacturing prosperity level declined [1]. 3.3 Market Logic - This week, the production and inventory of the five major steel products both increased while the demand decreased. Rebar production and inventory both increased, and rebar continued to accumulate inventory. Hot - rolled coil production increased while inventory decreased. Rigid demand has entered the seasonal off - season, winter storage demand is lower than in previous years, and the market generally expects stability after the festival. The current winter storage price - locking is basically between 3,100 - 3,150 yuan, which is roughly the same as the futures price [1]. 3.4 Trading Strategy - Before the festival, the supply - demand situation changes little, and it is expected to fluctuate in the short term. The support level of the rebar main contract is 3,050, and the resistance level is 3,200. It is recommended to conduct band operations within the range [1].

Group 1: Report Industry Investment Rating - The investment rating for the steel sector in the black building materials industry is "oscillating" [1] Group 2: Core View of the Report - On Wednesday, the prices of rebar and hot-rolled coils declined. With the approaching Spring Festival, downstream steel demand has gradually decreased recently, market speculative sentiment is poor, and winter storage policies have been gradually implemented. Merchants generally lack confidence in winter storage, and it is expected that the winter storage volume this year will be significantly lower than in previous years. The impact of the macro environment on the market is neutral. The short - term trend is expected to be oscillating [1] Group 3: Summary by Relevant Catalog Market Review - On Wednesday, rebar and hot - rolled coils closed down [1] Important Information - The Ministry of Ecology and Environment: During the "14th Five - Year Plan" period, a total of 940 million tons of crude steel production capacity and 170 million kilowatts of coal - fired power units have completed ultra - low emission transformation [1] - The National Energy Administration: As of the end of 2025, the cumulative installed power generation capacity nationwide was 3.89 billion kilowatts, a year - on - year increase of 16.1% [1] - According to the latest production scheduling report of three major white goods released by Industrial Online, the total production scheduling volume of air conditioners, refrigerators, and washing machines in February 2026 was 23.79 million units, a 22.1% decrease compared with the actual production volume of the same period last year [1] Market Logic - Steel prices remained flat on Wednesday. With the approaching Spring Festival, downstream steel demand has gradually decreased, market speculative sentiment is poor, winter storage policies have been gradually implemented, and merchants generally lack confidence in winter storage. It is expected that the winter storage volume this year will be significantly lower than in previous years. The impact of the macro environment on the market is neutral [1] Trading Strategy - The short - term trend is oscillating. The support level for the rebar main contract is 3050, and the resistance level is 3200 [1]

Report Investment Rating - The investment rating for the steel industry in the black building materials sector is "Oscillating with a Bullish Bias" [3] Core View - The current market has weak supply and demand with no prominent contradictions. It is expected that steel mill production will continue to operate at a low level, and the increase in demand during the off - season is limited. The screw and coil futures prices are expected to continue to fluctuate, with the resistance level for rebar at 3200 and the support level at 3030. Short - term operations are recommended [3] Summary by Relevant Catalog Market Review - Rebar and hot - rolled coils closed higher during the night session on Wednesday [3] Important Information - Beijing has further optimized and adjusted the housing purchase restriction policy, including relaxing the conditions for non - Beijing household registration families to purchase houses, allowing multi - child families to buy an additional house within the Fifth Ring Road, and adjusting mortgage and provident fund loan policies [3] - According to CISA data, in mid - December, the average daily output of crude steel from key steel enterprises was 1.845 million tons, a 1.3% decrease from the previous period. The steel inventory was 16.01 million tons, an 8.6% increase from the previous ten - day period and a 2.6% increase from the same period last month [3] - The US government announced on the 23rd that it will impose tariffs on Chinese chips in 2027, ending a trade investigation initiated by the previous Biden administration. However, it will not impose additional tariffs on Chinese chips for at least 18 months [3] - This year, the State Grid will complete fixed - asset investment of over 650 billion yuan, a record high [3] Market Logic - The current market has weak supply and demand with no prominent contradictions. Steel mill production is expected to remain at a low level, and demand growth in the off - season is limited [3] Trading Strategy - Short - term operations are recommended [3]

Report Title and Information - The report is titled "Zhonghui Futures Steel Weekly Report: Short - term Range - bound, Awaiting Market Drivers", issued on November 14, 2025, by Zhonghui Futures Co., Ltd [1] Market Overview - This week, the black - sector showed slight differentiation. The main contract of rebar rose 0.6%, hot - rolled coil rose 0.3%, iron ore rose 1.6%, coke fell 5%, and coking coal fell 6.1%. The previously strong coal and coke weakened [2] - In terms of supply and demand, the production and demand of rebar and hot - rolled coil both declined month - on - month, showing off - season characteristics. The inventory of hot - rolled coil and rebar in East China continued to rise against the season, creating real - world pressure [2] - Macroeconomic data remained poor, with the growth rates of real estate and infrastructure investment remaining weak. The previously supportive supply side of coking coal loosened, and the policy emphasis on supply security changed market expectations [2] Strategy Suggestions - The recent steel market has been dull, with low prices reflecting weak fundamentals. Further market development requires new logical support [2] - The macro and anti - involution factors have temporarily ended. The upward drive of raw material replenishment and the downward drive of industrial negative feedback may become the focus of market games in the next stage [2] - The rebar 01 contract found support around 3000. There may be a short - term technical rebound, but the upside is expected to be limited due to fundamental constraints [2] Steel Monthly Data (as of September 30, 2025) - Pig iron production was 6605000 tons, a year - on - year decrease of 2.4%; the cumulative production was 64586000 tons, a year - on - year decrease of 1.1% [4] - Crude steel production was 7349000 tons, a year - on - year decrease of 4.6%; the cumulative production was 74625000 tons, a year - on - year decrease of 2.9% [4] - Steel production was 12421000 tons, a year - on - year increase of 5.1%; the cumulative production was 110385000 tons, a year - on - year increase of 5.4% [4] - Steel imports were 50000 tons, a year - on - year decrease of 1%; the cumulative imports were 504000 tons, a year - on - year decrease of 11.9% [4] - Steel exports were 978000 tons, a year - on - year increase of 3.6%; the cumulative exports were 9774000 tons, a year - on - year increase of 6.6% [4] Five - Major Steel Products Weekly Data (as of November 14, 2025) | Product | Weekly Production (tons) | Production Change | Cumulative Production YoY | Weekly Consumption (tons) | Consumption Change | Cumulative Consumption YoY | Inventory (tons) | Inventory Change | Inventory YoY | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | 200000 | - 8540 | - 3% | 216370 | - 2150 | - 6% | 576170 | - 16370 | 29.33% | | Wire Rod | 78570 | - 7900 | - 7% | 87000 | - 1870 | - 8% | 122280 | - 8410 | 21% | | Hot - Rolled Coil | 313660 | - 4500 | 1% | 313590 | - 710 | 1% | 410520 | 70 | 27% | | Cold - Rolled Coil | 83960 | 120 | 1.84% | 86390 | 1070 | 1.13% | 172070 | - 2430 | 15.71% | | Medium and Heavy Plate | 158190 | - 1540 | 4.33% | 157270 | - 2670 | 4.21% | 196310 | 920 | 5.27% | | Total | 834380 | - 22360 | 0% | 861000 | - 6000 | - 1.25% | 1477000 | - 26220 | 22.72% | [5] Steel Production Profit (as of November 13, 2025) | Region | Rebar - Blast Furnace Change | Rebar - Electric Furnace - Valley Electricity Change | Rebar - Electric Furnace - Flat Electricity Change | Hot - Rolled Coil - Blast Furnace Change | | --- | --- | --- | --- | --- | | East China | 29 | 17 | - 86 | 3 | | North China | 39 | 5 | - 50 | - 56 | | Central China | 175 | 10 | - 123 | 75 | [20] Steel Demand Real Estate High - Frequency Data - The cumulative year - on - year decrease in the commercial housing transaction area of 30 large - and medium - sized cities was 6.5% [27] - The cumulative year - on - year decrease in the land transaction area of 100 cities was 13.6% [27] Cement and Concrete Demand - The marginal improvement in cement out - bound volume, with a cumulative year - on - year decrease of 25% [30] - The concrete delivery volume increased month - on - month, with the absolute level comparable to the same period last year and a cumulative year - on - year decrease of 9% [30] Steel Exports - In October, steel exports decreased month - on - month and were lower than the same period last year [36] - After October, the domestic - foreign price difference declined again [36] Steel Inventory and Basis Rebar - Rebar basis remained stable this week, with limited fluctuations in both the futures and spot markets. After November, the basis usually weakens. During the basis convergence period, the futures market usually oscillates upward. With current rebar production lower than last year, inventory is expected to enter a normal destocking phase, and the short - term basis is expected to remain stable [50] - The 1 - 5 month spread of rebar was weak at a low level this week, with limited fluctuations [60] Hot - Rolled Coil - The basis of the hot - rolled coil 01 contract remained stable. This week, the inventory of hot - rolled coil continued to rise slightly, reaching the highest level for the same period. Cold - rolled coil inventory was also at a relatively high level. According to seasonal patterns, there is a risk of further inventory increase, which will continue to suppress the basis [54] - The 1 - 5 month spread of hot - rolled coil changed little, showing a slight discount. The fundamentals of hot - rolled coil tend to be looser, suppressing the inter - month spread and preventing it from strengthening [65]