Group 1: Market Information - Spot prices: Shanghai Zhongtian threaded steel is 3210 yuan (-10), Beijing Jingye is 3220 yuan (-), Shanghai Angang hot-rolled coil is 3290 yuan (-), and Tianjin Hegang hot-rolled coil is 3230 yuan (-10) [4] Group 2: Market Analysis Core View - The black metal sector maintained a weak and volatile trend today. Iron ore led the rise, while steel spot trading was generally weak, with speculative sentiment low. The output of five major steel products increased this week, with a decrease in threaded steel output due to profit losses and an increase in hot-rolled coil output. The inventory reduction speed of steel products slowed down, the social inventory reduction speed accelerated, and the apparent demand for steel products also declined slightly. It is expected that the molten iron output will continue to decline this week, squeezing raw materials. Recently, coking coal and coke prices have accelerated their decline, while steel and ore prices have risen. The market has already priced in the fourth round of coke price cuts, but the downside space for coking coal is limited. There is a structural shortage of iron ore PB powder, providing cost support for steel products. Recently, infrastructure demand has increased, and the apparent demand for steel products has continued to improve. Therefore, the short-term steel price will still follow the fundamentals and maintain a volatile trend, with the overall range-bound pattern persisting. More factors are needed to break the situation. [5] Trading Strategies - Unilateral: Maintain a range-bound trend [6] - Arbitrage: It is recommended to hold the long position of the hot-rolled coil - threaded steel spread [7] - Options: It is recommended to wait and see [8] Important Information - The overall output of five major steel products increased by 5800 tons this week. The factory inventory of the five major steel products decreased by 10200 tons week-on-week, the social inventory decreased by 22090 tons, and the total inventory decreased by 32290 tons [9] - According to the latest production schedule report of three major white goods released by Industrial Online, the total production volume of air conditioners, refrigerators, and washing machines in December 2025 is 30.18 million units, a year-on-year decrease of 14.1%. Specifically, the production volume of household air conditioners in December is 14.11 million units, a year-on-year decrease of 22.3%; the production volume of refrigerators is 8.13 million units, a year-on-year decrease of 8.2%; and the production volume of washing machines is 7.94 million units, a year-on-year decrease of 1.9% [9][10] Group 3: Related Attachments - The report provides multiple charts, including the summary price charts of threaded steel and hot-rolled coil, the basis charts of different contracts for threaded steel and hot-rolled coil, the spread charts between different contracts for threaded steel and hot-rolled coil, the price difference charts between different contracts for threaded steel and hot-rolled coil, the disk profit charts of different contracts for threaded steel and hot-rolled coil, the cash profit charts of different steel products, and the cost charts of electric furnaces. The data sources include Galaxy Futures, Mysteel, and Wind [11][14][22]