1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - It is expected that finished products and iron ore will fluctuate with a bullish bias, and attention should be paid to the demand recovery situation. For trading, it is advisable to cautiously arrange long positions for rebar and hot - rolled coils, set stop - losses. For arbitrage, enter long hot - rolled coil and short rebar arbitrage orders opportunistically, and continue to hold existing positions with a suggested stop - loss of 110 and a take - profit of over 200 [2]. 3. Summary by Related Catalogs 3.1. Market Review - On Friday, rebar, iron ore, and hot - rolled coils all closed up, and they continued to close up during the night session [1]. 3.2. Important Information - Fujian aims to reach an annual manufacturing capacity of 50 electric ships by 2028 [1]. - In late February 2026, key steel enterprises produced 1622 million tons of crude steel, with an average daily output of 202.7 million tons (a 0.1% daily output decrease month - on - month); 1518 million tons of pig iron, with an average daily output of 189.7 million tons (a 2.9% daily output increase month - on - month); and 1689 million tons of steel, with an average daily output of 211.1 million tons (an 11.0% daily output increase month - on - month) [1]. - In late February 2026, the steel inventory of key steel enterprises was 1734 million tons, a decrease of 78 million tons (4.3%) from the previous ten - day period, an increase of 320 million tons (22.6%) from the beginning of the year, an increase of 263 million tons (17.9%) from the same ten - day period of the previous month, an increase of 103 million tons (6.3%) from the same ten - day period of last year, and a decrease of 68 million tons (3.8%) from the same ten - day period of the year before last [1]. - The C50 Wind Direction Index survey shows that new credit and social financing in February may increase less year - on - year, and the M2 growth rate may decline slightly [1]. - The global liquefied natural gas (LNG) shipping market has heated up sharply recently. The daily rent of LNG transport ships has soared from about $40,000 last week to about $300,000 currently, a rise of about 6.5 times. Due to the escalating situation in the Middle East, traders are scrambling to charter ships [1]. - Last week, the average capacity utilization rate of 94 independent electric arc furnace steel mills nationwide was 20.71%, a 13.36 - percentage - point increase month - on - month and a 31.38 - percentage - point decrease year - on - year; the average operating rate was 24.71%, a 14.57 - percentage - point increase month - on - month and a 42.22 - percentage - point decrease year - on - year [1]. 3.3. Market Logic - This week, the supply of the five major steel products was 7.9724 billion tons, a week - on - week increase of 0.47 million tons. The output structure of steel products has differentiated, with the output of rebar and wire rod increasing and the output of hot - rolled products decreasing. The total inventory of the five major steel products was 19.52 billion tons, a week - on - week increase of 1.0589 billion tons (a 5.7% increase). The total inventory of the five major products has rebounded, and both building materials and plates are in a state of inventory accumulation. Building materials inventory increased by 0.8976 billion tons, and plate inventory increased by 0.1613 billion tons. In terms of consumption, the weekly consumption of the five major products was 6.9135 billion tons, with the consumption of building materials increasing by 113.9% month - on - month and the consumption of plates increasing by 8.6% month - on - month. The consumption structure of building materials and plates in the five major products remains the same. From the industrial perspective, there is still room for further production increase of the five major steel products, the inflection point of finished product inventory destocking will be postponed, and the supply - demand contradiction in the black market is accumulating [1]. - Mysteel statistics show that the daily output of refined powder of 186 national mining enterprises is 453,600 tons, a week - on - week increase of 21,200 tons and a year - on - year decrease of 31,500 tons. The inventory of refined powder in mines is 950,700 tons, a week - on - week increase of 137,000 tons [1]. - Mysteel's survey of 247 steel mills shows that the blast furnace operating rate is 77.71%, a 2.51 - percentage - point decrease from last week and a 1.80 - percentage - point decrease from last year; the blast furnace iron - making capacity utilization rate is 85.32%, a 2.13 - percentage - point decrease from last week and a 1.22 - percentage - point decrease from last year; the steel mill profitability rate is 38.1%, a 1.73 - percentage - point decrease from last week and a 15.15 - percentage - point decrease from last year; the daily molten iron output is 2.2759 million tons, a week - on - week decrease of 56,900 tons and a year - on - year decrease of 29,200 tons [1][2]. - Mysteel statistics show that the total inventory of imported iron ore in 47 national ports is 178.9483 million tons, a week - on - week increase of 35,300 tons; the daily port clearance volume is 3.2698 million tons, an increase of 134,500 tons. In terms of components, the inventory of Australian ore is 82.8149 million tons, a decrease of 21,500 tons; the inventory of Brazilian ore is 58.0740 million tons, a decrease of 407,000 tons; the inventory of traded ore is 117.8021 million tons, an increase of 685,600 tons; the inventory of coarse powder is 138.6641 million tons, a decrease of 763,300 tons; the inventory of lump ore is 20.0406 million tons, an increase of 244,900 tons; the inventory of refined powder is 16.4641 million tons, an increase of 551,500 tons; the inventory of pellets is 3.7795 million tons, an increase of 2,200 tons. The number of ships in port is 115, an increase of 4. Mysteel statistics show that the total inventory of imported iron ore in 45 national ports is 171.1786 million tons, a week - on - week increase of 259,000 tons; the daily port clearance volume is 3.1108 million tons, an increase of 126,000 tons; the number of ships in port is 112, an increase of 5 [2]. - The daily consumption of imported ore of 247 national sample steel mills has decreased by 78,600 tons to 2.8085 million tons, reaching a new low this year. Steel mills purchase on demand, and the inventory of imported ore in the factory has decreased by 735,200 tons to 90.1157 million tons, a year - on - year decrease of 1.86%, reaching a new low in the same period in recent years. However, the inventory - to - consumption ratio has increased by 0.62 days to 32.09 days. Later, steel mills may have a demand for iron ore replenishment, but the high port inventory still suppresses the market trend [2]. 3.4. Trading Strategy - It is expected that finished products and iron ore will fluctuate with a bullish bias. The support level for rebar is 3000, and the pressure level is 3120. The support level for hot - rolled coils is 3180, and the pressure level is 3300. The support level for iron ore is 730, and the pressure level is 800 [2]. - Unilateral trading: Cautiously arrange long positions for rebar and hot - rolled coils and set stop - losses. - Arbitrage: Enter long hot - rolled coil and short rebar arbitrage orders opportunistically, continue to hold existing positions, with a suggested stop - loss of 110 and a take - profit of over 200 [2].