Group 1: Investment Rating - The investment rating for the industry is not clearly stated in the report [1][3] Group 2: Core View - The core view of the report is that the steel prices are expected to fluctuate, and attention should be paid to the start - up of the demand side and the impact of macro - policies [1][3] Group 3: Key Points from the Report - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 80.22%, a month - on - month increase of 0.09 percentage points and a year - on - year increase of 1.93 percentage points; the daily average hot metal output was 2.3328 million tons, a month - on - month increase of 27,900 tons and a year - on - year increase of 53,400 tons [2] - The average capacity utilization rate of 94 independent electric arc furnace steel mills nationwide was 7.35%, basically unchanged month - on - month and a year - on - year decrease of 41.56 percentage points; the average operating rate was 10.14%, a month - on - month increase of 0.29 percentage points and a year - on - year decrease of 53.2 percentage points [2] - Tangshan City launched a level - II emergency response for heavy pollution weather at 18:00 on March 1, 2026, and the lifting time will be notified separately [2] - At the end of last week, the ex - factory tax - included price of ordinary billet resources in Qian'an, Tangshan increased by RMB 10/ton, reaching RMB 2,920/ton [2] - Last week, the finished steel prices first declined and then rose, fluctuating at the bottom. The main contract of rebar approached the 3,000 level at the lowest, and the main contract of hot - rolled coil briefly fell below 3,200 [2] - Last week's fundamental changes were in line with expectations, and inventory accumulation was within the normal rhythm. Although the Spring Festival holiday has passed, downstream demand has not started yet. As the Two Sessions approach, the impact of macro - level factors on prices has increased [2]