1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The steel market shows a situation of both supply and demand increasing, with the slowdown of inventory accumulation. The supply pressure of rebar is limited, and the apparent consumption has significantly recovered, but the absolute level is still low. The inventory pressure is controllable, which supports the price stability. For iron ore, the import has increased significantly in the first two months, and the demand is expected to increase significantly after the Two - Sessions. The prices of finished products and iron ore are expected to show an oscillatory trend [1]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Tuesday, rebar and hot - rolled coils closed down, while iron ore closed up. During the night session, rebar and hot - rolled coils continued to close down, and iron ore continued to close up [1]. 3.2 Important Information - From January to February 2026, China's cumulative steel exports were 15.591 million tons, a year - on - year decrease of 8.1%; cumulative steel imports were 0.827 million tons, a year - on - year decrease of 21.7%; cumulative imports of iron ore and its concentrates were 210.023 million tons, a year - on - year increase of 10.0%; cumulative imports of coal and lignite were 77.222 million tons, a year - on - year increase of 1.5% [1]. - In February 2026, China exported 736,000 vehicles; from January to February, the cumulative exports were 1.532 million vehicles, a year - on - year increase of 57.9% [1]. - From March 2nd to March 8th, the total transaction (signing) area of newly built commercial housing in 10 key cities was 1.0084 million square meters, a month - on - month decrease of 23.6% and a year - on - year decrease of 34.4% [1]. - In February 2026, China exported 35.8985 million household appliances; from January to February, the cumulative exports were 80.2852 million units, a year - on - year increase of 16.4% [1]. - Guangxi aims to complete the renovation of more than 40,000 sets of urban dilapidated houses by 2030 [1]. - A representative of the National People's Congress suggested restoring the export tax rebate for high - end products and implementing the strategy of "promoting high - end, stabilizing the surrounding areas, and strict supervision" to solve the "involution" problem in the industry [1]. 3.3 Market Logic - The supply and demand of steel both increase, and the inventory accumulation slows down. The rebar production is still at the lowest level in the same period of the past five years, and the supply pressure is limited. The apparent consumption has recovered significantly, but the absolute level is still low. The inventory is accumulating, but the growth rate slows down, and the year - on - year increase is only 3%, so the overall inventory pressure is controllable. For iron ore, the import has increased by 10% in the first two months, and the iron - making water production is higher than that of the same period last year. Due to the production restrictions during the Two - Sessions, the iron - making water production has decreased, and it is expected to recover rapidly after the Two - Sessions, with a significant increase in iron ore demand. The spot price of iron ore has exceeded $105 [1]. 3.4 Trading Strategy - It is expected that the prices of finished products and iron ore will show an oscillatory trend, and the demand recovery situation should be continuously monitored. The support level of rebar is 3000, and the pressure level is 3200. The support level of hot - rolled coils is 3180, and the pressure level is 3300. The support level of iron ore is 730, and the pressure level is 800. For single - side trading, the existing long positions of rebar and hot - rolled coils should be held with stop - loss set. For arbitrage, the spread between hot - rolled coils and rebar has continued to widen to 158. The arbitrage positions of going long on hot - rolled coils and short on rebar should be held, with the stop - loss recommended to be raised to 120 and the take - profit set above 200 [1].