Report Summary 1. Report Industry Investment Rating - Not available 2. Core Viewpoint - Not available 3. Summary by Related Catalogs Price and Profit - The document provides the spot prices of various types of steel products (including different types of rebar and hot-rolled and cold-rolled coils) from March 23 to March 27, 2026, in different regions (such as Beijing, Shanghai, Chengdu, etc.), and shows the price changes during this period [1] Production and Inventory - Not available Basis and Spread - Not available

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from March 19 to March 25, 2026, including Beijing, Shanghai, Chengdu, etc. for rebar and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. The price changes of different steel products in different regions are also shown. For example, Beijing rebar decreased by 40, Shanghai hot - rolled coil decreased by 40, and Shanghai cold - rolled coil decreased by 90 [1] Production and Inventory - Not provided in the given content Basis and Spread - Not provided in the given content

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - In terms of supply and demand, steel production continued to rise this week. Rebar production was similar to the same period last year, while hot-rolled coil production was at a low level. Construction steel demand recovered at a similar pace to last year, hot-rolled coil demand was weak, and cold-rolled coil and medium-thick plate demand were at the highest levels for the same period, showing strong demand resilience. Steel inventories decreased slightly and entered the destocking phase, but rebar inventories in East China were high, and the hot-rolled coil warehouse receipt volume was at the highest level for the same period. The overall fundamental contradictions in the steel market were not obvious, and the driving force was not strong. Pig iron production recovered significantly, supporting raw material demand. Geopolitical disturbances continued, and the problem of available iron ore resources remained unresolved, providing some support at the cost end [2]. - From the perspective of driving factors, the basis of rebar is bullish, while that of hot-rolled coil is bearish. Although steel mill profits are not high, they are generally acceptable, and there is an expectation of continued resumption of production, so the supply side will continue to increase. Real estate and infrastructure investment data are weak, while the demand for cold-rolled and medium-thick plates is strong, and the differentiation continues. The destocking slope driven by the overall demand recovery speed of steel in the later stage is crucial. At the same time, the raw material side is greatly affected by non-supply and demand disturbances, providing support. Currently, the black market still lacks strong driving forces, and the trading logic may shift to actual supply and demand in the later stage. It is advisable to sell spot steel at high prices or hedge at an appropriate time [2]. 3. Summary by Relevant Catalogs Steel Monthly Data - In December 2025, the monthly production of pig iron was 60720,000 tons, a year-on-year decrease of 9.9%; the cumulative production was 137,700,000 tons, a year-on-year decrease of 2.7%. The monthly production of crude steel was 68180,000 tons, a year-on-year decrease of 10.3%; the cumulative production was 160,340,000 tons, a year-on-year decrease of 3.6%. The monthly production of steel was 115,310,000 tons, a year-on-year decrease of 3.8%; the cumulative production was 221,190,000 tons, a year-on-year decrease of 1.1%. Steel imports were 370,000 tons, a year-on-year decrease of 33.5%; the cumulative imports were 830,000 tons, a year-on-year decrease of 21.7%. Steel exports were 7840,000 tons, a year-on-year decrease of 2.5%; the cumulative exports were 15,590,000 tons, a year-on-year decrease of 8.1% [4]. Five Major Steel Products Weekly Data - As of March 20, 2026, the weekly production of rebar was 2,033,300 tons, an increase of 80,300 tons, with a cumulative year-on-year decrease of 7%; consumption was 2,080,900 tons, an increase of 312,800 tons, with a cumulative year-on-year decrease of 10%; inventory was 8,894,100 tons, a decrease of 47,600 tons, a year-on-year increase of 6.26%. The weekly production of wire rod was 805,800 tons, an increase of 30,100 tons, with a cumulative year-on-year change of 0%; consumption was 850,000 tons, an increase of 155,700 tons, with a cumulative year-on-year decrease of 2%; inventory was 1,928,600 tons, a decrease of 40,900 tons, a year-on-year increase of 10%. The weekly production of hot-rolled coil was 3,002,100 tons, an increase of 49,500 tons, with a cumulative year-on-year decrease of 5%; consumption was 3,105,100 tons, an increase of 151,500 tons, with a cumulative year-on-year decrease of 5%; inventory was 4,612,900 tons, a decrease of 103,000 tons, a year-on-year increase of 13%. The weekly production of cold-rolled coil was 888,500 tons, an increase of 5,800 tons, with a cumulative year-on-year increase of 2.22%; consumption was 946,100 tons, an increase of 34,100 tons, with a cumulative year-on-year increase of 2.81%; inventory was 1,830,800 tons, a decrease of 57,600 tons, a year-on-year increase of 13.81%. The weekly production of medium-thick plate was 1,668,500 tons, an increase of 22,800 tons, with a cumulative year-on-year increase of 4.32%; consumption was 1,706,000 tons, an increase of 49,900 tons, with a cumulative year-on-year increase of 4.24%; inventory was 2,195,900 tons, a decrease of 37,500 tons, a year-on-year increase of 6.75%. The total weekly production of the five major steel products was 8,398,200 tons, an increase of 188,500 tons, with a cumulative year-on-year decrease of 2.86%; total consumption was 8,680,000 tons, an increase of 700,000 tons, with a cumulative year-on-year decrease of 3.24%; total inventory was 19,460,000 tons, a decrease of 286,600 tons, a year-on-year increase of 8.84% [5]. Steel Production Profit - On March 19, 2026, the profit of rebar from blast furnaces in East China was 110, a decrease of 18; the profit of rebar from electric furnaces using off-peak electricity was 31, a decrease of 2; the profit of rebar from electric furnaces using normal electricity was -90, a decrease of 2; the profit of hot-rolled coil from blast furnaces was 62, a decrease of 8. In North China, the profit of rebar from blast furnaces was 80, a decrease of 10; the profit of rebar from electric furnaces using off-peak electricity was 0, with no change; the profit of rebar from electric furnaces using normal electricity was -84, with no change; the profit of hot-rolled coil from blast furnaces was -34, an increase of 2. In Central China, the profit of rebar from blast furnaces was 175, with no change; the profit of rebar from electric furnaces using off-peak electricity was -10, with no change; the profit of rebar from electric furnaces using normal electricity was -142, with no change; the profit of hot-rolled coil from blast furnaces was 85, with no change [20]. Steel Demand - Since the beginning of this year, the cumulative year-on-year decrease in the commercial housing transaction area of 30 large and medium-sized cities compared with the same period last year was 19%, and the cumulative year-on-year increase in the land transaction area of 100 cities was 1.4% [27]. - In 2025, China's steel exports to Iran were only 270,000 tons, which can be ignored, but exports to the seven Gulf countries were about 14,000,000 tons, accounting for about 11.7% of China's total steel exports. Due to the de facto closure of the Strait of Hormuz, China's steel export orders and shipments to this region have been affected. Therefore, the war has a negative impact on China's steel exports in the short term, but if the war continues, the local steel shortage may need to be filled by China, which will form an indirect benefit. From January to February this year, steel exports decreased by 8% year-on-year [35]. Steel Inventory and Basis - The rebar basis rebounded slightly this week and was still slightly higher year-on-year. Currently, rebar production and apparent demand are similar to the same period last year, and there are price increases for certain specifications in some areas. This week, rebar entered the destocking phase, but the inventory in Hangzhou was still at the highest level for the same period, facing certain destocking pressure, and the room for the basis to strengthen was limited [49]. - The hot-rolled coil basis fluctuated at a low level this week. The hot-rolled coil inventory was high, and the warehouse receipts were at a high level for the same period, suppressing the basis. However, the basis has now fallen to a low level for the same period, and the room for further weakening is limited [53]. - The 5 - 10 month spread of rebar fluctuated little this week. During the destocking phase, the month spread tends to weaken. At the same time, the inventory level in Hangzhou is high, and the month spread may run weakly in the later stage [59]. - The 5 - 10 month spread of hot-rolled coil strengthened slightly, and the room for further strengthening is limited under the pressure of warehouse receipts and destocking [61].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from March 13 to March 19, 2026, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan for rebar, and Tianjin, Shanghai, and Lecong for hot-rolled and cold-rolled coils. The price changes during this period are also shown, with decreases in most cases [1]. Output and Inventory - Not provided in the given content Basis and Spread - Not provided in the given content

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Price and Profit - The report provides the spot prices of various types of steel products in different regions from March 6th to March 12th, 2026, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. For example, the price of Beijing rebar was 3120 on March 6th and 3150 on March 9th. The price changes of hot - rolled and cold - rolled coils from March 11th to March 12th are also given, with hot - rolled coil in Tianjin increasing by 50, Shanghai by 40, cold - rolled coil in Tianjin increasing by 10, and Shanghai by 20 [1] Production and Inventory - Not provided in the given content Basis and Spread - Not provided in the given content

Group 1: Report Information - The report is a steel morning report released by the black team of the research center on March 11, 2026 [1] Group 2: Spot Price Threaded Steel - Spot prices of threaded steel in Beijing, Shanghai, Xi'an, and Guangzhou remained unchanged from March 4 - 10, 2026; prices in Chengdu and Wuhan decreased by 40 [1] Hot - Rolled Coil - Spot prices of hot - rolled coils in Tianjin, Shanghai, and Lecong changed from March 4 - 10, 2026, with decreases of 30, 50, and 130 respectively [1] Cold - Rolled Coil - Spot prices of cold - rolled coils in Tianjin, Shanghai, and Lecong remained unchanged from March 4 - 10, 2026 [1]

Report Overview - This is a steel morning report from the Black Team of the Research Center on March 6, 2026, covering spot prices, price and profit, production and inventory, basis and spread [1] Spot Prices Rebar - Beijing rebar price increased from 3070 on February 27, 2026, to 3120 on March 4, 2026 [1] - Shanghai rebar price decreased from 3200 on February 27, 2026, to 3170 on March 4, 2026 [1] - Chengdu rebar price remained at 3330 from February 27 to March 4, 2026 [1] - Xi'an rebar price remained at 3240 from February 27 to March 4, 2026 [1] - Guangzhou rebar price decreased from 3400 on February 27, 2026, to 3390 on March 4, 2026 [1] - Wuhan rebar price remained at 3300 from February 27 to March 4, 2026 [1] Hot Rolled Coil - Tianjin hot rolled coil price remained at 3120 from February 27 to March 5, 2026 [1] - Shanghai hot rolled coil price increased from 3210 on February 27, 2026, to 3250 on March 5, 2026 [1] - Lecong hot rolled coil price remained at 3220 from February 27 to March 5, 2026 [1] Cold Rolled Coil - Tianjin cold rolled coil price remained at 3540 from February 27 to March 5, 2026 [1] - Shanghai cold rolled coil price remained at 3540 from February 27 to March 5, 2026 [1] - Lecong cold rolled coil price remained at 3680 from February 27 to March 5, 2026 [1] Other Sections - The report also mentions "Price and Profit", "Production and Inventory", and "Basis and Spread", but no detailed content is provided [2][9][13]

Report Summary Report Industry Investment Rating - Not provided in the content Core View - Not provided in the content Summary by Relevant Catalogs Price and Profit - The report provides the spot prices of various types of steel in different regions from February 24 to March 2, 2026, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot-rolled and cold-rolled coils [1] Production and Inventory - Not provided in the content Basis and Spread - Not provided in the content

Report Industry Investment Rating - Not provided in the content Core View - Not provided in the content Summary by Relevant Catalogs Price and Profit - The report provides the spot prices of various steel products in different regions from February 11 to February 25, 2026. For example, the price of Beijing thread steel remained at 3100 from February 11 to February 24, and the price of Tianjin hot-rolled steel increased by 40 from February 24 to February 25 [1] Production and Inventory - Not provided in the content Basis and Spread - Not provided in the content

Group 1: Report Summary - There is no report industry investment rating provided [1] - There is no core view explicitly stated in the report [1] Group 2: Price and Profit - The report presents the spot prices of different types of steel products in various regions from February 10 - 13 and February 24, 2026. For example, Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan's rebar prices remained unchanged from February 10 - 13, and data for February 24 is not available. For hot - rolled and cold - rolled coils, prices in some regions changed. Tianjin, Shanghai, and Lecong's hot - rolled coil prices on February 24 were 3120, 3200, and 3190 respectively, with changes of 0, - 30, and - 10 compared to previous data. Cold - rolled coil prices in Tianjin, Shanghai, and Lecong remained unchanged [1] Group 3: Production and Inventory - There is no content related to production and inventory in the provided report [9] Group 4: Basis and Spread - There is no content related to basis and spread in the provided report [14]