Core Viewpoint - The cold-rolled base material market is experiencing a standoff between bullish and bearish sentiments, with price fluctuations narrowing due to stable supply and demand but weak macroeconomic expectations and insufficient cost support [1] Group 1: Price Trends - The expected settlement price for C material has been adjusted down by 30 yuan, with price fluctuations narrowing to 2.64% [1] - The market is currently in a stalemate within the price range of 3220-3305 yuan/ton, reflecting a balance between fundamental and macroeconomic factors [1] Group 2: Supply and Demand Dynamics - Supply and demand are stable, but macroeconomic expectations are weak, leading to a downward shift in price levels [1] - It is anticipated that in the next cycle, prices may initially rise due to production cuts from maintenance, tightening supply, but demand remains lukewarm with limited volume [1] Group 3: Future Outlook - The upward price potential is limited due to weak cost support and cautious macroeconomic sentiment, indicating ongoing downward pressure [1] - Price levels may slightly increase, but the volatility range is expected to remain limited [1]

Group 1 - The mainstream factory price of ordinary square billets in Tangshan and Qian'an remains stable at 2950 CNY/ton and 2960 CNY/ton respectively, with warehouse spot prices including tax reported at 3030 CNY/ton [3] - The market for steel billets is experiencing weak overall transactions, with downstream finished product prices remaining stable [3] - In the Tangshan section, the main prices for various steel products are stable, including I-beams at 3260 CNY/ton, angle steel at 3250 CNY/ton, and channel steel between 3220-3250 CNY/ton, indicating a slowdown in downstream demand [3] Group 2 - The price of 355 band steel in Tangshan remains stable at a mainstream price of 3170 CNY/ton, while the 145 band steel market also shows stability with a mainstream price of 3200 CNY/ton, although transaction volumes are weak [3] - The market for hot-rolled and cold-rolled base materials is stable, with the mainstream price for 1500 wide ordinary open flat plates at 3240 CNY/ton and manganese open flat plates at 3380 CNY/ton, indicating average transaction activity [3] - The price for medium and thick plates in Tangshan is stable, with ordinary plates (14-20mm) at 3240 CNY/ton and low-alloy plates at 3420 CNY/ton, as the market remains cautious [3] Group 3 - The construction steel market in Tangshan shows stability in early trading, with the price of third-grade rebar at 3160 CNY/ton, third-grade small rebar at 3150 CNY/ton, and thread steel at 3370 CNY/ton, although transactions are not favorable [4]