Group 1 - Report industry investment rating: Not provided Group 2 - Core view: The market is operating at a low level, with short - term downward pressure. Attention should be paid to the narrowing of the spread between hot - rolled coil and rebar [3] Group 3 Industry background - The Ministry of Transport will charge special port fees for US - related ships starting from October 14, 2025, which is a just measure to safeguard the legitimate rights and interests of Chinese industries and enterprises and the fair competition environment of international shipping [2] - In the first three quarters of this year, China's goods trade imports and exports reached 33.61 trillion yuan, a year - on - year increase of 4%. In September, the imports and exports were 4.04 trillion yuan, a year - on - year increase of 8% [2] Steel export and import data - In September 2025, China exported 1046.5 tons of steel, an increase of 95.5 tons from the previous month and a month - on - month increase of 10.0%. From January to September, the cumulative steel exports were 8795.5 tons, a year - on - year increase of 9.2% [2] - In September, China imported 54.8 tons of steel, an increase of 4.8 tons from the previous month and a month - on - month increase of 9.6%. From January to September, the cumulative steel imports were 453.2 tons, a year - on - year decrease of 12.6% [2] Market performance - The prices of finished products fell yesterday, and both rebar and hot - rolled coil reached new recent lows. The market was more affected by Sino - US trade disputes, and the market risk sentiment cooled down [2] - During the National Day holiday, the fundamentals of finished products were relatively calm, and the weak downstream terminals continued to suppress steel prices. There was a slight differentiation between rebar and hot - rolled coil, with hot - rolled coil under more pressure [2] Outlook - The market will operate at a low level with short - term downward pressure, and attention should be paid to the narrowing of the spread between hot - rolled coil and rebar [3] - Key factors to watch in the later stage include macro - policies and downstream demand [3]