Group 1: Report Industry Investment Rating - The investment rating of the steel industry is "Oscillating operation" [3] Group 2: Core Viewpoints of the Report - The steel price is expected to oscillate. The follow - up focus should be on macro - policies and downstream demand [3] Group 3: Summary According to the Content Steel Production and Utilization - Last week, the blast furnace operating rate of 247 steel mills was 81.03%, a 1.25 - percentage - point increase from the previous week; the steel mill profitability rate was 43.29%, a 0.87 - percentage - point increase; the daily average pig iron output was 2.3109 million tons, a 29,400 - ton increase [2] - The average capacity utilization rate of 94 independent electric arc furnace steel mills nationwide was 58.87%, a 2.3 - percentage - point increase from the previous week and a 3.87 - percentage - point increase year - on - year. The average operating rate was 68.82%, a 1.93 - percentage - point increase from the previous week and a 4.51 - percentage - point decrease year - on - year [2] Downstream Production - In April 2026, the total production schedule of air conditioners, refrigerators, and washing machines was 37.64 million units, a 3.6% decrease compared with the actual production in the same period last year [2] Environmental Policy - On March 30, 2026, Tangshan, Handan, Cangzhou, Langfang, Baoding, Hengshui and other places lifted the emergency response to heavy pollution weather [2] Steel Price - At the end of last week, the ex - factory price of common billet resources in Qian'an, Tangshan increased by 10 yuan/ton to 2,970 yuan/ton [2] Market Situation - The steel price in the last week oscillated. The fundamental contradiction was not obvious. The apparent demand increased weekly, and there was a slight inventory reduction, but there was no performance beyond expectations. The steel price mainly followed the raw material end. It is recommended to continue to pay attention to downstream demand [2]

Group 1: Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] Group 2: Core View of the Report - The steel price is expected to fluctuate and operate in a volatile manner [1][3] Group 3: Summary by Relevant Catalog Steel Production Capacity Utilization - The blast furnace iron - making capacity utilization rate of 247 steel mills was 85.53%, a week - on - week increase of 2.61 percentage points; the steel mill profitability rate was 42.42%, a week - on - week increase of 1.29 percentage points; the daily average hot metal output was 2.2815 million tons, a week - on - week increase of 69,500 tons [2] - The average capacity utilization rate of 94 independent electric arc furnace steel mills was 56.57%, a week - on - week increase of 6.13 percentage points and a year - on - year increase of 1.67 percentage points; the average operating rate was 66.89%, a week - on - week increase of 9.55 percentage points and a year - on - year decrease of 5.04 percentage points [2] Steel Price - At the end of last week, the ex - factory tax - included price of ordinary billet resources in Qian'an, Tangshan increased by 20 to 2,980 yuan/ton [2] Market Situation - The finished steel fluctuated last week, reaching a high and then falling back during the week, but strengthened again on the night of Friday driven by coking coal [2] - The fundamentals of the cost itself have changed little, remaining in a state of rising supply and demand after the festival and gradually entering the inventory reduction state. The rise of its raw materials provides some support from the cost side [2] - Steel follows the fluctuations of the raw material end in the short term, and it is recommended to focus on downstream demand in the longer term [2] Later Attention Factors - Macro - policies and downstream demand conditions need to be paid attention to [3]

Group 1: Report Industry Investment Rating - The investment rating for the steel industry is "oscillating operation" [2] Group 2: Core Viewpoints of the Report - The steel price is expected to oscillate. Attention should be paid to the weekly fundamental data and the downstream demand situation, and the rebound height is limited [1][2] Group 3: Summary According to Related Contents Steel Export - In February 2026, China exported 4.63 million tons of steel sheets, a year - on - year decrease of 12.6%; from January to February, the cumulative export was 9.33 million tons, a year - on - year decrease of 14.5% [1] Steel Production Cost and Profit - This week, after the blast furnace maintenance in Tangshan's mainstream sample steel mills ended, the cost decreased. The ex - factory price of common billet was 2,980 yuan/ton, and the steel mills were on the verge of profit and loss with reduced losses [1] - On March 18, the average cost of 76 independent electric arc furnace construction steel mills was 3,403 yuan/ton, a daily increase of 7 yuan/ton, and the average profit loss was 86 yuan/ton [1] Automobile Market - From March 1 - 15, the retail sales of the national passenger car market were 0.561 million vehicles, a year - on - year decrease of 21% and a month - on - month increase of 2%. Since the beginning of this year, the cumulative retail sales have been 3.14 million vehicles, a year - on - year decrease of 19% [1] Steel Price Support Factors - Recently, the rise in raw materials has provided cost - side support for steel prices, and the rise of the black metal sector is also driven by inflation in the overall commodity market [1]

Report Summary 1. Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] 2. Core Viewpoint - The steel price is expected to fluctuate. The market will show a situation of increasing supply and demand in the short - term, and the inventory accumulation speed is decreasing with the approaching inventory peak. It's recommended to focus on downstream demand [1][2][3] 3. Key Points from the Report - **Construction Site Data**: As of March 11, 2026 (the 23rd day of the first lunar month), the resumption rate of 10,692 construction sites nationwide was 42.5%, a 19 - percentage - point increase from the previous period and a 5.2 - percentage - point decrease compared to the same lunar period. The labor attendance rate was 43.9%, a 14.2 - percentage - point increase from the previous period and a 5.8 - percentage - point decrease compared to the same lunar period. The fund availability rate was 42.8%, a 7.4 - percentage - point increase from the previous period and a 0.8 - percentage - point decrease compared to the same lunar period [2] - **Steel Production Data**: According to weekly data from Steel Union, the output of rebar increased by 21.99 tons to 195.3 tons, the output of hot - rolled coils decreased by 5.85 tons to 295.26 tons, and the total output of five major steel products increased by 23.73 tons to 820.97 tons [2] - **Steel Inventory Data**: The total inventory of rebar increased by 18.49 tons to 894.17 tons, the total inventory of hot - rolled coils decreased by 0.1 tons to 471.59 tons, and the total inventory of five major steel products increased by 22.89 tons to 1974.89 tons [2] - **Steel Apparent Demand Data**: The apparent demand for rebar increased by 78.58 tons, the apparent demand for hot - rolled coils increased by 13.79 tons to 295.36 tons, and the total apparent demand for five major steel products increased by 106.73 tons to 798.08 tons [2] - **Steel Price Data**: On March 12, the ex - factory tax - included price of common billets in Qian'an, Tangshan increased by 20 yuan, reaching 2,970 yuan per ton. The finished steel fluctuated slightly and the fundamentals were stable [2] - **Market Situation**: After the Spring Festival, downstream demand gradually started, leading to an increase in the apparent demand for five major steel products. After the important domestic meetings, the supply side will also increase. The inventory still increased slightly this week, but the accumulation speed decreased and the inventory peak is approaching. The recent rise in crude oil prices has led to an overall increase in market prices [2] - **Later Concerns**: Macro policies and downstream demand conditions should be focused on [3]

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]

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core View - The report predicts that the market for finished products will move in a volatile manner [4] 3. Summary by Relevant Catalog Steel Production and Supply - Last week, the blast furnace operating rate of 247 steel mills was 79.53%, a month - on - month increase of 0.53 percentage points and a year - on - year increase of 1.55 percentage points; the daily average hot metal output was 2.2858 million tons, a month - on - month increase of 0.60 million tons and a year - on - year increase of 0.14 million tons [3] - Six cities in Hebei launched a Level II emergency response for heavy air pollution on February 8 [3] Winter Storage Policy and Market Sentiment - Henan's winter storage policies were gradually introduced, with the mainstream locked - in price at 3,040 yuan/ton, and the post - settlement model extended to the end of March. Some steel mills chose self - storage or on - demand delivery [3] - Merchants' willingness for winter storage was low, generally stocking 1,000 - 2,000 tons. The market was cautious and waiting due to weak expectations of post - holiday demand recovery [3] Excavator Sales - In January 2026, 18,708 excavators of various types were sold, a year - on - year increase of 49.5%. Among them, domestic sales were 8,723 units, a year - on - year increase of 61.4%; exports were 9,985 units, a year - on - year increase of 40.5% [3] Steel Price - At the end of last week, the ex - factory price of common billet resources in Qian'an, Tangshan remained stable at 2,910 yuan/ton [3] Market Situation - Last week, finished products fluctuated lower, and the steel market continued to show a situation of weak supply and demand. As the Spring Festival approached, the spot market gradually entered the holiday rhythm. There might still be capital outflows before the holiday, leading to a decline in market trading. The macro - environment was calm and had little impact on prices [3]

Report Summary 1. Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoint - The price of finished products is expected to fluctuate weakly and remain in a low - level consolidation [1][3] 3. Summary by Related Information - **Economic Data**: In 2025, the total profit of industrial enterprises above the national scale reached 739.82 billion yuan, a year - on - year increase of 0.6%. The profits of major industries in the machinery industry in 2025 showed growth, with the general equipment manufacturing industry growing by 4.2%, the special equipment manufacturing industry by 5.7%, the automotive manufacturing industry by 0.6%, the electrical machinery and equipment manufacturing industry by 4.9%, and the instrument manufacturing industry by 3.1% [2] - **Cost and Price**: On January 27, the average cost of 76 independent electric arc furnace construction steel mills was 3,378 yuan/ton, a daily increase of 4 yuan/ton. The average profit was - 80 yuan/ton, and the off - peak electricity profit was 33 yuan/ton, a daily decrease of 4 yuan/ton. The ex - factory price of ordinary billet resources in Qian'an, Tangshan on January 27 was lowered by 20 yuan/ton to 2,930 yuan/ton [2] - **Market Analysis**: The decline of finished products yesterday was mainly dragged down by the fall of coking coal at the raw material end. The fundamentals have not changed much, with the characteristics of weak supply and demand still existing, and the market driving force is not strong. The macro - market has been relatively calm recently, providing no trend guidance for prices [2] - **Later Concerns**: Macro - policies and downstream demand conditions [3]

Report Industry Investment Rating - The investment rating for the black metal sector (silicon iron and manganese silicon) is "oscillating and bullish" [1] Core Viewpoints of the Report - The prices of the main contracts of silicon iron and manganese silicon rose on the previous trading day, mainly affected by the daily limit of coking coal and coke. As the Spring Festival approaches, downstream replenishment has gradually started, significantly boosting market confidence [1]. - For manganese silicon, the price of manganese ore increased before that of manganese silicon, providing strong cost support. The market still has certain expectations for downstream winter storage, but the progress of the new round of steel procurement needs attention [1]. - Driven by short - term sentiment, the market is bullish, but the demand for the two types of silicon remains to be tested after the steel procurement is finalized and the emotional stimulus weakens [1]. Summary by Relevant Catalog Market Review - On the previous trading day, the main contract of manganese silicon SM2603 closed at 6000, up 1.39% compared with the opening of the day session. The main contract of silicon iron SF2603 closed at 5860, up 1.45% compared with the opening of the day session [1]. Important Information - The Ministry of Industry and Information Technology issued the "Action Plan for the Integration and Empowerment of Industrial Internet and Artificial Intelligence", accelerating the deployment and application in key industries such as raw materials, equipment manufacturing, consumer goods, and electronic information, and promoting more than 50,000 enterprises to implement the transformation and upgrading of new industrial networks [1]. - On January 7th, the ex - factory price of ordinary billet resources in Qian'an, Tangshan increased by 50 in total, reaching 2,980 yuan/ton [1]. - This week, the capacity utilization rate of 314 independent coal washing plants was 35.4%, a month - on - month increase of 0.3%. The daily output of clean coal was 261 thousand tons, a month - on - month increase of 3 thousand tons. The clean coal inventory was 3.197 million tons, a month - on - month decrease of 94 thousand tons [1]. - Shaanxi Coal Industry: In December 2025, the coal output was 1.474 million tons, a year - on - year decrease of 1.03%. The cumulative coal output in 2025 was 174.9056 million tons, a year - on - year increase of 2.59% [1]. Market Logic - Yesterday, the double - silicon market opened with a gap mainly due to the daily limit of coking coal and coke. As the Spring Festival approaches, downstream replenishment has started, boosting market confidence. For manganese silicon, the rising price of manganese ore provides cost support, and the market has expectations for downstream winter storage [1]. Trading Strategy - The short - term sentiment drives the market to be bullish. After the steel procurement is finalized and the emotional stimulus weakens, the demand for double silicon remains to be tested. The short - term view is bullish [1].

Group 1 - International market coking coal prices have surpassed $200 again, with Australian premium coking coal prices reaching $205.5 per ton, a $6.5 increase or 3.27% from the previous week [1] - Domestic coking coal prices are experiencing a slight decline, with the low-sulfur lean coking coal in Changzhi Qinyuan priced at 1410 CNY per ton, a decrease of 30 CNY from the previous period, and a transaction volume of 40,000 tons [3] - The China Coking Association has recommended that companies proactively implement production limits and reduce or stop purchasing high-priced coal to express their current situation [4] Group 2 - The supply of coking coal is expected to remain low in the short term due to safety production considerations and the completion of annual mining plans, leading to cautious market purchasing sentiment [3] - Steel mills are experiencing a continuous decline in pig iron production, and there are expectations for further reductions in the coking market, with most steel companies maintaining a wait-and-see attitude [3] - The overall sentiment in the coking coal market is that prices are likely to stabilize soon, as the pace of decline has slowed and there is a noticeable decrease in the sentiment for price reductions [4]

Group 1: Report on Industry Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core View of the Report - The steel price of finished products is expected to run weakly with fluctuations [3]. Group 3: Summary According to Related Contents Production Status - Last week, the scale of maintenance of construction steel mills significantly decreased and the scale of resumption of production increased. There were 5 maintenance production lines, 12 less than the previous week, and 8 resumption production lines, 6 more than the previous week. The production affected by production line maintenance was 257,800 tons last week, and it is expected to be 189,600 tons this week [2]. - The blast furnace iron - making capacity utilization rate of 247 steel mills was 90.18%, a week - on - week increase of 4.39 percentage points. The steel mill profitability rate was 60.17%, a week - on - week decrease of 0.87 percentage points. The daily average hot metal output was 2.4055 million tons, a week - on - week increase of 117,100 tons [2]. - The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 55.26%, a week - on - week decrease of 0.48 percentage points and a year - on - year increase of 18.52 percentage points [2]. Price and Market Situation - The price of Tangshan Qian'an common billet was stable at 3,010 yuan/ton last weekend [2]. - Finished products fluctuated and declined last week, with a rebound during Friday's trading session, but the whole week was mainly characterized by downward fluctuations to a recent low. After the military parade, the previously shut - down production capacity gradually recovered, and the hot metal output increased rapidly last week. The demand side changed little, showing a characteristic of strong supply and weak demand, which is expected to continue in the short term [2]. Later Concerns - Macro policies, supply - side production reduction situation, and downstream demand situation should be focused on [3]