Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The steel market supply and demand are still in the post - holiday recovery stage. The production and sales of the five major steel products have increased, and the total inventory has continued to accumulate seasonally with a significantly slower growth rate. The overall level is higher than the same period last year. The price rebound of finished products is mainly driven by the enhanced expectation of rising raw material costs, and the basis has weakened significantly. The upper limit should continue to pay attention to the valley - electricity cost pressure (3167). The trading strategy is to expect the market to be in a state of shock [3] Group 3: Summary by Related Catalogs Futures - **Prices and Changes**: On March 12, 2026, RB2605 was at 3120 (up 5 from March 11), RB2610 at 3149 (up 5), RB2701 at 3174 (up 4); HC2605 at 3275 (up 6), HC2610 at 3284 (up 6), HC2701 at 3299 (up 7). Night - time trading: RB2605 closed at 3138, RB2610 at 3160, HC2605 at 3293, HC2610 at 3300. The 5 - 10 spread of rebar was - 22 yuan, and that of hot - rolled coil was - 7 yuan. The spread between hot - rolled coil and rebar was 155 yuan for the May contract and 140 yuan for the October contract [1][2] - **Profit and Ratio**: The disk profit of 05 - contract rebar was - 262 (down 12), 10 - contract was - 219 (down 12), 01 - contract was - 208 (down 15); 05 - contract hot - rolled coil was - 157 (down 11), 10 - contract was - 134 (down 11), 01 - contract was - 133 (down 12). RB05/I05 was 3.9 (down 0.03), RB10/I09 was 4.1 (down 0.04), RB01/I01 was 4.2 (down 0.05); HC05/I05 was 4.12 (down 0.03), HC10/I09 was 4.28 (down 0.04), HC01/I01 was 4.40 (down 0.04) [1] Spot - **Prices and Changes**: On March 12, 2026, Shanghai Zhongtian rebar was 3190 (up 10), Shanghai Bengang hot - rolled coil was 3260 (up 10). Other spot prices also had corresponding changes, such as Nanjing Xicheng rebar at 3330 (unchanged), Tianjin Hegang hot - rolled coil at 3190 (up 20) [1][2] - **Regional Price Differences**: Shanghai rebar - Beijing rebar was 80 (unchanged), Shanghai rebar - Jinan rebar was - 90 (up 10), etc. Shanghai hot - rolled coil - Tianjin hot - rolled coil was 70 (down 10), etc [1] - **Profit**: The profit of billet - rolling products was 20 (down 20), the profit of East China rebar was 29 (down 14), etc [1] Important Information - **Iron Ore Index**: On March 12, the Mysteel 62% Australian powder ore forward spot index was 110 US dollars/tonne, up 3.8 US dollars/tonne, with a monthly average of 104.56 US dollars/tonne [2] - **Construction Site Conditions**: As of March 11, the resumption rate of 10,692 construction sites nationwide was 42.5% (up 19 percentage points month - on - month, down 5.2 percentage points year - on - year); the labor attendance rate was 43.9% (up 14.2 percentage points month - on - month, down 5.8 percentage points year - on - year); the fund availability rate was 42.8% (up 7.4 percentage points month - on - month, down 0.8 percentage points year - on - year) [2] - **Market Transactions**: On March 12, the iron ore transactions at major ports nationwide were 830,000 tons, a month - on - month decrease of 5.7%; the construction steel transactions of 237 mainstream traders were 88,400 tons, a month - on - month decrease of 9.4% [2] - **Steel Supply, Inventory and Consumption**: This week, the supply of five major steel products was 8.2097 million tons, a week - on - week increase of 3%; the total inventory was 19.7489 million tons, a week - on - week increase of 1.2%; the weekly consumption was 7.9808 million tons, a week - on - week increase of 15.4%. Among them, the consumption of building materials increased by 55.2%, and that of plates increased by 3.6% [3] - **Coking Coal Mine Conditions**: This week, the capacity utilization rate of 523 coking coal mine samples was 87.2%, a week - on - week increase of 4.8%. The daily average output of raw coal was 193,600 tons, a week - on - week increase of 10,800 tons, and the raw coal inventory was 544,100 tons, a week - on - week decrease of 8,800 tons [3] Market Logic - **Supply - Demand Situation**: The steel market supply and demand are in the post - holiday recovery stage. The production and sales of the five major steel products have increased, and the total inventory has continued to accumulate seasonally with a slower growth rate. The overall level is higher than the same period last year. The output of hot - rolled coil has continued to decline due to relevant production - restriction arrangements during the Two Sessions, while consumption has recovered, and the total inventory has slightly decreased. The output of rebar has continued to rise, mainly from short - process enterprises, and the current inventory pressure is relatively limited with the recovery of demand [3] - **Price Drivers**: The recent price rebound of finished products is mainly driven by the enhanced expectation of rising raw material costs, and the basis has weakened significantly [3] Trading Strategy - The trading strategy is to expect the market to be in a state of shock [3]

Report Title - "Macro Favorable but Demand Constrained, Steel Prices Fluctuate - Weekly Report 20260126" [1] Report Industry Investment Rating - Not provided Core Viewpoints - The overall inventory of the five major steel products increased due to the weakening of terminal demand. The main inventory - accumulating variety was rebar, with increased production and decreased demand, showing off - season pressure. Although the inventory increased, the absolute inventory was still low. Hot - rolled coil production and demand both declined, and the inventory decline slowed down. Steel exports showed certain resilience. In the short term, the contradiction of steel inventory accumulation was limited, and the raw material end did not show significant negative feedback pressure. Steel prices were supported but lacked strong driving force and would fluctuate [3]. Summary by Directory 01 Market Review - Supported by macro - favorable factors, steel prices first fell and then rose. The weekly price slightly declined, and the basis narrowed. The inventory of rebar increased, and the decline of hot - rolled coil inventory narrowed. Terminal demand was limited [9]. - Specific price and inventory data: For example, the spot price of rebar in Shanghai was 3270 yuan/ton with a weekly change, and the futures warehouse receipt of rebar decreased by 43193. The inventory of rebar and hot - rolled coil had different changes in factory and social inventories [9]. 02 Steel Supply and Demand Analysis Production - Rebar weekly output was 199.55 tons (up 4.86% week - on - week and 14.60% year - on - year), and the national hot - rolled coil weekly output was 305.41 tons (down 0.96% week - on - week and 5.34% year - on - year). Rebar blast furnace output increased, and electric furnace output decreased. The blast furnace and electric furnace operating rates both slightly declined [15][16][19]. Profit - Rebar profit slightly decreased to +61 yuan/ton (down 11 yuan/ton week - on - week and 53 yuan/ton year - on - year), and hot - rolled coil profit slightly recovered to +1 yuan/ton (up 5 yuan/ton week - on - week and down 30 yuan/ton year - on - year) [24][26]. Demand - The apparent consumption of rebar was 185.52 tons (down 2.53% week - on - week and up 58.69% year - on - year), and the apparent consumption of hot - rolled coil was 309.96 tons (down 1.34% week - on - week and up 2.44% year - on - year). The demand for both rebar and hot - rolled coil declined [27][31]. Inventory - Rebar inventory increased, with both factory and social inventories rising. The total rebar inventory was 452.1 tons (up 3.20 week - on - week and down 6.44% year - on - year). The decline of hot - rolled coil inventory narrowed, with a slight increase in factory inventory and a decrease in social inventory. The total hot - rolled coil inventory was 357.78 tons (down 1.26% week - on - week and up 6.32% year - on - year) [32][36][37]. Downstream - In the real - estate sector, the weekly sales area of commercial housing in 30 large - and medium - sized cities decreased by 7.80% week - on - week and 32.32% year - on - year, and the land transaction area in 100 large - and medium - sized cities decreased by 49% week - on - week and 69% year - on - year. In the automotive sector, in December 2025, automobile production and sales decreased both month - on - month and year - on - year [41][43][44]. 03 Spread Analysis - The basis of rebar and hot - rolled coil slightly widened, and the 5 - 10 spread of rebar and hot - rolled coil fluctuated narrowly. The coil - to - rebar spread widened, and the 5 - 9 spread of coking coal slightly widened [48][53]

Core Viewpoint - Anyang Iron & Steel (600569.SH) aims to leverage the service advantages of its partner in the port bulk commodity supply chain by collaborating with Gangxin Capital for the procurement of imported iron ore [1] Group 1: Collaboration Details - The collaboration with Gangxin Capital will involve a maximum cooperation amount of 300 million RMB [1] - The service price will be determined through negotiation between the two parties, not exceeding the average level of similar industry services [1] - The usage of the services will be based on the actual needs of the company [1] Group 2: Payment and Collateral - The company will pay for the imported iron ore procurement using commercial acceptance bills [1] - Steel billets equivalent to the value will be used as collateral for the transactions [1]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The ore inventory at the 15 ports monitored by SteelHome continued to accumulate, with a week-on-week increase of 404,650 tons and an expanding growth rate [1] - The inventory of mainstream varieties showed mixed changes. The inventory of Brazilian fines and medium-grade Australian fines increased by 47,020 tons and 17,710 tons week-on-week respectively, while the inventory of high-grade Australian fines and Australian lumps decreased by 23,510 tons and 38,140 tons respectively, and the pellet inventory was further reduced [1] - In general, the iron ore port inventory increased significantly, the industrial contradictions continued to accumulate, and there were no structural contradictions [1] Summary by Category Inventory Totals - The current inventory total is 11,826,850 tons, a week-on-week increase of 404,650 tons (3.54%), a month-on-month increase of 579,070 tons (5.15%), and a year-on-year decrease of 737,600 tons (-5.87%) [1] High-Grade Australian Fines - The current inventory is 1,594,850 tons, a week-on-week decrease of 23,510 tons (-1.45%), a month-on-month decrease of 58,830 tons (-3.56%), and a year-on-year decrease of 708,080 tons (-30.75%) [1] Brazilian Fines - The current inventory is 2,113,330 tons, a week-on-week increase of 41,020 tons (1.98%), a month-on-month increase of 47,590 tons (2.30%), and a year-on-year increase of 502,740 tons (31.21%) [1] Medium-Grade Australian Fines - The current inventory is 732,010 tons, a week-on-week increase of 17,710 tons (2.48%), a month-on-month increase of 131,840 tons (21.97%), and a year-on-year increase of 61,230 tons (9.13%) [1] Australian Lumps - The current inventory is 965,750 tons, a week-on-week decrease of 38,140 tons (-3.80%), a month-on-month increase of 2,530 tons (0.26%), and a year-on-year increase of 112,110 tons (13.13%) [1] Pellets - The current inventory is 31,760 tons, a week-on-week decrease of 4,970 tons (-13.53%), a month-on-month increase of 5,690 tons (21.83%), and a year-on-year decrease of 70,880 tons (-69.06%) [1]

Meeting Overview - The board meeting of Anyang Steel Co., Ltd. was held on August 16, 2025, in compliance with the Company Law and Articles of Association [1] Resolutions Passed - The board approved the 2025 semi-annual report and its summary, which was not audited by an accounting firm, with a unanimous vote of 9 in favor [1] - A proposal for the mortgaged purchase of imported iron ore was approved, allowing a subsidiary to collaborate with Shandong Portxin Capital Investment Co., Ltd. for a maximum amount of 50 million RMB, with payment made via commercial acceptance bills and equipment as collateral [1] Asset Restructuring - Due to historical issues with certain assets of Henan Angang Group Wuyuan Mining Co., Ltd., the original asset replacement plan was difficult to proceed with, leading to a change in strategy to sell subsidiary equity to the controlling shareholder, which aims to expedite the transaction process and optimize the company's asset structure [2][3] - The board's decision on the equity sale was supported by 6 votes in favor, with no opposition or abstentions [2]

Group 1 - A silicon iron plant in Gansu has halted production for maintenance, reducing daily silicon iron output by 110 tons, with the resumption date yet to be determined [1] - As of April 8, China's iron ore inventory at 47 ports totaled 149.05 million tons, a decrease of 979,800 tons from the previous week, primarily in East and North China, while South China, Northeast, and along the Yangtze River saw inventory increases [1] - Indonesia plans to adjust its crude palm oil export tax to alleviate the burden of U.S. tariffs on exporters, with the current maximum export tax set at $288 per ton, expected to reduce the burden by approximately 5% [1] Group 2 - The EU's soybean imports for the 2024/25 season reached 10.33 million tons, up from 9.85 million tons year-on-year; canola imports increased to 5.18 million tons from 4.55 million tons; while palm oil imports decreased to 2.08 million tons from 2.72 million tons [1] - Goldman Sachs forecasts that Brent crude oil and WTI prices will drop to $62 and $58 per barrel respectively by December 2025, and further decline to $55 and $51 by December 2026 [1] Group 3 - Two new photovoltaic glass furnaces have been ignited in China, adding a combined capacity of 2,400 tons per day, indicating an increase in domestic production capacity despite current supply shortages [2] - Domestic lithium carbonate production in March 2025 reached 80,200 tons, a month-on-month increase of 25.2%, while April's production is projected to decrease by 4.6% to 76,600 tons [2] - In March, global gold ETF inflows totaled $8.6 billion (equivalent to 92 tons), bringing the total for the first quarter to $21 billion (226 tons), marking the second strongest quarter on record [2]

Summary of Key Points Core Viewpoint - The report highlights the current trends in various sectors, including liquidity, infrastructure, real estate, industrial products, and export chains, providing insights into price movements, production levels, and economic indicators. Group 1: Liquidity - The London gold spot price decreased by 2.66% week-on-week [2] - The BCI small enterprise financing environment index for February 2025 is at 46.65, down 0.86% from the previous month [2] - The M1 and M2 growth rate difference was -6.6 percentage points in January 2025, with a month-on-month increase of 0.5 percentage points [2] Group 2: Infrastructure and Real Estate Chain - In mid-February, the average daily crude steel output of key enterprises reached a six-month high of 2.13 million tons [3] - Price changes for key materials include rebar down 2.65%, cement price index down 0.01%, rubber down 1.73%, coke down 3.60%, coking coal down 1.64%, and iron ore down 3.59% [3] - The national blast furnace capacity utilization rate increased by 0.17 percentage points, while the cement and asphalt operating rates changed by +1.00 percentage points and -2.3 percentage points, respectively [3] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and flat glass changed by +1.38% and -0.74% respectively, with flat glass gross profit at 36 yuan/ton and titanium dioxide at -1015 yuan/ton [4] - The operating rate for flat glass this week remained stable at 76.09% [4] Group 4: Industrial Products Chain - The PMI new orders index for February is at 51.10%, an increase of 1.9 percentage points month-on-month [5] - Major commodity prices showed mixed results, with cold-rolled steel up 0.06%, copper down 0.80%, and aluminum down 1.01% [5] - The national semi-steel tire operating rate is at 82.51%, up 2.16 percentage points [5] Group 5: Subcategories - Iron ore prices have retreated from a seven-month high [6] - The price of graphite electrodes is stable at 18,000 yuan/ton, while electrolytic aluminum is at 20,620 yuan/ton, down 1.01% [6] - The price of tungsten concentrate is at 142,500 yuan/ton, down 0.70% from last week [6] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore is 4.03 this week [7] - The price difference between hot-rolled and rebar steel is 170 yuan/ton, while the price difference between Shanghai cold-rolled and hot-rolled steel is 620 yuan/ton, down 50 yuan/ton [7] - The price difference between盘螺 (mainly used in real estate) and rebar (mainly used in infrastructure) is 290 yuan/ton, up 11.54% from last week [7] Group 7: Export Chain - The new export orders PMI for China in February 2025 is at 48.60%, an increase of 2.2 percentage points [9] - The CCFI comprehensive index for container shipping rates is at 1250.65 points, down 5.16% [9] - The U.S. crude steel capacity utilization rate is at 74.50%, down 0.50 percentage points [9] Group 8: Valuation Percentiles - The CSI 300 index decreased by 2.22%, with the best-performing cyclical sector being ordinary steel, which increased by 5.34% [10] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 PB is 38.89% and 58.02%, respectively [10] - The current PB ratio of the ordinary steel sector relative to the CSI 300 PB is 0.54, with the highest value since 2013 being 0.82 [10]