Group 1: Report Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoint - The recent price rebound of finished products is mainly driven by the increasing expectation of rising raw material costs. After the recent basis convergence, the upward momentum has slowed down, and the main contract is under pressure at the off - peak electricity cost. The short - term trend may be volatile and consolidating [3]. Group 3: Data Summary Futures Prices - On March 19, 2026, RB2605 closed at 3133, RB2610 at 3159, HC2605 at 3303, and HC2610 at 3305. The spread between RB2605 and RB2610 was - 26 yuan, and the spread between HC2605 and HC2610 was - 2 yuan. The spread between hot - rolled coil and rebar for the May contract was 170 yuan, and for the October contract was 146 yuan [2]. Spot Prices - On March 19, 2026, the price of Shanghai Zhongtian rebar was 3210 yuan (- 20 yuan compared to the previous day), and the price of Shanghai Bensteel hot - rolled coil was 3280 yuan (- 10 yuan compared to the previous day) [2]. Supply, Inventory and Consumption - This week, the supply of five major steel products was 839.82 million tons, a week - on - week increase of 18.85 million tons, an increase of 2.3%. The total inventory was 1946.23 million tons, a week - on - week decrease of 28.66 million tons, a decrease of 1.5%. The apparent consumption was 868.28 million tons, a month - on - month increase of 8.8% [2]. Construction Site Data - As of March 18, the resumption rate of 10,692 construction sites nationwide was 62%, a month - on - month increase of 19.5 percentage points and a year - on - year decrease of 2.62 percentage points [2]. Commodity Trading Volume - On March 19, the iron ore trading volume at major ports nationwide was 61.30 million tons, a month - on - month increase of 18.3%. The trading volume of construction steel by 237 mainstream traders was 8.99 million tons, a month - on - month increase of 1.2% [2]. Steel Mill Cost and Profit - On March 19, the average cost of 76 independent electric - arc furnace construction steel mills was 3403 yuan/ton, with no change compared to the previous day. The average profit was a loss of 89 yuan/ton, and the off - peak electricity profit was 22 yuan/ton [2]. Production Data - From January to February 2026, China's rebar production was 26.91 million tons, a year - on - year decrease of 9.1% [2]. Group 4: Trading Strategy - The trading strategy is to expect a volatile market [3].

Group 1 - Company Fangda Special Steel has successfully won the bid for the rebar supply project for the Ganzhou section of the Changgan High-speed Railway, with a total contract value of approximately 400 million yuan [1] - The Changgan High-speed Railway is a significant part of the national "eight vertical and eight horizontal" high-speed railway main corridor, with a total length of 429.4 kilometers and a designed speed of 350 kilometers per hour [1] - The railway is expected to be completed and open for traffic by 2030 [1]

Group 1 - The company Fangda Special Steel has successfully won the bid for the rebar supply project for the Changgan High-speed Railway Ganzhou section, with a total contract value of approximately 400 million yuan [1]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On Wednesday, rebar and hot-rolled coils closed higher, and also closed higher in the night session. The market logic is that some steel enterprises in North China have been notified to implement phased emission reduction control from March 4th to March 11th during an important meeting, which will cause a phased contraction of regional crude steel supply. The actual supply reduction may be lower than market expectations. The market may digest the emission reduction expectation in advance, which is short-term positive for the futures price, but the medium-term trend still depends on the demand recovery. If the downstream construction site starts and manufacturing procurement during the Two Sessions do not meet expectations and inventory reduction is slow, it will offset the positive impact of supply contraction. The trading strategy is to continue to hold long positions and keep raising the stop-loss line. When the spread between hot-rolled coils and rebar drops to 156, pay attention to the opportunity to go long on hot-rolled coils and short on rebar, preferably when the spread is below 150. [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Wednesday, rebar and hot-rolled coils closed higher, and also closed higher in the night session. [1] 3.2 Important Information - Shanghai issued the "Shanghai Seven Measures" to further reduce housing purchase restrictions. - On February 25, 2026, the Australian Anti-dumping Commission announced that the Australian Minister for Industry, Innovation and Science approved the final anti-dumping review recommendation on steel reinforcing bars with a diameter of 50 mm or less imported from China, and decided to levy anti-dumping duties on Baowu Group Echeng Iron and Steel Co., Ltd. using the floor price method from the date of the announcement. - On February 16, 2026, the Mexican Ministry of Economy announced that at the request of Mexican producer Ternium México, S.A. de C.V., it launched an anti-dumping investigation on cold-rolled coils originating from China, the United States, and Malaysia, and also launched a countervailing investigation on the products from the United States. The investigation period is from April 1, 2024, to March 31, 2025, and the damage analysis period is from April 1, 2022, to March 31, 2025. The涉案 products are cold-rolled coils with a thickness of less than 4.75 mm, unlimited width, uncoated or unplated, alloy or non-alloy, and unannealed or annealed. [1] 3.3 Market Logic - Some steel enterprises in North China have been notified to implement phased emission reduction control from March 4th to March 11th during an important meeting. The control is based on the principles of independent emission reduction and staggered production, focusing on key emission processes such as blast furnaces. The supply of crude steel in the region will be phased contracted, but the actual supply reduction may be lower than market expectations. The market may digest the emission reduction expectation in advance, which is short-term positive for the futures price, but the medium-term trend still depends on the demand recovery. If the downstream construction site starts and manufacturing procurement during the Two Sessions do not meet expectations and inventory reduction is slow, it will offset the positive impact of supply contraction. [1] 3.4 Trading Strategy - Continue to hold long positions and keep raising the stop-loss line. When the spread between hot-rolled coils and rebar drops to 156, pay attention to the opportunity to go long on hot-rolled coils and short on rebar, preferably when the spread is below 150. [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The steel market is affected by multiple factors. The "Shanghai Seven Regulations" on the property market may have an impact on the steel market. Anti - dumping events in Australia and Mexico also influence the steel industry. During the Two Sessions, the steel mill emission reduction control policy short - term boosts the downstream rebar futures market, which is sentimentally positive for iron ore. The price of imported iron ore has risen and exceeded $100 [1] 3. Content Summary by Directory 3.1 Market Review - Iron ore closed up on Wednesday and down in the night session [1] 3.2 Important Information - Shanghai issued the "Shanghai Seven Regulations" to further reduce housing purchase restrictions [1] - On February 25, 2026, the Australian Anti - Dumping Commission passed the final anti - dumping review recommendation on steel reinforcing bars imported from China, and will levy anti - dumping duties on Baowu Group Echeng Iron and Steel Co., Ltd. using the minimum price method [1] - On February 16, 2026, Mexico launched an anti - dumping investigation on cold - rolled coils from China, the US, and Malaysia, and an anti - subsidy investigation on US products. The investigation period is from April 1, 2024, to March 31, 2025, and the damage analysis period is from April 1, 2022, to March 31, 2025 [1] 3.3 Market Logic - The steel mill emission reduction control policy during the Two Sessions short - term boosts the downstream rebar futures market, which is sentimentally positive for iron ore. The price of imported iron ore has risen and exceeded $100 [1] 3.4 Trading Strategy - Hold long positions cautiously and raise the stop - loss line [1]

Core Insights - The Moroccan steel industry is highly monopolized, with Riva, Sonasid, and Moroccan Steel (Hadumar) controlling 80%-90% of the market share [1] - The Herfindahl-Hirschman Index (HHI) for the industry has consistently exceeded 2500, indicating a high level of market concentration [1] - Approximately 87% of sales are conducted through a few large distributors, giving them significant bargaining power within the supply chain [1] Cost Structure and Market Vulnerability - The cost structure of the industry is heavily reliant on global raw material and energy prices, with scrap metal accounting for 70%-75% of billet production costs and about 88% of rebar costs [1] - International market fluctuations significantly impact prices, and additional factors such as energy costs, shipping fees, and exchange rate changes exacerbate the transmission of external shocks [1] - Despite protective measures for imports, the domestic market remains vulnerable to international price volatility [1] Recommendations for Industry Resilience - The competition committee suggests enhancing monitoring and regulation of foreign dumping and subsidy practices [1] - It advocates for the restructuring of the domestic scrap metal industry to improve recycling capabilities and market transparency [1] - There is a push to reduce energy dependence by promoting renewable energy applications and liberalizing the electricity market [1] - The industry is encouraged to transition towards high-value-added products and strengthen product quality control and compliance regulation to ensure construction safety and fair market competition [1]

Financial Data and Key Metrics Changes - Adjusted earnings for Q4 were $1.73 per share, with full-year earnings at $7.71 per share, while EBITDA totaled $918 million for the quarter and approximately $4.2 billion for the year [7][20] - The company returned $1.2 billion to shareholders through dividends and share buybacks, representing about 70% of net earnings, and ended the year with $2.7 billion in cash [8][25] - For 2026, capital expenditures (CapEx) are estimated at approximately $2.5 billion, down from $3.4 billion in 2025 [22][23] Business Line Data and Key Metrics Changes - The steel mill segment generated $516 million in pretax earnings for Q4, down roughly 35% from the prior quarter, with shipment volumes declining 8% [21] - The steel products segment reported pretax earnings of $230 million, down from $319 million in the previous quarter, with volume declines primarily in the rebar fabrication business [21][22] - The raw material segment's pretax earnings were approximately $24 million, compared to $43 million in the prior quarter, due to scheduled outages [22] Market Data and Key Metrics Changes - The foreign import share of the U.S. finished steel market dropped from approximately 25% last year to 16% in October and an estimated 14% in November [15][16] - Domestic steel demand is expected to be slightly up relative to 2025, with strong backlogs in the steel mill segment up nearly 40% year-over-year [18][19] Company Strategy and Development Direction - The company aims to become the world's safest steel company, achieving the lowest injury and illness rate in its history for 2025 [4] - Nucor's growth strategy focuses on generating more value for customers and shareholders, with significant investments in high-margin products and steel-adjacent businesses [9][10] - The company has invested approximately $20 billion since 2020 to enhance steelmaking capabilities and expand into downstream businesses [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting higher consolidated earnings across all segments, driven by improved demand and fewer outages [26][27] - The company anticipates that trade policies will continue to support the domestic steel industry, with a focus on enforcing tariffs against unfairly traded imports [16][59] - Management noted that while demand remains strong in many sectors, improvements in interest rate-sensitive markets like automotive and residential construction have yet to materialize [17] Other Important Information - The company has a strong commitment to maintaining a balanced capital allocation framework, with a focus on shareholder returns and growth investments [24][25] - Nucor's board approved an increase in the quarterly dividend to $0.56 per share, marking 53 consecutive years of dividend payments [25] Q&A Session Summary Question: CapEx outlook for 2027 - Management discussed the expected CapEx for 2027, indicating that the West Virginia project will absorb the majority of CapEx, with ongoing maintenance capital estimated at around $800 million [31][38] Question: Expansionary projects beyond 2026 - Management highlighted potential growth areas in data centers, energy infrastructure, and towers and structures, emphasizing a focus on lower CapEx opportunities [40][41] Question: EBITDA expectations relative to previous guidance - Management acknowledged the previous EBITDA guidance of $6.7 billion and indicated that while the West Virginia project will contribute, it may not reach full run rate by 2027 [44][48] Question: Spare capacity and market share - Management noted that Nucor operates at about 85% utilization across sheet mills, providing opportunities to capture market share from imports [50] Question: Pricing policy in light of import parity - Management emphasized that pricing is driven by demand profiles and supply chain conditions in the U.S., with a robust economic backdrop supporting pricing strength [86]

Core Viewpoint - The report highlights a significant decline in China's rebar production, with a projected drop of 15.6% year-on-year in December 2025, indicating a broader trend of decreasing output in the industry [1] Industry Overview - According to the National Bureau of Statistics, China's rebar production in December 2025 is expected to be 13.56 million tons, reflecting a year-on-year decrease of 15.6% [1] - The cumulative rebar production for the year 2025 is projected to be 186.308 million tons, which represents a cumulative decline of 4.3% compared to previous years [1] Market Research - The report titled "Investment Opportunity Analysis and Market Outlook for the Epoxy Coated Rebar Industry in China (2026-2032)" by Zhiyan Consulting provides insights into potential investment opportunities within the rebar sector [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1]

Core Insights - In December 2025, China's rebar production reached 13.559 million tons, marking a year-on-year decline of 15.6% [1] - The cumulative production for the entire year of 2025 was 186.308 million tons, reflecting a year-on-year decrease of 4.3% [1] Group 1: Steel Production - In December, the production of medium and heavy wide steel strips was 17.076 million tons, down 4.8% year-on-year [1] - The total production for the year 2025 was 222.680 million tons, which represents a year-on-year increase of 4.2% [1] - Wire rod production in December was 9.632 million tons, showing a year-on-year decline of 14.1% [1] - The cumulative production for wire rod for the year was 132.826 million tons, down 1.6% year-on-year [1] Group 2: Iron Ore Production - In December, the production of iron ore concentrate was 79.345 million tons, reflecting a year-on-year decrease of 4.4% [1] - The total production for the year 2025 was 983.715 million tons, which indicates a year-on-year decline of 2.8% [1]

Group 1 - The Uganda-China Mbale Industrial Park has over 70 enterprises and employs more than 10,000 local workers, becoming a significant industrial hub in East Africa since its establishment in 2018 [2][4] - The park's success is highlighted by Ugandan President Museveni, who emphasized its role in Uganda's economic modernization and the enduring friendship between China and Uganda [2][5] - The introduction of products like the "crawling mat" has transformed local consumer habits, making previously unavailable products accessible to Ugandan families [2][3] Group 2 - The industrial park has diversified into various sectors, including home appliances, daily chemicals, textiles, building materials, pharmaceuticals, and automotive manufacturing, directly impacting local livelihoods [3][4] - The establishment of factories like Lin's Wood Industry and the United Steel Plant has enhanced Uganda's manufacturing capabilities, moving from simple processing to a complete industrial chain [4][5] - The park's strategic location near major transport routes facilitates exports to neighboring countries, with companies like Grace Factory and Tianao Furniture exporting significant portions of their products [5][6] Group 3 - The park is recognized as a model for attracting foreign investment and developing local skills, contributing to the training of over 1,200 skilled workers through initiatives like the Luban Workshop [5][6] - Local government officials acknowledge the park's role in creating job opportunities and enhancing the value of local industries, which is crucial for Uganda's modern industrial system [5][6]