Rebar: The main futures price fluctuated, recording a daily decline of 0.13%, with reduced trading volume and open interest. Currently, rebar demand has shown some improvement, but downstream sectors have not yet recovered. The overall weak demand pattern is difficult to reverse, while supply remains stable at a low level. Fundamentals continue to reflect seasonal weakness, putting pressure on steel prices during the off-season. A relative positive factor is the still favorable sentiment in the broader commodity market. It is expected that steel prices will continue to fluctuate at low levels. Attention should be paid to steel mill production conditions.

Hot Rolled Coil (HRC): The main futures price fluctuated, recording no change for the day, with increased trading volume and stable open interest. Currently, HRC demand remains relatively resilient, and fundamentals are operating steadily. However, supply remains at elevated levels, and there are underlying concerns regarding demand. Should demand weaken, industrial imbalances could easily accumulate, leading to potential price declines. In the short term, prices are expected to maintain a fluctuating trend. Market attention should focus on demand performance.

Iron Ore: The main futures price fluctuated and declined, recording a daily drop of 1.03%, with increased trading volume but reduced open interest. Currently, iron ore supply remains high. Even with some improvement in demand, fundamental imbalances in the ore market continue to accumulate, with inventories climbing to high levels. High ore prices are therefore prone to downward pressure. A relative supportive factor is pre-holiday restocking by end-users. It is expected that iron ore prices will maintain a high-volatility trend. Attention should be paid to steel mill restocking activities.

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