This week, the ferrous metals sector showed a clear downward trend, with rebar and coking coal and coke hitting new lows in recent months. Macro factors carried significant weight this week, leading to increased market volatility. At the beginning of the week, the Politburo meeting's statements fell short of expectations, with no anticipated real estate-related policies introduced, dampening market sentiment and causing a sharp correction in futures. Mid-week, rumors surfaced that China International Capital Corporation Limited (CICC) might be involved in supporting Vanke, which improved market sentiment and triggered a rapid rally in futures, though a slight correction occurred later in the session. The sustainability and substantive impact of real estate-related news remained limited. In the latter part of the week, signals released by the US Fed and domestic economic meetings did not exceed expectations, coupled with market rumors that steel export licensing regulations would be announced today, effective from January 1 next year, sparking concerns about export demand and leading to an expanded decline in futures.