SMM Steel Morning Meeting Minutes: Market trading stagnation as Spring Festival holiday nears, steel prices holding steady.

There were no reference futures market prices yesterday, and the mainstream spot market quotations remained stable. On the demand side, as the Spring Festival approaches and extreme weather affects, trading sentiment is subdued, and overall trading performance was poor throughout the day.

Looking ahead, with year-end demand almost stagnant and no expectation of steel mill replenishments for raw materials, the accumulation rate of finished products inventory will accelerate significantly. In the short term, there are no new bright spots in the industry, and the market may continue to fluctuate weakly. It is recommended to pay more attention to domestic and international macroeconomic signals and data performance.