【SMM Steel Morning Meeting Summary】No positive news on the macro front, the spot market trading atmosphere was sluggish.

SMM Steel Morning Meeting Summary: No Positive Macro News, Spot Market Trading Atmosphere Remains Dull. On the news front, the national economy had a good start in Q1, with GDP reaching 31,875.8 billion yuan, up 5.4% YoY and 1.2% QoQ from Q4 last year at constant prices. By industry, the added value of the primary industry was 1,171.3 billion yuan, up 3.5% YoY. On the fundamental side, the impact from maintenance on hot-rolled steel this week was 165,800 mt, down 43,000 mt WoW, with supply pressure continuing to rebound. Domestic trade demand-wise, the enthusiasm of downstream merchants for inquiries has significantly decreased recently, and the overall market trading atmosphere remains cautious, with a slight weakening trend in downstream demand.