This week, ferrous metals initially rose before declining. There were no significant changes in domestic macro conditions ahead of the holiday. Early in the week, news emerged of potential output reductions at a Brazilian pellet plant, coupled with increased market expectations for a rebound in hot metal production in January and pre-holiday stockpiling, which led to a noticeable rise in iron ore prices and drove up finished steel prices. The fourth round of coke price cuts gradually took effect, and with expectations of further reductions, coke prices trended weaker. In the spot market, despite the approaching New Year holiday, end-users showed little willingness to restock ahead of the holiday. Amid rising prices, procurement was primarily just-in-time, with a strong wait-and-see sentiment prevailing. Combined with year-end capital withdrawals, demand struggled to materialize...