【SMM Steel Morning Meeting Summary】Yesterday, rebar futures maintained a fluctuating trend, closing at 3,129, up 0.61% from the previous trading day. In the spot market, prices in some regions rose slightly, with increases ranging from 10 to 30 yuan/mt. The futures market lacked sustained performance, and market sentiment weakened somewhat, with overall trading volume being average. On the supply side, there has been strong demand for billet exports recently, with profit margins higher than those for rebar. Some manufacturers have nearly filled their billet orders for May-June, and there are expectations of reduced finished steel production. Additionally, many blast furnace steel mills have recently announced new maintenance plans, which may alleviate the supply pressure for finished steel after the holiday. On the demand side, influenced by the pullback in the morning session, market enthusiasm has diminished, with end-user purchases primarily driven by immediate needs. Overall, the current fundamental situation for construction steel is moderate. However, with intensified competition in the futures market and increased market caution, it is expected that construction steel prices will maintain a fluctuating trend in the short term.