SMM Steel Morning Meeting Minutes: Macro-positive driving futures rise, spot market reaction flat

On the 24th, the central bank announced a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions starting from February 5th; as of January 25th, it has also lowered the rates for re-lending to agriculture, support for small and micro businesses, and rediscounting by 0.25 percentage points each. Positive macro expectations boost market sentiment, with the rebar running relatively strong last night and continuing to rise yesterday. However, after the release of inventory data in the afternoon, the market showed an acceleration in accumulation speed, causing the futures rebar to fall back at the end of the day, closing at 3967, up 0.69% from the previous trading day. The spot market prices followed the rise, with general trading conditions.