[SMM Daily Comment on Rebar: Steel Prices Fluctuate Downwards, with Demand Showing a Slight Decline] Futures prices of rebar fluctuated downwards and closed at 3447, down 1.15%. After several consecutive days of falling spot prices, market sentiment has further cooled down, with building material prices generally declining across regions and the overall trading atmosphere being bleak. On the supply side, although steel plant profits have been compressed, production enthusiasm has not significantly declined. According to SMM research, the impact of building material maintenance on production this week continued to decrease, and supply increased. On the demand side, affected by colder weather in the short term, construction in northern regions is restricted. Meanwhile, the implementation speed of macro-favorable policies is slower than expected, turning market expectations for demand growth pessimistic. Therefore, it is difficult to see significant improvement in demand in the short term. In summary, the current steel market is characterized by strong supply and weak demand, and the contradiction between supply and demand may accumulate. It is expected that steel prices will continue to maintain a fluctuating downward trend in the short term.