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The apparent demand for the five major steel products continued to increase. Total inventory continued to decline, remaining relatively low YoY. Notably, rebar maintained destocking even as production increased, showing strong performance and providing some support to various ferrous products. Although there were still disruptions from crude steel production restriction news during the session, market sentiment remained indifferent. In the short term, there is no imbalance in the industry, and the fundamentals of iron ore are supportive. If no substantial policies on crude steel production restrictions are introduced, iron ore prices still have the potential to break upward.
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