Valin: Steel Industry Downstream Demand Orders Showed Improvement MoM, 2024 Net Profit Down 59.99% YoY. Valin responded: From an industry perspective, the supply-demand imbalance in the steel industry remains prominent, and steel enterprises face severe challenges in production and operation. However, since the Chinese New Year, downstream demand orders in the steel industry have shown improvement MoM. The manufacturing sector has become the main driver supporting steel demand, especially with the accelerated development of new energy and high-end equipment manufacturing, which may boost demand for corresponding steel varieties. Additionally, influenced by low inventory levels, steel prices have been stronger than raw material prices such as coking coal and coke, which helps to restore the profitability of steel enterprises.