[Zenith September 3rd Period Ten-Day Quotation]

Since the beginning of this year, Guangzhou, Wuhan, Chengdu, Hainan, and many other provinces and cities across the country have intensively introduced optimized and adjusted housing provident fund policies. According to incomplete statistics from the China Index Academy, as of now, more than 850 real estate market policies have been optimized and adjusted across various regions, with housing provident fund policies being the most frequently adjusted area, totaling over 440 adjustments.

On September 18, 2026, the Australian Anti-Dumping Commission issued Notice No. 2026/126, making a partial final ruling on the anti-dumping investigation into galvanized sheet [Zinc Coated (Galvanised) Steel] imported from South Korea and Vietnam. The Commission determined that South Korean enterprise Dongkuk Steel Mill Co., Ltd engaged in no dumping during the investigation period and therefore decided to terminate the anti-dumping investigation against it. Meanwhile, the investigation continues against South Korean enterprises Dongkuk Coated Metal Co., Ltd. and POSCO, as well as two Vietnamese enterprises, Hoa Sen Group and Nam Kim Steel Joint Stock Company.

With no futures guidance today, spot prices mostly remained stable. In terms of supply, new maintenance for hot rolling was limited, and overall production continued to increase. Rolling line maintenance next week is expected to decline WoW, leaving hot coil supply pressure relatively loose. On the demand side, with no futures trading today, the spot market was relatively stable, with no significant purchasing demand released, and pre-holiday restocking remained sluggish. From the raw material side, pre-holiday restocking is nearing its end, and short-term hot metal rigid demand remains resilient. The probability of raw material prices breaking downward before the holiday is relatively small, but there may be negative feedback risks after the holiday. Looking ahead, after the September 17 thermal coal supply guarantee news was released, the specific implementation still needs to be observed after November. Next week's market focus will be on the release of pre-holiday restocking demand both domestically and internationally. In summary, the most-traded hot coil contract may have some room for a rebound next week.