Recently, the active reduction of steel production maintenance significantly increased, hot metal and finished materials started to decline significantly, supply contraction is obvious; However, after the slight improvement in the early stage, with the scattered outbreak of the epidemic in many places in China and the frequent risk events in the overlapping real estate end, the market is once again worried about the recovery of terminal demand. Meanwhile, the risk of external economic recession is increasingly worried, and the systemic downward pressure still remains. Overall, macro – pessimistic overlay terminal demand expectations turn weak, or to maintain weak shocks.