After a sharp decline in the early stage, the market panic was released, in the period of snail rebound driven by the low price of domestic construction steel this week – market trend and our forecast last week “hit a new low, decline to see slow” basically consistent. Due to the disturbance of uncertain factors, the market lacks consistent expectations for the market next week, which is mainly reflected in the following aspects: on the macro level, although the domestic economy shows a trend of stabilization and recovery, the foundation of the recovery is not solid, resulting in market sentiment biased towards caution; On the demand side, although investment in infrastructure and water conservancy has made steady progress, the weakness of the real estate sector has not been reversed, resulting in the characteristics of demand in the off-season is still obvious. In the industry, due to worsening losses, steel production, production scope further expanded, construction steel output is continued to decline; With the contraction of the supply side, steel mill inventory and social inventory have both fallen, and the phenomenon of manufacturers’ price rises significantly. Overall, the current domestic steel market supply and demand contradiction has been alleviated, on the premise of confidence recovery, steel prices have a low rise in power, but digestion pressure needs time and opportunity. Therefore, we hold neutral evaluation of the market next week – blue warning: mood repair, range shock. Specifically, the steel index will run in the range of 4040-4140 yuan