Economic data continue to improve year on year, the chain slowed down. Real estate policy to turn, but real estate investment, new start and other indicators show that inertia is still, construction steel (3410, -9.00, -0.26%) demand in the long-term peak, short medium still inertia. PMI data is better, manufacturing sheet demand is acceptable. The average number of raw material inventories fell slightly, steel refineries demand rise.

Steel futures: short-term steel profits are still acceptable, profit steel prices accounted for a slight rebound. Steel mills operating rate increased, the overall level of inventory continues to rise, the current overall inventory has more than 2015, 2016 the same period. Short-term downstream demand after the Lantern Festival gradually thawed, and the price reasons to make the Treasury funding pressure is much larger than the same period in 2016, short-term fundamentals driven by bearish, but technically strong signs, rebar 1705 concern below the 3400 near support, hot-rolled coil 1705 concern 3700 near the support, operation attention position