Macroeconomics: In the first quarter, the macro-economy started steadily. Real estate investment and consumption were good. Others such as infrastructure construction, investment in manufacturing, and import and export all fell, and the market remained worried about the economic downturn during the year. The short-term Politburo meeting needs to expand domestic demand under downward pressure both at home and abroad, but it is difficult to exceed expectations in the deleveraging process.
Supply and Demand: Sustained supply growth, doubts about the sustainability of demand during the peak season. The short-term spot price rebounded to a high level, focusing on the current short-term rallies, and the overall probability of turmoil in May was high. It is expected that the price of the rebar main contract 1810 will fluctuate [3200, 3600], and that of the reel 1805 (3400, 3800).