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The adjustment in the futures market has been significant in recent days, and the adjustment of large-diameter square and rectangular tubes has been greatly influenced by other metal futures. Policies such as China's further strengthening of real estate regulation and the Trump team's possible postponement of large-scale infrastructure investment until next year have led to a significant decline in metal futures, primarily copper, which has affected the black metal futures. Both rebar and hot coil contracts have shown a downward trend due to reduced positions, and some long positions entered at low prices in the early stage have undergone significant profit-taking manipulation, putting pressure on prices. The impact of other metal futures on the black metal series needs further attention.

The short-term price adjustment of large-diameter square and rectangular tubes is currently largely in line with market sentiment. The market does not currently have the potential for a significant decline, and after a brief adjustment, there is still a possibility for prices to continue to rise. Judging from the current market performance, whether in the futures market or the spot market, there is still a relatively strong determination and confidence in the later market. Once there is a price correction, there will be more buying participation, which will continue to support prices in the later period. From a timing perspective, the spot market in the past 20 days has remained in a period of flat rigid demand. Market sales are mainly driven by steel traders purchasing from steel mills, steel traders transferring goods among themselves, and some end-user purchasing for stockpiling. Overall, market inventories are still increasing, but with the gradual activation of demand, the growth rate of inventories has significantly decreased this week.