Guotai Jun An pointed out that support policies for the real estate industry have continued to be introduced recently, the central bank has set up 300 billion reloans for affordable housing, real estate policies in cities such as Shanghai and Shenzhen are strong, and medium-term demand in the steel industry has been boosted. Furthermore, the promotion of equipment upgrading will also drive demand for steel used in the manufacturing industry. In terms of exports, a total of 35.24 million tons of steel were exported from January to April 2024, an increase of 27.0% over the previous year, and exports remained at a good level. With policy support, demand in the steel industry has gradually stabilized.