Looking back on the whole year, the steel market can be divided into four phases according to the quarter: Epidemic shock (1-3 months): Two outbreaks at home and abroad caused economic stagnation, supply and demand mismatch caused a large accumulation of inventory, and the market was pessimistic in expectations and reality Twice there was a sharp decline in China; domestic demand resumed (April-June): The policy underpins the economy, and infrastructure and real estate have become the main engines to stimulate economic recovery. The rapid decline in inventories under high demand drives the rapid increase in production and prices. However, the loss of control of the overseas epidemic has led to shrinking global demand, and the stagnant manufacturing industry has caused orders to begin to shift. Import and export distortions (July-September): The outbreak of the overseas epidemic caused a large number of orders to be transferred, but the seasonal weakening of the thread combined with a large number of steel imports, suppressing the speed of inventory depletion and gradually accumulating the inventory, and the final data was less than expected, leading to a sharp correction in the market. Internal and external resonance (October-December): The domestic economy accelerates recovery, overseas orders continue to shift, and internal and external demand resonance promotes accelerated price increases. From the underestimated state of the two outbreaks at the beginning of the year to the overestimated state of internal and external demand resonance at the end of the year, steel prices have achieved a round of full repair of valuations and a complete conversion of expectations.