Last week coincided with the extended domestic Double Festival holiday. During the holiday, except for coke's first-round price increase being implemented on October 1, spot markets for most other ferrous metals series remained stable, with most markets closed for the holiday. Amid sluggish market demand, post-holiday inventories of the five major steel products accumulated significantly on a weekly basis, with the accumulation rate far exceeding that of the same period last year. On the first working day after the holiday, although futures rebounded, end-user restocking demand fell short of expectations under high inventory pressure. On the macro front, the EU formally announced the strictest-ever steel import ban on October 7, reducing the duty-free import quota to 18.3 million mt per year, down 47% from 2024, raising the tariff on excess portions from 25% to 50%, and adding new origin traceability requirements. The US also announced that starting November 1, it will impose a 25% tariff on imported medium and heavy-duty trucks...