瑞达期货螺纹钢产业链日报-20250415

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - On April 15, the RB2510 contract of rebar fluctuated weakly. The week - on - week output of rebar increased by 3.72 tons, inventory decreased for six consecutive weeks, and apparent demand remained around 2.5 million tons. The first round of coke price increase was implemented, and three coking coal mines in Gansu Lanzhou stopped production, with a capacity of 4.1 million tons and the resumption time to be determined. The spot market has a strong wait - and - see sentiment, and the tariff issue will continue to affect the market. It is recommended to conduct intraday short - term trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,125 yuan/ton, a decrease of 1 yuan; the position volume was 1,708,811 lots, an increase of 2,971 lots; the net position of the top 20 in the RB contract was - 37,761 lots, an increase of 10,739 lots; the spread between RB2505 - RB2510 contracts was - 76, an increase of 3; the daily warehouse receipt of RB on the Shanghai Futures Exchange was 236,105 tons, an increase of 2,803 tons; the spread between HC2510 - RB2510 contracts was 111 yuan/ton, a decrease of 5 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou was 3,170 yuan/ton, unchanged; the price in Guangzhou was 3,460 yuan/ton, unchanged; the price in Tianjin was 3,200 yuan/ton, unchanged. The basis of the RB main contract was 45 yuan/ton, an increase of 1 yuan; the price of HRB400E 20MM in Hangzhou (by weight) was 3,251.28 yuan/ton, unchanged. The spot price difference between hot - rolled coil and rebar in Hangzhou was 120 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 768 yuan/wet ton, an increase of 2 yuan; the price of Hebei quasi - first - class metallurgical coke was 1,450 yuan/ton, unchanged; the price of 6 - 10mm scrap steel in Tangshan (tax - excluded) was 2,185 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,950 yuan/ton, unchanged. The domestic iron ore port inventory was 144.6447 million tons, an increase of 1.2345 million tons; the coke inventory of sample coking plants was 660,000 tons, a decrease of 4,800 tons; the coke inventory of sample steel mills was 6.6788 million tons, a decrease of 49,700 tons; the billet inventory in Tangshan was 914,600 tons, a decrease of 48,600 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 83.30%, an increase of 0.15 percentage points; the blast furnace capacity utilization rate was 90.21%, an increase of 0.55 percentage points. The output of rebar of sample steel mills was 2.3237 million tons, an increase of 37,200 tons; the apparent demand for rebar was 2.5268 million tons, an increase of 29,900 tons. The inventory of rebar in sample steel mills was 2.1466 million tons, an increase of 75,400 tons; the social inventory of rebar in 35 cities was 5.631 million tons, a decrease of 278,500 tons. The operating rate of independent electric arc furnace steel mills was 71.88%, unchanged. The monthly output of domestic crude steel was 75.97 million tons, a decrease of 2.43 million tons; the monthly output of Chinese steel bars was 16.75 million tons, a decrease of 610,000 tons; the net export volume of steel was 9.955 million tons, an increase of 2.465 million tons [2]. 3.5 Downstream Situation - The national real estate prosperity index was 93.80, an increase of 0.45; the cumulative year - on - year growth rate of fixed - asset investment completion was 3.20%, a decrease of 0.90 percentage points; the cumulative year - on - year growth rate of real estate development investment was - 10.60%, a decrease of 0.80 percentage points; the cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was 4.40%, a decrease of 1.20 percentage points. The cumulative year - on - year growth rate of new housing construction area was - 29.60%, unchanged; the cumulative year - on - year growth rate of housing construction area was - 9.10%, unchanged; the unsold commercial housing area was 431.74 million square meters, an increase of 40.86 million square meters; the land transaction area in 100 cities was 45.7076 million square meters, a decrease of 4.6974 million square meters [2]. 3.6 Industry News - The Beijing Municipal Commission of Housing and Urban - Rural Development stated that it will focus on revitalizing the stock and moderately increase the new supply, and promote the construction of resettlement housing for urban village renovation through new construction and the transformation of non - residential buildings. On April 14, some steel mills in Hebei and Tianjin raised the price of wet - quenched coke by 50 yuan/ton and dry - quenched coke by 55 yuan/ton, which took effect at 0:00 on April 15. The Ministry of Commerce responded to the US exemption of "reciprocal tariffs" on some products, urging the US to completely cancel the wrong practice [2].