螺纹钢：宏观情绪扰动，宽幅震荡，热轧卷板：宏观情绪扰动，宽幅震荡

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Both rebar and hot-rolled coil are subject to macro sentiment disturbances and will experience wide fluctuations [1]. 3. Summary by Related Catalogs 3.1 Fundamentals Tracking - Futures Data: For rebar contract RB2510, the closing price was 3,079 yuan/ton, up 27 yuan/ton (0.88%); trading volume was 1,930,069 lots, and open interest was 2,151,176 lots, down 29,285 lots. For hot-rolled coil contract HC2510, the closing price was 3,215 yuan/ton, up 25 yuan/ton (0.78%); trading volume was 660,865 lots, and open interest was 1,354,588 lots, down 29,461 lots [1]. - Spot Price Data: In the spot market, rebar prices in Shanghai and Hangzhou remained unchanged, up 10 yuan/ton in Beijing and 20 yuan/ton in Guangzhou. Hot-rolled coil prices in Shanghai decreased by 20 yuan/ton, remained unchanged in Hangzhou, up 10 yuan/ton in Tianjin and 30 yuan/ton in Guangzhou. Tangshan billet price dropped by 20 yuan/ton to 2,950 yuan/ton [1]. - Basis and Spread Data: The basis of RB2510 was 141 yuan/ton, up 3 yuan/ton; the basis of HC2510 was 45 yuan/ton, down 15 yuan/ton. The spread of RB2505 - RB2510 remained unchanged at -46; the spread of HC2505 - HC2510 increased by 10 to -5; the spread of HC2505 - RB2505 increased by 8 to 177; the spread of HC2510 - RB2510 decreased by 2 to 136; the spot coil - rebar spread decreased by 20 to -57 [1]. 3.2 Macro and Industry News - On May 8th, according to Steel Union's weekly data, rebar production decreased by 9.85 million tons, hot-rolled coil production increased by 1.08 million tons, and the total production of five major steel products decreased by 9.52 million tons. Total inventory: rebar increased by 9.63 million tons, hot-rolled coil increased by 10.85 million tons, and the total inventory of five major steel products increased by 28.97 million tons. Apparent demand: rebar decreased by 77.81 million tons, hot-rolled coil decreased by 23.19 million tons, and the total apparent demand of five major steel products decreased by 125.66 million tons [2]. - On May 12th, in the China-US Geneva economic and trade talks joint statement, the US promised to cancel 91% of the tariffs on Chinese goods imposed under Executive Orders 14259 on April 8, 2025, and 14266 on April 9, 2025, and modify the 34% reciprocal tariffs on Chinese goods imposed under Executive Order 14257 on April 2, 2025, with 24% of the tariffs suspended for 90 days and the remaining 10% retained. China cancelled 91% of the counter - tariffs on US goods and suspended 24% of the 34% counter - tariffs on US reciprocal tariffs for 90 days, retaining the remaining 10%. China also suspended or cancelled non - tariff counter - measures against the US. However, US President Trump said there was no talk of changing tariffs on cars and steel [3]. 3.3 Trend Intensity - The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral outlook [3].