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螺纹钢:低位震荡,热轧卷板:低位震荡
Guo Tai Jun An Qi Huo·2025-05-21 01:52

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The prices of rebar and hot - rolled coil are in a low - level oscillation [1][2]. 3. Summary by Relevant Catalogs 3.1. Futures and Spot Market Data - Futures Data: The closing price of RB2510 was 3,058 yuan/ton, down 18 yuan/ton (-0.59%); HC2510 was 3,202 yuan/ton, down 12 yuan/ton (-0.37%). The trading volume of RB2510 was 1,285,345 lots, with a position of 2,160,329 lots and an increase of 47,284 lots; HC2510 had a trading volume of 435,507 lots, a position of 1,350,873 lots and an increase of 6,762 lots [2]. - Spot Price: Rebar prices in Shanghai, Hangzhou and Beijing remained unchanged, while in Guangzhou it decreased by 20 yuan/ton. Hot - rolled coil prices in Shanghai and Tianjin were stable, in Hangzhou it decreased by 20 yuan/ton and in Guangzhou it increased by 10 yuan/ton. The price of Tangshan billet decreased by 10 yuan/ton [2]. - Basis and Spread: The basis of RB2510 increased by 11 yuan/ton to 132 yuan/ton, and that of HC2510 increased by 5 yuan/ton to 78 yuan/ton. The spreads of RB2510 - RB2601, HC2510 - HC2601, HC2510 - RB2510 and HC2601 - RB2601 all increased, while the spot coil - rebar spread remained unchanged [2]. 3.2. Macro and Industry News - Anti - dumping Tax: South Korea will continue to impose a five - year anti - dumping tax on stainless steel sheets from the Chinese mainland (23.69% - 25.82%), Indonesia and Taiwan region, but some suppliers with price commitments are exempted [4]. - Crude Steel Production: In April 2025, China's crude steel output was 8602 million tons, unchanged year - on - year. The daily output in April decreased by 4.3% month - on - month. From January to April, the output was 34535 million tons, up 0.4% year - on - year. Hebei ranked first in output from January to April, followed by Jiangsu and Shandong [4]. - Weekly Data: On May 15, rebar production increased by 30,000 tons, hot - rolled coil decreased by 84,000 tons, and the total of five major varieties decreased by 58,200 tons. Rebar inventory decreased by 337,600 tons, hot - rolled coil by 175,500 tons, and the total of five major varieties by 454,100 tons. Rebar apparent demand increased by 463,900 tons, hot - rolled coil by 200,000 tons, and the total of five major varieties by 685,600 tons [4]. - Early May Data: In early May 2025, key steel enterprises produced 22.05 million tons of crude steel, with a daily output increase of 0.2% month - on - month; 19.9 million tons of pig iron, with a daily output increase of 1.6% month - on - month; and 20.83 million tons of steel, with a daily output decrease of 8.4% month - on - month [4]. 3.3. Trend Intensity - The trend intensity of rebar and hot - rolled coil is 0, indicating a neutral trend [3][4].