螺纹钢：需求端预期不佳，偏弱震荡，热轧卷板：需求端预期不佳，偏弱震荡

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - The demand side of rebar and hot-rolled coil has poor expectations and will fluctuate weakly [2][3] Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - Futures Data: The closing price of RB2510 was 3,046 yuan/ton, down 13 yuan/ton (-0.42%); the closing price of HC2510 was 3,189 yuan/ton, down 24 yuan/ton (-0.75%). The trading volume of RB2510 was 1,208,627 lots, with a position of 2,158,221 lots, a decrease of 16,417 lots; the trading volume of HC2510 was 437,643 lots, with a position of 1,368,284 lots, an increase of 15,088 lots [3] - Spot Price Data: Rebar prices in Shanghai, Hangzhou, and Guangzhou decreased by 10 - 20 yuan/ton, while the price in Beijing remained unchanged; hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou decreased by 10 - 30 yuan/ton, and the price of Tangshan billet remained unchanged [3] - Basis and Spread Data: The basis of RB2510 increased by 5 yuan/ton to 134 yuan/ton; the basis of HC2510 increased by 11 yuan/ton to 71 yuan/ton. The spreads of RB2510 - RB2601, HC2510 - HC2601, HC2510 - RB2510, HC2601 - RB2601, and the spot coil - rebar spread all changed to varying degrees [3] 2. Macro and Industry News - In April 2025, global crude steel production decreased by 0.3% year - on - year to 155.7 million tons [3] - In mid - May 2025, key steel enterprises produced 21.99 million tons of crude steel, with an average daily output of 2.199 million tons, a 0.3% decrease in daily output month - on - month; 19.82 million tons of pig iron, with an average daily output of 1.982 million tons, a 0.4% decrease in daily output month - on - month; 21.24 million tons of steel, with an average daily output of 2.124 million tons, a 1.9% increase in daily output month - on - month [3] 3. Steel Union Weekly Data (May 22) - Output: Rebar output increased by 4.95 million tons, hot - rolled coil output decreased by 6.3 million tons, and the total output of five major varieties increased by 4.09 million tons [5] - Total Inventory: Rebar inventory decreased by 15.65 million tons, hot - rolled coil inventory decreased by 7.38 million tons, and the total inventory of five major varieties decreased by 32.12 million tons [5] - Apparent Demand: Rebar apparent demand decreased by 13.16 million tons, hot - rolled coil apparent demand decreased by 16.47 million tons, and the total apparent demand of five major varieties decreased by 9.2 million tons [5] 4. Trend Intensity - The trend intensity of rebar is 0, and the trend intensity of hot - rolled coil is 0 [5]