Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-05-28 09:10Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint On Wednesday, the RB2510 contract continued to decline with increasing positions. Macroscopically, the State Council emphasized key tasks. In terms of supply and demand, the weekly output of rebar increased by 4.95 tons, and the capacity utilization rate was around 50%. The total rebar inventory decreased by 15.65 tons. With the approaching of the flood season in southern China and the college entrance examination, the apparent demand may continue to decline. Technically, the 1-hour MACD indicator of the RB2510 contract shows that DIFF and DEA are running below the 0-axis. It is recommended to conduct short-side trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs a. Futures Market - RB main contract closing price: 2,964.00 yuan/ton, down 16 yuan [2]. - RB main contract position: 2,441,388 lots, up 41,409 lots [2]. - RB contract top 20 net positions: -130,400 lots, up 8,421 lots [2]. - RB10 - 1 contract spread: -14 yuan/ton, up 4 yuan [2]. - RB Shanghai Futures Exchange warehouse receipt: 41,975 tons, unchanged [2]. - HC2510 - RB2510 contract spread: 136 yuan/ton, up 5 yuan [2]. b. Spot Market - Hangzhou HRB400E 20MM (theoretical weight): 3,110.00 yuan/ton, down 10 yuan [2]. - Hangzhou HRB400E 20MM (actual weight): 3,190 yuan/ton, down 10 yuan [2]. - Guangzhou HRB400E 20MM (theoretical weight): 3,270.00 yuan/ton, unchanged [2]. - Tianjin HRB400E 20MM (theoretical weight): 3,180.00 yuan/ton, unchanged [2]. - RB main contract basis: 146.00 yuan/ton, up 6 yuan [2]. - Hangzhou hot-rolled coil - rebar spot spread: 80.00 yuan/ton, up 10 yuan [2]. c. Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 732.00 yuan/wet ton, down 4 yuan [2]. - Hebei quasi-primary metallurgical coke: 1,450.00 yuan/ton, unchanged [2]. - Tangshan 6 - 8mm scrap steel: 2,220.00 yuan/ton, unchanged [2]. - Hebei Q235 billet: 2,900.00 yuan/ton, unchanged [2]. - Domestic iron ore port inventory: 139.8783 million tons, down 1.7826 million tons [2]. - Sample coking plant coke inventory: 733,000 tons, up 80,500 tons [2]. - Sample steel mill coke inventory: 6.609 million tons, down 26,200 tons [2]. - Tangshan billet inventory: 693,000 tons, down 52,100 tons [2]. - 247 steel mills blast furnace operating rate: 83.67%, down 0.46% [2]. - 247 steel mills blast furnace capacity utilization rate: 91.30%, down 0.44% [2]. d. Industry Situation - Sample steel mill rebar output: 2.3148 million tons, up 49,500 tons [2]. - Sample steel mill rebar capacity utilization rate: 50.74%, up 1.08% [2]. - Sample steel mill rebar inventory: 1.8776 million tons, up 27,700 tons [2]. - 35 - city rebar social inventory: 4.1646 million tons, down 184,200 tons [2]. - Independent electric arc furnace steel mill operating rate: 75.00%, up 2.08% [2]. - Domestic crude steel output: 86.02 million tons, down 6.82 million tons [2]. - China rebar monthly output: 1.861 million tons, up 131,000 tons [2]. - Steel net export volume: 994,000 tons, down 2,000 tons [2]. e. Downstream Situation - National Real Estate Climate Index: 93.86, down 0.09 [2]. - Cumulative year - on - year growth rate of fixed asset investment: 4.00%, down 0.20% [2]. - Cumulative year - on - year growth rate of real estate development investment: -10.30%, down 0.40% [2]. - Cumulative year - on - year growth rate of infrastructure investment (excluding electricity): 5.80%, unchanged [2]. - Cumulative value of housing construction area: 6.20315 billion square meters, down 66.1 million square meters [2]. - Cumulative value of new housing construction area: 178.36 million square meters, down 48.39 million square meters [2]. - Commodity housing unsold area: 417.03 million square meters, up 4.55 million square meters [2]. f. Industry News - As the 2025 college and high school entrance examinations approach, 27 cities have issued policies to strengthen noise supervision of surrounding construction operations [2]. - In April 2025, the national issuance of new bonds was 253.4 billion yuan, and refinancing bonds was 439.9 billion yuan, with a total of 693.3 billion yuan in local government bond issuance [2]. g. Key Focus - Thursday's rebar weekly output, in - plant inventory, and social inventory [2]