螺纹钢：宏观情绪拖累，弱势延续，热轧卷板，宏观情绪拖累，弱势延续

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The prices of rebar and hot-rolled coil continue to be weak due to the drag of macro sentiment [2][3] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - Futures Data: For RB2510, the closing price was 2,928 yuan/ton, down 35 yuan (-1.18%); the trading volume was 1,553,663 lots, and the open interest was 2,297,854 lots with an increase of 1,778 lots. For HC2510, the closing price was 3,052 yuan/ton, down 32 yuan (-1.04%); the trading volume was 594,311 lots, and the open interest was 1,588,097 lots with an increase of 9,572 lots [3] - Spot Price Data: Rebar prices in Shanghai, Hangzhou, and some other regions decreased, while prices in Beijing and Guangzhou remained unchanged. Hot-rolled coil prices in Shanghai remained unchanged, while prices in Hangzhou, Tianjin, and Guangzhou decreased. The price of Tangshan billet decreased by 30 yuan/ton [3] - Price Difference Data: The basis of RB2510 increased by 3 yuan to 162 yuan/ton, and the basis of HC2510 increased by 24 yuan to 118 yuan/ton. The spreads between different contracts also changed to varying degrees [3] 2. Macro and Industry News - On June 3, China's Caixin Manufacturing PMI for May was reported at 48.3, falling below the critical point for the first time since October 2024, with an expected value of 50.7 and a previous value of 50.4 [3] - According to the weekly data from Steel Union on May 29, in terms of production, rebar production decreased by 5.97 tons, hot-rolled coil production increased by 13.87 tons, and the total production of five major varieties increased by 8.41 tons. In terms of total inventory, rebar inventory decreased by 23.17 tons, hot-rolled coil inventory decreased by 7.38 tons, and the total inventory of five major varieties decreased by 32.94 tons. In terms of apparent demand, rebar demand increased by 1.55 tons, hot-rolled coil demand increased by 13.87 tons, and the total demand of five major varieties increased by 9.23 tons [3][5] - 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 compared to the previous period); 19.82 million tons of pig iron, with an average daily output of 1.982 million tons (a 0.4% decrease in daily output compared to the previous period); and 21.24 million tons of steel, with an average daily output of 2.124 million tons (a 1.9% increase in daily output compared to the previous period) [5] 3. Trend Intensity - The trend intensity of rebar is -1, and that of hot-rolled coil is also -1, indicating a bearish outlook [5]