供需格局弱稳，钢矿延续震荡

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints of the Report - Rebar: The main contract price fluctuates. Supply is rising while demand remains seasonally weak, keeping steel prices under pressure. However, low inventory eases immediate contradictions. Short - term, it will likely stay in low - level oscillations. Monitor steel mill production [4][38]. - Hot - rolled coil: The main contract price also fluctuates. Supply is at a high level, and although demand shows some improvement, its sustainability is uncertain. It will likely continue to oscillate at a low level, with demand being the key factor to watch [4][38]. - Iron ore: The main contract price is strongly oscillating. Demand has improved slightly, but supply is high, and the improvement in demand may not last. The price is expected to oscillate, with the performance of finished products being a key factor [4][39]. 3) Summary by Relevant Catalogs Industry Dynamics - Power Industry: From January to May, grid project investment reached 204 billion yuan, a 19.8% year - on - year increase. Total installed power generation capacity was 3.61 billion kilowatts, with solar and wind power showing significant growth [6]. - Construction Industry: The total new contract value of the top five construction central enterprises in the first five months exceeded 2.9 trillion yuan. China State Construction ranked first, with infrastructure business growing rapidly [7]. - Iron Ore Mining: Three new iron ore mining areas in Goa, India, were approved for operation, with different companies winning the mining rights and having various production capacities [8]. Spot Market - Steel Products: Rebar prices in Shanghai, Tianjin, and the national average, hot - rolled coil prices in Shanghai, Tianjin, and the national average, and prices of Tangshan billet and Zhangjiagang heavy scrap are presented, along with their price changes. The spread between hot - rolled coil and rebar is 130 yuan, and the spread between rebar and scrap is 940 yuan [9]. - Iron Ore: The price of 61.5% PB powder at Shandong ports, Tangshan iron concentrate, sea freight, SGX swaps, and the Platts Index are provided, along with their price changes [9]. Futures Market - Rebar: The closing price of the active contract is 2,995 yuan, with a daily increase of 0.03%. Trading volume decreased by 437,662 lots, and open interest decreased by 6,206 lots [13]. - Hot - rolled coil: The closing price of the active contract is 3,112 yuan, with a daily decrease of 0.16%. Trading volume decreased by 184,500 lots, and open interest increased by 28,968 lots [13]. - Iron ore: The closing price of the active contract is 706.0 yuan, with a daily increase of 0.50%. Trading volume decreased by 137,710 lots, and open interest increased by 4,370 lots [13]. Relevant Charts - Steel Inventory: Charts show the weekly changes and total inventory of rebar and hot - rolled coil [15][16][18]. - Iron Ore Inventory: Charts present the inventory of 45 ports, 247 steel mills, and domestic mines, as well as their seasonal and monthly changes [20][25][27]. - Steel Mill Production: Charts display the blast furnace operation rate, capacity utilization rate, and profitability of 247 sample steel mills, as well as the operation rate of 87 independent electric furnaces and the profit - loss situation of 75 building material independent arc - furnace steel mills [30][33][35]. Market Outlook - Rebar: Supply is rising while demand is seasonally weak. Although inventory is low, steel prices will continue to face pressure and oscillate at a low level [38]. - Hot - rolled coil: Supply is high, and demand shows some improvement but its sustainability is uncertain. It will likely continue to oscillate at a low level [38]. - Iron Ore: Demand has improved slightly, but supply is high, and the improvement in demand may not last. The price is expected to oscillate [39].