钢材产量增加，钢价震荡反弹

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The State Council will issue the third - batch of funds for consumer goods trade - in this July and promote the equipment update loan discount policy to reduce the financing cost of business entities. The steel supply increased last week, driving up raw material demand and strengthening cost support, which in turn led to a rebound in steel prices. Although the apparent demand decreased slightly, in line with the off - season characteristics, it is expected that steel prices will fluctuate and rebound in the short term due to cost - push factors [1][5] 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 2995 | 3 | 0.10 | 7455274 | 3091097 | Yuan/ton | | SHFE Hot - Rolled Coil | 3121 | 5 | 0.16 | 2632410 | 1510669 | Yuan/ton | | DCE Iron Ore | 716.5 | 13.5 | 1.92 | 1692774 | 654225 | Yuan/ton | | DCE Coking Coal | 847.5 | 52.5 | 6.60 | 5225301 | 733946 | Yuan/ton | | DCE Coke | 1421.5 | 37.0 | 2.67 | 144716 | 56720 | Yuan/ton | [2] 3.2 Market Review - Last week, steel futures fluctuated and rebounded. The macro - level policy of consumer goods trade - in and the increase in steel production at the fundamental level supported the raw material demand and cost. In the spot market, the price of Tangshan billet was 2910 (- 10) Yuan/ton, Shanghai rebar was quoted at 3080 (- 10) Yuan/ton, and Shanghai hot - rolled coil was 3190 (- 10) Yuan/ton [4] 3.3 Industry News - On June 26, the third - batch of funds for consumer goods trade - in will be issued in July, and the national subsidy fund usage plan will be formulated monthly and weekly. Recently, inspections in Linfen, Shanxi are frequent. Two coal mines in Pu County stopped production due to environmental protection, with a production capacity of 330 million tons. Some coal mines and coal - washing plants are still shut down, and the supply in Linfen continues to shrink. The state will support equipment updates with 200 billion Yuan of ultra - long - term special treasury bond funds this year, with the first batch of about 173 billion Yuan already allocated to about 7,500 projects in 16 fields, and the second batch is under project review and screening [7][10] 3.4 Relevant Charts - The report includes charts such as the trend of rebar and hot - rolled coil futures and their spreads, basis, spot regional price differences, steel mill profits, blast furnace operating rates, steel production, inventory, and apparent consumption from 2021 to 2025 [9][11][16]