华宝期货晨报成材-20250718

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core Viewpoints - The fundamentals of rebar and hot - rolled coils in the steel products sector are differentiated, with the overall market in consolidation. The market shows a slightly strong trend due to optimistic sentiment under anti - involution, but the actual downstream situation remains sluggish with a low probability of short - term reversal. It is recommended to wait and see in the short term and try short positions on rallies [2]. - For raw materials, the view is to wait and see in the short term or try short positions on rebounds [2]. 3) Summary by Related Content Steel Products - Production: According to Steel Union's weekly data, rebar production decreased by 76,000 tons to 2.0906 million tons, hot - rolled coil production decreased by 20,000 tons to 3.2114 million tons, and the total production of five major steel products decreased by 45,300 tons to 8.6819 million tons [2]. - Inventory: Rebar total inventory increased by 28,900 tons to 5.4326 million tons, hot - rolled coil total inventory decreased by 26,500 tons to 3.4291 million tons, and the total inventory of five major steel products decreased by 19,200 tons to 13.3766 million tons [2]. - Apparent Demand: Rebar apparent demand decreased by 153,300 tons to 2.0617 million tons, hot - rolled coil apparent demand increased by 12,800 tons to 3.2379 million tons, and the apparent demand of five major steel products decreased by 29,600 tons to 8.7011 million tons [2]. - Market Performance: Steel products rebounded slightly yesterday. The fundamentals of rebar and hot - rolled coils are different. Rebar's apparent demand decreased significantly and inventory started to accumulate, while hot - rolled coils' inventory decreased slightly and apparent demand increased slightly, resulting in hot - rolled coils performing stronger than rebar [2].