Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-21 09:59Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report On Monday, the RB2510 contract increased in price with higher trading volume. The Ministry of Industry and Information Technology stated that a stable growth work plan for ten key industries including steel, non - ferrous metals, and petrochemicals is about to be introduced. The weekly output of rebar continued to decline, with the capacity utilization rate dropping to 45.83%. During the consumption off - season, terminal demand was average, social inventory increased significantly, and the total inventory ended its consecutive decline. Overall, the apparent demand for construction steel decreased during the off - season, but positive policy expectations in the macro - aspect, combined with rising furnace materials, supported the upward movement of rebar futures prices. Technically, the 1 - hour MACD indicator of the RB2510 contract showed that DIFF and DEA were rising. The operation strategy is to conduct bullish trading while paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the RB main contract was 3,224 yuan/ton, up 77 yuan; the trading volume was 2,095,912 lots, up 20,122 lots; the net position of the top 20 in the RB contract was - 5,009 lots, down 3,976 lots; the RB10 - 1 contract spread was - 53 yuan/ton, down 9 yuan; the RB warehouse receipt at the Shanghai Futures Exchange was 86,534 tons, down 897 tons; the HC2510 - RB2510 contract spread was 170 yuan/ton, up 7 yuan [2]. 现货市场 - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,370 yuan/ton, up 60 yuan; (actual weight) was 3,456 yuan/ton, up 62 yuan; in Guangzhou (theoretical weight) was 3,450 yuan/ton, up 50 yuan; in Tianjin (theoretical weight) was 3,260 yuan/ton, up 60 yuan. The basis of the RB main contract was 146 yuan/ton, down 17 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was 70 yuan/ton, up 20 yuan [2]. Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 789 yuan/wet ton, up 12 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,265 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,210 yuan/ton, unchanged; the price of Q235 billets in Hebei was 3,060 yuan/ton, up 60 yuan. The inventory of iron ore at 45 ports was 137.8521 million tons, up 193,200 tons; the inventory of coke at sample coking plants was 554,200 tons, down 43,500 tons; the inventory of coke at sample steel mills was 6.3909 million tons, up 11,200 tons; the blast furnace operating rate of 247 steel mills was 83.48%, up 0.35 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 90.92%, up 1.05 percentage points; the inventory of billets in Tangshan was 1.0362 million tons, up 60,900 tons [2]. Industry Situation - The weekly output of rebar at sample steel mills was 2.0906 million tons, down 76,000 tons; the capacity utilization rate of rebar at sample steel mills was 45.83%, down 1.66 percentage points; the inventory of rebar at sample steel mills was 1.731 million tons, down 77,800 tons; the social inventory of rebar in 35 cities was 3.7016 million tons, up 106,700 tons; the operating rate of independent electric arc furnace steel mills was 63.54%, up 3.12 percentage points; the monthly output of domestic crude steel was 83.18 million tons, down 3.36 million tons; the monthly output of Chinese rebar was 16.88 million tons, up 300,000 tons; the monthly net export volume of steel was 9.21 million tons, down 890,000 tons [2]. Downstream Situation - The national real estate climate index was 93.60, down 0.11; the cumulative year - on - year growth rate of fixed asset investment was 2.80%, down 0.90 percentage points; the cumulative year - on - year growth rate of real estate development investment was - 11.20%, down 0.50 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was 4.60%, down 1.00 percentage points; the cumulative value of housing construction area was 6.33321 billion square meters, down 83.02 million square meters; the cumulative value of new housing construction area was 303.64 million square meters, down 71.81 million square meters; the inventory of commercial housing for sale was 408.21 million square meters, up 4.43 million square meters [2]. Industry News - On July 21, 2025, the 1 - year LPR was 3.0%, and the 5 - year and above LPR was 3.5%. On July 19, the groundbreaking ceremony of the hydropower project in the lower reaches of the Yarlung Zangbo River was held, with a total investment of about 1.2 trillion yuan [2].