螺纹钢：市场情绪不减，偏强震荡，热轧卷板：市场情绪不减，偏强震荡

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The market sentiment for rebar and hot - rolled coil remains strong, with both showing a strong and volatile trend [3] - The trend strength for rebar and hot - rolled coil is 1, indicating a relatively strong trend [5][6] Group 3: Summary based on Related Catalogs 1. Fundamental Tracking Futures Data - For RB2510 of rebar, the closing price was 3,224 yuan/ton, up 68 yuan/ton or 2.15%. The trading volume was 2,696,289 lots, the open interest was 2,095,912 lots, and the open interest increased by 20,122 lots [3] - For HC2510 of hot - rolled coil, the closing price was 3,394 yuan/ton, up 73 yuan/ton or 2.20%. The trading volume was 1,279,822 lots, the open interest was 1,600,476 lots, and the open interest increased by 4,222 lots [3] Spot Price Data - Rebar spot prices in Shanghai, Hangzhou, Beijing, and Guangzhou increased by 70 - 80 yuan/ton compared to the previous day [3] - Hot - rolled coil spot prices in Shanghai, Hangzhou, Tianjin, and Guangzhou increased by 70 - 90 yuan/ton compared to the previous day [3] - The price of Tangshan steel billet was 3,060 yuan/ton, up 60 yuan/ton from the previous day [3] Price Difference Data - The basis of RB2510 decreased by 7 yuan/ton, and the basis of HC2510 decreased by 4 yuan/ton [3] - The spread of RB2510 - RB2601 decreased by 9 yuan/ton, and the spread of HC2510 - HC2601 decreased by 6 yuan/ton [3] - The spread of HC2510 - RB2510 increased by 7 yuan/ton, and the spread of HC2601 - RB2601 increased by 4 yuan/ton [3] - The spot spread between hot - rolled coil and rebar increased by 8 yuan/ton [3] 2. Macro and Industry News Energy Consumption Data - In June, the total social electricity consumption was 867 billion kWh, a year - on - year increase of 5.4%. From January to June, the cumulative total social electricity consumption was 48,418 billion kWh, a year - on - year increase of 3.7%. The power generation of industrial enterprises above designated size was 45,371 billion kWh, and the electricity consumption of the secondary industry was 31,485 billion kWh, a year - on - year increase of 2.4% [3] Industry Policy News - On July 18, the Ministry of Industry and Information Technology plans to implement a new round of steady - growth work plans for ten key industries including steel, aiming to adjust the structure, optimize supply, and eliminate backward production capacity [5] Industry Production and Inventory Data - According to the weekly data of Steel Union on July 17, the output of rebar decreased by 7.6 tons, the output of hot - rolled coil decreased by 2 tons, and the total output of five major varieties decreased by 0.96 tons. The total inventory of rebar increased by 2.89 tons, the total inventory of hot - rolled coil decreased by 2.65 tons, and the total inventory of five major varieties decreased by 1.92 tons. The apparent demand of rebar decreased by 15.33 tons, the apparent demand of hot - rolled coil increased by 1.28 tons, and the apparent demand of five major varieties increased by 0.61 tons [5] - In early July 2025, key steel enterprises produced 20.97 million tons of crude steel, with an average daily output of 2.097 million tons, a 1.5% decrease in daily output compared to the previous period; 19.31 million tons of pig iron, with an average daily output of 1.931 million tons, a 1.1% decrease in daily output; and 19.88 million tons of steel, with an average daily output of 1.988 million tons, an 11.9% decrease in daily output. The steel inventory of key enterprises was 15.07 million tons, a decrease of 380,000 tons or 2.4% from the previous ten - day period [5] - In June 2025, China's crude steel output was 83.18 million tons, a year - on - year decrease of 9.2%. The average daily output of crude steel in June was 2.773 million tons, a 0.7% decrease from the previous month. From January to June, China's crude steel output was 514.83 million tons, a year - on - year decrease of 3.0% [5] Financial Data - At the end of June 2025, the balance of broad - money (M2) was 330.29 trillion yuan, a year - on - year increase of 8.3%, 0.4 percentage points higher than the previous month and 2.1 percentage points higher than the same period last year. The balance of narrow - money (M1) was 113.95 trillion yuan, a year - on - year increase of 4.6% [5] Export Data - In June 2025, China exported 9.678 million tons of steel, a decrease of 900,000 tons or 8.5% from the previous month, with an average price of 687.1 US dollars/ton, a decrease of 10.8 US dollars/ton or 1.5% from the previous month. From January to June, the cumulative steel exports were 58.147 million tons, an increase of 4.908 million tons or 9.2% year - on - year [5]