螺纹钢：市场情绪降温，偏弱震荡，热轧卷板：市场情绪降温，偏弱震荡

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The market sentiment of rebar and hot-rolled coil has cooled down, showing a weak and volatile trend [2][3] Group 3: Summary According to the Catalog 1. Fundamental Tracking - Futures Data: The closing price of RB2510 was 3,205 yuan/ton, down 140 yuan/ton (-4.19%); the closing price of HC2510 was 3,390 yuan/ton, down 125 yuan/ton (-3.56%). The trading volume of RB2510 was 2,730,966 lots, with a position of 1,816,026 lots, a decrease of 213,107 lots. The trading volume of HC2510 was 1,070,244 lots, with a position of 1,433,936 lots, a decrease of 139,278 lots [3] - Spot Price: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou decreased by 70, 100, 70, and 10 yuan/ton respectively. Hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou decreased by 90, 90, 70, and 70 yuan/ton respectively. The price of Tangshan billet decreased by 40 yuan/ton [3] - Basis and Spread: The basis of RB2510 increased by 40 yuan/ton, and the basis of HC2510 increased by 3 yuan/ton. The spread between RB2510 and RB2601 remained unchanged, while the spread between HC2510 and HC2601 increased by 5 yuan/ton. The spread between HC2510 and RB2510 increased by 17 yuan/ton, and the spread between HC2601 and RB2601 increased by 12 yuan/ton. The spot spread between hot-rolled coil and rebar decreased by 18 yuan/ton [3] 2. Macro and Industry News - Steel Union Weekly Data: In terms of production, rebar production decreased by 0.9 tons, hot-rolled coil production increased by 5.3 tons, and the total production of five major varieties increased by 0.65 tons. In terms of total inventory, rebar inventory increased by 7.65 tons, hot-rolled coil inventory increased by 2.79 tons, and the total inventory of five major varieties increased by 15.39 tons. In terms of apparent demand, rebar demand decreased by 13.17 tons, hot-rolled coil demand decreased by 8.31 tons, and the total demand of five major varieties decreased by 15.9 tons [4] - Policy News: The Politburo meeting pointed out the need to deepen reforms, promote the development of new quality productivity, and regulate the disorderly competition of enterprises. The National Development and Reform Commission and the State Administration for Market Regulation issued a public consultation on the draft amendment to the Price Law, aiming to clarify the criteria for identifying unfair price behaviors [4][5] - Steel Production Data: In mid-July 2025, key steel enterprises produced 21.41 million tons of crude steel, with an average daily output of 2.141 million tons, a daily increase of 2.1%; 19.44 million tons of pig iron, with an average daily output of 1.944 million tons, a daily increase of 0.6%; and 20.80 million tons of steel, with an average daily output of 2.080 million tons, a daily increase of 4.6% [5] 3. Trend Intensity - The trend intensity of rebar is -1, and the trend intensity of hot-rolled coil is -1, indicating a weak trend [5]