Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-19 08:59Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On Tuesday, the RB2510 contract continued to decline. Macroscopically, Premier Li Qiang emphasized enhancing macro - policy implementation efficiency, responding to market concerns, and stabilizing market expectations while boosting effective investment. In terms of supply - demand, the weekly output of rebar decreased slightly. High - temperature and rainy weather affected demand, inventory continued to increase, and apparent demand declined. Overall, rebar demand was weak in the off - season, and tariff disturbances affected market sentiment again, with low downstream purchasing enthusiasm and weak overall transactions. Technically, the 1 - hour MACD indicator of the RB2510 contract showed that DIFF and DEA were moving downward. The operation suggestion was to be bearish in a volatile market, paying attention to rhythm and risk control [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - RB main contract closing price was 3,126.00 yuan/ton, down 29 yuan; the position was 1,608,694 lots, down 1,199 lots - RB contract's top 20 net position was - 108,548 lots, up 12,257 lots; the RB10 - 1 contract spread was - 82 yuan/ton, unchanged - RB Shanghai Futures Exchange warehouse receipt was 135,449 tons, up 15,137 tons; the HC2510 - RB2510 contract spread was 290 yuan/ton, up 26 yuan [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,320.00 yuan/ton, down 10 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,405 yuan/ton, down 10 yuan - The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,330.00 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,280.00 yuan/ton, down 20 yuan - The RB main contract basis was 194.00 yuan/ton, up 19 yuan; the Hangzhou hot - rolled coil - rebar spot spread was 170.00 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 764.00 yuan/wet ton, down 12.00 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,535.00 yuan/ton, unchanged - The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,270.00 yuan/ton, unchanged; the price of Q235 billet in Hebei was 3,050.00 yuan/ton, down 10.00 yuan - The 45 - port iron ore inventory was 13,819.27 million tons, up 107.00 million tons; the sample coking plant's coke inventory was 39.05 million tons, down 5.31 million tons - The sample steel mill's coke inventory was 609.78 million tons, down 9.52 million tons; the Tangshan billet inventory was 112.52 million tons, down 2.84 million tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 83.57%, down 0.20%; the blast furnace capacity utilization rate of 247 steel mills was 90.24%, up 0.17% - The sample steel mill's rebar output was 220.45 million tons, down 0.73 million tons; the sample steel mill's rebar capacity utilization rate was 48.33%, down 0.16% - The sample steel mill's rebar inventory was 172.26 million tons, up 4.06 million tons; the 35 - city rebar social inventory was 414.93 million tons, up 26.45 million tons - The independent electric arc furnace steel mill's operating rate was 71.88%, unchanged; the domestic crude steel output was 7,966 million tons, down 353 million tons - China's rebar monthly output was 1,658 million tons, up 140 million tons; the steel net export volume was 939.00 million tons, up 18.00 million tons [2] 3.5 Downstream Situation - The national real estate climate index was 93.34, down 0.25; the cumulative year - on - year growth rate of fixed - asset investment completion was 1.60%, down 1.20% - The cumulative year - on - year growth rate of real estate development investment completion was - 12.00%, down 0.80%; the cumulative year - on - year growth rate of infrastructure construction investment was 3.20%, down 1.40% - The cumulative value of housing construction area was 638,731 million square meters, down 5,410 million square meters; the cumulative value of new housing construction area was 35,206 million square meters, down 4,842 million square meters - The commercial housing unsold area was 40,536.00 million square meters, up 285.00 million square meters [2] 3.6 Industry News - In July 2025, China's excavator output was 24,732 units, a year - on - year increase of 13.9%. From January to July 2025, China's excavator output was 205,299 units, a year - on - year increase of 11.1% - In July 2025, China's rebar output was 1,518.2 million tons, a year - on - year decrease of 2.3%. From January to July, the cumulative output was 11,338.7 million tons, a year - on - year decrease of 2.3% [2]