Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-21 09:04Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. Core View of the Report On Thursday, the HC2510 contract decreased with reduced positions. The overall situation is that Tangshan has entered a production - restriction period, but market sentiment is low, and the futures price is weak. The short - term market may fluctuate. Technically, the 1 - hour MACD indicator of the HC2510 contract shows that DIFF and DEA are running at a low level. The operation suggestion is to be bearish with oscillations, and pay attention to the rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - HC main contract closing price is 3,375 yuan/ton, down 27 yuan; HC main contract position is 1,047,482 lots, down 76,410 lots; HC contract top 20 net position is - 56,224 lots, down 1,804 lots; HC10 - 1 contract spread is 15 yuan/ton, down 2 yuan; HC Shanghai Futures Exchange warehouse receipt is 34,892 tons, down 5,669 tons; HC2510 - RB2510 contract spread is 254 yuan/ton, down 16 yuan [2]. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,470 yuan/ton, unchanged; in Guangzhou is 3,420 yuan/ton, unchanged; in Wuhan is 3,460 yuan/ton, unchanged; in Tianjin is 3,370 yuan/ton, down 10 yuan. The HC main contract basis is 95 yuan/ton, up 27 yuan; the Hangzhou hot - rolled coil - rebar spread is 140 yuan/ton, down 10 yuan [2]. Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port is 771 yuan/wet ton, up 9 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,535 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,300 yuan/ton, unchanged; the price of Hebei Q235 billet is 3,020 yuan/ton, unchanged. The 45 - port iron ore inventory is 13,819.27 million tons, up 107 million tons; the sample coking plant coke inventory is 39.05 million tons, down 5.31 million tons; the sample steel mill coke inventory is 609.78 million tons, down 9.52 million tons; the Hebei billet inventory is 112.52 million tons, down 2.84 million tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills is 83.57%, down 0.20%; the blast furnace capacity utilization rate of 247 steel mills is 90.24%, up 0.17%. The sample steel mill hot - rolled coil output is 325.24 million tons, up 9.65 million tons; the sample steel mill hot - rolled coil capacity utilization rate is 83.08%, up 2.46%. The sample steel mill hot - rolled coil factory inventory is 78.89 million tons, down 1.09 million tons; the 33 - city hot - rolled coil social inventory is 282.55 million tons, up 5.06 million tons. The domestic crude steel output is 7,966 million tons, down 353 million tons; the steel net export volume is 939 million tons, up 18 million tons [2]. Downstream Situation - The monthly automobile production is 2.5911 million vehicles, down 0.203 million vehicles; the monthly automobile sales are 2.5934 million vehicles, down 0.3111 million vehicles. The monthly air - conditioner output is 20.5965 million units, down 7.7866 million units; the monthly household refrigerator output is 8.7307 million units, down 0.3168 million units; the monthly household washing - machine output is 8.7743 million units, and the data trend is not clearly presented in the report [2]. Industry News - On August 21st, Mysteel reported that the actual hot - rolled coil output was 325.24 million tons, a week - on - week increase of 9.65 million tons; the steel mill inventory was 78.89 million tons, a week - on - week decrease of 1.09 million tons; the social inventory was 282.55 million tons, a week - on - week increase of 5.06 million tons; the total inventory was 361.44 million tons, a week - on - week increase of 3.97 million tons; the apparent demand was 321.27 million tons, a week - on - week increase of 6.52 million tons. Tangshan Zhonghou Plate Co., Ltd. plans to overhaul a 1*1780m³ blast furnace starting from August 22nd, with an expected overhaul period of about 40 days, and an average daily impact on hot - metal output of about 0.5 million tons [2].