螺纹钢：市场情绪反复，宽幅震荡，热轧卷板：市场情绪反复，宽幅震荡

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Views - The market sentiment of rebar and hot-rolled coil is volatile, with wide fluctuations [2][3]. 3. Summary by Related Catalogs 3.1 Fundamental Data - Futures Data: The closing prices of RB2510 and HC2510 were 3,138 yuan/ton and 3,389 yuan/ton respectively, with daily increases of 31 yuan/ton, and daily increase rates of 0.71% and 0.92% respectively. The trading volumes were 1,200,313 lots (RB2510) and 508,110 lots (HC2510), and the open interests were 1,347,830 lots (RB2510) and 938,245 lots (HC2510), with changes of -63,773 lots and -59,902 lots respectively [3]. - Spot Price Data: The spot prices of rebar and hot-rolled coil in various regions increased to varying degrees, with the largest increase of 30 yuan/ton. The price of Tangshan billet was 3,050 yuan/ton, up 30 yuan/ton [3]. - Basis and Spread Data: The basis of RB2510 and HC2510 increased by 11 yuan/ton and 2 yuan/ton respectively. The spreads of RB2510 - RB2601 and HC2601 - RB2601 decreased by 10 yuan/ton and 4 yuan/ton respectively, while the spreads of HC2510 - HC2601, HC2510 - RB2510 increased by 3 yuan/ton and 9 yuan/ton respectively. The spot coil - rebar spread decreased by 1 yuan/ton [3]. 3.2 Macro and Industry News - Steel Union Weekly Data (August 21): Rebar production decreased by 5.8 tons, hot-rolled coil production increased by 9.65 tons, and the total production of five major steel products increased by 6.43 tons. Rebar inventory increased by 19.85 tons, hot-rolled coil inventory increased by 3.97 tons, and the total inventory of five major steel products increased by 25.07 tons. Rebar apparent demand increased by 4.86 tons, hot-rolled coil apparent demand increased by 6.52 tons, and the total apparent demand of five major steel products increased by 21.97 tons [4]. - Mid - August 2025 Data of Key Steel Enterprises: The average daily production of crude steel, pig iron, and steel products increased by 2.0%, 0.5%, and 2.2% respectively compared with the previous period. The steel inventory of key enterprises increased by 4.0% compared with the previous ten - day period, by 26.7% compared with the beginning of the year, by 0.1% compared with the same ten - day period of last month, decreased by 4.7% compared with the same ten - day period of last year, and decreased by 5.8% compared with the same ten - day period of the year before last [4][5]. - Other Data: The Manufacturing Supply Index (MMSI) in July was 146.13, a month - on - month decrease of 4.83%. From January to July, the national general public budget revenue was 13,583.9 billion yuan, a year - on - year increase of 0.1% [5]. 3.3 Trend Intensity - The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral trend [5].