Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-01 09:23Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On Monday, the HC2510 contract decreased in price with increasing positions. Macroscopically, the US Court of Appeals ruled that most of the global tariff policies implemented by former President Trump were illegal. In terms of supply and demand, the weekly output of hot-rolled coils decreased slightly, with a high-capacity utilization rate of 82.95%. The inventory slightly increased, and the terminal demand for hot-rolled coils was resilient, with apparent demand remaining above 3.2 million tons. Overall, the steel market was influenced by both bullish and bearish factors, facing significant technical pressure and a downward shift in the futures price center [2]. - Technically, the 1-hour MACD indicator of the HC2601 contract showed that both DIFF and DEA were moving downward. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract was 3,303 yuan/ton, a decrease of 43 yuan; the position volume was 1,195,204 lots, an increase of 28,571 lots. The net position of the top 20 in the HC contract was - 90,572 lots, an increase of 11,965 lots. The HC10 - 1 contract spread was 17 yuan/ton, an increase of 8 yuan; the HC2601 - RB2601 contract spread was 188 yuan/ton, an increase of 2 yuan. The HC main contract basis was 87 yuan/ton, an increase of 3 yuan [2]. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,390 yuan/ton, a decrease of 40 yuan; in Guangzhou, it was 3,360 yuan/ton, a decrease of 20 yuan; in Wuhan, it was 3,440 yuan/ton, a decrease of 20 yuan; in Tianjin, it was 3,310 yuan/ton, a decrease of 50 yuan. The Hangzhou hot - rolled coil - rebar spread was 120 yuan/ton, a decrease of 10 yuan [2]. Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 760 yuan/wet ton, a decrease of 18 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,590 yuan/ton, unchanged. The price of Tangshan 6 - 8mm scrap steel was 2,300 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,950 yuan/ton, a decrease of 40 yuan. The inventory of iron ore at 45 ports was 137.6302 million tons, a decrease of 0.8218 million tons; the inventory of coke at sample coking plants was 397,100 tons, an increase of 3,300 tons; the inventory of coke at sample steel mills was 6.1012 million tons, an increase of 4,300 tons; the inventory of Hebei billets was 1.2836 million tons, an increase of 0.1227 million tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills was 83.18%, a decrease of 0.16 percentage points; the blast furnace capacity utilization rate was 90%, a decrease of 0.27 percentage points. The output of hot - rolled coils at sample steel mills was 3.2474 million tons, a decrease of 0.005 million tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 82.95%, a decrease of 0.13 percentage points. The inventory of hot - rolled coils at sample steel mills was 796,800 tons, an increase of 7,900 tons; the social inventory of hot - rolled coils in 33 cities was 2.8578 million tons, an increase of 0.0323 million tons. The domestic crude steel output was 79.66 million tons, a decrease of 3.53 million tons; the net export volume of steel was 939,000 tons, an increase of 18,000 tons [2]. Downstream Situation - The monthly output of automobiles was 2.5911 million vehicles, a decrease of 0.203 million vehicles; the monthly sales of automobiles were 2.5934 million vehicles, a decrease of 0.3111 million vehicles. The monthly output of air conditioners was 20.5965 million units, a decrease of 7.7866 million units; the monthly output of household refrigerators was 8.7307 million units, a decrease of 0.3168 million units; the monthly output of household washing machines was 8.7743 million units, a decrease of 0.7336 million units [2]. Industry News - Last week, the blast furnace operating rate of 247 steel mills was 83.2%, a decrease of 0.16 percentage points from the previous week; the blast furnace iron - making capacity utilization rate was 90.02%, a decrease of 0.23 percentage points from the previous week; the daily average pig iron output was 2.4013 million tons, a decrease of 0.0062 million tons from the previous week [2]. - The Guangzhou Municipal Bureau of Commerce announced that it had decided to adjust the 2025 "Replacement and Upgrade" policy for automobiles in Guangzhou, and the subsidy policy for automobile "Replacement and Upgrade" was suspended from 0:00 on August 30, 2025 [2].