市场情绪偏弱，钢矿延续震荡

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - The main contract price of rebar oscillated, recording a daily decline of 0.16%. With both supply and demand increasing, the fundamentals of rebar have not improved, industrial contradictions have accumulated, inventory has continued to increase, and steel prices are under pressure. It is expected to continue the weak bottom - seeking trend, and attention should be paid to demand performance [4]. - The main contract price of hot - rolled coil oscillated weakly, recording a daily decline of 0.36%. The demand for hot - rolled coil has some resilience, but the fundamentals have not substantially improved, and the market sentiment is poor. It is expected to continue the oscillating and weakening trend, and attention should be paid to steel mill production [4]. - The main contract price of iron ore oscillated, recording a daily increase of 0.06%. The demand for iron ore has weakened, while the supply has increased steadily. The fundamentals of iron ore have weakened, and the valuation is relatively high. It is expected that the ore price will be under pressure and oscillate weakly, and attention should be paid to steel performance [4]. Group 3: Summary by Related Catalogs 1. Industry Dynamics - As of the end of August, the total amount of proposed use of special bonds to acquire idle stock land in 26 provinces and cities exceeded 610 billion yuan, and the actual issuance of special bonds was about 175.2 billion yuan. The bond - issuing progress accelerated in the third quarter [6]. - In the first half of 2025, nine major construction central enterprises all achieved profitability. The total revenue was 3,331.929 billion yuan, a year - on - year decrease of 4.39%; the total net profit was 77.727 billion yuan, a year - on - year decrease of 7.52% [7]. - In August 2025, 14 steel projects started or were put into production, including projects of Jinding Steel and Anhui Liugang starting, and projects of Quzhou Yuanli Metal, Hongyi New Materials, and Zhongnan Co., Ltd. being put into production [8]. 2. Spot Market - The spot prices of rebar, hot - rolled coil, and other products are presented, along with their price changes. For example, the national average price of rebar (HRB400E, 20mm) was 3,290 yuan, a decrease of 7 yuan; the national average price of hot - rolled coil (Shanghai, 4.75mm) was 3,424 yuan, a decrease of 5 yuan [9]. 3. Futures Market - The closing prices, price changes, trading volumes, and open interests of the main contracts of rebar, hot - rolled coil, and iron ore futures are provided. For example, the closing price of rebar futures was 3,117 yuan, a decrease of 0.16% [11]. 4. Related Charts - Include charts of steel inventory (rebar and hot - rolled coil inventory), iron ore inventory (national 45 - port iron ore inventory, 247 - steel mill iron ore inventory), and steel mill production (247 - sample steel mill blast furnace start - up rate and capacity utilization rate, etc.) [13][18][26]. 5. Market Outlook - Rebar: Supply has increased to a high level this year, and demand has improved slightly but remains at a low level in recent years. The fundamentals have not improved, inventory has increased, and steel prices are under pressure. It is expected to continue the weak bottom - seeking trend [34]. - Hot - rolled coil: Supply has slightly shrunk, and demand is weakly stable. There is some demand resilience, but the fundamentals have not substantially improved. It is expected to continue the oscillating and weakening trend [34]. - Iron ore: Demand has weakened, and supply has increased steadily. The fundamentals have weakened, and the valuation is relatively high. It is expected that the ore price will be under pressure and oscillate weakly [35].