螺纹钢：需求有待验证，钢价低位震荡

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The demand for hot-rolled coil needs to be verified, and steel prices are fluctuating at a low level [2] 3. Summary of Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: For RB2510, the closing price was 3,035 yuan/ton with a daily increase of 22 yuan/ton and a daily growth rate of 0.73%. The trading volume was 211,204 lots, the position was 541,771 lots, and the position change was -41,097 lots. For HC2510, the closing price was 3,395 yuan/ton with a daily increase of 16 yuan/ton and a growth rate of 0.47%. The trading volume was 107,925 lots, the position was 364,110 lots, and the position change was -26,002 lots [2] - Spot Price: In Shanghai, the spot price of rebar was 3,220 yuan/ton (unchanged), and that of hot-rolled coil was 3,400 yuan/ton (up 20 yuan/ton). In Hangzhou, the rebar price was 3,250 yuan/ton (up 10 yuan/ton), and the hot-rolled coil price was 3,420 yuan/ton (up 10 yuan/ton) [2] - Basis and Spread: The basis of RB2510 was 185 yuan/ton (down 29 yuan/ton), and that of HC2510 was 5 yuan/ton (down 3 yuan/ton). The spread of RB2510 - RB2601 was -92 yuan/ton (down 6 yuan/ton), and that of HC2510 - HC2601 was 31 yuan/ton (down 7 yuan/ton) [2] 3.2 Macro and Industry News - Steel Production and Inventory Data (September 11): Rebar production decreased by 6.75 tons, hot-rolled coil production increased by 10.9 tons, and the total production of five major steel products decreased by 3.41 tons. Rebar inventory increased by 13.86 tons, hot-rolled coil inventory decreased by 1.02 tons, and the total inventory of five major steel products increased by 13.91 tons [3] - Steel Export and Import Data (August 2025): China exported 951.0 tons of steel in August, 32.6 tons less than the previous month, a month-on-month decrease of 3.3%. From January to August, the cumulative export of steel was 7,749.0 tons, a year-on-year increase of 10.0%. In August, China imported 50.0 tons of steel, 4.8 tons more than the previous month, a month-on-month increase of 10.6%. From January to August, the cumulative import of steel was 397.7 tons, a year-on-year decrease of 14.1% [3] 3.3 Trend Intensity - The trend intensity of rebar is 0, and that of hot-rolled coil is also 0. The trend intensity ranges from -2 to 2, where -2 indicates the most bearish and 2 indicates the most bullish [4]