Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-17 09:18Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On Wednesday, the HC2601 contract fluctuated weakly. The Ministry of Commerce and eight other departments issued 19 measures in five aspects to expand service consumption on September 16. The weekly output of hot-rolled coils increased, with a capacity utilization rate of 83.06%, inventory slightly decreased, and apparent demand significantly increased. Overall, the rebound of steel prices affects terminal demand, but the new round of policy benefits in the short term still support steel prices. Technically, the 1-hour MACD indicator of the HC2601 contract shows that DIFF and DEA are above the 0 axis, and the red column turns green. Operationally, go long on pullbacks, paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price: 3,390 yuan/ton, down 12 yuan [2] - HC main contract open interest: 1,391,462 lots, up 523 lots [2] - HC contract top 20 net open interest: -126,409 lots, up 6,479 lots [2] - HC10 - 1 contract spread: 34 yuan/ton, up 3 yuan [2] - HC Shanghai Futures Exchange warehouse receipt: 60,941 tons, unchanged [2] - HC2601 - RB2601 contract spread: 222 yuan/ton, down 14 yuan [2] 3.2 Spot Market - Hangzhou 4.75 hot-rolled coil: 3,450 yuan/ton, down 10 yuan [2] - Guangzhou 4.75 hot-rolled coil: 3,400 yuan/ton, down 20 yuan [2] - Wuhan 4.75 hot-rolled coil: 3,440 yuan/ton, unchanged [2] - Tianjin 4.75 hot-rolled coil: 3,340 yuan/ton, down 10 yuan [2] - HC main contract basis: 60 yuan/ton, up 2 yuan [2] - Hangzhou hot-rolled coil - rebar spread: 160 yuan/ton, unchanged [2] 3.3 Upstream Situation - Qingdao Port 61.5% PB fine ore: 792 yuan/wet ton, down 10 yuan [2] - Hebei quasi-first-class metallurgical coke: 1,540 yuan/ton, unchanged [2] - Tangshan 6 - 8mm scrap steel: 2,290 yuan/ton, unchanged [2] - Hebei Q235 billet: 3,060 yuan/ton, unchanged [2] - 45-port iron ore inventory: 13,849.47 million tons, up 24.15 million tons [2] - Sample coking plant coke inventory: 43.76 million tons, up 3.10 million tons [2] - Sample steel mill coke inventory: 633.61 million tons, up 10.07 million tons [2] - Hebei billet inventory: 128.95 million tons, down 7.58 million tons [2] 3.4 Industry Situation - 247 steel mill blast furnace operating rate: 83.85%, up 3.47% [2] - 247 steel mill blast furnace capacity utilization rate: 90.2%, up 4.43% [2] - Sample steel mill hot-rolled coil output: 325.14 million tons, up 10.90 million tons [2] - Sample steel mill hot-rolled coil capacity utilization rate: 83.06%, up 2.79% [2] - Sample steel mill hot-rolled coil plant inventory: 80.88 million tons, up 0.90 million tons [2] - 33-city hot-rolled coil social inventory: 292.44 million tons, down 1.92 million tons [2] - Domestic crude steel output: 7,737 million tons, down 229 million tons [2] - Steel net export volume: 901 million tons, down 38 million tons [2] 3.5 Downstream Situation - Automobile production: 2.8154 million vehicles, up 0.2243 million vehicles [2] - Automobile sales: 2.8566 million vehicles, up 0.2632 million vehicles [2] - Air conditioner production: 16.8188 million units, down 3.7777 million units [2] - Household refrigerator production: 9.4532 million units, up 0.7225 million units [2] - Household washing machine production: 10.1318 million units, up 1.3575 million units [2] 3.6 Industry News - In August 2025, key steel enterprises produced 65.71 million tons of crude steel, a year-on-year increase of 1.1%, with a daily output of 2.1196 million tons, a month-on-month decrease of 1.5%; produced 60.8 million tons of pig iron, a year-on-year increase of 1.4%, with a daily output of 1.9614 million tons, a month-on-month decrease of 1.5%; produced 68.73 million tons of steel, a year-on-year increase of 6.1%, with a daily output of 2.2172 million tons, a month-on-month decrease of 0.4% [2] - According to the National Bureau of Statistics, China's air conditioner production in August 2025 was 16.819 million units, a year-on-year increase of 12.3%; the cumulative production from January to August was 199.646 million units, a year-on-year increase of 5.8% [2] 3.7 Key Focus - Thursday's hot-rolled coil weekly output, in-plant inventory, and social inventory [2]