螺纹钢：需求表现平淡，宽幅震荡，热轧卷板：需求表现平淡，宽幅震荡

Report Summary 1. Market Data Overview - On September 18, in terms of production, rebar decreased by 54,800 tons, hot-rolled coil increased by 13,500 tons, and the total of five major varieties decreased by 17,800 tons; in terms of total inventory, rebar decreased by 35,800 tons, hot-rolled coil increased by 46,700 tons, and the total of five major varieties increased by 51,300 tons; in terms of apparent demand, rebar increased by 119,600 tons, hot-rolled coil decreased by 43,400 tons, and the total of five major varieties increased by 70,000 tons [2]. - In August 2025, China produced 7.737 million tons of crude steel, a year-on-year decrease of 0.7%, with a daily output of 249,580 tons/day, a month-on-month decrease of 2.9%; produced 6.979 million tons of pig iron, a year-on-year increase of 1.0%, with a daily output of 225,130 tons/day, a month-on-month decrease of 1.4%; produced 12.277 million tons of steel, a year-on-year increase of 9.7%, with a daily output of 396,030 tons/day, a month-on-month decrease of 0.1% [2][4]. - From January to August 2025, China's cumulative production of crude steel was 672 million tons, a year-on-year decrease of 2.8%, with a cumulative daily output of 276,470 tons; production of pig iron was 579 million tons, a year-on-year decrease of 1.1%, with a cumulative daily output of 238,300 tons; production of steel was 982 million tons, a year-on-year increase of 5.5%, with a cumulative daily output of 404,190 tons [4]. - In August 2025, China exported 951,000 tons of steel, a decrease of 32,600 tons from the previous month, a month-on-month decrease of 3.3%; from January to August, the cumulative export of steel was 7.749 million tons, a year-on-year increase of 10.0%. In August, China imported 50,000 tons of steel, an increase of 4,800 tons from the previous month, a month-on-month increase of 10.6%; from January to August, the cumulative import of steel was 397,700 tons, a year-on-year decrease of 14.1% [4]. 2. Futures and Spot Market Information Futures Market - The closing price of RB2601 was 3,185 yuan/ton, up 27 yuan/ton, a rise of 0.85%; the closing price of HC2601 was 3,380 yuan/ton, up 18 yuan/ton, a rise of 0.54% [2]. - The trading volume of RB2601 was 1,652,529 lots, with a position of 1,861,142 lots, a decrease of 109,368 lots; the trading volume of HC2601 was 548,824 lots, with a position of 1,382,769 lots, a decrease of 30,384 lots [2]. Spot Market - Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou increased by 20 yuan/ton, 40 yuan/ton, 20 yuan/ton, and 30 yuan/ton respectively; hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou increased by 10 yuan/ton, 10 yuan/ton, 30 yuan/ton, and 20 yuan/ton respectively. The price of Tangshan billet increased by 10 yuan/ton [2]. Basis and Spread - The basis of RB2601 was 95 yuan/ton, up 7 yuan/ton; the basis of HC2601 was 50 yuan/ton, up 4 yuan/ton [2]. - The spread of RB2601 - RB2605 was -59 yuan/ton, up 1 yuan/ton; the spread of HC2601 - HC2605 was 14 yuan/ton, up 28 yuan/ton; the spread of HC2601 - RB2601 was 195 yuan/ton, down 7 yuan/ton; the spread of HC2605 - RB2605 was 144 yuan/ton, down 8 yuan/ton; the spot coil - rebar spread was 52 yuan/ton, down 11 yuan/ton [2]. 3. Other Market Information - From January to August 2025, the added value of large - scale industries nationwide increased by 6.2% year - on - year; fixed asset investment increased by 0.5% year - on - year; total retail sales of consumer goods increased by 4.6% year - on - year [4]. - The trend strength of rebar and hot - rolled coil was 0, indicating a neutral trend [3][5].