螺纹钢：表需环比好转，宽幅震荡，热轧卷板，板块情绪共振，宽幅震荡

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summaries Based on Related Catalogs 3.1 [Fundamental Tracking] - Futures Data: For RB2601, the closing price was 3,167 yuan/ton, up 10 yuan/ton (0.32%); trading volume was 883,015 lots, and the position decreased by 11,775 lots to 1,870,449 lots. For HC2601, the closing price was 3,358 yuan/ton, up 8 yuan/ton (0.24%); trading volume was 337,428 lots, and the position increased by 1,955 lots to 1,369,716 lots [2]. - Spot Price: In Shanghai, the spot price of rebar was 3,290 yuan/ton, up 10 yuan/ton; in Hangzhou, it was 3,340 yuan/ton, unchanged. For hot - rolled coils, in Shanghai, the price was 3,400 yuan/ton, unchanged; in Hangzhou, it was 3,420 yuan/ton, unchanged. The price of Tangshan billet was 3,030 yuan/ton, unchanged [2]. - Basis and Spread: The basis of RB2601 was 123 yuan/ton, up 7 yuan/ton; the basis of HC2601 was 42 yuan/ton, down 1 yuan/ton. The spread of RB2601 - RB2605 was - 58 yuan/ton, up 5 yuan/ton; the spread of HC2601 - HC2605 was 36 yuan/ton, up 31 yuan/ton [2]. 3.2 [Macro and Industry News] - Steel Union Weekly Data (September 25): Rebar production increased by 0.01 million tons, hot - rolled coil production decreased by 2.3 million tons, and the total production of five major varieties increased by 9.47 million tons. Rebar inventory decreased by 13.98 million tons, hot - rolled coil inventory increased by 2.51 million tons, and the total inventory of five major varieties decreased by 9.13 million tons. Rebar apparent demand increased by 10.41 million tons, hot - rolled coil apparent demand decreased by 0.14 million tons, and the total apparent demand of five major varieties increased by 23.73 million tons [3]. - Social Inventory in Mid - September: The social inventory of five major steel products in 21 cities was 941 million tons, a month - on - month increase of 21 million tons (2.3%), and a year - on - year increase of 129 million tons (15.9%) [3][4]. - National Steel Production in August: The national production of crude steel was 7,737 million tons, a year - on - year decrease of 0.7%; pig iron production was 6,979 million tons, a year - on - year increase of 1.0%; steel production was 12,277 million tons, a year - on - year increase of 9.7% [4]. - National Economic Data (January - August): The added value of large - scale industries increased by 6.2% year - on - year; fixed - asset investment increased by 0.5% year - on - year; social consumer goods retail sales increased by 4.6% year - on - year [4]. - Important Article in 'Qiushi': The article emphasizes efforts to rectify low - price disorderly competition among enterprises, government procurement and tendering irregularities, local investment promotion irregularities, promote the integration of domestic and foreign trade, and make up for the short - board of laws and regulations [4]. - Steel Import and Export in August: China exported 951.0 million tons of steel, a month - on - month decrease of 32.6 million tons (3.3%); imported 50.0 million tons of steel, a month - on - month increase of 4.8 million tons (10.6%) [4]. 3.3 [Trend Intensity] - The trend intensity of rebar and hot - rolled coils is 0, indicating a neutral trend [5].