螺纹钢：原料走势趋弱，偏弱震荡，热轧卷板：原料走势趋弱，偏弱震荡

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report presents the latest fundamental data, macro and industry news, and trend strength of rebar and hot - rolled coils, but does not explicitly state a core view. 3. Summary by Directory 3.1 Fundamental Data - Futures Data: For RB2601, the closing price was 3,114 yuan/ton, down 50 yuan/ton (-1.58%); for HC2601, it was 3,313 yuan/ton, down 41 yuan/ton (-1.22%). The trading volume of RB2601 was 1,388,756 lots, with a position of 1,976,545 lots and an increase of 106,096 lots; for HC2601, the trading volume was 612,844 lots, the position was 1,391,208 lots, and the position increased by 21,492 lots [1]. - Spot Price: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou decreased by 20 - 30 yuan/ton; hot - rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou also decreased by 20 - 30 yuan/ton; the price of Tangshan billet dropped by 40 yuan/ton [1]. - Basis and Spread: The basis of RB2601 increased by 23 yuan/ton, and that of HC2601 increased by 15 yuan/ton. The spreads such as RB2601 - RB2605, HC2601 - HC2605, HC2601 - RB2601, HC2605 - RB2605, and the spot coil - rebar spread all changed to varying degrees [1]. 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 [2]. - 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%), an increase of 282 million tons (42.8%) compared to the beginning of the year, and an increase of 129 million tons (15.9%) compared to the same period last year [3]. - National Steel Production in August: The national production of crude steel was 77.37 million tons, a year - on - year decrease of 0.7%; pig iron production was 69.79 million tons, a year - on - year increase of 1.0%; steel production was 122.77 million tons, a year - on - year increase of 9.7%. From January to August, the cumulative production of crude steel was 672 million tons, a year - on - year decrease of 2.8%; pig iron production was 579 million tons, a year - on - year decrease of 1.1%; steel production was 982 million tons, a year - on - year increase of 5.5% [3]. - National Economic Data from January to August: The added value of industrial enterprises above designated size 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 [3]. - Steel Import and Export in August: China exported 9.51 million tons of steel, a month - on - month decrease of 326,000 tons (3.3%); from January to August, the cumulative export was 77.49 million tons, a year - on - year increase of 10.0%. China imported 500,000 tons of steel, a month - on - month increase of 48,000 tons (10.6%); from January to August, the cumulative import was 3.977 million tons, a year - on - year decrease of 14.1% [3]. 3.3 Trend Strength - The trend strength of rebar and hot - rolled coils is - 1, indicating a weak bearish sentiment [4].