Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-30 09:52Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The HC2601 contract widened its decline on Tuesday. The new policy - based financial instruments with a total scale of 50 billion yuan are being actively promoted. The weekly output of hot - rolled coils decreased slightly but remained at a high level with a capacity utilization rate of 82.81%. Demand was relatively stable, and changes in inventory and apparent demand were small. Near the holiday, the spot market lacked momentum, the cost support weakened due to weak furnace materials, and tariff disturbances affected market sentiment. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that DIFF and DEA were weakening downward. The operation suggestion is to maintain a bearish stance [2]. 3. Summary According to Relevant Catalogs Futures Market - The closing price of the HC main contract was 3,253 yuan/ton, a decrease of 36 yuan; the position volume was 1,349,868 lots, a decrease of 34,602 lots; the net position of the top 20 in the HC contract was - 44,607 lots, an increase of 16,036 lots; the HC1 - 5 contract spread was - 6 yuan/ton, an increase of 3 yuan; the HC warehouse receipt in the previous trading day was 46,314 tons, unchanged; the HC2601 - RB2601 contract spread was 181 yuan/ton, a decrease of 11 yuan [2]. 现货市场 - The price of 4.75 hot - rolled coils in Hangzhou was 3,350 yuan/ton, a decrease of 30 yuan; in Guangzhou, it was 3,310 yuan/ton, a decrease of 10 yuan; in Wuhan, it was 3,400 yuan/ton, unchanged; in Tianjin, it was 3,280 yuan/ton, a decrease of 10 yuan. The basis of the HC main contract was 97 yuan/ton, an increase of 6 yuan; the spread between hot - rolled coils and rebar in Hangzhou was 70 yuan/ton, a decrease of 20 yuan [2]. Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 778 yuan/wet ton, a decrease of 1 yuan; the price of Hebei quasi - first - class metallurgical coke was 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,250 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,950 yuan/ton, a decrease of 40 yuan. The inventory of iron ore at 45 ports was 139.9735 million tons, an increase of 1.9313 million tons; the inventory of coke in sample coking plants was 392,900 tons, a decrease of 29,200 tons; the inventory of coke in sample steel mills was 6.6138 million tons, an increase of 164,800 tons; the inventory of billets in Hebei was 1.225 million tons, an increase of 7,700 tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills was 84.47%, an increase of 0.47 percentage points; the blast furnace capacity utilization rate was 90.88%, an increase of 0.50 percentage points. The weekly output of hot - rolled coils of sample steel mills was 3.2419 million tons, a decrease of 23,000 tons; the capacity utilization rate was 82.81%, a decrease of 0.59 percentage points. The factory inventory of hot - rolled coils of sample steel mills was 817,000 tons, an increase of 4,000 tons; the social inventory of hot - rolled coils in 33 cities was 2.988 million tons, an increase of 21,100 tons. The monthly output of domestic crude steel was 7.737 million tons, a decrease of 229,000 tons; the monthly net export volume of steel was 901,000 tons, a decrease of 38,000 tons [2]. Downstream Situation - The monthly output of automobiles was 2.8154 million vehicles, an increase of 224,300 vehicles; the monthly sales volume was 2.8566 million vehicles, an increase of 263,200 vehicles. The monthly output of air conditioners was 16.8188 million units, a decrease of 3.7777 million units; the monthly output of household refrigerators was 9.4532 million units, an increase of 722,500 units; the monthly output of household washing machines was 10.1318 million units, an increase of 1.3575 million units [2]. Industry News - The China Household Electrical Appliances Association issued an initiative to strengthen self - discipline and fair competition in the household appliance industry, aiming to avoid disorderly low - price competition and dumping below cost. On September 28, three steel enterprises announced the progress of ultra - low emission transformation and evaluation and monitoring. So far, 209 steel enterprises have been announced on the website of the China Iron and Steel Association [2].