螺纹钢：市场观望情绪浓厚，宽幅震荡，热轧卷板：市场观望情绪浓厚，宽幅震荡

Report Overview - The report focuses on the market conditions of rebar and hot-rolled coil, providing fundamental data, macro and industry news, and trend strength analysis [2][3]. Market Conditions - Rebar and Hot-rolled Coil: The market is characterized by strong wait-and-see sentiment and wide fluctuations [2][3]. - Futures Prices: The closing prices of RB2601 and HC2601 were 3,047 yuan/ton and 3,219 yuan/ton respectively, with daily changes of -11 yuan/ton (-0.36%) and -10 yuan/ton (-0.31%) [3]. - Trading Volume and Open Interest: The trading volume of RB2601 was 894,573 lots, and the open interest was 1,995,833 lots, a decrease of 10,093 lots. The trading volume of HC2601 was 441,068 lots, and the open interest was 1,509,998 lots, an increase of 6,767 lots [3]. - Spot Prices: The spot prices of rebar and hot-rolled coil in major cities remained unchanged [3]. - Basis and Spreads: The basis of RB2601 decreased by 2 yuan/ton to 153 yuan/ton, and the basis of HC2601 decreased by 4 yuan/ton to 51 yuan/ton. The spreads between different contracts also showed certain changes [3]. Macro and Industry News - Crude Steel Production: In September 2025, China's crude steel production was 73.49 million tons, a year-on-year decrease of 4.6%. From January to September, the cumulative production was 746.25 million tons, a year-on-year decrease of 2.9% [4]. - Weekly Data: According to the weekly data of Steel Union on October 16, the production of rebar decreased by 224,000 tons, and the production of hot-rolled coil decreased by 145,000 tons. The total inventory of rebar decreased by 1.859 million tons, and the total inventory of hot-rolled coil increased by 629,000 tons. The apparent demand for rebar increased by 7.374 million tons, and the apparent demand for hot-rolled coil increased by 2.458 million tons [4][5]. - Production of Key Steel Enterprises: In early October 2025, the average daily production of crude steel by key steel enterprises increased by 7.5% month-on-month, the average daily production of pig iron increased by 3.2% month-on-month, and the average daily production of steel decreased by 8.5% month-on-month [5]. - Steel Inventory of Key Enterprises: In early October 2025, the steel inventory of key steel enterprises was 15.88 million tons, an increase of 8.2% compared with the previous ten days [5]. - Steel Exports and Imports: In August 2025, China exported 9.51 million tons of steel, a month-on-month decrease of 3.3%, and imported 500,000 tons of steel, a month-on-month increase of 10.4% [5]. Trend Strength - The trend strength of rebar and hot-rolled coil is 0, indicating a neutral market sentiment [6].