螺纹钢：宏观情绪反复，宽幅震荡，热轧卷板：宏观情绪反复，宽幅震荡

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3] 2. Core View of the Report - The report indicates that both rebar and hot-rolled coil are experiencing repeated macro sentiments and wide-range fluctuations [2][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: For RB2601, the closing price was 3,106 yuan/ton, down 12 yuan/ton (-0.38%), with trading volume of 1,440,978 lots and an open interest of 1,894,916 lots (up 909 lots). For HC2601, the closing price was 3,318 yuan/ton, down 11 yuan/ton (-0.33%) [3] - Spot Price: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou were 3230, 3290, 3180, and 3340 yuan/ton respectively, with price changes of -10, -10, 10, and 10 yuan/ton. Hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou were 3330, 3370, 3260, and 3340 yuan/ton respectively, with price changes of -30, -20, 0, and 0 yuan/ton. The price of Tangshan billet remained unchanged at 3000 yuan/ton [3] - Basis and Spread: The basis of RB2601 was 124 yuan/ton, and that of HC2601 was 12 yuan/ton. The spreads such as RB2601 - RB2605, HC2601 - HC2605, HC2601 - RB2601, HC2605 - RB2605, and spot coil - rebar spread all had corresponding changes [3] 3.2 Macro and Industry News - Steel Union Weekly Data (Oct 30): Rebar production increased by 5.52 tons, hot-rolled coil production increased by 1.1 tons, and the total production of five major varieties increased by 9.97 tons. Rebar inventory decreased by 19.59 tons, hot-rolled coil inventory decreased by 8.33 tons, and the total inventory of five major varieties decreased by 41.09 tons. Rebar apparent demand increased by 6.17 tons, hot-rolled coil apparent demand increased by 5.16 tons, and the total apparent demand increased by 23.65 tons [4] - Policy News: Five departments including the Ministry of Commerce support eligible commercial real estate projects to issue real estate investment trust funds (REITs). The 15th Five - Year Plan proposes directions for the high - quality development of the steel industry, such as promoting the quality improvement and upgrading of key industries and enhancing the independent controllability of the industrial chain [4][5] - Production Data: In September 2025, China produced 7349 million tons of crude steel (down 4.6% year - on - year), 6605 million tons of pig iron (down 2.4% year - on - year), and 12421.00 million tons of steel (up 5.1% year - on - year). From January to September, the cumulative production of crude steel was 7.46 billion tons (down 2.9% year - on - year), pig iron was 6.46 billion tons (down 1.1% year - on - year), and steel was 11.04 billion tons (up 5.4% year - on - year) [5] - Inventory Data: In early October 2025, the steel inventory of key steel enterprises was 1588 million tons, up 121 million tons (8.2%) from the previous ten - day period, 351 million tons (28.4%) from the beginning of the year, 6 million tons (0.6%) from the same ten - day period of last month, 115 million tons (7.8%) from the same ten - day period of last year, and down 48 million tons (2.9%) from the same ten - day period of the year before last [5] 3.3 Trend Intensity - The trend intensity of rebar is 0, and that of hot - rolled coil is 0, both indicating a neutral trend [5][6]