螺纹钢：板块情绪扰动，宽幅震荡，热轧卷板：板块情绪扰动，宽幅震荡

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View The report focuses on the market conditions of hot - rolled coil and rebar, indicating that the hot - rolled coil sector is experiencing emotional disturbances and wide - range fluctuations. It also provides detailed data on futures, spot prices, and spreads, along with macro and industry news [2]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: For RB2601, the closing price was 3,106 yuan/ton, down 15 yuan/ton (-0.48%); trading volume was 985,855 lots, and positions decreased by 15,466 lots. For HC2601, the closing price was 3,308 yuan/ton, down 24 yuan/ton (-0.72%); trading volume was 431,109 lots, and positions decreased by 3,067 lots [2]. - Spot Price Data: Rebar prices in Hangzhou and Guangzhou decreased by 10 yuan/ton; hot - rolled coil prices in Tianjin decreased by 10 yuan/ton, and in Guangzhou by 20 yuan/ton. Tangshan billet price decreased by 20 yuan/ton [2]. - Price Difference Data: The basis of HC2601 increased by 10 yuan/ton; the spread of RB2601 - RB2605 increased by 4 yuan/ton; the spread of HC2601 - HC2605 increased by 1 yuan/ton; the spread of HC2601 - RB2601 decreased by 10 yuan/ton; the spread of HC2605 - RB2605 decreased by 5 yuan/ton; the spot coil - rebar spread remained unchanged [2]. 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 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 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 total apparent demand increased by 23.65 tons [3]. - Policy News: Five departments including the Ministry of Commerce support qualified commercial real estate projects to issue real estate investment trust funds (REITs) [4]. - Five - Year Plan News: The 15th Five - Year Plan emphasizes promoting the high - quality development of the steel industry, focusing on industrial upgrading and enhancing the autonomy and controllability of the industrial chain [4]. - Steel Import and Export Data: In September 2025, China's steel exports were 1046.5 tons, a 10.0% month - on - month increase, with an average export price of 679.1 dollars/ton, a 2.7% month - on - month decrease. From January to September, cumulative exports were 8795.5 tons, a 9.0% year - on - year increase, with an average export price of 696.7 dollars/ton, a 9.5% year - on - year decrease. In September, imports were 54.8 tons, a 9.7% month - on - month increase, with an average import price of 1623.1 dollars/ton, a 1.8% month - on - month decrease. From January to September, cumulative imports were 453.2 tons, a 12.6% year - on - year decrease, with an average import price of 1692.3 dollars/ton, a 1.1% year - on - year increase [4]. 3.3 Trend Intensity The trend intensity of rebar and hot - rolled coil is 0, indicating a neutral trend [5].