Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-17 10:34Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint The HC2601 contract increased in price with reduced positions on Monday. Some steel mills have announced blast furnace maintenance plans recently, and there are expectations of macro - level positive news to boost market confidence. The weekly output of hot - rolled coils continued to decline slightly, with the capacity utilization rate dropping to 80.13%. Downstream demand decreased slightly, and inventory increased slightly. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are rising. The market may fluctuate and strengthen, and risk control should be noted [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,302 yuan/ton, up 46 yuan; the position volume was 1,263,520 lots, down 23,505 lots. - The net position of the top 20 in the HC contract was - 52,146 lots, up 7,583 lots; the HC1 - 5 contract spread was - 7 yuan/ton, up 5 yuan. - The HC warehouse receipt at the Shanghai Futures Exchange was 150,567 tons, up 6,484 tons; the HC2601 - RB2601 contract spread was 205 yuan/ton, up 2 yuan [2]. 3.2现货市场 - The price of 4.75 hot - rolled coils in Hangzhou was 3,340 yuan/ton, up 30 yuan; in Guangzhou, it was 3,300 yuan/ton, up 30 yuan; in Wuhan, it was 3,340 yuan/ton, up 10 yuan; in Tianjin, it was 3,210 yuan/ton, up 10 yuan. - The basis of the HC main contract was 38 yuan/ton, down 16 yuan; the price difference between hot - rolled coils and rebar in Hangzhou was 70 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 790 yuan/wet ton, up 6 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,640 yuan/ton, unchanged. - The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,170 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,970 yuan/ton, up 30 yuan. - The inventory of iron ore at 45 ports was 151.2592 million tons, up 2.3111 million tons; the inventory of coke at sample coking plants was 360,300 tons, down 1,200 tons. - The inventory of coke at sample steel mills was 6.2215 million tons, down 44,100 tons; the inventory of Hebei billets was 1.1666 million tons, down 33,400 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 82.79%, down 0.36 percentage points; the blast furnace capacity utilization rate was 88.82%, up 1.03 percentage points. - The weekly output of hot - rolled coils at sample steel mills was 3.1366 million tons, down 45,000 tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 80.13%, down 1.15 percentage points. - The inventory of hot - rolled coils at sample steel mills was 775,200 tons, up 900 tons; the social inventory of hot - rolled coils in 33 cities was 3.33 million tons, down 200 tons. - The monthly output of domestic crude steel was 72 million tons, down 1.49 million tons; the monthly net export volume of steel was 9.279 million tons, down 641,000 tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 3.3587 million vehicles, up 82,900 vehicles; the monthly sales of automobiles were 3.3221 million vehicles, up 95,700 vehicles. - The monthly output of air conditioners was 18.0948 million units, up 1.276 million units; the monthly output of household refrigerators was 10.1276 million units, up 674,400 units. - The monthly output of household washing machines was 11.7849 million units, up 1.653 million units [2]. 3.6 Industry News - The People's Bank of China announced that it will conduct 800 billion yuan of outright reverse repurchase operations on the 17th, with a term of 6 months (182 days). Considering the operation volume and maturity volume in November, this operation means that the central bank's outright reverse repurchase will be increased, with a cumulative net investment of 500 billion yuan. - From November to December, the automobile consumption promotion activity in Jiangsu will be intensified, and the subsidy standard will be significantly increased. For new cars with an invoice price of 400,000 yuan or more (including tax), the subsidy standard will be increased from 8,000 yuan to 10,000 yuan [2].