Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-01 10:44Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint On Monday, the HC2601 contract increased in price with reduced positions. Macroscopically, the National Development and Reform Commission encourages private enterprises to seize investment opportunities and broaden market access. In terms of supply and demand, the weekly output of hot-rolled coils continued to increase, with the capacity utilization rate rising to 81.49%, while the apparent demand and inventory changed little. Overall, the downstream demand for hot-rolled coils is resilient, and the positive macro - expectations support steel prices. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are above the 0 - axis. The reference view is that the market is oscillating with a bullish bias, and risk control should be noted. [2] 3) Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract was 3,327 yuan/ton, up 25 yuan; the trading volume was 704,586 lots, down 80,806 lots. - The net position of the top 20 in the HC contract was - 81,595 lots, down 18,417 lots; the HC1 - 5 contract spread was 7 yuan/ton, down 7 yuan. - The HC Shanghai Futures Exchange warehouse receipt was 141,932 tons, unchanged; the HC2601 - RB2601 contract spread was 193 yuan/ton, up 1 yuan. [2] Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,340 yuan/ton, up 20 yuan; in Guangzhou, it was 3,350 yuan/ton, up 40 yuan; in Wuhan, it was 3,330 yuan/ton, unchanged; in Tianjin, it was 3,240 yuan/ton, up 10 yuan. - The basis of the HC main contract was 13 yuan/ton, down 5 yuan; the Hangzhou hot - rolled coil - rebar spread was 10 yuan/ton, down 40 yuan. [2] Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 793 yuan/wet ton, unchanged; the price of Hebei quasi - first - grade metallurgical coke was 1,690 yuan/ton, unchanged. - The price of 6 - 8mm scrap steel in Tangshan was 2,150 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,990 yuan/ton, up 30 yuan. - The inventory of iron ore at 45 ports was 15,206.07 million tons, up 155.19 million tons; the coke inventory of sample coking plants was 44.95 million tons, up 1.62 million tons. - The coke inventory of sample steel mills was 625.53 million tons, up 3.13 million tons; the Hebei billet inventory was 114.76 million tons, down 1.34 million tons. [2] Industry Situation - The blast furnace operating rate of 247 steel mills was 81.07%, down 1.10 percentage points; the blast furnace capacity utilization rate was 87.96%, down 0.60 percentage points. - The hot - rolled coil output of sample steel mills was 319.01 million tons, up 3 million tons; the capacity utilization rate of sample steel mills was 81.49%, up 0.76 percentage points. - The hot - rolled coil inventory of sample steel mills was 78.02 million tons, unchanged; the social inventory of hot - rolled coils in 33 cities was 322.88 million tons, down 1.21 million tons. - The domestic crude steel output was 7,200 million tons, down 149 million tons; the net steel export volume was 928 million tons, down 64 million tons. [2] Downstream Situation - The monthly automobile production was 3.3587 million vehicles, up 0.0829 million vehicles; the monthly automobile sales were 3.3221 million vehicles, up 0.0957 million vehicles. - The monthly output of air conditioners was 14.204 million units, down 3.8908 million units; the monthly output of household refrigerators was 8.788 million units, down 1.3396 million units. - The monthly output of household washing machines was 11.035 million units, down 0.7499 million units. [2] Industry News - Shanxi officially released the new "Regulations on Ecological and Environmental Protection in Shanxi Province", which for the first time established a special chapter on "Green and Low - Carbon Development", aiming to promote the green and low - carbon transformation of energy, emission reduction in key areas, and establish a coal consumption control system. - The founding conferences of the Hebei Steel Structure Building Industry Alliance and the Hebei Steel Structure Building Innovation Alliance were held in Tangshan on November 28. The establishment of the two alliances aims to build a full - chain and integrated steel structure building industry system and promote the industry's transformation towards industrialization, digitalization, and greening. [2]