螺纹钢：表需数据偏弱，低位震荡，热轧卷板：表需数据偏弱，低位震荡

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report indicates that both rebar and hot-rolled coil are experiencing weak apparent demand data and are in a low-level oscillation state [2]. 3. Summary by Related Catalogs 3.1 Futures and Spot Market Data - Futures Data: For RB2605, the closing price was 3,069 yuan/ton, down 41 yuan or 1.32%; HC2605 closed at 3,238 yuan/ton, down 39 yuan or 1.19%. The trading volume of RB2605 was 1,360,006 lots, with a position of 1,602,075 lots and an increase of 87,857 lots; HC2605 had a trading volume of 630,010 lots, a position of 1,148,348 lots, and an increase of 42,440 lots [2][4]. - Spot Price: In various regions, rebar and hot-rolled coil prices showed fluctuations. For example, Shanghai's rebar price dropped from 3,280 yuan/ton to 3,270 yuan/ton; Guangzhou's hot-rolled coil price decreased from 3,300 yuan/ton to 3,260 yuan/ton [2]. - Basis and Spread: The basis of RB2605 increased from 163 yuan/ton to 201 yuan/ton; HC2605's basis rose from -2 yuan/ton to 32 yuan/ton. Spreads such as RB2601 - RB2605, HC2601 - HC2605, etc., also changed [2]. 3.2 Macro and Industry News - Weekly Data: On December 11, in terms of production, rebar production decreased by 10.53 tons, hot-rolled coil by 5.6 tons, and the total of five major varieties by 22.73 tons. Total inventory: rebar decreased by 24.31 tons, hot-rolled coil by 3.26 tons, and the total of five major varieties by 33.5 tons. Apparent demand: rebar decreased by 13.89 tons, hot-rolled coil by 2.89 tons, and the total by 24.45 tons [2]. - Inventory and Production Data: In mid - November, the social inventory of five major steel products in 21 cities was 8.71 million tons, a 2.5% decrease from the previous month. In October, national crude steel production was 72 million tons, a 12.1% year - on - year decrease; pig iron production was 65.55 million tons, a 7.9% year - on - year decrease; and steel production was 118.64 million tons, a 0.9% year - on - year decrease [2][5]. - Import Data: In October, China imported 503,000 tons of steel, a decrease of 45,000 tons or 8.2% from the previous month. From January to October, the cumulative import was 5.041 million tons, a decrease of 680,000 tons or 11.9% year - on - year [5]. 3.3 Trend Intensity The trend intensity of rebar and hot-rolled coil is both 0 [5].