螺纹钢：夜盘黑色推涨，价格走势坚挺

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core View of the Report - The night - session of hot - rolled coils and other black commodities saw price increases, with a firm price trend [2]. 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Data: For RB2605, the closing price was 3,084 yuan/ton, up 3 yuan/ton (0.10%); trading volume was 593,611 hands, and positions were 1,604,729 hands, down 10,413 hands. For HC2605, the closing price was 3,245 yuan/ton, up 1 yuan/ton (0.03%); trading volume was 286,883 hands, and positions were 1,199,948 hands, down 6,813 hands [2]. - Spot Price Data: Spot prices of rebar and hot - rolled coils in various regions remained unchanged compared to the previous day. For example, in Shanghai, the rebar price was 3,280 yuan/ton, and the hot - rolled coil price was 3,270 yuan/ton [2]. - Basis and Spreads: The basis of RB2605 was 196 yuan/ton, down 3 yuan/ton; the basis of HC2605 was 25 yuan/ton, up 1 yuan/ton. Spreads such as RB2601 - RB2605, HC2601 - HC2605, etc., changed compared to the previous day [2]. Macro and Industry News - In early December 2025, key steel enterprises produced 1869 million tons of crude steel (average daily output 186.9 million tons, up 2.8% day - on - day), 1714 million tons of pig iron (average daily output 171.4 million tons, down 3.4% day - on - day), and 1829 million tons of steel (average daily output 182.9 million tons, down 12.1% day - on - day) [3]. - In early December 2025, the steel inventory of key enterprises was 1475 million tons, up 3.3% from the previous ten - day period, 19.2% from the beginning of the year, down 4.8% from the same ten - day period of last month, up 4.0% from the same ten - day period of last year, and up 4.6% from the same ten - day period of the year before last [4]. - The Ministry of Commerce and the General Administration of Customs will implement export license management for some steel products [4]. - According to the weekly data of Steel Union on December 11, the output of rebar decreased by 10.53 million tons, hot - rolled coils by 5.6 million tons, and the total of five major varieties by 22.73 million tons; the total inventory of rebar decreased by 24.31 million tons, hot - rolled coils by 3.26 million tons, and the total of five major varieties by 33.5 million tons; the apparent demand of rebar decreased by 13.89 million tons, hot - rolled coils by 2.89 million tons, and the total by 24.45 million tons [4]. - In mid - November, the social inventory of five major steel products in 21 cities was 871 million tons, down 2.5% from the previous period, up 32.2% from the beginning of the year, and up 27.3% from the same period of last year [4]. - In October 2025, China imported 50.3 million tons of steel, down 4.5 million tons (8.2%) from the previous month, with an average price of 1593.0 US dollars/ton, down 31.1 US dollars/ton (1.9%) from the previous month. From January to October, the cumulative import of steel was 504.1 million tons, down 68.0 million tons (11.9%) year - on - year [4]. Trend Intensity - The trend intensity of rebar was 0, and that of hot - rolled coils was 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4][5].