螺纹钢：宽幅震荡；热轧卷板：宽幅震荡

Report Industry Investment Rating - The investment ratings for rebar and hot-rolled coil are both wide-range fluctuations [1] Core Viewpoints - The report provides a comprehensive analysis of the fundamentals, macro and industry news, and trend strength of rebar and hot-rolled coil [1][3][4] Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: For RB2605, the closing price was 3,104 yuan/ton, down 13 yuan/ton (-0.42%); trading volume was 795,516 lots, and positions decreased by 9,469 lots. For HC2605, the closing price was 3,256 yuan/ton, down 6 yuan/ton (-0.18%); trading volume was 414,803 lots, and positions decreased by 22,947 lots [1] - Spot Price: Rebar prices in Shanghai and Hangzhou remained stable or decreased slightly, while hot-rolled coil prices in major cities decreased by 10 yuan/ton. The price of Tangshan billet remained unchanged at 2,960 yuan/ton [1] - Basis and Spread: The basis of RB2605 increased by 15 yuan/ton to 116 yuan/ton, and the basis of HC2605 increased by 4 yuan/ton to -6 yuan/ton. The spreads between different contracts remained relatively stable [1] 2. Macro and Industry News - In February 2026, the national consumer price index increased by 1.3% year-on-year, and the producer price index decreased by 0.9% year-on-year, with the decline narrowing by 0.5 percentage points [1] - According to the weekly data from Steel Union on March 5th, rebar production increased by 8.21 tons, hot-rolled coil production decreased by 8.5 tons, and the total production of five major varieties increased by 0.47 tons. Rebar inventory increased by 75.08 tons, hot-rolled coil inventory increased by 19.54 tons, and the total inventory of five major varieties increased by 103.89 tons. Rebar apparent demand increased by 17.69 tons, hot-rolled coil apparent demand decreased by 9.74 tons, and the total apparent demand increased by 30.85 tons [1][3] - The Political Bureau of the CPC Central Committee held a meeting on February 27th to discuss the draft outline of the 15th Five-Year Plan and the government work report, emphasizing the implementation of more proactive and effective macro policies [3] - Five departments in Shanghai jointly issued a notice on February 25th to further optimize and adjust real estate policies, including reducing housing purchase restrictions, optimizing housing provident fund loan policies, and improving personal housing property tax policies [3] - In mid-February 2026, the steel inventory of key steel enterprises was 18.12 million tons, a 19.9% increase from the previous ten-day period, a 28.2% increase from the beginning of the year, a 12.3% increase from the same period last month, an 8.3% increase from the same period last year, and a 4.5% decrease from the same period the year before last [3] 3. Trend Strength - The trend strength of rebar and hot-rolled coil is both 0, indicating a neutral outlook [4]