瑞达期货螺纹钢产业链日报-20260324

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On Tuesday, the RB2605 contract decreased in positions and consolidated. The US President Trump stated that the US had a "strong" dialogue with Iran and formed the main points of an agreement, suspending the strike on its energy facilities for 5 days. In terms of supply and demand, the weekly output of rebar continued to increase, and the capacity utilization rate rose to 44.57%. Downstream demand continued to improve, and inventory changed from increasing to decreasing. Overall, both supply and demand of rebar increased, and the inventory inflection point appeared. The situation between the US and Iran was in chaos, and the wide - range fluctuation of oil prices affected commodities and market sentiment. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA were running above the 0 - axis. It is recommended for short - term trading and attention should be paid to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,145.00 yuan/ton, a decrease of 9 yuan; the position volume was 1,263,489 lots, a decrease of 87,899 lots; the net position of the top 20 in the RB contract was - 51,689 lots, a decrease of 7,866 lots; the spread between RB5 - 10 contracts was - 28 yuan/ton, unchanged; the daily warehouse receipt of RB on the Shanghai Futures Exchange was 80,114 tons, an increase of 3,659 tons; the spread between HC2605 - RB2605 contracts was 179 yuan/ton, an increase of 3 yuan [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,280.00 yuan/ton, a decrease of 10 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,364 yuan/ton, a decrease of 10 yuan; the price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,450.00 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,210.00 yuan/ton, unchanged; the basis of the RB main contract was 135.00 yuan/ton, a decrease of 1 yuan; the spot price difference between hot - rolled coil and rebar in Hangzhou was 50.00 yuan/ton, an increase of 10 yuan [2] 3.3 Upstream Situation - The price of 60.8% PB powder ore at Qingdao Port was 799.00 yuan/wet ton, unchanged; the price of first - class metallurgical coke at Tianjin Port (FOB price) was 1,490.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,180.00 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,990.00 yuan/ton, an increase of 10 yuan; the inventory of iron ore at 45 ports was 17,102.67 million tons, a decrease of 89.13 million tons; the inventory of coke at sample coking plants was 52.35 million tons, a decrease of 3.75 million tons; the inventory of coke at sample steel mills was 687.78 million tons, an increase of 1.44 million tons; the blast furnace operating rate of 247 steel mills was 79.80%, an increase of 0.16 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 85.55%, an increase of 2.65 percentage points [2] 3.4 Industry Situation - The weekly output of rebar at sample steel mills was 203.33 million tons, an increase of 8.03 million tons; the capacity utilization rate of rebar at sample steel mills was 44.57%, an increase of 1.75 percentage points; the factory inventory of rebar at sample steel mills was 236.20 million tons, a decrease of 3.42 million tons; the social inventory of rebar in 35 cities was 653.21 million tons, a decrease of 1.34 million tons; the operating rate of independent electric arc furnace steel mills was 66.67%, an increase of 7.29 percentage points; the monthly output of domestic crude steel was 6,818 million tons, a decrease of 169 million tons; the monthly output of Chinese steel bars was 1,375 million tons, an increase of 19 million tons; the net export volume of steel was 747.00 million tons, an increase of 18.00 million tons [2] 3.5 Downstream Situation - The national real estate climate index was 91.45, a decrease of 0.44; the cumulative year - on - year growth rate of fixed asset investment completion was - 3.80%, a decrease of 5.60 percentage points; the cumulative year - on - year growth rate of real estate development investment completion was - 17.20%, a decrease of 6.10 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was - 2.20%, a decrease of 2.20 percentage points; the cumulative value of housing construction area was 659,890 million square meters, a decrease of 124,518 million square meters; the cumulative value of new housing construction area was 58,770 million square meters, a decrease of 53,686 million square meters; the inventory of commercial housing for sale was 40,236.00 million square meters, an increase of 3,516.00 million square meters [2] 3.6 Industry News - Iran's new Supreme Leader's military advisor, Mohsen Rezaei, emphasized in an interview on March 23 that Iran would not stop the war until it received all compensation, all economic sanctions were lifted, and it obtained international legal guarantees that the US would not interfere in its affairs. Recently, Hebei, Jiangsu, Sichuan, Hunan, Fujian, Shanghai and other places released the list of key construction projects in 2026, including 172 projects related to the steel industry [2]