瑞达期货热轧卷板产业链日报-20260331

1. Report's Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - The terminal demand for hot-rolled coils is relatively resilient, but the international situation is volatile with many uncertainties. With signs of easing in the US-Iran situation, commodity prices have generally declined. It is recommended to conduct short-term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,294 yuan/ton, a decrease of 14 yuan; the trading volume of the HC main contract was 773,076 lots, a decrease of 73,740 lots; the net position of the top 20 in the HC contract was -29,127 lots, an increase of 18,558 lots; the HC5-10 contract spread was -16 yuan/ton, a decrease of 1 yuan; the HC Shanghai Futures Exchange warehouse receipt report was 549,618 tons, unchanged; the HC2605 - RB2605 contract spread was 173 yuan/ton, an increase of 4 yuan [2] 3.2 Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,310 yuan/ton, unchanged; in Guangzhou, it was 3,310 yuan/ton, unchanged; in Wuhan, it was 3,350 yuan/ton, unchanged; in Tianjin, it was 3,220 yuan/ton, a decrease of 10 yuan. The basis of the HC main contract was 16 yuan/ton, an increase of 14 yuan; the price difference between hot-rolled coils and rebar in Hangzhou was 50 yuan/ton, an increase of 20 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 785 yuan/wet ton, a decrease of 7 yuan; the market price of quasi-primary metallurgical coke in Hebei was 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (excluding tax) was 2,170 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,980 yuan/ton, an increase of 10 yuan. The inventory of iron ore at 45 ports was 169.9684 million tons, a decrease of 1.0583 million tons; the inventory of coke at sample coking plants was 497,600 tons, a decrease of 25,900 tons; the inventory of coke at sample steel mills was 6.9173 million tons, an increase of 39,500 tons; the inventory of billets in Hebei was 2.3994 million tons, a decrease of 95,900 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 81.05%, an increase of 1.25 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 86.65%, an increase of 1.10 percentage points; the weekly output of hot-rolled coils at sample steel mills was 3.0561 million tons, an increase of 54,000 tons; the capacity utilization rate of hot-rolled coils at sample steel mills was 78.07%, an increase of 1.38 percentage points; the inventory of hot-rolled coils at sample steel mills was 838,500 tons, a decrease of 11,100 tons; the social inventory of hot-rolled coils in 33 cities was 3.6942 million tons, a decrease of 69,100 tons; the monthly output of crude steel in China was 68.18 million tons, a decrease of 1.69 million tons; the net export volume of steel was 7.47 million tons, an increase of 180,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles was 1.6724 million vehicles, a decrease of 777,400 vehicles; the monthly sales of automobiles were 1.8052 million vehicles, a decrease of 541,300 vehicles; the monthly output of air conditioners was 21.6289 million units, an increase of 6.6029 million units; the monthly output of household refrigerators was 10.0115 million units, an increase of 569,500 units; the monthly output of household washing machines was 11.975 million units, a decrease of 38,000 units [2] 3.6 Industry News - Three Chinese ships passed through the Strait of Hormuz recently, and China called for a ceasefire and the restoration of peace and stability in the Gulf region. In March, the Manufacturing Purchasing Managers' Index (PMI) was 50.4%, up 1.4 percentage points from the previous month, indicating a recovery in the manufacturing industry's prosperity [2]