1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On Thursday, the HC2605 contract fluctuated weakly. The macro - situation shows that the US has sent proposals to end the war to Iran through friendly countries, and Iran is studying them. In terms of supply and demand, the weekly output of hot - rolled coils continued to increase, with the capacity utilization rate rising to 78.07%. Terminal demand continued to recover, and inventory declined again. Overall, terminal demand is resilient, and there is still support from the cost side, but the chaotic situation between the US and Iran affects market sentiment. Technically, the 1 - hour MACD indicator of the HC2605 contract shows that DIFF and DEA are adjusting downward. It is recommended for short - term trading with attention to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - HC main contract closing price is 3,305 yuan/ton, down 8 yuan; HC main contract position is 962,265 lots, down 40,839 lots; HC contract top 20 net position is - 61,681 lots, up 156 lots; HC5 - 10 contract spread is - 8 yuan/ton, up 1 yuan; HC Shanghai Futures Exchange warehouse receipt is 537,279 tons, up 8,827 tons; HC2605 - RB2605 contract spread is 177 yuan/ton, down 4 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,320 yuan/ton, unchanged; in Guangzhou is 3,300 yuan/ton, unchanged; in Wuhan is 3,350 yuan/ton, unchanged; in Tianjin is 3,240 yuan/ton, unchanged. HC main contract basis is 15 yuan/ton, up 8 yuan; Hangzhou hot - rolled coil - rebar spread is 50 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 794 yuan/wet ton, down 1 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,180 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,990 yuan/ton, unchanged. The 45 - port iron ore inventory is 17,102.67 tons, down 89.13 tons; the sample coking plant coke inventory is 52.35 tons, down 3.75 tons; the sample steel mill coke inventory is 687.78 tons, up 0.16 tons; the Hebei billet inventory is 239.94 tons, down 9.59 tons [2] 3.4 Industry Situation - The blast furnace start - up rate of 247 steel mills is 79.80%, up 1.44%; the blast furnace capacity utilization rate is 85.55%, up 2.65%. The sample steel mill hot - rolled coil output is 305.61 tons, up 5.4 tons; the sample steel mill hot - rolled coil capacity utilization rate is 78.07%, up 1.38%. The sample steel mill hot - rolled coil factory inventory is 83.85 tons, down 1.11 tons; the 33 - city hot - rolled coil social inventory is 369.42 tons, down 6.91 tons. The domestic crude steel output is 6,818 tons, down 169 tons; the steel net export volume is 747 tons, up 18 tons [2] 3.5 Downstream Situation - The monthly automobile output is 167.24 tons, down 77.74 tons; the monthly automobile sales volume is 180.52 tons, down 54.13 tons. The monthly air - conditioner output is 2,162.89 tons, up 660.29 tons; the monthly household refrigerator output is 1,001.15 tons, up 56.95 tons; the monthly household washing machine output is 1,197.50 tons, down 3.80 tons [2] 3.6 Industry News - On March 26, Mysteel information showed that the actual output of hot - rolled coils this period is 305.61 tons, a week - on - week increase of 5.4 tons; the factory inventory is 83.85 tons, a week - on - week decrease of 1.11 tons; the social inventory is 369.42 tons, a week - on - week decrease of 6.91 tons; the total inventory is 453.27 tons, a week - on - week decrease of 8.02 tons; the apparent demand is 313.63 tons, a week - on - week increase of 3.12 tons. The Ministry of Commerce determined that Mexico's measures of raising import tariff rates on products from non - free - trade partners such as China constitute a trade and investment barrier [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - The HC2605 contract reduced positions and consolidated on Tuesday. The macro - situation emphasizes the positioning of Xiongan New Area. The weekly output of hot - rolled coils increased slightly, the capacity utilization rate remained around 75%. Terminal demand continued to rise, and inventory continued to decline. Overall, furnace materials are firm and demand is rising, but the chaotic international situation affects market sentiment. Technically, the 1 - hour MACD indicator of the HC2605 contract shows that DIFF and DEA operate above the 0 - axis. It is recommended for short - term trading with attention to risk control [2] 3. Summary by Relevant Catalogs Futures Market - HC main contract closing price: 3,324 yuan/ton, down 6 yuan; HC main contract position: 1,024,272 lots, down 31,099 lots; HC contract top 20 net position: - 54,418 lots, up 1,215 lots; HC5 - 10 contract spread: - 7 yuan/ton, down 1 yuan; HC Shanghai Futures Exchange warehouse receipt: 525,512 tons, down 294 tons; HC2605 - RB2605 contract spread: 179 yuan/ton, up 3 yuan [2] Spot Market - Hangzhou 4.75 hot - rolled coil: 3,330 yuan/ton, unchanged; Guangzhou 4.75 hot - rolled coil: 3,300 yuan/ton, unchanged; Wuhan 4.75 hot - rolled coil: 3,350 yuan/ton, unchanged; Tianjin 4.75 hot - rolled coil: 3,240 yuan/ton, up 10 yuan; HC main contract basis: 6 yuan/ton, up 6 yuan; Hangzhou hot - rolled coil - rebar spread: 50 yuan/ton, up 10 yuan [2] Upstream Situation - Qingdao Port 61.5% PB powder ore: 799 yuan/wet ton, unchanged; Hebei quasi - first - class metallurgical coke: 1,490 yuan/ton, unchanged; Tangshan 6 - 8mm scrap steel: 2,180 yuan/ton, unchanged; Hebei Q235 billet: 2,990 yuan/ton, up 10 yuan; 45 - port iron ore inventory: 171.0267 million tons, down 0.8913 million tons; Sample coking plant coke inventory: 523,500 tons, down 37,500 tons; Sample steel mill coke inventory: 6.8778 million tons, up 1,600 tons; Hebei billet inventory: 2.4953 million tons, up 90,200 tons [2] Industry Situation - 247 steel mill blast furnace operating rate: 79.80%, up 1.44 percentage points; 247 steel mill blast furnace capacity utilization rate: 85.55%, up 2.65 percentage points; Sample steel mill hot - rolled coil output: 3.0021 million tons, up 49,500 tons; Sample steel mill hot - rolled coil capacity utilization rate: 76.69%, up 1.26 percentage points; Sample steel mill hot - rolled coil factory inventory: 849,600 tons, down 43,200 tons; 33 - city hot - rolled coil social inventory: 3.7633 million tons, down 59,800 tons; Domestic crude steel output: 68.18 million tons, down 1.69 million tons; Steel net export volume: 7.47 million tons, up 180,000 tons [2] Downstream Situation - Automobile production: 1.6724 million vehicles, down 777,400 vehicles; Automobile sales: 1.8052 million vehicles, down 541,300 vehicles; Air - conditioner output: 21.6289 million units, up 6.6029 million units; Household refrigerator output: 10.0115 million units, up 569,500 units; Household washing machine output: 11.975 million units, down 38,000 units [2] Industry News - Iran's new supreme leader's military advisor emphasized that Iran will not stop the war until it gets all compensation, all economic sanctions are lifted, and it gets international legal guarantees that the US will not interfere in its affairs. Since September 2024, the China Iron and Steel Association has carried out the publicity work of energy - efficiency benchmark demonstration enterprises for the steel extreme energy - efficiency project, and 40 steel enterprises have been accepted and publicized on the CISA website [2]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The weekly output of hot-rolled coils continued to decline, and the capacity utilization rate dropped to around 75%. Terminal demand rebounded, and inventory decreased slightly. Overall, the decrease in hot-rolled coil output alleviated the supply pressure. The international situation was volatile with many uncertainties, and the international oil price corrected from its high level, weakening the support for furnace materials and steel prices. Technically, the 1-hour MACD indicator of the HC2605 contract showed that DIFF and DEA were operating above the 0 axis, with green bars expanding. It is recommended to conduct short-term trading and pay attention to risk control [2] 3. Summary According to Different Categories 3.1 Futures Market - The closing price of the HC main contract was 3,310 yuan/ton, a decrease of 3 yuan; the trading volume was 1,171,958 lots, a decrease of 7,990 lots. The net position of the top 20 in the HC contract was -12,695 lots, an increase of 3,937 lots. The HC5 - 10 contract spread was -1 yuan/ton, unchanged. The HC warehouse receipt on the Shanghai Futures Exchange was 478,788 tons, an increase of 600 tons. The HC2605 - RB2605 contract spread was 170 yuan/ton, an increase of 5 yuan [2] 3.2 Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,320 yuan/ton, an increase of 10 yuan; in Guangzhou, it was 3,290 yuan/ton, an increase of 10 yuan; in Wuhan, it was 3,340 yuan/ton, an increase of 10 yuan; and in Tianjin, it was 3,230 yuan/ton, an increase of 10 yuan. The basis of the HC main contract was 10 yuan/ton, an increase of 13 yuan. The price difference between hot-rolled coils and rebar in Hangzhou was 30 yuan/ton, an increase of 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 799 yuan/wet ton, an increase of 8 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 (tax-excluded) was 2,190 yuan/ton, unchanged. The price of Q235 billet in Hebei was 2,980 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 171.918 million tons, an increase of 690,800 tons. The inventory of coke at sample coking plants was 561,000 tons, a decrease of 69,300 tons. The inventory of coke at sample steel mills was 6.8762 million tons, an increase of 160,900 tons. The inventory of billets in Hebei was 2.4051 million tons, an increase of 78,600 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 78.36%, an increase of 0.67 percentage points; the blast furnace capacity utilization rate was 82.9%, a decrease of 2.40 percentage points. The weekly output of hot-rolled coils at sample steel mills was 2.9526 million tons, a decrease of 58,500 tons; the capacity utilization rate of hot-rolled coils was 75.43%, a decrease of 1.49 percentage points. The inventory of hot-rolled coils at sample steel mills was 892,800 tons, a decrease of 8,000 tons; the social inventory of hot-rolled coils in 33 cities was 3.8231 million tons, an increase of 7,000 tons. The monthly output of crude steel in China was 6.818 million tons, a decrease of 169,000 tons; the net export volume of steel was 747,000 tons, an increase of 18,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles was 1.6724 million, a decrease of 777,400; the monthly sales of automobiles was 1.8052 million, a decrease of 541,300. The monthly output of air conditioners was 21.6289 million, an increase of 6.6029 million; the monthly output of household refrigerators was 10.0115 million, an increase of 569,500; the monthly output of household washing machines was 11.975 million, a decrease of 38,000 [2] 3.6 Industry News - In February 2026, China exported 740,000 automobiles, a year-on-year increase of 75.1%; from January to February, the cumulative export was 1.53 million, a year-on-year increase of 57.9%. In February, China imported 30,000 automobiles, a year-on-year decrease of 11.6%; from January to February, the cumulative import was 70,000, a year-on-year increase of 24.7%. In February, China exported 408 ships, a year-on-year increase of 35.5%; from January to February, the cumulative export was 930, a year-on-year increase of 9.2% [2] 3.7 Key Points to Watch - The weekly output, in-plant inventory, and social inventory of hot-rolled coils on Thursday [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On Wednesday, the HC2605 contract was consolidating with a reduction in positions. The macro - situation involves the closure of the Strait of Hormuz, which may affect steel exports. In terms of supply - demand, the weekly output of hot - rolled coils is stable, with a capacity utilization rate around 79%. Terminal demand has recovered after the holiday, but inventory continues to increase. With the Two Sessions held, most steel mills in Tangshan plan to cut blast furnace production by 30% and sintering by 30% - 50%, and some have blast furnace maintenance plans. Technically, for the HC2605 contract, the 1 - hour MACD shows DIFF and DEA running below the 0 - axis with a stable red bar. It is recommended to conduct short - term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price is 3,212 yuan/ton, down 7 yuan; the main contract holding volume is 1,435,635 lots, down 16,252 lots; the net holding of the top 20 in the HC contract is 60,441 lots, up 3,414 lots; the HC5 - 10 contract spread is - 20 yuan/ton, down 1 yuan; the HC warehouse receipt at the Shanghai Futures Exchange is 444,294 tons, up 10,596 tons; the HC2605 - RB2605 contract spread is 141 yuan/ton, down 4 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,250 yuan/ton, unchanged; in Guangzhou is 3,240 yuan/ton, unchanged; in Wuhan is 3,310 yuan/ton, unchanged; in Tianjin is 3,140 yuan/ton, unchanged. The HC main contract basis is 38 yuan/ton, up 7 yuan; the Hangzhou hot - rolled coil - rebar spread is 10 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 750 yuan/wet ton, down 5 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,540 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,170 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,910 yuan/ton, unchanged. The inventory of iron ore at 45 ports is 170.9631 million tons, up 1.5398 million tons; the inventory of coke in sample coking plants is 625,900 tons, up 72,100 tons; the inventory of coke in sample steel mills is 6.7506 million tons, down 135,200 tons; the inventory of Hebei billets is 2.1946 million tons, up 452,400 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 80.24%, up 0.09%; the blast furnace capacity utilization rate is 87.48%, up 1.05%. The weekly output of hot - rolled coils in sample steel mills is 3.0961 million tons, down 2,000 tons; the capacity utilization rate of hot - rolled coils in sample steel mills is 79.09%, down 0.05%. The factory inventory of hot - rolled coils in sample steel mills is 947,800 tons, up 14,000 tons; the social inventory of hot - rolled coils in 33 cities is 3.5737 million tons, up 169,000 tons. The monthly output of domestic crude steel is 6.818 million tons, down 169,000 tons; the monthly net export volume of steel is 1.078 million tons, up 130,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles is 2.4499 million vehicles, down 846,100 vehicles; the monthly sales volume of automobiles is 2.3465 million vehicles, down 925,800 vehicles. The monthly output of air conditioners is 21.6289 million units, up 6.6029 million units; the monthly output of household refrigerators is 10.0115 million units, up 569,500 units; the monthly output of household washing machines is 11.975 million units, down 380,000 units [2] 3.6 Industry News - Recently, Hebei, Jiangsu, Sichuan, Hunan, Fujian, Shanghai, Guizhou, Tianjin, and Shanxi released the list of key construction projects in 2026, including 120 projects related to the iron and steel industry. Currently, most steel mills in Tangshan plan to cut blast furnace production by 30% and sintering by 30% - 50%, and some have blast furnace maintenance plans with a duration of 5 - 7 days. It is expected that the blast furnace hot metal in the Tangshan market will decline in early March and recover in mid - March, with a relatively limited overall impact [2] 3.7 Key Points to Watch - The weekly output, in - plant inventory, and social inventory of hot - rolled coils on Thursday [2]

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core Viewpoint - On Monday, the HC2605 contract continued to decline. Macroscopically, the US President signed an executive order to impose tariffs on countries trading with Iran. In terms of supply - demand, the weekly output of hot - rolled coils was stable with a capacity utilization rate of 78.97% and a production of 3.0916 million tons; terminal demand declined, and inventory increased slightly. Overall, as the Spring Festival holiday approaches, the apparent demand for hot - rolled coils declines, and tariff disturbances put pressure on steel prices. Technically, the 1 - hour MACD indicator of the HC2605 contract shows that DIFF and DEA are operating at a low level. The reference view is that the trend is oscillating downward, and risk control should be noted [2]. 3. Summary by Relevant Catalog 3.1 Futures Market - The closing price of the HC main contract was 3,239 yuan/ton, down 12 yuan; the position volume of the HC main contract was 1,499,810 lots, up 15,200 lots; the net position of the top 20 in the HC contract was 9,478 lots, up 20,335 lots; the HC5 - 10 contract spread was - 19 yuan/ton, down 1 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 249,176 tons, up 23,197 tons; the HC2605 - RB2605 contract spread was 175 yuan/ton, up 1 yuan [2]. 3.2现货市场 - The price of 4.75 hot - rolled coils in Hangzhou was 3,280 yuan/ton, unchanged; in Guangzhou, it was 3,260 yuan/ton, unchanged; in Wuhan, it was 3,310 yuan/ton, unchanged; in Tianjin, it was 3,140 yuan/ton, down 10 yuan. The basis of the HC main contract was 41 yuan/ton, up 12 yuan; the price difference between hot - rolled coils and rebar in Hangzhou was 30 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 763 yuan/wet ton, down 5 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,540 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,170 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,910 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 171.3697 million tons, up 1.1845 million tons; the inventory of coke at sample coking plants was 448,200 tons, up 6,800 tons; the inventory of coke at sample steel mills was 6.9257 million tons, up 141,700 tons; the inventory of billets in Hebei was 1.5609 million tons, down 26,600 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 79.55%, up 0.53 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 85.71%, up 0.26 percentage points. The weekly output of hot - rolled coils at sample steel mills was 3.0916 million tons, down 500 tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 78.97%, down 0.02 percentage points. The inventory of hot - rolled coils at sample steel mills was 787,500 tons, up 15,000 tons; the social inventory of hot - rolled coils in 33 cities was 2.8045 million tons, up 21,200 tons. The monthly output of crude steel in China was 68.18 million tons, down 1.69 million tons; the net export volume of steel was 10.78 million tons, up 1.3 million tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 3.296 million vehicles, down 235,600 vehicles; the monthly sales of automobiles were 3.2722 million vehicles, down 156,800 vehicles. The monthly output of air conditioners was 21.6289 million units, up 6.6029 million units; the monthly output of household refrigerators was 10.0115 million units, up 569,500 units; the monthly output of household washing machines was 11.975 million units, down 380,000 units [2]. 3.6 Industry News - Six cities in Hebei launched a Level II emergency response for heavy air pollution on February 8. This week, 405.5 billion yuan of reverse repurchases in the central bank's open market will mature, with 75 billion yuan, 105.5 billion yuan, 75 billion yuan, 118.5 billion yuan, and 31.5 billion yuan maturing from Monday to Friday respectively [2].

1. Report Industry Investment Rating - The report suggests a bullish and volatile outlook, with a focus on risk control [2] 2. Core Viewpoint of the Report - The fundamentals of the steel market have changed little, while the macro - level shows new positive factors supporting the rise of furnace materials and finished products. Technically, the 1 - hour MACD indicator of the HC2605 contract shows that DIFF and DEA cross upwards at a low level with an enlarged red column [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,332 yuan/ton, up 69 yuan; the position volume is 1,377,887 lots, up 103,802 lots; the net position of the top 20 in the HC contract is - 17,707 lots, down 39,959 lots; the HC5 - 10 contract spread is - 21 yuan/ton, down 2 yuan; the HC warehouse receipt at the Shanghai Futures Exchange is 131,595 tons, down 593 tons; the HC2605 - RB2605 contract spread is 145 yuan/ton, down 7 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,340 yuan/ton, up 40 yuan; in Guangzhou is 3,300 yuan/ton, up 50 yuan; in Wuhan is 3,340 yuan/ton, up 20 yuan; in Tianjin is 3,180 yuan/ton, up 20 yuan. The basis of the HC main contract is 8 yuan/ton, down 29 yuan; the spread between hot - rolled coils and rebar in Hangzhou is - 20 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 823 yuan/wet ton, up 21 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,540 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,160 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,950 yuan/ton, up 20 yuan. The inventory of iron ore at 45 ports is 15,861.94 tons, up 353.80 tons; the inventory of coke at sample coking plants is 48.60 tons, down 1.37 tons; the inventory of coke at sample steel mills is 643.83 tons, up 1.43 tons; the inventory of Hebei billets is 126.61 tons, up 8.60 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 78.96%, up 0.66 percentage points; the blast furnace capacity utilization rate is 85.28%, up 0.32 percentage points. The weekly output of hot - rolled coils at sample steel mills is 293.54 tons, up 1.63 tons; the capacity utilization rate of hot - rolled coils at sample steel mills is 74.98%, up 0.41 percentage points. The factory inventory of hot - rolled coils at sample steel mills is 80.52 tons, down 2.90 tons; the social inventory of hot - rolled coils in 33 cities is 296.70 tons, down 10.60 tons. The monthly output of domestic crude steel is 6,987 tons, down 213 tons; the monthly net export volume of steel is 948 tons, up 20 tons [2] 3.5 Downstream Situation - The monthly output of automobiles is 353.16 million vehicles, up 17.29 million vehicles; the monthly sales volume of automobiles is 342.90 million vehicles, up 10.69 million vehicles. The monthly output of air conditioners is 1,502.60 million units, up 82.20 million units; the monthly output of household refrigerators is 944.20 million units, up 65.40 million units; the monthly output of household washing machines is 1,201.30 million units, up 97.80 million units [2] 3.6 Industry News - In December 2025, China's Logistics Prosperity Index (LPI) was 52.4%, up 1.5 percentage points month - on - month, reaching the highest level of the year. China's automobile production and sales in 2025 are expected to exceed 34 million vehicles, hitting a new high and remaining above 30 million vehicles for three consecutive years. The "Interim Measures for Rewards for Reporting Illegal Newly - Added Steel Production Capacity in Hebei Province (Draft for Comment)" was released, which rewards reports of illegal new or restarted smelting main equipment, illegal construction of auxiliary production facilities, and illegal sales of molten iron [2] 3.7 Key Points of Attention - The weekly output, in - plant and social inventory of hot - rolled coils on Thursday [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Thursday's HC2605 contract rebounded with reduced positions. Macroscopically, the Central Financial Office responded to economic hot - spot issues, and expanding domestic demand is the top - priority task for next year. Consumption should be boosted from both supply and demand sides, and consumption and investment should be coordinated. - In terms of supply and demand, the weekly output of hot - rolled coils decreased significantly, with the capacity utilization rate dropping to 74.57%. Terminal demand shrank, and the apparent demand fell below 3 million tons. Overall, the terminal demand for plates declined, but with the rebound of furnace materials and positive macro - expectations, the futures price was supported. - Technically, the 1 - hour MACD indicator of the HC2605 contract shows that DIFF and DEA are rising. It is recommended for short - term trading with attention to risk control [2]. 3. Summary by Relevant Catalogs Futures Market - HC main contract closing price: 3,277 yuan/ton, up 32 yuan [2]. - HC main contract position: 1,189,556 lots, down 10,392 lots. - HC contract top 20 net position: 11,975 lots, down 23,488 lots. - HC1 - 5 contract spread: 11 yuan/ton, up 1 yuan. - HC Shanghai Futures Exchange warehouse receipt: 131,004 tons, down 300 tons. - HC2605 - RB2605 contract spread: 152 yuan/ton, down 9 yuan [2]. Spot Market - Hangzhou 4.75 hot - rolled coil: 3,290 yuan/ton, up 10 yuan. - Guangzhou 4.75 hot - rolled coil: 3,280 yuan/ton, up 20 yuan. - Wuhan 4.75 hot - rolled coil: 3,330 yuan/ton, unchanged. - Tianjin 4.75 hot - rolled coil: 3,190 yuan/ton, up 10 yuan. - HC main contract basis: 13 yuan/ton, down 22 yuan. - Hangzhou hot - rolled coil - rebar spread: - 30 yuan/ton, down 10 yuan [2]. Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 796 yuan/wet ton, up 11 yuan. - Hebei quasi - first - grade metallurgical coke: 1,640 yuan/ton, unchanged. - Tangshan 6 - 8mm scrap steel: 2,160 yuan/ton, unchanged. - Hebei Q235 billet: 2,940 yuan/ton, unchanged. - 45 - port iron ore inventory: 154.2786 million tons, up 1.3152 million tons. - Sample coking plant coke inventory: 499,600 tons, up 55,100 tons. - Sample steel mill coke inventory: 6.3522 million tons, up 99,700 tons. - Hebei billet inventory: 1.1313 million tons, up 14,800 tons [2]. Industry Situation - 247 steel mill blast furnace operating rate: 78.61%, down 1.53 percentage points. - 247 steel mill blast furnace capacity utilization rate: 85.9%, down 1.16 percentage points. - Sample steel mill hot - rolled coil output: 2.9191 million tons, down 168,000 tons. - Sample steel mill hot - rolled coil capacity utilization rate: 74.57%, down 4.29 percentage points. - Sample steel mill hot - rolled coil factory inventory: 834,200 tons, down 6,100 tons. - 33 - city hot - rolled coil social inventory: 3.073 million tons, down 57,600 tons. - Domestic crude steel output: 69.87 million tons, down 2.13 million tons. - Steel net export volume: 9.48 million tons, up 200,000 tons [2]. Downstream Situation - Automobile production: 3.5316 million vehicles, up 172,900 vehicles. - Automobile sales: 3.429 million vehicles, up 106,900 vehicles. - Air - conditioner production: 15.026 million units, up 822,000 units. - Household refrigerator production: 9.442 million units, up 654,000 units. - Household washing machine production: 12.013 million units, up 978,000 units [2]. Industry News - On December 18, Mysteel information showed that the actual output of hot - rolled coils this period was 2.9191 million tons, a week - on - week decrease of 168,000 tons; factory inventory was 834,200 tons, a week - on - week decrease of 6,100 tons; social inventory was 3.073 million tons, a week - on - week decrease of 57,600 tons; total inventory was 3.9072 million tons, a week - on - week decrease of 63,700 tons; apparent demand was 2.9828 million tons, a week - on - week decrease of 136,900 tons. - According to the data of the Passenger Car Association, from December 1st to 14th, the retail sales of the national passenger car market were 764,000 vehicles, a 24% year - on - year decrease compared with the same period in December and a 2% increase compared with the same period last month. The cumulative retail sales since the beginning of this year were 22.247 million vehicles, a 5% year - on - year increase [2].

Report Industry Investment Rating - Not provided Core Viewpoints - On November 20, 2025, the HC2601 contract showed weak consolidation. The weekly output of hot-rolled coils increased slightly, with the capacity utilization rate rising to 80.73%. Downstream demand rebounded, and inventory shifted from an increase to a decrease. Overall, the weakening of furnace materials reduced cost support, and market investment sentiment was relatively sluggish, resulting in a weak and volatile market. Technically, the 1-hour MACD indicator of the HC2601 contract showed that DIFF and DEA were adjusting downward. It is recommended for short-term trading with attention to risk control [2]. Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract was 3,267 yuan/ton, a decrease of 10 yuan; the position of the HC main contract was 1,152,598 lots, a decrease of 44,323 lots. - The net position of the top 20 in the HC contract was -64,809 lots, an increase of 15,264 lots; the spread between HC1 - 5 contracts was -5 yuan/ton, a decrease of 1 yuan. - The daily warehouse receipt of HC on the Shanghai Futures Exchange was 146,388 tons, a decrease of 4,179 tons; the spread between HC2601 - RB2601 contracts was 217 yuan/ton, an increase of 10 yuan [2]. Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,320 yuan/ton, unchanged; in Guangzhou, it was 3,290 yuan/ton, a decrease of 10 yuan; in Wuhan, it was 3,340 yuan/ton, unchanged; in Tianjin, it was 3,210 yuan/ton, a decrease of 10 yuan. - The basis of the HC main contract was 53 yuan/ton, an increase of 10 yuan; the spread between hot-rolled coils and rebar in Hangzhou was 80 yuan/ton, an increase of 10 yuan [2]. Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 789 yuan/wet ton, a decrease of 8 yuan; the market price of quasi-primary metallurgical coke in Hebei was 1,690 yuan/ton, an increase of 50 yuan. - The price of 6 - 8mm scrap steel in Tangshan (tax-excluded) was 2,170 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,970 yuan/ton, unchanged. - The inventory of iron ore at 45 ports was 15,125.92 million tons, an increase of 231.11 million tons; the inventory of coke at sample coking plants was 36.03 million tons, a decrease of 0.12 million tons. - The inventory of coke at sample steel mills was 622.15 million tons, a decrease of 4.41 million tons; the inventory of billets in Hebei was 116.66 million tons, a decrease of 3.34 million tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills was 82.79%, a decrease of 0.36 percentage points; the blast furnace capacity utilization rate was 88.82%, an increase of 1.03 percentage points. - The weekly output of hot-rolled coils at sample steel mills was 316.01 million tons, an increase of 2.35 million tons; the capacity utilization rate of hot-rolled coils at sample steel mills was 80.73%, an increase of 0.60 percentage points. - The inventory of hot-rolled coils at sample steel mills was 78.02 million tons, an increase of 0.50 million tons; the social inventory of hot-rolled coils in 33 cities was 324.09 million tons, a decrease of 8.91 million tons. - The monthly output of domestic crude steel was 7,200 million tons, a decrease of 149 million tons; the monthly net export volume of steel was 928 million tons, a decrease of 64 million tons [2]. Downstream Situation - The monthly output of automobiles was 3.3587 million vehicles, an increase of 0.0829 million vehicles; the monthly sales volume of automobiles was 3.3221 million vehicles, an increase of 0.0957 million vehicles. - The monthly output of air conditioners was 14.204 million units, a decrease of 3.8908 million units; the monthly output of household refrigerators was 8.788 million units, a decrease of 1.3396 million units. - The monthly output of household washing machines was 11.035 million units, a decrease of 0.7499 million units [2]. Industry News - The minutes of the Fed's October meeting showed that "several" officials said that a rate cut in December "was likely" to be appropriate, while "many" officials thought a December rate cut might not be appropriate. "Most" officials believed that further rate cuts could exacerbate inflation risks. - According to data from the Passenger Car Association, from November 1 - 16, the retail sales of the national passenger car market were 886,000 vehicles, a 14% year-on-year decrease compared to the same period in November last year and a 6% decrease compared to the same period last month. The cumulative retail sales this year were 20.142 million vehicles, a 7% year-on-year increase [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On Thursday, the HC2601 contract decreased in positions and consolidated. Most provinces, municipalities, and autonomous regions have suspended automobile replacement subsidies or scrapping and renewal subsidies. The weekly output of hot-rolled coils continued to decline slightly, with the capacity utilization rate dropping to 80.13%. Downstream demand decreased slightly, and inventory increased slightly. Overall, both the output and apparent demand of hot-rolled coils have fallen from their highs, and the fundamentals are mixed, causing the hot-rolled coil futures price to enter a range-bound consolidation. Technically, the 1-hour MACD indicator of the HC2601 contract shows that DIFF and DEA have rebounded to near the 0-axis. 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 3,254 yuan/ton, a decrease of 1 yuan; the position volume was 1,302,507 lots, a decrease of 8,957 lots; the net position of the top 20 in the HC contract was -52,146 lots, an increase of 7,583 lots; the HC1-5 contract spread was -9 yuan/ton, an increase of 3 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 137,606 tons, an increase of 12,063 tons; the HC2601 - RB2601 contract spread was 208 yuan/ton, a decrease of 9 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 3,270 yuan/ton, unchanged; in Wuhan, it was 3,330 yuan/ton, a decrease of 10 yuan; in Tianjin, it was 3,200 yuan/ton, unchanged. The basis of the HC main contract was 56 yuan/ton, an increase of 1 yuan; the price difference between hot-rolled coils and rebar in Hangzhou was 70 yuan/ton, a decrease of 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 781 yuan/wet ton, an increase of 1 yuan; the price of quasi-primary metallurgical coke in Hebei was 1,640 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,170 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,930 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 148.9481 million tons, an increase of 3.5557 million tons; the inventory of coke at sample coking plants was 361,500 tons, a decrease of 12,900 tons; the inventory of coke at sample steel mills was 6.2656 million tons, a decrease of 23,200 tons; the inventory of billets in Hebei was 1.2 million tons, an increase of 4,300 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 83.15%, an increase of 1.42 percentage points; the blast furnace capacity utilization rate was 87.79%, a decrease of 0.80 percentage points. The weekly output of hot-rolled coils at sample steel mills was 3.1366 million tons, a decrease of 45,000 tons; the capacity utilization rate of hot-rolled coils was 80.13%, a decrease of 1.15 percentage points. The factory inventory of hot-rolled coils at sample steel mills was 775,200 tons, an increase of 900 tons; the social inventory of hot-rolled coils in 33 cities was 3.33 million tons, a decrease of 200 tons. The monthly output of domestic crude steel was 73.49 million tons, a decrease of 3.88 million tons; the net export volume of steel was 9.279 million tons, a decrease of 641,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles was 3.359 million vehicles, an increase of 83,200 vehicles; the monthly sales volume was 3.322 million vehicles, an increase of 95,600 vehicles. The monthly output of air conditioners was 18.0948 million units, an increase of 1.276 million units; the monthly output of household refrigerators was 10.1276 million units, an increase of 674,400 units; the monthly output of household washing machines was 11.7849 million units, an increase of 1.653 million units [2] 3.6 Industry News - On November 13, Mysteel information showed that the actual output of hot-rolled coils this period was 3.1366 million tons, a decrease of 45,000 tons compared with the previous period; the factory inventory was 775,200 tons, an increase of 900 tons; the social inventory was 333,000 tons, a decrease of 200 tons; the total inventory was 4.1052 million tons, an increase of 700 tons; the apparent demand was 3.1359 million tons, a decrease of 7,100 tons compared with the previous week. According to the Passenger Car Association, from November 1 - 9, the retail sales of the national passenger car market were 415,000 vehicles, a 19% decrease compared with the same period in November last year; the retail sales of the national new energy passenger car market were 265,000 vehicles, a 5% decrease compared with the same period in November last year [2]

Report Summary 1. Report Date - The report is dated October 30, 2025 [1] 2. Investment Rating - No investment rating is provided in the report 3. Core View - The overall terminal demand for hot-rolled coils is resilient with increased apparent demand, higher than the same period last year. However, after the Fed's interest rate cut and the end of the China-US summit, market bullish sentiment has weakened. Technically, the 1-hour MACD indicator of the HC2601 contract shows that DIFF and DEA have crossed and pulled back at high levels. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2] 4. Summary by Directory 4.1 Futures Market - The closing price of the HC main contract is 3,318 yuan/ton, down 27 yuan; the position volume is 1,473,286 lots, up 12,227 lots; the net position of the top 20 in the HC contract is - 61,090 lots, down 9,028 lots; the HC1 - 5 contract spread is - 9 yuan/ton, up 4 yuan; the daily warehouse receipt of HC on the SHFE is 128,835 tons, down 5,938 tons; the HC2601 - RB2601 contract spread is 212 yuan/ton, unchanged [2] 4.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,370 yuan/ton, down 20 yuan; in Guangzhou is 3,340 yuan/ton, up 10 yuan; in Wuhan is 3,400 yuan/ton, unchanged; in Tianjin is 3,260 yuan/ton, up 10 yuan. The basis of the HC main contract is 52 yuan/ton, up 7 yuan; the price difference between hot - rolled coils and rebar in Hangzhou is 80 yuan/ton, down 10 yuan [2] 4.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port is 807 yuan/wet ton, up 4 yuan; the price of quasi - first - grade metallurgical coke in Hebei is 1,590 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,230 yuan/ton, unchanged; the price of Q235 billet in Hebei is 3,000 yuan/ton, up 10 yuan. The inventory of iron ore at 45 ports is 144.2065 million tons, up 1.3895 million tons; the inventory of coke at sample coking plants is 373,700 tons, down 1,200 tons; the inventory of coke at sample steel mills is 6.3327 million tons, down 60,000 tons; the inventory of billets in Hebei is 1.1957 million tons, down 103,900 tons [2] 4.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 84.73%, up 0.48 percentage points; the blast furnace capacity utilization rate is 89.92%, down 0.39 percentage points. The weekly output of hot - rolled coils at sample steel mills is 3.2356 million tons, up 11,000 tons; the capacity utilization rate of hot - rolled coils at sample steel mills is 82.65%, up 0.28 percentage points. The weekly inventory of hot - rolled coils at sample steel mills is 776,600 tons, up 3,100 tons; the weekly social inventory of hot - rolled coils in 33 cities is 3.2893 million tons, down 86,400 tons. The monthly output of domestic crude steel is 73.49 million tons, down 3.88 million tons; the monthly net export volume of steel is 9.92 million tons, up 910,000 tons [2] 4.5 Downstream Situation - The monthly output of automobiles is 3.2758 million vehicles, up 460,400 vehicles; the monthly sales of automobiles is 3.2264 million vehicles, up 369,800 vehicles. The monthly output of air conditioners is 18.0948 million units, up 1.276 million units; the monthly output of household refrigerators is 10.1276 million units, up 674,400 units; the monthly output of household washing machines is 11.7849 million units, up 1.653 million units [2] 4.6 Industry News - On October 30, Mysteel reported that the actual weekly output of hot - rolled coils was 3.2356 million tons, up 11,000 tons; the factory inventory was 776,600 tons, up 3,100 tons; the social inventory was 3.2893 million tons, down 86,400 tons; the total inventory was 4.0659 million tons, down 83,300 tons; the apparent demand was 3.3189 million tons, up 51,600 tons week - on - week. The Fed cut interest rates by 25 basis points as expected, lowering the federal funds rate to 3.75% - 4.00%, the second rate cut this year, and announced the end of the balance sheet reduction starting from December 1. Vietnam's Ministry of Industry and Trade launched an anti - circumvention investigation into the anti - dumping case of hot - rolled coils originating from China [2]