Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - On Wednesday, the HC2510 contract decreased in position and consolidated. The U.S. Treasury Secretary stated that there's no need to worry about the deadline for the suspension of additional tariffs between the U.S. and China, and the negotiation situation is "good", with talks expected in the next few weeks. In terms of supply and demand, the weekly output of hot-rolled coils decreased slightly, with a capacity utilization rate of 82.55%. Factory inventories decreased while social inventories increased, with total inventory rising by 0.63 tons. Apparent demand decreased slightly but remained above 3.2 million tons. Overall, hot-rolled coil production remains at a relatively high level, terminal demand has strong resilience, and tariff disturbances affect market sentiment. Technically, the 1-hour MACD indicator of the HC2510 contract shows that DIFF and DEA are adjusting downward. It is recommended to conduct intraday short - term trading and pay attention to rhythm and risk control [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the HC main contract was 3,253 yuan/ton, down 6 yuan; the position volume was 1,549,973 lots, down 16,803 lots; the net position of the top 20 in the HC contract was - 21,898 lots, down 1,037 lots; the HC10 - 1 contract spread was - 18 yuan/ton, unchanged; the HC warehouse receipt at the Shanghai Futures Exchange was 62,501 tons, down 2,086 tons; the HC2510 - RB2510 contract spread was 147 yuan/ton, up 2 yuan [2]. 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,310 yuan/ton, unchanged; in Guangzhou was 3,300 yuan/ton, unchanged; in Wuhan was 3,330 yuan/ton, unchanged; in Tianjin was 3,200 yuan/ton, unchanged. The basis of the HC main contract was 57 yuan/ton, up 6 yuan; the price difference between hot - rolled coils and rebar in Hangzhou was 50 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 756 yuan/wet ton, up 4 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,265 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,210 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,950 yuan/ton, unchanged. The domestic iron ore port inventory was 137.6589 million tons, down 1.1251 million tons; the coke inventory of sample coking plants was 597,700 tons, down 19,400 tons; the coke inventory of sample steel mills was 6.3797 million tons, up 4,200 tons; the billet inventory in Hebei was 975,300 tons, up 101,900 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 83.13%, down 0.31%; the blast furnace capacity utilization rate was 89.87%, down 0.40%. The hot - rolled coil output of sample steel mills was 3.2314 million tons, down 50,000 tons; the capacity utilization rate of hot - rolled coils was 82.55%, down 1.28%. The hot - rolled coil factory inventory of sample steel mills was 778,100 tons, down 5,100 tons; the social inventory of hot - rolled coils in 33 cities was 2.6775 million tons, up 11,400 tons. The domestic crude steel output was 83.18 million tons, down 3.37 million tons; the net export volume of steel was 9.208 million tons, down 892,000 tons [2]. 3.5 Downstream Situation - The monthly automobile production was 2.7941 million vehicles, up 145,600 vehicles; the monthly automobile sales were 2.9045 million vehicles, up 218,100 vehicles. The monthly output of air conditioners was 29.48 million units, down 1.353 million units; the monthly output of household refrigerators was 8.51 million units, up 331,000 units; the monthly output of household washing machines was 9.412 million units, down 239,000 units [2]. 3.6 Industry News - Trump said that an agreement was reached with Indonesia. Indonesian goods exported to the U.S. will pay a 19% tariff, while U.S. exports are tariff - free. In the first half of 2025, the national fixed - asset investment (excluding rural households) was 2.48654 trillion yuan, a year - on - year increase of 2.8%. Among them, private fixed - asset investment decreased by 0.6% year - on - year. After deducting the impact of price factors, fixed - asset investment (excluding rural households) increased by 5.3% year - on - year. From a month - on - month perspective, fixed - asset investment (excluding rural households) in June decreased by 0.12% [2]. 3.7 Key Focus - The weekly output, factory inventory, and social inventory of hot - rolled coils on Thursday [2]

Report Summary - **Report Date**: July 15, 2025 [1] - **Report Name**: Hot Rolled Coil Industry Chain Daily Report 1. Report Industry Investment Rating No information provided. 2. Report's Core View - On Tuesday, the HC2510 contract decreased with reduced positions. Macroscopically, China's fixed - asset investment in the first half of the year increased by 2.8% year - on - year, with the growth rate continuing to slow down, dampening market sentiment. - In terms of supply and demand, the weekly output of hot - rolled coils decreased slightly, with a capacity utilization rate of 82.55%. The factory inventory decreased while the social inventory increased, with the total inventory rising by 0.63 tons. The apparent demand decreased slightly but remained above 3.2 million tons. - Overall, the hot - rolled coil output remained at a relatively high level, and the terminal demand showed strong resilience. The promotion of the orderly exit of backward production capacity still supported the steel market, but the decline in the first - half economic data affected market confidence. - Technically, the 1 - hour MACD indicator of the HC2510 contract showed that DIFF and DEA were adjusting downward, with the green bar expanding. In operation, consider 3,200 as the long - short watershed in the short - term, and pay attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price: 3,259 yuan/ton, down 17 yuan [2] - HC main contract position: 1,566,776 lots, down 13,515 lots - HC contract top 20 net position: - 20,861 lots, up 2,773 lots - HC10 - 1 contract spread: - 18 yuan/ton, down 6 yuan - HC Shanghai Futures Exchange warehouse receipt: 64,587 tons, unchanged - HC2510 - RB2510 contract spread: 145 yuan/ton, up 7 yuan 3.2 Spot Market - Hangzhou 4.75 hot - rolled coil: 3,310 yuan/ton, down 20 yuan [2] - Guangzhou 4.75 hot - rolled coil: 3,300 yuan/ton, unchanged - Wuhan 4.75 hot - rolled coil: 3,330 yuan/ton, up 10 yuan - Tianjin 4.75 hot - rolled coil: 3,200 yuan/ton, unchanged - HC main contract basis: 51 yuan/ton, down 3 yuan - Hangzhou hot - rolled coil - rebar spread: 50 yuan/ton, down 10 yuan 3.3 Upstream Situation - Qingdao Port 61.5% PB fine ore: 752 yuan/wet ton, down 3 yuan [2] - Hebei quasi - first - class metallurgical coke: 1,265 yuan/ton, unchanged - Tangshan 6 - 8mm scrap steel: 2,210 yuan/ton, unchanged - Hebei Q235 billet: 2,950 yuan/ton, down 10 yuan - Domestic iron ore port inventory: 137.6589 million tons, down 1.1251 million tons - Sample coking plant coke inventory: 597,700 tons, down 19,400 tons - Sample steel mill coke inventory: 6.3797 million tons, up 4,200 tons - Hebei billet inventory: 975,300 tons, up 101,900 tons 3.4 Industry Situation - 247 steel mills' blast furnace operating rate: 83.13%, down 0.31% [2] - 247 steel mills' blast furnace capacity utilization rate: 89.87%, down 0.40% - Sample steel mill hot - rolled coil output: 3.2314 million tons, down 50,000 tons - Sample steel mill hot - rolled coil capacity utilization rate: 82.55%, down 1.28% - Sample steel mill hot - rolled coil factory inventory: 778,100 tons, down 5,100 tons - 33 - city hot - rolled coil social inventory: 2.6775 million tons, up 11,400 tons - Domestic crude steel output: 83.18 million tons, down 3.37 million tons - Steel net export volume: 9.208 million tons, down 892,000 tons 3.5 Downstream Situation - Automobile production: 2.7941 million vehicles, up 145,600 vehicles [2] - Automobile sales: 2.9045 million vehicles, up 218,100 vehicles - Air conditioners: 29.48 million units, down 1.353 million units - Household refrigerators: 8.51 million units, up 331,000 units - Household washing machines: 9.412 million units, down 239,000 units 3.6 Industry News - In June 2025, China's crude steel output was 83.18 million tons, a year - on - year decrease of 9.2%; steel output was 127.84 million tons, a year - on - year increase of 1.8%. From January to June, China's crude steel output was 514.83 million tons, a year - on - year decrease of 3.0%; steel output was 734.38 million tons, a year - on - year increase of 4.6% [2]. - In the first half of 2025, the national fixed - asset investment (excluding rural households) was 24.8654 trillion yuan, a year - on - year increase of 2.8%. Among them, private fixed - asset investment decreased by 0.6% year - on - year. After deducting the impact of price factors, fixed - asset investment (excluding rural households) increased by 5.3% year - on - year. On a month - on - month basis, fixed - asset investment (excluding rural households) in June decreased by 0.12%.

热轧卷板产业链日报 2025/7/9 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引 用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,190 | -1↓ HC 主力合约持仓量(手) | 1582553 | -11138↓ | | | HC 合约前20名净持仓(手) | 20,460 | +1883↑ HC10-1合约价差(元/吨) | -11 | -2↓ | | | HC 上期所仓单日报(日， ...

热轧卷板产业链日报 2025/7/1 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引 用、删节和修改。 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | HC 主力合约收盘价(元/吨) | 3,136 | +13↑ HC 主力合约持仓量(手) | 1522628 | -3081↓ | | 期货市场 | HC 合约前20名净持仓(手) | 47,818 | -31083↓ HC10-1合约价差(元/吨) | 0 | +5↑ | | | HC 上期所仓单日报(日，吨 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,093 | -11↓ HC 主力合约持仓量(手) | 1522669 | -5724↓ | | | HC 合约前20名净持仓(手) | 119,736 | +772↑ HC10-1合约价差(元/吨) | 2 | -1↓ | | | HC 上期所仓单日报(日，吨) | 99503 | -1809↓ HC2510-RB2510合约价差(元/吨) | 112 | -2↓ | | | 杭州 4.75热轧板卷(元/吨) | 3,210.00 | 0.00 广州 4.75热轧板卷(元/吨) | 3,180.00 | 0.00 | | 现货市场 | 武汉 4.75热轧板卷(元/吨) | 3,220.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,110.00 | 0.00 | | | HC主力合约基差(元/吨) | 117.00 | +11.00↑ 杭州热卷-螺纹钢价差(元/吨) | 80.00 ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引 用、删节和修改。 热轧卷板产业链日报 2025/6/12 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,080 | -28↓ HC 主力合约持仓量(手) | 1566756 | +3326↑ | | | HC 合约前20名净持仓(手) | 128,867 | -12831↓ HC10-1合约价差(元/吨) | 1 | -5↓ | | | HC 上期所仓单日报(日 ...

热轧卷板产业链日报 2025/6/11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | HC 主力合约收盘价(元/吨) | 3,108 | +19↑ HC 主力合约持仓量(手) | 1563430 | -29186↓ | | 期货市场 | HC 合约前20名净持仓(手) | 141,698 | +9669↑ HC10-1合约价差(元/吨) | 6 | +2↑ | | | HC 上期所仓单日报(日，吨) | 120640 | -2358↓ HC2510-RB2510合约价差(元/吨) | 117 | +2↑ | | | 杭州 4.75热轧板卷(元/吨) | 3,220.00 | +10.00↑ 广州 4.75热轧板卷(元/吨) | 3,220.00 | 0.00 | | 现货市场 | 武汉 4.75热轧板卷(元/吨) | 3,230.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,130.00 | +10.00↑ | | | HC主力合约基差(元/吨) | 112.00 | -9. ...

Report Industry Investment Rating - No information provided Core Viewpoints - On Tuesday, the HC2510 contract first declined and then rebounded. In May, China's CPI decreased by 0.1% year - on - year, with the decline rate remaining the same as the previous month; the PPI decreased by 3.3% year - on - year, with the decline rate widening by 0.6 percentage points compared to the previous month. In terms of supply and demand, the weekly output of hot - rolled coils increased by 92,000 tons this period, and the capacity utilization rate was adjusted up to 83.98%; the factory inventory and social inventory continued to increase, with the total inventory increasing by 78,300 tons and the apparent demand decreasing by 60,100 tons. Overall, the export volume of steel and automobiles remained strong. In the short term, continue to focus on the results of the China - US talks. Technically, the 1 - hour MACD indicator of the HC2510 contract shows that DIFF and DEA rebounded to near the 0 axis. For operation, conduct intraday short - term trading and pay attention to rhythm and risk control [2] Summary by Related Catalogs Futures Market - The closing price of the HC main contract was 3,089 yuan/ton, a decrease of 6 yuan; the trading volume was 1,592,616 lots, an increase of 7,398 lots. The net position of the top 20 in the HC contract was 132,029 lots, an increase of 2,442 lots. The HC10 - 1 contract spread was 4 yuan/ton, an increase of 2 yuan. The HC warehouse receipt of the Shanghai Futures Exchange was 122,998 tons, a decrease of 1,783 tons. The HC2510 - RB2510 contract spread was 115 yuan/ton, an increase of 1 yuan [2] Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,210 yuan/ton, unchanged; in Guangzhou was 3,220 yuan/ton, unchanged; in Wuhan was 3,240 yuan/ton, unchanged; in Tianjin was 3,120 yuan/ton, unchanged. The basis of the HC main contract was 121 yuan/ton, an increase of 6 yuan. The price difference between Hangzhou hot - rolled coils and rebar was 90 yuan/ton, unchanged [2] Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 720 yuan/wet ton, a decrease of 6 yuan. The price of quasi - first - grade metallurgical coke in Hebei was 1,320 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan was 2,205 yuan/ton, unchanged. The price of Q235 billet in Hebei was 2,900 yuan/ton, an increase of 10 yuan. The domestic iron ore port inventory was 138.2669 million tons, a decrease of 398,900 tons. The coke inventory of sample coking plants was 881,900 tons, an increase of 97,100 tons. The coke inventory of sample steel mills was 6.4595 million tons, a decrease of 89,300 tons. The billet inventory in Hebei was 674,500 tons, an increase of 2,800 tons [2] Industry Situation - The blast furnace operating rate of 247 steel mills was 83.54%, a decrease of 0.35 percentage points. The blast furnace capacity utilization rate of 247 steel mills was 90.63%, a decrease of 0.04 percentage points. The hot - rolled coil output of sample steel mills was 3.2875 million tons, an increase of 92,000 tons. The hot - rolled coil capacity utilization rate of sample steel mills was 83.98%, an increase of 2.35 percentage points. The hot - rolled coil inventory of sample steel mills was 763,500 tons, an increase of 13,300 tons. The social inventory of hot - rolled coils in 33 cities was 2.6429 million tons, an increase of 65,000 tons. The domestic crude steel output was 86.02 million tons, a decrease of 6.82 million tons. The net steel export volume was 1.0097 million tons, an increase of 15,700 tons [2] Downstream Situation - The monthly automobile production was 2.6188 million vehicles, a decrease of 387,100 vehicles. The monthly automobile sales were 2.5896 million vehicles, a decrease of 325,900 vehicles. The monthly output of air conditioners was 30.833 million units, a decrease of 2.8789 million units. The monthly output of household refrigerators was 8.179 million units, a decrease of 1.2045 million units. The monthly output of household washing machines was 9.651 million units, a decrease of 1.3512 million units [2] Industry News - According to the latest data from the General Administration of Customs, in May 2025, China exported 695,000 automobiles; from January to May, the cumulative export was 2.853 million vehicles, a year - on - year increase of 16.8%. According to the Passenger Car Association, the retail sales of the national passenger car market in May were 1.96 million vehicles, a year - on - year increase of 13.9% and a month - on - month increase of 10%; from January to May, the cumulative retail sales of the national passenger car market were 8.934 million vehicles, a year - on - year increase of 9.5% [2]

热轧卷板产业链日报 2025/6/3 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,052 | -24↓ HC 主力合约持仓量(手) | 1588097 | +9572↑ | | | HC 合约前20名净持仓(手) | 127,257 | +4054↑ HC10-1合约价差(元/吨) | 7 | +13↑ | | | HC 上期所仓单日报(日，吨) | 136603 | -1179↓ HC2510-RB2510合约价差(元/吨) | 124 | +9↑ | | 现货市场 | 杭州 4.75热轧板卷(元/吨) | 3,170.00 | -20.00↓ 广州 4.75热轧板卷(元/吨) | 3,200.00 | -40.00↓ | | | 武汉 4.75热轧板卷(元/吨) | 3,220.00 | -20.00↓ 天津 4.75热轧板卷(元/吨) | 3,100.00 | -50.00↓ | | | HC主力合约基差(元/吨) | 118.00 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On Thursday, the HC2510 contract initially declined and then rebounded. The overall terminal demand for hot - rolled coils has strong resilience, with the apparent demand turning from a decline to an increase, which supports the low - level rebound of hot - rolled coils. However, the black sector is weak, so the rebound of hot - rolled coils faces significant pressure. Technically, the 1 - hour MACD indicator of the HC2510 contract shows that DIFF and DEA are running below the 0 axis. The recommended operation is intraday short - term trading with risk control [2]. 3. Data Summary Futures Market - HC main contract closing price: 3,110 yuan/ton, up 10 yuan [2]. - HC main contract open interest: 1,552,234 lots, up 15,120 lots [2]. - Net open interest of the top 20 in HC contracts: 136,102 lots, up 22,508 lots [2]. - HC10 - 1 contract spread: - 8 yuan/ton, up 2 yuan [2]. - HC Shanghai Futures Exchange warehouse receipt: 148,677 tons, down 4,454 tons [2]. - HC2510 - RB2510 contract spread: 132 yuan/ton, down 4 yuan [2]. Spot Market - Hangzhou 4.75 hot - rolled coil: 3,200 yuan/ton, up 10 yuan [2]. - Guangzhou 4.75 hot - rolled coil: 3,240 yuan/ton, unchanged [2]. - Wuhan 4.75 hot - rolled coil: 3,240 yuan/ton, unchanged [2]. - Tianjin 4.75 hot - rolled coil: 3,150 yuan/ton, unchanged [2]. - HC main contract basis: 90 yuan/ton, unchanged [2]. - Hangzhou hot - rolled coil - rebar spread: 90 yuan/ton, up 10 yuan [2]. Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 737 yuan/wet ton, up 5 yuan [2]. - Hebei quasi - first - grade metallurgical coke: 1,400 yuan/ton, down 50 yuan [2]. - Tangshan 6 - 8mm scrap steel: 2,205 yuan/ton, unchanged [2]. - Hebei Q235 billet: 2,910 yuan/ton, up 10 yuan [2]. - Domestic iron ore port inventory: 13,987.83 million tons, down 178.26 million tons [2]. - Sample coking plant coke inventory: 73.30 million tons, up 8.05 million tons [2]. - Sample steel mill coke inventory: 660.90 million tons, down 2.62 million tons [2]. - Hebei billet inventory: 69.3 million tons, down 5.21 million tons [2]. Industry Situation - 247 steel mill blast furnace operating rate: 83.67%, down 0.46% [2]. - 247 steel mill blast furnace capacity utilization rate: 91.3%, down 0.44% [2]. - Sample steel mill hot - rolled coil output: 319.55 million tons, up 13.87 million tons [2]. - Sample steel mill hot - rolled coil capacity utilization rate: 81.63%, up 3.54% [2]. - Sample steel mill hot - rolled coil factory inventory: 75.02 million tons, down 1.90 million tons [2]. - 33 - city hot - rolled coil social inventory: 257.79 million tons, down 5.48 million tons [2]. - Domestic crude steel output: 8,602 million tons, down 682 million tons [2]. - Steel net export volume: 994 million tons, down 2 million tons [2]. Downstream Situation - Automobile production: 261.88 million vehicles, down 38.71 million vehicles [2]. - Automobile sales: 258.96 million vehicles, down 32.59 million vehicles [2]. - Air - conditioner production: 3,083.30 million units, down 287.89 million units [2]. - Household refrigerator production: 817.90 million units, down 120.45 million units [2]. - Household washing machine production: 965.10 million units, down 135.12 million units [2]. Industry News - Mysteel on May 29 reported that the actual hot - rolled coil output was 319.55 million tons, an increase of 13.87 million tons; factory inventory and social inventory continued to decline, with total inventory down 7.38 million tons and apparent demand up 13.87 million tons [2]. - The US Federal Court on May 28 blocked the tariff policy announced by President Trump on April 2 and ruled that Trump's act of imposing comprehensive tariffs on countries with more exports than imports to the US exceeded his authority [2].