Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On Thursday, the HC2510 contract decreased in positions and consolidated. With the rebound of steel prices, downstream demand weakened, but the macro - face outlook was positive, and there was cost - side support, so the market might fluctuate. Technically, the 1 - hour MACD indicator of the HC2510 contract showed that DIFF and DEA were adjusting downward, and the red column was shrinking. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price was 3,440 yuan/ton, down 11 yuan; HC main contract open interest was 1,428,587 lots, down 31,588 lots; HC contract top 20 net positions were - 75,167 lots, up 4,091 lots; HC10 - 1 contract spread was 0 yuan/ton, up 4 yuan; HC Shanghai Futures Exchange warehouse receipt was 70,915 tons, unchanged; HC2510 - RB2510 contract spread was 209 yuan/ton, down 8 yuan [2]. 3.2 Spot Market - Hangzhou 4.75 hot - rolled coil was 3,500 yuan/ton, down 10 yuan; Guangzhou 4.75 hot - rolled coil was 3,470 yuan/ton, unchanged; Wuhan 4.75 hot - rolled coil was 3,500 yuan/ton, unchanged; Tianjin 4.75 hot - rolled coil was 3,400 yuan/ton, down 10 yuan; HC main contract basis was 60 yuan/ton, up 1 yuan; Hangzhou hot - rolled coil - rebar spread was 100 yuan/ton, down 20 yuan [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB fine ore was 773 yuan/wet ton, down 1 yuan; Hebei quasi - first - grade metallurgical coke was 1,535 yuan/ton, unchanged; Tangshan 6 - 8mm scrap steel was 2,250 yuan/ton, unchanged; Hebei Q235 billet was 3,090 yuan/ton, up 20 yuan; 45 - port iron ore inventory was 136.579 million tons, down 1.3248 million tons; sample coking plant coke inventory was 462,800 tons, down 35,200 tons; sample steel mill coke inventory was 6.2678 million tons, down 132,200 tons; Hebei billet inventory was 1.1536 million tons, up 43,400 tons [2]. 3.4 Industry Situation - 247 steel mills' blast furnace operating rate was 83.48%, unchanged; 247 steel mills' blast furnace capacity utilization rate was 90.22%, down 0.56 percentage points; sample steel mill hot - rolled coil output was 3.1489 million tons, down 79,000 tons; sample steel mill hot - rolled coil capacity utilization rate was 80.44%, down 2.02 percentage points; sample steel mill hot - rolled coil factory inventory was 778,800 tons, down 14,200 tons; 33 - city hot - rolled coil social inventory was 2.7875 million tons, up 101,000 tons; domestic crude steel output was 83.18 million tons, down 3.36 million tons; steel net export volume was 9.384 million tons, up 174,000 tons [2]. 3.5 Downstream Situation - Automobile production was 2.7941 million vehicles, up 145,600 vehicles; automobile sales were 2.9045 million vehicles, up 218,100 vehicles; air - conditioner output was 28.3831 million units, down 1.0969 million units; household refrigerator output was 9.0474 million units, up 537,400 units; household washing machine output was 9.5079 million units, up 95,900 units [2]. 3.6 Industry News - In July 2025, China's steel exports were 9.836 million tons, up 158,000 tons month - on - month, a 1.6% increase; from January to July, cumulative steel exports were 67.983 million tons, a 11.4% year - on - year increase. In July, China's steel imports were 452,000 tons, down 18,000 tons month - on - month, a 3.8% decrease; from January to July, cumulative steel imports were 3.476 million tons, a 15.7% year - on - year decrease. The Passenger Car Association raised its full - year sales forecast for 2025, expecting 24.35 million passenger car retail sales, a 6% year - on - year increase, with the forecast volume 300,000 units more than the June forecast [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The terminal demand for hot-rolled coils is relatively resilient, and with the fifth round of coke price increases confirmed, cost-side support has strengthened. Technically, the 1-hour MACD indicator of the HC2510 contract shows a rebound from low levels with an expanding red bar. Operationally, the market is expected to be volatile with an upward bias, and attention should be paid to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price: 3,457 yuan/ton, up 40 yuan [2] - HC main contract open interest: 1,461,734 lots, up 24,663 lots [2] - Net position of the top 20 in HC contracts: -62,794 lots, up 17,567 lots [2] - HC10 - 1 contract spread: -5 yuan/ton, down 7 yuan [2] - HC Shanghai Futures Exchange warehouse receipt: 55,998 tons, unchanged [2] - HC2510 - RB2510 contract spread: 224 yuan/ton, up 11 yuan [2] 3.2 Spot Market - Hangzhou 4.75 hot-rolled coil: 3,480 yuan/ton, up 10 yuan [2] - Guangzhou 4.75 hot-rolled coil: 3,450 yuan/ton, up 20 yuan [2] - Wuhan 4.75 hot-rolled coil: 3,470 yuan/ton, unchanged [2] - Tianjin 4.75 hot-rolled coil: 3,390 yuan/ton, up 20 yuan [2] - HC main contract basis: 23 yuan/ton, down 30 yuan [2] - Hangzhou hot-rolled coil - rebar spread: 90 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 778 yuan/wet ton, up 12 yuan [2] - Hebei quasi-primary metallurgical coke: 1,535 yuan/ton, up 70 yuan [2] - Tangshan 6 - 8mm scrap steel: 2,250 yuan/ton, unchanged [2] - Hebei Q235 billet: 3,080 yuan/ton, up 30 yuan [2] - 45-port iron ore inventory: 136.579 million tons, down 1.3248 million tons [2] - Sample coking plant coke inventory: 462,800 tons, down 35,200 tons [2] - Sample steel mill coke inventory: 6.2678 million tons, down 132,200 tons [2] - Hebei billet inventory: 1.1102 million tons, up 41,000 tons [2] 3.4 Industry Situation - 247 steel mills' blast furnace operating rate: 83.48%, unchanged [2] - 247 steel mills' blast furnace capacity utilization rate: 90.22%, down 0.56% [2] - Sample steel mill hot-rolled coil output: 3.2279 million tons, up 53,000 tons [2] - Sample steel mill hot-rolled coil capacity utilization rate: 82.46%, up 1.35% [2] - Sample steel mill hot-rolled coil factory inventory: 793,000 tons, up 13,000 tons [2] - 33-city hot-rolled coil social inventory: 2.6865 million tons, up 14,900 tons [2] - Domestic crude steel output: 83.18 million tons, down 3.36 million tons [2] - Steel net export volume: 9.21 million tons, down 890,000 tons [2] 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 [2] - Air conditioner production: 28.3831 million units, down 1.0969 million units [2] - Household refrigerator production: 9.0474 million units, up 537,400 units [2] - Household washing machine production: Information incomplete in the report [2] 3.6 Industry News - The fifth round of coke price increases has been fully implemented. Steel mills in Hebei, Shandong and other places have raised the coke procurement price, with a wet quenching increase of 50 yuan/ton and a dry quenching increase of 55 yuan/ton, effective from 0:00 on August 4 [2]. - According to the preliminary estimate of the Passenger Car Association, the wholesale sales volume of new energy passenger vehicles in the country in July was 1.18 million, a year-on-year increase of 25% and a month-on-month decrease of 4%. Among them, Tesla's sales volume in China in July was 67,900, a month-on-month decrease of 5.2% [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The terminal demand for hot-rolled coils is relatively resilient, and the market is shifting from sentiment-driven to reality-checking. The market may enter a range-bound consolidation. Technically, the 1-hour MACD indicator of the HC2510 contract shows a potential golden cross of DIFF and DEA at low levels. It is recommended to engage in short-term trading and pay attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price: 3,417 yuan/ton, up 16 yuan [2]. - HC main contract open interest: 1,437,071 lots, down 17,689 lots [2]. - HC contract top 20 net open interest: -80,361 lots, up 28,605 lots [2]. - HC10 - 1 contract spread: 2 yuan/ton, up 4 yuan [2]. - HC SHFE daily warehouse receipts: 55,998 tons, down 1,176 tons [2]. - HC2510 - RB2510 contract spread: 213 yuan/ton, up 15 yuan [2]. 3.2 Spot Market - Hangzhou 4.75 hot-rolled coil: 3,470 yuan/ton, up 10 yuan [2]. - Guangzhou 4.75 hot-rolled coil: 3,430 yuan/ton, unchanged [2]. - Wuhan 4.75 hot-rolled coil: 3,470 yuan/ton, down 10 yuan [2]. - Tianjin 4.75 hot-rolled coil: 3,360 yuan/ton, down 30 yuan [2]. - HC main contract basis: 53 yuan/ton, down 6 yuan [2]. - Hangzhou hot-rolled coil - rebar spread: 100 yuan/ton, up 20 yuan [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 768 yuan/wet ton, down 2 yuan [2]. - Hebei quasi-primary metallurgical coke: 1,365 yuan/ton, unchanged [2]. - Tangshan 6 - 8mm scrap steel: 2,270 yuan/ton, unchanged [2]. - Hebei Q235 billet: 3,050 yuan/ton, down 10 yuan [2]. - 45-port iron ore inventory: 136.579 million tons, down 1.3248 million tons [2]. - Sample coking plant coke inventory: 462,800 tons, down 35,200 tons [2]. - Sample steel mill coke inventory: 6.2678 million tons, down 132,200 tons [2]. - Hebei billet inventory: 1.1102 million tons, up 41,000 tons [2]. 3.4 Industry Situation - 247 steel mill blast furnace operating rate: 83.48%, unchanged [2]. - 247 steel mill blast furnace capacity utilization rate: 90.22%, down 0.56% [2]. - Sample steel mill hot-rolled coil output: 3.2279 million tons, up 53,000 tons [2]. - Sample steel mill hot-rolled coil capacity utilization rate: 82.46%, up 1.35% [2]. - Sample steel mill hot-rolled coil factory inventory: 793,000 tons, up 13,000 tons [2]. - 33-city hot-rolled coil social inventory: 2.6865 million tons, up 14,900 tons [2]. - Domestic crude steel output: 8.318 million tons, down 336,000 tons [2]. - Steel net exports: 921,000 tons, down 89,000 tons [2]. 3.5 Downstream Situation - Automobile production: 2.7941 million units, up 145,600 units [2]. - Automobile sales: 2.9045 million units, up 218,100 units [2]. - Air conditioner production: 28.3831 million units, down 1.0969 million units [2]. - Household refrigerator production: 9.0474 million units, up 537,400 units [2]. - Household washing machine production: 9.5079 million units, up 95,900 units [2]. 3.6 Industry News - US non-farm payrolls in July increased by 73,000, lower than the expected 104,000. After the data release, US President Trump criticized Powell again and called for a rate cut [2]. - In July, the performance of new energy vehicle startups was divided. Leapmotor's delivery volume exceeded 50,000 for the first time, reaching 50,129 units, a year-on-year increase of 126.9%. XPeng Motors also set a new delivery record, delivering 36,717 new cars in July, a year-on-year increase of 229.45%. Li Auto's delivery volume declined significantly, and NIO continued to hover around 20,000 units [2]. - On Monday, the HC2510 contract first declined and then rebounded. Macroscopically, US President Trump signed an executive order to impose reciprocal tariffs ranging from 10% to 41% on countries or regions that have not reached an agreement with the US (including Canada, Brazil, etc.), and all tariffs will take effect on August 7, 2025. In terms of supply and demand, the weekly output of hot-rolled coils stopped falling and rebounded, with a capacity utilization rate of 82.46%, which is at a relatively high level; the apparent demand rebounded, and the inventory increased slightly [2].

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%.

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report On Wednesday, the HC2510 contract decreased in positions and consolidated. Macroscopically, US Treasury Secretary Bezant said on the 7th local time that he expects to meet with Chinese officials in the next few weeks to promote consultations between China and the US on trade and other issues. In terms of supply and demand, the weekly output of hot-rolled coils continued to rise, with a capacity utilization rate of 83.83%, remaining at a high level. Both factory and social inventories increased, with the total inventory rising by 3.77 million tons. The apparent demand was 3.2437 million tons, 66,700 tons higher than the same period last year. Overall, the output of hot-rolled coils remained high, and the terminal demand was quite resilient. Tariff issues and anti-involution affected the market trading sentiment, but the strong performance of furnace materials provided cost support. Technically, the 1-hour MACD indicator of the HC2510 contract showed that DIFF and DEA were回调 downward and might test the support at the 0 axis. The operation strategy is to go long on dips, paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,190 yuan/ton, a decrease of 1 yuan; the position volume was 1,582,553 lots, a decrease of 11,138 lots [2]. - The net position of the top 20 in the HC contract was 20,460 lots, an increase of 1,883 lots; the price difference between the HC10 - 1 contract was -11 yuan/ton, a decrease of 2 yuan [2]. - The daily warehouse receipt of HC on the Shanghai Futures Exchange was 64,587 tons, unchanged; the price difference between the HC2510 - RB2510 contract was 127 yuan/ton, a decrease of 1 yuan [2]. 3.2 Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,260 yuan/ton, unchanged; in Guangzhou, it was 3,210 yuan/ton, unchanged; in Wuhan, it was 3,260 yuan/ton, unchanged; in Tianjin, it was 3,140 yuan/ton, unchanged [2]. - The basis of the HC main contract was 70 yuan/ton, an increase of 1 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 727 yuan/wet ton, an increase of 8 yuan; the market price of quasi-first-class metallurgical coke in Hebei was 1,265 yuan/ton, unchanged [2]. - The price of 6 - 8mm scrap steel in Tangshan (tax-excluded) was 2,210 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,910 yuan/ton, unchanged [2]. - The domestic iron ore port inventory was 138.784 million tons, a decrease of 518,300 tons; the coke inventory of sample coking plants was 617,100 tons, a decrease of 121,000 tons [2]. - The coke inventory of sample steel mills was 6.3755 million tons, an increase of 100,400 tons; the billet inventory in Hebei was 873,400 tons, an increase of 100,800 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 83.44%, a decrease of 0.40%; the blast furnace capacity utilization rate was 90.27%, a decrease of 0.58% [2]. - The weekly output of hot-rolled coils of sample steel mills was 3.2814 million tons, an increase of 90,000 tons; the capacity utilization rate of hot-rolled coils was 83.83%, an increase of 0.24% [2]. - The factory inventory of hot-rolled coils of sample steel mills was 783,200 tons, an increase of 10,000 tons; the social inventory of hot-rolled coils in 33 cities was 2.6661 million tons, an increase of 367,000 tons [2]. - The domestic crude steel output was 8.655 million tons, an increase of 53,000 tons; the net export volume of steel was 1.01 million tons, an increase of 16,000 tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 2.6485 million vehicles, an increase of 29,800 vehicles; the monthly sales of automobiles were 2.6863 million vehicles, an increase of 96,700 vehicles [2]. - The monthly output of air conditioners was 29.48 million units, a decrease of 1.353 million units; the monthly output of household refrigerators was 8.51 million units, an increase of 331,000 units [2]. - The monthly output of household washing machines was 9.412 million units, a decrease of 239,000 units [2]. 3.6 Industry News - In June 2025, the national ex-factory price of industrial producers decreased by 3.6% year-on-year and 0.4% month-on-month; the purchase price of industrial producers decreased by 4.3% year-on-year and 0.7% month-on-month. In the first half of the year, the ex-factory price of industrial producers decreased by 2.8% compared with the same period last year, and the purchase price of industrial producers decreased by 2.9% [2]. - US Treasury Secretary Bezant said on the 7th local time that he expects to meet with Chinese officials in the next few weeks to promote consultations between China and the US on trade and other issues [2]. 3.7 Key Points of Attention The weekly output, factory inventory, and social inventory of hot-rolled coils on Thursday [2]

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. ...