Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - On Tuesday, the HC2601 contract decreased with increasing positions. In terms of macro - aspects, from January to September this year, the State Grid completed fixed - asset investment of over 420 billion yuan, a year - on - year increase of 8.1%. It is expected that the annual investment scale of the State Grid will exceed 650 billion yuan for the first time this year. In terms of supply and demand, the weekly output of hot - rolled coils remains high with a capacity utilization rate of 82.58%; demand has declined and inventory has increased. Overall, furnace materials have corrected, weakening cost support, and tariff disturbances will continue to affect market sentiment in the short term. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are operating below the 0 - axis. The operation strategy is to be bearish on the oscillation, paying attention to rhythm and risk control [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract is 3,241 yuan/ton, down 20 yuan; the position volume of the HC main contract is 1,451,729 lots, up 29,205 lots; the net position of the top 20 in the HC contract is - 40,941 lots, up 6,074 lots; the HC1 - 5 contract spread is - 7 yuan/ton, up 6 yuan; the HC warehouse receipt report of the Shanghai Futures Exchange is 59,778 tons, up 8,406 tons; the HC2601 - RB2601 contract spread is 180 yuan/ton, up 2 yuan [2] Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,320 yuan/ton, down 30 yuan; in Guangzhou is 3,260 yuan/ton, down 20 yuan; in Wuhan is 3,370 yuan/ton, down 20 yuan; in Tianjin is 3,220 yuan/ton, down 30 yuan. The basis of the HC main contract is 79 yuan/ton, down 10 yuan; the price difference between Hangzhou hot - rolled coils and rebar is 80 yuan/ton, down 10 yuan [2] Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port is 791 yuan/wet ton, up 4 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 (tax - excluded) is 2,280 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,940 yuan/ton, down 10 yuan. The inventory of iron ore at 45 ports is 140.2867 million tons, up 313,200 tons; the inventory of coke at sample coking plants is 425,500 tons, up 34,900 tons; the inventory of coke at sample steel mills is 6.5057 million tons, down 125,400 tons; the inventory of Hebei billets is 1.276 million tons, up 79,400 tons [2] Industry Situation - The blast furnace operating rate of 247 steel mills is 84.25%, down 0.02 percentage points; the blast furnace capacity utilization rate of 247 steel mills is 90.53%, down 0.10 percentage points. The output of hot - rolled coils of sample steel mills is 3.2329 million tons, down 14,000 tons; the capacity utilization rate of hot - rolled coils of sample steel mills is 82.58%, down 0.37 percentage points. The inventory of hot - rolled coils at sample steel mills is 836,000 tons, up 24,000 tons; the social inventory of hot - rolled coils in 33 cities is 3.293 million tons, up 299,200 tons. The domestic crude steel output is 77.37 million tons, down 2.29 million tons; the net export volume of steel is 9.917 million tons, up 907,000 tons [2] Downstream Situation - The monthly output of automobiles is 3.276 million vehicles, up 460,600 vehicles; the monthly sales of automobiles is 3.226 million vehicles, up 369,400 vehicles. The monthly output of air conditioners is 16.8188 million units, down 3.7777 million units; the monthly output of household refrigerators is 9.4532 million units, up 722,500 units; the monthly output of household washing machines is 10.1318 million units, up 1.3575 million units [2] Industry News - In early October 2025, the steel inventory of key steel enterprises was 15.88 million tons, an increase of 1.21 million tons from the previous ten - day period, a growth of 8.2%; an increase of 3.51 million tons from the beginning of the year, a growth of 28.4%; an increase of 60,000 tons from the same ten - day period last month, a growth of 0.6%; an increase of 1.15 million tons from the same ten - day period last year, a growth of 7.8%; a decrease of 480,000 tons from the same ten - day period the year before last, a decline of 2.9%. From January to September, the production and sales of automobiles were 24.333 million and 24.363 million respectively, a year - on - year increase of 13.3% and 12.9%. Among them, the production and sales of new - energy vehicles both exceeded 11 million, a year - on - year increase of over 30%, and the sales of new - energy vehicles accounted for 46.1% of the total sales of new vehicles [2]

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The futures price of HC2601 may fall into range consolidation due to the balance between bulls and bears in the market. Technically, the 1-hour MACD indicator of the HC2601 contract shows that DIFF and DEA are running below the 0 axis, but the red column is expanding. 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 is 3,358 yuan/ton, up 1 yuan; the position volume is 1,369,716 lots, up 1,955 lots; the net position of the top 20 in the HC contract is - 76,157 lots, up 1,287 lots; the HC10 - 1 contract spread is 62 yuan/ton, up 5 yuan; the HC last - trading - day warehouse receipt is 32,504 tons, down 5,355 tons; the HC2601 - RB2601 contract spread is 191 yuan/ton, down 2 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou, Guangzhou, Wuhan, and Tianjin remains unchanged at 3,420 yuan/ton, 3,370 yuan/ton, 3,430 yuan/ton, and 3,330 yuan/ton respectively. The HC main contract basis is 62 yuan/ton, down 1 yuan; the Hangzhou hot - rolled coil - rebar spread is 80 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore in Qingdao Port is 789 yuan/wet ton, down 3 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,490 yuan/ton, unchanged; the price of Tangshan 6 - 8mm scrap steel is 2,280 yuan/ton, unchanged; the price of Hebei Q235 billet is 3,030 yuan/ton, unchanged. The 45 - port iron ore inventory is 13,804.22 million tons, down 48.91 million tons; the sample coking plant coke inventory is 42.21 million tons, down 1.55 million tons; the sample steel mill coke inventory is 644.90 million tons, up 11.29 million tons; the Hebei billet inventory is 122.5 million tons, up 0.77 million tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 84.00%, up 0.15%; the blast furnace capacity utilization rate is 90.38%, up 0.18%. The sample steel mill hot - rolled coil output is 324.19 million tons, down 2.30 million tons; the sample steel mill hot - rolled coil capacity utilization rate is 82.81%, down 0.59%. The sample steel mill hot - rolled coil factory inventory is 81.70 million tons, up 0.40 million tons; the 33 - city hot - rolled coil social inventory is 298.80 million tons, up 2.11 million tons. The domestic crude steel output is 7,737 million tons, down 229 million tons; the steel net export volume is 901.00 million tons, down 38.00 million tons [2] 3.5 Downstream Situation - The monthly automobile production is 281.54 million vehicles, up 22.43 million vehicles; the monthly automobile sales are 285.66 million vehicles, up 26.32 million vehicles. The monthly air - conditioner output is 1,681.88 million units, down 377.77 million units; the monthly household refrigerator output is 945.32 million units, up 72.25 million units; the monthly household washing machine output is 1,013.18 million units, up 135.75 million units [2] 3.6 Industry News - On September 25, Mysteel information showed that the actual hot - rolled coil output was 324.19 million tons, a week - on - week decrease of 2.3 million tons; the factory inventory was 81.7 million tons, a week - on - week increase of 0.4 million tons; the social inventory was 298.8 million tons, a week - on - week increase of 2.11 million tons; the total inventory was 380.5 million tons, a week - on - week increase of 2.51 million tons; the apparent demand was 321.68 million tons, a week - on - week decrease of 0.14 million tons. On September 24, the US announced to lower the tariff on EU - imported cars to 15%, effective retroactively from August 1 [2]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint On Thursday, the HC2601 contract decreased with increasing positions. Macroscopically, Japan's Finance Minister Kato Shigekatsu rejected the US's call to increase pressure on Russia and the proposal to impose higher tariffs on China and India. In terms of supply - demand, the weekly production of hot - rolled coils continued to rise with a capacity utilization rate of 83.4%; demand declined slightly, inventory increased, and apparent demand decreased. Overall, the recent rebound in steel prices affected terminal demand, hot - rolled coil production remained high, and the expectation of loose supply increased. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that DIFF and DEA were adjusting downward with an enlarged green bar. Operationally, short on rebounds with a stop - loss reference of 3400, and pay attention to rhythm and risk control [2]. 3) Summary by Related Catalogs Futures Market - HC main contract closing price was 3,354 yuan/ton, down 36 yuan; HC main contract open interest was 1,412,324 lots, up 20,862 lots; HC contract top 20 net positions were - 117,198 lots, up 9,211 lots; HC10 - 1 contract spread was 43 yuan/ton, up 9 yuan; HC Shanghai Futures Exchange warehouse receipts were 47,049 tons, down 13,892 tons; HC2601 - RB2601 contract spread was 207 yuan/ton, down 15 yuan [2]. - In the spot market, prices in Hangzhou, Guangzhou, Wuhan, and Tianjin for 4.75 hot - rolled coils remained unchanged. HC main contract basis was 96 yuan/ton, up 36 yuan; Hangzhou hot - rolled coil - rebar spread was 160 yuan/ton, unchanged [2]. Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 792 yuan/wet ton, unchanged; the price of Hebei quasi - first - grade metallurgical coke was 1,490 yuan/ton, down 50 yuan; the price of 6 - 8mm scrap steel in Tangshan was 2,290 yuan/ton, unchanged; the price of Hebei Q235 billet was 3,040 yuan/ton, down 20 yuan [2]. - The 45 - port iron ore inventory was 138.4947 million tons, up 241,500 tons; sample coking plant coke inventory was 437,600 tons, up 31,000 tons; sample steel mill coke inventory was 6.3361 million tons, up 100,700 tons; Hebei billet inventory was 1.2173 million tons, down 72,200 tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills was 83.85%, up 3.47 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 90.2%, up 4.43 percentage points; sample steel mill hot - rolled coil production was 3.2649 million tons, up 13,500 tons; sample steel mill hot - rolled coil capacity utilization rate was 83.40%, up 0.34 percentage points [2]. - Sample steel mill hot - rolled coil factory inventory was 813,000 tons, up 4,200 tons; 33 - city hot - rolled coil social inventory was 2.9669 million tons, up 42,500 tons; domestic crude steel production was 7.737 million tons, down 229,000 tons; steel net exports were 901,000 tons, down 38,000 tons [2]. Downstream Situation - Automobile production was 2.8154 million vehicles, up 224,300 vehicles; automobile sales were 2.8566 million vehicles, up 263,200 vehicles; air - conditioner production was 16.8188 million units, down 3.7777 million units; household refrigerator production was 9.4532 million units, up 722,500 units; household washing machine production was 10.1318 million units, up 1.3575 million units [2]. Industry News - On September 18, Mysteel information showed that the actual hot - rolled coil production was 3.2649 million tons, up 13,500 tons; factory inventory was 813,000 tons, up 4,200 tons; social inventory was 2.9669 million tons, up 42,500 tons; total inventory was 3.7799 million tons, up 46,700 tons; apparent demand was 3.2182 million tons, down 43,400 tons week - on - week [2]. - In August 2025, China exported 5.63 million tons of steel sheets, a year - on - year decrease of 15.1%; from January to August, cumulative exports were 48.08 million tons, a year - on - year decrease of 0.1% [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On Monday, the HC2510 contract decreased in price with increasing positions. Macroscopically, the US Court of Appeals ruled that most of the global tariff policies implemented by former President Trump were illegal. In terms of supply and demand, the weekly output of hot-rolled coils decreased slightly, with a high-capacity utilization rate of 82.95%. The inventory slightly increased, and the terminal demand for hot-rolled coils was resilient, with apparent demand remaining above 3.2 million tons. Overall, the steel market was influenced by both bullish and bearish factors, facing significant technical pressure and a downward shift in the futures price center [2]. - Technically, the 1-hour MACD indicator of the HC2601 contract showed that both DIFF and DEA were moving downward. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract was 3,303 yuan/ton, a decrease of 43 yuan; the position volume was 1,195,204 lots, an increase of 28,571 lots. The net position of the top 20 in the HC contract was - 90,572 lots, an increase of 11,965 lots. The HC10 - 1 contract spread was 17 yuan/ton, an increase of 8 yuan; the HC2601 - RB2601 contract spread was 188 yuan/ton, an increase of 2 yuan. The HC main contract basis was 87 yuan/ton, an increase of 3 yuan [2]. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,390 yuan/ton, a decrease of 40 yuan; in Guangzhou, it was 3,360 yuan/ton, a decrease of 20 yuan; in Wuhan, it was 3,440 yuan/ton, a decrease of 20 yuan; in Tianjin, it was 3,310 yuan/ton, a decrease of 50 yuan. The Hangzhou hot - rolled coil - rebar spread was 120 yuan/ton, a decrease of 10 yuan [2]. Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 760 yuan/wet ton, a decrease of 18 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,590 yuan/ton, unchanged. The price of Tangshan 6 - 8mm scrap steel was 2,300 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,950 yuan/ton, a decrease of 40 yuan. The inventory of iron ore at 45 ports was 137.6302 million tons, a decrease of 0.8218 million tons; the inventory of coke at sample coking plants was 397,100 tons, an increase of 3,300 tons; the inventory of coke at sample steel mills was 6.1012 million tons, an increase of 4,300 tons; the inventory of Hebei billets was 1.2836 million tons, an increase of 0.1227 million tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills was 83.18%, a decrease of 0.16 percentage points; the blast furnace capacity utilization rate was 90%, a decrease of 0.27 percentage points. The output of hot - rolled coils at sample steel mills was 3.2474 million tons, a decrease of 0.005 million tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 82.95%, a decrease of 0.13 percentage points. The inventory of hot - rolled coils at sample steel mills was 796,800 tons, an increase of 7,900 tons; the social inventory of hot - rolled coils in 33 cities was 2.8578 million tons, an increase of 0.0323 million tons. The domestic crude steel output was 79.66 million tons, a decrease of 3.53 million tons; the net export volume of steel was 939,000 tons, an increase of 18,000 tons [2]. Downstream Situation - The monthly output of automobiles was 2.5911 million vehicles, a decrease of 0.203 million vehicles; the monthly sales of automobiles were 2.5934 million vehicles, a decrease of 0.3111 million vehicles. The monthly output of air conditioners was 20.5965 million units, a decrease of 7.7866 million units; the monthly output of household refrigerators was 8.7307 million units, a decrease of 0.3168 million units; the monthly output of household washing machines was 8.7743 million units, a decrease of 0.7336 million units [2]. Industry News - Last week, the blast furnace operating rate of 247 steel mills was 83.2%, a decrease of 0.16 percentage points from the previous week; the blast furnace iron - making capacity utilization rate was 90.02%, a decrease of 0.23 percentage points from the previous week; the daily average pig iron output was 2.4013 million tons, a decrease of 0.0062 million tons from the previous week [2]. - The Guangzhou Municipal Bureau of Commerce announced that it had decided to adjust the 2025 "Replacement and Upgrade" policy for automobiles in Guangzhou, and the subsidy policy for automobile "Replacement and Upgrade" was suspended from 0:00 on August 30, 2025 [2].

1. Report Industry Investment Rating No information provided 2. Core Viewpoints of the Report - The market sentiment has cooled, the mainstream positions have reduced long positions, and the steel market is intertwined with multiple and short factors, so the market may fluctuate. Technically, for the HC2510 contract, the 1 - hour MACD indicator shows that the rebound of DIFF and DEA is under pressure, and the red column is shrinking. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2] 3. Summary According to Relevant Contents 3.1 Futures Market - The closing price of the HC main contract is 3,367 yuan/ton, down 22 yuan; the position volume is 899,991 lots, down 38,254 lots; the net position of the top 20 in the HC contract is - 69,010 lots, down 14,157 lots; the HC10 - 1 contract spread is 10 yuan/ton, down 2 yuan; the HC warehouse receipt at the Shanghai Futures Exchange is 26,855 tons, down 894 tons; the HC2510 - RB2510 contract spread is 254 yuan/ton, up 3 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,430 yuan/ton, down 20 yuan; in Guangzhou is 3,400 yuan/ton, down 20 yuan; in Wuhan is 3,460 yuan/ton, unchanged; in Tianjin is 3,370 yuan/ton, down 10 yuan. The basis of the HC main contract is 63 yuan/ton, up 2 yuan; the price difference between hot - rolled coils and rebar in Hangzhou is 110 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 774 yuan/wet ton, down 7 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,590 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,300 yuan/ton, unchanged; the price of Hebei Q235 billet is 3,020 yuan/ton, down 30 yuan. The inventory of iron ore at 45 ports is 13,845.20 tons, up 25.93 tons; the inventory of coke in sample coking plants is 39.38 tons, up 0.33 tons; the inventory of coke in sample steel mills is 609.69 tons, down 0.09 tons; the inventory of Hebei billets is 116.09 tons, up 3.57 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 83.34%, down 0.23%; the blast furnace capacity utilization rate is 90.27%, up 0.03%. The weekly output of hot - rolled coils in sample steel mills is 325.24 tons, up 9.65 tons; the capacity utilization rate of hot - rolled coils in sample steel mills is 83.08%, up 2.46%. The factory inventory of hot - rolled coils in sample steel mills is 78.89 tons, down 1.09 tons; the social inventory of hot - rolled coils in 33 cities is 282.55 tons, up 5.06 tons. The monthly output of domestic crude steel is 7,966 tons, down 353 tons; the monthly net export volume of steel is 939 tons, up 18 tons [2] 3.5 Downstream Situation - The monthly output of automobiles is 259.11 million vehicles, down 20.30 million vehicles; the monthly sales volume of automobiles is 259.34 million vehicles, down 31.11 million vehicles. The monthly output of air conditioners is 2,059.65 million units, down 778.66 million units; the monthly output of household refrigerators is 873.07 million units, down 31.68 million units; the monthly output of household washing machines is 877.43 million units, down 73.36 million units [2] 3.6 Industry News - According to the China Iron and Steel Association, in mid - August, the average daily output of key steel enterprises' crude steel was 2.115 million tons, a 2.0% increase from the previous period; the steel inventory was 15.67 million tons, a 4.0% increase from the previous period. From August 18th to August 24th, global shipyards received 16 + 4 new ship orders, among which Chinese shipyards received 8+3 orders, and South Korean shipyards received 6 orders [2]

Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. Core View of the Report On Thursday, the HC2510 contract decreased with reduced positions. The overall situation is that Tangshan has entered a production - restriction period, but market sentiment is low, and the futures price is weak. The short - term market may fluctuate. Technically, the 1 - hour MACD indicator of the HC2510 contract shows that DIFF and DEA are running at a low level. The operation suggestion is to be bearish with oscillations, and pay attention to the rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - HC main contract closing price is 3,375 yuan/ton, down 27 yuan; HC main contract position is 1,047,482 lots, down 76,410 lots; HC contract top 20 net position is - 56,224 lots, down 1,804 lots; HC10 - 1 contract spread is 15 yuan/ton, down 2 yuan; HC Shanghai Futures Exchange warehouse receipt is 34,892 tons, down 5,669 tons; HC2510 - RB2510 contract spread is 254 yuan/ton, down 16 yuan [2]. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,470 yuan/ton, unchanged; in Guangzhou is 3,420 yuan/ton, unchanged; in Wuhan is 3,460 yuan/ton, unchanged; in Tianjin is 3,370 yuan/ton, down 10 yuan. The HC main contract basis is 95 yuan/ton, up 27 yuan; the Hangzhou hot - rolled coil - rebar spread is 140 yuan/ton, down 10 yuan [2]. Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port is 771 yuan/wet ton, up 9 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,535 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,300 yuan/ton, unchanged; the price of Hebei Q235 billet is 3,020 yuan/ton, unchanged. The 45 - port iron ore inventory is 13,819.27 million tons, up 107 million tons; the sample coking plant coke inventory is 39.05 million tons, down 5.31 million tons; the sample steel mill coke inventory is 609.78 million tons, down 9.52 million tons; the Hebei billet inventory is 112.52 million tons, down 2.84 million tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills is 83.57%, down 0.20%; the blast furnace capacity utilization rate of 247 steel mills is 90.24%, up 0.17%. The sample steel mill hot - rolled coil output is 325.24 million tons, up 9.65 million tons; the sample steel mill hot - rolled coil capacity utilization rate is 83.08%, up 2.46%. The sample steel mill hot - rolled coil factory inventory is 78.89 million tons, down 1.09 million tons; the 33 - city hot - rolled coil social inventory is 282.55 million tons, up 5.06 million tons. The domestic crude steel output is 7,966 million tons, down 353 million tons; the steel net export volume is 939 million tons, up 18 million tons [2]. Downstream Situation - The monthly automobile production is 2.5911 million vehicles, down 0.203 million vehicles; the monthly automobile sales are 2.5934 million vehicles, down 0.3111 million vehicles. The monthly air - conditioner output is 20.5965 million units, down 7.7866 million units; the monthly household refrigerator output is 8.7307 million units, down 0.3168 million units; the monthly household washing - machine output is 8.7743 million units, and the data trend is not clearly presented in the report [2]. Industry News - On August 21st, Mysteel reported that the actual hot - rolled coil output was 325.24 million tons, a week - on - week increase of 9.65 million tons; the steel mill inventory was 78.89 million tons, a week - on - week decrease of 1.09 million tons; the social inventory was 282.55 million tons, a week - on - week increase of 5.06 million tons; the total inventory was 361.44 million tons, a week - on - week increase of 3.97 million tons; the apparent demand was 321.27 million tons, a week - on - week increase of 6.52 million tons. Tangshan Zhonghou Plate Co., Ltd. plans to overhaul a 1*1780m³ blast furnace starting from August 22nd, with an expected overhaul period of about 40 days, and an average daily impact on hot - metal output of about 0.5 million tons [2].

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]