螺纹钢产业链日报 2025/12/11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,069.00 | -48↓ RB主力合约持仓量(手) | 1602075 | +87857↑ | | | RB合约前20名净持仓(手) | -20066 | -33005↓ RB1-5合约价差(元/吨) | 16 | +18↑ | | | RB上期所仓单日报(日，吨) | 62879 | 0.00 HC2605-RB2605合约价差(元/吨) | 169 | +4↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,290.00 | -20↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,374 | -21↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,510.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,160.00 | -20↓ | | | RB 主力合约基差 (元 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 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 螺纹钢产业链日报 2025/12/9 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) 1593747 | 3,079.00 | -44↓ RB主力合约持仓量(手) | | +116170↑ | | | RB合约前20名净持仓(手) | -37831 | +3895↑ RB1-5合约价差(元/吨) | 14 | +20↑ | | | RB上期所仓单日报(日，吨) | 57721 | -10455↓ HC2605-RB2605合约价差(元/吨) | 173 | +5↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,280.00 | -30↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,364 | -31↓ | | | 广州 HRB400 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On Wednesday, the RB2605 contract fluctuated within a range. The annual bond issuance of local governments exceeded 10 trillion yuan for the first time, with the issuance scale reaching about 10.1 trillion yuan as of December 2nd. The weekly output of rebar decreased slightly and remained at a low level. Apparent demand declined slightly, but inventory continued to decrease. Overall, the supply and demand of rebar were both weak, but the positive macro - expectations still affected steel prices, and the mainstream positions were bullish. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA were consolidating at high levels. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the RB main contract was 3,169 yuan/ton, unchanged; the position volume was 1,297,106 lots, an increase of 121,547 lots. The net position of the top 20 in the RB contract was - 20,049 lots, an increase of 26,388 lots. The RB1 - 5 contract spread was - 32 yuan/ton, an increase of 4 yuan. The RB warehouse receipt at the Shanghai Futures Exchange was 65,741 tons, unchanged. The HC2605 - RB2605 contract spread was 155 yuan/ton, an increase of 2 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,330 yuan/ton, unchanged; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,415 yuan/ton, unchanged. The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,540 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,220 yuan/ton, unchanged. The basis of the RB main contract was 161 yuan/ton, unchanged. The spot price difference between hot - rolled coils and rebar in Hangzhou was 10 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 798 yuan/wet ton, unchanged; the price of quasi - first - grade metallurgical coke in Hebei was 1,690 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,160 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,990 yuan/ton, an increase of 20 yuan. The inventory of iron ore at 45 ports was 15,206.07 million tons, an increase of 155.19 million tons; the inventory of coke at sample coking plants was 44.95 million tons, an increase of 1.62 million tons [2]. 3.4 Industry Situation - The inventory of coke at sample steel mills was 625.53 million tons, an increase of 3.13 million tons; the inventory of billets in Tangshan was 114.76 million tons, a decrease of 1.34 million tons. The blast furnace operating rate of 247 steel mills was 81.07%, a decrease of 1.10%; the blast furnace capacity utilization rate of 247 steel mills was 87.96%, a decrease of 0.60%. The output of rebar at sample steel mills was 206.08 million tons, a decrease of 1.88 million tons; the capacity utilization rate of rebar at sample steel mills was 45.18%, a decrease of 0.41%. The inventory of rebar at sample steel mills was 146.73 million tons, a decrease of 6.59 million tons; the social inventory of rebar in 35 cities was 384.75 million tons, a decrease of 15.27 million tons. The operating rate of independent electric arc furnace steel mills was 68.75%, a decrease of 1.04%. The monthly output of domestic crude steel was 7,200 million tons, a decrease of 149 million tons. The monthly output of Chinese steel bars was 1,475 million tons, an increase of 41 million tons; the net export volume of steel was 928 million tons, a decrease of 64 million tons [2]. 3.5 Downstream Situation - The national real estate prosperity index was 92.43, a decrease of 0.34. The cumulative year - on - year growth rate of fixed - asset investment completion was - 1.70%, a decrease of 1.20%. The cumulative year - on - year growth rate of real estate development investment completion was - 14.70%, a decrease of 0.80%. The cumulative year - on - year growth rate of infrastructure construction investment was - 0.10%, a decrease of 1.20%. The cumulative value of housing construction area was 652,939 million square meters, a decrease of 4,359 million square meters; the cumulative value of new housing construction area was 49,061 million square meters, a decrease of 3,662 million square meters. The inventory of commercial housing for sale was 39,645 million square meters, an increase of 292 million square meters [2]. 3.6 Industry News - In November 2025, 12 steel projects started or were put into production. Projects such as Xinfeng Steel (Egypt) and Jiangxi Chongxin New Materials started; projects such as Tianjin Decai Cold - rolling, Jiugang Hongyu New Materials, and Yunnan Yukun Steel were put into production. On December 3rd at 1:30 am Beijing time, the first shipment of iron ore from the Simandou project set sail from the Port of Mariabaya in Guinea to China, with a cargo of 200,000 tons of high - grade iron ore [2]. 3.7 Key Focus - The weekly output, in - plant inventory, and social inventory of rebar on Thursday are the key points to watch [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On Tuesday, the RB2605 contract fluctuated with an upward bias. The real - estate market declined slightly, but inventory continued to decrease. Overall, the supply and demand of rebar were both weak, but the rebound in the coking coal and coke futures prices supported steel prices, and the macro - economic outlook was positive. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA were rising, but the red bars were shrinking. The reference view was to be bullish on the fluctuations, and attention should be paid to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,169.00 yuan/ton, up 2 yuan; the trading volume of the RB main contract was 1,175,559 lots, up 127,790 lots; the net position of the top 20 in the RB contract was - 46,437 lots, up 11,765 lots; the spread between the RB1 - 5 contracts was - 36 yuan/ton, down 3 yuan; the daily warehouse receipt of the RB on the SHFE was 65,741 tons, down 4,134 tons; the spread between the HC2605 - RB2605 contracts was 153 yuan/ton, unchanged [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,330.00 yuan/ton, unchanged; in Hangzhou (actual weight), it was 3,415 yuan/ton, unchanged; in Guangzhou (theoretical weight), it was 3,550.00 yuan/ton, up 10 yuan; in Tianjin (theoretical weight), it was 3,220.00 yuan/ton, unchanged. The basis of the RB main contract was 161.00 yuan/ton, down 2 yuan. The spot price difference between hot - rolled coils and rebar in Hangzhou was 10.00 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB fines in Qingdao Port was 798.00 yuan/wet ton, up 5.00 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,690.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - free) was 2,150.00 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,990.00 yuan/ton, unchanged. The inventory of iron ore in 45 ports was 152.0607 million tons, up 1.5519 million tons; the inventory of coke in sample coking plants was 449,500 tons, up 16,200 tons [2] 3.4 Industry Situation - The inventory of coke in sample steel mills was 6.2553 million tons, up 31,300 tons; the inventory of billets in Tangshan was 1.1476 million tons, down 13,400 tons. The blast - furnace operating rate of 247 steel mills was 81.07%, down 1.10 percentage points; the blast - furnace capacity utilization rate of 247 steel mills was 87.96%, down 0.60 percentage points. The weekly output of rebar in sample steel mills was 2.0608 million tons, down 18,800 tons; the capacity utilization rate of rebar in sample steel mills was 45.18%, down 0.41 percentage points. The inventory of rebar in sample steel mills was 1.4673 million tons, down 65,900 tons; the social inventory of rebar in 35 cities was 3.8475 million tons, down 152,700 tons. The operating rate of independent electric - arc - furnace steel mills was 68.75%, down 1.04 percentage points; the domestic crude - steel output was 72 million tons, down 1.49 million tons. The monthly output of Chinese rebar was 1.475 million tons, up 41,000 tons; the net export volume of steel was 9.28 million tons, down 640,000 tons [2] 3.5 Downstream Situation - The national real - estate climate index was 92.43, down 0.34; the cumulative year - on - year growth rate of fixed - asset investment completion was - 1.70%, down 1.20 percentage points; the cumulative year - on - year growth rate of real - estate development investment completion was - 14.70%, down 0.80 percentage points; the cumulative year - on - year growth rate of infrastructure investment was - 0.10%, down 1.20 percentage points. The cumulative value of housing construction area was 6.52939 billion square meters, down 43.59 million square meters; the cumulative value of new housing starts was 490.61 million square meters, down 36.62 million square meters; the unsold housing area was 396.45 million square meters, up 2.92 million square meters [2] 3.6 Industry News - In November 2025, 12 steel projects started or were put into production. Projects such as Xinfeng Steel (Egypt) and Jiangxi Chongxin New Materials started; projects such as Tianjin Decai Cold - rolling, Jiugang Hongyu New Materials, and Yunnan Yukun Iron and Steel were put into production. On December 1st, leading steel mills in Hebei and Shandong lowered the purchase price of coke, with a 50 - yuan/ton reduction for wet - quenched coke and a 55 - yuan/ton reduction for dry - quenched coke [2]

1. Report Industry Investment Rating - The report gives a reference view of "oscillating upward with a bullish bias" for the rebar market [2]. 2. Core View of the Report - On Monday, the RB2601 contract rose with a decrease in positions. In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, while the non - manufacturing PMI was 49.5%, down 0.6 percentage points. The weekly rebar production decreased slightly, with a capacity utilization rate of 45.18% still at a low level. The apparent demand declined slightly, but the inventory continued to decrease. Overall, the supply and demand of rebar are both weak, but the positive macro - expectations support steel prices. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA are rising [2]. 3. Summary According to the Catalog 3.1 Futures Market - The closing price of the RB main contract was 3,134 yuan/ton, up 24 yuan; the position volume was 882,576 lots, down 89,702 lots. The net position of the top 20 in the RB contract was - 58,202 lots, down 3,981 lots. The spread between the RB1 - 5 contracts was - 33 yuan/ton, down 26 yuan. The daily warehouse receipt of the RB on the Shanghai Futures Exchange was 69,875 tons, up 10,356 tons. The spread between the HC2601 - RB2601 contracts was 193 yuan/ton, up 1 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,330 yuan/ton, up 60 yuan; (actual weight) was 3,415 yuan/ton, up 62 yuan. In Guangzhou (theoretical weight), it was 3,520 yuan/ton, up 50 yuan; in Tianjin (theoretical weight), it was 3,220 yuan/ton, up 10 yuan. The basis of the RB main contract was 196 yuan/ton, up 36 yuan. The spot price spread between hot - rolled coils and rebar in Hangzhou was 10 yuan/ton, down 40 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 793 yuan/wet ton, unchanged; the price of quasi - first - grade metallurgical coke in Hebei was 1,690 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,150 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,990 yuan/ton, up 30 yuan. The inventory of iron ore at 45 ports was 152.0607 million tons, up 1.5519 million tons; the inventory of coke at sample coking plants was 449,500 tons, up 16,200 tons; the inventory of coke at sample steel mills was 6.2553 million tons, up 31,300 tons; the inventory of billets in Tangshan was 1.1476 million tons, down 13,400 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 81.07%, down 1.10 percentage points; the blast furnace capacity utilization rate was 87.96%, down 0.60 percentage points. The weekly output of rebar at sample steel mills was 2.0608 million tons, down 18,800 tons; the capacity utilization rate of rebar at sample steel mills was 45.18%, down 0.41 percentage points. The inventory of rebar at sample steel mills was 1.4673 million tons, down 65,900 tons; the social inventory of rebar in 35 cities was 3.8475 million tons, down 152,700 tons. The operating rate of independent electric arc furnace steel mills was 68.75%, down 1.04 percentage points. The monthly output of crude steel in China was 72 million tons, down 1.49 million tons; the monthly output of steel bars in China was 1.475 million tons, up 41,000 tons; the net export volume of steel products was 9.28 million tons, down 640,000 tons [2]. 3.5 Downstream Situation - The National Real Estate Climate Index was 92.43, down 0.34; the cumulative year - on - year growth rate of fixed - asset investment was - 1.70%, down 1.20 percentage points; the cumulative year - on - year growth rate of real estate development investment was - 14.70%, down 0.80 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was - 0.10%, down 1.20 percentage points. The cumulative value of the floor area under construction of houses was 6.52939 billion square meters, down 43.59 million square meters; the cumulative value of the newly - started floor area of houses was 490.61 million square meters, down 36.62 million square meters; the unsold area of commercial housing was 396.45 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - As of November 30, 17 cities have introduced 19 property market relaxation policies, with many places promoting full - finished - housing sales, and the real estate industry is accelerating towards the "what you see is what you get" era. At the same time, the housing provident fund policy continues to be optimized, allowing the withdrawal of provident funds for "aging - friendly" and "child - friendly" housing renovations. The National Development and Reform Commission will further broaden market access, strengthen factor support, and accelerate the establishment of a national venture capital guidance fund to enhance the sense of gain of private enterprises [2].

1. Report Industry Investment Rating - No investment rating information is provided in the report [1][2] 2. Core View of the Report - On Tuesday, the RB2601 contract continued to rise with decreasing positions. The central bank conducted a 10000 - billion - yuan medium - term lending facility (MLF) operation. The production of rebar stopped falling and rebounded but remained at a low level. Terminal demand increased, inventory decreased, and spot market trading volume rose. Recently, with the rebound of major furnace charges and positive macro news, the reduction of short positions in mainstream holdings supported the futures price to rise. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA are rising. The reference view is oscillating bullish, and risk control should be noted [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,106.00 yuan/ton, up 17 yuan; the position volume was 1,301,038 lots, down 131,667 lots. The net position of the top 20 in the RB contract was - 46,573 lots, down 3,448 lots. The spread between the RB1 - 5 contracts was - 19 yuan/ton, up 10 yuan. The daily warehouse receipt of the RB on the Shanghai Futures Exchange was 67,292 tons, up 2,134 tons. The spread between the HC2601 - RB2601 contracts was 203 yuan/ton, down 3 yuan [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,290.00 yuan/ton, up 20 yuan; (actual weight) was 3,374 yuan/ton, up 21 yuan. In Guangzhou (theoretical weight), it was 3,470.00 yuan/ton, up 50 yuan; in Tianjin (theoretical weight), it was 3,220.00 yuan/ton, up 10 yuan. The basis of the RB main contract was 184.00 yuan/ton, up 3 yuan. The spot spread between hot - rolled coil and rebar in Hangzhou was 50.00 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 798.00 yuan/wet ton, up 5.00 yuan. The price of quasi - first - grade metallurgical coke in Hebei was 1,690.00 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,160.00 yuan/ton, unchanged. The price of Q235 billet in Hebei was 2,980.00 yuan/ton, up 10.00 yuan. The inventory of iron ore at 45 ports was 150.5088 million tons, down 750,400 tons. The inventory of coke at sample coking plants was 433,300 tons, up 73,000 tons. The inventory of coke at sample steel mills was 6.224 million tons, up 25,000 tons. The blast furnace operating rate of 247 steel mills was 82.17%, up 0.25%. The inventory of billets in Tangshan was 1.161 million tons, down 6,200 tons. The blast furnace capacity utilization rate of 247 steel mills was 88.56%, down 0.26% [2] 3.4 Industry Situation - The production of rebar at sample steel mills was 2.0796 million tons, up 79,600 tons. The capacity utilization rate of rebar at sample steel mills was 45.59%, up 1.74%. The inventory of rebar at sample steel mills was 1.5332 million tons, down 71,000 tons. The social inventory of rebar in 35 cities was 4.0002 million tons, down 157,300 tons. The operating rate of independent electric arc furnace steel mills was 69.79%, unchanged. The domestic crude steel production was 72 million tons, down 1.49 million tons. The monthly production of Chinese steel bars was 14.75 million tons, up 410,000 tons. The net export volume of steel was 9.28 million tons, down 640,000 tons [2] 3.5 Downstream Situation - The national real estate climate index was 92.43, down 0.34. The cumulative year - on - year growth rate of fixed asset investment was - 1.70%, down 1.20%. The cumulative year - on - year growth rate of real estate development investment was - 14.70%, down 0.80%. The cumulative year - on - year growth rate of infrastructure construction investment was - 0.10%, down 1.20%. The cumulative value of housing construction area was 6.52939 billion square meters, down 43.59 million square meters. The cumulative value of new housing construction area was 490.61 million square meters, down 36.62 million square meters. The unsold area of commercial housing was 396.45 million square meters, up 2.92 million square meters [2] 3.6 Industry News - The atmosphere of the China - US presidential call was positive, friendly, and constructive. The call was initiated by the US side, and it was very important for the stable development of China - US relations. According to a survey by the National Association for Business Economics (NABE), mainstream economists expect the US economic growth to pick up slightly next year, but the job market will remain weak, and the Fed will slow down the pace of further interest rate cuts [2]

免责声明 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 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 螺纹钢产业链日报 2025/11/18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,090.00 | -7↓ RB主力合约持仓量(手) | 1655469 | -74279↓ | | | RB合约前20名净持仓(手) | -69457 | -21979↓ RB1-5合约价差(元/吨) | -49 | +1↑ | | | RB上期所仓单日报(日，吨) | 108272 | -3655↓ HC2601-RB2601合约价差(元/吨) | 196 | -9↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,270.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,354 | 0.00 | | | 广州 H ...

螺纹钢产业链日报 2025/11/13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,046.00 | +8↑ RB主力合约持仓量(手) | 1857343 | -10693↓ | | | RB合约前20名净持仓(手) | -73835 | +6420↑ RB1-5合约价差(元/吨) | -54 | +4↑ | | | RB上期所仓单日报(日，吨) | 111927 | -5166↓ HC2601-RB2601合约价差(元/吨) | 208 | -9↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,240.00 | +10↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,323 | +10↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,310.00 | +20↑ 天津 HRB400E 20MM(理计，元/吨) | 3,210.00 | 0.00 | | | RB 主力合约基差 ( ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The RB2601 contract rebounded with reduced positions on Monday. The U.S. Trade Representative's Office announced the suspension of 301 investigation - related measures against China's maritime, logistics, and shipbuilding industries starting from November 10th. The weekly output of rebar decreased, and the capacity utilization rate dropped to 45.72%, remaining at a low level. Terminal demand declined, but inventories have decreased for four consecutive weeks. Overall, the macro - level released positive signals, market investment sentiment improved, and the reduction of short positions in mainstream holdings supported the rebound of futures prices. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA rebounded from low levels. The recommended operation is to go long on pullbacks with a stop - loss reference of 3000 and pay attention to risk control [2]. 3. Summary by Relevant Catalogs Futures Market - RB main contract closing price: 3,044.00 yuan/ton, up 10 yuan; RB main contract open interest: 1,923,733 lots, down 37,153 lots; RB contract top 20 net open interest: - 53,077 lots, up 48,936 lots; RB1 - 5 contract spread: - 58 yuan/ton, up 3 yuan; RB Shanghai Futures Exchange warehouse receipt: 128,592 tons, down 9,143 tons; HC2601 - RB2601 contract spread: 208 yuan/ton, down 3 yuan [2]. 现货市场 - Hangzhou HRB400E 20MM (theoretical weight): 3,230.00 yuan/ton, up 10 yuan; Hangzhou HRB400E 20MM (actual weight): 3,313 yuan/ton, up 10 yuan; Guangzhou HRB400E 20MM (theoretical weight): 3,290.00 yuan/ton, unchanged; Tianjin HRB400E 20MM (theoretical weight): 3,200.00 yuan/ton, up 20 yuan; RB main contract basis: 186.00 yuan/ton, unchanged; Hangzhou hot - rolled coil - rebar spot spread: 70.00 yuan/ton, down 10 yuan [2]. Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 771.00 yuan/wet ton, down 2 yuan; Hebei quasi - first - grade metallurgical coke: 1,640.00 yuan/ton, unchanged; Tangshan 6 - 8mm scrap steel (tax - excluded): 2,170.00 yuan/ton, unchanged; Hebei Q235 billet: 2,940.00 yuan/ton, up 10 yuan; 45 - port iron ore inventory: 148.9481 million tons, up 3.5557 million tons; Sample coking plant coke inventory: 361,500 tons, down 12,900 tons; Sample steel mill coke inventory: 6.2656 million tons, down 23,200 tons; Tangshan billet inventory: 1.2 million tons, up 4,300 tons; 247 steel mills' blast furnace operating rate: 83.15%, up 1.42 percentage points; 247 steel mills' blast furnace capacity utilization rate: 87.79%, down 0.80 percentage points [2]. Industry Situation - Sample steel mills' rebar output: 2.0854 million tons, down 40,500 tons; Sample steel mills' rebar capacity utilization rate: 45.72%, down 0.88 percentage points; Sample steel mills' rebar inventory: 1.6684 million tons, down 48,700 tons; 35 - city rebar social inventory: 4.257 million tons, down 51,100 tons; Independent electric arc furnace steel mill operating rate: 67.71%, unchanged; Domestic crude steel output: 73.49 million tons, down 3.88 million tons; China's rebar monthly output: 1.541 million tons, up 66,000 tons; Steel net export volume: 9.279 million tons, down 641,000 tons [2]. Downstream Situation - National real estate climate index: 92.78, down 0.27; Cumulative year - on - year growth rate of fixed - asset investment: - 0.50%, down 1.00 percentage points; Cumulative year - on - year growth rate of real estate development investment: - 13.90%, down 1.00 percentage points; Cumulative year - on - year growth rate of infrastructure construction investment: 1.10%, down 0.90 percentage points; Cumulative value of housing construction area: 6.4858 billion square meters, down 54.71 million square meters; Cumulative value of new housing construction area: 453.99 million square meters, down 55.98 million square meters; Commercial housing unsold area: 399.37 million square meters, up 2.92 million square meters [2]. Industry News - In October 2025, 822 projects started across the country with a total investment of about 494.812 billion yuan. The top three provinces in terms of investment are Fujian, Guangxi, and Guangdong, with total investments of 136.944 billion yuan, 82.1 billion yuan, and 71.7 billion yuan respectively. On November 9th local time, the U.S. Trade Representative's Office announced the suspension of 301 investigation - related measures against China's maritime, logistics, and shipbuilding industries for one year, starting from 12:01 am on November 10th, Eastern Time [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The weekly output of rebar decreased, and the capacity utilization rate dropped to 45.72%, remaining at a low level. Terminal demand declined, but inventory has been falling for four consecutive weeks. Recently, rebar prices have been falling continuously, and the weak expectations have been realized. The mainstream positions reduced short positions and increased long positions, and the downward momentum weakened. Short - term market trends may fluctuate. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA cross upward at a low level, and the green column turns red. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - RB main contract closing price: 3,037 yuan/ton, up 13 yuan; RB main contract position: 2,020,353 lots, down 11,428 lots; RB contract top 20 net position: - 113,415 lots, up 24,033 lots; RB1 - 5 contract spread: - 65 yuan/ton, up 5 yuan; RB Shanghai Futures Exchange warehouse receipt: 140,134 tons, unchanged; HC2601 - RB2601 contract spread: 219 yuan/ton, down 10 yuan [2]. 3.2 Spot Market - Hangzhou HRB400E 20MM (theoretical weight) price: 3,220 yuan/ton, unchanged; Hangzhou HRB400E 20MM (actual weight) price: 3,303 yuan/ton, unchanged; Guangzhou HRB400E 20MM (theoretical weight) price: 3,280 yuan/ton, down 10 yuan; Tianjin HRB400E 20MM (theoretical weight) price: 3,180 yuan/ton, unchanged; RB main contract basis: 183 yuan/ton, down 13 yuan; Hangzhou hot - rolled coil - rebar spot spread: 100 yuan/ton, up 10 yuan [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore powder: 782 yuan/wet ton, up 7 yuan; Hebei quasi - first - grade metallurgical coke: 1,640 yuan/ton, up 50 yuan; Tangshan 6 - 8mm scrap steel: 2,190 yuan/ton, unchanged; Hebei Q235 billet: 2,930 yuan/ton, up 20 yuan; 45 - port iron ore inventory: 145.3924 million tons, up 1.1859 million tons; Sample coking plant coke inventory: 374,400 tons, up 700 tons; Sample steel mill coke inventory: 6.2888 million tons, down 43,900 tons; 247 steel mill blast furnace operating rate: 81.73%, down 3 percentage points; Tangshan billet inventory: 1.2 million tons, down 30,000 tons; 247 steel mill blast furnace capacity utilization rate: 88.59%, up 0.43 percentage points [2]. 3.4 Industry Situation - Sample steel mill rebar output: 2.0854 million tons, down 40,500 tons; Sample steel mill rebar capacity utilization rate: 45.72%, down 0.88 percentage points; Sample steel mill rebar inventory: 1.6684 million tons, down 48,700 tons; 35 - city rebar social inventory: 4.257 million tons, down 51,100 tons; Independent electric arc furnace steel mill operating rate: 67.71%, unchanged; Domestic crude steel output: 73.49 million tons, down 3.88 million tons; Chinese rebar monthly output: 1.541 million tons, up 66,000 tons; Steel net export volume: 9.92 million tons, up 910,000 tons [2]. 3.5 Downstream Situation - National real estate climate index: 92.78, down 0.27; Cumulative year - on - year growth rate of fixed asset investment: - 0.50%, down 1 percentage point; Cumulative year - on - year growth rate of real estate development investment: - 13.90%, down 1 percentage point; Cumulative year - on - year growth rate of infrastructure investment: 1.10%, down 0.9 percentage point; Cumulative value of housing construction area: 6.4858 billion square meters, down 54.71 million square meters; Cumulative value of new housing construction area: 453.99 million square meters, down 55.98 million square meters; Commercial housing unsold area: 399.37 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - On November 6, Mysteel information showed that the actual rebar output was 2.0854 million tons, a week - on - week decrease of 40,500 tons; the factory inventory was 1.6684 million tons, a week - on - week decrease of 48,700 tons; the social inventory was 4.257 million tons, a week - on - week decrease of 51,100 tons; the total inventory was 5.9254 million tons, a week - on - week decrease of 99,800 tons; the apparent demand was 2.1852 million tons, a week - on - week decrease of 136,600 tons. In October 2025, the total bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9%. Affected by the low base in the same period of the previous year, the total bond financing of real estate enterprises increased significantly. On Thursday, the RB2601 contract first declined and then rose. The State Council Tariff Commission announced that starting from 13:01 on November 10, 2025, it will adjust the additional tariffs on imported goods originating from the United States, and continue to suspend the implementation of the 24% additional tariff rate on the United States for one year, while retaining the 10% additional tariff rate [2].