1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On Tuesday, the RB2510 contract increased in price with reduced positions. Macroscopically, steel enterprises in central and western regions strengthen self - discipline in production control, meeting the requirements of breaking the "involution" put forward by the central government and enhancing industry self - discipline. There are positive expectations for supply, and combined with the strong upward movement of furnace materials, the cost side supports the relatively strong operation of rebar futures prices. In terms of supply and demand, the weekly output of rebar continues to decline, and the capacity utilization rate drops to 45.83%; the apparent demand for rebar declines, and the total inventory ends its continuous decline. Technically, the 1 - hour MACD indicator of the RB2510 contract shows that DIFF and DEA are operating at a high level. The operation suggestion is to conduct bullish trading, paying attention to rhythm and risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract is 3,307.00 yuan/ton, up 83 yuan; the position volume of the RB main contract is 2,024,507 lots, down 71,405 lots. The net position of the top 20 in the RB contract is - 24,665 lots, down 19,656 lots; the spread between the RB10 - 1 contract is - 60 yuan/ton, down 7 yuan. The daily warehouse receipt of the RB on the Shanghai Futures Exchange is 86,534 tons, unchanged. The spread between the HC2510 - RB2510 contract is 170 yuan/ton, unchanged [2] 3.2现货市场 - The price of HRB400E 20MM in Hangzhou (theoretical weight, yuan/ton) is 3,420.00 yuan, up 50 yuan; the price of HRB400E 20MM in Hangzhou (actual weight, yuan/ton) is 3,508 yuan, up 51 yuan. The price of HRB400E 20MM in Guangzhou (theoretical weight, yuan/ton) is 3,450.00 yuan, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight, yuan/ton) is 3,330.00 yuan, up 50 yuan. The basis of the RB main contract is 113.00 yuan/ton, down 33 yuan; the spot spread between hot - rolled coils and rebar in Hangzhou is 30.00 yuan/ton, down 40 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port is 783.00 yuan/wet ton, down 6.00 yuan; the price of quasi - first - grade metallurgical coke in Hebei (market price; yuan/ton) is 1,265.00 yuan, unchanged. The price of 6 - 8mm scrap steel in Tangshan (ex - tax, yuan/ton) is 2,240.00 yuan, unchanged; the price of Q235 billets in Hebei is 3,120.00 yuan/ton, up 60.00 yuan. The inventory of iron ore at 45 ports is 137.8521 million tons, up 193,200 tons; the inventory of coke at sample coking plants is 554,200 tons, down 43,500 tons. The inventory of coke at sample steel mills is 6.3909 million tons, up 11,200 tons; the inventory of billets in Tangshan is 1.0362 million tons, up 60,900 tons. The blast furnace operation rate of 247 steel mills is 83.48%, up 0.35 percentage points; the blast furnace capacity utilization rate of 247 steel mills is 90.92%, up 1.05 percentage points [2] 3.4产业情况 - The weekly output of rebar at sample steel mills is 2.0906 million tons, down 76,000 tons; the capacity utilization rate of rebar at sample steel mills is 45.83%, down 1.66 percentage points. The inventory of rebar at sample steel mills is 1.731 million tons, down 77,800 tons; the social inventory of rebar in 35 cities is 3.7016 million tons, up 106,700 tons. The operation rate of independent electric arc furnace steel mills is 63.54%, up 3.12 percentage points; the monthly output of domestic crude steel is 83.18 million tons, down 3.36 million tons. The monthly output of Chinese steel bars is 1.688 million tons, up 30,000 tons; the net export volume of steel is 921,000 tons, down 89,000 tons [2] 3.5下游情况 - The national real estate climate index is 93.60, down 0.11. The cumulative year - on - year growth rate of fixed asset investment completion is 2.80%, down 0.90 percentage points. The cumulative year - on - year growth rate of real estate development investment completion is - 11.20%, down 0.50 percentage points. The cumulative year - on - year growth rate of infrastructure construction investment is 4.60%, down 1.00 percentage points. The cumulative value of housing construction area is 6.33321 billion square meters, down 83.02 million square meters; the cumulative value of new housing construction area is 303.64 million square meters, down 71.81 million square meters. The unsold area of commercial housing is 408.21 million square meters, up 4.43 million square meters [2] 3.6行业消息 - In June, the total export volume of domestic steel billets was 1.1757 million tons, a month - on - month decrease of 14.33% and a year - on - year increase of 280.19%. From January to June, the total export volume of domestic steel billets was 5.8922 million tons, a year - on - year increase of 300.31%. On the morning of July 19, the groundbreaking ceremony of the hydropower project in the lower reaches of the Yarlung Zangbo River was held in Nyingchi City, Tibet Autonomous Region. The project will build 5 cascade hydropower stations with a total investment of about 12 trillion yuan [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report On Monday, the RB2510 contract increased in price with higher trading volume. The Ministry of Industry and Information Technology stated that a stable growth work plan for ten key industries including steel, non - ferrous metals, and petrochemicals is about to be introduced. The weekly output of rebar continued to decline, with the capacity utilization rate dropping to 45.83%. During the consumption off - season, terminal demand was average, social inventory increased significantly, and the total inventory ended its consecutive decline. Overall, the apparent demand for construction steel decreased during the off - season, but positive policy expectations in the macro - aspect, combined with rising furnace materials, supported the upward movement of rebar futures prices. Technically, the 1 - hour MACD indicator of the RB2510 contract showed that DIFF and DEA were rising. The operation strategy is to conduct bullish trading while paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the RB main contract was 3,224 yuan/ton, up 77 yuan; the trading volume was 2,095,912 lots, up 20,122 lots; the net position of the top 20 in the RB contract was - 5,009 lots, down 3,976 lots; the RB10 - 1 contract spread was - 53 yuan/ton, down 9 yuan; the RB warehouse receipt at the Shanghai Futures Exchange was 86,534 tons, down 897 tons; the HC2510 - RB2510 contract spread was 170 yuan/ton, up 7 yuan [2]. 现货市场 - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,370 yuan/ton, up 60 yuan; (actual weight) was 3,456 yuan/ton, up 62 yuan; in Guangzhou (theoretical weight) was 3,450 yuan/ton, up 50 yuan; in Tianjin (theoretical weight) was 3,260 yuan/ton, up 60 yuan. The basis of the RB main contract was 146 yuan/ton, down 17 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was 70 yuan/ton, up 20 yuan [2]. Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 789 yuan/wet ton, up 12 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 (tax - excluded) was 2,210 yuan/ton, unchanged; the price of Q235 billets in Hebei was 3,060 yuan/ton, up 60 yuan. The inventory of iron ore at 45 ports was 137.8521 million tons, up 193,200 tons; the inventory of coke at sample coking plants was 554,200 tons, down 43,500 tons; the inventory of coke at sample steel mills was 6.3909 million tons, up 11,200 tons; the blast furnace operating rate of 247 steel mills was 83.48%, up 0.35 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 90.92%, up 1.05 percentage points; the inventory of billets in Tangshan was 1.0362 million tons, up 60,900 tons [2]. Industry Situation - The weekly output of rebar at sample steel mills was 2.0906 million tons, down 76,000 tons; the capacity utilization rate of rebar at sample steel mills was 45.83%, down 1.66 percentage points; the inventory of rebar at sample steel mills was 1.731 million tons, down 77,800 tons; the social inventory of rebar in 35 cities was 3.7016 million tons, up 106,700 tons; the operating rate of independent electric arc furnace steel mills was 63.54%, up 3.12 percentage points; the monthly output of domestic crude steel was 83.18 million tons, down 3.36 million tons; the monthly output of Chinese rebar was 16.88 million tons, up 300,000 tons; the monthly net export volume of steel was 9.21 million tons, down 890,000 tons [2]. Downstream Situation - The national real estate climate index was 93.60, down 0.11; the cumulative year - on - year growth rate of fixed asset investment was 2.80%, down 0.90 percentage points; the cumulative year - on - year growth rate of real estate development investment was - 11.20%, down 0.50 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was 4.60%, down 1.00 percentage points; the cumulative value of housing construction area was 6.33321 billion square meters, down 83.02 million square meters; the cumulative value of new housing construction area was 303.64 million square meters, down 71.81 million square meters; the inventory of commercial housing for sale was 408.21 million square meters, up 4.43 million square meters [2]. Industry News - On July 21, 2025, the 1 - year LPR was 3.0%, and the 5 - year and above LPR was 3.5%. On July 19, the groundbreaking ceremony of the hydropower project in the lower reaches of the Yarlung Zangbo River was held, with a total investment of about 1.2 trillion yuan [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On Wednesday, the RB2510 contract fluctuated weakly. In the macro - aspect, fixed - asset investment increased by 2.8% in the first half of the year, while real estate development investment decreased by 11.2%. In terms of supply and demand, the weekly output of rebar decreased, with a capacity utilization rate of 47.49%; the factory inventory increased and the social inventory decreased, and the total inventory of 5.4037 million tons declined slightly again, and the apparent demand decreased by 33,700 tons. Overall, the sluggish real - estate data affected market confidence, the speculative demand for rebar was not active, and the trading performance was mediocre. Technically, the 1 - hour MACD indicator of the RB2510 contract showed that DIFF and DEA continued to adjust downward. The operation strategy is to be bearish on fluctuations, and pay attention to the support around 3090 [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,106 yuan/ton, down 8 yuan; the position volume was 2,137,057 lots, down 16,795 lots; the net position of the top 20 in the RB contract was - 15,823 lots, down 7,662 lots; the RB10 - 1 contract spread was - 44 yuan/ton, up 2 yuan; the RB warehouse receipt at the Shanghai Futures Exchange was 96,689 tons, unchanged; the HC2510 - RB2510 contract spread was 147 yuan/ton, up 2 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,260 yuan/ton, unchanged; (actual weight) was 3,344 yuan/ton, unchanged; in Guangzhou (theoretical weight) was 3,330 yuan/ton, unchanged; in Tianjin (theoretical weight) was 3,190 yuan/ton, unchanged. The basis of the RB main contract was 154 yuan/ton, up 8 yuan; the spot 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 (tax - excluded) 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 blast - furnace operating rate of 247 steel mills was 83.13%, up 0.42 percentage points; the blast - furnace capacity utilization rate of 247 steel mills was 97.53%, up 10.19 percentage points; the billet inventory in Tangshan was 898,700 tons, down 4,000 tons [2]. 3.4 Industry Situation - The weekly output of rebar of sample steel mills was 2.1666 million tons, down 44,200 tons; the capacity utilization rate of rebar of sample steel mills was 47.49%, down 0.98 percentage points; the factory inventory of rebar of sample steel mills was 1.8088 million tons, up 4,100 tons; the social inventory of rebar in 35 cities was 3.5949 million tons, down 52,500 tons; the operating rate of independent electric - arc furnace steel mills was 60.42%, down 3.12 percentage points; the domestic crude steel output was 83.18 million tons, down 3.37 million tons; the monthly output of Chinese steel bars was 1.73 million tons, up 42,000 tons; the net export volume of steel products was 9.208 million tons, down 892,000 tons [2]. 3.5 Downstream Situation - The national real - estate prosperity index was 93.60, down 0.11; the cumulative year - on - year growth rate of fixed - asset investment completion was 2.80%, down 0.90 percentage points; the cumulative year - on - year growth rate of real - estate development investment completion was - 11.20%, down 0.50 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was 4.60%, down 1.00 percentage points; the cumulative value of housing construction area was 6.33321 billion square meters, down 83.01 million square meters; the cumulative value of new housing construction area was 303.64 million square meters, down 71.8 million square meters; the unsold housing area was 408.21 million square meters, up 4.43 million square meters [2]. 3.6 Industry News - On July 16, many places such as Henan, Shaanxi, Hunan, Hubei, and Sichuan issued red high - temperature warnings, and the local temperature in some areas of Wuhan, Jingmen, and Huanggang in Hubei could reach over 41°C. From January to June, the national real - estate development investment was 466.58 billion yuan, a year - on - year decrease of 11.2%. The housing construction area of real - estate development enterprises was 6.33321 billion square meters, a year - on - year decrease of 9.1%. The new housing construction area was 303.64 million square meters, a decrease of 20.0%. The housing completion area was 225.67 million square meters, a decrease of 14.8% [2]. 3.7 Key Points to Watch - The weekly output, factory inventory, and social inventory of rebar on Thursday [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On Tuesday, the RB2510 contract faced pressure and pulled back. The real - estate market's downturn drags down steel prices, but the exit of backward production capacity supports the steel market. The weekly output of rebar decreased, with a capacity utilization rate of 47.49%. The total inventory slightly declined, and the apparent demand dropped by 3.37 tons. Technically, the 1 - hour MACD indicator of the RB2510 contract shows a downward adjustment. It is recommended to trade in the range of 3140 - 3090 for the short - term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - RB main contract closing price: 3,114.00 yuan/ton, down 24 yuan; position: 2,153,852 lots, up 31,511 lots; top 20 net positions: - 8,161 lots, down 31,162 lots; RB10 - 1 contract spread: - 46 yuan/ton, down 14 yuan; RB SHFE warehouse receipt: 96,689 tons, up 8,179 tons; HC2510 - RB2510 contract spread: 145 yuan/ton, up 7 yuan [2]. 3.2 Spot Market - Hangzhou HRB400E 20MM (theoretical weight): 3,260.00 yuan/ton, down 10 yuan; (actual weight): 3,344 yuan/ton, down 10 yuan; Guangzhou HRB400E 20MM (theoretical weight): 3,330.00 yuan/ton, unchanged; Tianjin HRB400E 20MM (theoretical weight): 3,190.00 yuan/ton, unchanged; RB main contract basis: 146.00 yuan/ton, up 14 yuan; Hangzhou hot - rolled coil - rebar spot spread: 50.00 yuan/ton, down 10 yuan [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 752.00 yuan/wet ton, down 3.00 yuan; Hebei quasi - first - grade metallurgical coke: 1,265.00 yuan/ton, unchanged; Tangshan 6 - 8mm scrap steel: 2,210.00 yuan/ton, unchanged; Hebei Q235 billet: 2,950.00 yuan/ton, down 10.00 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 [2]. 3.4 Industry Situation - Sample steel mill coke inventory: 6.3797 million tons, up 4,200 tons; Tangshan billet inventory: 975,300 tons, up 101,900 tons; 247 steel mill blast furnace operating rate: 83.13%, down 0.31%; 247 steel mill blast furnace capacity utilization rate: 89.87%, down 0.40%; sample steel mill rebar output: 2.1666 million tons, down 44,200 tons; sample steel mill rebar capacity utilization rate: 47.49%, down 0.98%; sample steel mill rebar inventory: 1.8088 million tons, up 4,100 tons; 35 - city rebar social inventory: 3.5949 million tons, down 52,500 tons; independent electric arc furnace steel mill operating rate: 60.42%, down 3.12%; domestic crude steel output: 83.18 million tons, down 3.37 million tons; Chinese rebar monthly output: 1.73 million tons, up 42,000 tons; steel net export volume: 9.208 million tons, down 892,000 tons [2]. 3.5 Downstream Situation - National Real Estate Climate Index: 93.60, down 0.11; cumulative year - on - year growth rate of fixed - asset investment: 2.80%, down 0.90%; cumulative year - on - year growth rate of real - estate development investment: - 11.20%, down 0.50%; cumulative year - on - year growth rate of infrastructure investment: 4.60%, down 1.00%; cumulative value of housing construction area: 6.33321 billion square meters, down 83.01 million square meters; cumulative value of new housing construction area: 303.64 million square meters, down 71.8 million square meters; commercial housing unsold area: 408.21 million square meters, up 4.43 million square meters [2]. 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%; pig iron output was 71.91 million tons, a year - on - year decrease of 4.1%; 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%; pig iron output was 434.68 million tons, a year - on - year decrease of 0.8%; steel output was 734.38 million tons, a year - on - year increase of 4.6%. - From January to June, the national real - estate development investment was 4.6658 trillion yuan, a year - on - year decrease of 11.2%. The cumulative housing construction area of real - estate development enterprises was 6.33321 billion square meters, a year - on - year decrease of 9.1%. The new housing construction area was 303.64 million square meters, a decrease of 20.0%. The housing completion area was 225.67 million square meters, a decrease of 14.8% [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On Thursday, the RB2510 contract continued to rebound. The National Development and Reform Commission recently allocated over 300 billion yuan to support the third batch of "two major" construction projects in 2025, and the 800 billion yuan "two major" construction project list for this year has been fully released. In terms of supply and demand, the weekly output of rebar continued to increase, with a capacity utilization rate of 48.47%; the factory inventory decreased while the social inventory increased, with a total inventory decrease of 37,900 tons and an apparent demand of 2.2487 million tons, an increase of 49,600 tons. Overall, rebar performed better than expected, with increased output, decreased inventory, and improved apparent demand. Meanwhile, the "anti-involution" policy continued to boost steel prices. Technically, the 1-hour MACD indicator of the RB2510 contract showed that DIFF and DEA were running above the 0 axis. The operation strategy is to be bullish on fluctuations, paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,076 yuan/ton, up 11 yuan; the position volume was 2,237,249 lots, up 10,870 lots [2]. - The net position of the top 20 in the RB contract was 53,683 lots, up 21,682 lots; the spread between the RB10 - 1 contract was -14 yuan/ton, unchanged [2]. - The daily warehouse receipt of the RB on the Shanghai Futures Exchange was 27,073 tons, up 1,803 tons; the spread between the HC2510 - RB2510 contract was 132 yuan/ton, up 6 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,200 yuan/ton, unchanged; the price (actual weight) was 3,282 yuan/ton, unchanged [2]. - The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,220 yuan/ton, up 10 yuan; the price in Tianjin (theoretical weight) was 3,160 yuan/ton, unchanged [2]. - The basis of the RB main contract was 124 yuan/ton, down 11 yuan; the spot spread between hot - rolled coil and rebar in Hangzhou was 60 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 706 yuan/wet ton, unchanged; the price of quasi - first - grade metallurgical coke in Hebei was 1,265 yuan/ton, unchanged [2]. - The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,230 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,930 yuan/ton, up 20 yuan [2]. - The domestic iron ore port inventory was 139.3023 million tons, up 360,700 tons; the coke inventory of sample coking plants was 738,100 tons, down 73,100 tons [2]. - The coke inventory of sample steel mills was 6.2751 million tons, down 65,000 tons; the billet inventory in Tangshan was 873,400 tons, up 100,800 tons [2]. - The blast furnace operating rate of 247 steel mills was 83.84%, unchanged; the blast furnace capacity utilization rate was 90.85%, up 0.04 percentage points [2]. 3.4 Industry Situation - The output of rebar from sample steel mills was 2.2108 million tons, up 32,400 tons; the capacity utilization rate of rebar from sample steel mills was 48.47%, up 0.72 percentage points [2]. - The factory inventory of rebar from sample steel mills was 1.8047 million tons, down 51,300 tons; the social inventory of rebar in 35 cities was 3.6474 million tons, up 13,400 tons [2]. - The operating rate of independent electric arc furnace steel mills was 67.71%, unchanged; the domestic crude steel output was 86.55 million tons, up 530,000 tons [2]. - China's monthly rebar output was 17.3 million tons, up 420,000 tons; the net export volume of steel was 10.1 million tons, up 160,000 tons [2]. 3.5 Downstream Situation - The National Real Estate Climate Index was 93.72, down 0.13; the cumulative year - on - year growth rate of fixed asset investment completion was 3.70%, down 0.30 percentage points [2]. - The cumulative year - on - year growth rate of real estate development investment completion was - 10.70%, down 0.40 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was 5.60%, down 0.20 percentage points [2]. - The cumulative value of housing construction area was 6.2502 billion square meters, down 4.704 million square meters; the cumulative value of new housing construction area was 231.84 million square meters, down 53.48 million square meters [2]. - The unsold area of commercial housing was 412.64 million square meters, up 4.39 million square meters [2]. 3.6 Industry News - US President Trump announced a trade agreement with Vietnam. Vietnamese exports to the US will be subject to a 20% tariff, and any transshipment goods will be subject to a 40% tariff. Vietnam has agreed to cancel all taxes on imported US goods [2]. - The National Development and Reform Commission recently allocated over 300 billion yuan to support the third batch of "two major" construction projects in 2025, and the 800 billion yuan "two major" construction project list for this year has been fully released [2].

Report Summary 1. Investment Rating - Not provided in the report. 2. Core View - On Tuesday, the RB2510 contract first declined and then rebounded. The Caixin China Manufacturing PMI in June was 50.4, up 2.1 percentage points from the previous month and back in the expansion range. In terms of supply and demand, the weekly output of rebar increased, the capacity utilization rate was 47.75%, and the operating rate of electric arc furnace steel mills continued to decline; the factory inventory increased while the social inventory decreased, the decline of the total inventory narrowed, and the apparent demand remained around 2.19 million tons. The raw material coal and coke prices dropped, weakening the cost support, and the market may fluctuate. Technically, the 1-hour MACD indicator of the RB2510 contract shows that DIFF and DEA have returned above the 0-axis. 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 RB main contract was 3,003.00 yuan/ton, up 6 yuan; the position volume was down 48,103 hands. The net position of the top 20 in the RB contract was 3,894 hands, up 2,360 hands. The RB10 - 1 contract spread was - 13 yuan/ton, up 5 yuan. The RB Shanghai Futures Exchange warehouse receipt was 24,614 tons, up 6,393 tons. The HC2510 - RB2510 contract spread was 133 yuan/ton, up 7 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,160.00 yuan/ton, up 10 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,241 yuan/ton, up 10 yuan. The price of HRB400E 20MM in Guangzhou (theoretical weight) and Tianjin (theoretical weight) remained unchanged at 3,160.00 yuan/ton. The basis of the RB main contract was 157.00 yuan/ton, up 4 yuan. The spot price difference between hot - rolled coils and rebar in Hangzhou was 50.00 yuan/ton, down 30 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 706.00 yuan/wet ton, down 7.00 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,265.00 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,230.00 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,900.00 yuan/ton, down 20.00 yuan. The domestic iron ore port inventory was 13,930.23 million tons, up 36.07 million tons; the coke inventory of sample coking plants was 73.81 million tons, down 7.31 million tons. The coke inventory of sample steel mills was 627.51 million tons, down 6.50 million tons; the billet inventory in Tangshan was 77.26 million tons, up 8.00 million tons. The blast furnace operating rate of 247 steel mills was 83.84%, unchanged; the blast furnace capacity utilization rate of 247 steel mills was 90.85%, up 0.04 percentage points [2]. 3.4 Industry Situation - The weekly output of rebar from sample steel mills was 217.84 million tons, up 5.66 million tons; the capacity utilization rate of sample steel mills for rebar was 47.75%, up 1.25 percentage points. The factory inventory of sample steel mills for rebar was 185.60 million tons, up 3.28 million tons; the social inventory of rebar in 35 cities was 363.40 million tons, down 5.35 million tons. The operating rate of independent electric arc furnace steel mills was 67.71%, unchanged. The domestic crude steel output was 8,655 million tons, up 53 million tons; the monthly output of Chinese rebar was 1,730 million tons, up 42 million tons. The net export volume of steel was 1,010.00 million tons, up 16.00 million tons [2]. 3.5 Downstream Situation - The National Housing Prosperity Index was 93.72, down 0.13. The cumulative year - on - year growth rate of fixed - asset investment completion was 3.70%, down 0.30 percentage points. The cumulative year - on - year growth rate of real estate development investment completion was - 10.70%, down 0.40 percentage points. The cumulative year - on - year growth rate of infrastructure construction investment was 5.60%, down 0.20 percentage points. The cumulative value of housing construction area was 625,020 million square meters, down 4,704 million square meters; the cumulative value of new housing construction area was 23,184 million square meters, down 5,348 million square meters. The inventory of commercial housing for sale was 41,264.00 million square meters, up 439.00 million square meters [2]. 3.6 Industry News - The third round and fourth batch of 8 central ecological and environmental protection inspection teams were stationed in 5 provinces (autonomous regions) including Shanxi, Inner Mongolia, Shandong, Shaanxi, and Ningxia, as well as 3 central enterprises including China Huaneng Group Co., Ltd., China Datang Group Co., Ltd., and State Power Investment Corporation from May 26th to 28th, 2025, and recently completed the on - site inspection stage. The Caixin China Manufacturing PMI in June was 50.4, up 2.1 percentage points from the previous month and back in the expansion range, indicating a slight improvement in manufacturing prosperity [2].

Report Information - Report Title: "Rebar Industry Chain Daily Report 2025/6/30" [1] - Researcher: Cai Yuehui [2] - Futures Practitioner Qualification Number: F0251444 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0013101 [2] Report Industry Investment Rating - No information provided Core Viewpoints - On Monday, the RB2510 contract rose and then fell. Macroscopically, China firmly opposes any party reaching a deal at the expense of China's interests to obtain so - called tariff exemptions. If this happens, China will resolutely counter and safeguard its legitimate rights and interests. In terms of supply and demand, the weekly output of rebar increased, the capacity utilization rate reached 47.75%, and the operating rate of electric - arc furnace steel mills continued to decline. Terminal demand was average, with factory inventories increasing and social inventories decreasing, and the decline in total inventory narrowed. The apparent demand remained around 2.19 million tons. Raw material coal and coke prices declined at the end of the session, weakening cost support, and the market may fluctuate. Technically, the 1 - hour MACD indicator of the RB2510 contract showed that DIFF and DEA adjusted from high levels, and the red column shrank. The operation suggestion is short - term trading within the day, paying attention to rhythm and risk control [2] Summary by Relevant Catalogs Futures Market - The closing price of the RB main contract was 2,997 yuan/ton, up 2 yuan; the trading volume of the RB main contract was 2,124,170 lots, down 18,643 lots; the net position of the top 20 in the RB contract was 1,534 lots, down 31,792 lots; the RB10 - 1 contract spread was - 18 yuan/ton, down 8 yuan; the RB warehouse receipt of the Shanghai Futures Exchange was 18,221 tons, unchanged; the HC2510 - RB2510 contract spread was 126 yuan/ton, unchanged [2] Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,150 yuan/ton, up 20 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,231 yuan/ton, up 21 yuan; the price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,160 yuan/ton, up 20 yuan; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,160 yuan/ton, up 20 yuan; the basis of the RB main contract was 153 yuan/ton, up 18 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was 80 yuan/ton, down 10 yuan [2] Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 713 yuan/wet ton, unchanged; 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 (tax - excluded) was 2,220 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,910 yuan/ton, up 10 yuan; the domestic iron ore port inventory was 139.3023 million tons, up 360,700 tons; the coke inventory of sample coking plants was 738,100 tons, down 73,100 tons; the coke inventory of sample steel mills was 6.2751 million tons, down 65,000 tons; the billet inventory in Tangshan was 772,600 tons, up 80,000 tons; the blast furnace operating rate of 247 steel mills was 83.84%, unchanged; the blast furnace capacity utilization rate of 247 steel mills was 90.85%, up 0.04 percentage points [2] Industry Situation - The weekly output of rebar from sample steel mills was 2.1784 million tons, up 56,600 tons; the capacity utilization rate of sample steel mills for rebar was 47.75%, up 1.25 percentage points; the factory inventory of rebar from sample steel mills was 1.856 million tons, up 32,800 tons; the social inventory of rebar in 35 cities was 3.634 million tons, down 53,500 tons; the operating rate of independent electric - arc furnace steel mills was 67.71%, unchanged; the monthly output of domestic crude steel was 86.55 million tons, up 53,000 tons; the monthly output of Chinese steel bars was 17.3 million tons, up 42,000 tons; the net export volume of steel was 1.01 million tons, up 16,000 tons [2] Downstream Situation - The national real estate climate index was 93.72, down 0.13; the cumulative year - on - year growth rate of fixed - asset investment completion was 3.70%, down 0.30 percentage points; the cumulative year - on - year growth rate of real estate development investment completion was - 10.70%, down 0.40 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment (excluding electricity) was 5.60%, down 0.20 percentage points; the cumulative value of housing construction area was 6.2502 billion square meters, down 4.704 million square meters; the cumulative value of new housing construction area was 231.84 million square meters, down 53.48 million square meters; the unsold area of commercial housing was 412.64 million square meters, up 4.39 million square meters. In June, the manufacturing PMI was 49.7%, up 0.2 percentage points from the previous month, and the manufacturing sentiment continued to improve [2] Industry News - In the five sub - indices that make up the manufacturing PMI, the production index, new order index, and supplier delivery time index were all above the critical point, while the raw material inventory index and employment index were below the critical point. On the 29th, the Ministry of Water Resources and the China Meteorological Administration jointly issued a red mountain flood disaster meteorological warning, predicting a high possibility of mountain floods in eastern Sichuan and western Chongqing from 20:00 on the 29th to 20:00 on the 30th. In addition, the Ministry of Water Resources launched a level - IV emergency response for flood prevention in Chongqing, Sichuan, and Gansu on the 29th [2]

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 | 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) | 2,986.00 | +5↑ RB主力合约持仓量(手) | 2133943 | -7054↓ | | | RB合约前20名净持仓(手) | 18699 | +14380↑ RB10-1合约价差(元/吨) | 8 | +1↑ | | | RB上期所仓单日报(日，吨) | 37751 | 0.00 HC2510-RB2510合约价差(元/吨) | 116 | +4↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,130.00 | +10↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,210 | +10↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,180.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,200.00 ...

螺纹钢产业链日报 2025/6/17 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 免责声明 | 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) | 2,981.00 | -9↓ RB主力合约持仓量(手) | 2140997 | -23735↓ | | | RB合约前20名净持仓(手) | 4319 | -6430↓ RB10-1合约价差(元/吨) | 7 | +2↑ | | | RB上期所仓单日报(日，吨) | 37751 | +2985↑ HC2510-RB2510合约价差(元/吨) | 112 | -2↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,130.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,210 | 0.00 | | | 广州 HRB400E ...

| 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) | 2,974.00 | -7↓ RB主力合约持仓量(手) | 2165234 | -31488↓ | | | RB合约前20名净持仓(手) | -14883 | -14063↓ RB10-1合约价差(元/吨) | 4 | +2↑ | | | RB上期所仓单日报(日，吨) | 37755 | 0.00 HC2510-RB2510合约价差(元/吨) | 115 | +1↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,120.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,200 | 0.00 | | | 广州 HRB400E 20MM(理计，元/吨) | 3,210.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,200.00 | 0.00 | | | RB 主力合约基差 (元/吨) | 146.00 | +7↑ 杭州热 ...