1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The main contract price of rebar fluctuated and stabilized, with a daily increase of 0.40%. Currently, rebar supply has declined, but demand has also decreased. In the situation of weak supply and demand, industrial contradictions remain unresolved, inventory reduction is limited, and steel prices continue to be under pressure. The relative positive factor is cost support. It is expected that the subsequent trend will continue to fluctuate and find the bottom. Pay attention to the production situation of steel mills [5]. - The main contract price of hot - rolled coil fluctuated, with a daily increase of 0.22%. Currently, the supply of hot - rolled coil has declined from a high level, but demand is also poor. In the situation of weak supply and demand, industrial contradictions continue to accumulate, and hot - rolled coil prices continue to be under pressure. Given the cost support, the subsequent trend will show a pattern of fluctuating and finding the bottom, and the trend will be weaker than that of building materials. Breaking the deadlock depends on steel mills increasing production cuts [5]. - The main contract price of iron ore fluctuated and stabilized, with a daily increase of 0.65%. Currently, iron ore supply remains high, while demand continues to decline. In the situation of increasing supply and weak demand, industrial contradictions in the ore industry lead to accelerated inventory accumulation, and ore prices continue to be under pressure. The relative positive factor is the short - term market recovery. The subsequent trend will continue to be weakly fluctuating. Pay attention to the performance of steel products [5]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - In October 2025, the average monthly working hours of major construction machinery products in China was 80.9 hours, a year - on - year decrease of 9.03% and a month - on - month increase of 3.62%. The monthly average working hours of excavators was 68.6 hours. The monthly start - up rate of major construction machinery products was 55%, a year - on - year decrease of 10.1 percentage points and a month - on - month decrease of 0.16 percentage points. The start - up rate of excavators was 55.1% [7]. - 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 last year, the total bond financing of real estate enterprises increased significantly. From the perspective of financing structure, the credit bond financing of the real estate industry was 32.7 billion yuan, a year - on - year increase of 50.7%, accounting for 63.8%; overseas bond financing was 2.85 billion yuan, accounting for 5.6%; ABS financing was 15.7 billion yuan, a year - on - year increase of 115.8%, accounting for 30.6%. The average bond financing interest rate was 2.56%, a year - on - year decrease of 0.42 percentage points and a month - on - month decrease of 0.13 percentage points. In the first 10 months of this year, the total bond financing of real estate enterprises was 488.24 billion yuan, a year - on - year increase of 8.6% [8]. - In the third quarter of 2025, the iron ore production of Canadian mining company IOC was 4.41 million tons, a year - on - year increase of 15% and a month - on - month decrease of 1%. The year - on - year significant increase was mainly due to the impact of a 11 - day shutdown after forest fires in the third quarter of 2024. The salable iron ore production (concentrate + pellets) was 4 million tons, a year - on - year increase of 11% and a month - on - month decrease of 6% [9]. 3.2 Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average were 3,160 yuan, 3,190 yuan, and 3,220 yuan respectively; the spot prices of hot - rolled coil in Shanghai, Tianjin, and the national average were 3,270 yuan, 3,190 yuan, and 3,318 yuan respectively; the price of Tangshan billet was 2,930 yuan; the price of Zhangjiagang heavy scrap was 2,170 yuan; the coil - rebar price difference was 110 yuan; the rebar - scrap price difference was 990 yuan [10]. - The price of 61.5% PB powder at Shandong ports was 785 yuan; the price of Tangshan iron concentrate was 803 yuan; the sea freight from Australia was 9.63 yuan, and from Brazil was 23.15 yuan; the SGX swap (current month) was 104.33 yuan; the Platts Index (CFR, 62%) was 104.90 yuan [10]. 3.3 Futures Market | Variety | Active Contract | Closing Price | Daily Increase (%) | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,037 | 0.40 | 3,042 | 3,017 | 884,740 | - 264,825 | 2,020,353 | - 11,428 | | Hot - rolled Coil | - | 3,256 | 0.22 | 3,271 | 3,241 | 462,037 | 14,203 | 1,365,348 | - 7,743 | | Iron Ore | - | 777.5 | 0.65 | 779.5 | 771.0 | 259,605 | - 22,010 | 537,495 | - 7,164 | [14] 3.4 Related Charts - **Steel Inventory**: There are charts showing the weekly changes and total inventory (steel mill + social inventory) of rebar and hot - rolled coil [17][23]. - **Iron Ore Inventory**: There are charts showing the inventory of 45 ports in China, including inventory changes, seasonal inventory, and the inventory of 247 steel mills [22][25]. - **Steel Mill Production Situation**: There are charts showing the blast furnace start - up rate, capacity utilization rate, independent electric furnace start - up rate, profitability of steel mills, and the inventory of domestic mine iron concentrate [31][32][35]. 3.5后市研判（Translated as Future Market Judgment） - **Rebar**: Both supply and demand have weakened. The weekly output of rebar decreased by 40,500 tons month - on - month, and the supply has shrunk again but is still at a relatively high level this year, with high inventory levels and supply pressure not relieved. At the same time, rebar demand has weakened as expected, with the weekly apparent demand decreasing by 136,600 tons month - on - month. Speculative demand is weak due to weak steel prices. Both are at low levels in recent years, and downstream conditions have not improved. As the off - season approaches, demand is likely to continue to weaken, putting pressure on steel prices. It is expected that the subsequent trend will continue to fluctuate and find the bottom, and attention should be paid to the production situation of steel mills [38]. - **Hot - rolled Coil**: Both supply and demand are weakening. Affected by production restrictions, the weekly output of hot - rolled coil decreased by 54,000 tons month - on - month, with a limited decline, and it is still at a relatively high level this year. High inventory levels and unrelieved supply pressure continue to suppress hot - rolled coil prices. At the same time, hot - rolled coil demand has begun to weaken, with the weekly apparent demand decreasing by 175,900 tons month - on - month, and high - frequency transactions remaining sluggish. The production of the main downstream cold - rolled products has continued to decline, and industrial contradictions have not been alleviated, continuing to drag down hot - rolled coils. In addition, the improvement in external demand is limited, and the resilience of hot - rolled coil demand is weakening. It is expected that the subsequent trend will show a pattern of fluctuating and finding the bottom, and the trend will be weaker than that of building materials. Breaking the deadlock depends on steel mills increasing production cuts [39]. - **Iron Ore**: The supply - demand pattern continues to weaken. Affected by production restrictions, the terminal demand for ore has continued to decline. Last week, the average daily hot metal output and imported ore consumption of sample steel mills decreased month - on - month, and the decline continued to expand, indicating an obvious trend of weakening demand. Considering that the industrial contradictions in the steel market have not been alleviated, coupled with frequent seasonal production - restriction disturbances, ore demand is expected to continue to decline, and weak demand is likely to drag down ore prices. At the same time, the arrival of goods at domestic ports has rebounded as expected, while the shipments of overseas miners have declined. Both are at relatively high levels, and domestic ore supply has increased, increasing the supply pressure of ore. It is expected that the subsequent trend will continue to be weakly fluctuating, and attention should be paid to the performance of steel products [40].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - **Rebar**: The main contract price of rebar oscillated downward with a daily decline of 0.85%. The fundamentals are weak, with industrial contradictions accumulating, high inventory de - stocking pressure under weak demand, and steel prices under pressure. Cost support is a relative positive factor. It is expected that steel prices will continue to oscillate and find the bottom, and attention should be paid to demand performance [4][35]. - **Hot - rolled coil**: The main contract price of hot - rolled coil oscillated weakly, with a daily decline of 0.86%. Currently, supply is high, demand has potential risks, industrial contradictions are accumulating, inventory de - stocking pressure is large, and prices are under pressure. There is a need to guard against the intensification of industrial contradictions caused by weakening demand, and attention should be paid to demand performance [4][35]. - **Iron ore**: The main contract price of iron ore trended weakly, with a daily decline of 1.46%. Supply pressure remains, market sentiment has weakened, and high - valued ore prices have declined under pressure. However, high - level rigid demand for ore provides support, and there is resistance to downward movement. Before steel mills reduce production, ore prices are expected to continue to oscillate at a high level, and attention should be paid to steel performance [4][36]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **CPI and PPI in September**: The core CPI's year - on - year increase continued to expand, and the year - on - year decline of PPI continued to narrow. In September, the CPI increased by 0.1% month - on - month and decreased by 0.3% year - on - year. The core CPI increased by 1.0% year - on - year, with the increase expanding for the fifth consecutive month. The PPI remained flat month - on - month and decreased by 2.3% year - on - year, with the decline narrowing by 0.6 percentage points compared to the previous month [6]. - **Heavy - truck sales in September**: In September 2025, China's truck market sold 312,000 vehicles, a 15% month - on - month increase and a 29% year - on - year increase. The heavy - truck market sold 105,600 vehicles, a 15% month - on - month increase and an 83% year - on - year increase, with the year - on - year increase expanding by 36 percentage points compared to August [7]. - **Brazil terminates anti - dumping investigation on Chinese tire steel cord**: On October 14, 2025, Brazil's Department of Foreign Trade Secretariat of the Ministry of Development, Industry, Trade and Services announced the termination of the anti - dumping investigation on tire steel cord originating from China at the request of the applicant [8]. 3.2 Spot Market - **Steel products**: The spot prices of rebar in Shanghai, Tianjin, and the national average decreased by 20, 20, and 8 respectively. The spot prices of hot - rolled coil in Shanghai, Tianjin, and the national average decreased by 10, 20, and 6 respectively. The price of Tangshan billet remained unchanged, and the price of Zhangjiagang heavy scrap remained unchanged [9]. - **Iron ore**: The price of 61.5% PB powder in Shandong ports decreased by 2, the price of Tangshan iron concentrate remained unchanged, the Australian and Brazilian freight rates increased by 0.12 and 0.32 respectively, the SGX swap (current month) decreased by 1.81, and the Platts Index (CFR, 62%) decreased by 3.00 [9]. 3.3 Futures Market - **Rebar**: The closing price of the active rebar contract was 3,034, a decline of 0.85%. The trading volume was 1,018,136 with a decrease of 139,971, and the open interest was 2,051,545 with an increase of 60,083 [11]. - **Hot - rolled coil**: The closing price of the active hot - rolled coil contract was 3,212, a decline of 0.86%. The trading volume was 501,197 with a decrease of 31,727, and the open interest was 1,469,405 with an increase of 17,676 [11]. - **Iron ore**: The closing price of the active iron ore contract was 776.5, a decline of 1.46%. The trading volume was 305,761 with a decrease of 219,731, and the open interest was 508,365 with an increase of 8,566 [11]. 3.4 Relevant Charts - **Steel inventory**: Charts show the weekly changes and total inventory (steel mills + social inventory) of rebar and hot - rolled coil from 2021 - 2025 [14][16][24] - **Iron ore inventory**: Charts display the inventory of 45 ports in China, 45 ports' seasonal inventory, 247 steel mills' inventory, and domestic mine iron concentrate inventory [21][22][26] - **Steel mill production**: Charts present the blast furnace start - up rate and capacity utilization of 247 sample steel mills, the start - up rate of 87 independent electric furnaces, the proportion of profitable steel mills among 247 steel mills, and the profit and loss situation of 75 independent arc - furnace steel mills for building materials [28][30][34] 3.5 Future Market Outlook - **Rebar**: After the holiday, both supply and demand of rebar weakened. Supply decreased but the space for further reduction during the peak season is questionable, and inventory is high. Demand is weak, and it is expected that prices will continue to oscillate and find the bottom, with attention paid to demand performance [35] - **Hot - rolled coil**: The supply - demand pattern continues to weaken. Supply is at a high level and inventory is high, while demand has potential risks. The price is under pressure, and attention should be paid to demand performance [35] - **Iron ore**: Supply and demand have changed. Demand is still okay, but the positive effect may weaken. Supply pressure has increased. Before steel mills reduce production, ore prices are expected to continue to oscillate at a high level, with attention paid to steel performance [36]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The main contract price of rebar showed a weak oscillation, with a daily decline of 0.51%. In the current situation of weak supply and demand, the fundamentals of rebar are weak, and industrial contradictions continue to accumulate. Steel prices are likely to face downward pressure. The relative positives are rising costs and peak - season expectations. It is expected that steel prices will continue the weak bottom - seeking trend, and attention should be paid to demand performance [4]. - The main contract price of hot - rolled coil oscillated, with a daily decline of 0.03%. Currently, the supply of hot - rolled coil has returned to a high level, while demand is strong, and the fundamentals are stable, supporting relatively strong price movements. However, the improvement in demand needs to be tracked. If demand weakens under high supply, industrial contradictions are likely to accumulate, and prices will face downward pressure again. Key attention should be paid to demand changes [4]. - The main contract price of iron ore oscillated weakly, with a daily decline of 0.81%. Currently, the demand for iron ore has good resilience, and the supply has shrunk in the short term. The fundamentals are stable, supporting the high - level and relatively strong oscillation of ore prices. However, the valuation is relatively high, and the upside space is cautiously optimistic. Attention should be paid to the performance of steel [4]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - The National Development and Reform Commission aims to promote capacity governance in key industries and comprehensively rectify disorderly and irrational competition. It will implement more proactive fiscal policies and moderately loose monetary policies, release policy effects, and optimize policies based on evaluations [6]. - From January to August this year, China's automobile production and sales exceeded 20 million vehicles for the first time. Automobile production and sales reached 21.051 million and 21.128 million vehicles respectively, with year - on - year increases of 12.7% and 12.6%. New - energy vehicle production and sales reached 9.625 million and 9.62 million vehicles respectively, with year - on - year increases of 37.3% and 36.7%. The new - energy vehicle new - car sales accounted for 45.5% of the total new - car sales. From January to August, automobile exports were 4.292 million vehicles, with a year - on - year increase of 13.7%, and new - energy vehicle exports were 1.532 million vehicles, with a year - on - year increase of 87.3% [7]. - Mexico seeks to raise the tariff rate on Asian - made cars to a maximum of 50% to protect about 320,000 jobs related to the trade flow of these products [8]. 3.2 Spot Market - For rebar, the Shanghai price was 3,190 yuan, down 10 yuan; the Tianjin price was 3,210 yuan, unchanged; and the national average price was 3,276 yuan, down 5 yuan. For hot - rolled coil, the Shanghai price was 3,380 yuan, unchanged; the Tianjin price was 3,320 yuan, unchanged; and the national average price was 3,438 yuan, unchanged. The price of Tangshan billet was 2,990 yuan, unchanged, and the price of Zhangjiagang heavy scrap was 2,080 yuan, unchanged. The volume - screw spread was 190 yuan, up 10 yuan, and the screw - scrap spread was 1,110 yuan, down 10 yuan [9]. - For iron ore, the price of 61.5% PB powder at Shandong ports was 793 yuan, down 5 yuan; the price of Tangshan iron concentrate was 802 yuan, up 2 yuan. The Australian sea freight was 10.59 yuan, up 0.06 yuan; the Brazilian sea freight was 24.15 yuan, up 0.24 yuan. The SGX swap (current month) was 106.37, down 0.38, and the Platts index (CFR, 62%) was 107.05, down 0.60 [9]. 3.3 Futures Market - The closing price of the rebar active contract was 3,092 yuan, with a decline of 0.51%. The trading volume was 1,542,810 lots, an increase of 278,261 lots, and the open interest was 2,000,701 lots, an increase of 133,027 lots [13]. - The closing price of the hot - rolled coil active contract was 3,334 yuan, with a decline of 0.03%. The trading volume was 485,423 lots, an increase of 39,365 lots, and the open interest was 1,323,310 lots, an increase of 9,651 lots [13]. - The closing price of the iron ore active contract was 795.5 yuan, with a decline of 0.81%. The trading volume was 365,052 lots, an increase of 30,518 lots, and the open interest was 538,976 lots, a decrease of 5,590 lots [13]. 3.4 Related Charts The report provides multiple charts related to steel and iron ore inventories, including weekly changes in rebar and hot - rolled coil inventories, total inventories (steel mills + social inventory), national 45 - port iron ore inventories, and 247 - steel mill iron ore inventories. It also includes charts related to steel mill production, such as the blast furnace operating rate and capacity utilization of 247 sample steel mills, the operating rate of 87 independent electric furnaces, and the profitability of steel mills [15][20][29]. 3.5后市研判 - Rebar: The pattern of weak supply and demand remains unchanged. The weekly output of rebar decreased by 67,500 tons, continuing the high - level decline trend, but the production reduction space during the peak season is questionable. Inventory has continued to accumulate to a high level, and the supply pressure relief is limited. Demand has continued to be weak, with the weekly apparent demand decreasing by 40,000 tons. High - frequency transactions are at a low level. It is expected that steel prices will continue the weak bottom - seeking trend, and attention should be paid to demand performance [38]. - Hot - rolled coil: Supply has returned to a high level, with the weekly output increasing by 109,000 tons. Demand has improved, with the weekly apparent demand increasing by 208,000 tons, but the continuous decline in the output of the main downstream cold - rolled products has led to the accumulation of industrial contradictions. The improvement in demand needs to be tracked. High supply may lead to price pressure if demand weakens [39]. - Iron ore: The supply - demand pattern has changed. The terminal consumption of ore has decreased significantly due to production restrictions. The daily average pig iron output and imported ore consumption of sample steel mills have both decreased. The supply of foreign ore has returned to a high level. The demand - side positive effect is weakening, and the upside space of ore prices is cautiously optimistic. Attention should be paid to the performance of steel [40].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Rebar**: The main contract price of rebar oscillated upwards with a daily increase of 1.06%, and both trading volume and open interest expanded. Currently, both supply and demand of rebar have weakened, the fundamentals have not improved, inventory has been increasing, and steel prices are under pressure. With the relatively favorable peak - season expectation and rising costs, steel prices will continue to oscillate to find the bottom, and attention should be paid to demand performance [4]. - **Hot - rolled coil**: The main contract price of hot - rolled coil oscillated higher with a daily increase of 1.03%, and trading volume and open interest expanded. At present, production has decreased due to production restrictions but can recover quickly. In contrast, demand resilience is weakening, the supply - demand imbalance in the hot - rolled coil industry continues to accumulate, inventory growth has widened, and steel prices continue to be under pressure. The relatively favorable factors are peak - season expectation and cost situation, and the short - term trend will continue to oscillate. Attention should be paid to demand performance [4]. - **Iron ore**: The main contract price of iron ore oscillated at a high level with a daily increase of 0.77%, and trading volume and open interest shrank. Currently, iron ore demand is declining while supply is rising, the fundamentals of iron ore are likely to weaken, and high - valued ore prices continue to be under pressure. The relatively favorable factors are peak - season expectation and the intervention of arbitrage funds. The short - term ore price will maintain a high - level oscillation, and beware of the intensification of industrial contradictions [4]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - The central bank will conduct a 100 - billion - yuan outright reverse repurchase operation on September 5 with a term of 3 months to maintain sufficient liquidity in the banking system [6]. - The expected tariff increase in the US led to a significant expansion of the US trade deficit in July. The trade deficit in July expanded to $78.3 billion, significantly higher than that in June. The import in July was $358.8 billion, a month - on - month increase of 5.9%; the export was $280.5 billion, a month - on - month increase of 0.3%. The total trade deficit of goods and services increased by 32.5% month - on - month [7]. - In late August 2025, the average daily output of crude steel of key steel enterprises was 1.947 million tons, a decrease of 8.0% compared to the previous period; the average daily output of pig iron was 1.827 million tons, a decrease of 5.1%; the average daily output of steel products was 2.138 million tons, an increase of 4.4% [8]. 3.2 Spot Market - **Rebar**: The spot prices in Shanghai and Tianjin were 3,210 yuan, and the national average price was 3,283 yuan [9]. - **Hot - rolled coil**: The spot prices in Shanghai and Tianjin were 3,380 yuan and 3,320 yuan respectively, and the national average price was 3,431 yuan [9]. - **Iron ore**: The price of 61.5% PB powder at Shandong ports was 782 yuan, and the price of Tangshan iron concentrate was 792 yuan [9]. 3.3 Futures Market | Variety | Closing Price | Increase/Decrease (%) | Trading Volume | Open Interest | | ---- | ---- | ---- | ---- | ---- | | Rebar | 3,143 | 1.06 | 1,385,167 | 1,737,894 | | Hot - rolled coil | 3,340 | 1.03 | 534,944 | 1,300,035 | | Iron ore | 789.5 | 0.77 | 289,453 | 501,397 | [11] 3.4 Relevant Charts - **Steel inventory**: The report provides charts of weekly changes in rebar inventory, hot - rolled coil inventory, and total inventory (steel mill + social inventory) [14][16][22]. - **Iron ore inventory**: Charts of national 45 - port iron ore inventory, 247 - steel - mill iron ore inventory, and domestic mine iron concentrate inventory are included [20][24][30]. - **Steel mill production situation**: Charts of 247 - steel - mill blast furnace开工率 and capacity utilization rate, 87 - independent electric furnace开工率, and 75 - building - material independent electric - arc furnace steel mill profit and loss situation are provided [25][29][31]. 3.5 Market Outlook - **Rebar**: The supply - demand pattern has not changed much. Production of construction steel mills has weakened, and rebar weekly output decreased by 18,800 tons. Demand is weak, and both weekly apparent demand and high - frequency transactions are at low levels. Steel prices will continue to oscillate to find the bottom [32]. - **Hot - rolled coil**: Both supply and demand have weakened. During the parade, production was restricted, and weekly output decreased by 105,000 tons. Demand continues to be weak, and the demand resilience is weakening. Steel prices will continue to be under pressure and oscillate in the short term [33]. - **Iron ore**: The supply - demand pattern has changed. Due to production restrictions, terminal consumption of iron ore has decreased significantly, and supply has increased. Ore prices will maintain a high - level oscillation, and beware of the intensification of industrial contradictions [34].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - The main contract price of rebar oscillated, recording a daily decline of 0.16%. With both supply and demand increasing, the fundamentals of rebar have not improved, industrial contradictions have accumulated, inventory has continued to increase, and steel prices are under pressure. It is expected to continue the weak bottom - seeking trend, and attention should be paid to demand performance [4]. - The main contract price of hot - rolled coil oscillated weakly, recording a daily decline of 0.36%. The demand for hot - rolled coil has some resilience, but the fundamentals have not substantially improved, and the market sentiment is poor. It is expected to continue the oscillating and weakening trend, and attention should be paid to steel mill production [4]. - The main contract price of iron ore oscillated, recording a daily increase of 0.06%. The demand for iron ore has weakened, while the supply has increased steadily. The fundamentals of iron ore have weakened, and the valuation is relatively high. It is expected that the ore price will be under pressure and oscillate weakly, and attention should be paid to steel performance [4]. Group 3: Summary by Related Catalogs 1. Industry Dynamics - As of the end of August, the total amount of proposed use of special bonds to acquire idle stock land in 26 provinces and cities exceeded 610 billion yuan, and the actual issuance of special bonds was about 175.2 billion yuan. The bond - issuing progress accelerated in the third quarter [6]. - In the first half of 2025, nine major construction central enterprises all achieved profitability. The total revenue was 3,331.929 billion yuan, a year - on - year decrease of 4.39%; the total net profit was 77.727 billion yuan, a year - on - year decrease of 7.52% [7]. - In August 2025, 14 steel projects started or were put into production, including projects of Jinding Steel and Anhui Liugang starting, and projects of Quzhou Yuanli Metal, Hongyi New Materials, and Zhongnan Co., Ltd. being put into production [8]. 2. Spot Market - The spot prices of rebar, hot - rolled coil, and other products are presented, along with their price changes. For example, the national average price of rebar (HRB400E, 20mm) was 3,290 yuan, a decrease of 7 yuan; the national average price of hot - rolled coil (Shanghai, 4.75mm) was 3,424 yuan, a decrease of 5 yuan [9]. 3. Futures Market - The closing prices, price changes, trading volumes, and open interests of the main contracts of rebar, hot - rolled coil, and iron ore futures are provided. For example, the closing price of rebar futures was 3,117 yuan, a decrease of 0.16% [11]. 4. Related Charts - Include charts of steel inventory (rebar and hot - rolled coil inventory), iron ore inventory (national 45 - port iron ore inventory, 247 - steel mill iron ore inventory), and steel mill production (247 - sample steel mill blast furnace start - up rate and capacity utilization rate, etc.) [13][18][26]. 5. Market Outlook - Rebar: Supply has increased to a high level this year, and demand has improved slightly but remains at a low level in recent years. The fundamentals have not improved, inventory has increased, and steel prices are under pressure. It is expected to continue the weak bottom - seeking trend [34]. - Hot - rolled coil: Supply has slightly shrunk, and demand is weakly stable. There is some demand resilience, but the fundamentals have not substantially improved. It is expected to continue the oscillating and weakening trend [34]. - Iron ore: Demand has weakened, and supply has increased steadily. The fundamentals have weakened, and the valuation is relatively high. It is expected that the ore price will be under pressure and oscillate weakly [35].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Rebar**: The main contract price fluctuated, with a daily increase of 0.03%. Demand improved but its sustainability is questionable, while supply pressure is increasing. Inventory continues to rise and the increase is expanding. Steel prices in the off - season are under pressure. With the dual influence of production restriction expectations and strong coking coal, steel prices are expected to continue to fluctuate and adjust. Attention should be paid to steel mill production [4]. - **Hot - rolled coil**: The main contract price declined with a daily decrease of 0.35%. In the situation of weak supply and demand, the fundamentals of hot - rolled coils continue to weaken, and inventory increases. Although there are continuous production restriction disturbances, the price is expected to continue to run in a wide - range oscillation. Attention should be paid to steel mill production [4]. - **Iron ore**: The main contract price fluctuated, with a daily decrease of 0.25%. Ore demand has good resilience, supporting high - level operation of ore prices. However, ore supply is recovering, and the fundamentals are expected to weaken. Ore prices are expected to maintain a high - level oscillation and consolidation. Attention should be paid to the performance of finished products [4]. 3. Summary by Relevant Catalogs Industry Dynamics - China's total goods trade import and export value in the first 7 months of 2025 was 25.7 trillion yuan, a year - on - year increase of 3.5%. Exports were 15.31 trillion yuan, up 7.3%, and imports were 10.39 trillion yuan, down 1.6%. In July, the total import and export value was 3.91 trillion yuan, up 6.7% [6]. - Shanghai will launch the overall renovation project of urban villages in 2026, and complete the renovation of small - beam and thin - plate houses in 2027. It will also continue to carry out the renovation of old residential areas [7]. - In July 2025, China exported 983600 tons of steel, a month - on - month increase of 1.6%. From January to July, the cumulative steel export was 6.7983 million tons, a year - on - year increase of 11.4%. In July, China imported 45200 tons of steel, a month - on - month decrease of 3.8%. From January to July, the cumulative steel import was 347600 tons, a year - on - year decrease of 15.7% [8]. Spot Market - The spot prices of rebar, hot - rolled coil, and some other products showed different degrees of decline. For example, the national average price of rebar decreased by 2 yuan, and that of hot - rolled coil decreased by 4 yuan [9]. Futures Market | Variety | Closing Price | Change (%) | Volume | Open Interest | | ---- | ---- | ---- | ---- | ---- | | Rebar | 3231 | 0.03 | 1648650 | 1628167 | | Hot - rolled coil | 3440 | - 0.35 | 640048 | 1428587 | | Iron ore | 793.0 | - 0.25 | 199704 | 335365 | [11] Related Charts - Include charts of steel and iron ore inventory, steel mill production status, etc., such as steel inventory, iron ore inventory in 45 ports, 247 - sample steel mill blast furnace operation rate and capacity utilization rate, etc. [13][18][27] 后市研判 - **Rebar**: Supply pressure increases, demand improvement lacks sustainability, inventory rises, and prices are expected to continue to fluctuate and adjust. Attention should be paid to steel mill production [36]. - **Hot - rolled coil**: Supply and demand are both weak, inventory increases, and prices are under pressure. However, due to production restriction disturbances, prices are expected to run in a wide - range oscillation. Attention should be paid to steel mill production [35]. - **Iron ore**: Demand has resilience, but supply is increasing, and the fundamentals are expected to weaken. Ore prices are expected to maintain high - level oscillation. Attention should be paid to the performance of finished products [37].