Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On Thursday, the RB2605 contract saw a reduction in positions and consolidation. The macro - situation involves China's full - scale second - round pilot of extending the land contract for another 30 years in entire provinces, with key requirements including maintaining the collective ownership system, household - based contracting, the dominant position of farmers, and rural social stability [2]. - In terms of supply and demand, the weekly output of rebar continued to increase, and the capacity utilization rate rose to 44.57%. Downstream demand continued to improve, with the apparent demand exceeding 2.05 million tons, and inventory changed from increasing to decreasing. Overall, the supply and demand of rebar both increased, the inventory inflection point appeared, and the bottom support moved up. However, the international situation is volatile, with many uncertainties, and the wide - range fluctuations of international oil prices affect market sentiment [2]. - Technically, the 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA are pulling back from high levels, and it is testing the support at the 0 - axis in the short - term. It is expected to fluctuate in the range of 3150 - 3110 in the short - term, and risk control should be noted [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,135.00 yuan/ton, a decrease of 5 yuan; the position volume was down 65,665 hands. The net position of the top 20 in the RB contract was - 25,055 hands, an increase of 11,908 hands. The RB5 - 10 contract spread was down 3 yuan/ton, and the HC2605 - RB2605 contract spread was down 3 yuan/ton. The RB warehouse receipt at the Shanghai Futures Exchange was 58,176 tons, a decrease of 573 tons [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,280.00 yuan/ton, a decrease of 10 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,364 yuan, a decrease of 10 yuan. The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,420.00 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,200.00 yuan/ton, unchanged. The basis of the RB main contract was 145.00 yuan/ton, a decrease of 5 yuan, and the spot price difference between hot - rolled coil and rebar in Hangzhou was 20.00 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 60.8% PB iron ore fines at Qingdao Port was 792.00 yuan/wet ton, a decrease of 7.00 yuan. The price of first - grade metallurgical coke at Tianjin Port (FOB) was 1,490.00 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,190.00 yuan/ton, unchanged, and the price of Q235 billet in Hebei was 2,980.00 yuan/ton, unchanged [2]. - The inventory of iron ore at 45 ports was 17,191.80 million tons, an increase of 69.08 million tons. The inventory of coke at sample coking plants was 56.10 million tons, a decrease of 6.93 million tons. The inventory of coke at sample steel mills was 687.62 million tons, an increase of 16.09 million tons. The inventory of billets in Tangshan was 249.53 million tons, an increase of 9.02 million tons [2]. - The blast furnace operating rate of 247 steel mills was 78.36%, an increase of 0.67 percentage points, and the blast furnace capacity utilization rate was 82.90%, a decrease of 2.40 percentage points [2]. 3.4 Industry Situation - The weekly output of rebar at sample steel mills was 203.33 million tons, an increase of 8.03 million tons; the capacity utilization rate of rebar at sample steel mills was 44.57%, an increase of 1.75 percentage points. The inventory of rebar at sample steel mills was 236.20 million tons, a decrease of 3.42 million tons; the social inventory of rebar in 35 cities was 653.21 million tons, a decrease of 1.34 million tons [2]. - The operating rate of independent electric arc furnace steel mills was 59.38%, an increase of 23.96 percentage points. The monthly output of domestic crude steel was 6,818 million tons, a decrease of 169 million tons. The monthly output of Chinese steel bars was 1,375 million tons, an increase of 19 million tons. The net export volume of steel was 747.00 million tons, an increase of 18.00 million tons [2]. 3.5 Downstream Situation - The national real - estate climate index was 91.45, a decrease of 0.44. The cumulative year - on - year growth rate of fixed - asset investment was - 3.80%, a decrease of 5.60 percentage points. The cumulative year - on - year growth rate of real - estate development investment was - 17.20%, a decrease of 6.10 percentage points. The cumulative year - on - year growth rate of infrastructure construction investment was - 2.20%, a decrease of 2.20 percentage points [2]. - The cumulative value of housing construction area was 659,890 million square meters, a decrease of 124,518 million square meters. The cumulative value of new housing construction area was 58,770 million square meters, a decrease of 53,686 million square meters. The inventory of commercial housing for sale was 40,236.00 million square meters, an increase of 3,516.00 million square meters [2]. 3.6 Industry News - On March 19, Mysteel information showed that the actual output of rebar this period was 203.33 million tons, a week - on - week increase of 8.03 million tons; the mill inventory was 236.2 million tons, a week - on - week decrease of 3.42 million tons; the social inventory was 653.21 million tons, a week - on - week decrease of 1.34 million tons; the total inventory was 889.41 million tons, a week - on - week decrease of 4.76 million tons; the apparent demand was 208.09 million tons, a week - on - week increase of 31.28 million tons [2]. - At the regular press conference of the Ministry of Commerce on March 19, the spokesperson said that China and the US had in - depth and constructive exchanges and consultations on economic and trade issues, reached some new consensuses, and would continue the consultations [2].