瑞达期货研究院 「2025.08.01」 热轧卷板市场周报 成本端支撑减弱 热卷期价高位回落 添加客服 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 取 更 多 资 讯 「周度要点小结1」 业务咨询 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 行情回顾 3 来源：瑞达期货研究院 1. 价格：截至8月1日收盘，热卷主力合约期价为3401（-106），杭州涟钢热卷现货价格为3480（-50）。（单位： 元/吨） 2. 产量：热卷产量由降转增。322.79（+5.3）。（单位：万吨） 3. 需求：表观需求回升，重返320万吨。本期表需320（+4.76），（同比-1.3）。（单位：万吨） 4. 库存：厂库和社库双增，总库存继续增加。总库存347.95（+2.79），（同比-84.36）。（单位：万吨） 5. 盈利率：钢厂盈利率65.37%，环比上周增加1.73个百分点，同比去年增加58.88个百分点。 「 周度要点小结2」 行情展望 4 来源：瑞达期货研究院 1. 宏观方面：海外，（1）美国6月PCE数据加速上升，美联储9月降息预期再遭打压。（2 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The HC2510 contract of hot-rolled coil futures has risen, with cost support from the upward movement of iron ore and coking coal. Although the weekly output of hot-rolled coils has slightly declined, the capacity utilization rate remains relatively high. The apparent demand has slightly decreased but remains at a high level. The overall inventory has increased slightly, and the profitability of steel mills has improved. Considering the macro - economic situation and industry fundamentals, while chasing high prices of the HC2510 contract requires caution, buying on dips can still be considered, with attention to operation rhythm and risk control [7][9] Summary by Relevant Catalogs 1. Weekly Key Points Summary a. Market Review - As of July 11, the closing price of the main hot - rolled coil futures contract was 3273 yuan/ton (+72), and the spot price of Hangzhou Lianggang hot - rolled coil was 3330 yuan/ton (+50). The weekly output of hot - rolled coils was 323.14 million tons (-5), the apparent demand was 322.51 million tons (-1.86, -6.24% year - on - year), the total inventory was 345.56 million tons (+0.63, -78.56 million tons year - on - year), and the profitability rate of steel mills was 59.74%, an increase of 0.43 percentage points from last week and 22.94 percentage points from last year [7] b. Market Outlook - **Macro - aspect**: Overseas, the global manufacturing PMI in June was 49.5%, up 0.3 percentage points from the previous month, rising for two consecutive months. The US President Trump extended the so - called "reciprocal tariff" suspension period. Domestically, 33 construction companies issued an "anti - involution" initiative, and the State Council issued a notice to support stable employment. - **Supply - demand aspect**: The weekly output of hot - rolled coils slightly declined, with a capacity utilization rate of 82.55%. The factory inventory decreased and the social inventory increased, with a total inventory increase of 0.63 million tons. The apparent demand slightly declined but remained above 3.2 million tons. - **Cost aspect**: Iron ore and coking coal prices rose, providing cost support. The port inventory of iron ore decreased, and the coking coal inventory of mines and coal washing plants continued to decline. - **Technical aspect**: The HC2510 contract moved upward, with the daily K - line standing above multiple moving averages. The MACD indicator showed that DIFF and DEA continued to rise, and the red bars expanded. - **Strategy suggestion**: On the macro - level, anti - involution promotes the orderly withdrawal of backward production capacity and improves market sentiment. On the industrial level, the output of hot - rolled coils remains high, the terminal demand is resilient, and the cost support from the rebound of coking coal and iron ore is strengthened. Chasing high prices of the HC2510 contract requires caution, and buying on dips can still be considered [9] 2. Futures and Spot Market a. Futures Price - This week, the HC2510 contract moved upward and was stronger than the HC2601 contract. On July 11, the price difference was - 7 yuan/ton, a week - on - week increase of 2 yuan/ton [15] b. Warehouse Receipts and Net Positions - On July 11, the warehouse receipt volume of hot - rolled coils on the Shanghai Futures Exchange was 64,587 tons, a week - on - week increase of 0 tons. The net position of the top 20 in the hot - rolled coil futures contract was a net short position of 10,042 lots, an increase of 51,561 lots from the previous week [21] c. Spot Price - On July 11, the spot price of 5.75mm Q235 hot - rolled coils in Shanghai was 3330 yuan/ton, a week - on - week increase of 50 yuan/ton, and the national average price was 33,309 yuan/ton, a week - on - week increase of 43 yuan/ton. This week, the spot price of hot - rolled coils was weaker than the futures price. On July 11, the basis was 57 yuan/ton, a week - on - week decrease of 22 yuan/ton [25] 3. Upstream Market a. Raw Material Prices - On July 11, the price of 61% Australian Macfarlane iron ore powder at Qingdao Port was 795 yuan/dry ton, a week - on - week increase of 22 yuan/dry ton. The spot price of first - class metallurgical coke at Tianjin Port was 1320 yuan/ton, a week - on - week increase of 0 yuan/ton [34] b. Shipping and Arrival Volumes - From June 30 to July 6, 2025, the total global iron ore shipping volume was 29.949 billion tons, a decrease of 3.627 billion tons from the previous period. The total shipping volume of iron ore from Australia and Brazil was 24.65 billion tons, a decrease of 4.173 billion tons from the previous period. The total arrival volume at 47 Chinese ports was 25.355 billion tons, an increase of 1.22 billion tons from the previous period; the total arrival volume at 45 Chinese ports was 24.839 billion tons, an increase of 1.209 billion tons from the previous period; the total arrival volume at six northern ports was 14.12 billion tons, an increase of 1.948 billion tons from the previous period [39] c. Inventory - This week, the total inventory of imported iron ore at 47 ports was 143.4689 million tons, a week - on - week decrease of 1.3901 million tons; the daily average port clearance volume was 3.378 million tons, an increase of 0.0361 million tons. In terms of components, the inventory of Australian ore decreased by 0.931 million tons, the inventory of Brazilian ore decreased by 0.5229 million tons, and the inventory of traded ore decreased by 0.7715 million tons. On July 10, the inventory of steel billets in Tangshan, Hebei was 975,300 tons, a week - on - week increase of 101,900 tons and a year - on - year decrease of 67,100 tons [43] d. Coking Plant Conditions - This week, the capacity utilization rate of 230 independent coking enterprises was 72.72%, a decrease of 0.48%. The daily coke output was 512,900 tons, a decrease of 0.34 million tons; the coke inventory was 595,800 tons, a decrease of 20,200 tons; the total coking coal inventory was 7.5244 million tons, an increase of 360,000 tons; and the available days of coking coal were 11.0 days, an increase of 0.6 days [47] 4. Industry Conditions a. Supply Side - **Production Volume**: In May 2025, China's crude steel output was 86.55 million tons, a year - on - year decrease of 6.9%. From January to May, the cumulative crude steel output was 431.63 million tons, a year - on - year decrease of 1.7%. In May, China exported 10.578 million tons of steel, an increase of 116,000 tons from the previous month, a month - on - month increase of 1.1%. From January to May, the cumulative steel export volume was 48.469 million tons, a year - on - year increase of 8.9%. In May, China imported 481,000 tons of steel, a decrease of 41,000 tons from the previous month, a month - on - month decrease of 7.9%. From January to May, the cumulative steel import volume was 2.553 million tons, a year - on - year decrease of 16.1% [50] - **Blast Furnace Operation**: On July 11, the blast furnace operating rate of 247 steel mills was 83.15%, a decrease of 0.31 percentage points from last week and an increase of 0.65 percentage points from last year. The blast furnace iron - making capacity utilization rate was 89.9%, a decrease of 0.39 percentage points from last week and an increase of 1.20 percentage points from last year. The daily average pig iron output was 2.3981 million tons, a decrease of 104,000 tons from last week and an increase of 152,000 tons from last year. On July 10, the weekly output of hot - rolled coils from 37 monitored enterprises was 3.2314 million tons, a decrease of 50,000 tons from last week and a decrease of 83,400 tons from last year [53] - **Inventory**: On July 11, the in - factory inventory of hot - rolled coils from 37 monitored enterprises was 778,100 tons, a decrease of 510 tons from last week and a decrease of 147,700 tons from last year. The social inventory in 33 major cities was 2.6775 million tons, a week - on - week increase of 11,400 tons and a year - on - year decrease of 637,900 tons. The total inventory of hot - rolled coils was 3.4556 million tons, a week - on - week increase of 6300 tons and a year - on - year decrease of 785,600 tons [58] b. Downstream Demand - **Automobile Industry**: In May 2025, China's automobile production and sales were 2.649 million and 2.686 million vehicles respectively, a month - on - month increase of 1.1% and 3.7% and a year - on - year increase of 11.6% and 11.2% respectively. From January to May, the cumulative automobile production and sales were 12.826 million and 12.748 million vehicles respectively, a year - on - year increase of 12.7% and 10.9% respectively [61] - **Household Appliance Industry**: From January to May 2025, the cumulative production of household air - conditioners was 134.909 million units, a year - on - year increase of 5.9%; the production of household refrigerators was 40.713 million units, a year - on - year decrease of 1.5%; and the production of household washing machines was 49.115 million units, a year - on - year increase of 9.3% [61]