Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint On Monday, the RB2605 contract rebounded with a reduction in positions. In late March, many banks in Jiangsu, Jilin, Fujian, Sichuan and other places initiated a new round of "interest rate cuts", with deposit rates generally dropping to the "1" level. In terms of supply and demand, the weekly output of rebar decreased, and the capacity utilization rate dropped to 43.37%. Downstream demand continued to increase, and inventory continued to decline. Overall, the apparent demand for rebar rebounded above 2.2 million tons, and the market sentiment improved. The short - term market may fluctuate. Technically, the 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA cross - rebounded at a low level, and the red bar enlarged. It is recommended for short - term trading with attention to risk control [2]. 3. Summary by Directory 3.1 Futures Market - RB main contract closing price: 3,139.00 yuan/ton, up 15 yuan [2] - RB main contract position: 976,441 lots, down 99,718 lots [2] - RB contract top 20 net position: - 48,433 lots, up 20,191 lots [2] - RB5 - 10 contract spread: - 29 yuan/ton, down 2 yuan [2] - RB Shanghai Futures Exchange warehouse receipt: 99,613 tons, unchanged [2] - HC2605 - RB2605 contract spread: 169 yuan/ton, down 6 yuan [2] 3.2 Spot Market - Hangzhou HRB400E 20MM (theoretical weight): 3,280.00 yuan/ton, up 20 yuan [2] - Hangzhou HRB400E 20MM (actual weight): 3,364 yuan/ton, up 21 yuan [2] - Guangzhou HRB400E 20MM (theoretical weight): 3,440.00 yuan/ton, unchanged [2] - Tianjin HRB400E 20MM (theoretical weight): 3,210.00 yuan/ton, up 10 yuan [2] - RB main contract basis: 141.00 yuan/ton, up 5 yuan [2] - Hangzhou hot - rolled coil - rebar spot spread: 40.00 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - Qingdao Port 60.8% PB iron ore fines: 792.00 yuan/wet ton, up 4 yuan [2] - Tianjin Port first - class metallurgical coke (FOB price): 1,490.00 yuan/ton, unchanged [2] - Tangshan 6 - 8mm scrap steel (tax - excluded): 2,180.00 yuan/ton, unchanged [2] - Hebei Q235 billet: 2,970.00 yuan/ton, up 10 yuan [2] - 45 - port iron ore inventory: 169.9684 million tons, down 1.0583 million tons [2] - Sample coking plant coke inventory: 497,600 tons, down 25,900 tons [2] 3.4 Industry Situation - Sample steel mill coke inventory: 6.9173 million tons, up 39,500 tons [2] - Tangshan billet inventory: 2.3994 million tons, down 95,900 tons [2] - 247 steel mill blast furnace operating rate: 81.05%, up 1.25 percentage points [2] - 247 steel mill blast furnace capacity utilization rate: 86.65%, up 1.10 percentage points [2] - Sample steel mill rebar output: 1.9787 million tons, down 54,600 tons [2] - Sample steel mill rebar capacity utilization rate: 43.37%, down 1.20 percentage points [2] - Sample steel mill rebar inventory: 2.1916 million tons, down 170,400 tons [2] - 35 - city rebar social inventory: 6.4275 million tons, down 104,600 tons [2] - Independent electric arc furnace steel mill operating rate: 69.79%, up 3.12 percentage points [2] - Domestic crude steel output: 68.18 million tons, down 1.69 million tons [2] - Chinese rebar monthly output: 13.75 million tons, up 190,000 tons [2] - Steel net export volume: 7.47 million tons, up 180,000 tons [2] 3.5 Downstream Situation - National real estate climate index: 91.45, down 0.44 [2] - Cumulative year - on - year growth rate of fixed - asset investment: - 3.80%, down 5.60 percentage points [2] - Cumulative year - on - year growth rate of real estate development investment: - 17.20%, down 6.10 percentage points [2] - Cumulative year - on - year growth rate of infrastructure investment: - 2.20%, down 2.20 percentage points [2] - Cumulative value of housing construction area: 6.5989 billion square meters, down 1.24518 billion square meters [2] - Cumulative value of new housing construction area: 587.7 million square meters, down 536.86 million square meters [2] - Commodity housing unsold area: 402.36 million square meters, up 35.16 million square meters [2] 3.6 Industry News - On March 30, an Iranian parliamentarian said that Iran is seriously considering withdrawing from the Non - Proliferation Treaty and plans to implement stricter access and toll systems for ships passing through the Strait of Hormuz [2]. - On March 27, the US and Israel launched air strikes on Iranian steel plants, which are expected to create a rigid supply gap of 5 - 5.5 million tons/year in the short term, with the most prominent gaps in plates, billets and long products [2].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On Tuesday, the RB2605 contract decreased in positions and consolidated. The US President Trump stated that the US had a "strong" dialogue with Iran and formed the main points of an agreement, suspending the strike on its energy facilities for 5 days. 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, and inventory changed from increasing to decreasing. Overall, both supply and demand of rebar increased, and the inventory inflection point appeared. The situation between the US and Iran was in chaos, and the wide - range fluctuation of oil prices affected commodities and market sentiment. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA were running above the 0 - axis. It is recommended for short - term trading and attention should be paid to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,145.00 yuan/ton, a decrease of 9 yuan; the position volume was 1,263,489 lots, a decrease of 87,899 lots; the net position of the top 20 in the RB contract was - 51,689 lots, a decrease of 7,866 lots; the spread between RB5 - 10 contracts was - 28 yuan/ton, unchanged; the daily warehouse receipt of RB on the Shanghai Futures Exchange was 80,114 tons, an increase of 3,659 tons; the spread between HC2605 - RB2605 contracts was 179 yuan/ton, an increase of 3 yuan [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/ton, a decrease of 10 yuan; the price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,450.00 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,210.00 yuan/ton, unchanged; the basis of the RB main contract was 135.00 yuan/ton, a decrease of 1 yuan; the spot price difference between hot - rolled coil and rebar in Hangzhou was 50.00 yuan/ton, an increase of 10 yuan [2] 3.3 Upstream Situation - The price of 60.8% PB powder ore at Qingdao Port was 799.00 yuan/wet ton, unchanged; the price of first - class metallurgical coke at Tianjin Port (FOB price) was 1,490.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,180.00 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,990.00 yuan/ton, an increase of 10 yuan; the inventory of iron ore at 45 ports was 17,102.67 million tons, a decrease of 89.13 million tons; the inventory of coke at sample coking plants was 52.35 million tons, a decrease of 3.75 million tons; the inventory of coke at sample steel mills was 687.78 million tons, an increase of 1.44 million tons; the blast furnace operating rate of 247 steel mills was 79.80%, an increase of 0.16 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 85.55%, an increase of 2.65 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 factory 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; the operating rate of independent electric arc furnace steel mills was 66.67%, an increase of 7.29 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 completion was - 3.80%, a decrease of 5.60 percentage points; the cumulative year - on - year growth rate of real estate development investment completion 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; 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 - Iran's new Supreme Leader's military advisor, Mohsen Rezaei, emphasized in an interview on March 23 that Iran would not stop the war until it received all compensation, all economic sanctions were lifted, and it obtained international legal guarantees that the US would not interfere in its affairs. Recently, Hebei, Jiangsu, Sichuan, Hunan, Fujian, Shanghai and other places released the list of key construction projects in 2026, including 172 projects related to the steel industry [2]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - On Monday, the RB2605 contract fluctuated widely. With the approaching of the Two Sessions, some steel mills in certain regions have blast furnace production - cut plans. The rebar market may maintain a pattern of strong expectations but weak reality. Technically, the 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA are operating above the 0 - axis with a stable red bar. The reference view is to go long on dips and pay attention to risk control [2] Group 3: Summary by Directory Futures Market - The closing price of the RB main contract was 3,067.00 yuan/ton, unchanged; the position volume was 1,903,813 lots, a decrease of 44,381 lots. The net position of the top 20 in the RB contract was - 33,296 lots, an increase of 1,229 lots. The RB5 - 10 contract spread was - 38 yuan/ton, a decrease of 5 yuan/ton. The RB Shanghai Futures Exchange warehouse receipt was 22,828 tons, unchanged. The HC2605 - RB2605 contract spread was 152 yuan/ton, an increase of 4 yuan/ton [2] Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,240.00 yuan/ton, unchanged; (actual weight) was 3,323 yuan/ton, unchanged. In Guangzhou (theoretical weight), it was 3,420.00 yuan/ton, unchanged; in Tianjin (theoretical weight), it was 3,120.00 yuan/ton, a decrease of 10 yuan/ton. The basis of the RB main contract was 173.00 yuan/ton, unchanged. The spot price difference between hot - rolled coil and rebar in Hangzhou was 0.00 yuan/ton, a decrease of 20 yuan/ton [2] Upstream Situation - The price of 60.8% PB powder ore at Qingdao Port was 750.00 yuan/wet ton, an increase of 3.00 yuan. The price of first - grade metallurgical coke at Tianjin Port (FOB) was 1,540.00 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,170.00 yuan/ton, unchanged. The price of Hebei Q235 billet was 2,910.00 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 170.9631 million tons, an increase of 1.5398 million tons. The inventory of coke at sample coking plants was 625,900 tons, an increase of 72,100 tons. The inventory of coke at sample steel mills was 6.7506 million tons, a decrease of 135,200 tons. The inventory of billets in Tangshan was 2.1946 million tons, an increase of 452,400 tons. The blast furnace operating rate of 247 steel mills was 80.24%, an increase of 0.09 percentage points. The blast furnace capacity utilization rate of 247 steel mills was 87.48%, an increase of 1.05 percentage points [2] Industry Situation - The weekly output of rebar at sample steel mills was 1.651 million tons, a decrease of 52,800 tons; the capacity utilization rate was 36.19%, a decrease of 1.16 percentage points. The inventory of rebar at sample steel mills was 2.3284 million tons, an increase of 117,700 tons. The social inventory of rebar in 35 cities was 5.6776 million tons, an increase of 727,900 tons. The operating rate of independent electric arc furnace steel mills was 11.46%, a decrease of 10.42 percentage points. The monthly output of domestic crude steel was 68.18 million tons, a decrease of 1.69 million tons. The monthly output of Chinese rebar was 13.75 million tons, an increase of 190,000 tons. The monthly net export volume of steel products was 10.78 million tons, an increase of 1.3 million tons [2] 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 completion was - 3.80%, a decrease of 1.20 percentage points. The cumulative year - on - year growth rate of real - estate development investment completion was - 17.20%, a decrease of 1.30 percentage points. The cumulative year - on - year growth rate of infrastructure investment was - 2.20%, a decrease of 1.10 percentage points. The cumulative value of housing construction area was 659.89 million square meters, a decrease of 3.824 million square meters. The cumulative value of new housing construction area was 58.77 million square meters, a decrease of 5.313 million square meters. The area of unsold commercial housing was 40.236 million square meters, a decrease of 875,000 square meters [2] Industry News - The China Index Academy reported that affected by the Spring Festival holiday, the listing and trading activity in the real - estate market in February declined seasonally. The average price of second - hand residential properties in 100 cities was 12,835 yuan per square meter, with a month - on - month decline of 0.54%, narrowing by 0.31 percentage points compared with the previous month. According to the international oil tanker traffic monitoring system, the sailing speed of oil tankers in the waters around the Strait of Hormuz has generally dropped to zero, indicating that shipping in the region has come to a standstill. Three Anglo - American oil tankers were attacked in the Persian Gulf and the Strait of Hormuz [2]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoint - The report suggests a bearish and volatile outlook for the RB2605 contract, emphasizing the need for risk control. With the approach of the Spring Festival, demand has further shrunk, market sentiment is low, and trading is light. The 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA are consolidating at low levels [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the RB main contract is 3,050 yuan/ton, down 4 yuan; the trading volume is 2,029,537 lots, down 34,123 lots; the net position of the top 20 in the RB contract is -31,281 lots, down 3,640 lots; the RB5 - 10 contract spread is -46 yuan/ton, up 3 yuan; the daily warehouse receipt of the RB on the Shanghai Futures Exchange is 31,603 tons, up 6,600 tons; the HC2605 - RB2605 contract spread is 168 yuan/ton, down 6 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) is 3,250 yuan/ton, unchanged; the price of HRB400E 20MM in Hangzhou (actual weight) is 3,333 yuan/ton, unchanged; the price of HRB400E 20MM in Guangzhou (theoretical weight) is 3,420 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) is 3,150 yuan/ton, unchanged; the basis of the RB main contract is 200 yuan/ton, up 4 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou is 20 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 60.8% PB iron ore fines at Qingdao Port is 765 yuan/wet ton, down 5 yuan; the price of first - grade metallurgical coke at Tianjin Port (FOB) is 1,540 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) is 2,170 yuan/ton, unchanged; the price of Q235 billet in Hebei is 2,900 yuan/ton, unchanged; the inventory of iron ore at 45 ports is 171.3697 million tons, up 1.1845 million tons; the inventory of coke at sample coking plants is 448,200 tons, up 6,800 tons; the inventory of coke at sample steel mills is 6.9257 million tons, up 141,700 tons; the inventory of billets in Tangshan is 1.7422 million tons, up 181,300 tons; the blast furnace operating rate of 247 steel mills is 79.55%, up 0.53 percentage points; the blast furnace capacity utilization rate of 247 steel mills is 85.71%, up 0.26 percentage points [2]. 3.4 Industry Situation - The weekly output of rebar at sample steel mills is 1.6916 million tons, down 225,200 tons; the capacity utilization rate of sample steel mills for rebar is 37.08%, down 4.94 percentage points; the inventory of rebar at sample steel mills is 1.6359 million tons, up 99,400 tons; the social inventory of rebar in 35 cities is 4.2323 million tons, up 573,100 tons; the operating rate of independent electric arc furnace steel mills is 54.17%, down 14.58 percentage points; the monthly output of domestic crude steel is 68.18 million tons, down 1.69 million tons; the monthly output of Chinese steel bars is 13.75 million tons, up 190,000 tons; the net export volume of steel is 10.78 million tons, up 1.3 million tons [2]. 3.5 Downstream Situation - The national real - estate climate index is 91.45, down 0.44; the cumulative year - on - year growth rate of fixed - asset investment completion is -3.80%, down 1.20 percentage points; the cumulative year - on - year growth rate of real - estate development investment completion is -17.20%, down 1.30 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment is -2.20%, down 1.10 percentage points; the cumulative value of housing construction area is 6.5989 billion square meters, down 38.24 million square meters; the cumulative value of new housing construction area is 587.7 million square meters, down 53.13 million square meters; the inventory of commercial housing for sale is 402.36 million square meters, down 8.75 million square meters [2]. 3.6 Industry News - On February 12, Mysteel information showed that the actual output of rebar this period was 1.6916 million tons, a week - on - week decrease of 225,200 tons; the mill inventory was 1.6359 million tons, a week - on - week increase of 99,400 tons; the social inventory was 4.2323 million tons, a week - on - week increase of 573,100 tons; the total inventory was 5.8682 million tons, a week - on - week increase of 672,500 tons; the apparent demand was 1.0191 million tons, a week - on - week decrease of 457,300 tons. According to Mysteel research, the willingness of construction steel enterprises in Jiangsu Province to store steel for the winter is generally low, with more than two - thirds of enterprises having no active plans; the winter - storage policy is mainly based on locked - price contracts, and flexible combined plans are also valued. This year's winter - storage cost is relatively rigid, and the cost support after the Spring Festival is strong [2].

Report Industry Investment Rating - The report gives a view of "oscillating bearish" for the RB2605 contract [2] Core View - On Monday, the RB2605 contract decreased in price with increasing positions. Macroscopically, 405.5 billion yuan of reverse repos will mature in the central bank's open - market this week. In terms of supply and demand, the weekly output of rebar decreased, the capacity utilization rate was 42.02% with an output of 1.9168 million tons, the apparent demand dropped to 1.47 million tons, and the inventory continued to rise. Overall, as the Spring Festival approaches, there are more blast - furnace overhauls in steel mills while the demand continues to shrink, so the futures price oscillates weakly [2] Summary by Directory Futures Market - The closing price of the RB main contract was 3,064 yuan/ton, a decrease of 13 yuan; the position volume was 2,005,501 lots, an increase of 90,248 lots. The net position of the top 20 in the RB contract was - 6,490 lots, an increase of 24,227 lots. The spread between the RB5 - 10 contracts was - 46 yuan/ton, an increase of 1 yuan. The daily warehouse receipt of the RB on the Shanghai Futures Exchange was 31,310 tons, a decrease of 305 tons. The spread between the HC2605 - RB2605 contracts was 175 yuan/ton, an increase of 1 yuan [2] 现货市场 - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,250 yuan/ton with no change; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,333 yuan/ton with no change. The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,420 yuan/ton with no change; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,150 yuan/ton, a decrease of 10 yuan. The basis of the RB main contract was 186 yuan/ton, an increase of 13 yuan. The spot price difference between hot - rolled coil and rebar in Hangzhou was 30 yuan/ton with no change [2] Upstream Situation - The price of 60.8% PB iron ore fines at Qingdao Port was 763 yuan/wet ton, a decrease of 5 yuan. The price of first - grade metallurgical coke at Tianjin Port (FOB) was 1,540 yuan/ton with no change. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,170 yuan/ton with no change. The price of Q235 billet in Hebei was 2,910 yuan/ton with no change. The inventory of iron ore at 45 ports was 171.3697 million tons, an increase of 1.1845 million tons. The coke inventory of sample coking plants was 448,200 tons, an increase of 6,800 tons. The coke inventory of sample steel mills was 6.9257 million tons, an increase of 141,700 tons. The billet inventory in Tangshan was 1.5609 million tons, a decrease of 26,600 tons. The blast - furnace operating rate of 247 steel mills was 79.55%, an increase of 0.53 percentage points; the blast - furnace capacity utilization rate was 85.71%, an increase of 0.26 percentage points [2] Industry Situation - The weekly output of rebar of sample steel mills was 1.9168 million tons, a decrease of 81,500 tons; the capacity utilization rate was 42.02%, a decrease of 1.78 percentage points. The inventory of rebar in sample steel mills was 1.5365 million tons, an increase of 45,200 tons; the social inventory of rebar in 35 cities was 3.6592 million tons, an increase of 395,200 tons. The operating rate of independent electric - arc furnace steel mills was 54.17%, a decrease of 14.58 percentage points. The monthly output of domestic crude steel was 68.18 million tons, a decrease of 1.69 million tons. The monthly output of Chinese steel bars was 13.75 million tons, an increase of 190,000 tons. The net export volume of steel was 10.78 million tons, an increase of 1.3 million tons [2] 下游情况 - 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 completion was - 3.80%, a decrease of 1.20 percentage points. The cumulative year - on - year growth rate of real - estate development investment completion was - 17.20%, a decrease of 1.30 percentage points. The cumulative year - on - year growth rate of infrastructure construction investment was - 2.20%, a decrease of 1.10 percentage points. The cumulative value of housing construction area was 6.5989 billion square meters, a decrease of 38.24 million square meters. The cumulative value of new housing construction area was 587.7 million square meters, a decrease of 53.13 million square meters. The unsold area of commercial housing was 402.36 million square meters, a decrease of 8.75 million square meters [2] Industry News - The new - issue Cailian Press "C50 Wind Direction Index" shows that the financial data in January 2026 may have a "good start", but the overall level is weaker than the same period in 2025. The median forecast of market institutions for new RMB loans in January is 4.7 trillion yuan, a year - on - year decrease of 430 billion yuan. The median forecast for new social financing in January is 7.11 trillion yuan, a year - on - year slight increase of 50 billion yuan [2] - On February 5, Mysteel information showed that the actual output of rebar this period was 1.9168 million tons, a decrease of 81,500 tons compared with the previous period; the mill inventory was 1.5365 million tons, an increase of 45,200 tons; the social inventory was 3.6592 million tons, an increase of 395,200 tons; the total inventory was 5.1957 million tons, an increase of 440,400 tons; the apparent demand was 1.4764 million tons, a decrease of 287,600 tons [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On Tuesday, the RB2605 contract showed a weak and fluctuating trend. Shanghai has initiated the work of purchasing second - hand housing for affordable rental housing, with Pudong New Area, Jing'an District, and Xuhui District as the first - batch pilot areas. The weekly output of rebar has increased slightly again, with a capacity utilization rate of 43.8% and an output of 1.9983 million tons. The apparent demand continues to decline, and the inventory has increased again. Overall, as the Spring Festival holiday approaches, the shrinking demand and increasing inventory put pressure on steel prices. Meanwhile, continue to pay attention to the impact of macro - policies on the steel market. Technically, the 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA are running at a low level, and the green bar is stable. It is recommended for short - term trading 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 is 3,099 yuan/ton, up 1 yuan; the position volume is 1,805,126 hands, up 21,029 hands; the net position of the top 20 in the RB contract is - 37,645 hands, up 195 hands; the RB5 - 10 contract spread is - 52 yuan/ton, down 5 yuan; the RB Shanghai Futures Exchange warehouse receipt is 37,931 tons, up 2,090 tons; the HC2605 - RB2605 contract spread is 166 yuan/ton, up 3 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) is 3,260 yuan/ton, down 10 yuan; (weighed) is 3,344 yuan/ton, down 10 yuan. In Guangzhou (theoretical weight), it is 3,420 yuan/ton, unchanged. In Tianjin (theoretical weight), it is 3,160 yuan/ton, down 10 yuan. The basis of the RB main contract is 161 yuan/ton, down 11 yuan. The spot price difference between hot - rolled coil and rebar in Hangzhou is 40 yuan/ton, up 20 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port is 793 yuan/wet ton, up 6 yuan. The price of first - class metallurgical coke at Tianjin Port (FOB) is 1,490 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) is 2,170 yuan/ton, unchanged. The price of Hebei Q235 billet is 2,920 yuan/ton, unchanged. The inventory of iron ore at 45 ports is 170.1852 million tons, up 2.5567 million tons. The inventory of coke at sample coking plants is 441,400 tons, up 22,000 tons [2]. 3.4 Industry Situation - The inventory of coke at sample steel mills is 6.784 million tons, up 164,100 tons. The inventory of billets in Tangshan is 1.5875 million tons, up 25,500 tons. The blast furnace operating rate of 247 steel mills is 79.02%, up 0.36 percentage points. The blast furnace capacity utilization rate is 85.45%, down 0.08 percentage points. The output of rebar at sample steel mills is 1.9983 million tons, up 2,800 tons. The capacity utilization rate of rebar at sample steel mills is 43.8%, up 0.05 percentage points. The inventory of rebar at sample steel mills is 1.4913 million tons, up 1,500 tons. The social inventory of rebar in 35 cities is 3.264 million tons, up 232,800 tons. The operating rate of independent electric arc furnace steel mills is 68.75%, down 2.08 percentage points. The monthly output of domestic crude steel is 68.18 million tons, down 1.69 million tons. The monthly output of Chinese steel bars is 13.75 million tons, up 190,000 tons. The net export volume of steel is 10.78 million tons, up 1.3 million tons [2]. 3.5 Downstream Situation - The national real estate climate index is 91.45, down 0.44. The cumulative year - on - year growth rate of fixed - asset investment completion is - 3.8%, down 1.2 percentage points. The cumulative year - on - year growth rate of real estate development investment completion is - 17.2%, down 1.3 percentage points. The cumulative year - on - year growth rate of infrastructure construction investment is - 2.2%, down 1.1 percentage points. The cumulative value of housing construction area is 6.5989 billion square meters, down 38.24 million square meters. The cumulative value of new housing construction area is 587.7 million square meters, down 53.13 million square meters. The area of unsold commercial housing is 402.36 million square meters, down 8.75 million square meters [2]. 3.6 Industry News - On February 3, the Office of the State Council Safety Committee issued an urgent notice to deploy all regions, relevant departments, and central enterprises to implement General Secretary Xi Jinping's important instructions, do a good job in work safety around the Spring Festival, strengthen major risk prevention and control, and resolutely prevent and contain group - death and group - injury, especially major and extremely serious production safety accidents. According to incomplete statistics from Mysteel, recently 10 steel mills have released Spring Festival maintenance plans. Among them, Chengshi Iron and Steel of Dudu Group plans to stop production and conduct maintenance from February 1 to 28, 2026, reducing the output of construction steel by about 170,000 tons [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - In the consumption off - season, the demand for rebar has shrunk, and the dollar index has rebounded, leading to a general decline in commodities. The weekly output of rebar has increased slightly again, with a capacity utilization rate of 43.8% and a production volume of 199.83 tons. The apparent demand continues to decline, and the inventory has increased again. It is recommended for short - term trading and attention should be paid to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract is 3,098.00 yuan/ton, a decrease of 30 yuan; the position volume is 1,784,097 lots, an increase of 49,987 lots; the net position of the top 20 in the RB contract is - 37,840 lots, an increase of 29,321 lots; the RB5 - 10 contract spread is - 47 yuan/ton, an increase of 2 yuan; the RB warehouse receipt at the Shanghai Futures Exchange is 35,841 tons, a decrease of 2,442 tons; the HC2605 - RB2605 contract spread is 163 yuan/ton, an increase of 3 yuan [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) is 3,270.00 yuan/ton, a decrease of 10 yuan; (actual weight) is 3,354 yuan/ton, a decrease of 10 yuan; in Guangzhou (theoretical weight) is 3,430.00 yuan/ton, unchanged; in Tianjin (theoretical weight) is 3,170.00 yuan/ton, unchanged. The basis of the RB main contract is 172.00 yuan/ton, an increase of 20 yuan; the spot price difference between hot - rolled coil and rebar in Hangzhou is 20.00 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port is 787.00 yuan/wet ton, a decrease of 7.00 yuan; the price of first - grade metallurgical coke at Tianjin Port (FOB) is 1,490.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) is 2,170.00 yuan/ton, unchanged; the price of Q235 billet in Hebei is 2,920.00 yuan/ton, a decrease of 20.00 yuan. The inventory of iron ore at 45 ports is 17,018.52 million tons, an increase of 255.67 million tons; the inventory of coke at sample coking plants is 44.14 million tons, an increase of 2.20 million tons; the inventory of coke at sample steel mills is 678.40 million tons, an increase of 16.41 million tons; the inventory of billets in Tangshan is 158.75 million tons, an increase of 2.55 million tons. The blast furnace operating rate of 247 steel mills is 79.02%, an increase of 0.36 percentage points; the blast furnace capacity utilization rate is 85.45%, a decrease of 0.08 percentage points [2] 3.4 Industry Situation - The weekly output of rebar at sample steel mills is 199.83 million tons, an increase of 0.28 million tons; the capacity utilization rate is 43.80%, an increase of 0.05 percentage points; the inventory at sample steel mills is 149.13 million tons, an increase of 0.15 million tons; the social inventory of rebar in 35 cities is 326.40 million tons, an increase of 23.28 million tons. The operating rate of independent electric arc furnace steel mills is 68.75%, a decrease of 2.08 percentage points; the monthly output of domestic crude steel is 6,818 million tons, a decrease of 169 million tons; the monthly output of Chinese steel bars is 1,375 million tons, an increase of 19 million tons; the net export volume of steel is 1,078.00 million tons, an increase of 130.00 million tons [2] 3.5 Downstream Situation - The national real - estate climate index is 91.45, a decrease of 0.44; the cumulative year - on - year growth rate of fixed - asset investment is - 3.80%, a decrease of 1.20 percentage points; the cumulative year - on - year growth rate of real - estate development investment is - 17.20%, a decrease of 1.30 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment is - 2.20%, a decrease of 1.10 percentage points. The cumulative value of housing construction area is 659,890 million square meters, a decrease of 3,824 million square meters; the cumulative value of new housing construction area is 58,770 million square meters, a decrease of 5,313 million square meters; the unsold area of commercial housing is 40,236.00 million square meters, a decrease of 875.00 million square meters [2] 3.6 Industry News - Former Federal Reserve Governor Kevin Warsh was nominated as the next Fed Chairman by US President Trump, which triggered hawkish expectations, and international precious - metal prices tumbled last Friday. The scale of the price - locking policy for winter storage of construction steel in Wuhan has decreased. On Monday, the RB2605 contract decreased with increasing positions. China's official manufacturing PMI in January was 49.3%, a decrease of 0.8 percentage points month - on - month [2]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - On Wednesday, the RB2605 contract rebounded slightly. Macroscopically, the Ministry of Natural Resources and the Ministry of Housing and Urban - Rural Development issued the "Notice on Several Measures to Further Support Urban Renewal Actions", which proposed a transition - period policy for using existing land and real - estate resources to develop state - supported industries and sectors. In terms of supply and demand, the weekly output of rebar remained at a low level with a capacity utilization rate of 41.72%; the apparent demand turned from a decline to an increase, and the inventory decreased slightly. Overall, in the off - season of consumption, rebar trading was sluggish, and the support from the cost side weakened due to the weakness of furnace materials. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA were operating below the 0 axis. The reference view is to short on the rebound and pay attention to risk control [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,117.00 yuan/ton, up 6 yuan; the position volume of the RB main contract was 1,742,258 lots, up 1,023 lots; the net position of the top 20 in the RB contract was - 53,983 lots, up 3,282 lots; the spread between the RB5 - 10 contracts was - 45 yuan/ton, up 3 yuan; the daily warehouse receipt of the RB on the Shanghai Futures Exchange was 49,244 tons, unchanged; the spread between the HC2605 - RB2605 contracts was 169 yuan/ton, up 4 yuan [2]. 3.2现货市场 - The price of HRB400E 20MM in Hangzhou (theoretical weight calculation) was 3,290.00 yuan/ton, down 10 yuan; the price of HRB400E 20MM in Hangzhou (weighing) was 3,374 yuan/ton, down 10 yuan; the price of HRB400E 20MM in Guangzhou (theoretical weight calculation) was 3,450.00 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight calculation) was 3,160.00 yuan/ton, unchanged; the basis of the RB main contract was 173.00 yuan/ton, down 16 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was 20.00 yuan/ton, up 10 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 795.00 yuan/wet ton, up 2.00 yuan; the price of first - grade metallurgical coke at Tianjin Port (FOB price) was 1,490.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (ex - tax) was 2,170.00 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,930.00 yuan/ton, unchanged; the inventory of iron ore at 45 ports (weekly, 10,000 tons) was 16,550.81, up 270.87; the inventory of coke at sample coking plants (weekly, 10,000 tons) was 40.48, down 3.50; the inventory of coke at sample steel mills (weekly, 10,000 tons) was 650.20, up 4.34; the inventory of billets in Tangshan (weekly, 10,000 tons) was 149.31, up 8.56 [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills (weekly, %) was 78.82, down 0.51; the blast furnace capacity utilization rate of 247 steel mills (weekly, %) was 85.46, down 0.60; the rebar output of sample steel mills (weekly, 10,000 tons) was 190.30, down 0.74; the capacity utilization rate of rebar of sample steel mills (weekly, %) was 41.72, down 0.16; the inventory of rebar at sample steel mills (weekly, 10,000 tons) was 142.66, down 5.27; the social inventory of rebar in 35 cities (weekly, 10,000 tons) was 295.41, up 5.23; the operating rate of independent electric - arc furnace steel mills (weekly, %) was 71.88, up 1.05; the domestic crude steel output (monthly, 10,000 tons) was 6,818, down 169; the monthly output of Chinese steel bars (monthly, 10,000 tons) was 1,434, up 59; the net export volume of steel (monthly, 10,000 tons) was 1,078.00, up 130.00 [2]. 3.5 Downstream Situation - The national real - estate climate index (monthly) was 91.45, down 0.44; the cumulative year - on - year growth rate of fixed - asset investment completion (monthly, %) was - 3.80, down 1.20; the cumulative year - on - year growth rate of real - estate development investment completion (monthly, %) was - 17.20, down 1.30; the cumulative year - on - year growth rate of infrastructure construction investment (monthly, %) was - 2.20, down 1.10; the cumulative value of housing construction area (monthly, 10,000 square meters) was 659,890, down 3,824; the cumulative value of new housing construction area (monthly, 10,000 square meters) was 58,770, down 5,313; the unsold area of commercial housing (monthly, 10,000 square meters) was 40,236.00, down 875.00 [2]. 3.6 Industry News - In 2026, the Minister of the Ministry of Housing and Urban - Rural Development, Ni Hong, said that urban renewal contains huge investment and consumption potential. It is necessary to build new houses into "good houses" and gradually transform old houses into "good houses", and support the reasonable financing needs of real - estate enterprises and the rigid and improved housing needs of residents. - The relationship between the United States and European countries has become increasingly tense, affecting the capital market. On Tuesday, the Danish pension fund AkademikerPension said it would withdraw from the US Treasury market by the end of this month due to financial concerns [2]. 3.7 Key Points to Watch - The weekly output, in - plant inventory, and social inventory of rebar on Thursday [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On Tuesday, the RB2605 contract increased in position and declined. The International Monetary Fund (IMF) raised the global economic growth forecast for 2026 by 0.2 percentage points to 3.3% and also raised the economic growth forecasts for China, the US, the Eurozone, and Japan in 2026. In terms of supply and demand, the weekly output of rebar remained at a low level with a capacity utilization rate of 41.72%; the apparent demand changed from a decline to an increase, and the inventory decreased slightly. Overall, the cost - side support continued to weaken as furnace materials declined, the market trading was sluggish, and the spot trading volume shrank. The long positions of mainstream holdings decreased again. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA were running below the 0 - axis. The view is for a volatile and bearish trend, 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 3,111.00 yuan/ton, a decrease of 29 yuan; the position of the RB main contract was 1,741,235 lots, an increase of 13,280 lots. The net position of the top 20 in the RB contract was - 57,265 lots, an increase of 10,794 lots. The spread between the RB5 - 10 contracts was - 48 yuan/ton, unchanged. The daily warehouse receipt of the RB on the Shanghai Futures Exchange was 49,244 tons, a decrease of 31,304 tons. The spread between the HC2605 - RB2605 contracts was 165 yuan/ton, an increase of 6 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,310.00 yuan/ton, a decrease of 20 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,395 yuan/ton, a decrease of 21 yuan. The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,470.00 yuan/ton, unchanged. The price of HRB400E 20MM in Tianjin (theoretical weight) was 3,170.00 yuan/ton, a decrease of 10 yuan. The basis of the RB main contract was 199.00 yuan/ton, an increase of 9 yuan. The spot price difference between hot - rolled coils and rebar in Hangzhou was 0.00 yuan/ton, an increase of 10 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 793.00 yuan/wet ton, a decrease of 17.00 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 2,160.00 yuan/ton, unchanged. The price of Q235 billets in Hebei was 2,950.00 yuan/ton, a decrease of 10.00 yuan. The inventory of iron ore at 45 ports was 165.5081 million tons, an increase of 2.7087 million tons. The inventory of coke at sample coking plants was 404,800 tons, a decrease of 35,000 tons. The inventory of coke at sample steel mills was 6.502 million tons, an increase of 43,400 tons. The inventory of steel billets in Tangshan was 1.4931 million tons, an increase of 85,600 tons. The blast furnace operating rate of 247 steel mills was 78.82%, a decrease of 0.51 percentage points. The blast furnace capacity utilization rate of 247 steel mills was 85.46%, a decrease of 0.60 percentage points [2]. 3.4 Industry Situation - The weekly output of rebar at sample steel mills was 1.903 million tons, a decrease of 7,400 tons. The capacity utilization rate of rebar at sample steel mills was 41.72%, a decrease of 0.16 percentage points. The inventory of rebar at sample steel mills was 1.4266 million tons, a decrease of 52,700 tons. The social inventory of rebar in 35 cities was 2.9541 million tons, an increase of 52,300 tons. The operating rate of independent electric arc furnace steel mills was 71.88%, an increase of 1.05 percentage points. The monthly output of domestic crude steel was 68.18 million tons, a decrease of 1.69 million tons. The monthly output of Chinese steel bars was 14.34 million tons, an increase of 590,000 tons. The net export volume of steel products was 10.78 million tons, an increase of 1.3 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 1.20 percentage points. The cumulative year - on - year growth rate of real - estate development investment was - 17.20%, a decrease of 1.30 percentage points. The cumulative year - on - year growth rate of infrastructure construction investment was - 2.20%, a decrease of 1.10 percentage points. The cumulative value of housing construction area was 6.5989 billion square meters, a decrease of 38.24 million square meters. The cumulative value of new housing construction area was 587.7 million square meters, a decrease of 53.13 million square meters. The area of unsold commercial housing was 402.36 million square meters, a decrease of 8.75 million square meters [2]. 3.6 Industry News - In 2025, the fiscal deficit ratio was about 4%, an increase of one percentage point compared with the previous year. The new government debt scale was 11.86 trillion yuan, an increase of 2.9 trillion yuan compared with the previous year, exceeding the average level of previous years. On January 20, the Ministry of Natural Resources and the Ministry of Housing and Urban - Rural Development issued the "Notice on Several Measures to Further Support Urban Renewal Actions", proposing that for the development of industries and sectors supported by the state using existing land and real - estate resources, a transition - period policy of not changing the land - use subject and planning conditions within a certain period could be enjoyed, and the transition period was generally no more than 5 years [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint of the Report - On Tuesday, the RB2605 contract first declined and then rebounded. In terms of macro - aspects, in 2025, mergers and acquisitions in the steel industry were frequent, and many enterprises optimized their layouts through equity acquisitions and asset swaps, with regional integration accelerating. In terms of supply - demand, the weekly output of rebar increased slightly with a capacity utilization rate of 40.42%; the apparent demand declined, and the inventory continued to be depleted. Overall, in the consumption off - season, the terminal demand for rebar decreased, while the output was at a low level. The larger reduction in short positions of mainstream holdings supported the rebound of the futures price. Technically, for the RB2605 contract, the 1 - hour MACD indicator shows that DIFF and DEA are running below the 0 - axis, and the green bar is shrinking. It is recommended for short - term trading and attention should be paid to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,111.00 yuan/ton, up 7 yuan; the trading volume was 1,562,948 lots, up 14,597 lots; the net position of the top 20 in the RB contract was - 3,952 lots, up 18,860 lots; the spread between the RB5 - 10 contracts was - 45 yuan/ton, down 3 yuan; the daily warehouse receipt of the RB on the Shanghai Futures Exchange was 78,444 tons, unchanged; the spread between the HC2605 - RB2605 contracts was 152 yuan/ton, up 8 yuan [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,310.00 yuan/ton, down 10 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,395 yuan/ton, down 10 yuan; the price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,490.00 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,150.00 yuan/ton, down 10 yuan; the basis of the RB main contract was 199.00 yuan/ton, down 17 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was - 10.00 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 802.00 yuan/wet ton, down 7.00 yuan; the price of first - grade metallurgical coke at Tianjin Port (FOB) was 1,540.00 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 billets in Hebei was 2,930.00 yuan/ton, unchanged; the inventory of iron ore at 45 ports was 158.6194 million tons, up 3.538 million tons; the inventory of coke at sample coking plants was 486,000 tons, down 13,700 tons; the inventory of coke at sample steel mills was 6.4383 million tons, up 14,300 tons; the inventory of billets in Tangshan was 1.2661 million tons, up 86,000 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 78.96%, up 0.66%; the blast furnace capacity utilization rate of 247 steel mills was 85.28%, up 0.32%; the output of rebar at sample steel mills was 1.8439 million tons, up 27,100 tons; the capacity utilization rate of rebar at sample steel mills was 40.42%, up 0.59%; the inventory of rebar at sample steel mills was 1.4006 million tons, up 5,200 tons; the social inventory of rebar in 35 cities was 2.9419 million tons, down 188,100 tons; the operating rate of independent electric - arc furnace steel mills was 69.79%, up 2.08%; the monthly output of crude steel in China was 69.87 million tons, down 2.13 million tons; the monthly output of rebar in China was 1.434 million tons, up 59,000 tons; the net export volume of steel products was 948,000 tons, up 20,000 tons [2] 3.5 Downstream Situation - The national real - estate climate index was 91.90, down 0.52; the cumulative year - on - year growth rate of fixed - asset investment was - 2.60%, down 0.90%; the cumulative year - on - year growth rate of real - estate development investment was - 15.90%, down 1.20%; the cumulative year - on - year growth rate of infrastructure construction investment was - 1.10%, down 1.00%; the cumulative value of housing construction area was 6.56066 billion square meters, down 31.27 million square meters; the cumulative value of new housing construction area was 534.57 million square meters, down 43.95 million square meters; the area of unsold commercial housing was 393.61 million square meters, up 2.84 million square meters. From December 29, 2025, to January 4, 2026, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.3394 million square meters, with a month - on - month decrease of 20.3% and a year - on - year decrease of 10.9% [2] 3.6 Industry News - Hebei Provincial Party Committee drafted the "Interim Measures for Reporting and Rewarding Illegal New Steel Production Capacity in Hebei Province (Draft for Comment)" to encourage public participation in preventing and combating illegal new steel production capacity and strengthen the investigation and crackdown on such behavior, and is now soliciting public comments [2]