螺纹钢产业链日报 2025/12/11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,069.00 | -48↓ RB主力合约持仓量(手) | 1602075 | +87857↑ | | | RB合约前20名净持仓(手) | -20066 | -33005↓ RB1-5合约价差(元/吨) | 16 | +18↑ | | | RB上期所仓单日报(日，吨) | 62879 | 0.00 HC2605-RB2605合约价差(元/吨) | 169 | +4↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,290.00 | -20↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,374 | -21↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,510.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,160.00 | -20↓ | | | RB 主力合约基差 (元 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 螺纹钢产业链日报 2025/12/9 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) 1593747 | 3,079.00 | -44↓ RB主力合约持仓量(手) | | +116170↑ | | | RB合约前20名净持仓(手) | -37831 | +3895↑ RB1-5合约价差(元/吨) | 14 | +20↑ | | | RB上期所仓单日报(日，吨) | 57721 | -10455↓ HC2605-RB2605合约价差(元/吨) | 173 | +5↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,280.00 | -30↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,364 | -31↓ | | | 广州 HRB400 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 螺纹钢产业链日报 2025/12/3 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,169.00 | 0.00 RB主力合约持仓量(手) | 1297106 | +121547↑ | | | RB合约前20名净持仓(手) | -20049 | +26388↑ RB1-5合约价差(元/吨) | -32 | +4↑ | | | RB上期所仓单日报(日，吨) | 65741 | 0.00 HC2605-RB2605合约价差(元/吨) | 155 | +2↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,330.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,415 | 0.00 | | | 广州 HRB400E 20MM(理计，元/吨) | 3,540.00 | 0.00 天津 HRB400E 20M ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On Tuesday, the RB2605 contract fluctuated with an upward bias. The real - estate market declined slightly, but inventory continued to decrease. Overall, the supply and demand of rebar were both weak, but the rebound in the coking coal and coke futures prices supported steel prices, and the macro - economic outlook was positive. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA were rising, but the red bars were shrinking. The reference view was to be bullish on the fluctuations, 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 was 3,169.00 yuan/ton, up 2 yuan; the trading volume of the RB main contract was 1,175,559 lots, up 127,790 lots; the net position of the top 20 in the RB contract was - 46,437 lots, up 11,765 lots; the spread between the RB1 - 5 contracts was - 36 yuan/ton, down 3 yuan; the daily warehouse receipt of the RB on the SHFE was 65,741 tons, down 4,134 tons; the spread between the HC2605 - RB2605 contracts was 153 yuan/ton, unchanged [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,330.00 yuan/ton, unchanged; in Hangzhou (actual weight), it was 3,415 yuan/ton, unchanged; in Guangzhou (theoretical weight), it was 3,550.00 yuan/ton, up 10 yuan; in Tianjin (theoretical weight), it was 3,220.00 yuan/ton, unchanged. The basis of the RB main contract was 161.00 yuan/ton, down 2 yuan. The spot price difference between hot - rolled coils and rebar in Hangzhou was 10.00 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB fines in Qingdao Port was 798.00 yuan/wet ton, up 5.00 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,690.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - free) was 2,150.00 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,990.00 yuan/ton, unchanged. The inventory of iron ore in 45 ports was 152.0607 million tons, up 1.5519 million tons; the inventory of coke in sample coking plants was 449,500 tons, up 16,200 tons [2] 3.4 Industry Situation - The inventory of coke in sample steel mills was 6.2553 million tons, up 31,300 tons; the inventory of billets in Tangshan was 1.1476 million tons, down 13,400 tons. The blast - furnace operating rate of 247 steel mills was 81.07%, down 1.10 percentage points; the blast - furnace capacity utilization rate of 247 steel mills was 87.96%, down 0.60 percentage points. The weekly output of rebar in sample steel mills was 2.0608 million tons, down 18,800 tons; the capacity utilization rate of rebar in sample steel mills was 45.18%, down 0.41 percentage points. The inventory of rebar in sample steel mills was 1.4673 million tons, down 65,900 tons; the social inventory of rebar in 35 cities was 3.8475 million tons, down 152,700 tons. The operating rate of independent electric - arc - furnace steel mills was 68.75%, down 1.04 percentage points; the domestic crude - steel output was 72 million tons, down 1.49 million tons. The monthly output of Chinese rebar was 1.475 million tons, up 41,000 tons; the net export volume of steel was 9.28 million tons, down 640,000 tons [2] 3.5 Downstream Situation - The national real - estate climate index was 92.43, down 0.34; the cumulative year - on - year growth rate of fixed - asset investment completion was - 1.70%, down 1.20 percentage points; the cumulative year - on - year growth rate of real - estate development investment completion was - 14.70%, down 0.80 percentage points; the cumulative year - on - year growth rate of infrastructure investment was - 0.10%, down 1.20 percentage points. The cumulative value of housing construction area was 6.52939 billion square meters, down 43.59 million square meters; the cumulative value of new housing starts was 490.61 million square meters, down 36.62 million square meters; the unsold housing area was 396.45 million square meters, up 2.92 million square meters [2] 3.6 Industry News - In November 2025, 12 steel projects started or were put into production. Projects such as Xinfeng Steel (Egypt) and Jiangxi Chongxin New Materials started; projects such as Tianjin Decai Cold - rolling, Jiugang Hongyu New Materials, and Yunnan Yukun Iron and Steel were put into production. On December 1st, leading steel mills in Hebei and Shandong lowered the purchase price of coke, with a 50 - yuan/ton reduction for wet - quenched coke and a 55 - yuan/ton reduction for dry - quenched coke [2]

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。 本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人 不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 螺纹钢产业链日报 2025/12/1 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,134.00 | +24↑ RB主力合约持仓量(手) | 882576 | -89702↓ | | | RB合约前20名净持仓(手) | -58202 | -3981↓ RB ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。 本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人 不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,106.00 | +17↑ RB主力合约持仓量(手) | 1301038 | -131667↓ | | | RB合约前20名净持仓(手) | -46573 | -3448↓ RB1-5合约价差(元/吨) | -19 | +10↑ | | | RB上期所仓单日报(日，吨) | 67292 | +2134↑ ...

免责声明 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 螺纹钢产业链日报 2025/11/18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,090.00 | -7↓ RB主力合约持仓量(手) | 1655469 | -74279↓ | | | RB合约前20名净持仓(手) | -69457 | -21979↓ RB1-5合约价差(元/吨) | -49 | +1↑ | | | RB上期所仓单日报(日，吨) | 108272 | -3655↓ HC2601-RB2601合约价差(元/吨) | 196 | -9↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,270.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,354 | 0.00 | | | 广州 H ...

螺纹钢产业链日报 2025/11/13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,046.00 | +8↑ RB主力合约持仓量(手) | 1857343 | -10693↓ | | | RB合约前20名净持仓(手) | -73835 | +6420↑ RB1-5合约价差(元/吨) | -54 | +4↑ | | | RB上期所仓单日报(日，吨) | 111927 | -5166↓ HC2601-RB2601合约价差(元/吨) | 208 | -9↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,240.00 | +10↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,323 | +10↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,310.00 | +20↑ 天津 HRB400E 20MM(理计，元/吨) | 3,210.00 | 0.00 | | | RB 主力合约基差 ( ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The RB2601 contract rebounded with reduced positions on Monday. The U.S. Trade Representative's Office announced the suspension of 301 investigation - related measures against China's maritime, logistics, and shipbuilding industries starting from November 10th. The weekly output of rebar decreased, and the capacity utilization rate dropped to 45.72%, remaining at a low level. Terminal demand declined, but inventories have decreased for four consecutive weeks. Overall, the macro - level released positive signals, market investment sentiment improved, and the reduction of short positions in mainstream holdings supported the rebound of futures prices. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA rebounded from low levels. The recommended operation is to go long on pullbacks with a stop - loss reference of 3000 and pay attention to risk control [2]. 3. Summary by Relevant Catalogs Futures Market - RB main contract closing price: 3,044.00 yuan/ton, up 10 yuan; RB main contract open interest: 1,923,733 lots, down 37,153 lots; RB contract top 20 net open interest: - 53,077 lots, up 48,936 lots; RB1 - 5 contract spread: - 58 yuan/ton, up 3 yuan; RB Shanghai Futures Exchange warehouse receipt: 128,592 tons, down 9,143 tons; HC2601 - RB2601 contract spread: 208 yuan/ton, down 3 yuan [2]. 现货市场 - Hangzhou HRB400E 20MM (theoretical weight): 3,230.00 yuan/ton, up 10 yuan; Hangzhou HRB400E 20MM (actual weight): 3,313 yuan/ton, up 10 yuan; Guangzhou HRB400E 20MM (theoretical weight): 3,290.00 yuan/ton, unchanged; Tianjin HRB400E 20MM (theoretical weight): 3,200.00 yuan/ton, up 20 yuan; RB main contract basis: 186.00 yuan/ton, unchanged; Hangzhou hot - rolled coil - rebar spot spread: 70.00 yuan/ton, down 10 yuan [2]. Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 771.00 yuan/wet ton, down 2 yuan; Hebei quasi - first - grade metallurgical coke: 1,640.00 yuan/ton, unchanged; Tangshan 6 - 8mm scrap steel (tax - excluded): 2,170.00 yuan/ton, unchanged; Hebei Q235 billet: 2,940.00 yuan/ton, up 10 yuan; 45 - port iron ore inventory: 148.9481 million tons, up 3.5557 million tons; Sample coking plant coke inventory: 361,500 tons, down 12,900 tons; Sample steel mill coke inventory: 6.2656 million tons, down 23,200 tons; Tangshan billet inventory: 1.2 million tons, up 4,300 tons; 247 steel mills' blast furnace operating rate: 83.15%, up 1.42 percentage points; 247 steel mills' blast furnace capacity utilization rate: 87.79%, down 0.80 percentage points [2]. Industry Situation - Sample steel mills' rebar output: 2.0854 million tons, down 40,500 tons; Sample steel mills' rebar capacity utilization rate: 45.72%, down 0.88 percentage points; Sample steel mills' rebar inventory: 1.6684 million tons, down 48,700 tons; 35 - city rebar social inventory: 4.257 million tons, down 51,100 tons; Independent electric arc furnace steel mill operating rate: 67.71%, unchanged; Domestic crude steel output: 73.49 million tons, down 3.88 million tons; China's rebar monthly output: 1.541 million tons, up 66,000 tons; Steel net export volume: 9.279 million tons, down 641,000 tons [2]. Downstream Situation - National real estate climate index: 92.78, down 0.27; Cumulative year - on - year growth rate of fixed - asset investment: - 0.50%, down 1.00 percentage points; Cumulative year - on - year growth rate of real estate development investment: - 13.90%, down 1.00 percentage points; Cumulative year - on - year growth rate of infrastructure construction investment: 1.10%, down 0.90 percentage points; Cumulative value of housing construction area: 6.4858 billion square meters, down 54.71 million square meters; Cumulative value of new housing construction area: 453.99 million square meters, down 55.98 million square meters; Commercial housing unsold area: 399.37 million square meters, up 2.92 million square meters [2]. Industry News - In October 2025, 822 projects started across the country with a total investment of about 494.812 billion yuan. The top three provinces in terms of investment are Fujian, Guangxi, and Guangdong, with total investments of 136.944 billion yuan, 82.1 billion yuan, and 71.7 billion yuan respectively. On November 9th local time, the U.S. Trade Representative's Office announced the suspension of 301 investigation - related measures against China's maritime, logistics, and shipbuilding industries for one year, starting from 12:01 am on November 10th, Eastern Time [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The weekly output of rebar decreased, and the capacity utilization rate dropped to 45.72%, remaining at a low level. Terminal demand declined, but inventory has been falling for four consecutive weeks. Recently, rebar prices have been falling continuously, and the weak expectations have been realized. The mainstream positions reduced short positions and increased long positions, and the downward momentum weakened. Short - term market trends may fluctuate. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA cross upward at a low level, and the green column turns red. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - RB main contract closing price: 3,037 yuan/ton, up 13 yuan; RB main contract position: 2,020,353 lots, down 11,428 lots; RB contract top 20 net position: - 113,415 lots, up 24,033 lots; RB1 - 5 contract spread: - 65 yuan/ton, up 5 yuan; RB Shanghai Futures Exchange warehouse receipt: 140,134 tons, unchanged; HC2601 - RB2601 contract spread: 219 yuan/ton, down 10 yuan [2]. 3.2 Spot Market - Hangzhou HRB400E 20MM (theoretical weight) price: 3,220 yuan/ton, unchanged; Hangzhou HRB400E 20MM (actual weight) price: 3,303 yuan/ton, unchanged; Guangzhou HRB400E 20MM (theoretical weight) price: 3,280 yuan/ton, down 10 yuan; Tianjin HRB400E 20MM (theoretical weight) price: 3,180 yuan/ton, unchanged; RB main contract basis: 183 yuan/ton, down 13 yuan; Hangzhou hot - rolled coil - rebar spot spread: 100 yuan/ton, up 10 yuan [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore powder: 782 yuan/wet ton, up 7 yuan; Hebei quasi - first - grade metallurgical coke: 1,640 yuan/ton, up 50 yuan; Tangshan 6 - 8mm scrap steel: 2,190 yuan/ton, unchanged; Hebei Q235 billet: 2,930 yuan/ton, up 20 yuan; 45 - port iron ore inventory: 145.3924 million tons, up 1.1859 million tons; Sample coking plant coke inventory: 374,400 tons, up 700 tons; Sample steel mill coke inventory: 6.2888 million tons, down 43,900 tons; 247 steel mill blast furnace operating rate: 81.73%, down 3 percentage points; Tangshan billet inventory: 1.2 million tons, down 30,000 tons; 247 steel mill blast furnace capacity utilization rate: 88.59%, up 0.43 percentage points [2]. 3.4 Industry Situation - Sample steel mill rebar output: 2.0854 million tons, down 40,500 tons; Sample steel mill rebar capacity utilization rate: 45.72%, down 0.88 percentage points; Sample steel mill rebar inventory: 1.6684 million tons, down 48,700 tons; 35 - city rebar social inventory: 4.257 million tons, down 51,100 tons; Independent electric arc furnace steel mill operating rate: 67.71%, unchanged; Domestic crude steel output: 73.49 million tons, down 3.88 million tons; Chinese rebar monthly output: 1.541 million tons, up 66,000 tons; Steel net export volume: 9.92 million tons, up 910,000 tons [2]. 3.5 Downstream Situation - National real estate climate index: 92.78, down 0.27; Cumulative year - on - year growth rate of fixed asset investment: - 0.50%, down 1 percentage point; Cumulative year - on - year growth rate of real estate development investment: - 13.90%, down 1 percentage point; Cumulative year - on - year growth rate of infrastructure investment: 1.10%, down 0.9 percentage point; Cumulative value of housing construction area: 6.4858 billion square meters, down 54.71 million square meters; Cumulative value of new housing construction area: 453.99 million square meters, down 55.98 million square meters; Commercial housing unsold area: 399.37 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - On November 6, Mysteel information showed that the actual rebar output was 2.0854 million tons, a week - on - week decrease of 40,500 tons; the factory inventory was 1.6684 million tons, a week - on - week decrease of 48,700 tons; the social inventory was 4.257 million tons, a week - on - week decrease of 51,100 tons; the total inventory was 5.9254 million tons, a week - on - week decrease of 99,800 tons; the apparent demand was 2.1852 million tons, a week - on - week decrease of 136,600 tons. 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 of the previous year, the total bond financing of real estate enterprises increased significantly. On Thursday, the RB2601 contract first declined and then rose. The State Council Tariff Commission announced that starting from 13:01 on November 10, 2025, it will adjust the additional tariffs on imported goods originating from the United States, and continue to suspend the implementation of the 24% additional tariff rate on the United States for one year, while retaining the 10% additional tariff rate [2].