Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The cost side provides support, and the price of rebar futures continues to be strong. The RB2510 contract should be cautious when chasing high prices, but can still consider buying on dips, paying attention to operation rhythm and risk control. It is recommended to continue holding the bought call options [2][9][58] Summary According to Relevant Catalogs 1. Week - on - Week Summary 1.1 Market Review - As of July 25, the closing price of the rebar main contract was 3356 yuan/ton (+209), and the spot price of Zhongtian rebar in Hangzhou was 3470 yuan/ton (+180). Rebar production increased to 211.96 million tons (+2.9). Apparent demand rebounded to 216.58 million tons (+10.41, -10.44% year - on - year). Total rebar inventory was 538.64 million tons (-4.62, -221.6 million tons year - on - year). The steel mill profitability rate was 63.64%, up 3.47 percentage points from last week and 48.49 percentage points from last year [7] 1.2 Market Outlook - **Macro - aspect**: Overseas, the European Central Bank kept its three key interest rates unchanged, and Trump abandoned the idea of firing Powell. Domestically, the State - owned Assets Supervision and Administration Commission advocated against "involution - style" competition, and a China - US economic and trade meeting was scheduled. **Supply - demand aspect**: Rebar weekly production increased, capacity utilization was 46.47%, and the EAF steel operating rate continued to rise. Downstream procurement increased, inventory decreased, and apparent demand rose. **Cost - aspect**: Iron ore prices pulled back after reaching a high, port inventory increased, and there was profit - taking pressure on long positions. Coking coal supply was expected to shrink, and short - covering and long - adding led to consecutive daily limit up in futures prices. **Technical - aspect**: The RB2510 contract remained strong, with a bullish arrangement of daily K - line moving averages and an expanding red column in the MACD indicator [9] 2. Futures and Spot Market 2.1 Futures Price - This week, the RB2510 contract continued to rise and was stronger than the RB2601 contract. On the 25th, the spread was - 43 yuan/ton, up 1 yuan/ton week - on - week [15] 2.2 Warehouse Receipts and Positions - On July 25, the Shanghai Futures Exchange rebar warehouse receipts were 88027 tons, up 596 tons week - on - week. The net long position of the top 20 in the rebar futures contract was 8836 lots, an increase of 9869 lots from last week [20] 2.3 Spot Price and Basis - On July 25, the spot price of Hangzhou's third - grade rebar 20mm HRB400 was 3470 yuan/ton, up 180 yuan/ton week - on - week; the national average price was 3453 yuan/ton, up 134 yuan/ton week - on - week. This week, the rebar spot price was weaker than the futures price, and on the 25th, the basis was 114 yuan/ton, down 49 yuan/ton week - on - week [26] 3. Upstream Market 3.1 Furnace Charge Prices - On July 25, the price of 61% Australian Macfayden iron ore fines at Qingdao Port was 832 yuan/dry ton, up 15 yuan/dry ton week - on - week. The spot price of first - grade metallurgical coke at Tianjin Port was 1420 yuan/ton, up 50 yuan/ton week - on - week [30] 3.2 Iron Ore Arrival and Inventory - From July 14 - 20, 2025, the total arrival volume at 47 Chinese ports was 2511.8 million tons, a decrease of 371.4 million tons month - on - month. The total inventory of imported iron ore at 47 ports was 14395.68 million tons, an increase of 14.17 million tons week - on - week [35] 3.3 Coking Plant Conditions - This week, the capacity utilization rate of 230 independent coking enterprises was 73.61% (+0.71%), daily coke output was 51.92 (+0.51), coke inventory was 50.12 (-5.43), total coking coal inventory was 841.21 (+51.02), and the available days of coking coal were 12.2 days (+0.62 days) [38] 4. Industry Situation 4.1 Supply - side - **Crude Steel Production**: In June 2025, China's crude steel production was 8318 million tons, a year - on - year decrease of 9.2%. From January to June, the cumulative production was 51483 million tons, a year - on - year decrease of 3.0%. **Rebar Production**: On July 24, the weekly rebar production of 139 building material enterprises was 211.96 million tons, an increase of 2.9 million tons from last week. **EAF Steel Operating Rate**: On July 25, the average operating rate of 90 independent EAF steel mills was 72.02%, up 6.94 percentage points week - on - week. **Rebar Inventory**: On July 24, the in - plant inventory of rebar was 165.67 million tons, a decrease of 7.43 million tons from last week, and the social inventory in 35 major cities was 372.97 million tons, an increase of 2.81 million tons from last week [43][46][49][52] 4.2 Demand - side - From January to June 2025, real estate development investment decreased by 11.2% year - on - year, new housing starts decreased by 20.0%, and infrastructure investment (excluding electricity) increased by 4.6% year - on - year [55] 5. Option Market - The cost side is supported by the continuous rise of coking coal, and the anti - involution is beneficial to the black series. It is recommended to continue holding the bought call options [58]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The steel market is a mix of long and short factors. The RB2510 contract may operate weakly in the range of 2920 - 3020. It's advisable to pay attention to the operation rhythm and risk control [8]. - During the consumption off - season, the apparent demand declines, and steel prices may face pressure in the medium to long term. It is recommended to buy put options [58]. Summary by Directory 1. Week - on - Week Summary 1.1 Market Review - As of June 13, the price of the main rebar futures contract was 2969 yuan/ton, a decrease of 6 yuan/ton. The spot price of Zhongtian rebar in Hangzhou was 3100 yuan/ton, a decrease of 30 yuan/ton [7]. - The capacity utilization rate decreased, and rebar production declined for three consecutive weeks to 207.57 million tons, a decrease of 10.89 million tons [7]. - Affected by high - temperature and rainy weather, the apparent demand continued to decline to 219.97 million tons, a decrease of 9.06 million tons from the previous period and a year - on - year decrease of 7.14 million tons [7]. - The factory and social inventories continued to decline, and the total inventory declined for five consecutive weeks to 558.08 million tons, a decrease of 12.4 million tons and a year - on - year decrease of 222.82 million tons [7]. - The profit rate of steel mills was 58.44%, a decrease of 0.43 percentage points from the previous week and an increase of 8.66 percentage points from the same period last year [7]. 1.2 Market Outlook - **Macro - aspect**: Overseas, the US will impose tariffs on various steel - made household appliances from June 23, and Israel launched a preemptive strike on Iran. Domestically, Guangzhou canceled purchase and sales restrictions and price limits, and lowered the down - payment ratio and interest rate of loans. The China - US economic and trade teams reached a consensus on measures to implement the important consensus of the leaders' call on June 5 and consolidate the results of the Geneva economic and trade talks [8]. - **Supply - demand aspect**: The capacity utilization rate dropped to 45.5%, rebar production declined for three consecutive weeks, and the EAF steel operating rate continued to decline. High - temperature and rainy weather affected terminal demand, and the apparent demand decreased to 219.97 million tons for two consecutive weeks [8]. - **Cost aspect**: Iron ore was weakly sorted. The shipment and arrival of iron ore from Australia and Brazil increased, port inventory increased from a decrease, and demand weakened. The rebound of coking coal and coke was under pressure. The capacity utilization rate of coking coal mines declined for 5 consecutive weeks, supply showed signs of marginal improvement, but the clean coal inventory continued to increase, and the third round of coke price cuts was implemented. The demand for downstream steel products was under pressure during the off - season [8]. - **Technical aspect**: The RB2510 contract was weakly oscillating. The daily K - line failed to break through the pressure of the MA20 (3010) moving average. The MACD indicator showed that DIFF and DEA were operating below the 0 axis, and the red bars were stable [8]. 2. Futures and Spot Market 2.1 Futures Price and Spread - This week, the RB2510 contract was weakly oscillating and weaker than the RB2601 contract. On the 13th, the spread was 1 yuan/ton, a week - on - week decrease of 3 yuan/ton [14]. 2.2 Rebar Warehouse Receipts and Positions - On June 13, the warehouse receipt volume of rebar on the Shanghai Futures Exchange was 35,964 tons, a week - on - week decrease of 4,203 tons. The net short position of the top 20 holders of rebar futures contracts was 12,050 lots, an increase of 27,560 lots compared to the previous week [20]. 2.3 Spot Price and Basis - On June 13, the spot price of Hangzhou's third - grade 20mm HRB400 rebar was 3100 yuan/ton, a week - on - week decrease of 30 yuan/ton; the national average price was 3226 yuan/ton, a week - on - week decrease of 6 yuan/ton. This week, the spot price of rebar was weaker than the futures price. On the 13th, the basis was 131 yuan/ton, a week - on - week decrease of 24 yuan/ton [24]. 3. Upstream Market 3.1 Raw Material Prices - On June 13, the price of 61% Australian Macfarlane ore at Qingdao Port was 760 yuan/dry ton, a week - on - week decrease of 10 yuan/dry ton. The spot price of first - grade metallurgical coke at Tianjin Port was 1370 yuan/ton, a week - on - week decrease of 70 yuan/ton [32]. 3.2 Iron Ore Arrival and Inventory - From June 2 to June 8, 2025, the total arrival volume of 47 ports in China was 26.739 million tons, a week - on - week increase of 765,000 tons; the total arrival volume of 45 ports was 26.093 million tons, a week - on - week increase of 728,000 tons; the total arrival volume of the six northern ports was 13.836 million tons, a week - on - week decrease of 1.572 million tons. This week, the total inventory of imported iron ore in 47 ports was 145.0314 million tons, a week - on - week increase of 1.0283 million tons; the daily average shipment volume was 3.1525 million tons, a decrease of 1.381 million tons [36]. 3.3 Coking Plant Situation - This week, the capacity utilization rate of 230 independent coking enterprises was 73.96%, a decrease of 0.97%; the daily average coke output was 521,700 tons, a decrease of 93,000 tons; the coke inventory was 873,100 tons, a decrease of 11,000 tons; the total coking coal inventory was 6.6953 million tons, a decrease of 213,200 tons; the available days of coking coal were 9.7 days, a decrease of 0.13 days [40]. 4. Industry Situation 4.1 Supply Side - **Crude Steel Production**: In April, China's crude steel production was 86.02 million tons, the same as the previous year; from January to April, the cumulative production was 345.35 million tons, a year - on - year increase of 0.4% [44]. - **Rebar Production**: On June 13, the blast furnace operating rate of 247 steel mills was 83.41%, a week - on - week decrease of 0.15 percentage points and a year - on - year increase of 1.36 percentage points; the blast furnace iron - making capacity utilization rate was 90.58%, a week - on - week decrease of 0.07 percentage points and a year - on - year increase of 1.05 percentage points; the daily average hot metal output was 2.4161 million tons, a week - on - week decrease of 190,000 tons and a year - on - year increase of 230,000 tons. On June 12, the weekly rebar production of 139 building material production enterprises was 2.0757 million tons, a decrease of 1.089 million tons from the previous week and a decrease of 2.484 million tons from the same period last year [47]. - **EAF Steel**: On June 12, the weekly rebar capacity utilization rate of 139 building material production enterprises was 45.5%, a decrease of 2.39% from the previous week and a decrease of 5.46% from the same period last year. On June 13, the average operating rate of 90 independent electric arc furnace steel mills was 74.01%, a week - on - week decrease of 2.68 percentage points and a year - on - year increase of 2.99 percentage points [50]. - **Rebar Inventory**: On June 12, the in - plant inventory of rebar in 137 building material production enterprises was 1.8289 million tons, a decrease of 197,000 tons from the previous week and a decrease of 272,500 tons from the same period last year. The social inventory of rebar in 35 major cities was 3.7519 million tons, a decrease of 1.043 million tons from the previous week and a decrease of 1.9557 million tons from the same period last year. The total rebar inventory was 5.5808 million tons, a week - on - week decrease of 1.24 million tons and a year - on - year decrease of 2.2282 million tons [53]. 4.2 Demand Side - **Real Estate**: From January to April 2025, the national real estate development investment was 2.773 trillion yuan, a year - on - year decrease of 10.3%. The construction area of real estate development enterprises was 6.20315 billion square meters, a year - on - year decrease of 9.7%. The new construction area was 178.36 million square meters, a decrease of 23.8%. The completed area was 156.48 million square meters, a decrease of 16.9% [56]. - **Infrastructure**: From January to April 2025, infrastructure investment (excluding electricity, heat, gas, and water production and supply industries) increased by 5.8% year - on - year. Among them, investment in water conservancy management increased by 30.7%, investment in water transportation increased by 26.9%, and investment in air transportation increased by 13.9% [56]. 5. Option Market - Due to the consumption off - season, the apparent demand declined, and steel prices may face pressure in the medium to long term. It is recommended to buy put options [58].

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - The RB2510 contract of rebar is expected to remain oscillating with a bearish bias. Traders should pay attention to operation rhythm and risk control [9] - Given that coking coal and coke prices remain weak, steel mills still have profits, the operating rate remains high, and demand confidence is insufficient, it is recommended to buy put options [60] 3. Summary by Relevant Catalogs 3.1 Weekly Highlights 3.1.1 Market Review - As of May 23, the closing price of the rebar main contract was 3046 yuan/ton (-36), and the spot price of Zhongtian rebar in Hangzhou was 3180 yuan/ton (-30) [7] - Rebar production continued to increase to 231.48 million tons (+4.95) [7] - High temperatures in the north and rainfall in the south affected terminal demand, with apparent demand decreasing by 13.16 million tons to 247.13 million tons (year-on-year -31.04) [7] - Factory inventories increased, social inventories declined, and total inventories continued to decrease. The total rebar inventory was 6.0422 billion tons (-15.65), year-on-year -179.88 million tons [7] - The profitability rate of steel mills was 59.74%, a week-on-week increase of 0.43 percentage points and a year-on-year increase of 5.63 percentage points [7] 3.1.2 Market Outlook - Macro方面: Overseas, Moody's downgraded the US sovereign credit rating, and there were reports of OPEC+ considering a production increase in July; domestically, the central bank cut LPR, and the National Development and Reform Commission plans to introduce measures to stabilize employment and the economy [9] - Supply and demand方面: Rebar weekly production increased again, with electric furnace steel production also rising; terminal demand was affected by high temperatures and rainfall, with apparent demand decreasing [9] - Cost方面: Iron ore showed resistance to decline due to a continued decrease in arrivals and port inventories, while coking coal and coke prices continued to hit new lows due to loose supply and expected reduction in hot metal [9] - Technical方面: The RB2510 contract oscillated downward, with the daily K-line under pressure from multiple moving averages; the MACD indicator showed DIFF and DEA running below the 0 axis, with the red bar shrinking [9] 3.2 Futures and Spot Market - Futures prices oscillated downward this week. The RB2510 contract was stronger than the RB2601 contract, with a spread of -13 yuan/ton on the 23rd, a week-on-week increase of 12 yuan/ton [15] - Rebar warehouse receipts decreased this week, and the net short position of the top 20 holders increased. On May 23, the warehouse receipt volume of rebar on the Shanghai Futures Exchange was 41,979 tons, a week-on-week decrease of 101,222 tons; the net short position of the top 20 holders of the rebar futures contract was 62,339 contracts, a decrease of 18,043 contracts from the previous week [22] - Spot prices declined this week, and the basis weakened. On May 23, the spot price of Hangzhou Grade III rebar was 3,180 yuan/ton, a week-on-week decrease of 30 yuan/ton; the national average price was 3,295 yuan/ton, a week-on-week decrease of 40 yuan/ton. The basis on the 23rd was 134 yuan/ton, a week-on-week decrease of 24 yuan/ton [28] 3.3 Upstream Market - This week, the spot price of iron ore and coke decreased. On May 23, the price of 61% Australian Macfens ore at Qingdao Port was 801 yuan/dry ton, a week-on-week decrease of 15 yuan/dry ton; the spot price of first-grade metallurgical coke at Tianjin Port was 1,490 yuan/ton, a week-on-week decrease of 50 yuan/ton [33] - The arrivals at 47 ports decreased this period, and port inventories declined. The total arrivals at 47 ports from May 12 - 18 were 22.804 million tons, a decrease of 2.896 million tons; the total arrivals at 45 ports were 22.713 million tons, a decrease of 833,000 tons; the total arrivals at the six northern ports were 10.578 million tons, a decrease of 2.036 million tons. The total inventory of imported iron ore at 47 ports was 145.9183 million tons, a week-on-week decrease of 1.5516 million tons [37] - This week, the capacity utilization rate of coking plants decreased, and coke inventories increased. The capacity utilization rate of 230 independent coking enterprises was 75.18%, a decrease of 0.05%; the daily coke output was 535,900 tons, a decrease of 400 tons; coke inventories were 731,000 tons, an increase of 76,400 tons; the total inventory of coking coal was 7.3796 million tons, a decrease of 146,000 tons; the available days of coking coal were 10.4 days, a decrease of 0.2 days [40] 3.4 Industry Situation - Supply端: From January to April, the cumulative output of crude steel increased by 0.4% year-on-year. In April, China's crude steel output was 86.02 million tons, unchanged year-on-year. In April, China's steel exports were 10.462 million tons, a year-on-year increase of 13.4%; from January to April, steel exports were 37.891 million tons, a year-on-year increase of 8.2%. In April, steel imports were 522,000 tons, a year-on-year decrease of 20.7%; from January to April, steel imports were 2.072 million tons, a year-on-year decrease of 13.9% [45] - Supply端: The blast furnace operating rate of steel mills decreased. On May 23, the blast furnace operating rate of 247 steel mills was 83.69%, a week-on-week decrease of 0.46 percentage points, a year-on-year increase of 2.19 percentage points; the blast furnace ironmaking capacity utilization rate was 91.32%, a week-on-week decrease of 0.44 percentage points, a year-on-year increase of 2.78 percentage points; the daily hot metal output was 2.436 million tons, a week-on-week decrease of 11,700 tons, a year-on-year increase of 68,000 tons [48] - Supply端: The operating rate of electric arc furnaces increased. On May 22, the weekly capacity utilization rate of rebar in 139 building material production enterprises was 50.74%, a week-on-week increase of 1.08%, a year-on-year decrease of 0.94%. On May 23, the average operating rate of 90 independent electric arc furnace steel mills was 77.18%, a week-on-week increase of 1.98 percentage points, a year-on-year increase of 3.78 percentage points [51] - Supply端: The total rebar inventory decreased. On May 22, the in-factory inventory of rebar in 137 building material production enterprises was 1.8776 million tons, a week-on-week increase of 27,700 tons, a year-on-year decrease of 150,900 tons; the social inventory of building steel in 35 major cities was 4.1646 million tons, a week-on-week decrease of 184,200 tons, a year-on-year decrease of 1.6479 million tons. The total rebar inventory was 6.0422 million tons, a week-on-week decrease of 156,500 tons, a year-on-year decrease of 1.7988 million tons [54] - Demand端: In January - April 2025, the newly started housing area decreased by 23.8% year-on-year, and infrastructure investment increased by 5.8% year-on-year [57] 3.5 Option Market - Given that coking coal and coke prices remain weak, steel mills still have profits, the operating rate remains high, and demand confidence is insufficient, it is recommended to buy put options [60]