Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The inventory of rebar and hot-rolled coils has accumulated too quickly, leading to a volatile correction in steel prices [1] - The trend strength of rebar and hot-rolled coils is -1, indicating a bearish outlook [3] Group 3: Specific Data Summaries Futures Data - The closing price of RB2510 was 3,039 yuan/ton, down 68 yuan/ton or 2.19% [1] - The closing price of HC2510 was 3,320 yuan/ton, down 46 yuan/ton or 1.37% [1] - The trading volume of RB2510 was 675,240 lots, and the open interest was 859,408 lots, a decrease of 196,302 lots [1] - The trading volume of HC2510 was 245,512 lots, and the open interest was 574,221 lots, a decrease of 85,585 lots [1] Spot Price Data - Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou decreased by 20 - 30 yuan/ton [1] - Hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou decreased by 30 - 60 yuan/ton [1] - The price of Tangshan billet decreased by 30 yuan/ton to 2,970 yuan/ton [1] Basis and Spread Data - The basis of RB2510 increased by 31 yuan/ton to 211 yuan/ton [1] - The basis of HC2510 increased by 5 yuan/ton to 30 yuan/ton [1] - The spread between RB2510 and RB2601 decreased by 6 yuan/ton to -76 yuan/ton [1] - The spread between HC2510 and HC2601 increased by 8 yuan/ton to 17 yuan/ton [1] - The spread between HC2510 and RB2510 increased by 16 yuan/ton to 281 yuan/ton [1] - The spread between HC2601 and RB2601 increased by 2 yuan/ton to 188 yuan/ton [1] - The spot spread between hot-rolled coils and rebar decreased by 9 yuan/ton to 3 yuan/ton [1] Macro and Industry News Data - On August 28, the weekly data from Steel Union showed that rebar production increased by 5.91 tons, hot-rolled coil production decreased by 0.5 tons, and the total production of five major varieties increased by 6.55 tons [2] - The total inventory of rebar increased by 16.35 tons, hot-rolled coils increased by 4.02 tons, and the total inventory of five major varieties increased by 26.84 tons [2] - The apparent demand for rebar increased by 9.41 tons, hot-rolled coils decreased by 0.55 tons, and the total apparent demand for five major varieties increased by 4.78 tons [2] - In mid-August 2025, key steel enterprises produced 21.15 million tons of crude steel, with an average daily output of 2.115 million tons, a daily increase of 2.0% [3] - They produced 19.24 million tons of pig iron, with an average daily output of 1.924 million tons, a daily increase of 0.5% [3] - They produced 20.49 million tons of steel, with an average daily output of 2.049 million tons, a daily increase of 2.2% [3] - The steel inventory of key enterprises was 15.67 million tons, a 4.0% increase from the previous ten-day period [3] - The manufacturing supply index (MMSI) in July was 146.13, a 4.83% decrease from the previous month [3] - From January to July, the national general public budget revenue was 13.5839 trillion yuan, a 0.1% year-on-year increase [3]

Report Industry Investment Rating - Not provided Core View of the Report - In the short term, the steel price fluctuates greatly and runs weakly in a volatile manner [3] Summary by Related Catalogs Industry Situation - Under weak demand, the steel price is in a callback situation [2] - Although the expectation of production restriction still exists, the impact of macro - sentiment has declined, and the steel price has returned to its own fundamentals to a certain extent. Currently, the weak downstream situation persists and is difficult to improve in the short term [3] Production Restriction Measures - Some independent strip steel rolling enterprises in Tangshan plan to implement production suspension from August 20th to September 3rd. If strictly enforced, it is expected to reduce the daily output of 10 local billet - rolling strip steel enterprises by about 0.5 million tons [3] - Some steel pipe production enterprises will take production reduction measures on August 20th, and only National VI and new - energy vehicles are allowed to enter the factory for transportation [3] - From 0:00 on August 20th to 24:00 on August 24th, billet - rolling section steel production enterprises will control the transportation of National V and below fuel - powered and gas - powered vehicles. From 8 p.m. to 8 a.m. the next day, 109 key vehicle - using units will control 70% of their fuel - powered and gas - powered vehicles [3] Production Data - In July, China's rebar production was 15.182 million tons, a year - on - year decrease of 2.3%; from January to July, the cumulative production was 113.387 million tons, a year - on - year decrease of 2.3% [3] Market Performance - Yesterday, the price of finished products continued to decline in a volatile manner. The price of rebar hit a recent low, and the price of hot - rolled coil slightly decreased [3] Factors to Watch - Macro policies; production reduction on the supply side; downstream demand [3]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report - The steel price has corrected due to the drag of raw materials. Although there is still an expectation of production restrictions, the impact of macro - sentiment has decreased, and the steel price has returned to its fundamentals to some extent. Currently, the weak downstream situation persists and is difficult to improve in the short term. The raw materials are expected to fluctuate greatly in the short term and run weakly in a volatile manner [2][3]. 3. Summary by Relevant Content Steel Production Data - In July 2025, key steel enterprises produced 66.8 million tons of crude steel, a year - on - year decrease of 3.2%, with a daily output of 2.1548 million tons, a month - on - month decrease of 5.6% [3]. Home Appliance Retail Data - According to AVC offline market monitoring data, in July, the offline retail sales of color TVs increased by 13.6% year - on - year, refrigerators by 15.7%, washing machines by 15.7%, and air conditioners by 36.5% [3]. Steel Mill Cost and Profit Data - On August 18, the average cost of 76 independent electric arc furnace construction steel mills was 3352 yuan/ton, a daily decrease of 3 yuan/ton. The average profit was - 76 yuan/ton, and the valley - electricity profit was 25 yuan/ton, a daily decrease of 7 yuan/ton [3]. Steel Price Data - On August 18, the ex - factory tax - included price of common billet resources in Qian'an, Tangshan was lowered by 20, reporting 3050. The finished steel fluctuated and declined yesterday. Rebar hit a recent low, and hot - rolled coil fell slightly [3].