Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summaries Based on Related Catalogs 3.1 [Fundamental Tracking] - **Futures Data**: For RB2601, the closing price was 3,167 yuan/ton, up 10 yuan/ton (0.32%); trading volume was 883,015 lots, and the position decreased by 11,775 lots to 1,870,449 lots. For HC2601, the closing price was 3,358 yuan/ton, up 8 yuan/ton (0.24%); trading volume was 337,428 lots, and the position increased by 1,955 lots to 1,369,716 lots [2]. - **Spot Price**: In Shanghai, the spot price of rebar was 3,290 yuan/ton, up 10 yuan/ton; in Hangzhou, it was 3,340 yuan/ton, unchanged. For hot - rolled coils, in Shanghai, the price was 3,400 yuan/ton, unchanged; in Hangzhou, it was 3,420 yuan/ton, unchanged. The price of Tangshan billet was 3,030 yuan/ton, unchanged [2]. - **Basis and Spread**: The basis of RB2601 was 123 yuan/ton, up 7 yuan/ton; the basis of HC2601 was 42 yuan/ton, down 1 yuan/ton. The spread of RB2601 - RB2605 was - 58 yuan/ton, up 5 yuan/ton; the spread of HC2601 - HC2605 was 36 yuan/ton, up 31 yuan/ton [2]. 3.2 [Macro and Industry News] - **Steel Union Weekly Data (September 25)**: Rebar production increased by 0.01 million tons, hot - rolled coil production decreased by 2.3 million tons, and the total production of five major varieties increased by 9.47 million tons. Rebar inventory decreased by 13.98 million tons, hot - rolled coil inventory increased by 2.51 million tons, and the total inventory of five major varieties decreased by 9.13 million tons. Rebar apparent demand increased by 10.41 million tons, hot - rolled coil apparent demand decreased by 0.14 million tons, and the total apparent demand of five major varieties increased by 23.73 million tons [3]. - **Social Inventory in Mid - September**: The social inventory of five major steel products in 21 cities was 941 million tons, a month - on - month increase of 21 million tons (2.3%), and a year - on - year increase of 129 million tons (15.9%) [3][4]. - **National Steel Production in August**: The national production of crude steel was 7,737 million tons, a year - on - year decrease of 0.7%; pig iron production was 6,979 million tons, a year - on - year increase of 1.0%; steel production was 12,277 million tons, a year - on - year increase of 9.7% [4]. - **National Economic Data (January - August)**: The added value of large - scale industries increased by 6.2% year - on - year; fixed - asset investment increased by 0.5% year - on - year; social consumer goods retail sales increased by 4.6% year - on - year [4]. - **Important Article in 'Qiushi'**: The article emphasizes efforts to rectify low - price disorderly competition among enterprises, government procurement and tendering irregularities, local investment promotion irregularities, promote the integration of domestic and foreign trade, and make up for the short - board of laws and regulations [4]. - **Steel Import and Export in August**: China exported 951.0 million tons of steel, a month - on - month decrease of 32.6 million tons (3.3%); imported 50.0 million tons of steel, a month - on - month increase of 4.8 million tons (10.6%) [4]. 3.3 [Trend Intensity] - The trend intensity of rebar and hot - rolled coils is 0, indicating a neutral trend [5].

Report Overview - The report is a steel morning report released by the Black Team of the Research Center on August 15, 2025, covering aspects such as spot prices, price and profit, production and inventory, basis and spreads [1] Spot Prices Rebar - Spot prices of rebar in different regions (Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, Wuhan) showed varying degrees of decline from August 8 to August 14, with decreases ranging from 20 to 70 yuan [1] Hot - Rolled Coils - For hot - rolled coils in Tianjin, Shanghai, and Lecong, the price changes were relatively small, with 0 yuan in Tianjin, - 20 yuan in Shanghai, and - 10 yuan in Lecong from August 8 to August 14 [1] Cold - Rolled Coils - Cold - rolled coils in Tianjin, Shanghai, and Lecong also had price fluctuations, with a decrease of 70 yuan in Tianjin, 0 yuan in Shanghai, and - 30 yuan in Lecong from August 8 to August 14 [1]

Core Insights - In July, China's crude steel production reached 79.66 million tons, a year-on-year decrease of 4.0% [1] - Cumulative crude steel production from January to July was 594.47 million tons, down 3.1% year-on-year [1] - In July, steel product output was 122.95 million tons, showing a year-on-year increase of 6.4% [1] - Cumulative steel product output from January to July was 860.47 million tons, up 5.1% year-on-year [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The sentiment in the hot-rolled coil plate sector remains strong, with wide fluctuations [2] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: For RB2510, the closing price was 3,138 yuan/ton, up 5 yuan/ton (0.16%); trading volume was 1,164,609 lots, and open interest was 2,122,341 lots, down 78,184 lots. For HC2510, the closing price was 3,276 yuan/ton, up 3 yuan/ton (0.09%); trading volume was 454,659 lots, and open interest was 1,580,291 lots, down 19,457 lots [2] - **Spot Price Data**: In the spot market, prices of some regions for both rebar and hot-rolled coil plate remained stable, while some had minor changes. For example, Shanghai's rebar price dropped 10 yuan/ton, and Tianjin's hot-rolled coil plate price dropped 10 yuan/ton, while Guangzhou's hot-rolled coil plate price rose 10 yuan/ton [2] - **Basis and Spread Data**: The basis of RB2510 decreased from 87 yuan/ton to 72 yuan/ton, and that of HC2510 decreased from 27 yuan/ton to 24 yuan/ton. Various spreads also had different degrees of changes [2] 2. Macro and Industry News - **Financial Data**: In late June 2025, the balance of broad money (M2) was 330.29 trillion yuan, a year-on-year increase of 8.3%, 0.4 percentage points higher than last month and 2.1 percentage points higher than the same period last year. The balance of narrow money (M1) was 113.95 trillion yuan, a year-on-year increase of 4.6% [3] - **Steel Export Data**: In June 2025, China exported 967.8 million tons of steel, a month-on-month decrease of 90.0 million tons (8.5%); the average price was 687.1 dollars/ton, a month-on-month decrease of 10.8 dollars/ton (1.5%). From January to June, the cumulative steel export was 5814.7 million tons, a year-on-year increase of 490.8 million tons (9.2%) [3][4] - **Weekly Steel Data**: According to the weekly data on July 10, in terms of production, rebar decreased by 4.42 million tons, hot-rolled coil decreased by 5.00 million tons, and the total of five major varieties decreased by 12.44 million tons; in terms of total inventory, rebar decreased by 4.84 million tons, hot-rolled coil increased by 0.63 million tons, and the total of five major varieties decreased by 0.35 million tons; in terms of apparent demand, rebar decreased by 3.37 million tons, hot-rolled coil decreased by 1.86 million tons, and the total of five major varieties decreased by 12.19 million tons [4] 3. Trend Intensity - The trend intensity of rebar is 0, and that of hot-rolled coil plate is also 0, indicating a neutral trend [4]