投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 2 月 12 日 钢材&铁矿石日报 专业研究·创造价值 节前情绪弱稳，钢矿延续震荡 核心观点 螺纹钢：主力期价偏弱震荡，录得 0.23%日跌幅，量仓收缩。现阶段， 节前供需双弱局面未变，螺纹钢基本面矛盾持续累积，库存大幅增加， 钢价继续承压运行，相对利好的是政策预期与成本支撑，预计走势延续 弱势寻底态势，关注假期累库情况。 热轧卷板：主力期价偏弱震荡，录得 0.31%日跌幅，量仓收缩。目前来 看，热卷供应压力未退，而需求持续走弱，基本面延续弱势运行，热卷 价格承压偏弱运行，关注需求 ...

螺纹累库加快，钢价震荡运行 （2） 需求：螺纹需求偏弱，热卷需求仍有韧性。上周螺纹表观需求为176.5万吨（-9.12），热轧表观需求311.41万吨(+1.45）。 （3）库存： 螺纹库存累库，热卷库存维持去化，仍有压力。 螺纹钢总库存475.53万吨(+23.43），社会库存326.4万吨(+23.28)，钢厂库存149.13万吨(+0.15); 热轧总库存355.58万吨(-2.2),社会库存278.33万吨(-2.81)，钢厂库存77.25万吨(+0.61)。 （4）基差：截至1月30日，螺纹主力合约基差122元/吨（-6），热轧主力合约基差-18元/吨（-3）。 （5）总结： 钢厂盈利率回落至39.39%; 铁水产量277.98万吨，环比减少0.12万吨。 高炉开工率79%，环比上升0.32%，高炉产能利用率85.47%，环比降低0.04%; 电炉开工率70.66%，环比下降 钢材周报 20250202 周贵升 从业资格证：F3036194 投资咨询证：Z0015986 段怡雯 从业资格证：F03131526 成材：螺纹累库加快，钢价震荡运行 （1）供给：部分钢厂复产，全国主要钢厂螺纹钢当周产量为1 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 钢材：春节因素供需双弱，钢价或将窄幅震荡 （邱跃成，从业资格号：F3060829；交易咨询资格号：Z0016941） 需求：2025年全国固定资产投资同比下降3.8%，较1-11月降幅扩大1.2个百分点。其中制造业投资同比 增长0.6%，较1-11月增幅收窄1.3个百分点；基础设施投资同比下降2.2%，较1-11月降幅扩大1.1个百分 点；房地产开发投资比上年下降17.2%，较1-11月降幅扩大1.3个百分点。投资增速延续全面下行态势， 钢材需求表现低迷。1月螺纹周均表需182万吨，环比12月回落12%；1月热卷周均表需311万吨，环比12 月回升1%。1月钢材需求螺纹弱热卷强，基本符合季节性特征。2月份受春节长假影响，钢材市场需求 将趋近于停滞。 供应：2025年我国粗钢产量9.61亿吨，同比减少4422万吨，降幅4.4%；2025年我国生铁产量8.36亿吨， 同比减少2586万吨，降幅3%。1月份产量略有回升，铁水产量回升0.55万吨，五大材产量回升7.99万 吨，其中螺纹产量回升11.61万吨，热卷产量回升4.7万吨。2月份电炉钢厂逐步放 ...

投资咨询系列报告 山金期货黑色板块日报 一、螺纹、热卷 更新时间：2026年01月29日08时05分 报告导读： 供需方面，上周的数据显示螺纹产量环比增加 ，整体库存增加，螺纹表观需求环比回落，五大品种表观需求整体回落，库存增加，产量基本维持不 变。整体来看，目前市场整体处于消费淡季，产量、需求处于低位，库存从低位回升。央行下调再贷款再贴现利率在一定程度上提振市场信心 ，未 来仍有降准和降息的空间，不排除央行将很快行动。从技术面看，目前期价在上下 100 元/吨的区间窄幅震荡，可能面临方向选择 操作建议： 多单轻仓持有，待期价回落至震荡区间下沿附近后再逢低加仓 ，中线交易。不可以追涨杀跌 投资咨询系列报告 需求方面，上周五大钢材品种整体产量基本维持不变 ，表观需求环比回落，库存增加。目前市场仍处于消费淡季，铁水产量大概率仍将沿着季节性 趋势回落，上周 247 家样本钢厂铁水产量基本维持不变 。由于今年春节较晚，节前的补库需求到来时间也会晚于往年 ，钢材表观需求的好转或主要 因年末抢工期所致，钢材以及铁水产量暂时不会大幅上升 ，但回落的空间也不大。供应端，全球发运回落，后期受南半球季节性因素的影响，发运 预计将 ...

Report Summary 1. Investment Rating No explicit investment rating for the industry is provided in the report. 2. Core View The steel market shows a pattern of increasing supply, weakening demand, and mixed inventory trends. Due to rising raw material costs, narrowing profit margins, and seasonal factors, steel prices are expected to fluctuate in the short term. Macro - level policies aim to maintain liquidity, but terminal demand remains weak, and attention should be paid to inventory accumulation [5]. 3. Summary by Category 3.1 Steel Product Situation - **Supply**: The output of both rebar and hot - rolled coils increased. The weekly output of rebar from major national steel mills was 191.04 million tons (+2.82 million tons), and that of hot - rolled coils was 305.51 million tons (+1 million tons). Some steel mills completed maintenance, leading to increased iron - water output and a significant rise in EAF operating rates [4]. - **Demand**: Demand was seasonally weak. The apparent demand for rebar last week was 174.96 million tons (-25.48 million tons), and that for hot - rolled coils was 308.34 million tons (-2.43 million tons). The weekly average trading volume of rebar as of January 9 was 8.03 million tons, and that of hot - rolled coils was 2.65 million tons [4][46][50]. - **Inventory**: Rebar inventory accumulated, while hot - rolled coil inventory continued to decline but at a slower pace. The total rebar inventory was 438.11 million tons (+16.08 million tons), and the total hot - rolled coil inventory was 368.13 million tons (-2.83 million tons) [4]. - **Basis**: As of January 9, the basis of the rebar main contract was 146 yuan/ton (-32 yuan/ton), and that of the hot - rolled coil main contract was -24 yuan/ton (-24 yuan/ton) [4]. - **Price**: The national average price of rebar was 3337 yuan/ton, a week - on - week increase of 16 yuan/ton, and that of hot - rolled coils was 3306 yuan/ton, also a week - on - week increase of 16 yuan/ton [10]. 3.2 Raw Material Situation The cost - side support strengthened. The price of quasi - first - grade metallurgical coke was 1480 yuan/ton, a week - on - week increase of 30 yuan/ton; the price of main coking coal in Lüliang was 1403 yuan/ton, a week - on - week decrease of 47 yuan/ton; and the price of 61.5% PB powder at Qingdao Port was 826 yuan/ton, a week - on - week increase of 18 yuan/ton [18]. 3.3 Steel Mill Situation - The profitability rate of steel mills declined to 37.66%. The iron - water output was 229.5 million tons, a week - on - week increase of 2.07 million tons. The blast furnace operating rate was 79.31%, a week - on - week increase of 0.37%, and the blast furnace capacity utilization rate was 86.04%, a week - on - week increase of 0.78%. The EAF operating rate was 72.97%, a week - on - week increase of 4.34%, and the EAF capacity utilization rate was 56.91%, a week - on - week increase of 1.76% [4]. - As of January 9, the blast furnace operating rate in Tangshan was 89.99%, a week - on - week decrease of 3.65% [29]. 3.4 Downstream Demand Situation - **Automobile Industry**: In November, automobile production was 3.532 million units, a month - on - month increase of 173,300 units; sales were 3.429 million tons, a month - on - month increase of 106,900 tons. New - energy vehicle production was 1.88 million units, a month - on - month increase of 108,000 units; sales were 1.823 million tons, a month - on - month increase of 108,000 tons [69]. - **Real Estate Industry**: From January to November, real estate investment decreased by 15.9% year - on - year, new housing starts decreased by 20.5% year - on - year, housing completion decreased by 18% year - on - year, commercial housing sales area decreased by 7.8% year - on - year, commercial housing sales revenue decreased by 11.1% year - on - year, and funds in place decreased by 11.9% year - on - year [72][73]. 3.5 Export Situation In November, steel exports were 9.98 million tons, a month - on - month increase of 197,800 tons. From January to November, cumulative steel exports were 107.7 million tons, a cumulative year - on - year increase of 6.7%. In November, hot - rolled coil exports were 1.8303 million tons [65].

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - Steel prices are expected to maintain a volatile trend. The total steel inventory has turned to accumulation, but hot - rolled steel is still de - stocking. Seasonal factors have weakened the demand for building materials, and steel exports have declined in January. Although there is cost support, the weakening demand also limits the upward space of steel prices. [7] 3. Summary According to the Table of Contents Chapter 1: Steel Market Summary and Outlook Summary - **Supply**: This week, the small - sample production of rebar was 191.04 million tons (+2.82), and that of hot - rolled coil was 305.51 million tons (+1). The daily average hot - metal output of 247 blast furnaces was 229.5 million tons (+2.07), and the capacity utilization rate of 49 independent electric - arc furnace steel plants was 34.8% (-0.8). The profit of electric - arc furnace steel has declined, and the long - process steel profit remains profitable with an increase in hot - metal output. [4] - **Demand**: The small - sample apparent demand for rebar was 174.96 million tons (-25.48), and that for hot - rolled coil was 308.34 million tons (-2.43). Building material demand has seasonally declined, while hot - rolled coil demand is affected by pre - holiday restocking in the manufacturing industry but shows a decline in apparent demand due to a rapid drop in exports in January. Domestic project investment has insufficient growth, the real estate market is still weak, but the manufacturing industry shows some positive trends, and the auto industry maintains strong growth. [4] - **Inventory**: Rebar inventory increased by 16.08 million tons in total, hot - rolled coil inventory decreased by 2.83 million tons in total, and the total inventory of five major steel products increased by 21.77 million tons. [4] - **Outlook and Strategy**: The steel price will maintain a volatile trend with a short - term correction. It is recommended to short the spread between hot - rolled coil and rebar at high prices and hold the short position of the ratio between hot - rolled coil and coking coal. It is advisable to wait and see for options. [7][9] Chapter 2: Price and Profit Review Summary - **Spot Price**: The rebar summary price in Shanghai was 3310 yuan (+10), and in Beijing was 3170 yuan (+20). The hot - rolled coil price in Shanghai was 3280 yuan (+10), and in Tianjin was 3190 yuan (+10). [13] - **Profit**: The flat - rate electricity profit of the East China electric - arc furnace was - 44.58 yuan (-16.3), and the off - peak electricity profit was 120 yuan (-16). [32] Chapter 3: Important Domestic and International Macroeconomic Data Summary - **International Trade**: Mexico imposed preliminary anti - dumping duties on hollow profiles from China and the US, and Vietnam made a positive final ruling on the sunset review of cold - rolled carbon steel coils from China. [34] - **Monetary Policy**: The People's Bank of China will continue to implement a moderately loose monetary policy. [34] - **US Economy**: The number of initial jobless claims in the US rose to 208,000, slightly lower than market expectations. [34] - **Domestic Macroeconomy**: In November, the new social financing was 248.88 billion yuan, and the new RMB loans were 39 billion yuan. From January to November 2025, the cumulative year - on - year growth rate of China's fixed - asset investment was - 2.60%. Real estate development investment was - 15.9%, manufacturing investment was +1.9%, and infrastructure investment was +0.13%. [39] Chapter 4: Steel Supply, Demand, and Inventory Situation Summary - **Supply**: The daily average hot - metal output of 247 blast furnaces was 229.5 million tons (+2.07), and the capacity utilization rate of 49 independent electric - arc furnace steel plants was 34.8% (-0.8). The small - sample production of rebar was 191.04 million tons (+2.82), and that of hot - rolled coil was 305.51 million tons (+1). [56][61] - **Demand**: The small - sample apparent demand for rebar was 174.96 million tons (-5.5% year - on - year in the lunar calendar, - 25.48 million tons month - on - month), and that for hot - rolled coil was 308.34 million tons (-1.7% year - on - year in the lunar calendar, - 2.43 million tons month - on - month). Building material demand has declined, and hot - rolled coil exports may decline in January. [64][76] - **Inventory**: Rebar inventory increased, hot - rolled coil inventory decreased in total, and the total inventory of five major steel products increased. [4]

Report Industry Investment Rating - Not provided Core View of the Report - The steel market supply and demand remain weak with no prominent contradictions, and the screw and coil futures may continue to fluctuate. Short - term operations are recommended [1] Summary by Relevant Catalogs Market Review - On Tuesday, rebar and hot - rolled coils closed higher, but closed lower at night [1] Important Information - In November 2025, China's stainless steel imports were 112,100 tons, a month - on - month decrease of 12,000 tons (10%) and a year - on - year decrease of 18,100 tons (14%). Imports from Indonesia decreased by 16% month - on - month and 17% year - on - year. The top 5 regions accounted for 93.34% of total imports [1] - From December 15th to 21st, the total transaction area of newly - built commercial housing in 10 key cities was 2.232 million square meters, a month - on - month increase of 23.3% and a year - on - year decrease of 32.9% [1] - From December 15th to 21st, global shipyards received 62 + 13 new ship orders, with Chinese shipyards getting 42+7, and South Korean shipyards getting 11 [1] - The Central Enterprise Leaders' Meeting was held in Beijing from December 22nd to 23rd. Li Qiang pointed out the need to provide strong support for major infrastructure construction [1] - In November 2025, the crude steel output of 70 countries/regions included in the World Steel Association's statistics was 140.1 million tons, a year - on - year decrease of 4.6% [1] Market Logic - In the short term, the market fundamentals have changed little, but demand has declined significantly year - on - year. Downstream buyers purchase as needed, and inventory continues to decline. The steel mill profitability rate was below 40% last week, and steel production is expected to remain low. The steel market supply - demand is weak, and the screw and coil futures may fluctuate. The rebar has a pressure level at 3200 and a support level at 3030 [1] Trading Strategy - Short - term operation is recommended [1]

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - In November 2025, the steel industry faced weak supply - demand fundamentals. Steel mills' profitability was under pressure, with average profit margins narrowing. Supply showed signs of active contraction due to low steel prices and rising cost pressures. Demand for both rebar and hot - rolled coils declined year - on - year, and hot - rolled coil inventory remained at a high level. However, with the continuous implementation of domestic policies and the improvement of the external environment, there is a possibility of a stable recovery in terminal demand, and the industry may enter a window of marginal improvement. Key factors to watch include the pace of infrastructure fund investment, the strength of manufacturing recovery, overseas interest - rate cut processes, and signals from the domestic Politburo meeting [11][12][13]. 3. Summary According to Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Valuation**: In November 2025, steel mills' profitability continued to be under pressure, with average profit margins further decreasing. The blast furnace profit was about 31 yuan/ton, and the electric furnace profit was about 79 yuan/ton, both in a weak range [11]. - **Supply**: Rebar production in November 2025 was 8.2258 million tons, a year - on - year decrease of 3.4999 million tons; hot - rolled coil production was 12.6684 million tons, a year - on - year decrease of 2.7442 million tons. The daily average pig iron output was about 2.3551 million tons, a slight decline from the previous month. Affected by the significant compression of profits, the production enthusiasm of steel mills decreased, and the profitability rate dropped to 36.36%, at a low level within the year [11]. - **Demand**: In November 2025, the apparent consumption of rebar was 8.9362 million tons, a year - on - year decrease of 2.6604 million tons; the apparent consumption of hot - rolled coils was 12.7253 million tons, a year - on - year decrease of 3.1718 million tons. The demand for plates was significantly differentiated, with the demand for cold - rolled and medium - thick plates relatively strong, especially the demand for medium - thick plates in November approaching the high point of the same period in the past five years. The demand for hot - rolled coils was neutral, without obvious increments. Rebar demand was still weak due to the continuous weakness of real - estate investment [11]. - **Inventory**: As of the end of November 2025, rebar inventory was 5.3148 million tons, a year - on - year increase of 0.8384 million tons; hot - rolled coil inventory was 4.009 million tons, a year - on - year increase of 0.9518 million tons. The total inventory of the five major steel products remained at a neutral level, but there was significant differentiation among varieties. Hot - rolled coil inventory was in a relatively high range, and it was difficult to reduce social inventory. With the seasonal weakening of demand, there was still a certain inventory accumulation pressure before the end of the year [11]. 3.2 Futures and Spot Market - The document presents a series of charts showing the prices, trading volumes, basis, and price differences of rebar and hot - rolled coils in different regions and contract months, as well as the price differences between different steel products and regions, including rebar in North, East, and South China, hot - rolled coils, cold - rolled coils, and other steel products [25][27][30]. 3.3 Profit and Inventory - **Profit**: The document shows the disk profits of rebar and hot - rolled coils, the gross profit per ton of hot - rolled and cold - rolled coils, and the profits of rebar blast furnaces and electric furnaces through charts [81][83][84]. - **Inventory**: It presents the inventory data of rebar and hot - rolled coils, including total inventory, factory inventory, and social inventory, as well as the inventory of steel billets in Tangshan and 55 billet - rolling enterprises [95][98][106]. 3.4 Cost End - The document shows the ratios of rebar to iron ore and coke futures, daily average pig iron and crude steel output, the prices of billets, scrap steel, and the consumption of scrap steel through charts [114][117][120]. 3.5 Supply End - **Rebar**: The production, production capacity utilization rate, and cumulative year - on - year production of rebar are presented. In November 2025, rebar production decreased year - on - year, and the production capacity utilization rate also showed certain changes [136][138]. - **Hot - rolled Coils**: The actual production, production capacity utilization rate, and cumulative year - on - year production of hot - rolled coils are presented. The production of hot - rolled coils also decreased year - on - year [141][143]. 3.6 Demand and Import - Export - **Domestic Demand**: The apparent consumption and cumulative year - on - year consumption of rebar and hot - rolled coils are presented. The demand for both decreased year - on - year. In addition, the production and export data of household appliances such as refrigerators, washing machines, and air conditioners are also shown [148][151][153]. - **Import - Export**: The monthly import and export data of steel, rebar, and plates are presented. South Korea's anti - dumping tax on Chinese steel products will put pressure on China's steel exports [11][163][165].

Group 1: Report Industry Investment Rating - The investment rating for the steel industry in the black building materials sector is "volatile" [1] Group 2: Core View of the Report - The market is in a macro - policy vacuum period, but there may be expectations later. The fundamentals show that last week, the output of rebar decreased, the output of hot - rolled coils increased, and the output of five major steel products increased. The apparent demand has changed from increase to decrease, and the inventory of rebar and hot - rolled coils continues to be destocked, but the destocking speed slows down. Overall, the supply and demand are both weak. The market trading logic may still be at the industrial level, with insufficient marginal increment on the demand side. In the short term, the upside space is cautiously viewed, and the market is mainly in a volatile trend. Later, attention should be paid to the transformation of the trading logic to macro - expectations [1] Group 3: Summary by Related Catalogs Market Review - On Wednesday, rebar closed flat and hot - rolled coils closed down. They also closed down at night [1] Important Information - In October 2025, the national stainless - steel crude steel output was 3.6244 million tons, a month - on - month increase of 78,700 tons or 2.22%. In October, China's stainless - steel imports were 124,100 tons, a month - on - month increase of 3,800 tons or 3.18% and a year - on - year decrease of 34,100 tons or 21.56%. From January to October, the total stainless - steel imports were 1.2621 million tons, a year - on - year decrease of 343,000 tons or 21.37%. In October, the domestic stainless - steel exports were 358,100 tons, a month - on - month decrease of 60,400 tons or 14.43% and a year - on - year decrease of 59,300 tons or 14.2%. From January to October, the cumulative exports were 4.1408 million tons, a year - on - year increase of 1,600 tons or 0.04%. In October, China's stainless - steel apparent consumption was 3.0459 million tons, a month - on - month increase of 166,300 tons or 4.68% [1] - Chinalco Group: The first shipment of iron ore from the Simandou project was successfully sent, carrying 200,000 tons of iron ore [1] - On December 3rd, the average cost of 76 independent electric - arc furnace construction steel mills was 3,320 yuan/ton, a day - on - day decrease of 3 yuan/ton. The average profit was a loss of 29 yuan/ton, and the off - peak electricity profit was 79 yuan/ton [1] - According to the preliminary statistics of the Passenger Car Association, in November, the national passenger car market retail sales were 2.263 million vehicles, a year - on - year decrease of 7%. Among them, the new - energy market retail sales were 1.354 million vehicles, a year - on - year increase of 7%, and the new - energy market retail penetration rate was 59.8% [1] Market Logic - In the macro - policy vacuum period, there may be expectations later. Fundamentally, last week, the output of rebar decreased, the output of hot - rolled coils increased, and the output of five major steel products increased. The apparent demand has changed from increase to decrease, and the inventory of rebar and hot - rolled coils continues to be destocked, but the destocking speed slows down. Overall, the supply and demand are both weak [1] Trading Strategy - The upward movement of the futures price is weak. The market trading logic may still be at the industrial level, with insufficient marginal increment on the demand side. In the short term, the upside space is cautiously viewed, and the market is mainly in a volatile trend. Later, attention should be paid to the transformation of the trading logic to macro - expectations. The main contract has been rolled over to the May contract. The resistance level of the rebar 2605 contract is 3,200, and the strong support level is around 3,050. It is not recommended to chase long for now [1]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The fundamentals of supply and demand in the steel industry have limited driving force, and macro - level disturbances may intensify. The demand side is under pressure due to the decline in investment growth, while the supply side is expected to see a further decline in production. The market will be in a situation of weak supply and demand in December, with prices likely to fluctuate within a range, and attention should be paid to macro - level events [4][193][196] 3. Summary by Relevant Catalogs 3.1 Price - In November, the prices of black - series commodities showed divergent trends. Coal and coke prices dropped significantly, while iron ore and steel prices fluctuated within a narrow range, with rebar performing stronger than hot - rolled coil. International hot - rolled coil prices showed mixed trends [6][7] - The basis of rebar and hot - rolled coil futures contracts changed in November. The difference between rebar and billet prices widened, the difference between first - and third - tier rebar resources in East China narrowed, and the difference between rebar and scrap steel prices widened [9][27] - In November, the 1 - 5 spread of rebar futures widened, and the 5 - 10 spread narrowed. The ratio of rebar to iron ore narrowed, and the ratio of rebar to coke widened [37][43] 3.2 Supply - In October, the production of crude steel and pig iron continued to decline. In November, the weekly production of rebar, hot - rolled coil, and five major steel products all decreased. The production of rebar decreased in the northern, eastern, and southern regions [47][55][62] - In November, the blast furnace operating rate, capacity utilization rate, and daily molten iron output declined, while the electric furnace operating rate, capacity utilization rate, and steel mill scrap steel inventory increased [71][77] 3.3 Demand - In October, the year - on - year decline in real estate investment, sales, new construction, and completion widened, while the year - on - year decline in construction narrowed. Infrastructure investment growth continued to be negative, and the growth rates of transportation, water conservancy, and power investment all declined [82][89] - In October, the growth rate of automobile production and sales rebounded, the growth rate of excavator sales declined, and the growth rate of heavy - truck sales increased. The production and export of household appliances showed mixed trends [95][102] - In November, the national building materials trading volume declined, the rebar delivery volume in Hangzhou increased, and the cement delivery volume increased. The trading volume in the eastern and northern regions declined, while that in the southern region increased. The operating rate of cement mills first decreased and then increased [105][113] - In November, the apparent demand for rebar and hot - rolled coil declined, while the apparent demand for five major steel products increased. The land transaction area in 100 large - and medium - sized cities and the commercial housing transaction area in 30 large - and medium - sized cities increased, while the passenger car sales volume declined [121][128] 3.4 Inventory - In November, the inventory of five major steel products decreased by 112.95 million tons, with rebar inventory decreasing by 71.04 million tons and hot - rolled coil inventory decreasing by 5.69 million tons. The inventory in Shanghai and Hangzhou for rebar increased, while that in Guangzhou and Beijing decreased. The inventory of hot - rolled coil in Shanghai and Chengdu increased, while that in Tianjin and Lecong decreased [133][144][156] 3.5 Profit - In November, the losses on the rebar and hot - rolled coil futures contract plates narrowed. The losses of long - process steel mills widened, while the losses of short - process steel mills narrowed. In Jiangsu, the losses per ton of steel for blast furnace steel mills widened, and the losses of electric furnace steel mills during peak - power hours narrowed [160][162] 3.6 Import and Export - From January to October, steel exports increased by 6.6% year - on - year, while in June, steel exports decreased by 12.5% year - on - year [165] 3.7 Liquidity - In October, the growth rate of the stock of social financing, M1, and M2 all declined. The year - on - year and month - on - month growth rates of medium - and long - term loans for enterprises and households decreased significantly [169][178] 3.8 Transaction Data - In November, the positions, settled funds, and trading volumes of rebar and hot - rolled coil all declined [181] 3.9 Steel Options - Information on the historical volatility, position - to - volume ratio of put - to - call options, and trading - volume ratio of put - to - call options of rebar options is provided [184][188]