Report Overview - Report Type: Steel Daily Review [1] - Date: October 30, 2025 [2] - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - On October 29, the main contracts of rebar and hot-rolled coil futures showed an obvious upward trend, recovering most of the losses since September 26. Considering the positive expectations from industry policies, cost increases, and the improvement in terminal demand, the steel futures are expected to continue an oscillating and strengthening trend in the future [5][10]. 3. Summary by Section 3.1 Market Review - **Futures Market**: On October 29, the main contracts of rebar (RB2601) and hot-rolled coil (HC2601) futures oscillated higher, with closing prices of 3,133 yuan/ton and 3,345 yuan/ton respectively, up 1.00% and 1.21% from the previous trading day. The stainless steel futures contract (SS2512) also rose 0.31% [5]. - **Spot Market**: Most rebar and hot-rolled coil spot market prices rose on October 29. Rebar prices in Nanning and Shenyang increased by 30 yuan/ton, while prices in Changsha, Zhengzhou, Beijing, Taiyuan, Kunming, and Guiyang remained stable. Hot-rolled coil prices in Guangzhou, Shijiazhuang, and Taiyuan increased by 30 yuan/ton, while prices in Shanghai, Wuhan, Beijing, Lanzhou, and Urumqi remained stable [7]. - **Technical Analysis**: The daily KDJ indicators of the rebar 2601 and hot-rolled coil 2601 contracts showed an upward trend, and the daily MACD red bars continued to expand [7]. 3.2 Market Outlook - **Policy News**: On October 24, the Ministry of Industry and Information Technology released a new draft of the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry," with stricter requirements for replacement ratios. Tangshan plans to implement a 30% blast furnace production limit from October 27 to 30 [9]. - **Fundamentals**: The milder cold weather in the north has improved the outlook for terminal demand. Although steel inventories are significantly higher than in previous years, the improved demand may ease the inventory pressure [10]. - **Market Expectations**: Against the backdrop of geopolitical easing, positive policy news and cost increases have led to a significant rebound in steel futures. The market is expected to continue an oscillating and strengthening trend, and attention should be paid to the cooperation of the spot market and the positive cycle effect on the raw material market [10]. 3.3 Industry News - The Fujian Bureau of the National Mine Safety Administration organized a safety consultation meeting for provincial coal mines, emphasizing the implementation of safety measures [11]. - Wujin Stainless reported Q3 revenue of 597 million yuan, a year-on-year increase of 6.97%, and a net profit of 11.2753 million yuan, a year-on-year decrease of 63.24% [11]. - Bengang Plate reported Q3 revenue of RMB 10.503 billion, a year-on-year decrease of 11.35%, and a net loss of RMB 817 million, a year-on-year reduction of 50.56% [11]. - Shandong Iron and Steel plans to acquire a 100% stake in Yinshan Section Steel from Laigang Group [11]. - Huaneng International reported Q3 revenue of RMB 172.975 billion, a year-on-year decrease of 6.19%, and a net profit of RMB 14.841 billion, a year-on-year increase of 42.52% [12]. - Datang Power Generation reported Q3 revenue of RMB 32.152 billion, a year-on-year decrease of 1.62%, and a net profit of RMB 2.133 billion, a year-on-year increase of 61.18% [12]. - Jinkong Coal Industry reported Q3 revenue of 3.36 billion yuan, a year-on-year decrease of 12.85%, and a net profit of 401 million yuan, a year-on-year decrease of 43.94% [12]. - Yunmei Energy reported Q3 revenue of RMB 1.388 billion, a year-on-year decrease of 11.53%, and a net loss of RMB 18 million [12]. - Shanxi Coking Coal stated that power plants within the company can only use washed middlings from some mines, and internal transactions are subject to contracts [12]. - Shaanxi Energy's subsidiary plans to invest 6.997 billion yuan in the Zhangba Coal Mine project in Shaanxi [12]. - The Henan Department of Industry and Information Technology issued a guide for the green transformation of the steel industry [12]. - Yancoal Australia reported a Q3 raw coal (equity) production of 11.6 million tons, a quarter-on-quarter decrease of 9% and a year-on-year decrease of 12% [12]. - The China-ASEAN Free Trade Area 3.0 upgrade protocol was signed on October 28 [12]. - Russia's coal production in September 2025 was 34.463 million tons, a month-on-month increase of 9.0% and a year-on-year decrease of 0.2% [13]. 3.4 Data Overview - The report presents multiple charts showing data on steel spot prices, production, inventory,开工 rates, and consumption, with data sources from Mysteel and the Research and Development Department of CCB Futures [17][21][24][26][29][33].