Group 1: Report Investment Rating - No information provided about the report's industry investment rating Group 2: Core Viewpoints - The market sentiment of rebar and hot-rolled coil is boosted, showing wide fluctuations [2][3] Group 3: Summary by Directory Fundamental Tracking - **Futures Data**: The closing prices of RB2510 and HC2510 are 2,974 yuan/ton and 3,097 yuan/ton respectively, with increases of 46 yuan/ton (1.57%) and 49 yuan/ton (1.61%). The trading volumes of RB2510 and HC2510 are 2,066,104 lots and 806,676 lots respectively, and the positions are 2,280,391 lots and 1,576,113 lots respectively, with position changes of -17,463 lots and -11,984 lots [3] - **Spot Price Data**: The spot prices of rebar and hot-rolled coil in different regions have increased to varying degrees, and the price of Tangshan steel billet has increased by 40 yuan/ton to 2,900 yuan/ton [3] - **Basis and Spread Data**: The basis of RB2510 and HC2510 has decreased, and some spreads have also changed [3] Macro and Industry News - In late May 2025, the social inventory of 5 major steel products in 21 cities was 7.94 million tons, a decrease of 390,000 tons (4.7%) from the previous month, with an expanded decline; an increase of 1.35 million tons (20.5%) from the beginning of the year; and a decrease of 2.67 million tons (25.2%) from the same period last year [4] - On June 3, China's Caixin Manufacturing PMI for May 2025 was reported at 48.3, falling below the critical point for the first time since October 2024, with an expected value of 50.7 and a previous value of 50.4 [4][5] - According to the weekly data of Steel Union on May 29, in terms of production, rebar decreased by 59,700 tons, hot-rolled coil increased by 138,700 tons, and the total of 5 major varieties increased by 84,100 tons; in terms of total inventory, rebar decreased by 231,700 tons, hot-rolled coil decreased by 73,800 tons, and the total of 5 major varieties decreased by 329,400 tons; in terms of apparent demand, rebar increased by 15,500 tons, hot-rolled coil increased by 138,700 tons, and the total of 5 major varieties increased by 92,300 tons [5] - In mid-May 2025, key steel enterprises produced 21.99 million tons of crude steel, with an average daily output of 2.199 million tons, a 0.3% decrease from the previous month; 19.82 million tons of pig iron, with an average daily output of 1.982 million tons, a 0.4% decrease from the previous month; and 21.24 million tons of steel, with an average daily output of 2.124 million tons, a 1.9% increase from the previous month [5] Trend Intensity - The trend intensity of rebar is 0, and that of hot-rolled coil is also 0, both indicating a neutral state [5]