新华财经北京12月4日电中钢协发布11月下旬钢材社会库存监测旬报。数据显示，11月下旬，21个城市5大品种 钢材社会库存833万吨，环比减少38万吨，下降4.4%，库存连续下降，降幅扩大；比年初增加174万吨，上升 26.4%；比上年同期增加150万吨，上升22.0%。 （文章来源：新华财经） ...

新华财经北京11月24日电 中钢协发布2025年11月中旬钢材社会库存监测旬报，11月中旬，21个城市5大 品种钢材社会库存871万吨，环比减少22万吨，下降2.5%，库存呈连续下降态势；比年初增加212万 吨，上升32.2%；比上年同期增加187万吨，上升27.3%。 （文章来源：新华财经） ...

Group 1 - The core point of the article is that the social inventory of five major steel varieties in 21 cities has decreased, indicating a shift from an increase to a decrease in inventory levels [1] Group 2 - As of late September 2025, the social inventory of steel reached 9.02 million tons, a decrease of 390,000 tons or 4.1% compared to the previous period [1] - Compared to the beginning of the year, the inventory has increased by 2.43 million tons, representing a rise of 36.9% [1] - Year-on-year, the inventory has increased by 1.54 million tons, which is an increase of 20.6% [1]

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]