Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The black metal sector maintained a weak and volatile trend today, with overall spot trading volume being generally weak and slightly weaker than yesterday [8]. - Affected by the military parade, building materials production decreased, but hot - rolled coil production increased. Steel inventories continued to accumulate, but the accumulation rate slowed down. The apparent demand for building materials and hot - rolled coils increased month - on - month [8]. - There is still support for steel exports recently, and the funds of downstream construction sites continue to improve, leading to a recovery in building materials demand. The current improvement in steel demand, the decline in molten iron output, and strong steel exports support steel prices. However, molten iron production may resume rapidly after the military parade. In September, coal daily consumption is expected to decline, blast furnaces will resume production, and the steel fundamentals will deteriorate. If coal mines resume production rapidly after the military parade, steel prices will still face pressure [8]. - It is expected that in the short term, capital will act first, and steel prices will maintain a weak and volatile trend. In September, attention should be paid to the peak - season demand for steel, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [8]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Thread Steel Futures** - Prices of RB05, RB10, and RB01 decreased by 10 yuan/ton, 13 yuan/ton, and 11 yuan/ton respectively compared to yesterday [3]. - The spreads between different contracts and the changes in the spreads were also presented, such as HC05 - RB05 increasing by 8 yuan/ton [3]. - The disk profits of the 05, 10, and 01 contracts decreased by 17 yuan/ton, 33 yuan/ton, and 19 yuan/ton respectively [3]. - **Thread Steel Spot** - The prices of Shanghai Zhongtian, Nanjing Xicheng, etc. showed different changes, with Shanghai Zhongtian decreasing by 10 yuan/ton and Shandong Shiheng increasing by 10 yuan/ton [3]. - The basis differences of different contracts and different regions were provided, and the spot profits in different regions also changed, such as the East China thread steel profit decreasing by 14 yuan/ton [3]. - **Hot - Rolled Coil Futures** - HC05 decreased by 2 yuan/ton, HC10 remained unchanged, and HC01 increased by 1 yuan/ton compared to yesterday [3]. - The spreads between different contracts and the changes in the spreads were also shown, and the disk profits of the 05, 10, and 01 contracts decreased by 9 yuan/ton, 20 yuan/ton, and 7 yuan/ton respectively [3]. - **Hot - Rolled Coil Spot** - The prices of Tianjin Hegang, Lecong Rigang, etc. had different performances, with Shanghai Angang increasing by 10 yuan/ton [3]. - The basis differences of different contracts and different regions were given, and the spot profits in different regions changed, such as the Tianjin hot - rolled coil profit decreasing by 3 yuan/ton [3]. 3.2 Market Judgement - **Related Prices** - The price of Shanghai Zhongtian thread steel was 3200 yuan (- 10), Beijing Jingye was 3170 yuan (- 10), Shanghai Angang hot - rolled coil was 3360 yuan (+ 10), and Tianjin Hegang hot - rolled coil was 3290 yuan (unchanged) [7]. - **Trading Strategies** - **Unilateral**: Maintain a weak and volatile trend [9]. - **Arbitrage**: Hold the short position of the coil - to - thread spread and enter the 1 - 5 positive spread [9]. - **Options**: It is recommended to wait and see [9]. - **Important Information** - As of September 2, the capital availability rate of sample construction sites was 59.4%, with a week - on - week increase of 0.18 percentage points. The capital availability rate of non - housing construction projects was 61.01%, with a week - on - week increase of 0.09 percentage points, and that of housing construction projects was 51.39%, with a week - on - week increase of 0.44 percentage points [9]. - The US ISM manufacturing index in August was 48.7, lower than the expected 49 and the previous value of 48, and it has been below the boom - bust line for six consecutive months [9]. 3.3 Related Attachments A series of charts were provided, including the basis differences of different contracts of thread steel and hot - rolled coil in Shanghai area, the spreads between different contracts, the disk profits of different contracts, the cash profits in different regions, and the price differences between different products, etc. [15][17][21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The steel price is expected to maintain a bottom - oscillating trend in the short - term. In September, attention should be paid to the peak - season demand, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [4][6]. - The prices of coking coal and coke are expected to continue wide - range oscillations in the near future [12]. - The iron ore price will mainly oscillate in the short - term, as the factors driving price increases are weakening [17]. - Silicon - iron and manganese - silicon are expected to have bottom - oscillating trends recently [22]. 3. Summary by Related Categories Steel - **Related Information**: As of August 26, the sample construction site fund availability rate was 59.22%, up 0.43 percentage points week - on - week. The national new local government bond issuance in the first seven months was 3315.9 billion yuan [2]. - **Spot Price**: Shanghai rebar was 3290 yuan, Beijing rebar was 3230 yuan, Shanghai hot - rolled coil was 3400 yuan (+20), and Tianjin hot - rolled coil was 3360 yuan [3]. - **Logic Analysis**: The black sector declined in the night session. Steel production resumed, with rebar increasing and hot - rolled coil slightly decreasing. Steel exports were resilient, and downstream construction site funds improved marginally. As the parade approaches, iron - water production is expected to decrease, putting short - term pressure on steel prices. After August, the coal daily consumption will decline, and the blast furnace may resume production rapidly, potentially worsening the steel fundamentals [4]. - **Trading Strategy**: Unilateral: Maintain a bottom - oscillating trend; Arbitrage: Short the hot - rolled coil to rebar spread; Option: Wait and see [7][8][9]. Coking Coal and Coke - **Related Information**: The average national profit per ton of coke was 55 yuan/ton. The blast furnace operating rate of 247 steel mills was 83.2%, down 0.16 percentage points week - on - week. The daily average iron - water output was 240.13 tons, down 0.62 tons week - on - week [10]. - **Logic Analysis**: The futures prices of coking coal and coke oscillated widely without a clear direction. The spot price of coking coal fluctuated, and the downstream procurement enthusiasm weakened. The eighth round of coke price increase was not responded to by steel mills. The coal mine safety work is expected to be stricter, and the iron - water output will decline, with little change in the overall supply - demand relationship of coking coal [11][12]. - **Trading Strategy**: Unilateral: Wide - range oscillation; Arbitrage: Wait and see; Option: Wait and see; Futures - cash: Wait and see [13]. Iron Ore - **Related Information**: The PB powder spot price at Qingdao Port was 781 (+13), and the basis of the 01 iron ore main contract was 33 [15][16]. - **Logic Analysis**: The iron ore price fell 0.7% in the night session. The shipments of mainstream mines increased year - on - year in the past month, and the non - mainstream ore shipments in August were at a high level year - on - year. The growth rate of manufacturing and infrastructure investment slowed down, suppressing the terminal steel demand [17]. - **Trading Strategy**: No specific trading strategy was clearly given for iron ore in the text, only a note that the views are for reference only [18]. Ferroalloys - **Related Information**: On the 28th, the semi - carbonate Mn36% at Tianjin Port was quoted at 34 yuan/ton degree, and the Gabon block Mn46% was quoted at 40 yuan/ton degree. Comilog's October 2025 quotation for Gabon blocks to China was 4.27 US dollars/ton degree, unchanged from last month [19][20]. - **Logic Analysis**: For silicon - iron, the spot price was stable to weak on the 28th. The supply growth slowed down, and the demand was supported by the increase in steel production and apparent consumption. For manganese - silicon, the manganese ore spot price was stable, and the manganese - silicon spot price decreased. The supply growth also slowed down, and the alloy demand was stable [21][22]. - **Trading Strategy**: Unilateral: Bottom - oscillating; Arbitrage: Gradually take profit on the long - futures short - cash spread; Option: Sell straddle option combinations at high prices [23].

Group 1: Market Information - **In the futures market of rebar**: RB05 was at 3223 yuan/ton, down 38 yuan; RB10 was at 3113 yuan/ton, down 25 yuan; RB01 was at 3182 yuan/ton, down 39 yuan. The spreads between different contracts also changed, such as RB01 - RB05 being -38 yuan, down 1 yuan [3]. - **In the futures market of hot - rolled coil**: HC05 was at 3361 yuan/ton, down 27 yuan; HC10 was at 3367 yuan/ton, down 22 yuan; HC01 was at 3357 yuan/ton, down 20 yuan. The spreads between different contracts also had fluctuations, like HC01 - HC05 being -4 yuan, up 7 yuan [3]. - **In the spot market of rebar**: The prices of rebar in different regions had slight changes. For example, Shanghai Zhongtian was at 3270 yuan/ton, down 10 yuan. The spot profits in different regions generally decreased, such as the East China rebar profit dropping from -157 yuan to -163 yuan [3]. - **In the spot market of hot - rolled coil**: The prices of hot - rolled coil in different regions also changed. For example, Tianjin Hegang hot - rolled coil was at 3370 yuan/ton, down 10 yuan. The spot profits of hot - rolled coil in some regions decreased, such as the Tianjin hot - rolled coil profit dropping from -192 yuan to -195 yuan [3]. Group 2: Market Judgment - **Related prices**: The net price of Shanghai Zhongtian rebar was 3280 yuan (+30), Beijing Jingye was 3250 yuan (+10), Shanghai Angang hot - rolled coil was 3430 yuan (+30), and Tianjin Hegang hot - rolled coil was 3380 yuan (+20) [7]. - **Trading strategy**: The black sector declined today, maintaining a weak oscillation. Spot trading was weak, mainly at low prices. Steel production continued to resume last week, with rebar production decreasing and hot - rolled coil production increasing. The overall inventory of the five major steel products increased, but the inventory accumulation speed slowed down. Steel exports remained strong, and the apparent demand for hot - rolled products was still high. The steel price was supported due to the recovery of steel demand, high hot - metal production, and strong steel exports. As the military parade approaches, hot - metal production is expected to decrease next week, alleviating the supply pressure. However, after August, the coal daily consumption will decline, blast furnaces may resume production quickly, and the steel fundamentals may deteriorate. If the expectation of coal mine production reduction fails, the steel price will still face pressure after the parade. It is expected that the steel price will maintain a bottom - oscillating trend in the short term. In September, attention should be paid to the peak - season demand, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [8]. - **Option strategy**: It is recommended to wait and see [9]. - **Unilateral and arbitrage strategies**: The steel price is expected to maintain a bottom - oscillating trend. It is recommended to wait and see for arbitrage [10]. Group 3: Related Attachments - The report provides multiple figures related to rebar and hot - rolled coil, including price trends, basis, spreads, and profit trends over different time periods and contract types, with data sources from Galaxy Futures, Mysteel, and Wind [16][20][28]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The black metal sector rose today due to the relaxation of Shanghai's housing market policies and news of coal mine safety inspections, with coking coal and coke leading the gains. Steel spot trading was average, mainly at low prices. - Last week, steel production resumed. Rebar production continued to decline while hot - rolled coil production increased. The overall inventory of the five major steel products continued to accumulate, but the accumulation rate slowed down. - Recently, steel exports remained resilient, and the apparent demand for hot - rolled coils was still strong. Building material demand rebounded from the bottom. - Currently, steel demand has shown some improvement. High hot - metal production and strong steel exports support steel prices. As the military parade approaches, hot - metal production is expected to decline in the second half of next week, alleviating the supply pressure of steel. - The recent coal mine accident in Fujian has raised market expectations of coal mine production cuts. The current futures price has fallen to a level close to that before the "anti - involution" impact, so steel prices may be strongly supported before the military parade with limited downside space. - However, coal consumption will decline after August, blast furnaces may resume production quickly, and the steel fundamentals will continue to deteriorate. If the expectation of coal mine production cuts fails, steel prices will still face pressure after the military parade. It is expected that steel prices will maintain a bottom - oscillating trend in the short term. In September, attention should be paid to the peak - season demand for steel, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [8]. 3. Summary by Relevant Catalogs Market Information - **Rebar Futures**: The prices of RB05, RB10, and RB01 contracts increased by 31 yuan/ton, 19 yuan/ton, and 29 yuan/ton respectively. The spreads and profits of different contracts also changed. For example, the 05 - contract rebar盘面利润 decreased by 20 yuan/ton [3]. - **Rebar Spot**: The prices of rebar in Shanghai, Nanjing, Shandong, and other regions increased. The cheapest delivery product was 3280 yuan/ton. The regional price differences and spot profits also showed different changes. For example, the profit of Shanghai - Nanjing rebar remained unchanged, while the profit of Shandong rebar decreased by 72 yuan/ton [3]. - **Hot - Rolled Coil Futures**: The prices of HC05, HC10, and HC01 contracts increased by 30 yuan/ton, 28 yuan/ton, and 25 yuan/ton respectively. The spreads and profits of different contracts changed. For example, the 05 - contract hot - rolled coil盘面利润 decreased by 21 yuan/ton [3]. - **Hot - Rolled Coil Spot**: The prices of hot - rolled coils in Tianjin, Shanghai, and other regions increased. The cheapest delivery product was 3420 yuan/ton. The regional price differences and spot profits also showed different changes. For example, the profit of Shanghai - Tianjin hot - rolled coil remained unchanged, while the profit of East China hot - rolled coil increased by 16 yuan/ton [3]. Market Judgement - **Related Prices**: The spot price of Shanghai Zhongtian rebar was 3280 yuan (+30), Beijing Jingye was 3250 yuan (+10), Shanghai Angang hot - rolled coil was 3430 yuan (+30), and Tianjin Hegang hot - rolled coil was 3380 yuan (+20) [7]. - **Trading Strategies** - Unilateral trading: Steel prices are expected to maintain a bottom - oscillating trend. - Arbitrage: It is recommended to gradually close out long - short positions in rebar. - Options: It is recommended to wait and see. - **Important Information** - On August 25, six departments in Shanghai jointly issued a notice to optimize and adjust real - estate policies, including reducing housing purchase restrictions, optimizing housing provident funds, optimizing personal housing credit, and improving personal housing property tax. - On August 25, the China Coking Industry Association's Market Committee held a meeting. Participating enterprises decided to raise the prices of tamping wet - quenched coke by 50 yuan/ton, tamping dry - quenched coke by 55 yuan/ton, and top - charged coke by 75 yuan/ton starting from 0:00 on August 26 [9][10]. Relevant Attachments The report provides multiple charts showing the prices, spreads, and profits of different contracts of rebar and hot - rolled coils in different regions over different time periods, including basis, price differences between contracts, and cash profits [13].