Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Rebar**: The main contract price fluctuated, with a daily increase of 0.03%. Demand improved but its sustainability is questionable, while supply pressure is increasing. Inventory continues to rise and the increase is expanding. Steel prices in the off - season are under pressure. With the dual influence of production restriction expectations and strong coking coal, steel prices are expected to continue to fluctuate and adjust. Attention should be paid to steel mill production [4]. - **Hot - rolled coil**: The main contract price declined with a daily decrease of 0.35%. In the situation of weak supply and demand, the fundamentals of hot - rolled coils continue to weaken, and inventory increases. Although there are continuous production restriction disturbances, the price is expected to continue to run in a wide - range oscillation. Attention should be paid to steel mill production [4]. - **Iron ore**: The main contract price fluctuated, with a daily decrease of 0.25%. Ore demand has good resilience, supporting high - level operation of ore prices. However, ore supply is recovering, and the fundamentals are expected to weaken. Ore prices are expected to maintain a high - level oscillation and consolidation. Attention should be paid to the performance of finished products [4]. 3. Summary by Relevant Catalogs Industry Dynamics - China's total goods trade import and export value in the first 7 months of 2025 was 25.7 trillion yuan, a year - on - year increase of 3.5%. Exports were 15.31 trillion yuan, up 7.3%, and imports were 10.39 trillion yuan, down 1.6%. In July, the total import and export value was 3.91 trillion yuan, up 6.7% [6]. - Shanghai will launch the overall renovation project of urban villages in 2026, and complete the renovation of small - beam and thin - plate houses in 2027. It will also continue to carry out the renovation of old residential areas [7]. - In July 2025, China exported 983600 tons of steel, a month - on - month increase of 1.6%. From January to July, the cumulative steel export was 6.7983 million tons, a year - on - year increase of 11.4%. In July, China imported 45200 tons of steel, a month - on - month decrease of 3.8%. From January to July, the cumulative steel import was 347600 tons, a year - on - year decrease of 15.7% [8]. Spot Market - The spot prices of rebar, hot - rolled coil, and some other products showed different degrees of decline. For example, the national average price of rebar decreased by 2 yuan, and that of hot - rolled coil decreased by 4 yuan [9]. Futures Market | Variety | Closing Price | Change (%) | Volume | Open Interest | | ---- | ---- | ---- | ---- | ---- | | Rebar | 3231 | 0.03 | 1648650 | 1628167 | | Hot - rolled coil | 3440 | - 0.35 | 640048 | 1428587 | | Iron ore | 793.0 | - 0.25 | 199704 | 335365 | [11] Related Charts - Include charts of steel and iron ore inventory, steel mill production status, etc., such as steel inventory, iron ore inventory in 45 ports, 247 - sample steel mill blast furnace operation rate and capacity utilization rate, etc. [13][18][27] 后市研判 - **Rebar**: Supply pressure increases, demand improvement lacks sustainability, inventory rises, and prices are expected to continue to fluctuate and adjust. Attention should be paid to steel mill production [36]. - **Hot - rolled coil**: Supply and demand are both weak, inventory increases, and prices are under pressure. However, due to production restriction disturbances, prices are expected to run in a wide - range oscillation. Attention should be paid to steel mill production [35]. - **Iron ore**: Demand has resilience, but supply is increasing, and the fundamentals are expected to weaken. Ore prices are expected to maintain high - level oscillation. Attention should be paid to the performance of finished products [37].

（仅供参考，不构成任何投资建议） 螺纹钢：主力期价震荡上行，录得 1.38%日涨幅，量仓收缩。现阶段， 供需双弱局面下螺纹基本面表现偏弱，钢价承压运行，但低库存格局下 产业矛盾也不大，下行空间受限，预计钢价延续弱势震荡运行态势，关 注钢厂生产情况。 投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 8 月 5 日 钢材&铁矿石日报 专业研究·创造价值 煤炭强势提振市场，钢矿延续震荡上行 核心观点 热轧卷板：主力期价延续上行，录得 1.89%日涨幅，量仓扩大。目前来 看，供需双增局面下热卷基本面虽有所走弱，但限产扰动不断发酵，且 现实矛盾不大，热卷价格延续偏强运行态势，关注海外风险情况。 铁矿石：主力期价震荡走高，录得 1.20%日涨幅，量仓收缩。现阶 段，矿石需求韧性尚可，支撑矿价高位运行，但矿石供应在回升，基本 面存走弱预期，多空因素博弈下预计矿价延续高位震荡整理态势，关注 成材表现情况。 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 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **Rebar**: The main contract price of rebar fluctuated with a daily increase of 0.19%. The supply - demand pattern is stable, with pre - holiday demand surging and weekly apparent demand increasing significantly. However, the improvement may not be sustainable, and supply remains high. The steel price is under pressure, but macro - level positive factors have been realized. The price is expected to continue low - level oscillatory movement, and demand changes should be monitored [4][37]. - **Hot - rolled coil**: The main contract price of hot - rolled coil oscillated with a daily increase of 0.34%. Current demand is acceptable, supporting a stable supply - demand pattern. But supply is high, and demand is expected to weaken. The price is under pressure, and with overseas risks and the expectation of reduction policies, it is expected to maintain low - level oscillation. Attention should be paid to steel mill production [4][38]. - **Iron ore**: The main contract price of iron ore had a wide - range oscillation with a daily increase of 0.35%. Strong demand supports the ore price, but the supply - demand pattern has not improved due to high supply and concerns about demand peaking. The price is under pressure, but with improved market sentiment, the downward drive is weak. It is expected to continue low - level oscillation, and the performance of finished steel should be monitored [4][39]. 3. Summary by Directory Industry Dynamics - **Central bank's measures for the real estate market**: The central bank cut the reserve requirement ratio by 0.5 percentage points, injecting about 1 trillion yuan of long - term liquidity into the market. It also lowered the policy interest rate by 0.1 percentage points and the personal housing provident fund loan interest rate by 0.25 percentage points [6]. - **New contract signing plans of nine major construction central enterprises**: In 2024, they completed a total of 16.59 trillion yuan in new contract signings, and the plan for 2025 is 17.06 trillion yuan. The 2024 revenue was 7.11 trillion yuan, and the 2025 plan is 7.28 trillion yuan [7]. - **Australia's anti - dumping sunset review investigation**: Australia launched a second anti - dumping sunset review investigation on Chinese steel bars with a diameter of 50 mm or less on May 5, 2025 [8]. Spot Market - **Black metal spot quotes**: The report provides spot prices and price changes of rebar, hot - rolled coil, billet, scrap, iron ore powder, and related indices [9]. Futures Market - **Futures prices of main contracts**: It shows the closing prices, price changes, trading volumes, and open interest of rebar, hot - rolled coil, and iron ore futures contracts [11]. Related Charts - **Steel inventory**: Includes charts of rebar inventory (weekly changes and total inventory), hot - rolled coil inventory (weekly changes, total inventory), and related historical data [14][16][24]. - **Iron ore inventory**: Covers charts of national 45 - port iron ore inventory (including inventory changes and seasonal data), 247 - steel mill iron ore inventory, and domestic mine iron concentrate powder inventory [21][22][25]. - **Steel mill production**: Presents charts of 247 - steel mill blast furnace operating rate and capacity utilization rate, 87 - independent electric furnace operating rate, 247 - steel mill profitable steel mill ratio, and 75 - building material independent electric arc furnace steel mill profit and loss situation [31][33][35]. Market Outlook - **Rebar**: Supply is at a high level, and although pre - holiday demand increased, its sustainability is uncertain. With macro - level positives, the price will continue low - level oscillation, and demand changes should be watched [37]. - **Hot - rolled coil**: Supply and demand are both rising, but demand is expected to weaken. With overseas risks and reduction policy expectations, the price will maintain low - level oscillation, and steel mill production should be focused on [38]. - **Iron ore**: Demand is strong, but supply is also high, and there are concerns about demand peaking. With improved market sentiment, the price will continue low - level oscillation, and the performance of finished steel should be monitored [39].