Report Industry Investment Rating No relevant content provided. Core Viewpoints - The main contract price of rebar oscillated with a daily increase of 0.03%, and the volume and open interest contracted. The demand for rebar has improved, but its sustainability is questionable, the inventory reduction pressure is high, and the supply remains low. With cost support, the steel price is expected to continue the oscillatory bottom - seeking trend, and attention should be paid to the demand performance [4]. - The main contract price of hot - rolled coil oscillated weakly with a daily decline of 0.16%, the volume decreased, and the open interest increased. The high - supply pressure persists, the demand resilience is weakening, and the supply - demand pattern of hot - rolled coil is weak. With cost support, the price will continue the weak bottom - seeking trend, and attention should be paid to the demand performance [4]. - The main contract price of iron ore oscillated weakly with a daily decline of 0.19%, the volume decreased, and the open interest increased. The supply of iron ore is increasing, the industry concerns remain, the demand downward pressure is emerging, the fundamentals of the iron ore market are weakening, and the high - valued iron ore price will continue to be under pressure and run weakly. Attention should be paid to the performance of steel [4]. Summary by Directory 1. Industry Dynamics - From January to September 2025, China's shipbuilding completion volume was 38.53 million deadweight tons, a year - on - year increase of 6.0%; the new order volume was 66.6 million deadweight tons, a year - on - year decrease of 23.5%; and the order - holding volume as of the end of September was 242.24 million deadweight tons, a year - on - year increase of 25.3%. China's three major shipbuilding indicators maintained global leadership [6]. - Starting from 00:00 on October 18, 2025, Sichuan Province will suspend the implementation of the 2025 automobile scrapping and replacement subsidy policies. The follow - up adjustment policies will be announced in a timely manner after being determined [7]. - On October 16, 2025, Australia launched the first anti - dumping and counter - subsidy sunset review investigations on precision steel pipes from China and South Korea at the request of domestic enterprises [8]. 2. Spot Market - For rebar, the Shanghai price was 3,170 yuan, down 10 yuan; the Tianjin price was 3,110 yuan, down 10 yuan; and the national average price was 3,215 yuan, up 3 yuan. For hot - rolled coil, the Shanghai price was 3,270 yuan, down 10 yuan; the Tianjin price was 3,190 yuan, unchanged; and the national average price was 3,331 yuan, down 2 yuan. The price of Tangshan billet was 2,920 yuan, unchanged, and the price of Zhangjiagang heavy scrap was 2,140 yuan, unchanged [9]. - The price of 61.5% PB powder at Shandong ports was 777 yuan, unchanged; the price of Tangshan iron concentrate powder was 807 yuan, unchanged. The Australian sea freight was 10.39 yuan, up 0.04 yuan; the Brazilian sea freight was 23.84 yuan, up 0.23 yuan. The SGX swap (current month) was 105.43 yuan, down 0.25 yuan; the Platts index (CFR, 62%) was 105.95 yuan, down 0.25 yuan [9]. 3. Futures Market - The closing price of the rebar active contract was 3,037 yuan, with a daily increase of 0.03%. The trading volume was 854,671 lots, a decrease of 181,696 lots; the open interest was 2,004,317 lots, a decrease of 35,070 lots [13]. - The closing price of the hot - rolled coil active contract was 3,204 yuan, with a daily decline of 0.16%. The trading volume was 487,804 lots, a decrease of 153,898 lots; the open interest was 1,496,079 lots, an increase of 16,084 lots [13]. - The closing price of the iron ore active contract was 771.0 yuan, with a daily decline of 0.19%. The trading volume was 271,218 lots, a decrease of 127,333 lots; the open interest was 545,426 lots, an increase of 9,848 lots [13]. 4. Related Charts - The report provides charts on steel inventory (including rebar and hot - rolled coil inventory), iron ore inventory (including national 45 - port inventory, 247 - steel mill inventory), and steel mill production situation (including blast furnace operating rate, capacity utilization rate, and profitability) [15][20][30]. 5.后市研判 - For rebar, the supply - demand pattern has changed. The production of construction steel mills is weakly stable, the weekly output has decreased, and the supply is in a continuous contraction state but the decline is slowing. The demand has recovered after the festival, but the high - frequency daily trading volume is low, and the demand weakness remains. With cost support, the steel price is expected to continue the oscillatory bottom - seeking trend [41]. - For hot - rolled coil, the supply - demand pattern continues to weaken. The inventory is increasing, the production of plate steel mills is weakly stable, the supply pressure is high, and the demand improvement is questionable. With cost support, the price will continue the weak bottom - seeking trend [41]. - For iron ore, the supply - demand pattern has weakened. The steel mill production is weakly stable, the terminal consumption of iron ore is declining, the supply is increasing, and the high - valued iron ore price will continue to be under pressure and run weakly [42].

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 14 日 钢材&铁矿石日报 专业研究·创造价值 现实矛盾累积，钢矿弱势下行 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 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 专业研究·创造价值 1 / 7 请务必阅读文末免责条款 请务必阅读文末免责条款部分 1 / 8 核心观点 螺纹钢：主力期价弱势下行，录得 1.82%日跌幅，量增仓缩。现阶段， 螺纹钢需求如期走弱，而供应相对趋稳，淡季基本面持续走弱，库存大 幅增加，钢价继续承压运行，相对利好则是近期成本抬升明显，下行空 间受限，利空情绪主导下预计钢价呈现震荡走弱态势，关注需求表现情 况。 热轧卷板：主力期价弱势下行，录得 1.18 ...

投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 5 月 9 日 钢材&铁矿石日报 专业研究·创造价值 市场预期偏弱，钢矿承压运行 核心观点 螺纹钢：主力期价弱势下行，录得 1.63%日跌幅，量缩仓增。现阶段， 螺纹钢供需格局有所走弱，螺纹钢产量环比下降，供应迎来收缩，但假 期因素扰动下需求走弱更加明显，周度表需环比大降，继而导致库存开 始增加，关注持续性，且下游行业并未改善，需求仍会季节性走弱，继 续拖累螺纹基本面，钢价仍将承压弱势震荡寻底，关注需求表现情况。 热轧卷板：主力期价震荡下行，录得 1.34%日跌幅，量缩仓增。目前来 看，热卷供应维持高位，压力偏大，而需求开始走弱，供强需弱局面下 基本面依然不佳，热卷价格继续承压，相对利好则是压减政策预期，预 期现实博弈下热卷延续低位震荡运行态势，关注钢厂生产情况。 铁矿石：主力期价震荡运行，录得 0.57%日跌幅，量缩仓稳。现阶 段，铁矿石供需格局有所走弱，钢厂生产趋稳，矿石需求高位运行，给 予矿价支撑，但钢价表现不佳，且钢材需求隐忧未退，矿石需求存触顶 担忧，利好效应趋弱。与此同时，海外矿商发运积极，而内矿供应维持 平 ...