Group 1: Investment Rating - No investment rating information provided Group 2: Core Views - Steel and ore are expected to show a short - term oscillating trend. For rebar and hot - rolled coils, it's difficult to reach new highs in the short term, and the market will mainly oscillate. For iron ore, although the daily pig iron output has decreased, it remains at a relatively high level above 2.4 million tons, which restricts the downside space [5]. - Short - term trading is recommended as the market is in a short - term oscillating state [6]. Group 3: Summary by Related Catalogs Steel and Ore Market Conditions - Rebar and hot - rolled coils: The main contracts are shifting positions. Due to high - temperature and heavy - rain weather, demand is still weak. According to Zhaogang.com data, this week, the production and apparent demand of rebar and hot - rolled coils decreased, while inventory increased, with obvious restocking. The RB2510 contract has a pressure level of 3300 and a support level of 3150. The support level for hot - rolled coils is 3300, and the pressure level is 3550. The main stainless - steel contract has a pressure level of 13200 and a support level of 12650 [5]. - Iron ore: The daily pig iron output this week was 2.4032 million tons, a decrease of 0.0039 million tons compared to the previous week. Although it decreased, it remains above 2.4 million tons, restricting the downside space. The pressure level for the main iron - ore contract has moved down to 835, and the support level is 750 [5]. Important News - The US President Trump signed an executive order to impose an additional 25% tariff on goods from India, making the total tariff rate reach 50%, and the new 25% tariff will take effect in 21 days [13]. - In late July 2025, key steel enterprises produced 21.8 million tons of crude steel, with an average daily output of 1.982 million tons, a 7.4% decrease in daily output compared to the previous period; 20.41 million tons of pig iron, with an average daily output of 1.856 million tons, a 4.5% decrease in daily output; and 23 million tons of steel products, with an average daily output of 2.091 million tons, a 0.5% increase in daily output [13]. - The Ministry of Transport, the Ministry of Finance, and the Ministry of Natural Resources issued the "New Round of Rural Road Improvement Action Plan", aiming to complete the reconstruction and construction of 300,000 kilometers of rural roads nationwide by 2027 [13]. - In late July 2025, the steel inventory of key steel enterprises was 14.78 million tons, a decrease of 0.88 million tons compared to the previous ten - day period, a 5.6% decrease; an increase of 2.41 million tons compared to the beginning of the year, a 19.5% increase; a decrease of 0.67 million tons compared to the same ten - day period of the previous month, a 4.3% decrease; a decrease of 1.27 million tons compared to the same ten - day period of last year, a 7.9% decrease; and an increase of 0.29 million tons compared to the same ten - day period of the year before last, a 2.0% increase [13]. - The China Federation of Logistics and Purchasing announced that the global manufacturing PMI in July was 49.3%, a decrease of 0.2 percentage points compared to the previous month, indicating that the recovery momentum of the global manufacturing industry weakened compared to the previous month and continued to operate weakly [13]. - Seven departments including the central bank jointly issued the "Guiding Opinions on Financial Support for New - type Industrialization", supporting mining enterprises to increase reserves and production of important minerals and improve the supply guarantee capacity of strategic resources [14]. - On July 30, the 11th Council (Expanded) Meeting of the 6th China Iron and Steel Association was held in Beijing, focusing on in - depth discussions around "controlling production capacity, combating involution, strengthening cooperation, and promoting transformation" [14]. Steel Supply and Inventory - This week, the steel supply decreased slightly. The total steel supply was 8.6921 million tons, a week - on - week increase of 0.0179 million tons; the total inventory was 13.7536 million tons, a week - on - week increase of 0.2347 million tons [15][16]. - Rebar: This week, the supply was 2.2118 million tons, a week - on - week increase of 0.1012 million tons; the total inventory was 5.6668 million tons, a week - on - week increase of 0.1039 million tons, a decrease rate of 0.9%; the apparent consumption was 2.1658 million tons, a 5.0% increase compared to the previous period. The apparent demand increased by 0.0738 million tons to 2.1079 million tons [18]. - Hot - rolled coils: This week, the supply was 3.1489 million tons, a week - on - week decrease of 0.079 million tons; the total inventory increased by 0.0868 million tons to 3.5663 million tons; the apparent demand decreased by 0.1379 million tons to 3.0621 million tons [18]. - Rebar inventory contradiction is not prominent. This week, rebar's factory inventory, social inventory, and total inventory increased. For hot - rolled coils, the factory inventory decreased, while the social inventory and total inventory increased, showing restocking behavior [20][21]. Pig Iron and Iron Ore - This week, the daily pig iron output was 2.4032 million tons, a decrease of 0.0039 million tons compared to the previous week. Although it decreased, it remains at a relatively high level above 2.4 million tons, restricting the downside space of iron ore [24].