研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引 用、删节和修改。 | 项目类别 数据指标 | 最新 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | | HC 主力合约收盘价(元/吨) 期货市场 | 3,277 | -9↓ HC 主力合约持仓量(手) | 1196921 | -20253↓ | | HC 合约前20名净持仓(手) | -80,073 | -11189↓ HC1-5合约价差(元/吨) | -4 | +5↑ | | HC 上期所仓单日报(日，吨) | 150567 | 0.00 HC2601-RB2601合 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Steel Products**: This week, the supply - demand structure of steel products continued to weaken. The market sentiment was still volatile due to the continuous speculation of production cuts by Tangshan rolling mills. The recommended strategy is to short with a light position in the short - term and focus on the callback space [5]. - **Iron Ore**: This week, the supply of iron ore was relatively stable, and the demand changed little. The supply - demand structure change was neutral. In the short - term, the bullish sentiment in the market may cool down, but the resilience of iron ore demand may be repeatedly traded, and the decline may be smaller than that of steel products. The recommended strategy is to wait and see on a single - side basis [5]. 3. Summary According to the Directory 3.1 Steel Products Weekly Market Tracking - **Price**: The spot price of steel products decreased slightly, and the futures market fluctuated. The Shanghai rebar futures contract 10 rose 10 to close at 3213, and the spot price in East China dropped 20 to 3340 yuan/ton [9][12]. - **Supply**: The blast furnace operation rate increased slightly, while the EAF production decreased slightly. The total supply of the five major steel products increased by 1.79 tons to 869.21 tons this week. Rebar production increased by 10.12 tons, and hot - rolled coil production decreased by 7.9 tons [13][25]. - **Demand**: The demand for building materials decreased, and the demand for plates weakened slightly. The national concrete shipment volume decreased by 3.13% week - on - week. In July, the domestic demand for plates weakened significantly due to the unexpected decline in automobile sales [26][31]. - **Profit**: The profit of long - process production remained high, while the profit of EAF production decreased. The blast furnace profit rate was 68.4%, and the average profit of independent EAF construction steel mills was - 35 yuan/ton [32][34]. - **Inventory**: The social inventory of building materials continued to increase, and the inventory of plates accumulated at an accelerated pace. The total inventory of the five major steel products increased by 23.47 tons to 1375.36 tons [35][38]. - **Basis**: The basis of building materials narrowed significantly, and the basis of plates widened. The rebar 10 basis narrowed by 30 to 117, and the hot - rolled coil basis widened by 23 to 12 [42][44]. - **Inter - delivery Spread**: The 10 - 1 spread was - 73, and the inversion deepened by 19 compared with last week. It is recommended to wait and see for now and pay attention to the 1 - 5 spread [45][47]. - **Inter - product Spread**: The hot - rolled coil to rebar spread widened. The current spread is at a moderately high level, and it is recommended to pay attention to the opportunity for the 01 spread to narrow [48][50]. 3.2 Iron Ore Weekly Market Tracking - **Price**: The spot price of iron ore fluctuated, and the futures market had a narrow - range movement. The 09 contract rose 7 to close at 790, and the spot price of Rizhao Port PB fines rose 2 to 771 yuan/ton [54][56]. - **Supply**: Global shipments decreased, and the supply from distant sources tightened. The 47 - port arrival volume increased by 303 tons to 2622.4 tons [57][65]. - **Rigid Demand**: The pig iron production decreased slightly, and the demand declined slightly. The daily average pig iron output of 247 sample steel mills was 240.32 tons, a decrease of 0.39 tons compared with last week [66][68]. - **Speculative Demand**: The port trading volume decreased, and the downstream restocking was weak. The average daily port trading volume last week was 95.4 tons, a decrease of 4.8 tons compared with the previous week [69][72]. - **Port Inventory**: The port inventory increased slightly. As of August 8, the total inventory of 47 ports was 14267.27 tons, an increase of 45 tons compared with the previous week [73][75]. - **Downstream Inventory**: The steel mill inventory decreased slightly. The total inventory of imported sinter powder of 114 steel mills decreased by 74.41 tons to 2756.28 tons [76][78]. - **Shipping**: The shipping freight rates showed mixed trends. The freight rate from Western Australia to Qingdao decreased by 0.31 dollars/ton to 9.98 dollars/ton, and the freight rate from Brazil to Qingdao increased by 0.27 dollars/ton to 24.075 dollars/ton [79][81]. - **Spread**: The 9 - 1 spread narrowed, and the futures and spot prices were basically at parity. The 9 - 1 spread narrowed by 9.5 to 16.5, and the 09 contract was at a discount of 3.3 [83][85].