Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - On Wednesday, the HC2601 contract first rose and then fell. The EU announced import quotas on steel alloys containing manganese or silicon. The weekly output of hot - rolled coils continued to decline slightly, with the capacity utilization rate dropping to 80.13%. Downstream demand decreased slightly, and inventory increased slightly. Overall, steel mills in regions such as Beijing, Tianjin, and Hebei are under routine inspections, and the coal - coke futures prices are continuously weakening, resulting in a mixed market with prices fluctuating within a range. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are running above the 0 - axis. It is recommended for short - term trading with attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,277 yuan/ton, a decrease of 9 yuan; the position volume was 1,196,921 lots, a decrease of 20,253 lots; the net position of the top 20 in the HC contract was - 80,073 lots, a decrease of 11,189 lots; the HC1 - 5 contract spread was - 4 yuan/ton, an increase of 5 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 150,567 tons, unchanged; the HC2601 - RB2601 contract spread was 207 yuan/ton, an increase of 11 yuan; the basis of the HC main contract was 43 yuan/ton, an increase of 9 yuan [2]. 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,320 yuan/ton, unchanged; in Guangzhou, it was 3,300 yuan/ton, a decrease of 10 yuan; in Wuhan, it was 3,340 yuan/ton, unchanged; in Tianjin, it was 3,220 yuan/ton, an increase of 10 yuan. The spread between hot - rolled coils and rebar in Hangzhou was 70 yuan/ton, an increase of 20 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 797 yuan/wet ton, an increase of 10 yuan; the price of Hebei quasi - first - class metallurgical coke was 1,640 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,170 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,970 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 15,125.92 million tons, an increase of 231.11 million tons; the inventory of coke at sample coking plants was 36.03 million tons, a decrease of 0.12 million tons; the inventory of coke at sample steel mills was 622.15 million tons, a decrease of 4.41 million tons; the inventory of Hebei billets was 116.66 million tons, a decrease of 3.34 million tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 82.79%, a decrease of 0.36 percentage points; the blast furnace capacity utilization rate was 88.82%, an increase of 1.03 percentage points. The weekly output of hot - rolled coils at sample steel mills was 313.66 million tons, a decrease of 4.50 million tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 80.13%, a decrease of 1.15 percentage points. The factory inventory of hot - rolled coils at sample steel mills was 77.52 million tons, an increase of 0.09 million tons; the social inventory of hot - rolled coils in 33 cities was 333.00 million tons, a decrease of 0.02 million tons. The monthly output of domestic crude steel was 7,200 million tons, a decrease of 149 million tons; the monthly net export volume of steel was 928.00 million tons, a decrease of 64.00 million tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 3.3587 million vehicles, an increase of 0.0829 million vehicles; the monthly sales of automobiles were 3.3221 million vehicles, an increase of 0.0957 million vehicles. The monthly output of air conditioners was 14.204 million units, a decrease of 3.8908 million units; the monthly output of household refrigerators was 8.788 million units, a decrease of 1.3396 million units; the monthly output of household washing machines was 11.035 million units, a decrease of 0.7499 million units [2]. 3.6 Industry News - In October, China exported 5.97 million tons of steel sheets, a year - on - year decrease of 22.6%. From January to October, the cumulative export was 60.45 million tons, a year - on - year decrease of 3.5%. Beijing issued a financial support plan to boost and expand consumption, proposing to increase financial support for automobile, especially new - energy vehicle consumption, including optimizing auto - loan ratios, terms, and interest rates, and waiving penalties for early loan repayment during the trade - in process [2]. 3.7 Key Points of Attention - The weekly output, in - plant inventory, and social inventory of hot - rolled coils on Thursday are to be focused on [2].

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].