Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The steel market is intertwined with both bullish and bearish factors. The impact of production restrictions is nearing its end, and the price movement of finished products depends more on demand. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2] 3. Summary by Relevant Catalogs Futures Market - HC main contract closing price was 3,298 yuan/ton, down 5 yuan; HC main contract open interest was 1,217,277 lots, up 22,073 lots; HC contract top 20 net open interest was - 91,113 lots, down 541 lots; HC10 - 1 contract spread was 12 yuan/ton, down 5 yuan; HC last trading day's warehouse receipt was 25,660 tons, unchanged; HC2601 - RB2601 contract spread was 181 yuan/ton, down 7 yuan [2] Spot Market - The prices of 4.75 hot - rolled coils in Hangzhou, Guangzhou, Wuhan, and Tianjin decreased by 40 yuan, 40 yuan, 40 yuan, and 30 yuan respectively; HC main contract basis was 92 yuan/ton, down 35 yuan; Hangzhou hot - rolled coil - rebar spread was 120 yuan/ton, down 10 yuan [2] Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 768 yuan/wet ton, up 8 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,590 yuan/ton, unchanged; the price of Tangshan 6 - 8mm scrap steel was 2,270 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,950 yuan/ton, unchanged; 45 - port iron ore inventory was 137.6302 million tons, down 0.8218 million tons; sample coking plant coke inventory was 397,100 tons, up 3,300 tons; sample steel mill coke inventory was 6.1012 million tons, up 4,300 tons; Hebei billet inventory was 1.2836 million tons, up 0.1227 million tons [2] Industry Situation - The blast furnace operating rate of 247 steel mills was 83.18%, down 0.16%; the blast furnace capacity utilization rate was 90%, down 0.27%; sample steel mill hot - rolled coil output was 3.2474 million tons, down 0.005 million tons; sample steel mill hot - rolled coil capacity utilization rate was 82.95%, down 0.13%; sample steel mill hot - rolled coil factory inventory was 796,800 tons, up 7,900 tons; 33 - city hot - rolled coil social inventory was 2.8578 million tons, up 0.0323 million tons; domestic crude steel output was 79.66 million tons, down 3.53 million tons; steel net export volume was 9.39 million tons, up 0.18 million tons [2] Downstream Situation - Automobile production was 2.5911 million vehicles, down 0.203 million vehicles; automobile sales were 2.5934 million vehicles, down 0.3111 million vehicles; air - conditioner production was 20.5965 million units, down 7.7866 million units; household refrigerator production was 8.7307 million units, down 0.3168 million units; household washing machine production was 8.7743 million units, down 0.7336 million units [2] Industry News - As of September 1, 23 sample steel enterprises with 89 blast furnaces in Tangshan have carried out blast furnace shutdown and maintenance as planned, with 16 new blast furnace overhauls, and the rest mainly in rotation maintenance and production reduction. The theoretically calculated daily average hot - metal impact is about 122,300 tons, and the capacity utilization rate is 74.62%, a decrease of 14.21% compared with August 27 and 10.35% compared with the same period last year. Most blast furnaces are expected to resume production on September 4. The new car - making forces announced their August delivery data, showing an overall growth trend, with Leapmotor, XPeng, and NIO all hitting monthly delivery highs. Leapmotor delivered 57,066 vehicles in a single month, a year - on - year increase of over 88% [2]