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1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - The macro - environment is positive with the central bank's "combination punch" to support high - quality economic development. The industrial situation shows stable spot supply, a slight decline in hot metal production, continuous inventory accumulation at ports, and an increase in factory inventories. The iron ore price may fluctuate within the range of 800 - 825 yuan. It is recommended to consider range - bound trading for the I2605 contract, paying attention to trading rhythm and risk control [8]. 3. Summary by Relevant Catalogs 3.1. Weekly Highlights Price - As of January 16, the closing price of the iron ore main contract was 812 (-2.5) yuan/ton, and the price of 60.8% PB fines at Qingdao Port was 869 (+0) yuan/dry ton [6]. Shipment - The global iron ore shipment volume decreased by 32.8 tons week - on - week. From January 5 to January 11, 2026, the global iron ore shipment volume was 31.809 million tons. The total shipment volume from Australia and Brazil was 26.064 million tons, a decrease of 1.364 million tons week - on - week [5][6]. Arrival - From January 5 to January 11, 2026, the arrival volume at 47 ports in China increased by 1.903 million tons to 30.15 million tons; the arrival volume at 45 ports increased by 1.64 million tons to 29.204 million tons; the arrival volume at six northern ports decreased by 0.437 million tons to 14.692 million tons [6]. Demand - The daily average hot metal production was 2.2801 million tons, a decrease of 0.0149 million tons week - on - week and an increase of 0.0353 million tons year - on - year [6]. Inventory - As of January 16, 2026, the inventory of imported iron ore at 47 ports was 172.887 million tons, an increase of 2.4426 million tons week - on - week and 15.7135 million tons year - on - year. The inventory of imported ore at 247 steel mills was 92.6222 million tons, an increase of 2.7263 million tons week - on - week and a decrease of 10.0249 million tons year - on - year [6]. Profit Rate - The profit rate of steel mills was 39.83%, an increase of 2.17 percentage points week - on - week and a decrease of 10.39 percentage points year - on - year [6]. 3.2. Futures and Spot Market Futures Price - This week, the I2605 contract's rebound was under pressure. The price of the I2605 contract was weaker than that of the I2609 contract. On the 16th, the price difference was 18.5 yuan/ton, a decrease of 3 yuan/ton week - on - week [14]. Warehouse Receipts and Net Positions - On January 16, the number of iron ore warehouse receipts at the Dalian Commodity Exchange was 1500, a decrease of 100 week - on - week. The net short position of the top 20 holders of the iron ore futures contract was 18609, a decrease of 1649 compared with the previous week [20]. Spot Price - On January 16, the price of 60.8% PB fines at Qingdao Port was 869 yuan/dry ton, with no change week - on - week. This week, the spot price of iron ore was stronger than the futures price. On the 16th, the basis was 57 yuan/ton, an increase of 3 yuan/ton week - on - week [26]. 3.3. Industrial Situation Arrival Volume - From January 5 to January 11, 2026, the global iron ore shipment volume decreased by 32.8 tons week - on - week. The total shipment volume from Australia and Brazil decreased by 1.364 million tons. The arrival volume at 47 ports in China increased by 1.903 million tons, the arrival volume at 45 ports increased by 1.64 million tons, and the arrival volume at six northern ports decreased by 0.437 million tons [30]. Inventory - This week, the total inventory of imported iron ore at 47 ports was 172.887 million tons, an increase of 2.4426 million tons. The daily average port clearance volume was 3.3502 million tons, a decrease of 0.0194 million tons. The inventory of steel mills' imported iron ore was 92.6222 million tons, an increase of 2.7263 million tons. The daily consumption of imported ore by sample steel mills was 2.8184 million tons, a decrease of 0.0143 million tons. The inventory - to - consumption ratio was 32.86 days, an increase of 1.13 days [33]. Inventory Availability Days - As of January 14, the average inventory availability days of imported iron ore for large and medium - sized domestic steel mills was 21 days, an increase of 2 days. On January 15, the Baltic Dry Index (BDI) was 1532, a decrease of 156 week - on - week [37]. Import and Capacity Utilization - In December, China imported 119.647 million tons of iron ore and concentrates, an increase of 9.107 million tons month - on - month, a growth rate of 8.2%. From January to December, the cumulative import was 1.258709 billion tons, a year - on - year increase of 1.8%. As of January 16, the capacity utilization rate of 266 domestic mines was 62.82%, an increase of 4.06% compared with the previous period. The daily average output of fine powder was 396,600 tons, an increase of 25,600 tons. The inventory was 435,400 tons, a decrease of 25,600 tons [41]. Domestic Iron Ore Production - In November 2025, China's iron ore raw ore production was 83.028 million tons, a year - on - year increase of 3.7%. From January to November, the cumulative production was 923.622 million tons, a year - on - year decrease of 2.8%. In November, the iron fine powder production of 433 domestic iron mines was 22.811 million tons, a decrease of 0.129 million tons month - on - month, a decline of 0.6%. From January to November, the cumulative production was 252.471 million tons, a cumulative year - on - year decrease of 8.576 million tons, a decline of 3.3% [44]. 3.4. Downstream Situation Crude Steel Production - In November 2025, China's crude steel production was 69.87 million tons, a year - on - year decrease of 10.9%. From January to November, the cumulative crude steel production was 891.67 million tons, a year - on - year decrease of 4.0% [47]. Steel Import and Export - In December 2025, China's steel exports were 11.301 million tons, an increase of 1.321 million tons month - on - month, a growth rate of 13.2%. From January to December, the cumulative steel exports were 119.019 million tons, a year - on - year increase of 7.5%. In December, China imported 0.517 million tons of steel, an increase of 0.021 million tons month - on - month, a growth rate of 4.2%. From January to December, the cumulative steel imports were 6.059 million tons, a year - on - year decrease of 11.1% [47]. Blast Furnace Operating Rate and Hot Metal Production - On January 16, the blast furnace operating rate of 247 steel mills was 78.84%, a decrease of 0.47 percentage points week - on - week and an increase of 1.66 percentage points year - on - year. The blast furnace iron - making capacity utilization rate was 85.48%, a decrease of 0.56 percentage points week - on - week and an increase of 1.20 percentage points year - on - year. The daily average hot metal production of 247 steel mills was 2.2801 million tons, a decrease of 0.0149 million tons week - on - week and an increase of 0.0353 million tons year - on - year [50]. 3.5. Options Market - With a slight decline in hot metal production, continuous inventory accumulation at ports, relatively sufficient spot resources but uneven variety distribution, and a positive macro - environment, the iron ore price may enter a range - bound consolidation. It is recommended to consider simultaneously selling out - of - the - money call and put options for the I2605 contract [53].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The cost side provides support, and the price of rebar futures continues to be strong. The RB2510 contract should be cautious when chasing high prices, but can still consider buying on dips, paying attention to operation rhythm and risk control. It is recommended to continue holding the bought call options [2][9][58] Summary According to Relevant Catalogs 1. Week - on - Week Summary 1.1 Market Review - As of July 25, the closing price of the rebar main contract was 3356 yuan/ton (+209), and the spot price of Zhongtian rebar in Hangzhou was 3470 yuan/ton (+180). Rebar production increased to 211.96 million tons (+2.9). Apparent demand rebounded to 216.58 million tons (+10.41, -10.44% year - on - year). Total rebar inventory was 538.64 million tons (-4.62, -221.6 million tons year - on - year). The steel mill profitability rate was 63.64%, up 3.47 percentage points from last week and 48.49 percentage points from last year [7] 1.2 Market Outlook - **Macro - aspect**: Overseas, the European Central Bank kept its three key interest rates unchanged, and Trump abandoned the idea of firing Powell. Domestically, the State - owned Assets Supervision and Administration Commission advocated against "involution - style" competition, and a China - US economic and trade meeting was scheduled. **Supply - demand aspect**: Rebar weekly production increased, capacity utilization was 46.47%, and the EAF steel operating rate continued to rise. Downstream procurement increased, inventory decreased, and apparent demand rose. **Cost - aspect**: Iron ore prices pulled back after reaching a high, port inventory increased, and there was profit - taking pressure on long positions. Coking coal supply was expected to shrink, and short - covering and long - adding led to consecutive daily limit up in futures prices. **Technical - aspect**: The RB2510 contract remained strong, with a bullish arrangement of daily K - line moving averages and an expanding red column in the MACD indicator [9] 2. Futures and Spot Market 2.1 Futures Price - This week, the RB2510 contract continued to rise and was stronger than the RB2601 contract. On the 25th, the spread was - 43 yuan/ton, up 1 yuan/ton week - on - week [15] 2.2 Warehouse Receipts and Positions - On July 25, the Shanghai Futures Exchange rebar warehouse receipts were 88027 tons, up 596 tons week - on - week. The net long position of the top 20 in the rebar futures contract was 8836 lots, an increase of 9869 lots from last week [20] 2.3 Spot Price and Basis - On July 25, the spot price of Hangzhou's third - grade rebar 20mm HRB400 was 3470 yuan/ton, up 180 yuan/ton week - on - week; the national average price was 3453 yuan/ton, up 134 yuan/ton week - on - week. This week, the rebar spot price was weaker than the futures price, and on the 25th, the basis was 114 yuan/ton, down 49 yuan/ton week - on - week [26] 3. Upstream Market 3.1 Furnace Charge Prices - On July 25, the price of 61% Australian Macfayden iron ore fines at Qingdao Port was 832 yuan/dry ton, up 15 yuan/dry ton week - on - week. The spot price of first - grade metallurgical coke at Tianjin Port was 1420 yuan/ton, up 50 yuan/ton week - on - week [30] 3.2 Iron Ore Arrival and Inventory - From July 14 - 20, 2025, the total arrival volume at 47 Chinese ports was 2511.8 million tons, a decrease of 371.4 million tons month - on - month. The total inventory of imported iron ore at 47 ports was 14395.68 million tons, an increase of 14.17 million tons week - on - week [35] 3.3 Coking Plant Conditions - This week, the capacity utilization rate of 230 independent coking enterprises was 73.61% (+0.71%), daily coke output was 51.92 (+0.51), coke inventory was 50.12 (-5.43), total coking coal inventory was 841.21 (+51.02), and the available days of coking coal were 12.2 days (+0.62 days) [38] 4. Industry Situation 4.1 Supply - side - **Crude Steel Production**: In June 2025, China's crude steel production was 8318 million tons, a year - on - year decrease of 9.2%. From January to June, the cumulative production was 51483 million tons, a year - on - year decrease of 3.0%. **Rebar Production**: On July 24, the weekly rebar production of 139 building material enterprises was 211.96 million tons, an increase of 2.9 million tons from last week. **EAF Steel Operating Rate**: On July 25, the average operating rate of 90 independent EAF steel mills was 72.02%, up 6.94 percentage points week - on - week. **Rebar Inventory**: On July 24, the in - plant inventory of rebar was 165.67 million tons, a decrease of 7.43 million tons from last week, and the social inventory in 35 major cities was 372.97 million tons, an increase of 2.81 million tons from last week [43][46][49][52] 4.2 Demand - side - From January to June 2025, real estate development investment decreased by 11.2% year - on - year, new housing starts decreased by 20.0%, and infrastructure investment (excluding electricity) increased by 4.6% year - on - year [55] 5. Option Market - The cost side is supported by the continuous rise of coking coal, and the anti - involution is beneficial to the black series. It is recommended to continue holding the bought call options [58]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The iron ore market is influenced by multiple factors. Macroscopically, the Israel - Iran conflict and the Fed's interest - rate decision, along with domestic economic data and consumption support policies, have an impact. In terms of supply and demand, the decline in Australian and Brazilian iron ore shipments and arrivals, combined with the decrease in port inventories and the rebound in iron - making demand, provides short - term support for iron ore. Technically, the iron ore I2509 contract is in a range - bound pattern. Considering the overall situation, it is recommended to trade the I2509 contract in the 715 - 690 range and also consider buying put options [9][56]. 3. Summary According to the Directory 3.1 Weekly Highlights 3.1.1 Market Review - As of June 20, the closing price of the iron ore main contract was 703 (+0) yuan/ton, and the price of Macfayden ore at Qingdao Port was 753 (-7) yuan/dry ton. The total Australian and Brazilian iron ore shipments were 2842.1 tons, a week - on - week decrease of 77.3 tons. The total global iron ore shipments from June 9 - 15, 2025, were 3352.7 tons, a week - on - week decrease of 157.7 tons. The arrivals at 47 Chinese ports decreased by 156.4 tons. The daily average hot - metal production was 242.18 tons, a week - on - week increase of 0.57 tons. The port inventory increased by 102.83 tons, and the inventory of 247 steel mills' imported ore was 8936.24 tons, a week - on - week increase of 137.56 tons. The steel mill profitability rate was 59.31%, a week - on - week increase of 0.87 percentage points [5][6][7]. 3.1.2 Market Outlook - Macroscopically, overseas, the Israel - Iran conflict intensifies concerns about a wider - scale conflict, and the Fed maintains the interest - rate range with expectations of two rate cuts in 2025. Domestically, industrial and consumption data show growth, and 1620 billion yuan of the 3000 - billion - yuan consumer goods replacement support funds have been allocated. In terms of supply and demand, Australian and Brazilian iron ore shipments and arrivals decline, and domestic port inventories turn from increasing to decreasing. Steel mill blast - furnace operating rates and hot - metal production stop falling and rebound, temporarily supporting iron ore demand. Technically, the iron ore I2509 contract is in range - bound trading, with the daily K - line under pressure from multiple moving averages, and the MACD green bar shrinking. It is recommended to trade the I2509 contract in the 715 - 690 range [9]. 3.2 Futures and Spot Market 3.2.1 Futures Price - This week, the I2509 contract was range - bound, performing weaker than the I2601 contract. On the 20th, the spread was 29 yuan/ton, a week - on - week decrease of 1.5 yuan/ton [15]. 3.2.2 Warehouse Receipts and Positions - On June 20, the Dalian Commodity Exchange's iron ore warehouse receipts were 3000, a week - on - week increase of 300. The net short position of the top 20 in the ore futures contract was 38889, an increase of 8637 from the previous week [23]. 3.2.3 Spot Price - On June 20, the price of 61% Australian Macfayden ore at Qingdao Port was 753 yuan/dry ton, a week - on - week decrease of 7 yuan/dry ton. This week, the iron ore spot price was weaker than the futures price, and on the 20th, the basis was 50 yuan/ton, a week - on - week decrease of 7 yuan/ton [30]. 3.3 Industry Situation 3.3.1 Shipments and Arrivals - From June 9 - 15, 2025, the total global iron ore shipments were 3352.7 tons, a week - on - week decrease of 157.7 tons. The total Australian and Brazilian iron ore shipments were 2842.1 tons, a week - on - week decrease of 77.3 tons. The arrivals at 47 Chinese ports decreased by 156.4 tons, the arrivals at 45 Chinese ports decreased by 224.8 tons, and the arrivals at the six northern ports decreased by 164.6 tons [34]. 3.3.2 Inventory - This week, the total inventory of imported iron ore at 47 ports was 14433.56 tons, a week - on - week decrease of 69.58 tons. The daily average port clearance volume was 327.46 tons, an increase of 12.21 tons. The inventory of Australian ore increased by 22.48 tons, the inventory of Brazilian ore decreased by 122.35 tons, and the inventory of traded ore decreased by 101.85 tons. The total inventory of imported iron ore in steel mills was 8936.24 tons, a week - on - week increase of 137.56 tons. The daily consumption of imported ore by sample steel mills was 301 tons, a week - on - week increase of 0.57 tons, and the inventory - to - consumption ratio was 29.69 days, a week - on - week increase of 0.40 days [37]. 3.3.3 Inventory Availability - As of June 19, the average inventory availability days of imported iron ore for large and medium - sized domestic steel mills was 19 days, a week - on - week decrease of 2 days. On June 19, the Baltic Dry Index (BDI) was 1751, a week - on - week decrease of 217 [40]. 3.3.4 Imports and Mine Capacity Utilization - In May, China imported 98.131 million tons of iron ore and concentrates, a decrease of 5 million tons from the previous month, a month - on - month decrease of 4.9%. From January to May, the cumulative imports were 486.409 million tons, a year - on - year decrease of 5.2%. As of June 13, the capacity utilization rate of 266 mines was 61.32%, a week - on - week increase of 0.03%. The daily average fine - powder output was 38690 tons, a week - on - week increase of 20 tons, and the inventory was 58430 tons, a week - on - week decrease of 4160 tons [43]. 3.3.5 Domestic Iron Ore Production - In May 2025, China's iron ore raw - ore production was 85.787 million tons. From January to May, the cumulative production was 414.32 million tons, a year - on - year decrease of 10.1%. In April 2025, the iron - fine - powder production of 433 iron - mine enterprises was 23.015 million tons, a month - on - month decrease of 572000 tons, a decrease of 2.4%. From January to April, the cumulative production was 90.383 million tons, a cumulative year - on - year decrease of 8.043 million tons, a decrease of 8.2% [47]. 3.4 Downstream Situation 3.4.1 Crude Steel Production - In May 2025, China's crude - steel production was 86.55 million tons, a year - on - year decrease of 6.9%. From January to May, the cumulative crude - steel production was 431.63 million tons, a year - on - year decrease of 1.7% [50]. 3.4.2 Steel Exports and Imports - In May 2025, China exported 10.578 million tons of steel, an increase of 116000 tons from the previous month, a month - on - month increase of 1.1%. From January to May, the cumulative steel exports were 48.469 million tons, a year - on - year increase of 8.9%. In May, China imported 481000 tons of steel, a decrease of 41000 tons from the previous month, a month - on - month decrease of 7.9%. From January to May, the cumulative steel imports were 2.553 million tons, a year - on - year decrease of 16.1% [50]. 3.4.3 Blast - Furnace Operating Rate and Hot - Metal Production - On June 20, the blast - furnace operating rate of 247 steel mills was 83.82%, a week - on - week increase of 0.41 percentage points, a year - on - year increase of 1.01 percentage points. The blast - furnace iron - making capacity utilization rate was 90.79%, a week - on - week increase of 0.21 percentage points, a year - on - year increase of 1.03 percentage points. The daily average hot - metal production of 247 steel mills was 242.18 tons, a week - on - week increase of 0.57 tons, a year - on - year increase of 2.24 tons [53]. 3.5 Option Market - Due to the decline in Australian and Brazilian iron ore shipments and port inventories, along with the rebound in hot - metal production, iron ore is supported, but there is still pressure during the consumption off - season. It is recommended to buy put options opportunistically [56].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The steel market is a mix of long and short factors. The RB2510 contract may operate weakly in the range of 2920 - 3020. It's advisable to pay attention to the operation rhythm and risk control [8]. - During the consumption off - season, the apparent demand declines, and steel prices may face pressure in the medium to long term. It is recommended to buy put options [58]. Summary by Directory 1. Week - on - Week Summary 1.1 Market Review - As of June 13, the price of the main rebar futures contract was 2969 yuan/ton, a decrease of 6 yuan/ton. The spot price of Zhongtian rebar in Hangzhou was 3100 yuan/ton, a decrease of 30 yuan/ton [7]. - The capacity utilization rate decreased, and rebar production declined for three consecutive weeks to 207.57 million tons, a decrease of 10.89 million tons [7]. - Affected by high - temperature and rainy weather, the apparent demand continued to decline to 219.97 million tons, a decrease of 9.06 million tons from the previous period and a year - on - year decrease of 7.14 million tons [7]. - The factory and social inventories continued to decline, and the total inventory declined for five consecutive weeks to 558.08 million tons, a decrease of 12.4 million tons and a year - on - year decrease of 222.82 million tons [7]. - The profit rate of steel mills was 58.44%, a decrease of 0.43 percentage points from the previous week and an increase of 8.66 percentage points from the same period last year [7]. 1.2 Market Outlook - **Macro - aspect**: Overseas, the US will impose tariffs on various steel - made household appliances from June 23, and Israel launched a preemptive strike on Iran. Domestically, Guangzhou canceled purchase and sales restrictions and price limits, and lowered the down - payment ratio and interest rate of loans. The China - US economic and trade teams reached a consensus on measures to implement the important consensus of the leaders' call on June 5 and consolidate the results of the Geneva economic and trade talks [8]. - **Supply - demand aspect**: The capacity utilization rate dropped to 45.5%, rebar production declined for three consecutive weeks, and the EAF steel operating rate continued to decline. High - temperature and rainy weather affected terminal demand, and the apparent demand decreased to 219.97 million tons for two consecutive weeks [8]. - **Cost aspect**: Iron ore was weakly sorted. The shipment and arrival of iron ore from Australia and Brazil increased, port inventory increased from a decrease, and demand weakened. The rebound of coking coal and coke was under pressure. The capacity utilization rate of coking coal mines declined for 5 consecutive weeks, supply showed signs of marginal improvement, but the clean coal inventory continued to increase, and the third round of coke price cuts was implemented. The demand for downstream steel products was under pressure during the off - season [8]. - **Technical aspect**: The RB2510 contract was weakly oscillating. The daily K - line failed to break through the pressure of the MA20 (3010) moving average. The MACD indicator showed that DIFF and DEA were operating below the 0 axis, and the red bars were stable [8]. 2. Futures and Spot Market 2.1 Futures Price and Spread - This week, the RB2510 contract was weakly oscillating and weaker than the RB2601 contract. On the 13th, the spread was 1 yuan/ton, a week - on - week decrease of 3 yuan/ton [14]. 2.2 Rebar Warehouse Receipts and Positions - On June 13, the warehouse receipt volume of rebar on the Shanghai Futures Exchange was 35,964 tons, a week - on - week decrease of 4,203 tons. The net short position of the top 20 holders of rebar futures contracts was 12,050 lots, an increase of 27,560 lots compared to the previous week [20]. 2.3 Spot Price and Basis - On June 13, the spot price of Hangzhou's third - grade 20mm HRB400 rebar was 3100 yuan/ton, a week - on - week decrease of 30 yuan/ton; the national average price was 3226 yuan/ton, a week - on - week decrease of 6 yuan/ton. This week, the spot price of rebar was weaker than the futures price. On the 13th, the basis was 131 yuan/ton, a week - on - week decrease of 24 yuan/ton [24]. 3. Upstream Market 3.1 Raw Material Prices - On June 13, the price of 61% Australian Macfarlane ore at Qingdao Port was 760 yuan/dry ton, a week - on - week decrease of 10 yuan/dry ton. The spot price of first - grade metallurgical coke at Tianjin Port was 1370 yuan/ton, a week - on - week decrease of 70 yuan/ton [32]. 3.2 Iron Ore Arrival and Inventory - From June 2 to June 8, 2025, the total arrival volume of 47 ports in China was 26.739 million tons, a week - on - week increase of 765,000 tons; the total arrival volume of 45 ports was 26.093 million tons, a week - on - week increase of 728,000 tons; the total arrival volume of the six northern ports was 13.836 million tons, a week - on - week decrease of 1.572 million tons. This week, the total inventory of imported iron ore in 47 ports was 145.0314 million tons, a week - on - week increase of 1.0283 million tons; the daily average shipment volume was 3.1525 million tons, a decrease of 1.381 million tons [36]. 3.3 Coking Plant Situation - This week, the capacity utilization rate of 230 independent coking enterprises was 73.96%, a decrease of 0.97%; the daily average coke output was 521,700 tons, a decrease of 93,000 tons; the coke inventory was 873,100 tons, a decrease of 11,000 tons; the total coking coal inventory was 6.6953 million tons, a decrease of 213,200 tons; the available days of coking coal were 9.7 days, a decrease of 0.13 days [40]. 4. Industry Situation 4.1 Supply Side - **Crude Steel Production**: In April, China's crude steel production was 86.02 million tons, the same as the previous year; from January to April, the cumulative production was 345.35 million tons, a year - on - year increase of 0.4% [44]. - **Rebar Production**: On June 13, the blast furnace operating rate of 247 steel mills was 83.41%, a week - on - week decrease of 0.15 percentage points and a year - on - year increase of 1.36 percentage points; the blast furnace iron - making capacity utilization rate was 90.58%, a week - on - week decrease of 0.07 percentage points and a year - on - year increase of 1.05 percentage points; the daily average hot metal output was 2.4161 million tons, a week - on - week decrease of 190,000 tons and a year - on - year increase of 230,000 tons. On June 12, the weekly rebar production of 139 building material production enterprises was 2.0757 million tons, a decrease of 1.089 million tons from the previous week and a decrease of 2.484 million tons from the same period last year [47]. - **EAF Steel**: On June 12, the weekly rebar capacity utilization rate of 139 building material production enterprises was 45.5%, a decrease of 2.39% from the previous week and a decrease of 5.46% from the same period last year. On June 13, the average operating rate of 90 independent electric arc furnace steel mills was 74.01%, a week - on - week decrease of 2.68 percentage points and a year - on - year increase of 2.99 percentage points [50]. - **Rebar Inventory**: On June 12, the in - plant inventory of rebar in 137 building material production enterprises was 1.8289 million tons, a decrease of 197,000 tons from the previous week and a decrease of 272,500 tons from the same period last year. The social inventory of rebar in 35 major cities was 3.7519 million tons, a decrease of 1.043 million tons from the previous week and a decrease of 1.9557 million tons from the same period last year. The total rebar inventory was 5.5808 million tons, a week - on - week decrease of 1.24 million tons and a year - on - year decrease of 2.2282 million tons [53]. 4.2 Demand Side - **Real Estate**: From January to April 2025, the national real estate development investment was 2.773 trillion yuan, a year - on - year decrease of 10.3%. The construction area of real estate development enterprises was 6.20315 billion square meters, a year - on - year decrease of 9.7%. The new construction area was 178.36 million square meters, a decrease of 23.8%. The completed area was 156.48 million square meters, a decrease of 16.9% [56]. - **Infrastructure**: From January to April 2025, infrastructure investment (excluding electricity, heat, gas, and water production and supply industries) increased by 5.8% year - on - year. Among them, investment in water conservancy management increased by 30.7%, investment in water transportation increased by 26.9%, and investment in air transportation increased by 13.9% [56]. 5. Option Market - Due to the consumption off - season, the apparent demand declined, and steel prices may face pressure in the medium to long term. It is recommended to buy put options [58].