1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - The operation suggestion is to be bearish on the market trend with a focus on fluctuations and risk control, as the RB2510 contract saw an increase in positions and a decline in price. The macro - environment has banks lowering RMB deposit rates, and the supply - demand situation shows an increase in weekly production and capacity utilization of rebar. However, high temperatures in the north and rainy weather in the south may affect construction steel demand. Technically, the 1 - hour MACD indicator of the RB2510 contract shows DIFF and DEA moving downward [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - RB main contract closing price is 3,058 yuan/ton, down 11 yuan; the position is 2,160,329 lots, up 47,284 lots; the net position of the top 20 in the RB contract is - 102,173 lots, down 14,080 lots; the RB10 - 1 contract spread is - 25 yuan/ton, up 3 yuan; the RB Shanghai Futures Exchange warehouse receipt is 51,625 tons, down 89,442 tons; the HC2510 - RB2510 contract spread is 144 yuan/ton, up 6 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) is 3,200 yuan/ton, unchanged; in Guangzhou (theoretical weight) is 3,380 yuan/ton, unchanged; in Tianjin (theoretical weight) is 3,220 yuan/ton, unchanged. The basis of the RB main contract is 142 yuan/ton, up 11 yuan; the spot price difference between hot - rolled coil and rebar in Hangzhou is 90 yuan/ton, down 10 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB fine ore in Qingdao Port is 763 yuan/wet ton, up 5 yuan; the price of Hebei quasi - first - class metallurgical coke is 1,450 yuan/ton, down 50 yuan; the price of 6 - 8mm scrap steel in Tangshan is 2,240 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,930 yuan/ton, down 20 yuan. Domestic iron ore port inventory is 14,166.09 tons, down 72.62 tons; sample coking plant coke inventory is 65.25 tons, up 0.41 tons; sample steel mill coke inventory is 663.52 tons, down 7.23 tons; Tangshan billet inventory is 74.51 tons, down 7.98 tons. The blast furnace operating rate of 247 steel mills is 84.13%, down 0.51%; the blast furnace capacity utilization rate is 91.74%, down 0.37% [2]. 3.4 Industry Situation - The weekly output of rebar of sample steel mills is 226.53 tons, up 3 tons; the capacity utilization rate is 49.66%, up 0.66%. The inventory of sample steel mills is 184.99 tons, down 3.28 tons; the 35 - city social inventory is 434.88 tons, down 30.48 tons. The operating rate of independent electric arc furnace steel mills is 72.92%, up 2.09%. The monthly output of domestic crude steel is 8,602 tons, down 682 tons; the monthly output of Chinese steel bars is 1,861 tons, up 131 tons; the net export volume of steel is 994 tons, down 2 tons [2]. 3.5 Downstream Situation - The national real estate prosperity index is 93.86, down 0.09; the cumulative year - on - year growth rate of fixed - asset investment is 4%, down 0.2%; the cumulative year - on - year growth rate of real estate development investment is - 10.3%, down 0.4%; the cumulative year - on - year growth rate of infrastructure construction investment (excluding electricity) is 5.8%, unchanged. The cumulative value of housing construction area is 620,315 square meters, down 6,610 square meters; the cumulative value of new housing construction area is 17,836 square meters, down 4,839 square meters; the commercial housing inventory is 41,703 square meters, up 455 square meters [2]. 3.6 Industry News - Multiple banks have lowered RMB deposit rates, with both 5 - year and 1 - year rates down 10 basis points. The 5 - year LPR is 3.5%, down from 3.6% last month; the 1 - year LPR is 3%, down from 3.1% last month. From January to April, the national fixed - asset investment increased by 4% year - on - year, and the growth rate was 8% after excluding real estate development investment. In April 2025, the added value of large - scale industries increased by 6.1% year - on - year, and the total retail sales of consumer goods increased by 5.1% [2].