Report Overview - The report is a steel morning report released by the Black Team of the Research Center on October 21, 2025, covering spot prices, price and profit, basis and spread, production and inventory [1] Spot Prices Rebar - The spot prices of rebar in different regions from October 14 - 20, 2025 are presented. Beijing's price changed from 3110 to 3120 (a 50 increase), Shanghai's remained at 3210, Chengdu's stayed at 3270, Xi'an's held at 3130, Guangzhou's was stable at 3230, and Wuhan's rose from 3210 to 3240 (a 30 increase) [1] Hot - Rolled Coils - For hot - rolled coils, from October 14 - 20, 2025, Tianjin's price was stable at 3170, Shanghai's remained at 3250, and Lecong's increased from 3230 to 3310 (a 120 increase) [1] Cold - Rolled Coils - Regarding cold - rolled coils, Tianjin's and Shanghai's prices remained unchanged at 3680 and 3750 respectively, while Lecong's increased from 3790 to 3850 (a 100 increase) from October 14 - 20, 2025 [1] Other Sections - The report also mentions sections on price and profit [2], basis and spread [9], and production and inventory [10], but no detailed content for these sections is provided in the given text

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View No information provided in the given content. 3. Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan threaded steel, as well as Tianjin, Shanghai, and Lecong hot-rolled coils and cold-rolled coils from October 10 to October 16, 2025, and shows their price changes [1]. Basis and Spread No information provided in the given content. Production and Inventory No information provided in the given content.

| | | | 钢材早报 | | 研究中心黑色团队 2025/09/18 | | | --- | --- | --- | --- | --- | --- | --- | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/09/11 | 3150 | 3210 | 3250 | 3190 | 3240 | 3250 | | 2025/09/12 | 3190 | 3210 | 3290 | 3230 | 3240 | 3230 | | 2025/09/15 | 3190 | 3260 | 3290 | 3230 | 3330 | 3280 | | 2025/09/16 | 3220 | 3280 | 3310 | 3260 | 3360 | 3290 | | 2025/09/17 | 3180 | 3240 | 3270 | 3220 | 3360 | 3290 | | 变化 | -40 | -40 | -40 | -40 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津 ...

价 格 和 利 润 | | | | 钢材早报 | | 研究中心黑色团队 2025/09/17 | | | --- | --- | --- | --- | --- | --- | --- | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/09/10 | 3160 | 3210 | 3260 | 3210 | 3300 | 3260 | | 2025/09/11 | 3150 | 3210 | 3250 | 3190 | 3240 | 3250 | | 2025/09/12 | 3190 | 3210 | 3290 | 3230 | 3240 | 3230 | | 2025/09/15 | 3190 | 3260 | 3290 | 3230 | 3330 | 3280 | | 2025/09/16 | 3220 | 3280 | 3310 | 3260 | 3360 | 3290 | | 变化 | 30 | 20 | 20 | 30 | 30 | 10 | | 日期 | 天津热卷 | 上海热卷 | 乐 ...

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View No core view is provided in the report. 3) Summary by Relevant Catalogs Price and Profit - The report shows the spot prices of various steel products in different regions from August 11 to August 15, 2025, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. It also presents the price changes during this period, such as a 0 change in most rebar prices and - 20 for Tianjin hot - rolled coil, - 30 for Tianjin cold - rolled coil [1]. Output and Inventory No content related to output and inventory is provided in the report. Basis and Spread No content related to basis and spread is provided in the report.

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan's rebar, as well as Tianjin, Shanghai, and Lecong's hot-rolled and cold-rolled coils from August 5th to August 11th, 2025, along with their price changes [1]. Production and Inventory - Not provided Basis and Spread - Not provided

Group 1: Price and Profit - The report presents the spot prices of various steel products in different regions from July 28, 2025, to August 1, 2025, including Beijing, Shanghai, and other cities' threaded steel and hot-rolled and cold-rolled coils in Tianjin, Shanghai, and other places. For example, the price of Beijing threaded steel changed from 3290 on July 28 to 3240 on August 1, a decrease of 10; the price of Tianjin hot-rolled coil changed from 3370 on July 28 to 3410 on August 1, an increase of 40 [1] Group 2: Production and Inventory - No relevant content provided Group 3: Basis and Spread - No relevant content provided

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoint - No information provided 3) Summary by Relevant Catalog Price and Profit - The report presents the spot prices of various steel products in different regions from June 10 to June 16, 2025, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. For example, Beijing rebar price was 3180 on June 10 and 3200 on June 11. The prices of Tianjin hot - rolled coil, Shanghai hot - rolled coil, and Tianjin cold - rolled coil changed by 40, 60, and 80 respectively from June 13 to June 16 [1] Basis and Spread - No information provided Production and Inventory - No information provided

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/05/06 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/04/24 | 3150 | 3170 | 3350 | 3270 | 3450 | 3320 | | 2025/04/25 | 3150 | 3200 | 3350 | 3270 | 3450 | 3320 | | 2025/04/28 | 3180 | 3250 | 3400 | 3300 | 3450 | 3370 | | 2025/04/29 | 3160 | 3200 | 3340 | 3260 | 3450 | 3330 | | 2025/04/30 | 3150 | 3200 | 3340 | 3260 | 3440 | 3330 | | 变化 | -10 | 0 | 0 | 0 | -10 | 0 | | 日期 | 天津热卷 | 上海热卷 ...