Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The weekly output of rebar decreased, and the capacity utilization rate dropped to 45.72%, remaining at a low level. Terminal demand declined, but inventory has been falling for four consecutive weeks. Recently, rebar prices have been falling continuously, and the weak expectations have been realized. The mainstream positions reduced short positions and increased long positions, and the downward momentum weakened. Short - term market trends may fluctuate. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA cross upward at a low level, and the green column turns red. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - RB main contract closing price: 3,037 yuan/ton, up 13 yuan; RB main contract position: 2,020,353 lots, down 11,428 lots; RB contract top 20 net position: - 113,415 lots, up 24,033 lots; RB1 - 5 contract spread: - 65 yuan/ton, up 5 yuan; RB Shanghai Futures Exchange warehouse receipt: 140,134 tons, unchanged; HC2601 - RB2601 contract spread: 219 yuan/ton, down 10 yuan [2]. 3.2 Spot Market - Hangzhou HRB400E 20MM (theoretical weight) price: 3,220 yuan/ton, unchanged; Hangzhou HRB400E 20MM (actual weight) price: 3,303 yuan/ton, unchanged; Guangzhou HRB400E 20MM (theoretical weight) price: 3,280 yuan/ton, down 10 yuan; Tianjin HRB400E 20MM (theoretical weight) price: 3,180 yuan/ton, unchanged; RB main contract basis: 183 yuan/ton, down 13 yuan; Hangzhou hot - rolled coil - rebar spot spread: 100 yuan/ton, up 10 yuan [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore powder: 782 yuan/wet ton, up 7 yuan; Hebei quasi - first - grade metallurgical coke: 1,640 yuan/ton, up 50 yuan; Tangshan 6 - 8mm scrap steel: 2,190 yuan/ton, unchanged; Hebei Q235 billet: 2,930 yuan/ton, up 20 yuan; 45 - port iron ore inventory: 145.3924 million tons, up 1.1859 million tons; Sample coking plant coke inventory: 374,400 tons, up 700 tons; Sample steel mill coke inventory: 6.2888 million tons, down 43,900 tons; 247 steel mill blast furnace operating rate: 81.73%, down 3 percentage points; Tangshan billet inventory: 1.2 million tons, down 30,000 tons; 247 steel mill blast furnace capacity utilization rate: 88.59%, up 0.43 percentage points [2]. 3.4 Industry Situation - Sample steel mill rebar output: 2.0854 million tons, down 40,500 tons; Sample steel mill rebar capacity utilization rate: 45.72%, down 0.88 percentage points; Sample steel mill rebar inventory: 1.6684 million tons, down 48,700 tons; 35 - city rebar social inventory: 4.257 million tons, down 51,100 tons; Independent electric arc furnace steel mill operating rate: 67.71%, unchanged; Domestic crude steel output: 73.49 million tons, down 3.88 million tons; Chinese rebar monthly output: 1.541 million tons, up 66,000 tons; Steel net export volume: 9.92 million tons, up 910,000 tons [2]. 3.5 Downstream Situation - National real estate climate index: 92.78, down 0.27; Cumulative year - on - year growth rate of fixed asset investment: - 0.50%, down 1 percentage point; Cumulative year - on - year growth rate of real estate development investment: - 13.90%, down 1 percentage point; Cumulative year - on - year growth rate of infrastructure investment: 1.10%, down 0.9 percentage point; Cumulative value of housing construction area: 6.4858 billion square meters, down 54.71 million square meters; Cumulative value of new housing construction area: 453.99 million square meters, down 55.98 million square meters; Commercial housing unsold area: 399.37 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - On November 6, Mysteel information showed that the actual rebar output was 2.0854 million tons, a week - on - week decrease of 40,500 tons; the factory inventory was 1.6684 million tons, a week - on - week decrease of 48,700 tons; the social inventory was 4.257 million tons, a week - on - week decrease of 51,100 tons; the total inventory was 5.9254 million tons, a week - on - week decrease of 99,800 tons; the apparent demand was 2.1852 million tons, a week - on - week decrease of 136,600 tons. In October 2025, the total bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9%. Affected by the low base in the same period of the previous year, the total bond financing of real estate enterprises increased significantly. On Thursday, the RB2601 contract first declined and then rose. The State Council Tariff Commission announced that starting from 13:01 on November 10, 2025, it will adjust the additional tariffs on imported goods originating from the United States, and continue to suspend the implementation of the 24% additional tariff rate on the United States for one year, while retaining the 10% additional tariff rate [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View On Thursday, the HC2601 contract rebounded with increased positions. The EU announced steel import restrictions on October 7, planning to significantly cut the steel import quota eligible for tariff exemptions and raise the steel tariff from 25% to 50%. The weekly output of hot-rolled coils remains high with a capacity utilization rate of 82.58%, but demand has declined and inventory has increased. Overall, the holiday affected terminal demand, and tariff disruptions affected market confidence. However, the expectation of post-holiday demand recovery, combined with the rebound of furnace materials, may support steel prices. Technically, the 1-hour MACD indicator of the HC2601 contract shows that DIFF and DEA rebounded from low levels, and the green bar turned red. 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: 3,286 yuan/ton, up 33 yuan [2]. - HC main contract open interest: 1,374,586 lots, up 24,718 lots [2]. - HC contract top 20 net positions: -23,217 lots, up 21,390 lots [2]. - HC1 - 5 contract spread: -7 yuan/ton, down 1 yuan [2]. - HC Shanghai Futures Exchange warehouse receipt: 46,314 tons, unchanged [2]. - HC2601 - RB2601 contract spread: 190 yuan/ton, up 9 yuan [2]. Spot Market - Hangzhou 4.75 hot-rolled coil: 3,370 yuan/ton, up 20 yuan [2]. - Guangzhou 4.75 hot-rolled coil: 3,320 yuan/ton, up 10 yuan [2]. - Wuhan 4.75 hot-rolled coil: 3,400 yuan/ton, unchanged [2]. - Tianjin 4.75 hot-rolled coil: 3,290 yuan/ton, up 10 yuan [2]. - HC main contract basis: 84 yuan/ton, down 13 yuan [2]. - Hangzhou hot-rolled coil - rebar spread: 80 yuan/ton, up 10 yuan [2]. Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 783 yuan/wet ton, up 5 yuan [2]. - Hebei quasi-primary metallurgical coke: 1,490 yuan/ton, unchanged [2]. - Tangshan 6 - 8mm scrap steel: 2,250 yuan/ton, unchanged [2]. - Hebei Q235 billet: 2,960 yuan/ton, up 10 yuan [2]. - 45-port iron ore inventory: 139.9735 million tons, up 1.9313 million tons [2]. - Sample coking plant coke inventory: 39.06 million tons, down 0.23 million tons [2]. - Sample steel mill coke inventory: 663.11 million tons, up 1.73 million tons [2]. - Hebei billet inventory: 127.6 million tons, up 7.94 million tons [2]. Industry Situation - 247 steel mill blast furnace operating rate: 84.27%, down 0.20% [2]. - 247 steel mill blast furnace capacity utilization rate: 90.63%, down 0.25% [2]. - Sample steel mill hot-rolled coil output: 3.2329 million tons, down 0.014 million tons [2]. - Sample steel mill hot-rolled coil capacity utilization rate: 82.58%, down 0.37% [2]. - Sample steel mill hot-rolled coil factory inventory: 83.60 million tons, up 2.40 million tons [2]. - 33-city hot-rolled coil social inventory: 3.2930 million tons, up 0.2992 million tons [2]. - Domestic crude steel output: 77.37 million tons, down 2.29 million tons [2]. - Steel net export volume: 9.01 million tons, down 0.38 million tons [2]. Downstream Situation - Automobile production: 2.8154 million vehicles, up 0.2243 million vehicles [2]. - Automobile sales: 2.8566 million vehicles, up 0.2632 million vehicles [2]. - Air conditioner production: 16.8188 million units, down 3.7777 million units [2]. - Household refrigerator production: 9.4532 million units, up 0.7225 million units [2]. - Household washing machine production: 10.1318 million units, up 1.3575 million units [2]. Industry News - This week, the total inventory of five major steel products was 16.0072 million tons, up 1.2786 million tons. Among them, the steel mill inventory was 4.7256 million tons, up 0.5863 million tons; the social inventory was 11.2816 million tons, up 0.6923 million tons [2]. - From September 29 to October 5, 2025, global shipyards received 18 new ship orders. Chinese shipyards received 13 orders, South Korean shipyards received 4 orders, and Finnish shipyards also received relevant orders [2].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - On Thursday, the RB2601 contract fluctuated. The central bank announced a 600 billion yuan MLF operation on September 25, with a net injection of 300 billion yuan this month, a seventh consecutive month of increased roll - overs. The weekly output of rebar remained low with a capacity utilization rate of 45.26%. During the consumption peak season, inventory continued to decline and apparent demand increased. Overall, the steel market was mixed. With the approaching long - holiday, there would be a tug - of - war between bulls and bears, and the market might range - bound. Technically, the 1 - hour MACD indicator of the RB2601 contract showed that DIFF and DEA were near the 0 - axis with shrinking green bars. Short - term trading was recommended, paying attention to rhythm and risk control [2] Group 3: Summary by Directory Futures Market - RB main contract closing price was 3,167 yuan/ton, up 3 yuan; RB main contract open interest was 1,870,449 lots, down 11,775 lots; RB contract top 20 net positions were - 171,227 lots, up 20,425 lots; RB1 - 5 contract spread was - 58 yuan/ton, up 5 yuan; RB SHFE warehouse receipt daily report was 277,122 tons, up 7,616 tons; HC2601 - RB2601 contract spread was 191 yuan/ton, down 2 yuan [2] Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,340 yuan/ton, unchanged; in Hangzhou (actual weight) was 3,426 yuan/ton, unchanged; in Guangzhou (theoretical weight) was 3,340 yuan/ton, unchanged; in Tianjin (theoretical weight) was 3,230 yuan/ton, unchanged. RB main contract basis was 173 yuan/ton, down 3 yuan; Hangzhou hot - rolled coil - rebar spot spread was 80 yuan/ton, unchanged [2] Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 789 yuan/wet ton, down 3 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,280 yuan/ton, unchanged; the price of Hebei Q235 billet was 3,030 yuan/ton, unchanged. The 45 - port iron ore inventory was 138.0422 million tons, down 489,100 tons; the sample coking plant coke inventory was 422,100 tons, down 15,500 tons [2] Industry Situation - The sample steel mill coke inventory was 6.449 million tons, up 112,900 tons; the Tangshan billet inventory was 1.225 million tons, up 7,700 tons. The 247 steel mill blast furnace operating rate was 84%, up 0.15 percentage points; the 247 steel mill blast furnace capacity utilization rate was 90.38%, up 0.18 percentage points. The sample steel mill rebar output was 2.0646 million tons, up 100 tons; the sample steel mill rebar capacity utilization rate was 45.26%, unchanged. The sample steel mill rebar inventory was 1.6441 million tons, down 6,600 tons; the 35 - city rebar social inventory was 4.7189 million tons, down 133,200 tons. The independent electric arc furnace steel mill operating rate was 67.71%, down 2.08 percentage points; the domestic crude steel output was 77.37 million tons, down 2.29 million tons. The monthly output of Chinese rebar was 1.518 million tons, down 23,000 tons; the net steel export volume was 901,000 tons, down 38,000 tons [2] Downstream Situation - The national real estate climate index was 93.05, down 0.28; the cumulative year - on - year growth rate of fixed - asset investment completion was 0.5%, down 1.1 percentage points; the cumulative year - on - year growth rate of real estate development investment completion was - 12.9%, down 0.9 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was 2%, down 1.2 percentage points. The cumulative value of housing construction area was 6.43109 billion square meters, down 43.78 million square meters; the cumulative value of new housing construction area was 398.01 million square meters, down 45.95 million square meters; the commercial housing unsold area was 402.29 million square meters, up 3.07 million square meters [2] Industry News - On September 25, Mysteel reported that the actual rebar output was 2.0646 million tons, up 100 tons week - on - week; the mill inventory was 1.6441 million tons, down 6,600 tons; the social inventory was 4.7189 million tons, down 133,200 tons; the total inventory was 6.363 million tons, down 139,800 tons; the apparent demand was 2.2044 million tons, up 104,100 tons. Also, on September 25, rainfall affected 2 tailings ponds in Guangxi with over 100 mm of rain (0 "over - head" ponds), and 65 tailings ponds in Guangxi, Guizhou and Yunnan with 50 - 100 mm of rain (1 "over - head" pond) [2]

Group 1: Report Industry Investment Rating - No information provided in the report Group 2: Report Core View - On Thursday, the RB2601 contract increased in position and corrected. The macro - aspect shows that the deputy director of the State - owned Assets Supervision and Administration Commission of the State Council stated that efforts will be made to promote strategic and professional restructuring and integration of state - owned enterprises. In terms of supply and demand, the weekly output of rebar continued to decline with a capacity utilization rate of 45.26%. Terminal demand recovered, inventory decreased, and apparent demand continued to rise. Overall, after the Fed's interest rate cut, the market's bullish sentiment weakened, and some mainstream positions took profit, so the short - term market may fluctuate. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA are above the 0 - axis, and the red column turns green. The operation suggestion is to conduct short - term trading within a range, paying attention to rhythm and risk control [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the RB main contract was 3,147 yuan/ton, down 21 yuan; the position volume was 1,999,684 lots, up 36,313 lots. The net position of the top 20 in the RB contract was - 224,471 lots, up 16,787 lots. The RB10 - 1 contract spread was - 57 yuan/ton, up 12 yuan. The RB Shanghai Futures Exchange warehouse receipt was 255,222 tons, down 14,137 tons. The HC2601 - RB2601 contract spread was 207 yuan/ton, down 15 yuan [2] Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,290 yuan/ton, unchanged; (actual weight) was 3,374 yuan/ton, unchanged. In Guangzhou (theoretical weight), it was 3,350 yuan/ton, unchanged; in Tianjin (theoretical weight), it was 3,220 yuan/ton, unchanged. The basis of the RB main contract was 143 yuan/ton, up 21 yuan. The spot spread between hot - rolled coils and rebar in Hangzhou was 160 yuan/ton, unchanged [2] Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 792 yuan/wet ton, unchanged; the price of Hebei quasi - first - class metallurgical coke was 1,490 yuan/ton, down 50 yuan. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,290 yuan/ton, unchanged; the price of Hebei Q235 billet was 3,040 yuan/ton, down 20 yuan. The inventory of iron ore at 45 ports was 138.4947 million tons, up 0.2415 million tons. The coke inventory of sample coking plants was 437,600 tons, up 31,000 tons. The coke inventory of sample steel mills was 6.3361 million tons, up 0.1007 million tons. The blast furnace operating rate of 247 steel mills was 83.85%, up 3.47 percentage points; the blast furnace capacity utilization rate was 90.20%, up 4.43 percentage points. The billet inventory in Tangshan was 1.2173 million tons, down 72,200 tons [2] Industry Situation - The weekly output of rebar of sample steel mills was 2.0645 million tons, down 54,800 tons; the capacity utilization rate was 45.26%, down 1.20 percentage points. The mill inventory of sample steel mills was 1.6507 million tons, down 15,600 tons; the social inventory of rebar in 35 cities was 4.8521 million tons, down 20,200 tons. The operating rate of independent electric arc furnace steel mills was 69.79%, unchanged. The monthly output of domestic crude steel was 77.37 million tons, down 2.29 million tons. The monthly output of Chinese steel bars was 1.518 million tons, down 23,000 tons. The net export volume of steel was 9.01 million tons, down 380,000 tons [2] Downstream Situation - The national real estate climate index was 93.05, down 0.28. The cumulative year - on - year growth rate of fixed - asset investment completion was 0.50%, down 1.10 percentage points. The cumulative year - on - year growth rate of real estate development investment completion was - 12.90%, down 0.90 percentage points. The cumulative year - on - year growth rate of infrastructure construction investment was 2.00%, down 1.20 percentage points. The cumulative value of housing construction area was 6.43109 billion square meters, down 43.78 million square meters. The cumulative value of new housing construction area was 398.01 million square meters, down 45.95 million square meters. The unsold area of commercial housing was 402.29 million square meters, up 3.07 million square meters [2] Industry News - According to Mysteel on September 18, the actual weekly output of rebar was 2.0645 million tons, down 54,800 tons; mill inventory was 1.6507 million tons, down 15,600 tons; social inventory was 4.8521 million tons, down 20,200 tons; total inventory was 6.5028 million tons, down 35,800 tons; apparent demand was 2.1003 million tons, up 119,600 tons. In August 2025, China's excavator output was 27,590 units, a year - on - year increase of 13.2%. From January to August 2025, the output was 245,556 units, a year - on - year increase of 17.6% [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On Thursday, the RB2601 contract decreased with increasing positions. Macroscopically, multiple ministries and commissions revealed the key points of next - stage work, promoting capacity governance in key industries and implementing policies to resolve structural contradictions in key industries and promote quality improvement and upgrading. They will make full use of a more proactive fiscal policy to support employment and foreign trade and foster new growth drivers. In terms of supply - demand, the weekly output of rebar continued to decline but was higher than the same period last year; inventory increased for seven consecutive weeks, and apparent demand continued to fall. Overall, market sentiment was low, terminal demand was average, the increase in short positions of mainstream holdings was greater, and the futures price center shifted down. Technically, the 1 - hour MACD indicator of the RB2601 contract showed that DIFF and DEA were running below the 0 axis. The operation strategy is to be bearish in a volatile market, paying attention to rhythm and risk control [2]. 3. Summary According to Relevant Catalogs a. Futures Market - The closing price of the RB main contract was 3,092.00 yuan/ton, down 17 yuan; the position volume was 2,000,701 lots, up 133,027 lots; the net position of the top 20 in the RB contract was - 266,935 lots, down 65,611 lots; the RB10 - 1 contract spread was - 53 yuan/ton, down 6 yuan; the RB Shanghai Futures Exchange warehouse receipt was 251,365 tons, up 8,525 tons; the HC2601 - RB2601 contract spread was 242 yuan/ton, up 9 yuan [2]. b. Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,240.00 yuan/ton, down 10 yuan; (actual weight) was 3,323 yuan/ton, down 10 yuan; in Guangzhou (theoretical weight) was 3,280.00 yuan/ton, unchanged; in Tianjin (theoretical weight) was 3,210.00 yuan/ton, unchanged. The basis of the RB main contract was 148.00 yuan/ton, up 7 yuan; the spot price difference between hot - rolled coil and rebar in Hangzhou was 170.00 yuan/ton, up 10 yuan [2]. c. Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 801.00 yuan/wet ton, up 3.00 yuan; the price of quasi - first - class metallurgical coke in Hebei was 1,590.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,290.00 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,990.00 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 138.2532 million tons, up 623,000 tons; the inventory of coke at sample coking plants was 406,600 tons, up 9,500 tons; the inventory of coke at sample steel mills was 6.2354 million tons, up 134,200 tons; the blast furnace operating rate of 247 steel mills was 80.38%, down 4.23 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 85.77%, down 7.58 percentage points; the inventory of billets in Tangshan was 1.2895 million tons, down 28,000 tons [2]. d. Industry Situation - The weekly output of rebar at sample steel mills was 2.1193 million tons, down 67,500 tons; the capacity utilization rate of rebar at sample steel mills was 46.46%, down 1.48 percentage points; the inventory of rebar at sample steel mills was 1.6663 million tons, down 47,100 tons; the social inventory of rebar in 35 cities was 4.8723 million tons, up 185,700 tons; the operating rate of independent electric arc furnace steel mills was 69.79%, down 1.04 percentage points; the monthly output of crude steel in China was 79.66 million tons, down 3.53 million tons; the monthly output of rebar in China was 1.658 million tons, up 140,000 tons; the net export volume of steel was 9.01 million tons, down 380,000 tons [2]. e. Downstream Situation - The national real - estate climate index was 93.34, down 0.25; the cumulative year - on - year growth rate of fixed - asset investment completion was 1.60%, down 1.20 percentage points; the cumulative year - on - year growth rate of real - estate development investment completion was - 12.00%, down 0.80 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was 3.20%, down 1.40 percentage points; the cumulative value of housing construction area was 6.38731 billion square meters, down 54.1 million square meters; the cumulative value of new housing construction area was 352.06 million square meters, down 48.42 million square meters; the inventory of commercial housing for sale was 405.36 million square meters, up 2.85 million square meters [2]. f. Industry News - On September 11, Mysteel information showed that the actual output of rebar in this period was 2.1193 million tons, a week - on - week decrease of 67,500 tons; the mill inventory was 1.6663 million tons, a week - on - week decrease of 47,100 tons; the social inventory was 4.8723 million tons, a week - on - week increase of 185,700 tons; the total inventory was 6.5386 million tons, a week - on - week increase of 138,600 tons; the apparent demand was 1.9807 million tons, a week - on - week decrease of 40,000 tons. As of September 10, according to Mysteel statistics, the total sales of 16 key real - estate enterprises from January to August 2025 were 868.862 billion yuan, a year - on - year decrease of 17%; the sales in August were 106.451 billion yuan, a year - on - year decrease of 4.5% and a month - on - month increase of 20.2% [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On Monday, the HC2510 contract rebounded with reduced positions. In terms of macro - aspects, after the reserve requirement ratio cut in May released 100 billion yuan of long - term liquidity, medium - term liquidity has been in a net injection state for the past three months, and the net injection scale in August has significantly expanded. In terms of supply and demand, the weekly output of hot - rolled coils continued to increase, with a capacity utilization rate of 83.08%, still at a high level; terminal demand was fair, inventory increased slightly, and apparent demand rose. Overall, in the short term, due to the increasing expectation of the Fed's interest rate cut and Tangshan entering the production restriction period, the short - term market may fluctuate strongly. Technically, the 1 - hour MACD indicator of the HC2510 contract shows that DIFF and DEA rebounded from low levels. The operation strategy is to be bullish on the fluctuating market, and pay attention to rhythm and risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - HC main contract closing price: 3,389 yuan/ton, up 28 yuan [2] - HC main contract positions: 938,245 lots, down 59,902 lots [2] - Net positions of the top 20 in the HC contract: - 69,010 lots, down 14,157 lots [2] - HC10 - 1 contract spread: 12 yuan/ton, up 3 yuan [2] - HC warehouse receipts at the Shanghai Futures Exchange: 27,749 tons, down 5,366 tons [2] - HC2510 - RB2510 contract spread: 251 yuan/ton, up 9 yuan [2] 3.2 Spot Market - Hangzhou 4.75 hot - rolled coils: 3,450 yuan/ton, up 10 yuan [2] - Guangzhou 4.75 hot - rolled coils: 3,420 yuan/ton, up 30 yuan [2] - Wuhan 4.75 hot - rolled coils: 3,460 yuan/ton, up 10 yuan [2] - Tianjin 4.75 hot - rolled coils: 3,380 yuan/ton, unchanged [2] - HC main contract basis: 61 yuan/ton, down 18 yuan [2] - Hangzhou hot - rolled coil - rebar spread: 110 yuan/ton, down 20 yuan [2] 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 781 yuan/wet ton, up 15 yuan [2] - Hebei quasi - first - grade metallurgical coke: 1,590 yuan/ton, up 55 yuan [2] - Tangshan 6 - 8mm scrap steel: 2,300 yuan/ton, unchanged [2] - Hebei Q235 billet: 3,040 yuan/ton, up 20 yuan [2] - 45 - port iron ore inventory: 138.452 million tons, up 259,300 tons [2] - Sample coking plant coke inventory: 393,800 tons, up 3,300 tons [2] - Sample steel mill coke inventory: 6.0969 million tons, down 900 tons [2] - Hebei billet inventory: 1.1609 million tons, up 35,700 tons [2] 3.4 Industry Situation - 247 steel mill blast furnace operating rate: 83.34%, down 0.23 percentage points [2] - 247 steel mill blast furnace capacity utilization rate: 90.27%, up 0.03 percentage points [2] - Sample steel mill hot - rolled coil output: 3.2524 million tons, up 96,500 tons [2] - Sample steel mill hot - rolled coil capacity utilization rate: 83.08%, up 2.46 percentage points [2] - Sample steel mill hot - rolled coil factory inventory: 788,900 tons, down 10,900 tons [2] - 33 - city hot - rolled coil social inventory: 2.8255 million tons, up 50,600 tons [2] - Domestic crude steel output: 79.66 million tons, down 3.53 million tons [2] - Steel net export volume: 9.39 million tons, up 180,000 tons [2] 3.5 Downstream Situation - Automobile production: 2.5911 million vehicles, down 203,000 vehicles [2] - Automobile sales: 2.5934 million vehicles, down 311,100 vehicles [2] - Air - conditioner output: 20.5965 million units, down 7.7866 million units [2] - Household refrigerator output: 8.7307 million units, down 316,800 units [2] - Household washing machine output: 8.7743 million units, down 733,600 units [2] 3.6 Industry News - In July 2025, the crude steel output of 70 countries/regions included in the World Steel Association's statistics was 150.1 million tons, a year - on - year decrease of 1.3%. African crude steel output was 1.9 million tons, a year - on - year decrease of 2.0%; Asian and Oceanian crude steel output was 110.4 million tons, a year - on - year decrease of 1.9%; EU (27 countries) crude steel output was 10.2 million tons, a year - on - year decrease of 7.0%; other European countries' crude steel output was 3.6 million tons, a year - on - year increase of 2.6% [2] - On August 25, the central bank conducted 600 billion yuan of MLF operations with a term of 1 year. This is also the central bank's sixth consecutive month of increased volume roll - over, and the central bank's net MLF injection this month reached 300 billion yuan. After the reserve requirement ratio cut in May released 100 billion yuan of long - term liquidity, medium - term liquidity has been in a net injection state for the past three months, and the net injection scale in August has significantly expanded [2]

Report Summary 1. Industry Investment Rating No industry investment rating was provided in the report. 2. Core View On Tuesday, the RB2510 contract fluctuated with a bullish bias. Macroeconomically, the joint statement of the China-US economic and trade talks in Stockholm announced a 90 - day suspension of the 24% tariff starting from August 12, 2025. In terms of supply and demand, the weekly output of rebar increased significantly this period, with a capacity utilization rate of 48.49%. Inventories continued to rise, and the apparent demand turned from a decline to an increase. Overall, the macro - expectation is positive, the production restrictions in Tangshan boosted market sentiment, and the strong rise in coal prices provided cost support. Technically, the 1 - hour MACD indicator of the RB2510 contract shows that DIFF is rising above DEA. The operation strategy is to be bullish in a fluctuating market, while paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the RB main contract was 3,258 yuan/ton, up 8 yuan; the position volume was 1,605,388 lots, down 7,237 lots. The net position of the top 20 in the RB contract was - 75,900 lots, up 4,267 lots. The RB10 - 1 contract spread was - 78 yuan/ton, down 9 yuan. The RB warehouse receipt at the SHFE was 97,654 tons, up 1,197 tons. The HC2510 - RB2510 contract spread was 226 yuan/ton, up 11 yuan [2]. 现货市场 - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,420 yuan/ton, up 10 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,508 yuan/ton, up 10 yuan. The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,400 yuan/ton, up 20 yuan; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,360 yuan/ton, up 20 yuan. The basis of the RB main contract was 162 yuan/ton, up 2 yuan. The spot price difference between hot - rolled coils and rebar in Hangzhou was 110 yuan/ton, up 10 yuan [2]. Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 782 yuan/wet ton, up 6 yuan. The price of quasi - first - grade metallurgical coke in Hebei was 1,535 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,250 yuan/ton, unchanged. The price of Q235 billets in Hebei was 3,120 yuan/ton, up 20 yuan. The iron ore inventory at 45 ports was 13,712.27 million tons, up 54.37 million tons. The coke inventory of sample coking plants was 44.36 million tons, down 1.92 million tons [2]. Industry Situation - The coke inventory of sample steel mills was 619.30 million tons, down 7.48 million tons. The billet inventory in Tangshan was 115.36 million tons, up 4.34 million tons. The blast furnace operating rate of 247 steel mills was 83.77%, up 0.29%. The blast furnace capacity utilization rate of 247 steel mills was 90.07%, down 0.15%. The rebar output of sample steel mills was 221.18 million tons, up 10.12 million tons. The rebar capacity utilization rate of sample steel mills was 48.49%, up 2.22%. The rebar inventory in sample steel mills was 168.20 million tons, up 6.05 million tons. The social rebar inventory in 35 cities was 388.48 million tons, up 4.34 million tons. The operating rate of independent electric arc furnace steel mills was 71.88%, up 2.09%. The monthly domestic crude steel output was 8,318 million tons, down 336 million tons. The monthly output of Chinese steel bars was 1,688 million tons, up 30 million tons. The monthly net steel export volume was 938.40 million tons, up 17.40 million tons [2]. Downstream Situation - The national real estate climate index was 93.60, down 0.11. The cumulative year - on - year growth rate of fixed - asset investment was 2.80%, down 0.90%. The cumulative year - on - year growth rate of real estate development investment was - 11.20%, down 0.50%. The cumulative year - on - year growth rate of infrastructure construction investment was 4.60%, down 1.00%. The cumulative floor area under construction was 633,321 million square meters, down 8,302 million square meters. The cumulative floor area of newly started buildings was 30,364 million square meters, down 7,181 million square meters. The inventory of commercial housing for sale was 40,821.00 million square meters, up 443.00 million square meters [2]. Industry News - The Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration issued the "Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans." From September 1, 2025, to August 31, 2026, residents using personal consumption loans (excluding credit card business) for actual consumption, and the loan - issuing institutions can identify relevant consumption transaction information, can enjoy the interest subsidy policy as stipulated. The Ministry of Finance, the People's Bank of China, and seven other departments issued the "Implementation Plan for the Interest Subsidy Policy for Loans to Service Industry Business Entities." Eligible loans issued by the handling banks to service industry business entities in eight consumption fields, including catering and accommodation, health, elderly care, childcare, housekeeping, cultural and entertainment, tourism, and sports, can enjoy the interest subsidy policy [2].

Report Information - Report Title: "Rebar Industry Chain Daily Report 2025/6/30" [1] - Researcher: Cai Yuehui [2] - Futures Practitioner Qualification Number: F0251444 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0013101 [2] Report Industry Investment Rating - No information provided Core Viewpoints - On Monday, the RB2510 contract rose and then fell. Macroscopically, China firmly opposes any party reaching a deal at the expense of China's interests to obtain so - called tariff exemptions. If this happens, China will resolutely counter and safeguard its legitimate rights and interests. In terms of supply and demand, the weekly output of rebar increased, the capacity utilization rate reached 47.75%, and the operating rate of electric - arc furnace steel mills continued to decline. Terminal demand was average, with factory inventories increasing and social inventories decreasing, and the decline in total inventory narrowed. The apparent demand remained around 2.19 million tons. Raw material coal and coke prices declined at the end of the session, weakening cost support, and the market may fluctuate. Technically, the 1 - hour MACD indicator of the RB2510 contract showed that DIFF and DEA adjusted from high levels, and the red column shrank. The operation suggestion is short - term trading within the day, paying attention to rhythm and risk control [2] Summary by Relevant Catalogs Futures Market - The closing price of the RB main contract was 2,997 yuan/ton, up 2 yuan; the trading volume of the RB main contract was 2,124,170 lots, down 18,643 lots; the net position of the top 20 in the RB contract was 1,534 lots, down 31,792 lots; the RB10 - 1 contract spread was - 18 yuan/ton, down 8 yuan; the RB warehouse receipt of the Shanghai Futures Exchange was 18,221 tons, unchanged; the HC2510 - RB2510 contract spread was 126 yuan/ton, unchanged [2] Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,150 yuan/ton, up 20 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,231 yuan/ton, up 21 yuan; the price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,160 yuan/ton, up 20 yuan; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,160 yuan/ton, up 20 yuan; the basis of the RB main contract was 153 yuan/ton, up 18 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was 80 yuan/ton, down 10 yuan [2] Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 713 yuan/wet ton, unchanged; the price of quasi - first - grade metallurgical coke in Hebei was 1,265 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,220 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,910 yuan/ton, up 10 yuan; the domestic iron ore port inventory was 139.3023 million tons, up 360,700 tons; the coke inventory of sample coking plants was 738,100 tons, down 73,100 tons; the coke inventory of sample steel mills was 6.2751 million tons, down 65,000 tons; the billet inventory in Tangshan was 772,600 tons, up 80,000 tons; the blast furnace operating rate of 247 steel mills was 83.84%, unchanged; the blast furnace capacity utilization rate of 247 steel mills was 90.85%, up 0.04 percentage points [2] Industry Situation - The weekly output of rebar from sample steel mills was 2.1784 million tons, up 56,600 tons; the capacity utilization rate of sample steel mills for rebar was 47.75%, up 1.25 percentage points; the factory inventory of rebar from sample steel mills was 1.856 million tons, up 32,800 tons; the social inventory of rebar in 35 cities was 3.634 million tons, down 53,500 tons; the operating rate of independent electric - arc furnace steel mills was 67.71%, unchanged; the monthly output of domestic crude steel was 86.55 million tons, up 53,000 tons; the monthly output of Chinese steel bars was 17.3 million tons, up 42,000 tons; the net export volume of steel was 1.01 million tons, up 16,000 tons [2] Downstream Situation - The national real estate climate index was 93.72, down 0.13; the cumulative year - on - year growth rate of fixed - asset investment completion was 3.70%, down 0.30 percentage points; the cumulative year - on - year growth rate of real estate development investment completion was - 10.70%, down 0.40 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment (excluding electricity) was 5.60%, down 0.20 percentage points; the cumulative value of housing construction area was 6.2502 billion square meters, down 4.704 million square meters; the cumulative value of new housing construction area was 231.84 million square meters, down 53.48 million square meters; the unsold area of commercial housing was 412.64 million square meters, up 4.39 million square meters. In June, the manufacturing PMI was 49.7%, up 0.2 percentage points from the previous month, and the manufacturing sentiment continued to improve [2] Industry News - In the five sub - indices that make up the manufacturing PMI, the production index, new order index, and supplier delivery time index were all above the critical point, while the raw material inventory index and employment index were below the critical point. On the 29th, the Ministry of Water Resources and the China Meteorological Administration jointly issued a red mountain flood disaster meteorological warning, predicting a high possibility of mountain floods in eastern Sichuan and western Chongqing from 20:00 on the 29th to 20:00 on the 30th. In addition, the Ministry of Water Resources launched a level - IV emergency response for flood prevention in Chongqing, Sichuan, and Gansu on the 29th [2]

Group 1: Report Summary - The report is a daily report on the rebar industry chain dated June 26, 2025 [1] Group 2: Market Data Futures Market - RB main contract closing price is 2,973.00 yuan/ton, down 3 yuan; RB main contract open interest is 2,191,778 lots, up 19,178 lots [2] - RB contract top 20 net open interest is -11,769 lots, up 24,836 lots; RB10 - 1 contract spread is -5 yuan/ton, down 3 yuan [2] - RB SHFE warehouse receipt daily report is 18,221 tons, unchanged; HC2510 - RB2510 contract spread is 130 yuan/ton, up 8 yuan [2] Spot Market - Hangzhou HRB400E 20MM (theoretical weight) is 3,110.00 yuan/ton, unchanged; Hangzhou HRB400E 20MM (actual weight) is 3,190 yuan/ton, unchanged [2] - Guangzhou HRB400E 20MM (theoretical weight) is 3,140.00 yuan/ton, unchanged; Tianjin HRB400E 20MM (theoretical weight) is 3,180.00 yuan/ton, unchanged [2] - RB main contract basis is 137.00 yuan/ton, up 3 yuan; Hangzhou hot - rolled coil to rebar spot spread is 90.00 yuan/ton, unchanged [2] Upstream Situation - Qingdao Port 61.5% PB fine ore is 700.00 yuan/wet ton, down 3.00 yuan; Hebei quasi - first - grade metallurgical coke is 1,265.00 yuan/ton, unchanged [2] - Tangshan 6 - 8mm scrap steel (tax - excluded) is 2,230.00 yuan/ton, unchanged; Hebei Q235 billet is 2,910.00 yuan/ton, unchanged [2] - Domestic iron ore port inventory is 13,894.16 million tons, down 38.98 million tons; sample coking plant coke inventory is 81.12 million tons, down 6.04 million tons [2] - Sample steel mill coke inventory is 634.01 million tons, down 8.72 million tons; Tangshan billet inventory is 77.26 million tons, up 8.00 million tons [2] - 247 steel mills' blast furnace operating rate is 83.84%, up 0.45%; 247 steel mills' blast furnace capacity utilization rate is 90.81%, up 0.25% [2] Industry Situation - Sample steel mills' rebar output is 217.84 million tons, up 5.66 million tons; sample steel mills' rebar capacity utilization rate is 47.75%, up 1.25% [2] - Sample steel mills' rebar inventory is 185.60 million tons, up 3.28 million tons; 35 - city rebar social inventory is 363.40 million tons, down 5.35 million tons [2] - Independent electric arc furnace steel mill operating rate is 67.71%, down 2.08%; domestic crude steel output is 8,655 million tons, up 53 million tons [2] - China's rebar monthly output is 1,730 million tons, up 42 million tons; steel net export volume is 1,010.00 million tons, up 16.00 million tons [2] Downstream Situation - National real estate climate index is 93.72, down 0.13; fixed asset investment completion cumulative year - on - year is 3.70%, down 0.30% [2] - Real estate development investment completion cumulative year - on - year is - 10.70%, down 0.40%; infrastructure construction investment (excluding electricity) cumulative year - on - year is 5.60%, down 0.20% [2] Group 3: Core View - On Thursday, the RB2510 contract rebounded after hitting a low. Macroscopically, China will continue to integrate into the global market. In terms of supply and demand, rebar weekly output increased, factory inventory rose, social inventory decreased, and total inventory decreased with a narrowing decline. Overall, apparent demand increased slightly, and strong rebounds in coking coal and coke supported steel prices. Technically, the 1 - hour MACD indicator of the RB2510 contract showed that DIFF and DEA were consolidating at a low level with a shrinking green column. The operation suggestion is short - term trading within the day, paying attention to rhythm and risk control [2] Group 4: Industry News - On June 26, Mysteel reported that the actual rebar output was 217.84 million tons, up 5.66 million tons; steel mill inventory was 185.6 million tons, up 3.28 million tons; social inventory was 363.4 million tons, down 5.35 million tons; total inventory was 549 million tons, down 2.07 million tons; apparent demand was 219.91 million tons, up 0.72 million tons [2] - Vice - Premier He Lifeng pointed out during a research trip in Hebei that efforts should be made to build a unified national market, boost domestic demand and consumption, and build a new model for real estate development. Enterprises in high - end equipment manufacturing, smart photovoltaics, clean energy, and new materials should be promoted to innovate, and in - fighting competition should be comprehensively addressed [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On Monday, the RB2510 contract rebounded with increased positions. The supply of rebar continued to shrink, with the weekly output of rebar from sample steel mills decreasing for three consecutive weeks, and the capacity utilization rate dropping to 45.5%. The inventory in both steel mills and the social market continued to decline, with a total inventory reduction of 124,000 tons. The downstream demand was based on on - demand procurement, and the apparent demand declined again. However, the current tense situation in the Middle East and the sharp rise in international oil prices had an impact on commodity prices. Technically, the 1 - hour MACD indicator of the RB2510 contract showed that DIFF and DEA rebounded from low levels, and the red bars expanded. The recommended operation was intraday short - term trading, paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 2,990 yuan/ton, up 21 yuan; the position volume was 2,164,732 lots, up 29,071 lots; the net position of the top 20 in the RB contract was 10,749 lots, up 22,799 lots; the RB10 - 1 contract spread was 5 yuan/ton, up 4 yuan; the RB warehouse receipt at the Shanghai Futures Exchange was 34,766 tons, down 1,198 tons; the HC2510 - RB2510 contract spread was 114 yuan/ton, up 1 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (by theoretical weight) was 3,130 yuan/ton, up 20 yuan; (by actual weight) was 3,210 yuan/ton, up 21 yuan. The price in Guangzhou (by theoretical weight) was 3,180 yuan/ton, unchanged; in Tianjin (by theoretical weight) was 3,200 yuan/ton, unchanged. The basis of the RB main contract was 140 yuan/ton, down 1 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was 80 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 721 yuan/wet ton, up 1 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,320 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,205 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,920 yuan/ton, up 20 yuan. The domestic iron ore port inventory was 139.3314 million tons, up 1.0645 million tons; the coke inventory of sample coking plants was 0.8716 million tons, down 0.0103 million tons; the coke inventory of sample steel mills was 6.4273 million tons, down 0.0322 million tons; the billet inventory in Tangshan was 0.6262 million tons, down 0.0483 million tons. The blast furnace operating rate of 247 steel mills was 83.39%, down 0.15 percentage points; the blast furnace capacity utilization rate was 90.56%, down 0.07 percentage points [2]. 3.4 Industry Situation - The weekly output of rebar from sample steel mills was 2.0757 million tons, down 0.1089 million tons; the capacity utilization rate was 45.50%, down 2.39 percentage points. The factory inventory of rebar from sample steel mills was 1.8289 million tons, down 0.0197 million tons; the social inventory of rebar in 35 cities was 3.7519 million tons, down 0.1043 million tons. The operating rate of independent electric arc furnace steel mills was 69.79%, down 3.13 percentage points. The monthly output of domestic crude steel was 86.55 million tons, up 530,000 tons; the monthly output of Chinese rebar was 18.61 million tons, up 1.31 million tons; the net export volume of steel was 10.097 million tons, up 0.157 million tons [2]. 3.5 Downstream Situation - The national real estate climate index was 93.72, down 0.13; the cumulative year - on - year growth rate of fixed - asset investment completion was 3.70%, down 0.30 percentage points; the cumulative year - on - year growth rate of real estate development investment completion was - 10.70%, down 0.40 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment (excluding electricity) was 5.60%, down 0.20 percentage points. The cumulative value of housing construction area was 6.2502 billion square meters, down 47.05 million square meters; the cumulative value of new housing construction area was 231.84 million square meters, down 53.48 million square meters; the unsold area of commercial housing was 412.64 million square meters, up 4.39 million square meters [2]. 3.6 Industry News - In May 2025, China's crude steel output was 86.55 million tons, a year - on - year decrease of 6.9%; pig iron output was 74.11 million tons, a year - on - year decrease of 3.3%; steel output was 127.43 million tons, a year - on - year increase of 3.4%. From January to May, China's crude steel output was 431.63 million tons, a year - on - year decrease of 1.7%; pig iron output was 362.74 million tons, a year - on - year decrease of 0.1%; steel output was 605.82 million tons, a year - on - year increase of 5.2%. From January to May, the cumulative floor area under construction of real estate development enterprises was 6.2502 billion square meters, a year - on - year decrease of 9.2%, among which the floor area under construction of residential buildings was 4.35354 billion square meters, a decrease of 9.6%. The new construction area was 231.84 million square meters, a decrease of 22.8%; the completed area was 183.85 million square meters, a decrease of 17.3% [2].