Group 1: Report Summary - The report is a delivery report for the 2510 contracts of rebar and hot-rolled coil in October 2025 [2][3] - The delivery settlement price of the rebar 2510 contract is 2954 yuan/ton, at a discount to the spot price, mainly due to the continuous contraction of building material demand and weak market expectations [3][5] - The delivery settlement price of the hot-rolled coil 2510 contract is 3534 yuan/ton, at a premium to the spot price, and it's the first significant premium delivery in recent years due to the weakening of the basis on the last trading day [3][24] Group 2: Rebar 2510 Contract Delivery Summary Delivery Price and Basis Repair Path - The rebar 2510 contract is at a discount delivery, with discounts of 226 and 236 yuan/ton to Shanghai and Tianjin spot prices respectively [5] - In Q3 2025, domestic steel prices rose first and then fell. The supply-demand contradiction accumulated during the continuous release of production, putting pressure on prices [3][5] - The peak-season consumption was still lower than previous years. The basis was strong from August to September, and the large discount structure suppressed the delivery enthusiasm [5] Delivery Volume and Position Change - The total delivery volume of the Rb2510 contract is 76,200 tons, mainly concentrated in Jiangsu and Guangdong. The warehouse registered warehouse receipts on the last trading day were 277,000 tons, not all completed for delivery [8] - The delivery parties were relatively scattered, mainly participating in hedging and basis trading [8] Inter - period Strategy Summary - The demand of the 2510 contract was weak, and the delivery settlement price was at the lowest level in recent years [17] - The far - month contracts were at a premium to the near - month contracts. As of October 15, the 10 - 1 spread of rebar steel closed at - 84 yuan/ton [17] - The main driver of the 10 - 1 reverse spread was the weak reality, with insufficient near - month demand and relatively stronger far - month performance supported by policies [17] Group 3: Hot - rolled Coil 2510 Delivery Summary Delivery Price and Basis Repair Path - The hot - rolled coil 2510 contract is at a premium delivery, with premiums of 254 and 274 yuan/ton to Shanghai and Tianjin spot prices respectively [24] - The basis weakened significantly on the last trading day, and the scattered seller seats and poor delivery concentration led to a sharp rise in the settlement price due to virtual position closing [24] Delivery Volume and Position Change - The delivery volume of the HC2510 contract is 66,000 tons, significantly lower than the HC2410 contract and at a medium - low level in recent years [32] - The delivery warehouse receipts were mainly concentrated in Jiangsu. The factory warehouse receipts increased significantly after the change of delivery rules, which facilitated hedging for traders and increased their participation enthusiasm [32] Inter - period Strategy Summary - The average level of the 10 - 1 positive spread of hot - rolled coil was higher than the same period in previous years [38] - As of October 15, the 10 - 1 spread of hot - rolled coil expanded to 398 yuan/ton, a new high in recent years, mainly due to the insufficient delivery ability of the seller and the sharp rise of the 2510 contract price caused by the departure of virtual positions [38]