F 钢铁及轻金属材料 综合解决方案 ha 共建钢铁生态| 共创绿色新 本月，公司聚焦重点工程用材保障，强化钢筋产品线布局，整合国内多家大型钢厂资源，优化库存结构与配送体系，确保主流规格常态化备货，快速响应客 户多样化需求： 作为西南地区钢筋全品类供应的重要力量，四川盛世钢联国际贸易有限公司经营数据监测：本月持续发挥"成都建材采买+厂家直发"双轮驱动优势，实现螺 纹钢、盘螺、盘圆、圆钢、抗震钢筋、高强钢筋等建材类产品整体出货量同比增长21%，创本年度单月新高。公司以高效、稳定、高性价比的供应能力，全 面服务川渝地区房地产、基础设施、市政工程及重点项目建设，进一步巩固在区域钢材市场的领先地位。 螺纹钢与盘螺：作为房建工程的核心用材，本月需求持续旺盛。公司提供HRB400E、HRB500E等主流牌号，产品具备强度高、延性好、焊接性能优等特 点，广泛应用于高层住宅、商业综合体、学校医院等项目。支持定尺配送、绑扎打包、工地直送，有效提升施工效率。 盘圆与圆钢：主要用于箍筋、拉杆、预埋件及小型构件加工。公司坚持小批量灵活供货策略，满足中小型施工队、加工厂的零散采购需求，本月本地客户订 单同比增长28%，服务覆盖成都主城区 ...

Group 1 - Approximately 8 steel mills adjusted their construction material ex-factory prices today, with Donghua in North China reducing wire rod prices by 5 yuan/ton, while Meijin in North China increased rebar, wire rod, and round bar prices by 30 yuan/ton [1] - As of December 31, 2025, the spot price for wire rod from Zhongtian in Hangzhou is 3580 yuan/ton, and from Yonggang is 3550 yuan/ton, with the futures market closing at 3600.00 yuan/ton, reflecting a 5.66% increase [2] - National total inventory of construction materials is 7.237 million tons, a decrease of 171,900 tons from the previous week, while the apparent demand increased by 166,700 tons to 4.6747 million tons [3] Group 2 - Recent commodity market trends have positively influenced steel prices; however, demand is gradually weakening, and export expectations may tighten, leading to a volatile price trend for steel [4]

12月10日首钢长治建筑钢材价格调整：螺纹下调30，盘螺、线材下调20。其中，高线HPB300Φ8-12mm 出厂基价3240元/吨，Φ6+100。 2025年12月11日线材现货价 格表 | 商品名 | 规格 | 品牌/产 | 报价 | 报价类 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | --- | | 称 | | 地 | | 型 | | | | 线材 | 品种:高线;牌号:HPB300;直 | 河钢 | 3540元/ | 市场价 | 北京 | 北京乾盛成钢铁贸易有限 | | | 径:Φ8 | | 吨 | | | 公司 | | 线材 | 品种:高线;牌号:HPB300;直 | 永钢 | 3400元/ | 市场价 | 江苏省/南京 | 中储南京物流有限公司 | | | 径:Φ8 | | 吨 | | 市 | | | 线材 | 品种:高线;牌号:HPB300;直 | 永钢 | 3400元/ | 市场价 | 上海 | 上海东铭红一能源有限公 | | | 径:Φ8 | | 吨 | | | 司 | | 线材 | 品种:高线;牌号:HPB300;直 | 永钢 | ...

永钢7月下旬螺纹上调170、普线和盘螺上调220。现螺3950，高线4080，盘螺4080，7-3旬订货比例维持 全折。 中天7月下旬螺纹上调220、普线和盘螺上调250。现螺纹3950，高线4080，盘螺4080，7-3旬订货比例： 螺纹6折（上期8折），线盘7折（上期8折）。（上海有色网 张轶超） 沙钢本期调价强势上涨220，钢厂挂牌价格3950，杭州市场库提成本3900，厂提成本3850，对上期螺纹 无补。此番调价明显超出市场预期，昨日收盘杭州市场报价3780-3800，期螺更是大幅走弱，即钢厂基 于贸易商倒挂100-120的情况下依然大幅拉涨，对贸易商情绪冲击较大。站在钢厂的角度，上期螺纹出 厂价格3730（库提成本3680），而市场7月中旬实际平均售价达3760，贸易商平均盈利超80，因此本期 价格的大幅上调一方面是对上一期价格的追补，另一方面才是对于本旬市场价格的领涨（两旬平均出厂 价格为3840）。钢厂上调价格后，华东市场表现混乱，申特钢厂甚至发布封盘文件，要求贸易商停止销 售所有申特资源，同时钢厂也停止对于各代理发货；杭州市场报价更是五花八门（沙钢3780-3900）， 部分贸易商依然存有试探 ...

Core Viewpoint - The recent performance of rebar indicates a trend where, in the absence of macroeconomic stories, fundamentals significantly influence futures prices. The current fundamentals for rebar are relatively strong, with good inventory reduction and stable prices across the country [1][4]. Group 1: Market Fundamentals - Steel inventory reduction is performing well, contributing to a relatively strong fundamental backdrop, which helps black commodities resist declines during overall commodity downturns. It is expected that steel inventory reduction will continue this week [1]. - National prices for steel are holding firm, with northern regions experiencing specification shortages due to actual production cuts by steel mills. Eastern China is also facing specification shortages, although it is not the highest-priced region nationally [1][4]. - The overall inventory is flowing towards higher-priced areas, indicating a market adjustment based on price levels [1]. Group 2: Export Performance - Steel exports remain robust, with total outbound shipments showing a week-on-week decline but a year-on-year improvement. The total outbound shipments were 305.3 million tons, down 26.46 million tons week-on-week, and 292.04 million tons when excluding two ports in Taiwan, down 34.82 million tons [4]. - The outbound shipments from 28 major foreign ports continue to rise week-on-week, with a narrowing of year-on-year negative values [4]. Group 3: Price Trends and Market Sentiment - The main rebar futures contract (2601) has shown a fluctuating upward trend, closing higher but facing significant resistance, indicating a lack of confidence among bulls and an overall weak oscillating pattern [5]. - The coal market, particularly coking coal, is under pressure due to the increasing losses among steel mills, with the profitability ratio of steel mills dropping to 38.96%, continuing a 14-week decline. This has led to reduced procurement of coking coal by steel mills [5]. - The price of rebar in Changzhou is reported at 3160 yuan/ton, while the price for wire rod is 3390 yuan/ton, reflecting the current market conditions [6][7].

Core Viewpoint - The steel market is experiencing fluctuations with a recent rebound followed by a decline, influenced by various production and regulatory factors affecting supply and demand dynamics [1][3][7]. Price Movement Factors Positive Factors - In October, China's rebar production was 14.34 million tons, a year-on-year decrease of 18.6% [3]. - China's automobile production in October reached 3.279 million units, a year-on-year increase of 11.2% [3]. - Chinese shipbuilding companies captured over 74% of the global container ship order market [3]. - The third round of the fifth batch of central ecological and environmental protection inspections has been fully implemented [3]. Negative Factors - In October, China's steel plate exports were 5.97 million tons, a year-on-year decrease of 22.6% [3]. - Land use rights transfer revenue for the first ten months was 24.982 billion yuan, a year-on-year decrease of 7.4% [4]. - China's steel billet exports in October decreased by 21% compared to September, turning from positive to negative year-on-year [4]. Regulatory Impact - On November 21, 2025, the U.S. President approved a two-year exemption from coking oven regulations, which is expected to boost steel production as approximately 70% of steel production relies on metallurgical coke [3][5]. - The exemption aims to ensure uninterrupted operation of critical coke production to support national security without incurring high compliance costs [5]. Market Conditions - The market is currently cautious, with a slight increase in construction activity in northern regions and stable operations in southern areas, leading to a minor increase in funding availability [7]. - The fourth round of coke price increases has negatively impacted long-process steel companies, leading to a decrease in blast furnace operating rates [7]. - The steel market is expected to experience narrow price adjustments in the upcoming week, with a projected fluctuation range of -30 to -40 yuan per ton [7]. Price Adjustments - Chongqing Yonghang has lowered prices by 20 yuan per ton for various steel products, including high-line and rebar [8][9]. - Other companies like Maanshan Steel and Changjiang Steel have maintained their previous prices for certain products, indicating a mixed pricing strategy in the market [10][11].

Group 1 - The steel spot market is primarily rising, with major futures contracts also increasing, driven by market sentiment following safety incidents in coal mines and expectations of a potential interest rate cut by the Federal Reserve [1][3][20] - The State Council meeting highlighted the effectiveness of large-scale equipment updates and consumer goods replacement policies in stabilizing investment and expanding consumption, which is expected to boost market confidence and support steel prices [2] - As of mid-August, social inventory of five major steel products in 21 cities reached 8.43 million tons, a month-on-month increase of 400,000 tons, indicating supply pressure in the off-season steel market [2] Group 2 - Federal Reserve Chairman Jerome Powell's dovish remarks at the global central bank meeting have increased the probability of a rate cut in September, with an 84.1% chance of a 25 basis point cut, which has positively influenced market sentiment towards steel prices [3] - Today's domestic steel market saw a general increase in prices, with specific price adjustments reported from various steel mills, indicating a trend of rising production costs [4][7][19] - The raw material market shows a slight increase in iron ore prices, supported by stable demand from steel mills, while coke prices remain steady due to strong demand and limited supply [18][20]

Core Viewpoint - The Chengdu steel market is experiencing a fluctuating adjustment in mainstream product prices due to ongoing supply-demand contradictions, traditional off-season demand weakness, and changes in raw material costs [1][4]. Price Overview - Rebar (HRB400E 18-25mm) is quoted at 3170-3330 CNY/ton, down by 10-20 CNY/ton from the previous day, with limited high-price transactions [4]. - Medium and heavy plates (Q235B) are priced at 3870 CNY/ton for 8mm and 3500 CNY/ton for 20mm, facing downward pressure due to reduced manufacturing orders [4]. - Hot-rolled coils (Q235B/SS400) are quoted at 3420 CNY/ton for 3.0mm and 3360 CNY/ton for 4.75mm, with low demand from the automotive and home appliance sectors [4]. - Wire rod (HPB300 8-10mm) is priced at 3390-3490 CNY/ton, with general market transactions [5]. - Hot-rolled strip steel (Q235B 3.5mm*685) remains stable at 3440 CNY/ton, with a lack of strong price support from traders [6]. Market Dynamics Analysis - Demand Side: The off-season effect continues, with insufficient release of demand [6]. - Construction industry: Slow funding for infrastructure projects and limited real estate construction intensity lead to low new project initiation rates [7]. - Manufacturing: Weak demand for plate products, particularly medium and heavy plates, due to reduced downstream orders [8]. - Supply Side: High production and inventory pressures coexist [9]. - Local steel mills maintain high production levels, while external resources increase competition, leading to inventory pressure [9]. - Rumors of environmental production restrictions have not materialized, creating a contradiction between steel mills' pricing intentions and actual market transactions [10]. - Cost Side: Strong raw material prices support the bottom of steel prices [11]. - Iron ore and coke prices remain high, with steel billet costs rising to 3080 CNY/ton, compressing profit margins for steel mills [11]. - Macroeconomic and Futures Market: Policy expectations and financial attributes significantly influence the market [12]. - In July, special bond issuance exceeded 600 billion CNY, improving infrastructure investment expectations in Chengdu, but market sentiment remains cautious regarding policy implementation [12]. - Fluctuations in the futures market dominate spot market sentiment, with weak futures prices suppressing market confidence [12]. Market Outlook - In the short term, the Chengdu steel market is expected to continue fluctuating weakly [13]. - Demand Side: Insufficient enthusiasm for terminal procurement and ongoing off-season effects hinder significant improvements in transactions [13]. - Supply Side: High production levels and inventory pressures create significant resistance to price increases [14]. - Cost Side: Strong raw material prices provide support, but compressed profits may inhibit capacity release [15]. - In the long term, as infrastructure projects gradually materialize and environmental production restrictions are implemented, combined with the release of demand during the autumn construction peak, the market may see a recovery [15].

Market Overview - On Tuesday evening, rebar futures contract 10 experienced weak fluctuations, closing at 3107, down 0.45% [1] Fundamental Summary - Starting from July 16 at 9:30 AM, Shougang Changzhi has uniformly lowered the prices of rebar and ribbed steel by 20 CNY/ton, and for wire rod and line materials by 30 CNY/ton, while other varieties remain stable [2] - As of the week ending July 10, rebar production, social inventory, and apparent demand have shifted from increase to decrease, while factory inventory has shifted from decrease to increase. Rebar production was 2.1666 million tons, a decrease of 44,200 tons week-on-week, down 2%; apparent demand was 2.215 million tons, a decrease of 33,700 tons week-on-week, down 1.50% [2] - On July 15, domestic steel market prices showed mixed trends, with Tangshan Qian'an's ordinary square billet ex-factory price down 10 CNY, reported at 2950 CNY/ton. One steel mill raised the ex-factory price of construction steel by 50-80 CNY/ton. The average price of rebar in major cities nationwide was 3287 CNY/ton, down 4 CNY from the previous trading day [2] Institutional Perspectives - Guantong Futures stated that under the dual weakness of supply and demand, along with gradually cooling market sentiment, rebar prices are significantly under pressure, with limited rebound potential, and are expected to maintain a weak oscillating trend in the short term [3] - Ruida Futures noted that in the macro aspect, fixed asset investment grew by 2.8% in the first half of the year, with real estate development investment declining by 11.2%. In June, the industrial added value above designated size grew by 6.8% year-on-year, and retail sales of consumer goods grew by 4.8%. In terms of supply and demand, weekly rebar production was adjusted downwards, with a capacity utilization rate of 47.49%; factory inventory increased while social inventory decreased, with total inventory at 5.4037 million tons showing a slight decline again, and apparent demand down by 33,700 tons. Overall, the orderly exit of backward production capacity driven by anti-involution still supports the steel market, but weak real estate data drags down steel prices. Technically, the MACD indicator for RB2510 contract shows DIFF and DEA adjusting downwards, with green bars expanding. In terms of operations, short-term trading is suggested in the 3140-3090 range, with attention to risk control [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The second round of coke price cuts has been implemented, with wet - quenched coke down by 50 yuan/ton and dry - quenched coke down by 55 yuan/ton. Both coking coal and coke are under pressure from weak fundamentals and are relatively weaker than other black - series products. [7] - As the impact of summer high temperatures and heavy rainfall increases, steel consumption seasonally weakens, and prices are expected to fluctuate weakly. Steel mills' molten iron production continues to decline slightly but remains at a relatively high level. [7] - Coke supply tends to be loose, and its futures price is expected to fluctuate weakly; coking coal supply is generally sufficient, and its spot market is weak, with the futures market also expected to fluctuate weakly. [7] 3. Summary by Related Catalogs Futures and Spot Prices - **Coke Futures**: For example, J2601 closed at 1260.1, down 18 from the previous day; J2605 closed at 1365.0, down 25; J2509 closed at 1308.0, down 24.0. [2] - **Coking Coal Futures**: JM2601 closed at 747.5, down 30.5; JM2605 closed at 778.5, down 16.5; JM2509 (8052WIC) closed at 726.0, down 33.0. [2] - **Spot Prices**: Coke spot prices such as Xingtai's factory - gate price remained unchanged; coking coal spot prices like Australian low - volatile and medium - volatile coal also remained stable. [2] - **Coking Profit**: The 01 - contract coking profit was 273.8, up 212 (the data might have some errors in the table); the 05 - contract coking profit was 259.6, up 18.5; the 09 - contract coking profit was 274.9, up 19.3. [2][3] Fundamentals - **Coke Fundamentals**: 247 steel enterprises' daily molten iron production decreased by 1.69 to 243.6, a month - on - month decrease of 0.69%; daily coke production of 247 steel enterprises increased slightly by 0.05 to 47.3, a month - on - month increase of 0.11%. [2] - **Coking Coal Fundamentals**: 110 coal - washing plants' daily refined coal production decreased by 1.0 to 51.8, a month - on - month decrease of 1.93%; 523 mines' daily refined coal production decreased by 2.3 to 76.3, a month - on - month decrease of 2.94%. [2] Important News - Mysteel's chief analyst predicted that the steel market in June would likely see weak supply and demand, and steel prices would hit new lows without production - control policies. [4] - Trump announced an increase in steel and aluminum import tariffs from 25% to 50% starting from June 4. [5] - During the Dragon Boat Festival, the expected cross - regional personnel flow was 6.57 billion person - times, with a daily average of 2.19 billion person - times, a year - on - year increase of 3.0%. [5] - The manufacturing PMI in May was 49.5%, up 0.5 percentage points from the previous month. [5] - During the holiday, the ex - factory price of Tangshan Qian'an billet decreased by 20 yuan/ton to 2870 yuan/ton. [6] - The price of Anze low - sulfur main coking coal fell below 1200 yuan/ton to 1180 yuan/ton, hitting a new low since 2017 with a further decline expected in the next month. [6] Trading Strategies - The second round of coke price cuts has been implemented. Due to weak fundamentals, both coking coal and coke are under pressure. [7] - Steel consumption is seasonally weakening, and steel mills are reducing inventory by controlling and reducing purchases, with a strong intention to suppress raw material prices. [7] - Coke supply is loose, and its futures price is expected to fluctuate weakly; coking coal supply is sufficient, and its market is also expected to be weak. [7]