重 慶 鋼 鐵 股 份 有 限 公 司（「本公司」）根 據《上 海 證 券 交 易 所 上 市 公 司 自 律 監管指引第3號－行 業 信 息 披 露》相 關 規 定，現 將2025年年度經營數據公告 如 下： 單 位：萬 噸 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 2025年年度經營數據公告 | 主要產品 | | 生產量 | 銷售量 | 平均售價 | | --- | --- | --- | --- | --- | | | | | | （元╱噸， | | | | | | 稅） 不 含 | | 中厚板 | | 228.56 | 226.55 | 3,418 | | 熱 | 卷 | 478.22 | 481.38 | 3,020 | | 鋼 | 坯 | 4.03 | 4.06 | 2,921 | | 合 | 計 | 710.81 | 711.99 | 3,146 | 承董事會命 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表示，概不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條作出。 茲 載 列 重 慶 鋼 鐵 股 份 有 限 公 司 （「本 公 司 」）在 上 海 證 券 交 易 所 網 頁 （ www.ss e . c om. c n ） （ 股 票 代 碼 ： 60 1 0 0 5 ） 刊 載 之 《 2 0 2 5 年 年 度 報 告》。 承 董 事 會 命 重 慶 鋼 鐵 股 份 有 限 公 司 匡 雲 龍 董 事 會 秘 書 中國重慶，2026 年 3 月 30 日 於 本 公 告 日 期 ， 本 公 司 的 董 事 為 ： 王 虎 祥 先 生 （ 執 行 董 事 ） 、 匡 雲 龍 先 生 （ ...

Chongqing Iron & Steel Company Limited （在中华人民共和国注册成立的股份有限公司） 2025 年年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：601005 股票简称：重庆钢铁 公告编号：2026-008 重庆钢铁股份有限公司 重庆钢铁股份有限公司董事会 2026 年 3 月 30 日 重庆钢铁股份有限公司根据《上海证券交易所上市公司自律监 管指引第 3 号——行业信息披露》相关规定，现将 2025 年年度经营 数据公告如下： 特此公告。 1 单位：万吨 主要产品 生产量 销售量 平均售价 （元/吨，不含税） 中厚板 228.56 226.55 3,418 热卷 478.22 481.38 3,020 钢坯 4.03 4.06 2,921 合计 710.81 711.99 3,146 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On Monday, the HC2605 contract rebounded with a reduction in positions. The terminal demand is resilient, and there is still support from the cost side, but the international situation is volatile with many uncertainties. It is recommended to conduct short - term trading and pay attention to risk control [2] Group 3: Summary by Related Catalogs 1. Futures Market - The closing price of the HC main contract is 3,308 yuan/ton, up 9 yuan; the position volume is 846,816 lots, down 72,722 lots; the net position of the top 20 in the HC contract is - 47,685 lots, up 7,307 lots; the HC5 - 10 contract spread is - 15 yuan/ton, down 4 yuan; the HC Shanghai Futures Exchange warehouse receipt is 549,618 tons, up 6,457 tons; the HC2605 - RB2605 contract spread is 169 yuan/ton, down 6 yuan [2] 2. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,320 yuan/ton, up 10 yuan; in Guangzhou is 3,310 yuan/ton, up 20 yuan; in Wuhan is 3,350 yuan/ton, unchanged; in Tianjin is 3,230 yuan/ton, up 10 yuan. The basis of the HC main contract is 12 yuan/ton, up 1 yuan; the spread between Hangzhou hot - rolled coils and rebar is 40 yuan/ton, down 10 yuan [2] 3. Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 792 yuan/wet ton, up 4 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,180 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,970 yuan/ton, up 10 yuan. The inventory of iron ore at 45 ports is 16,996.84 tons, down 105.83 tons; the inventory of coke at sample coking plants is 49.76 tons, down 2.59 tons; the inventory of coke at sample steel mills is 691.73 tons, up 3.95 tons; the inventory of Hebei billets is 239.94 tons, down 9.59 tons [2] 4. Industry Situation - The blast furnace operating rate of 247 steel mills is 81.05%, up 1.25%; the blast furnace capacity utilization rate is 86.65%, up 1.10%. The output of hot - rolled coils at sample steel mills is 305.61 tons, up 5.4 tons; the capacity utilization rate of hot - rolled coils at sample steel mills is 78.07%, up 1.38%. The factory inventory of hot - rolled coils at sample steel mills is 83.85 tons, down 1.11 tons; the social inventory of hot - rolled coils in 33 cities is 369.42 tons, down 6.91 tons. The domestic crude steel output is 6,818 tons, down 169 tons; the net export volume of steel is 747 tons, up 18 tons [2] 5. Downstream Situation - The monthly output of automobiles is 167.24 million, down 77.74 million; the monthly sales volume of automobiles is 180.52 million, down 54.13 million. The monthly output of air conditioners is 2,162.89 million, up 660.29 million; the monthly output of household refrigerators is 1,001.15 million, up 56.95 million; the monthly output of household washing machines is 1,197.50 million, down 3.80 million [2] 6. Industry News - On March 26, Mysteel information showed that the actual output of hot - rolled coils this period was 305.61 tons, a week - on - week increase of 5.4 tons; the factory inventory was 83.85 tons, a week - on - week decrease of 1.11 tons; the social inventory was 369.42 tons, a week - on - week decrease of 6.91 tons; the total inventory was 453.27 tons, a week - on - week decrease of 8.02 tons; the apparent demand was 313.63 tons, a week - on - week increase of 3.12 tons. The Ministry of Commerce determined that the measures of the Mexican government to increase import tariff rates on products from non - free - trade partners such as China constitute a trade and investment barrier [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The short - term price of iron ore is supported by the improvement in demand after the Two Sessions, a slight increase in molten iron production, and the expected increase in shipping costs due to the Iran conflict. However, the medium - to - long - term trend depends on the intensity of steel mill复产, the recovery rhythm of molten iron production, and the actual realization of terminal demand. The de - stocking pressure under the high - inventory background restricts the upward movement of prices. Short - term price fluctuations are large, and cautious operation is recommended [3] 3. Summary by Relevant Catalogs 3.1 Futures and Spot Market Data - **Futures**: On March 27, 2026, for iron ore futures, i2605 closed at 813 yuan/ton, i2609 closed at 790 yuan/ton, and the 5 - 9 spread was 23 yuan [2] - **Spot**: The price of PB powder at Qingdao Port was 783 ( - 8) yuan/ton, the standard - equivalent (warehouse) price was 815 yuan, and the best - deliverable Newman powder's warehouse - receipt equivalent (warehouse) price was 789 yuan [2] - **Contract Price Changes**: For contract 12701, the price on March 27, 2026, was 769.5, up 2.0 from March 26; for 12605, it was 812.0, down 5.0; for 12609, it was 788.0, up 0.5 [1] 3.2 Inventory and Shipping Data - **Inventory**: On March 27, 2026, the total iron ore inventory was 17000 (down 98 from March 20), Australian ore inventory was 8315 (down 8), Brazilian ore inventory was 5030 (down 44), and trader inventory was 11285 (down 53) [1] - **Shipping**: Australian shipments to the world on March 20 were 2458 (up 74 from March 13), Brazilian shipments were 572 (down 23), and Australian shipments were 1909 (up 96) [1] 3.3 Important News - On March 27, the US and Israel attacked Iranian steel plants, expected to create a rigid supply gap of 500 - 550 tons/year, with the most prominent gaps in plates, billets, and long - products [2] - On March 27, the national main - port iron ore trading volume was 66.50 tons, a 3.6% decrease from the previous day; 237 mainstream traders' construction steel trading volume was 9.44 tons, a 5.9% increase [2] - Last week, the blast - furnace operating rate of 247 steel mills was 81.03% (up 1.25 percentage points), the steel - mill profitability rate was 43.29% (up 0.87 percentage points), and the daily average molten iron output was 231.09 tons (up 2.94 tons) [2] - Last week, the average capacity utilization rate of 94 independent electric - arc - furnace steel mills was 58.87% (up 2.3 percentage points from the previous week and 3.87 percentage points from the same period last year), and the average operating rate was 68.82% (up 1.93 percentage points from the previous week and down 4.51 percentage points from the same period last year) [2] - On March 28, the single - day online signing volume of second - hand houses (including commercial properties) in Shanghai reached 1585 units, setting a new high in the past 5 years [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The recent rebound is mainly driven by the increasing expectation of rising raw material costs, and the market will be in a state of shock consolidation in the short - term. It is advisable to participate with caution [3] 3. Summary by Relevant Catalogs 3.1 Futures and Spot Price Information - **Futures Prices**: On March 27, 2026, RB2605 was at 3124 (down 4 from the previous day), RB2610 at 3151 (down 7), HC2605 at 3299 (down 6), and HC2610 at 3310 (down 3). The night - session closing prices were RB2605 at 3126, RB2610 at 3156, HC2605 at 3294, and HC2610 at 3309. The 5 - 10 spread for rebar was - 30 yuan, and for hot - rolled coils was - 15 yuan. The coil - rebar spread was 168 yuan for the May contract and 153 yuan for the October contract [1][2] - **Spot Prices**: Shanghai Zhongtian rebar was 3190 yuan (down 10), and Shanghai Bengang hot - rolled coils were 3290 yuan. On March 27, the price of Tangshan billet was 2960 yuan (down 20), and on the weekend, the ex - factory price of Hebei Tangshan common billet rose 10 yuan to 2970 yuan/ton, with a week - on - week decrease of 10 yuan [1][2][3] 3.2 Important News - On March 27, the US and Israel launched air strikes on Iranian steel plants, expected to create a rigid supply gap of 500 - 550 million tons/year, with the most prominent gaps in plates, billets, and long - products [2] - On March 27, the trading volume of iron ore at major ports in China was 66.50 million tons, a 3.6% decrease from the previous day; the trading volume of construction steel by 237 mainstream traders was 9.44 million tons, a 5.9% increase from the previous day [2] - Last week, the blast furnace operating rate of 247 steel mills was 81.03%, a 1.25 - percentage - point increase from the previous week; the profitability rate of steel mills was 43.29%, a 0.87 - percentage - point increase; the daily average pig iron output was 231.09 million tons, a 2.94 - million - ton increase [2] - Last week, the average capacity utilization rate of 94 independent electric arc furnace steel mills was 58.87%, a 2.3 - percentage - point increase from the previous week and a 3.87 - percentage - point increase year - on - year. The average operating rate was 68.82%, a 1.93 - percentage - point increase from the previous week and a 4.51 - percentage - point decrease year - on - year [2] - On March 28, the single - day online signing volume of second - hand houses (including commercial properties) in Shanghai reached 1585 units, setting a new high in the past 5 years [2] 3.3 Market Fundamentals - The output of the five major steel products decreased slightly this period, consumption continued to recover, and the total inventory continued to decline, with the overall level slightly higher than the same period last year [3] - In terms of product structure, the production and sales of hot - rolled coils increased, and the inventory - to - sales ratio decreased; the output of rebar shrank, demand continued to recover, and the inventory pressure was not significant [3] 3.4 Valuation and Market Outlook - After the cost of the long - process steelmaking increased, it gradually approached the valley - electricity cost, which had a prominent impact on the marginal supply of rebar. The valley - electricity cost was under continuous pressure, and the current supply - demand was in a weak balance [3] - The trading strategy is to expect a shock market [3]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Views of the Report - The rebound of hot - rolled coil futures prices is hindered due to the increase in demand and the weakening of cost support. Overall, the apparent demand for hot - rolled coils remains above 310,000 tons, with strong terminal demand resilience. However, the international situation is volatile, and there are many uncertainties. It is recommended to operate the HC2605 contract in the range of 3340 - 3250, paying attention to rhythm and risk control [9]. 3. Summary According to the Directory 3.1. Weekly Key Points Summary 3.1.1. Market Review - As of the close on March 27, the futures price of the main hot - rolled coil contract was 3299 (+2), and the spot price of Hangzhou Lianggang hot - rolled coil was 3310 (+10) (unit: yuan/ton/week) [7]. - The hot - rolled coil production increased to 305.61 (+5.4), year - on - year - 19.14 (unit: 10,000 tons) [7]. - The apparent demand increased. The current apparent demand was 313.63 (+3.12), year - on - year - 25.06 (unit: 10,000 tons) [7]. - Both factory and social inventories decreased. The total inventory was 453.27 (-8.02), year - on - year +57.31 (unit: 10,000 tons) [7]. - The steel mill profitability rate was 43.29%, a week - on - week increase of 0.87 percentage points and a year - on - year decrease of 10.39 percentage points [7]. 3.1.2. Market Outlook - Macro aspect: Overseas, US President Trump postponed the strike on Iranian energy facilities by 10 days to 8 pm on April 6, 2026, Eastern Time, and denied being eager to reach an agreement with Iran. Iran's Foreign Minister Araqchi said that ships from countries such as China, Russia, and Pakistan had safely passed through the Strait of Hormuz. Domestically, the State Administration for Market Regulation emphasized strengthening anti - monopoly supervision and law enforcement [9]. - Cost aspect: The shipment and arrival volume of Australian and Brazilian iron ore increased. The blast furnace operating rate and molten iron output of steel mills continued to rise, and port inventories declined. Iron ore prices may fluctuate strongly. Coking coal may enter range consolidation due to the chaotic situation between the US and Iran [9]. - Technical aspect: The HC2605 contract冲高回调, and the daily K - line ran between the moving averages MA5 - 60. The MACD indicator showed that DIFF and DEA ran above the 0 axis, and the red column shrank [9]. 3.2. Futures and Spot Market 3.2.1. Futures Price - This week, the HC2605 contract冲高回调. It was weaker than the HC2610 contract. On the 27th, the price difference was - 11 yuan/ton, a week - on - week decrease of 5 yuan/ton [15]. 3.2.2. Warehouse Receipts and Net Positions - On March 27, the hot - rolled coil warehouse receipts of the Shanghai Futures Exchange increased to 543,161 tons, a week - on - week increase of 16,766 tons. The net short position of the top 20 holders of hot - rolled coil futures contracts was 54,992 lots, an increase of 29,433 lots compared with the previous week [20]. 3.2.3. Spot Price - On March 27, the spot price of 5.75mm Q235 hot - rolled coil in Shanghai was 3300 yuan/ton, a week - on - week increase of 0 yuan/ton; the national average price was 3313 yuan/ton, a week - on - week increase of 6 yuan/ton. This week, the spot price of hot - rolled coils was stronger than the futures price. On the 27th, the basis was 11 yuan/ton, a week - on - week increase of 8 yuan/ton [26]. 3.3. Upstream Market 3.3.1. Raw Material Prices - On March 27, the price of 60.8% PB powder ore at Qingdao Port was 835 yuan/dry ton, a week - on - week decrease of 5 yuan/dry ton. The spot price of first - class metallurgical coke at Tianjin Port was 1560 yuan/ton, a week - on - week increase of 0 yuan/ton [30]. 3.3.2. Iron Ore Shipment and Arrival - From March 16 to March 22, 2026, the global iron ore shipment volume was 31.443 billion tons, a week - on - week increase of 955,000 tons. The total shipment volume of Australian and Brazilian iron ore was 25.594 billion tons, a week - on - week increase of 950,000 tons. The arrival volume at 47 Chinese ports was 23.831 billion tons, a week - on - week increase of 661,000 tons; the arrival volume at 45 Chinese ports was 22.716 billion tons, a week - on - week increase of 566,000 tons; the arrival volume at the six northern ports was 10.504 billion tons, a week - on - week decrease of 1.798 billion tons [36]. 3.3.3. Iron Ore Inventory - As of March 27, the inventory of imported iron ore at 47 ports in China was 176.6683 million tons, a week - on - week decrease of 1.4735 million tons; the daily average port clearance volume was 3.3031 million tons, a decrease of 561,000 tons. In terms of components, the inventory of Australian ore was 84.9738 million tons, a decrease of 264,200 tons; the inventory of Brazilian ore was 54.2789 million tons, a decrease of 699,800 tons; the inventory of traded ore was 116.2976 million tons, a decrease of 849,200 tons. On March 26, the billet inventory in Tangshan, Hebei was 239,940 tons, a week - on - week decrease of 95,900 tons and a year - on - year increase of 140,700 tons [40]. 3.3.4. Coking Plant Situation - This week, the capacity utilization rate of coking plants increased to 73.70%, an increase of 0.87%. The daily average coke output was 514,100 tons, an increase of 65,000 tons; the coke inventory was 497,800 tons, a decrease of 267,000 tons; the total coking coal inventory was 8.8554 million tons, an increase of 383,600 tons; the available days of coking coal were 13.0 days, an increase of 0.4 days [44]. 3.4. Industry Situation 3.4.1. Supply Side - In January - February 2026, China's crude steel output was 160.34 million tons, a year - on - year decrease of 3.6%. The daily average crude steel output in January - February was 2.718 million tons, a month - on - month increase of 23.6%. From January to February, China's cumulative steel exports were 15.591 million tons, a year - on - year decrease of 8.1%. The cumulative steel imports were 827,000 tons, a year - on - year decrease of 21.7% [48]. - On March 27, the blast furnace operating rate of 247 steel mills was 81.03%, a week - on - week increase of 1.25 percentage points and a year - on - year decrease of 1.08 percentage points; the blast furnace iron - making capacity utilization rate was 86.63%, a week - on - week increase of 1.10 percentage points and a year - on - year decrease of 2.45 percentage points; the daily average molten iron output was 2.3109 million tons, a week - on - week increase of 294,000 tons and a year - on - year decrease of 619,000 tons. On March 26, the weekly hot - rolled coil output of 37 hot - rolled coil production enterprises was 3.0561 million tons, an increase of 54,000 tons compared with the previous week and a year - on - year decrease of 191,400 tons [51]. - On March 26, the in - factory inventory of hot - rolled coils of 37 hot - rolled coil production enterprises was 838,500 tons, a week - on - week decrease of 1,110 tons and a year - on - year decrease of 12,900 tons. The social inventory in 33 major cities was 3.6942 million tons, a week - on - week decrease of 69,100 tons and a year - on - year increase of 586,000 tons. The total hot - rolled coil inventory was 4.5327 million tons, a week - on - week decrease of 80,200 tons and a year - on - year increase of 513,900 tons [54]. 3.4.2. Downstream Demand - In February 2026, automobile production and sales were 1.672 million and 1.805 million respectively, a month - on - month decrease of 31.7% and 23.1% and a year - on - year decrease of 20.5% and 15.2% respectively. From January to February, automobile production and sales were 4.122 million and 4.152 million respectively, a year - on - year decrease of 9.5% and 8.8% respectively. From January to February 2026, the cumulative production of household air conditioners was 40.118 million units, a year - on - year increase of 0.7%; the production of household refrigerators was 16.643 million units, a year - on - year increase of 6.5%; the production of household washing machines was 18.579 million units, a year - on - year decrease of 0.8% [57].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the given content. 2. Core Viewpoint of the Report - The report states that geopolitical and raw material factors are the main reasons, and there is unlikely to be a trend - based market for steel products [1]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Situation - **Price and Basis**: The report presents season - based price charts of Shanghai 20mm threaded steel and 4.75mm hot - rolled coil, as well as basis season charts of threaded steel 05 contract and hot - rolled coil 05 contract in Shanghai [6][8]. - **Production**: It shows monthly production data of pig iron and crude steel from the National Bureau of Statistics, daily average pig iron production of 247 steel mills, and capacity utilization rate of 89 independent electric arc furnaces [20][27]. - **Import and Export**: There are charts of steel and billet import quantities, as well as monthly export values of steel and billet [29][59]. - **Demand and Inventory**: It includes weekly apparent demand and lunar total inventory charts of five major steel products, threaded steel, and hot - rolled coil, as well as the inventory of billets in the Tangshan area [37][42][41][56]. 3.2 April Market Outlook - **Profit**: The report provides charts of cash profits of East China electric furnaces (flat - rate electricity) and North China threaded steel long - process, as well as weekly production charts of threaded steel and hot - rolled coil [67][71]. - **Macroeconomic Indicators**: It shows data on new social financing scale, new RMB loans, cumulative year - on - year growth rate of fixed - asset investment, land transaction area of 100 large and medium - sized cities, and other economic indicators [73][76]. - **Real Estate Indicators**: There are charts of year - on - year growth rate of monthly sales area of commercial housing, year - on - year growth rate of new housing starts, year - on - year growth rate of housing completion area, and year - on - year growth rate of real estate development funds [79][85]. - **Infrastructure Indicators**: It presents data on the issuance amount of local government special bonds, loan demand index for infrastructure, cumulative year - on - year growth rate of infrastructure fixed - asset investment, and month - on - year growth rate of infrastructure construction investment [103][106]. - **Manufacturing Indicators**: The report includes charts of various sub - items of PMI, manufacturing PMI, cumulative year - on - year growth rate of industrial enterprise profits, and month - on - year growth rate of industrial added value [118][120]. - **Industry - Specific Production**: It shows monthly production data of Chinese automobiles, year - on - year growth rate of civil steel ship production, monthly production of Chinese excavators, and monthly production of Chinese metal containers [130][136].

Report Industry Investment Rating - The report gives a trading strategy of "oscillating upward" [3] Core Viewpoints - The recent rebound in finished product prices is mainly driven by the increased expectation of rising raw material costs. There may be a short - term rebound, with pressure around the off - peak electricity cost. Attention should be paid to whether it can break through effectively [3] Summary by Relevant Catalogs Futures and Spot Price Changes - **Futures**: On March 20, 2026, for RB2605, the price was 3123, down 12 from March 19; RB2610 was 3151, down 12; RB2701 was 3183, down 7. For HC2605, it was 3297, down 5; HC2610 was 3303, down 4; HC2701 was 3312, down 8. The night - session closing prices were RB2605 at 3148, RB2610 at 3171, HC2605 at 3315, and HC2610 at 3321. The 5 - 10 spread of rebar was - 23 yuan, and that of hot - rolled coil was - 6 yuan. The spread between hot - rolled coil and rebar for the May contract was 167 yuan, and for the October contract was 150 yuan [1][2] - **Spot**: On March 20, 2026, Shanghai Zhongtian rebar was 3200 yuan (unchanged), and Shanghai Bengang hot - rolled coil was 3280 yuan (unchanged). The national average price of rebar from March 16 - 20 was 3329 yuan/ton, a week - on - week decrease of 0.3% [1][2] Market Transaction and Production Data - On March 20, the national main port iron ore trading volume was 48.55 tons, a 20.8% decrease from the previous day; 237 mainstream traders' construction steel trading volume was 9.90 tons, a 10.2% increase from the previous day [2] - From March 16 - 20, the national rebar production was 203.33 tons, with an inventory of 889.41 tons. Consumption was 208.09 tons. Rebar production increased week - on - week but was still at a low level in the same lunar period in the past five years, and inventory started to decline [2] - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 85.53%, a 2.61 - percentage - point increase from the previous week; the steel mill profitability rate was 42.42%, a 1.29 - percentage - point increase; the daily average pig iron output was 228.15 tons, a 6.95 - ton increase from the previous week [3] - Last week, the average capacity utilization rate of 94 independent electric arc furnace steel mills was 56.57%, a 6.13 - percentage - point increase from the previous week and a 1.67 - percentage - point increase year - on - year; the average operating rate was 66.89%, a 9.55 - percentage - point increase from the previous week and a 5.04 - percentage - point decrease year - on - year [3] Industry News - On March 20, some coke enterprises in Inner Mongolia initiated the first round of price increase for coke. The price of wet - quenched coke increased by 50 yuan/ton, and that of dry - quenched coke increased by 55 yuan/ton, effective from 0:00 on March 23 [2] - Over the weekend, the ex - factory price of common carbon billets in Tangshan, Hebei, increased by 20 yuan to 2980 yuan/ton, a 10 - yuan increase week - on - week. The domestic building materials market prices were strong, and trading was normal [3] Market Structure Analysis - Currently, the production and sales of the five major steel products are both increasing, and the total inventory has reached an inflection point. The overall level is slightly higher than that of last year. After the Two Sessions, the production of hot - rolled coils has increased slightly week - on - week, and the total inventory is being depleted at an accelerated pace. Rebar production continues to rise, mainly from short - process enterprises. With the recovery of demand, the current inventory pressure is relatively limited [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On Thursday, the HC2605 contract rose and then pulled back. Macroscopically, US President Trump said that there were "almost no targets left to strike" in Iran and the US military action against Iran was "coming to an end", but US and Israeli officials said they had not received any internal instructions to stop the military action. In terms of supply and demand, the weekly output of hot-rolled coils continued to decline, and the capacity utilization rate dropped to around 75%; terminal demand rebounded and inventory decreased slightly. Overall, the decline in hot-rolled coil output alleviated the supply pressure, but the trading atmosphere in the spot market was cautious, and tariff disturbances reappeared. The chaotic situation between the US and Iran affected market sentiment. Technically, the 1-hour MACD indicator of the HC2605 contract showed that DIFF and DEA were running above the 0-axis. It is suggested that the short-term market may be sorted out in the range of 3300 - 3240, and risk control should be noted [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,275 yuan/ton, up 6 yuan; the trading volume was 1,243,723 lots, down 21,377 lots; the net position of the top 20 in the HC contract was -5,691 lots, down 8,482 lots; the spread between the HC5 - 10 contracts was -9 yuan/ton, unchanged; the daily warehouse receipt of HC on the Shanghai Futures Exchange was 478,483 tons, down 2,649 tons; the spread between HC2605 - RB2605 contracts was 155 yuan/ton, up 1 yuan [2]. 3.2 Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,290 yuan/ton, up 10 yuan; in Guangzhou was 3,270 yuan/ton, up 10 yuan; in Wuhan was 3,320 yuan/ton, up 10 yuan; in Tianjin was 3,190 yuan/ton, up 20 yuan. The basis of the HC main contract was 15 yuan/ton, up 4 yuan; the spread between hot-rolled coils and rebar in Hangzhou was 10 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 780 yuan/wet ton, up 5 yuan; the market price of quasi-primary metallurgical coke in Hebei was 1,540 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax-excluded) was 2,170 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,950 yuan/ton, up 20 yuan. The inventory of iron ore at 45 ports was 171.2272 million tons, up 264,100 tons; the inventory of coke at sample coking plants was 630,300 tons, up 4,400 tons; the inventory of coke at sample steel mills was 6.7153 million tons, down 35,300 tons; the inventory of billets in Hebei was 2.4051 million tons, up 78,600 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 77.69%, down 2.55 percentage points; the blast furnace capacity utilization rate was 85.3%, down 2.18 percentage points. The weekly output of hot-rolled coils at sample steel mills was 2.9526 million tons, down 58,500 tons; the capacity utilization rate of hot-rolled coils at sample steel mills was 75.43%, down 1.49 percentage points. The inventory of hot-rolled coils at sample steel mills was 892,800 tons, down 8,000 tons; the social inventory of hot-rolled coils in 33 cities was 3.8231 million tons, up 7,000 tons. The monthly output of domestic crude steel was 68.18 million tons, down 1.69 million tons; the net export volume of steel was 10.78 million tons, up 3.3111 million tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 1.672 million vehicles, down 777,900 vehicles; the monthly sales volume of automobiles was 1.805 million vehicles, down 541,500 vehicles. The monthly output of air conditioners was 21.6289 million units, up 6.6029 million units; the monthly output of household refrigerators was 10.0115 million units, up 569,500 units; the monthly output of household washing machines was 11.975 million units, down 38,000 units [2]. 3.6 Industry News - US President Trump said that there were "almost no targets left to strike" in Iran and the US military action against Iran was "coming to an end", but US and Israeli officials said they had not received any internal instructions to stop the military action. Since the Middle East conflict has continued to intensify, the export production plan of household air conditioners has been significantly reduced compared with the previous plan. Overseas customers have cancelled or postponed orders due to rising freight rates or war surcharges imposed by shipping companies, with a projected reduction of over 500,000 units in March [2].