Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The report indicates that both rebar and hot-rolled coil are experiencing negative feedback expectations first and are in a low-level oscillation state [2][3]. 3. Summary According to Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: For RB2510, the closing price was 2,964 yuan/ton, down 23 yuan (-0.77%); trading volume was 1,333,951 lots, and positions increased by 41,409 lots to 2,441,388 lots. For HC2510, the closing price was 3,100 yuan/ton, down 17 yuan (-0.55%); trading volume was 452,531 lots, and positions increased by 23,289 lots to 1,537,114 lots [3]. - **Spot Price**: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou decreased by 30 yuan, 10 yuan, 10 yuan, and 30 yuan respectively. Hot-rolled coil prices in Shanghai decreased by 20 yuan, while those in Hangzhou and Tianjin remained unchanged, and in Guangzhou decreased by 10 yuan. The price of Tangshan billet remained at 2900 yuan/ton [3]. - **Basis and Spread**: The basis of RB2510 decreased by 14 yuan to 136 yuan, and that of HC2510 decreased by 9 yuan to 80 yuan. The spread of RB2510 - RB2601 increased by 4 to -14, and HC2510 - HC2601 decreased by 1 to -1. The spread of HC2510 - RB2510 increased by 5 to 136, and HC2601 - RB2601 increased by 10 to 132. The spot coil - rebar spread increased by 11 to -13 [3]. 3.2 Macro and Industry News - **Weekly Data on May 29**: Rebar production decreased by 5.97 tons, hot-rolled coil production increased by 13.87 tons, and the total production of five major varieties increased by 8.41 tons. Rebar inventory decreased by 23.17 tons, hot-rolled coil inventory decreased by 7.38 tons, and the total inventory of five major varieties decreased by 32.94 tons. Rebar apparent demand increased by 1.55 tons, hot-rolled coil apparent demand increased by 13.87 tons, and the total apparent demand of five major varieties increased by 9.23 tons [4]. - **April Export Data**: In April 2025, China exported 1046.2 million tons of steel, basically the same as the previous month. From January to April, the cumulative steel exports were 3789.1 million tons, a year - on - year increase of 8.2%. In April, the export of primary products was 78.9 million tons, a month - on - month decrease of 23.7%. From January to April, the cumulative export of primary products was 355.9 million tons, a year - on - year increase of 2.58 times. The main export varieties accounted for 52.9% of the total steel exports, and the main export regions were Southeast Asia and the Middle East [5]. - **Global and Domestic Production Data**: In April 2025, global crude steel production decreased by 0.3% year - on - year to 155.7 million tons. In mid - May 2025, key steel enterprises produced 21.99 million tons of crude steel (average daily output decreased by 0.3%), 19.82 million tons of pig iron (average daily output decreased by 0.4%), and 21.24 million tons of steel (average daily output increased by 1.9%) [5]. 3.3 Trend Intensity The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral state [5].