Report Overview - Report Title: Steel & Iron Ore | Daily Report - Report Date: September 10, 2025 - Report Industry: Steel and Iron Ore 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report Core Views - **Rebar**: The main contract price is weakly oscillating with a daily decline of 0.73%. In the current supply-demand weakness, the fundamentals are weak, and industrial contradictions are accumulating. With the relatively favorable peak-season expectation and rising costs, the steel price is expected to continue the low-level oscillating trend. Attention should be paid to the demand performance [4]. - **Hot-rolled Coil**: The main contract price is oscillating with a daily decline of 0.39%. In the current supply-demand weakness, industrial contradictions are accumulating limitedly, and the fundamentals are relatively good. With less delivery pressure, the short-term trend of hot-rolled coil is relatively strong. Attention should be paid to the demand change [4]. - **Iron Ore**: The main contract price is oscillating at a high level with a daily increase of 0.25%. In the current supply-demand weakness, the fundamentals of iron ore are running smoothly. The holiday restocking expectation and supply disruptions support the ore price to continue the strong trend. However, the relatively negative factor is the high valuation, and the upside space is cautiously optimistic. Attention should be paid to the performance of steel [4]. 3. Summary by Directory 3.1 Industry Dynamics - **CPI and PPI**: In August 2025, the core CPI continued to rise, and the year-on-year decline of PPI narrowed. The CPI was flat month-on-month and decreased by 0.4% year-on-year. The core CPI increased by 0.9% year-on-year, with the growth rate expanding for the fourth consecutive month. The PPI was flat month-on-month and decreased by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points compared with the previous month [6]. - **Real Estate Sales**: 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%. Only China Jinmao had a year-on-year increase in sales from January to August, with a growth rate of 25.7%. Other 15 enterprises had year-on-year decreases, and the largest decline was from Seazen Holdings, with a decrease of 54.1% [7]. - **Project Commencement**: In August 2025, 397 projects started across the country. The top three provinces in terms of commencement investment were Jilin, Guangxi, and Zhejiang, with total investments of 64.73 billion yuan, 30.37 billion yuan, and 27.7 billion yuan respectively [8]. 3.2 Spot Market - **Steel Products**: The national average prices of rebar (HRB400E, 20mm) and hot-rolled coil (Shanghai, 4.75mm) were 3,283 yuan and 3,438 yuan respectively, with decreases of 4 yuan and 6 yuan compared with the previous day. The price of Tangshan billet (Q235) was 3,000 yuan, unchanged from the previous day. The price of Zhangjiagang heavy scrap (≥6mm) was 2,080 yuan, unchanged from the previous day. The coil-rebar price difference was 180 yuan, and the rebar-scrap price difference was 1,120 yuan, with a decrease of 10 yuan [9]. - **Iron Ore**: The price of 61.5% PB powder at Shandong ports was 798 yuan, an increase of 3 yuan compared with the previous day. The price of Tangshan iron concentrate (wet basis) was 800 yuan, an increase of 3 yuan compared with the previous day. The sea freight from Australia and Brazil was 10.53 yuan and 23.91 yuan respectively, with increases of 0.44 yuan and 0.16 yuan compared with the previous day. The SGX swap (current month) was 106.75 yuan, an increase of 1.50 yuan compared with the previous day. The Platts Index (CFR, 62%) was 107.65 yuan, an increase of 1.95 yuan compared with the previous day [9]. 3.3 Futures Market | Variety | Closing Price | Change (%) | High | Low | Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | 3,109 | -0.73 | 3,126 | 3,092 | 1,264,549 | -64,810 | 1,867,674 | 88,845 | | Hot-rolled Coil | 3,342 | -0.39 | 3,355 | 3,316 | 446,058 | -68,834 | 1,313,659 | 6,895 | | Iron Ore | 805.0 | 0.25 | 809.0 | 796.0 | 334,534 | -159,592 | 544,566 | 3,366 | [11] 3.4 Related Charts The report provides charts on steel inventory (rebar, hot-rolled coil), iron ore inventory (national 45-port, 247 steel mills, domestic mines), and steel mill production (247 sample steel mills' blast furnace开工率 and capacity utilization, 87 independent electric furnace开工率, 75 building material independent electric arc furnace steel mills' profit and loss situation) [13][18][27]. 3.5 Market Outlook - **Rebar**: The supply-demand pattern has little change. The production of construction steel mills is weakening, and the weekly output of rebar has decreased by 1.88 tons. The demand is weak, and the peak-season demand is in doubt. The steel price is expected to continue the low-level oscillating trend [34]. - **Hot-rolled Coil**: Both supply and demand are weakening. The production of steel mills is restricted during the military parade, and the weekly output has decreased by 10.50 tons. The demand is also weakening, and the demand toughness is weakening. The short-term trend is relatively strong [34]. - **Iron Ore**: The supply-demand pattern has changed. The terminal consumption of ore has decreased significantly due to production restrictions. The supply is expected to increase steadily. The ore price is supported by restocking expectations and supply disruptions, but the upside space is cautiously optimistic [35].

Report Core View - The victory of the Battle of White Wolf Mountain was a combination of bad and good luck, but Cao Cao's true ability was turning bad luck into good luck and seizing opportunities when they arose [3][4] - Cao Cao's deeper "skill" lies in risk control and fund management, similar to a trader's stable trading system [5] - Traders should learn from Cao Cao's humility, decisiveness, and strategic determination, and not rely solely on luck but on their own abilities [6] Summary by Related Content Comparison between the Battle of White Wolf Mountain and Futures Trading - The heavy rain and the unprepared enemy in the Battle of White Wolf Mountain were accidental, just as extreme market conditions and policy changes in futures trading are unpredictable [3][5] - Cao Cao's actions such as pacifying the Central Plains, leading elite troops, and making decisions in battle are comparable to a trader's actions like researching the market, formulating trading plans, and seizing opportunities [5] Lessons for Traders from Cao Cao - When encountering bad luck (continuous stop - losses, system failure), traders should be open - minded and adjust their strategies, just as Cao Cao followed Tian Chou's advice [4] - When good luck comes (market trends start), traders should overcome fear and greed and execute trading plans, like Cao Cao's decisive decision to attack [4] - Traders should focus on risk control and fund management, ensuring they have a stable trading system, similar to Cao Cao's approach of having elite troops [5]

投资咨询业务资格：证监许可【2011】1778 号 8 月 22 日，美联储主席鲍威尔在杰克逊霍尔会议上发表偏鸽派言论，成为本轮金价上涨的主要催化因 素。他在讲话中重点强调了对就业市场下行风险的关注，并宣布对美联储货币政策框架进行若干调整。笔 者认为，美联储货币政策的关注点正从"抗通胀"逐步转向"稳就业"。 美国劳工统计局公布的数据显示，美国 8 月非农就业人数仅增长 2.2 万，远低于市场预期的 7.5 万。 同时，6 月非农就业数据由初值的增加 2.7 万，大幅下修至减少 1.3 万，为 2020 年以来首次月度就业人数 出现萎缩。8 月失业率升至 4.3%，创 2021 年以来新高。CME FedWatch Tool 数据显示，市场对美联储年内 降息的预期已由此前的 2 次变更为 3 次。 此外，特朗普曾公开呼吁美联储大幅降息 300 个基点，以减轻美国债务利息压力并刺激经济。若其持 续施压，美联储后续降息节奏或进一步加快，从而对金价构成利多。 地缘冲突未缓解 运筹帷幄 决胜千里 黄金 仍有上行动能 近期，内外盘金价联袂走强。外盘金价自 3400 美元/盎司下方持续拉升，突破 3600 美元/盎司关口， ...

品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 投资咨询业务资格：证监许可【2011】1778 号 晨会纪要 宝城期货原油早报-2025-09-10 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 原油 2510 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 产业因子主导，原油震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 原油（SC） 日内观点：震荡偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：随着上周末晚间 OPEC+产油国所有成员国一致通过增产决定，将在 2026 年 8 月前逐月增 产 165 万桶石油，进一步为国际油价下跌按下了确定键。虽然上周五晚间美国非农就业数据公布后 ...

投资咨询业务资格：证监许可【2011】1778 号 晨会纪要 宝城期货橡胶早报-2025-09-10 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2601 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 利多因素消化，沪胶震荡偏弱 | | 合成胶 | 2511 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 利多因素消化，合成胶震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：震荡偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：受益于中美经贸关系缓和，美联储降息预期升温，宏观因素有 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 9 月 10 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2601 | 震荡 | 震荡 | 震荡 偏弱 | 震荡 | 利多驱动不足，焦煤偏弱震荡 | | 焦炭 | 2601 | 震荡 | 震荡 | 震荡 偏弱 | 震荡 | 首轮降价落地，焦炭震荡下行 | 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 备注： 品种：焦煤（JM） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡 核心逻辑：现货市场方面，甘其毛都口岸蒙煤最新报价为 1180.0 元 ...

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 9 月 10 日） 一、动力煤 | 商品 | | 动力煤 | （元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/09/09 | -126.4 | 0.0 | 0.0 | 0.0 | | 2025/09/08 | -124.4 | 0.0 | 0.0 | 0.0 | | 2025/09/05 | -122.4 | 0.0 | 0.0 | 0.0 | | 2025/09/04 | -121.4 | 0.0 | 0.0 | 0.0 | | 2025/09/03 | -120.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 运筹帷幄 决胜千里 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2025/09/09 2025/09/08 2025/09/05 2025/09/04 ...

投资咨询业务资格：证监许可【2011】1778 号 资讯早班车 资讯早班车-2025-09-10 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250715 | 2025/06 | GDP:不变价:当季同比 | % | 5.20 | 5.40 | 4.70 | | 20250831 | 2025/08 | 制造业 PMI | % | 49.40 | 49.30 | 49.10 | | 20250831 | 2025/08 | 非制造业 PMI:商务活 动 | % | 50.30 | 50.10 | 50.30 | | 20250814 | 2025/07 | 社会融资规模增量:当 | 亿元 | | 11320.00 42251.00 | 7707.00 | | | | 月值 | | | | | | 20250813 | 2025/07 | M0(流通中的现金):同 比 | % | 11.80 | 12.00 | 12.00 | | 2025081 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 9 月 10 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2512 | 上涨 | 上涨 | 震荡 偏强 | 短线看强 | 美降息临近，权益市场涨势疲软， 资金避险需求上升 | | | | | 上涨 | 震荡 | 短线看强 | 美降息临近，产业旺季临近，资金 | | 铜 | 2510 | 上涨 | | 偏强 | | 关注度上升，铜价增仓上行 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏强 中期观点：上涨 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 9 月 10 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需两端弱势运行，短流程钢厂减产导致螺纹产量有所回落，但依旧处于年内相对高 位，供应压力未缓解。同时，旺季临近螺纹钢需求表现不佳，高频指标延续低位运行，且下游行业 未见好转，弱势需求仍易承压钢价。总之，供需双弱局面下螺纹钢基本面表现偏弱，产业矛盾持续 累积，钢价继续承压运行，相对利好的旺季预期以及成本抬升，预计钢价延续低位震荡运行态势， 关注需求表现情况。 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2601 | 震荡 偏弱 | 震荡 | 震荡 偏弱 | 关注 MA10 一线压力 | 基本面表现偏弱，钢价承压运行 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2 ...