Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The downstream demand for coal is picking up, and coal prices are fluctuating. In the short - term, due to the tightened safety supervision in the production areas during the safety month in June, the supply is significantly reduced, and with the rising temperature, the demand is expected to strengthen, leading to a slight increase in prices. In the long - term, the pattern of loose supply remains unchanged, and attention should be paid to the consumption and restocking of non - power coal. Due to the severe lack of futures liquidity, it is recommended to wait and see [1][3]. 3) Summary by Related Catalogs Market Analysis - **Price**: As of June 20, among the origin indexes, the Yulin 5800 - kcal index was 482.0 yuan/ton, up 10.0 yuan/ton week - on - week; the Ordos 5500 - kcal index was 425.0 yuan/ton, up 2.0 yuan/ton week - on - week; the Datong 5500 - kcal index was 480.0 yuan/ton, up 11.0 yuan/ton week - on - week. Among the port indexes, the CCI Import 4700 index was reported at 62.5 US dollars/ton, down 0.5 US dollars/ton week - on - week, and the CCI Import 3800 index was reported at 47.8 US dollars/ton, down 0.2 US dollars/ton week - on - week [2][5]. - **Inventory**: As of June 20, the total inventory of northern ports was 2689.0 million tons, an increase of 5.0 million tons from last week, and the port destocking speed slowed down. The coal inventory of 6 coastal power plants was 1399.8 million tons, an increase of 4.9 million tons from last week; the average available days were 17 days, a decrease of 2 days week - on - week; the daily consumption of power plants was 81.2 million tons, an increase of 6.7 million tons week - on - week [2][12]. Supply In June, which is the safety month, safety supervision in the production areas is tightened. Environmental protection and safety inspections in the main production areas are intensified, the number of coal mines with production suspension or reduction increases, and the overall coal supply is reduced [3][6]. Consumption As the temperature gradually rises, the demand for coal is expected to strengthen [3][7]. Strategy Due to the severe lack of futures liquidity, it is recommended to wait and see [3].

1. Report Industry Investment Rating - The investment ratings for both coking coal and coke are "Oscillation". There are no specific ratings for cross - varieties, spot - futures, and options [3]. 2. Core View of the Report - Coking coal and coke present a situation where short - term improvement and long - term pressure coexist. The short - term marginal situation has improved due to inventory reduction and supply disruptions, but the medium - and long - term pattern of loose supply and demand remains unchanged [2]. 3. Summary According to Related Catalogs Price and Spread - As of the close this Friday, the coke 2509 contract closed at 1,379.0 yuan/ton, up 26.5 yuan/ton from last week, a rise of 1.96%. The coking coal 2509 contract closed at 795.0 yuan/ton, up 7.6 yuan/ton from last week, a rise of 0.95%. The futures prices showed a range - bound oscillation influenced by the marginal improvement in spot supply and demand [1][5]. Supply - This week, the total daily average output of steel mill coking and independent coking was 112.10 million tons, a decrease of 0.18 million tons from last week. The capacity utilization rate of the full sample of independent coking enterprises was 73.57%, a decrease of 0.39%; the daily average coke output was 64.70 million tons, a decrease of 0.34 million tons. For the 247 steel mill samples, the daily average coke output was 47.39 million tons, an increase of 0.15 million tons, and the capacity utilization rate was 87.39%, an increase of 0.27% [1][24][27]. Demand - According to Mysteel statistics, the blast furnace operating rate of 247 steel mills reached 83.82%, an increase of 0.41% from last week; the blast furnace iron - making capacity utilization rate was 90.79%, an increase of 0.21% from last week; the steel mill profitability rate was 59.31%, an increase of 0.87 percentage points from last week; the daily average pig iron output was 242.18 million tons, an increase of 0.57 million tons from last week [1][37]. Inventory - According to Mysteel research data, the coke inventory of 247 steel mills was 634.2 million tons this period, a decrease of 8.64 million tons from last week; the total inventory of the full sample was 1,006.0 million tons, a decrease of 21.25 million tons from last week. The coking coal inventory of 247 steel mills was 7,747 million tons, an increase of 0.72 million tons from last week; the total inventory of the full - caliber was 3,391.95 million tons, a decrease of 85.63 million tons from last week [2][38].

黑色建材周报 | 2025-06-22 消费维持韧性，铁矿震荡运行 需求方面：Mysteel调研247家钢厂高炉开工率83.82%，周环比增加0.41%，年同比增加1.01% ；高炉炼铁产能利用 率90.79%，周环比增加0.21% ，年同比增加1.03%；钢厂盈利率59.31%，周环比增加0.87%，年同比增加7.36%； 日均铁水产量 241.18万吨，周环比增加0.57万吨，年同比增加2.24万吨。 库存方面：Mysteel统计，全国45港铁矿石库存总量13894.16万吨，环比减少38.98万吨；45港日均疏港量313.56万 吨，环比增加12.31万吨。 整体来看：目前铁矿石供给整体回升。受钢厂检修复产影响，本周铁水产量小幅回升，考虑到当前钢厂利润尚可， 铁矿消费维持韧性，后续铁水降幅取决于淡季成材需求及钢厂利润情况。库存方面受港口船舶压港数量上升影响， 铁矿港口库存小幅去化。长期来看，铁矿石依旧呈现供需偏宽松格局，后期持续关注淡季铁水产量情况及铁矿石 库存变化。 策略 单边：震荡偏弱 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、海外铁矿发运、钢厂利润、废钢供应等。 市场分析 本周铁矿 ...

油脂周报 | 2025-06-22 受多重利好持续提振，油脂偏强运行 油脂观点 市场要闻与重要数据 价格行情 期货方面，本周收盘棕榈油2509合约8536元/吨，环比上涨396元，涨幅4.86%；本周收盘豆油2509合约8156元 /吨，环比上涨370元，涨幅4.75%；本周收盘菜油2509合约9726元/吨，环比上涨416元，涨幅4.47%。现货方面， 广东地区棕榈油现货价格8480元/吨，环比上涨250元，涨幅2.95%，现货基差P09+194，环比下跌146元；天津 地区一级豆油现货价格8340元/吨，环比上涨300元/吨，涨幅3.73%，现货基差Y09+184，环比下跌70元；江苏 地区四级菜油现货价格9910元/吨，环比上涨400元，涨幅4.2%，现货基差OI09+184，环比下跌16元。 棕榈油供需 供应方面，马来西亚棕榈油压榨商协会（SPPOMA）最新数据显示，2025年6月1-15日马来西亚棕榈鲜果串单产 减少3.85%，出油率下调0.03%，棕榈油产量减少4%。由于前期产量同比增加幅度明显、基数增大，近期棕榈油 产量环比止增下降，供应方面对价格暂无较大压力，持续关注产区天气情况。周内（6.1 ...

黑色建材周报 | 2025-06-22 需求方面，全国各地区出货整体一般，市场以刚需采购为主，投机情绪较弱。 库存方面，本周全国浮法玻璃样本企业总库存6988.7万重箱，环比增加0.29%，下游拿货谨慎，价格承压。 整体来看，玻璃在部分产线亏损的情况下，供应环比仍有小幅上升，且下游刚需依旧疲软，房地产数据仍处于低 位。玻璃的高库存对价格形成较强的压制，在未减产的情况下仍需要长期亏损，以此达到出清产能的目的，持续 关注玻璃厂冷修计划和玻璃利润情况。 纯碱方面，本周纯碱主力合约2509震荡偏强，收盘价为1173元/吨，环比上涨17元/吨，涨幅1.47%。现货方面，下 游情绪较为谨慎，采购积极性不佳。 供应方面，据隆众资讯最新数据，本周纯碱产能利用率86.57%，环比增加1.68%，产量75.47万吨，环比增加1.97%， 部分企业有复产预期。 市场情绪好转，玻碱区间震荡 市场分析 玻璃方面，本周玻璃主力合约2509震荡上涨，收盘价为1007元/吨，环比上涨31元/吨，涨幅3.18%。现货方面，据 隆众资讯最新数据，国内浮法玻璃市场周均价1190元/吨，环比下降12.65元/吨，成交重心回落。 供应方面，本周浮法玻 ...

黑色建材周报 | 2025-06-22 市场情绪好转，合金震荡运行 市场分析 硅锰方面：截至周五收盘，硅锰主力合约收于5616元/吨，周环比上涨160元/吨。现货方面，近期市场表现尚可， 工厂报价有所上涨，主流钢招最终定价5650元/吨。供需与逻辑：供应端，据Mysteel最新调研数据显示：全国187 家独立硅锰企业样本显示综合开工率36.39%，周环比增1.09%；日均产量2.52万吨，周环比增460吨。需求端，本 周五大材硅锰需求为12.37万吨，环比上周增1.28%。整体来看，受到行业利润影响，硅锰产量处于低位，周环比小 幅回升，整体处于历年低位水平。本周铁水产量环比回升，硅锰需求有所回暖。硅锰厂家库存和注册仓单处于中 高位压制硅锰价格，锰矿港口库存低位小幅回升，后期关注硅锰库存和锰矿发运情况。 硅铁方面：截至周五收盘，硅铁主力合约收于5300元/吨，周环比上涨114元/吨。现货方面，本周市场情绪有所改 善，市场按需采购为主。硅铁主产区72硅铁自然块现金含税出厂5050-5150元/吨，75硅铁价格报5600-5750元/吨。 供需与逻辑：供应端，据Mysteel数据显示：本周硅铁企业开工率32.69% ...

油料周报 | 2025-06-22 作物生长期，关注天气波动 大豆市场分析 市场要闻与重要数据 期货方面，本周豆一主力合约2509收盘价4259元/吨，环比上涨18元.涨幅0.4%。现货方面，巴彦地区食用豆现货 基差A09-79，较上周下跌18；宝清地区食用豆基差A09-19，较上周下跌18；富锦地区食用豆现货基差A09-19， 较上周下跌18；尚志地区食用豆现货基差A09-119，较上周下跌18。 到港预估：Mysteel农产品根据发船数据对大豆月度到港预估，2025年6月巴西大豆对中国到港1017万吨，阿根 廷大豆对中国到港56万吨，美国大豆对中国到港为14万吨，共计1086万吨.国产大豆市场大豆库存持续消耗，大 部分地区贸易商基本售罄。但近期东北地区省储大量流入市场，供应紧张有所缓解。 市场分析 本周大商所豆一期货主力2509合约价格先扬后抑，截止6月19日主力收盘价4233元/吨，周线上涨35元/吨、涨幅 0.83%。东北地区大豆价格平稳运行，筛粮价格并无太大变化。近期随着地方储备大豆陆续流入市场，一定程度 缓解供应紧张情况。长江、黄河产区大豆毛粮价格稳中有涨、净粮基本稳定，农户播种剩余豆源质优价高， ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The steel market is currently in a state where supply - demand contradictions are not significant. For rebar, as the building materials enter the off - season, the production, sales, and inventory are continuously declining, and the weak off - season demand will suppress steel prices. For hot - rolled coils, the profit of plates is better than that of building materials, with strong production and sales resilience. Although there is a slight decline in exports, it remains at a high level in the short term. Later, attention should be paid to Sino - US tariff negotiations and domestic demand stimulus policies [1][2]. 3. Section Summaries Market Analysis - **Price**: This week, the main contracts of rebar and hot - rolled coil futures rose slightly. As of Friday's close, the rebar main contract 2510 closed at 2992 yuan/ton, and the hot - rolled coil main contract 2510 closed at 3116 yuan/ton [1][5]. - **Supply**: On June 19, the blast furnace operating rate of 247 steel mills was 83.82%, a 0.41 - percentage - point increase from last week and a 1.01 - percentage - point increase year - on - year. The blast furnace ironmaking capacity utilization rate was 90.79%, a 0.21 - percentage - point increase from last week and a 1.02 - percentage - point increase year - on - year. The steel mill profitability rate was 59.31%, a 0.87 - percentage - point increase from last week and a 7.36 - percentage - point increase year - on - year. The daily average pig iron output was 2.4218 million tons, a decrease of 0.57 million tons from last week but an increase of 2.24 million tons year - on - year. The actual output of the five major steel products this period was 8.6851 million tons, a 96,600 - ton increase from last week. Among them, rebar output was 2.1218 million tons, a 46,100 - ton increase from last week, and hot - rolled coil output was 3.2545 million tons, an 8000 - ton increase from last week [1][25]. - **Consumption**: The apparent demand for the five major steel products this period was 8.8418 million tons, a 160,800 - ton increase from last week. Among them, the apparent demand for rebar was 2.1919 million tons, a decrease of 7800 tons from last week, and the apparent demand for hot - rolled coils was 3.3069 million tons, an increase of 108,100 tons from last week [1][29]. - **Inventory**: This week, the total inventory of the five major steel products reached 13.3889 million tons, a decrease of 156,700 tons from last week. The rebar inventory was 5.5107 million tons, a decrease of 70,100 tons from last week, and the total inventory of hot - rolled coils was 3.4017 million tons, a decrease of 52,400 tons from last week [2][32]. Strategy - **Unilateral**: The strategy for unilateral trading is to expect the market to move in a range - bound manner. - **Other Strategies**: There are no specific strategies for inter - period, inter - variety, spot - futures, or options trading [3].

下游需求表现一般 苯乙烯观点 市场要闻与重要数据 EB港口到港及提货：华东苯乙烯到港量2.29万吨（-0.50）；华东苯乙烯港口提货量3.66万吨（-0.04）。 EB供应：苯乙烯工厂开工率79.01%（+5.20%），其中：华东苯乙烯开工率82.44%（+6.84%），山东苯乙烯开工率76.50% （+0.34%），华南苯乙烯开工率81.59%（+0.00%）。 EB下游开工及成品库存：EPS开工率53.63%（-1.84%），PS开工率58.70%（+0.40%），ABS开工率63.97%（-0.11%）， UPR开工率30.00%（+0.00%），丁苯橡胶开工率74.09%（+3.44%）；EPS样本企业库存27700吨（-2400），PS样本企 业库存101740吨（+5560），ABS样本企业库存209000吨（-9000），丁苯橡胶样本企业库存22110吨（+910）。 苯乙烯周报 | 2025-06-22 EB及纯苯库存：苯乙烯华东港口库存66300吨（-13700），苯乙烯工厂库存188782吨（+4149），纯苯华东港口库存 15.30万吨（+0.40）。 纯苯供应：纯苯开工率80.36%（ ...

甲醇周报 | 2025-06-22 港口供应方面：海外甲醇开工率52.07%（+0.00%）；中国进口甲醇周频到港量25.70万吨（-20.33），其中华东到港 量24.11万吨（-13.82），华南到港量1.59万吨（-6.51）。 内地供应方面：中国甲醇开工率88.65%（+0.67%），其中煤制甲醇开工率83.90%（+3.01%）、天然气甲醇开工率48.36% （-0.52%）、焦炉气甲醇开工率60.28%（+0.17%）；西北开工率92.49%（+2.04%），华北开工率68.71%（-5.33%）， 华中开工率94.27%（-0.09%），华东开工率80.03%（-3.69%），西南开工率87.29%（+5.30%）。 港口需求方面：太仓周均提货量1521吨/天（-864），华东MTO企业周度采购量187300吨（-153800），外采甲醇MTO 企业开工率80.46%（-5.39%）。 内地需求方面：甲醇企业待发订单量274780吨（-27310）。传统下游样本企业原料采购量30300吨（-2500），甲醛开 工率51.23%（-1.02%）、醋酸开工率88.33%（-3.27%）、MTBE外销 ...