有色金属与钢铁行业双周报：美国5月PCE数据全面降温，降息预期得到有力支撑

Investment Rating - The report maintains a standard rating for the non-ferrous metals and steel industry [1] Core Views - The non-ferrous metals industry has seen a decline of 2.36% over the past two weeks, underperforming the CSI 300 index by 0.10 percentage points, ranking 9th among 31 industries. Year-to-date, the industry has increased by 2.72%, outperforming the CSI 300 index by 1.83 percentage points [2][12] - The steel industry has declined by 4.65% over the past two weeks, underperforming the CSI 300 index by 2.40 percentage points, ranking 15th among 31 industries. Year-to-date, the steel industry has decreased by 10.57%, underperforming the CSI 300 index by 11.46 percentage points [2][12] Market Review - As of June 28, 2024, the non-ferrous metals industry has seen various sub-sectors decline, with energy metals down 8.44%, small metals down 2.78%, and industrial metals down 1.00% [3][17] - The precious metals sector has experienced a slight decline of 0.35% over the past two weeks, while year-to-date, it has increased by 21.65% [17] - The steel sector's comprehensive price index (CSPI) is at 102.96 points, with coking coal priced at 1958 RMB/ton, coke at 2250 RMB/ton, and iron ore at 839.11 RMB/ton [37] Industry News - The U.S. PCE price index for May showed a year-on-year increase of 2.6%, the lowest since March 2021, supporting expectations for interest rate cuts [4][40] - China's crude steel production in May was 92.9 million tons, a year-on-year increase of 2.7% [41] - The Ministry of Industry and Information Technology has indicated continued control over crude steel production in 2024, suggesting future tightening [7][42] Company Announcements - Notable companies in the non-ferrous metals sector include Zijin Mining (601899) and Chifeng Jilong Gold Mining (600988), which are recommended for attention due to their performance [5][19] - In the steel sector, Baosteel (600019) and Guangdong Mingzhu (600382) are highlighted among the top performers [22]