金属行业周报：央行再次降息，利好金属价格

Industry Ratings - Steel: Neutral [1] - Non-ferrous Metals: Positive [1] Core Views - The report maintains a neutral rating for the steel industry and a positive outlook for the non-ferrous metals sector, suggesting potential investment opportunities in the latter [3]. - Key recommended stocks include: - Bo Wei Alloy: Increase [1] - Luoyang Molybdenum: Increase [1] - Zhongjin Gold: Increase [1] - Xiyang Co.: Increase [1] - Zijin Mining: Increase [1] - Shandong Gold: Increase [1] Industry News - The People's Bank of China has lowered the one-year and five-year Loan Prime Rate (LPR) by 25 basis points, which is expected to support metal prices [10]. - Indonesia plans to export electric vehicle battery precursors to the U.S. next month, aiming to manage nickel ore supply to support prices [10]. - The recent orange alert for heavy pollution in Jiaozuo City may restrict alumina production capacity, potentially supporting aluminum prices [2][10]. Industry Data Steel - As of October 18, the total steel inventory (social + factory) was 12.70 million tons, down 2.84% from the previous week and down 17.26% year-on-year [15]. - The average profit margins for hot-rolled, cold-rolled, rebar, and medium-thick plates were -639, -940, -521, and -806 yuan per ton, respectively, indicating a decline in profitability [24]. - The steel price index for the week was 3,743.49 yuan per ton, down 3.26% from the previous week and down 11.96% year-on-year [24]. Copper - Global refined copper supply was short by 64,400 tons in August 2024, with domestic inventory rising and demand remaining moderate [25]. - The copper smelting fees increased by 43.82% compared to the previous week, indicating a tightening supply situation [27]. Aluminum - The domestic aluminum processing industry is operating steadily, with tight alumina supply expected to support aluminum prices [30]. - As of October 18, the average price of alumina was 4,606 yuan per ton, up 8.25% from the previous week [31]. Lithium - The lithium industry is facing oversupply pressure, with battery-grade lithium carbonate prices at 74,000 yuan per ton, down 5.01% from the previous week [40].