Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall demand recovery of the steel industry is slower than expected, and the supply - demand pattern is weak. However, under the background of low inventory and destocking, the current supply - demand contradiction is limited. The production cut of Xinjiang steel mills boosts sentiment, and the low - cost rebound also provides some support. A bearish view is maintained before the significant decline of hot metal production [1] Group 3: Summary by Relevant Catalogs Market Overview - On March 26, the black - series varieties showed a weak overall performance but mostly closed in the positive territory. The closing prices and increases of each variety are as follows: rebar closed at 3,209 yuan/ton with a 0.06% increase; hot - rolled coil closed at 3,386 yuan/ton with a 0.12% increase; iron ore's main contract closed at 780 yuan/ton with a 0.19% increase; among coking coal and coke, coke was relatively strong [1] Market Analysis - On March 24, 2025, four steel mills in Xinjiang announced production control and reduction, with a 10% daily reduction in crude steel output. The production cut has a small impact on the overall supply - demand pattern in the region and mainly boosts sentiment [1] - The demand is still in a slow recovery process. As of March 25, the capital availability rate of sample construction sites was 57.87%, up 0.34 percentage points week - on - week, lower than the same period last year. The capital availability rate of housing construction projects was 48.83%, up 1.4% week - on - week, better than last year. The national construction steel trading volume decreased by nearly 10% to 127,800 tons on March 25 compared with the previous day. Although the futures price fluctuations stimulated rigid - demand replenishment, speculative demand decreased. The current average trading volume in 2025 is 97,300 tons, lower than the average in previous years [1] Investment Recommendations - Iron ore: Pay attention to supply - demand changes and inventory levels, and avoid chasing high prices [1] - Rebar: Investors are advised to take a volatile approach in the short term and pay attention to the spread between hot - rolled coil and rebar [1] - Hot - rolled coil: Investors are advised to take a high - level consolidation approach in the short term and pay attention to supply - demand changes [1] - Coking coal and coke: Pay attention to the oscillating market after the price decline stabilizes or the strength relationship between coking coal and coke [1]
黑色产业数据每日监测-2025-03-26
Jin Shi Qi Huo·2025-03-26 12:17