Report Industry Investment Ratings - Thread: ☆☆☆ [1] - Hot Rolled Coil: ☆☆☆ [1] - Iron Ore: ☆☆☆ [1] - Coke: ☆☆☆ [1] - Coking Coal: ★☆★ [1] - Silicomanganese: ★★☆ [1] - Ferrosilicon: ★★☆ [1] Core Views - The steel market is mainly oscillating, with the terminal demand being relatively weak and the market sentiment being cautious. The iron ore market is expected to oscillate in the short - term and face risks of decline after the peak of hot metal production. The coke market suggests short - term observation. The coking coal, silicomanganese, and ferrosilicon markets suggest short - selling on rebounds [1][2][3][5][6][7] Summary by Related Catalogs Steel - The thread surface demand recovery slows down, production is stable in the short - term, and inventory is slowly decreasing. The hot - rolled coil demand improves, production is relatively stable, and inventory continues to decline. The blast furnace continues to resume production, but the terminal demand is weak, and the market sentiment is cautious [1] Iron Ore - The global iron ore shipment rises, the domestic arrival volume drops from a high level, and the port inventory slightly accumulates. The terminal demand continues to improve but at a slower pace. The hot metal production is expected to continue to recover, but the further recovery space is limited. The short - term supply - demand contradiction is not significant, and the price remains resilient [2] Coke - The price oscillates upward. The daily hot metal production rises significantly, the coking profit is compressed, and the daily production continues to decline slightly. The overall coke inventory slightly increases and is at a high level, and the downstream has certain restocking actions in the short - term [3] Coking Coal - The hot metal production rises significantly, the coking coal mine production slightly decreases, and the number of shut - down mines remains at 16. The spot auction volume increases, and the sales sentiment improves slightly. The overall coking coal inventory slightly decreases, and the downstream has small - scale restocking. It is recommended to short - sell on rebounds [5] Silicomanganese - The price oscillates weakly. The absolute inventory level at Tianjin Port decreases, the manganese ore spot price and transaction price decline. The hot metal production rises, the silicomanganese supply slightly decreases from a high level, and the overall inventory significantly accumulates, suppressing the price [6] Ferrosilicon - The price oscillates weakly. The market has certain expectations for carbon - emission policies, but the actual impact is expected to be small. The hot metal production rises significantly, the export demand generally declines month - on - month, and the metal magnesium production decreases. The supply slightly decreases, the market transaction is average, and the inventory continues to accumulate [7]
黑色金属日报-2025-03-27
Guo Tou Qi Huo·2025-03-27 11:21