Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - Steel Products: Recent production cuts by steel enterprises in Xinjiang have boosted bullish sentiment, but the overall production scale in Xinjiang is small, and it remains to be seen whether other steel mills will follow. The real - estate market in core cities is showing signs of recovery, while that in lower - tier cities is still bottoming out. Steel futures prices are oscillating around the 10 - day moving average, with an overall weak - oscillating trend [2]. - Iron Ore: The news of steel production restrictions in Xinjiang has boosted bullish sentiment and stabilized iron ore prices. The supply of iron ore is at a relatively high level, and port inventories are expected to rise in the future. Terminal demand is warming up, and steel mill profitability is acceptable, but the room for further increase in iron - water production is limited [3]. 3. Summary by Section I. Steel Products (Thread and Hot - Rolled Coil) - Market Situation: Xinjiang steel mills' production cuts have boosted confidence, but follow - up actions are uncertain. Real - estate in core cities is recovering, while lower - tier cities are still bottoming out. Futures prices are oscillating weakly [2]. - Operation Suggestion: Hold long positions lightly and avoid chasing up or selling down [2]. - Data Highlights: - Prices: Thread steel futures closed at 3197 yuan/ton, down 0.34% from the previous day; hot - rolled coil futures closed at 3374 yuan/ton, down 0.21% [2]. - Production: National thread steel production was 227.43 million tons, up 0.54% week - on - week; hot - rolled coil production was 324.75 million tons, up 0.13% [2]. - Inventory: Total inventory of five major steel products decreased, with thread social inventory down 1.36% and hot - rolled coil social inventory down 4.08% [2]. II. Iron Ore - Market Situation: News of steel production restrictions in Xinjiang has stabilized iron ore prices. Supply is high, and port inventories may rise. Terminal demand is warming up, but the increase in iron - water production is limited [3]. - Operation Suggestion: Maintain a wait - and - see attitude, avoid chasing up or selling down, and consider going long lightly on dips [3]. - Data Highlights: - Prices: DCE iron ore futures settled at 785.5 yuan/dry ton, up 3.70% week - on - week; McFadden powder in Qingdao Port was 765 yuan/wet ton, down 0.13% from the previous day [4]. - Supply: Australian iron ore shipments were 16.828 billion tons, down 0.86%; Brazilian shipments were 5.823 billion tons, up 56.24% [4]. - Inventory: Port inventories totaled 144.6249 billion tons, up 0.29% [4].
黑色板块日报-2025-03-31
Shan Jin Qi Huo·2025-03-31 01:03