《有色》日报-20250410

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Steel - After the price decline due to market sentiment, there may be an upward repair trend. Consider closing short positions. With the steel - ore ratio at a low level, it will shrink during the price rebound. Pay attention to the multi - steel and short - ore arbitrage [1]. Iron Ore - Affected by macro and news, the market sentiment is suppressed. It is expected to fluctuate weakly in the short term. Focus on the impact of export decline and the commissioning of the Xiling project in the second quarter [4]. Coke - The fundamentals are improving quarter - on - quarter, but the futures have over - rebounded. It is recommended to short at high levels and for industrial clients to hedge [6]. Coking Coal - The spot market has marginal improvement, but the futures are under pressure. It is recommended to short at high levels and for industrial clients to hedge [6]. Ferrosilicon - The supply - demand contradiction has eased. It is expected to fluctuate widely. Pay attention to the export performance after late April [7]. Ferromanganese - In the short term, the price is under pressure. Pay attention to the market sentiment and the improvement of the manganese ore supply pattern after May [7]. 3. Summaries According to Relevant Catalogs Steel Prices and Spreads - Most steel prices and futures contracts declined. For example, the spot price of rebar in East China dropped from 3170 to 3150 yuan/ton, and the 05 contract of rebar decreased from 3083 to 3039 yuan/ton [1]. Cost and Profit - Steel billet price decreased by 10 yuan/ton to 2960 yuan/ton. Most steel profits declined, such as the East China hot - rolled coil profit which dropped from 176 to 150 yuan/ton [1]. Supply - The daily average hot - metal output increased by 1.4 to 238.7 tons, with a growth rate of 0.6%. The output of five major steel products increased by 3.0 to 872.5 tons, a 0.3% increase [1]. Inventory - The inventory of five major steel products decreased by 47.7 to 1690.1 tons, a 2.7% decrease. The rebar inventory decreased by 21.0 to 798.1 tons, a 2.6% decrease [1]. Transaction and Demand - The building materials trading volume decreased by 1.5 to 9.7 tons, a 13.2% decrease. The apparent demand for five major steel products increased slightly by 0.5 to 920.2 tons, a 0.1% increase [1]. Iron Ore Prices and Spreads - Most iron ore prices and contract spreads declined. For example, the warehouse - receipt cost of PB powder decreased from 790.9 to 784.3 yuan/ton, and the 5 - 9 spread decreased from 45.5 to 43.0 yuan/ton [4]. Supply - The weekly arrival volume at 45 ports decreased by 54.9 to 2188.7 tons, a 2.4% decrease. The global shipping volume decreased by 265.9 to 2921.9 tons, an 8.3% decrease [4]. Demand - The daily average hot - metal output of 247 steel mills increased by 1.4 to 238.7 tons, a 0.6% increase. The daily average ore - handling volume at 45 ports increased by 4.4 to 317.6 tons, a 1.4% increase [4]. Inventory - The inventory at 45 ports decreased by 15.0 to 14453.39 tons, a 0.1% decrease. The imported ore inventory of 247 steel mills increased by 61.3 to 9171.7 tons, a 0.7% increase [4]. Coke Prices and Spreads - The 05 contract of coke decreased by 67 to 1527 yuan/ton, a 4.2% decrease. The 05 - 09 spread decreased from - 26 to - 53 yuan/ton [6]. Supply - The daily average output of all - sample coking plants increased by 0.7 to 64.8 tons, a 1.1% increase [6]. Demand - The hot - metal output of 247 steel mills increased by 1.4 to 238.7 tons, a 0.6% increase [6]. Inventory - The total coke inventory decreased by 5.8 to 1007.5 tons, a 0.64% decrease. Coking plants continued to reduce inventory, while steel mills increased inventory [6]. Coking Coal Prices and Spreads - The 05 contract of coking coal decreased by 51 to 926 yuan/ton, a 5.2% decrease. The 05 - 09 spread decreased from - 71 to - 87 yuan/ton [6]. Supply - The raw coal output of Fenwei sample coal mines decreased by 10.2 to 885.3 tons, a 1.1% decrease [6]. Demand - The coke output increased, and the downstream users replenished stocks faster [6]. Inventory - The total coking coal inventory increased. Upstream mines continued to reduce inventory, while coking plants, coal - washing plants, and steel mills increased inventory [6]. Ferrosilicon Prices and Spreads - The closing price of the ferrosilicon main contract increased by 38 to 5866 yuan/ton, a 0.6% increase. The spread between Inner Mongolia spot and the main contract decreased from - 206 to - 284 yuan/ton [7]. Cost and Profit - The production cost in Inner Mongolia decreased by 6 to 5743 yuan/ton, a 0.15% decrease. The production profit in Inner Mongolia decreased by 34 to - 123 yuan/ton, a 38.2% decrease [7]. Supply - The ferrosilicon output decreased by 0.1 to 111 tons, a 0.9% decrease [7]. Demand - The ferrosilicon demand remained unchanged at 2.0 tons [7]. Inventory - The inventory of 60 sample enterprises decreased by 0.2 to 80 tons, a 3.0% decrease [7]. Ferromanganese Prices and Spreads - The closing price of the ferromanganese main contract decreased by 48 to 5914 yuan/ton, a 0.8% decrease. The spread between Inner Mongolia spot and the main contract decreased from - 162 to - 164 yuan/ton [7]. Cost and Profit - The production cost in Inner Mongolia decreased by 20.9 to 5976.3 yuan/ton, a 0.3% decrease. The production profit in Inner Mongolia decreased by 29.1 to - 226.3 yuan/ton, a 14.8% decrease [7]. Manganese Ore Supply - The manganese ore shipping volume increased by 1.3 to 69.5 tons, a 1.9% increase. The arrival volume at ports increased by 5.5 to 36.4 tons, a 17.7% increase [7]. Supply - The ferromanganese output decreased by 0.6 to 193 tons, a 3.14% decrease [7]. Demand - The ferromanganese demand increased slightly from 12.6 to 12.7 tons [7]. Inventory - The inventory of 63 sample enterprises increased by 1.6 to 14.9 tons, an 11.6% increase [7].