Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ★☆★ [1] - Coke: ★☆★ [1] - Coking coal: ★☆★ [1] - Manganese silicon: ★☆★ [1] - Ferrosilicon: ★☆☆ [1] Core Views - The steel market is pessimistic about demand expectations, with a weakening cost center and a difficult-to-change weak market [1]. - Iron ore is expected to trend weakly and fluctuate, with attention to the pressure of iron water peaking and falling [2]. - Coke prices are weak, with the second round of price increases rejected and a decline in bullish sentiment [3]. - Coking coal prices are weak, with high inventory pressure and expected weak fluctuations [4]. - Manganese silicon prices fluctuate slightly, with an increase in port inventory and a decline in spot prices [6]. - Ferrosilicon prices fluctuate narrowly, with weak fundamentals and a recommendation to short on rebounds [7]. Summary by Category Steel - Today's steel futures market declined. Terminal demand is weak, and inventory has accumulated. Iron water production is high, increasing supply pressure. The manufacturing industry's prosperity has declined, and the real estate market's recovery is uneven. The market's demand expectations remain pessimistic, and the cost center continues to decline [1]. Iron Ore - Today's iron ore futures market fluctuated. Supply is normal, and port inventory has decreased. Steel mills' profitability is relatively high, but concerns about negative feedback have increased due to the decline in steel demand and the expectation of crude steel production restrictions. External trade frictions are easing, but there are still uncertainties [2]. Coke - Coke prices are weak. The second round of price increases was rejected, and bullish sentiment has declined. Daily production has increased slightly, and inventory remains high. The supply of carbon elements is abundant, and attention should be paid to the evolution of steel exports [3]. Coking Coal - Coking coal prices are weak. Supply is stable during the holiday, and the spot auction market is inactive. Terminal inventory is high, and inventory pressure remains high. The futures market is at a discount, and prices are expected to fluctuate weakly [4]. Manganese Silicon - Manganese silicon prices fluctuate slightly. Port inventory has increased, and spot prices have declined. The gross profit margin in the first quarter was 47.83%. Iron water production has increased slightly, but overall inventory has increased significantly, suppressing prices [6]. Ferrosilicon - Ferrosilicon prices fluctuate narrowly. Iron water production has increased slightly, and export demand has declined. Metal magnesium production is stable, and overall demand has declined marginally. Supply has stabilized, and inventory has increased, with weak fundamentals [7].
黑色金属日报-20250509
Guo Tou Qi Huo·2025-05-09 14:05