Group 1: Research Views Steel - Yesterday, the rebar futures market showed a narrow - range fluctuation. The closing price of the rebar 2510 contract was 2981 yuan/ton, up 6 yuan/ton (0.2%) from the previous trading day, with a position reduction of 19,700 lots. Spot prices fluctuated slightly, and trading volume remained low. In May 2025, China's steel exports reached 10.578 million tons, a month - on - month increase of 116,000 tons (1.1%); from January to May, cumulative steel exports were 48.469 million tons, a year - on - year increase of 8.9%. It is expected that the rebar futures market will mainly operate in a low - level consolidation in the short term [1]. Iron Ore - Yesterday, the main contract i2509 of iron ore futures showed a fluctuating and consolidating trend, closing at 703 yuan/ton, down 4.5 yuan/ton (0.64%) from the previous trading day, with a trading volume of 300,000 lots and a position reduction of 4,000 lots. In May, China imported 98.131 million tons of iron ore and its concentrates. From a supply - demand perspective, the global iron ore shipment volume increased, the blast furnace operating rate increased, but the molten iron output continued to decline. It is expected that the iron ore futures price will show a fluctuating and consolidating trend [1]. Coking Coal - Yesterday, the coking coal futures market rose. The closing price of the coking coal 2509 contract was 780 yuan/ton, up 1.5 yuan/ton (0.19%) from the previous trading day, with an increase of 637 lots in open interest. The overall supply is still loose, and downstream demand is weak. It is expected that the coking coal futures market will fluctuate in the short term [1]. Coke - Yesterday, the coke futures market declined. The closing price of the coke 2509 contract was 1339 yuan/ton, down 11.5 yuan/ton (0.85%) from the previous trading day, with an increase of 393 lots in open interest. After the third round of price cuts, the production losses of coke enterprises intensified, and there was a slight inventory build - up in coke enterprises. It is expected that the coke futures market will fluctuate in the short term [1]. Manganese Silicon - On Monday, the manganese silicon futures price showed a narrow - range fluctuation. The main contract was reported at 5552 yuan/ton, up 0.04% month - on - month, with a position reduction of 10,680 lots to 441,300 lots. The supply reduction has limited support for prices, and downstream demand is relatively weak. It is expected that the manganese silicon futures will mainly operate in a low - level fluctuation in the short term [3]. Ferrosilicon - On Monday, the ferrosilicon futures price fluctuated strongly. The main contract was reported at 5174 yuan/ton, up 0.58% month - on - month, with a position reduction of 3261 lots to 223,800 lots. Recently, the supply has increased significantly, while demand is still in need of improvement. It is expected that the ferrosilicon futures will mainly operate in a low - level fluctuation in the short term [3]. Group 2: Daily Data Monitoring - The report provides data on contract spreads, basis, and spot prices for various black commodities such as rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon, as well as information on profits and price differences between different varieties [4]. Group 3: Chart Analysis 3.1 Main Contract Prices - The report presents charts of the closing prices of the main contracts of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][7][9][10][12][15]. 3.2 Main Contract Basis - Charts of the basis of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon are provided, showing the basis data from different contract periods [17][18][21][23]. 3.3 Inter - period Contract Spreads - The report shows charts of the spreads between different contracts (such as 10 - 1 month, 1 - 5 month) for rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [25][29][31][33][34][37]. 3.4 Inter - variety Contract Spreads - Charts of the spreads between different varieties, including the spread between hot - rolled coils and rebar, the ratio of rebar to iron ore, the ratio of rebar to coke, the ratio of coke to iron ore, the ratio of coking coal to coke, and the difference between manganese silicon and ferrosilicon, are presented [39][41][43]. 3.5 Rebar Profits - Charts of the rebar main - contract disk profit, long - process profit, and short - process profit from 2020 to 2025 are provided [44][48]. Group 4: Black Research Team Members Introduction - The black research team of Everbright Futures includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with their respective positions, work experience, and professional qualifications introduced [50][51].
黑色商品日报-20250610
Guang Da Qi Huo·2025-06-10 05:17