Group 1: Steel Industry Report Industry Investment Rating - Not provided in the report. Report's Core View - Recent steel prices rebounded, basis weakened, and spot entered a weak off - season. Demand is expected to remain weak due to the off - season and tariff suppression. Iron ore shipments are surging this month, and the iron ore inventory is approaching the inflection point of accumulation, which is unfavorable for the rebound of black metals. It is recommended to focus on opportunities to lay out short positions on rebounds, referring to the pressure of the 20 - day moving average of the October contract [1]. Summary by Relevant Catalogs - Steel Prices and Spreads: Most steel prices remained stable or had small increases. For example, the spot price of hot - rolled coils in East China increased by 10 yuan/ton to 3200 yuan/ton, and the 05 contract of hot - rolled coils increased by 11 yuan to 3098 yuan/ton [1]. - Cost and Profit: The price of steel billets increased by 20 yuan to 2920 yuan, and the profit of East China hot - rolled coils decreased by 18 yuan to 147 yuan [1]. - Production: The daily average pig iron output decreased slightly by 0.1 to 241.8, and the output of five major steel products decreased by 0.5 to 880.4 tons. The output of rebar decreased by 7.0 tons to 218.5 tons, while the output of hot - rolled coils increased by 9.2 tons to 328.8 tons [1]. - Inventory: The inventory of five major steel products decreased slightly by 1.8 tons to 1363.8 tons. The rebar inventory decreased by 10.6 tons to 570.5 tons, and the hot - rolled coil inventory increased by 7.8 tons to 340.6 tons [1]. - Trading and Demand: The building materials trading volume increased by 0.5 to 10.5, and the apparent demand for five major steel products decreased by 31.6 tons to 882.2 tons. The apparent demand for rebar decreased by 19.7 tons to 229.0 tons, and the apparent demand for hot - rolled coils decreased by 6.0 tons to 320.9 tons [1]. Group 2: Iron Ore Industry Report Industry Investment Rating - Not provided in the report. Report's Core View - The 09 contract of iron ore oscillated. In the short term, there is obvious suppression on the upside of iron ore due to the decline of pig iron output from a high level, increased supply, and administrative reduction. In the long - term, a bearish view on the 09 contract remains. Considering the risk of weakening demand in the off - season, the price range of iron ore may move down, with a reference range of 720 - 670 [3]. Summary by Relevant Catalogs - Iron Ore - Related Prices and Spreads: The warehouse - receipt cost of various iron ore types increased slightly, and the basis of the 09 contract of most iron ore types decreased significantly. For example, the warehouse - receipt cost of PB powder increased by 5.5 to 765.6 yuan/ton, and the 09 contract basis of PB powder decreased by 58.0 to 58.6 yuan/ton [3]. - Supply: The weekly global iron ore shipments increased by 79.4 tons to 3510.4 tons, and the weekly arrivals at 45 ports increased by 72.8 tons to 2609.3 tons. The monthly national import volume increased by 917.5 tons to 10313.8 tons [3]. - Demand: The weekly average daily pig iron output of 247 steel mills decreased slightly by 0.1 to 241.8 tons, and the weekly average daily ore - dispatching volume at 45 ports decreased by 12.7 tons to 314.0 tons. The monthly national pig iron output decreased by 271.1 tons to 7258.3 tons, and the monthly national crude steel output decreased by 682.2 tons to 8601.9 tons [3]. - Inventory: The inventory at 45 ports increased by 20.3 tons to 13846.94 tons, the imported ore inventory of 247 steel mills decreased by 64.1 tons to 8690.2 tons, and the inventory - available days of 64 steel mills decreased by 1.0 to 19.0 days [3]. Group 3: Coke Industry Report Industry Investment Rating - Not provided in the report. Report's Core View - The coke futures oscillated strongly, while the spot was weak and stable, showing a divergence between futures and spot. The spot may have one more round of price cuts but is approaching the phased bottom. The supply is affected by environmental protection, and the demand is showing a trend of reaching the peak and then declining. It is recommended to use interval operations, with a short - term strategy of going long on the 2509 contract of coke on dips and a 9 - 1 positive spread arbitrage strategy [5]. Summary by Relevant Catalogs - Coke - Related Prices and Spreads: The price of first - grade wet - quenched coke in Shanxi increased by 9 to 1154, and the 09 contract of coke increased by 7 to 1356. The 09 basis decreased by 7 to - 39 [5]. - Supply: The daily average output of all - sample coking plants decreased by 0.3 to 66.5 tons, and the daily average output of 247 steel mills remained unchanged at 47.3 tons [5]. - Demand: The pig iron output of 247 steel mills decreased slightly by 0.1 to 241.8 tons [5]. - Inventory: The total coke inventory increased by 3.5 tons to 987.0 tons. The coke inventory of all - sample coking plants increased by 15.6 tons to 127.0 tons, the coke inventory of 247 steel mills decreased by 9.1 tons to 645.8 tons, and the port inventory decreased by 3.0 tons to 214.2 tons [5]. Group 4: Coking Coal Industry Report Industry Investment Rating - Not provided in the report. Report's Core View - The coking coal futures oscillated strongly, while the spot was weak, showing a divergence between futures and spot. The decline of the spot price of coking coal has narrowed, and some coal mines have seen improved transactions. It is recommended to use interval operations, with a short - term strategy of going long on the 2509 contract of coking coal on dips and a 9 - 1 positive spread arbitrage strategy [5]. Summary by Relevant Catalogs - Coking Coal - Related Prices and Spreads: The price of coking coal (Shanxi warehouse - receipt) remained unchanged at 970, and the price of coking coal (Mongolian coal warehouse - receipt) decreased by 10 to 828. The 09 contract of coking coal decreased by 2 to 784, and the 01 contract increased by 2 to 793 [5]. - Supply: The raw coal output of Fenwei sample coal mines decreased by 12.8 tons to 873.0 tons, and the clean coal output decreased by 8.8 tons to 445.0 tons. The import of Mongolian coal has a slow - down in price decline, and the import profit of seaborne coal is still negative [5]. - Demand: The daily average output of all - sample coking plants decreased by 0.3 to 66.5 tons, and the daily average output of 247 steel mills remained unchanged at 47.3 tons. The pig iron output of 247 steel mills decreased slightly by 0.1 to 241.8 tons [5]. - Inventory: The clean coal inventory of Fenwei coal mines decreased slightly by 0.1 to 271.5 tons, the coking coal inventory of all - sample coking plants decreased by 27.4 tons to 818.9 tons, the coking coal inventory of 247 steel mills decreased by 15.9 tons to 770.9 tons, and the port inventory increased by 9.9 tons to 313.0 tons [5]. Group 5: Ferrosilicon and Ferromanganese Industry Report Industry Investment Rating - Not provided in the report. Report's Core View - Ferrosilicon: The ferrosilicon futures oscillated. The supply increased, and the demand is affected by both steel and non - steel sectors. The cost is short - term stable, and it is expected that the price will fluctuate at the bottom in the short term, with attention paid to the change in coal prices [6]. - Ferromanganese: The ferromanganese futures oscillated. The supply pressure remains, and the manganese ore supply and price have certain fluctuations. It is expected that the price will fluctuate at the bottom in the short term, with attention paid to the change in coal prices [6]. Summary by Relevant Catalogs Ferrosilicon - Prices and Spreads: The closing price of the ferrosilicon main contract increased by 10 to 5184, and the spot price of 72% FeSi in Inner Mongolia decreased by 50 to 5100 yuan/ton [6]. - Cost and Profit: The production cost in Inner Mongolia decreased by 4.1 to 5603.8 yuan/ton, and the production profit increased by 4.1 to - 173.8 yuan/ton [6]. - Supply: The weekly ferrosilicon output increased by 1.2 tons to 9.7 tons, and the operating rate of ferrosilicon production enterprises increased by 2.3 to 32.8% [6]. - Demand: The weekly ferrosilicon demand decreased by 0.1 to 2.0 tons, and the daily average pig iron output of 247 steel mills decreased slightly by 0.1 to 241.8 tons [6]. - Inventory: The inventory of 60 sample enterprises decreased by 0.7 tons to 68 tons [6]. Ferromanganese - Prices and Spreads: The closing price of the ferromanganese main contract decreased by 56 to 5486, and the spot price of FeMn65Si17 in Inner Mongolia remained unchanged at 5430 yuan/ton [6]. - Manganese Ore Supply: The global manganese ore shipments decreased by 9.5 tons to 61.7 tons, and the arrivals at domestic ports increased by 29.5 tons to 67.8 tons [6]. - Supply: The weekly ferromanganese output increased by 0.2 tons to 17.2 tons, and the operating rate increased by 0.3 to 35.0% [6]. - Demand: The weekly ferromanganese demand decreased by 0.1 tons to 12.6 tons [6]. - Inventory: The manganese ore port inventory decreased by 13.5 tons to 407.0 tons [6].
广发期货《黑色》日报-20250612
Guang Fa Qi Huo·2025-06-12 01:53