Report Summary for Steel and Related Industries 1. Report Industry Investment Rating No industry investment rating is provided in the reports. 2. Core Views - Steel Industry: The Iran - Israel conflict slightly boosts market sentiment, but does not change the domestic supply - loose pattern of steel. Steel prices are expected to rebound slightly but continue the downward trend. It is recommended to operate with a short - bias on rebounds or sell out - of - the - money call options [1]. - Iron Ore Industry: In the short term, iron ore prices are under obvious pressure due to factors such as the decline in hot metal production, supply increase, and administrative reduction expectations. In the medium - to - long - term, a bearish view on the 09 contract remains. The price range may shift downward to 720 - 670 [4]. - Coke Industry: The spot fundamentals are still loose. It is recommended to short the coke 2509 contract at around 1380 - 1430 on rebounds, and consider the strategy of going long on coking coal and short on coke [6]. - Coking Coal Industry: The spot fundamentals have improved slightly. It is recommended to short the coking coal 2509 contract at around 800 - 850 on rebounds, and also consider the strategy of going long on coking coal and short on coke [6]. - Silicon Iron Industry: The supply - demand contradiction of silicon iron is rising. Short - term price fluctuations are mainly affected by cost changes. It is necessary to pay attention to coal price changes [7]. - Silicon Manganese Industry: The supply pressure of silicon manganese still exists. Short - term prices are expected to fluctuate at the bottom, and attention should be paid to coke price changes [7]. 3. Summary by Related Catalogs Steel Industry - Prices and Spreads: Most steel spot and futures prices showed a downward trend. For example, the price of hot - rolled coil spot in East China decreased from 3200 to 3190 yuan/ton [1]. - Cost and Profit: The cost of steel billets decreased by 10 yuan, while the profit of hot - rolled coils in some regions increased, such as the profit of hot - rolled coils in East China increasing by 31 yuan [1]. - Production and Inventory: The daily average hot metal output remained unchanged at 241.8 tons, and the production of five major steel products decreased by 2.4%. The inventory of five major steel products decreased by 0.7% [1]. Iron Ore Industry - Prices and Spreads: The prices of iron ore spot and futures generally declined. For example, the price of PB powder at Rizhao Port decreased from 720 to 713 yuan/ton [4]. - Supply and Demand: The global iron ore shipment volume increased slightly, the arrival volume increased, the demand for hot metal decreased slightly, and the port inventory increased [4]. Coke Industry - Prices and Spreads: Coke futures prices fluctuated slightly, and the spot price was weakly stable. The third - round price cut of coke was implemented, and there is an expectation of 1 - 2 more rounds of price cuts [6]. - Supply and Demand: Due to environmental protection inspections, the production of coking plants decreased, and the demand for hot metal decreased slightly. The inventory of coking plants, ports, and steel mills all decreased [6]. Coking Coal Industry - Prices and Spreads: Coking coal futures prices fluctuated slightly, and the spot price was weakly stable. The decline of domestic coking coal slowed down, and some coal mines' transaction prices rebounded [6]. - Supply and Demand: Due to environmental protection inspections, the production of domestic coal mines decreased slightly, the import of coking coal was weak, the demand for coking decreased, and the inventory of coal mines and ports increased [6]. Silicon Iron Industry - Prices and Spreads: The price of silicon iron futures decreased, and the spot price in some regions increased. The production cost was stable, and the production profit was still in a loss state [7]. - Supply and Demand: The production of silicon iron decreased slightly, the demand decreased, and the inventory increased [7]. Silicon Manganese Industry - Prices and Spreads: The price of silicon manganese futures decreased, and the spot price in some regions increased. The production cost was relatively stable, and the production profit improved slightly [7]. - Supply and Demand: The production of silicon manganese increased slightly, the demand decreased, the manganese ore shipment volume increased, the arrival volume decreased, and the inventory increased [7].
广发期货《黑色》日报-20250618
Guang Fa Qi Huo·2025-06-18 03:08