Report Industry Investment Ratings - The operation ratings for different commodities are as follows: Threaded steel and hot-rolled steel are rated ★★★; Iron ore is rated ★☆☆; Coke is rated ★★★; Coking coal is rated ☆☆☆; Silicomanganese and ferrosilicon are rated ★★★ [1] Core Views - The overall market is characterized by weak domestic demand, with different commodities showing varying trends and uncertainties. Most commodities are expected to move in a volatile manner in the short term, and the market is closely watching terminal demand and relevant policies at home and abroad [2][3] Summary by Commodity Steel - The steel market continues to oscillate. Threaded steel demand is in the off-season, with declining apparent demand and production and a slowdown in inventory reduction. Hot-rolled steel demand remains resilient, but high production leads to continued inventory accumulation. Iron ore production is gradually falling but remains at a relatively high level. Negative feedback expectations continue to ferment. Domestic demand is weak, and the market is cautious. The market is expected to oscillate in the short term [2] Iron Ore - The iron ore market is slightly weaker. Supply is expected to increase, with global shipments in the peak season and expected end-of-quarter volume surges. Domestic arrivals are expected to rebound. Port inventories are likely to stop falling and start rising. Terminal demand is weak in the off-season, and steel mill profitability is down. The market is expected to oscillate due to uncertainties [3] Coke - Coke prices are oscillating upward. Iron ore production has slightly declined but remains at 241. There is an expectation of a fourth price cut, and coking profits have shrunk. Coke inventory has slightly decreased, and traders' purchasing willingness is low. The price rebound space is not overly optimistic due to inventory pressure [4] Coking Coal - Coking coal prices are oscillating narrowly. Production is slightly declining due to environmental inspections and other factors. Spot auction transactions have improved slightly, and terminal inventory is decreasing. The price rebound space is limited due to inventory pressure [6] Silicomanganese - Silicomanganese prices are oscillating downward. A large steel mill's tender price has decreased. Inventory has decreased due to previous production cuts, but weekly production is rising. Manganese ore prices are under pressure, and the market is expected to remain weak [7] Ferrosilicon - Ferrosilicon prices are oscillating. Supply is decreasing, and demand is generally okay. Export demand is stable, and metal magnesium production is rising. Some producers may use a trading model to help with inventory reduction, and the sustainability of inventory reduction needs to be observed [8]
黑色金属日报-20250618
Guo Tou Qi Huo·2025-06-18 12:21