Report Industry Investment Rating No relevant content provided. Core View of the Report - The steel market is currently in a situation of weak supply and demand, and it is expected that the short - term market will mainly be in low - level consolidation. The iron ore, coking coal, and coke markets are expected to show a volatile trend in the short term. The manganese silicon and ferrosilicon markets are expected to operate in a low - level volatile manner in the short term [1][3]. Summary by Directory 1. Research View - Steel: The rebar futures market showed a strong - side volatile trend yesterday. The spot price was basically stable, and the trading volume increased. The inventory change was not significant, and the steel billet exports increased significantly, alleviating the domestic supply pressure. It is expected to be in low - level consolidation [1]. - Iron Ore: The main contract price of iron ore futures rose yesterday. The port spot price declined. The global iron ore shipments increased slightly, the demand side continued to increase, and the inventory of 47 ports decreased while the steel mills' inventory increased. It is expected to show a volatile trend [1]. - Coking Coal: The coking coal futures market rose yesterday. The spot price in some areas decreased, and the Mongolian coal market was strong with light trading. The supply increase was limited, and the demand was rigid. It is expected to operate in a volatile manner [1]. - Coke: The coke futures market rose yesterday. The spot price at the port declined, the fourth round of price reduction was implemented, and the coking enterprises' production - cut expectation increased. The demand was in a good state. It is expected to operate in a volatile manner [1]. - Manganese Silicon: The manganese silicon futures price weakened in a volatile manner on Monday. The spot price in some areas increased. The weekly output was at a low level but rising, the demand improved slightly but was still low year - on - year, and the cost support was limited. It is expected to operate in a low - level volatile manner [1][3]. - Ferrosilicon: The ferrosilicon futures price weakened in a volatile manner on Monday. The spot price was basically flat. The weekly output increased, the demand improved slightly, and the cost support was weak. It is expected to operate in a low - level volatile manner [3]. 2. Daily Data Monitoring - Contract Spread: The contract spreads of various varieties showed different changes, such as the 10 - 1 spread of rebar being 4.0, down 3.0; the 1 - 5 spread of hot - rolled coil being 9.0, up 2.0 [4]. - Basis: The basis of each variety also had different changes, for example, the basis of the 10 - contract of rebar was 95.0, down 3.0; the basis of the 09 - contract of iron ore was 42.8, down 5.2 [4]. - Spot Price: The spot prices of different regions and varieties showed different trends, like the Shanghai rebar price remaining unchanged at 3090.0 yuan/ton, and the PB powder price at Rizhao Port dropping to 708.0 yuan/ton, down 2.0 [4]. - Profit and Spread: The profits and spreads of different varieties changed, such as the rebar's disk profit being 94.6, down 2.2; the coil - rebar spread being 117.0, down 7.0 [4]. 3. Chart Analysis - Main Contract Price: The report provides price trend charts of main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [7][9][11][14]. - Main Contract Basis: It shows the basis trend charts of main contracts of various varieties from 2020 - 2025, such as rebar, hot - rolled coil, iron ore, etc [17][18][21][23]. - Inter - period Contract Spread: The report presents the inter - period contract spread trend charts of different varieties, including rebar, hot - rolled coil, iron ore, etc [25][27][31][33][34][35][37]. - Inter - variety Contract Spread: It provides the inter - variety contract spread trend charts of main contracts, like the coil - rebar spread, rebar - iron ore ratio, etc [39][40][41][42]. - Rebar Profit: The report shows the profit trend charts of rebar, including the disk profit, long - process profit, and short - process profit from 2020 - 2025 [44][46][48]. 4. Black Research Team Member Introduction - Qiu Yuecheng: The current assistant director of the Everbright Futures Research Institute and the director of black research, with nearly 20 years of experience in the steel industry [50]. - Zhang Xiaojin: The current director of resource product research at the Everbright Futures Research Institute, with rich experience in the coal industry [50]. - Liu Xi: A black researcher at the Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [50]. - Zhang Chunjie: A black researcher at the Everbright Futures Research Institute, with experience in investment trading strategies and spot - futures operations [51].
黑色商品日报（2025 年 6 月 24 日）-20250624
Guang Da Qi Huo·2025-06-24 08:49