黑色建材日报：政策提振情绪，黑色大幅上行-20250711

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The continuous fermentation of the "anti-involution" policy has improved the sentiment in the commodity market, leading to significant upward movements in the prices of steel, iron ore, and coking coal and coke futures [1][3][6] - The steel market is in the off-season, but the inventory accumulation of finished products is not obvious, and the consumption resilience of finished products in domestic and foreign markets is relatively strong [1] - The iron ore market has seen a rebound in prices due to the end of the shipping peak and the destocking of port inventories, while the iron ore demand has decreased but remains at a relatively high level [3] - The coking coal supply has tightened, and the industry's total inventory has reached a relatively low level. The demand for coke has some support, and the short - term supply - demand situation has slightly improved [6] - The power coal market has short - term price fluctuations due to weather - affected supply and expected increase in demand with rising temperatures. In the long - term, the supply is in a loose pattern [7] Summary by Related Catalogs Steel - Market Analysis: Futures prices of steel rebounded significantly, with the rebar futures main contract closing at 3123 yuan/ton, up 1.96%, and the hot - rolled coil main contract at 3262 yuan/ton, up 2.26%. The spot trading volume was 115,000 tons. The total steel output decreased, and the inventory accumulation in the off - season was not obvious [1] - Strategy: The unilateral strategy is to expect a volatile market, while cross - period, cross - variety, spot - futures, and options strategies are not available [2] Iron Ore - Market Analysis: The futures price of iron ore rose significantly, with the main 2509 contract closing at 763.5 yuan/ton, up 3.67%. The daily average pig iron output was 239,810 tons, a decrease of 10,400 tons from the previous period. The total transaction volume of iron ore at major ports was 913,000 tons, a decrease of 3.08% from the previous day, and the forward spot transaction volume decreased by 49.36% [3] - Strategy: The unilateral strategy is to expect a volatile market, while cross - period, cross - variety, spot - futures, and options strategies are not available [4] Coking Coal and Coke - Market Analysis: The coking coal futures prices rose significantly. The coal prices in the main production areas increased slightly, and the port market sentiment was good. The port coke spot market remained stable [5] - Strategy: Both coking coal and coke are expected to have a volatile market, while cross - period, cross - variety, spot - futures, and options strategies are not available [6] Power Coal - Market Analysis: In the production areas, some coal mines were affected by rainfall. The procurement prices of large station operators increased, and the coal prices of most cost - effective mines rose slightly, while a few mines' prices were under pressure. At the ports, the upstream shipping costs increased, and the prices remained stable. The import of high - calorie Australian coal was not liquid, while the low - calorie Indonesian coal was more cost - effective [7] - Strategy: No strategy is provided [7]