《黑色》日报-20250821

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Steel Industry - The steel market is expected to maintain a high - level oscillation pattern. Suggest a wait - and - see approach for now [1]. Iron Ore Industry - After previous adjustments, iron ore will follow the rebound of finished steel products. It is recommended to switch to a buy - on - dips strategy [4]. Coke and Coking Coal Industry - For coke, it is recommended to switch to a buy - on - dips strategy for the 2601 contract and conduct a 9 - 1 positive spread arbitrage [6]. - For coking coal, it is recommended to switch to a buy - on - dips strategy and conduct a 9 - 1 positive spread arbitrage [6]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - The prices of most steel products decreased slightly, such as the prices of hot - rolled coils in different regions and some futures contracts of rebar [1]. Cost and Profit - The costs of some steel production processes decreased, while the profits of hot - rolled coils in some regions increased slightly, and the profits of rebar decreased [1]. Production and Inventory - The daily average pig iron output and the output of five major steel products increased slightly, but the rebar output decreased. The inventory of five major steel products and rebar increased [1]. Market Outlook - The rebar data has deteriorated, with a significant decline in August demand. The hot - rolled coil supply and demand are stable. The market is expected to maintain a high - level oscillation pattern [1]. Iron Ore Industry Prices and Spreads - The basis of some iron ore varieties increased, and the spreads between different contracts changed slightly [4]. Supply and Demand - The global iron ore shipment volume increased significantly, and the arrival volume at 45 ports decreased. The demand side shows that the iron water output remains at a high level, but the downstream demand has declined [4]. Inventory - The port inventory increased slightly, the steel mill's equity ore inventory increased, and the inventory available days of some steel mills increased [4]. Market Outlook - In August, the iron water output will decline slightly. After the previous adjustment, iron ore will follow the rebound of finished steel products [4]. Coke and Coking Coal Industry Prices and Spreads - The prices of coke and coking coal futures contracts decreased, and the spreads between different contracts changed [6]. Supply and Demand - The coking enterprise's production increased slightly, and the demand side shows that the blast furnace iron water output fluctuates at a high level. The supply of coking coal has increased, and the downstream demand has slowed down [6]. Inventory - The coke inventory decreased overall, and the coking coal inventory is at a medium level with different trends in different sectors [6]. Market Outlook - The seventh round of coke price increase is still expected. For both coke and coking coal, it is recommended to switch to a buy - on - dips strategy and conduct 9 - 1 positive spread arbitrage [6].