国泰君安期货商品研究晨报：黑色系列-20250828

Report Investment Ratings - Iron ore: Oscillating repeatedly [2] - Rebar: Wide - range oscillation [2] - Hot - rolled coil: Wide - range oscillation [2] - Ferrosilicon: Wide - range oscillation [2] - Silicomanganese: Wide - range oscillation [2] - Coke: Wide - range oscillation [2] - Coking coal: Wide - range oscillation [2] - Logs: Oscillating repeatedly [2] Core Views - The report provides investment ratings and trend intensities for various black - series commodities, and presents their fundamental data and macro/industry news for August 28, 2025 Summary by Commodity Iron Ore - Fundamental Data: The futures price of iron ore was 775.5 yuan/ton, down 1.0 yuan (-0.13%). The import ore prices of some types changed slightly, and the basis and spreads also had minor fluctuations. The trend intensity was - 1 [4] - Macro/Industry News: On August 27, the Shanghai government issued an implementation opinion on accelerating the renovation of urban villages [4] Rebar and Hot - rolled Coil - Fundamental Data: The futures prices of RB2510 and HC2510 were 3,111 yuan/ton and 3,349 yuan/ton, down 0.48% and 0.92% respectively. Spot prices in different regions decreased. The trend intensity for both was 0 [7][9] - Macro/Industry News: In mid - August 2025, the daily output of key steel enterprises increased for crude steel, pig iron, and steel products. The steel inventory of key enterprises also changed. Other data such as weekly production, inventory, and apparent demand from August 21, and the manufacturing supply index in July were provided [8][9] Ferrosilicon and Silicomanganese - Fundamental Data: The futures prices of relevant contracts decreased. Spot prices and various spreads were presented. The trend intensity for both was 0 [10] - Macro/Industry News: The prices of ferrosilicon and silicomanganese in different regions were reported. Some steel mills' procurement prices and quantities were given. The start - up rate and production of ferrosilicon enterprises in Inner Mongolia increased in August. The manganese ore export data of Australia's Port Hedland in July were also provided [11][12] Coke and Coking Coal - Fundamental Data: The futures prices of JM2601 and J2601 decreased. Spot prices of some types remained stable, and the basis and spreads changed. The trend intensity for both was 0 [13] - Macro/Industry News: On August 27, the Shanghai government issued an implementation opinion on accelerating the renovation of urban villages [13] Logs - Fundamental Data: The closing prices of different contracts decreased, with varying changes in trading volume and open interest. Spot prices of most types remained stable. The trend intensity was 0 [16] - Macro/Industry News: Shanghai issued the "Shanghai Six Measures" for the real - estate market, involving six adjustments [18]