Report Industry Investment Ratings No investment ratings are provided in the report. Core Views - Iron ore is expected to experience wide - range fluctuations due to the repeated macro - expectations [2][4]. - Rebar and hot - rolled coil prices are likely to have an oscillatory correction because of the rapid inventory accumulation [2][7][8]. - Silicon iron and manganese silicon are predicted to have wide - range fluctuations [2][12]. - Coke and coking coal are expected to show wide - range fluctuations [2][15]. - Logs are likely to have repeated oscillations [2][17]. Summary by Related Catalogs Iron Ore - Fundamental Data: The closing price of the futures contract 12601 was 771.5 yuan/ton, up 5.5 yuan or 0.72%. The positions decreased by 948 hands. Among the spot prices, imported ore prices generally increased, while domestic ore prices remained stable. The basis and spreads also had certain changes [4]. - Macro and Industry News: In August, China's Manufacturing Purchasing Managers' Index was 49.4%, up 0.1 percentage points from the previous month [4]. - Trend Intensity: The trend intensity of iron ore is 1 [4]. Rebar and Hot - Rolled Coil - Fundamental Data: The closing prices of RB2510 and HC2510 were 3047 yuan/ton and 3310 yuan/ton respectively, with decreases of 0.49% and 0.48%. The trading volumes, positions and their changes, spot prices, basis and spreads all had corresponding data [8]. - Macro and Industry News: In July 2025, China's steel exports were 983.6 million tons, up 1.6% from the previous month, and the export average price was 702.2 US dollars/ton, up 2.2%. From January to July, the cumulative steel exports were 6798.3 million tons, a year - on - year increase of 11.0%, and the export average price was 699.7 US dollars/ton, a year - on - year decrease of 10.3%. According to the weekly data on August 28, the production, inventory and apparent demand of rebar and hot - rolled coil had different changes. In mid - August 2025, the production and inventory data of key steel enterprises also changed [9][10]. - Trend Intensity: The trend intensity of rebar and hot - rolled coil is 0 [10]. Silicon Iron and Manganese Silicon - Fundamental Data: The closing prices, trading volumes, positions of futures contracts, and spot prices, basis and spreads of silicon iron and manganese silicon all had specific data [12]. - Macro and Industry News: On September 2, the prices of silicon iron 72 in different regions and the procurement prices of silicon iron and manganese silicon by some steel mills were reported [13]. - Trend Intensity: The trend intensity of silicon iron and manganese silicon is 0 [14]. Coke and Coking Coal - Fundamental Data: The closing prices, trading volumes, positions of futures contracts, and spot prices, basis and spreads of coke and coking coal all had corresponding data [15]. - Macro and Industry News: In August, China's Manufacturing Purchasing Managers' Index was 49.4%, up 0.1 percentage points from the previous month [15]. - Trend Intensity: The trend intensity of coke and coking coal is 1 [15]. Logs - Fundamental Data: The closing prices, trading volumes, positions of different futures contracts, and spot prices, basis and spreads of logs all had specific data, and the price changes of different types of logs in different regions were also reported [18]. - Macro and Industry News: In August, China's Manufacturing Purchasing Managers' Index was 49.4%, up 0.1 percentage points from the previous month [20]. - Trend Intensity: The trend intensity of logs is 0 [20].
国泰君安期货商品研究晨报：黑色系列-20250903