Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall atmosphere in the commodity market is weak, and the prices of finished steel products continue to fluctuate weakly. Although the global liquidity easing is expected to drive the recovery of the manufacturing industry and indirectly boost steel demand in the long - term, currently, the demand for both rebar and hot - rolled coils is weak, and steel prices may still decline if demand cannot be effectively restored [2]. - The supply of iron ore has increased, with overseas shipments reaching a high level in the same period. Although the demand for iron ore remains strong in the short - term, the price is expected to fluctuate as the profitability of steel mills has been decreasing [5]. - The prices of ferrosilicon and silicomanganese are in a range - bound pattern, and the operation difficulty is high. From a fundamental perspective, they are likely to follow the trend of the black sector, and the operation cost - effectiveness is relatively low [9][11]. - The price of industrial silicon is expected to fluctuate. Although there is some support from the demand side, the problems of over - capacity, high inventory, and insufficient demand still exist. The price of polysilicon is more influenced by policies, and the inventory reduction space of the whole industry is limited [14][17]. - The glass market shows a differentiated trend, with supply slightly increasing and inventory decreasing marginally. However, terminal demand is weak, and it is expected to maintain a volatile trend. The demand for soda ash is average, and it is expected to fluctuate narrowly [20][22]. Summary by Related Catalogs Steel Products Rebar - Market Quotes: The closing price of the rebar main contract was 3147 yuan/ton, down 21 yuan/ton (- 0.66%) from the previous trading day. The registered warehouse receipts decreased by 14137 tons, and the position increased by 36313 lots. In the spot market, the prices in Tianjin and Shanghai decreased [1]. - Strategy Viewpoints: The demand for rebar is weak even in the traditional peak season. If demand cannot be effectively restored, steel prices may decline. Attention should be paid to the policy trends of the Fourth Plenary Session [2]. Hot - Rolled Coils - Market Quotes: The closing price of the hot - rolled coil main contract was 3354 yuan/ton, down 36 yuan/ton (- 1.06%) from the previous trading day. The registered warehouse receipts decreased by 13892 tons, and the position increased by 20862 lots. The spot prices in Lecong and Shanghai remained unchanged [1]. - Strategy Viewpoints: Although hot - rolled coils have some resilience, the overall demand is still weak. The inventory has slightly increased, and steel prices may decline if demand cannot be effectively restored [2]. Iron Ore - Market Quotes: The main contract (I2601) of iron ore closed at 800.00 yuan/ton, with a change of - 0.56% (- 4.50), and the position decreased by 936 lots to 53.35 million lots. The weighted position was 84.20 million lots. The spot price of PB powder at Qingdao Port was 792 yuan/wet ton, with a basis of 42.25 yuan/ton and a basis rate of 5.02% [4]. - Strategy Viewpoints: The supply of iron ore has increased, with the shipments from Australia, Brazil, and non - mainstream countries all rising. The demand is strong in the short - term, but the profitability of steel mills has been decreasing. The port inventory has slightly decreased, and the price is expected to fluctuate [5]. Ferrosilicon and Silicomanganese Silicomanganese - Market Quotes: The main contract (SM601) of silicomanganese closed down 0.33% at 5970 yuan/ton. The spot price in Tianjin was 5820 yuan/ton, unchanged from the previous day, with a premium of 40 yuan/ton to the futures price [8]. - Strategy Viewpoints: The price of silicomanganese is in a range - bound pattern. It is recommended to wait and see, focusing on the resistance near 6000 yuan/ton and the support between 5600 - 5650 yuan/ton [9]. Ferrosilicon - Market Quotes: The main contract (SF511) of ferrosilicon closed down 0.17% at 5756 yuan/ton. The spot price in Tianjin was 5750 yuan/ton, unchanged from the previous day, with a discount of 6 yuan/ton to the futures price [8]. - Strategy Viewpoints: The price of ferrosilicon is also in a range - bound pattern. It is recommended to wait and see, focusing on the resistance near 5800 yuan/ton and the support between 5400 - 5450 yuan/ton [9]. Industrial Silicon and Polysilicon Industrial Silicon - Market Quotes: The main contract (SI2511) of industrial silicon closed at 8905 yuan/ton, down 0.67% (- 60). The weighted position increased by 5945 lots to 516168 lots. The spot prices of 553 and 421 in East China remained unchanged, with a basis of 195 yuan/ton and - 105 yuan/ton respectively [13]. - Strategy Viewpoints: The price of industrial silicon is expected to fluctuate. Although the demand from downstream polysilicon and silicone DMC has increased, the problems of over - capacity, high inventory, and insufficient demand still exist. Attention should be paid to the progress of capacity reduction and the resumption of production on the supply side [14][15]. Polysilicon - Market Quotes: The main contract (PS2511) of polysilicon closed at 53205 yuan/ton, down 0.53% (- 285). The weighted position decreased by 5951 lots to 283593 lots. The average spot prices of N - type granular silicon, N - type dense material, and N - type re - feeding material were 49.5 yuan/kg, 51.1 yuan/kg, and 52.6 yuan/kg respectively, with a basis of - 605 yuan/ton [16]. - Strategy Viewpoints: The price of polysilicon is more influenced by policies. The supply is close to the high level in the same period, and the inventory reduction space of the whole industry is limited. Attention should be paid to the progress of capacity integration and downstream price transfer [17]. Glass and Soda Ash Glass - Market Quotes: The main contract of glass closed at 1208 yuan/ton on Thursday afternoon, down 2.11% (- 26). The prices in North China and Central China were 1150 yuan and 1140 yuan respectively, with the former remaining unchanged and the latter increasing by 10 yuan. The weekly inventory of float glass sample enterprises decreased by 67.5 million cases (- 1.10%). The atmosphere in the market was bearish [19]. - Strategy Viewpoints: The spot market shows a differentiated trend. The supply has slightly increased, and the inventory has decreased marginally due to pre - holiday stocking. However, terminal demand is weak, and it is expected to maintain a volatile trend [20]. Soda Ash - Market Quotes: The main contract of soda ash closed at 1306 yuan/ton on Thursday afternoon, down 2.10% (- 28). The price in Shahe decreased by 23 yuan to 1216 yuan. The weekly inventory of soda ash sample enterprises decreased by 4.19 million tons (- 1.10%), including a decrease of 2.84 million tons in heavy - soda ash inventory and 1.35 million tons in light - soda ash inventory. The atmosphere in the market was bullish [21]. - Strategy Viewpoints: The demand for soda ash is average, and the orders before the National Day have increased, but the transaction is still based on rigid demand. The market lacks substantial positive support and is expected to fluctuate narrowly [22].
黑色建材日报：2025-09-19-20250919
Wu Kuang Qi Huo·2025-09-19 01:13