《黑色》日报-20250925

Report Industry Investment Ratings - No information provided in the reports about industry investment ratings. 2. Core Views Steel Industry - Steel prices are expected to maintain a high - level oscillating trend considering high - level steel exports, seasonal improvement in demand, and a positive macro environment. Suggest light - position long - entry attempts and holding short positions on the January spread between hot - rolled coils and rebar [1]. Iron Ore Industry - The iron ore market is in a balanced and slightly tight pattern. Although the weak performance of finished steel drags down raw materials, it is still considered to oscillate upward. It is recommended to go long on the Iron Ore 2601 contract at low prices and conduct an arbitrage strategy of long iron ore and short hot - rolled coils [4]. Coke Industry - The spot price of coke is expected to gradually rebound. The market is trading the expectation of coal - coke production restrictions from September to October and the driving force of a bottom - building rebound. It is recommended to go long on the Coke 01 contract at low prices and conduct an arbitrage strategy of long coking coal and short coke [6]. Coking Coal Industry - The coking coal market is expected to be in a balanced and slightly tight state. It is recommended to go long on the Coking Coal 01 contract at low prices and conduct an arbitrage strategy of long coking coal and short coke [6]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices in different regions showed varying degrees of increase. For example, the spot price of rebar in East China increased by 10 yuan/ton, and the 05 contract of rebar increased by 15 yuan/ton [1]. Cost and Profit - The billet price decreased by 30 yuan/ton, while the slab price remained unchanged. The profits of hot - rolled coils in different regions decreased, with the East China hot - rolled coil profit decreasing by 30 yuan/ton [1]. Production and Inventory - The daily average pig iron output increased by 0.4 to 241.0, a 0.2% increase. The output of five major steel products decreased by 1.8 to 855.5, a 0.2% decrease. The inventory of five major steel products increased by 5.1 to 1519.7, a 0.3% increase [1]. Transaction and Demand - The daily average building materials trading volume increased by 1.2 to 10.4, a 12.9% increase. The apparent demand for five major steel products increased by 7.0 to 850.3, a 0.8% increase [1]. Iron Ore Industry Prices and Spreads - The warehouse - receipt costs of different iron ore powders showed small fluctuations. The 01 - contract basis of various iron ore powders decreased significantly, for example, the 01 - contract basis of PB powder decreased by 44.6, a 54.0% decrease [4]. Supply and Demand - The weekly global iron ore shipment volume decreased by 248.3 to 3324.8, a 6.9% decrease, while the 45 - port arrival volume increased by 312.7 to 2675.0, a 13.2% increase. The weekly average pig iron output of 247 steel mills increased by 0.5 to 241.0, a 0.2% increase [4]. Inventory - The 45 - port inventory increased by 129.9 to 13930.97, a 0.9% increase. The imported ore inventory of 247 steel mills increased by 316.4 to 9309.4, a 3.5% increase [4]. Coke Industry Prices and Spreads - The prices of coke in different regions and contracts showed varying degrees of increase. For example, the price of Rizhao Port's quasi - first - grade wet - quenched coke (warehouse - receipt) increased by 11 to 1603, a 0.7% increase [6]. Supply and Demand - The weekly average output of all - sample coking plants decreased slightly by 0.1% to 66.7. The weekly iron ore output of 247 steel mills increased by 0.5 to 241.0, a 0.2% increase [6]. Inventory - The total coke inventory increased by 8.9 to 915.2, a 1.0% increase. The coke inventory of all - sample coking plants decreased by 1.4 to 66.4, a 2.1% decrease [6]. Coking Coal Industry Prices and Spreads - The prices of coking coal in different regions and contracts showed varying degrees of increase. For example, the price of Mongolian 5 raw coal (warehouse - receipt) increased by 5 to 1185, a 0.4% increase [6]. Supply and Demand - The output of sample coal mines increased, with the raw coal output increasing by 11.4 to 872.5, a 1.3% increase. The demand for coking coal increased as the iron ore output continued to rise and the coking plant operation remained stable [6]. Inventory - The inventory of coal mines, ports, and steel mills decreased, while the inventory of coal - washing plants, coking plants, and ports increased [6].