黑色商品日报-20250926

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The prices of steel, iron ore, coking coal, coke, ferromanganese silicon, and ferrosilicon are expected to be in a state of narrow - range consolidation or oscillation in the short term due to various factors such as supply - demand balance, cost changes, and market sentiment [1][3]. 3. Summary According to Related Catalogs 3.1 Research Views - Steel: The rebar futures price had a narrow - range fluctuation. The spot price was basically stable, and the trading volume increased slightly. The supply - demand data improved, but there was still some pressure. The price was expected to be in narrow - range consolidation [1]. - Iron Ore: The futures price rose. The supply decreased slightly, while the demand increased. With the inventory increase, the price was expected to oscillate [1]. - Coking Coal: The futures price rose. There were minor production restrictions in some coal mines, and the downstream procurement was still active. The price was expected to have a wide - range oscillation [1]. - Coke: The futures price rose. The main coking enterprises initiated a price increase, but the consumption was lower than expected. The price was expected to have a wide - range oscillation [1]. - Ferromanganese Silicon: The futures price strengthened with oscillation. The market sentiment was boosted, but the fundamental driving force was limited. The price was expected to follow the overall trend of the black sector [1][3]. - Ferrosilicon: The futures price strengthened with oscillation. The market sentiment was positive, but the fundamental driving force was limited. The price was expected to follow the overall trend of the black sector [3]. 3.2 Daily Data Monitoring - Contract Spread: The 1 - 5 - month and 5 - 10 - month spreads of various commodities such as rebar, hot - rolled coil, iron ore, etc. showed different changes compared to the previous period [4]. - Basis: The basis of different contracts of various commodities also had corresponding changes [4]. - Spot Price: The spot prices of different regions of various commodities had certain fluctuations or remained unchanged [4]. - Profit and Spread: The profits and spreads of different commodities had different changes, such as rebar's profit and spreads between different commodities [4]. 3.3 Chart Analysis - Main Contract Price: The charts showed the historical trends of the main contract prices of rebar, hot - rolled coil, iron ore, etc. from 2020 to 2025 [6][7][8][9][11][15]. - Main Contract Basis: The charts presented the historical trends of the basis of rebar, hot - rolled coil, iron ore, etc. for different years and months [17][19][22][24]. - Inter - period Contract Spread: The charts showed the historical trends of the spreads between different contracts of various commodities, such as rebar, hot - rolled coil, iron ore, etc. [27][29][30][31][32][34][35][36][38][40]. - Inter - commodity Contract Spread: The charts presented the historical trends of the spreads between different commodities, such as the spread between hot - rolled coil and rebar, the ratio of rebar to iron ore, etc. [42][43][44][45]. - Rebar Profit: The charts showed the historical trends of the rebar's main contract's on - disk profit, long - process profit, and short - process profit from 2020 to 2025 [47][48][50][51]. 3.4 Black Research Team Member Introduction - The black research team of Everbright Futures includes members such as Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional qualifications in the field of black commodity research [53][54].