Report Industry Investment Ratings - Thread: ☆☆☆ [1] - Hot-rolled coil: ☆☆ [1] - Iron ore: ☆☆☆ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Ferrosilicon manganese: ☆☆☆ [1] - Ferrosilicon: ★★★ [1] Core Viewpoints - The steel market has weak internal demand but high exports, with the market stabilizing but lacking upward momentum [2] - The iron ore market is expected to fluctuate at a high level, with concerns about negative feedback in the industrial chain [3] - The coke and coking coal markets are likely to be prone to rising and difficult to fall, supported by high iron - water levels and safety production expectations [4][5] - The ferrosilicon manganese market has high demand and relatively stable supply, with attention to external trade frictions [6] - The ferrosilicon market has overall good demand and continuous inventory reduction, also affected by external trade frictions [7] Summary by Related Catalogs Steel - Thread: Surface demand rebounded month - on - month but was still weak year - on - year, production declined, and inventory decreased [2] - Hot - rolled coil: Demand increased, production decreased slightly, and the inventory accumulation rate slowed down [2] - Overall: Iron - water production decreased slightly but remained high, downstream carrying capacity was insufficient, and the negative feedback expectation in the industrial chain persisted [2] Iron Ore - Supply: Global shipments increased month - on - month and were stronger than the same period last year, and domestic arrivals decreased from a high level but were still strong [3] - Demand: Iron - water production decreased slightly from a high level, and the pressure for future production cuts increased [3] - Market: Expected to fluctuate at a high level, with concerns about trade frictions and expectations of policy benefits [3] Coke - Supply: Coking production decreased slightly, and inventory continued to decline slightly [4] - Demand: Downstream procurement was on a small - scale and on - demand basis, mainly consuming inventory [4] - Market: Prices were likely to be prone to rising and difficult to fall, with support at previous lows and expected cost increases [4] Coking Coal - Supply: Coal mine production increased slightly, and total inventory increased slightly month - on - month [5] - Demand: High iron - water levels provided support for raw materials [5] - Market: Prices were likely to be prone to rising and difficult to fall, with expectations of safety production inspections [5] Ferrosilicon Manganese - Supply: Weekly production decreased slightly, and inventory decreased slightly [6] - Demand: Iron - water production remained high, and expected demand was still good [6] - Market: Attention was paid to the bidding price of a large steel mill in the north, and the impact of external trade frictions [6] Ferrosilicon - Supply: Supply remained at a high level, and inventory continued to be depleted [7] - Demand: Iron - water production remained high, export demand was about 30,000 tons, and secondary demand increased slightly [7] - Market: Attention was paid to steel tender news and the impact of external trade frictions [7]
黑色金属日报-20251020
Guo Tou Qi Huo·2025-10-20 11:25