Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot Rolled Coil: ★☆☆ [1] - Iron Ore: ★☆☆ [1] - Coke: ★☆☆ [1] - Coking Coal: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - The steel market is affected by factors such as weak terminal demand, policy expectations, and cost support, with the price rebounding but limited by demand [1] - The iron ore market is expected to be volatile and strong in the short - term, due to factors like supply and demand changes and policy expectations [2] - The coke and coking coal markets are likely to be prone to rising and difficult to fall, supported by downstream demand and cost expectations [3][5] - The silicon manganese and ferrosilicon markets are driven by steel, with overall good demand and attention to external trade frictions [6][7] Summaries by Related Categories Steel - Today's steel futures rebounded with fluctuations. Thread demand recovered this week but was still weak year - on - year, production increased, and inventory decreased. Hot - rolled coil demand rose, production was flat, and inventory decreased. Iron - water production remained high, but downstream acceptance was insufficient. With the decline in steel mill profits, the negative feedback expectation in the industrial chain continued to ferment. From September data, domestic demand was weak, and steel exports remained high. The market rebounded due to policy expectations and cost increases, but the weak demand limited the rebound space [1] Iron Ore - Today's iron ore futures were volatile and strong. Supply was strong globally, domestic arrivals declined from a high level, and port inventory continued to accumulate. Demand - side iron - water production was gradually falling from a high level, and the pressure to cut production would increase in the future. With expectations of policy benefits, the market sentiment improved. It is expected to be volatile and strong in the short - term [2] Coke - Coke prices rose during the day. The second round of price hikes in the coking industry started. Coking profits were average, and daily production decreased slightly. Coke inventory continued to decline slightly. Downstream buyers purchased on demand, and traders' purchasing willingness was average. Overall, carbon supply was abundant, and the high - level iron - water production supported the price. The price was likely to be prone to rising and difficult to fall [3] Coking Coal - Coking coal prices rose during the day. Due to political unrest in Mongolia, the stability of Mongolian coal imports was a concern. Coking coal mine production increased slightly, spot auction transactions improved, and prices rose. Terminal inventory increased, and total inventory rose slightly. The price was likely to be prone to rising and difficult to fall [5] Silicon Manganese - Silicon manganese prices rose with fluctuations during the day, driven by steel. Iron - water production remained high on the demand side. Weekly production declined slightly, inventory decreased slightly, and both futures and spot demand were good. Manganese ore prices increased slightly, and inventory decreased slightly [6] Ferrosilicon - Ferrosilicon prices rose with fluctuations during the day, driven by steel. Iron - water production remained high on the demand side. Export demand was about 30,000 tons, with a marginal impact. Magnesium production increased slightly, and overall demand was okay. Supply remained high, and inventory continued to decline [7]
黑色金属日报-20251023
Guo Tou Qi Huo·2025-10-23 11:23