Report Industry Investment Ratings - Thread steel: ☆☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ★☆☆ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Silicomanganese: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - The steel market is volatile in the short term, with macro sentiment providing support but weak demand expectations limiting the upside potential [2] - The iron ore market is expected to fluctuate at high levels [2] - The coke and coking coal markets are likely to be prone to rising and difficult to fall [3][5] - The silicomanganese and ferrosilicon markets follow the steel trend [6][7] Summary by Related Catalogs Steel - Thread steel's apparent demand continues to recover but is still weak year-on-year, production has rebounded, and inventory has continued to decline [2] - Hot-rolled coil demand continues to rise, production is basically flat, and inventory has declined [2] - Iron water production remains high overall, but downstream carrying capacity is insufficient, and the negative feedback pressure in the industrial chain remains to be alleviated [2] - Domestic demand is still weak overall, while steel exports remain high [2] Iron Ore - Global shipments are at a high level and stronger than the same period last year, while domestic arrivals have fallen below the annual average level, and port inventory is on an accumulating trend [2] - Iron water production has gradually declined from a high level, and steel mills' profitability has shrunk to a low level this year [2] - Policy benefits are expected, and market sentiment has improved [2] Coke - The second round of price increases for coking has been fully implemented [3] - Coking profits are average, and daily production has decreased slightly [3] - Coke inventory has hardly changed, and downstream procurement is mainly to consume inventory [3] - The market has certain expectations for the safety production assessment in the main coking coal producing areas, and prices may be prone to rising and difficult to fall [3] Coking Coal - Production at coking coal mines has decreased slightly, and spot auction transactions have improved [5] - Total coking coal inventory has increased slightly month-on-month, and production-end inventory has decreased slightly [5] - The market has certain expectations for the safety production assessment in the main coking coal producing areas, and prices may be prone to rising and difficult to fall [5] Silicomanganese - Iron water production remains at a high level, but this week's Tangshan production restrictions may lead to a further decline [6] - Weekly production of silicomanganese has declined slightly, and inventory has decreased slightly [6] - Manganese ore prices have increased slightly, and inventory has decreased slightly [6] Ferrosilicon - Iron water production remains at a high level, but this week's Tangshan production restrictions may lead to a further decline [7] - Export demand remains at around 30,000 tons, with a marginal impact [7] - Ferrosilicon supply remains at a high level, and on-balance sheet inventory has continued to decline [7]
黑色金属日报-20251028
Guo Tou Qi Huo·2025-10-28 14:35