黑色：钢厂亏损减产盘面走负反馈

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoint - The steel mills are suffering losses and reducing production, and the futures market is experiencing a negative feedback loop [2] Summary by Relevant Catalogs 01 Black Plate Performance Comparison - Last week, the black plate declined collectively, with iron ore leading the decline, dropping about 5% week-on-week. The strength relationship among varieties was coke > coking coal > hot-rolled coil > rebar > iron ore [4] 02 Futures Market Rise and Fall Comparison - The performance of different futures was differentiated, with black and energy-chemical futures being relatively weak [8] 03 Spot Prices - Coking coal and coke prices rose, while steel and iron ore prices fell [15] 04 Profit and Valuation - The profitability of steel mills decreased significantly, and the valuation of rebar futures was relatively low [16] 05 Steel Supply and Demand - Both steel production and demand decreased, and the inventory depletion slowed down [18] 06 Iron Ore Supply and Demand - Iron ore arrivals increased significantly month-on-month, and port inventories rebounded [27] 07 Coking Coal Supply and Demand - Coking coal production decreased slightly, and inventories shifted downstream [33] 08 Coke Supply and Demand - Coke production decreased slightly, and inventories were depleted again [35] 09 Variety Spreads - The futures profit continued to decline, and the spread between hot-rolled coil and rebar remained stable [37] 10 Key Data/Policy/Information - On November 3, the Ministry of Finance established a new Debt Management Department. The State Council Tariff Commission adjusted the tariff measures on imported goods from the United States. The "China's Actions for Carbon Peak and Carbon Neutrality" white paper was released. Various economic data such as trade, employment, and reserves were announced, and OPEC+ made production adjustment decisions [42]