Report Summary 1. Industry Investment Ratings - No specific industry investment ratings are provided in the reports. 2. Core Views - Steel: The valuation of steel is not high, but the rebound driving force is insufficient. In the short - term, the macro - economic outlook may be in a vacuum, and the focus is on industrial contradictions. The steel price is unlikely to be further suppressed, but there is no strong driving force for price increases. The overall industrial logic is a gradual decline in steel production, with potential for a sector - wide resonance increase later [2]. - Silicon Ferrosilicon and Manganese Silicon: Market sentiment has declined, and prices are oscillating. The fundamentals have concerns such as high supply, large inventory de - stocking pressure, and weak downstream demand, so prices may be under pressure and oscillate [3][5]. - Coking Coal and Coke: The fourth round of price increases for coke has started, and the industrial pressure in the steel off - season has increased. The supply of coking coal is still tight, but the positive supply factors are weakening, and the negative demand factors are emerging. The sector is expected to be in a state of oscillation [6]. - Iron Ore: The short - term supply of iron ore is relatively strong, mainly due to arrival rhythms. With the decline in molten iron production, the port inventory of iron ore will continue to rise, and the previous short positions can be held [7]. 3. Summary by Category Futures Market Data - Futures Closing Prices and Changes: On November 7, for far - month contracts (RB2605, HC2605, etc.), prices showed various changes. For example, RB2605 closed at 3095 yuan/ton, down 1 yuan (- 0.03%); for near - month contracts (RB2601, HC2601, etc.), RB2601 closed at 3034 yuan/ton, up 6 yuan (0.20%). There were also corresponding changes in cross - month spreads, basis, and other indicators [1]. Steel - Market Situation: Weekend steel spot prices dropped slightly, with a decline of 10 - 20 yuan, and trading volume was low. In the short - term, the macro - economic outlook is in a vacuum, and the focus is on industrial contradictions. The steel price is unlikely to be further suppressed, but there is no strong driving force for price increases. The long - term trend is a gradual decline in steel production, with potential for a sector - wide resonance increase later [2]. Silicon Ferrosilicon and Manganese Silicon - Market Situation: Affected by external macro - factors, market sentiment has declined, and the prices of silicon ferrosilicon and manganese silicon have followed suit. The fundamentals have concerns such as high supply, large inventory de - stocking pressure, and weak downstream demand. Prices may be under pressure and oscillate, and future attention should be paid to supply - demand changes [5]. Coking Coal and Coke - Market Situation: The fourth round of price increases for coke has started, and the spot market sentiment is average. The supply of coking coal is still tight, but the positive supply factors are weakening, and the negative demand factors are emerging. The steel off - season has increased industrial pressure, and the sector is expected to be in a state of oscillation [6]. Iron Ore - Market Situation: The short - term supply of iron ore is relatively strong, mainly due to arrival rhythms. With the decline in molten iron production, the port inventory of iron ore will continue to rise, and the previous short positions can be held [7].
黑色金属数据日报-20251110
Guo Mao Qi Huo·2025-11-10 05:52