BOHAI SECURITIES·2025-11-11 10:48Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [5]. Core Views - The report indicates an optimistic outlook for the fundamentals of the metal industry, particularly in lithium and rare earths, with expectations of price stabilization in the short term due to various supply and demand factors [2][3][4]. Steel Industry Summary - The steel industry is entering a consumption off-season, with increasing pressure on steel prices due to declining profits at steel mills and planned maintenance leading to expected supply reductions. Short-term steel prices are anticipated to fluctuate [17][24]. - As of November 7, 2025, the total steel inventory was 14.92 million tons, a decrease of 0.60% from the previous period but an increase of 22.87% year-on-year [24]. - The average price of steel on November 7, 2025, was 3,419.80 yuan/ton, reflecting a decrease of 1.09% from the previous period and an 8.08% decline year-on-year [35]. Copper Industry Summary - The copper market is experiencing tight supply due to accidents at major overseas mines, which is providing support for copper prices. The report highlights the importance of upcoming U.S. economic data on copper price trends [4][40]. - As of November 7, 2025, the LME copper spot price was $10,700/ton, a decrease of 1.66% from the previous period [42]. Aluminum Industry Summary - The aluminum sector is facing challenges with low alumina prices impacting profits, while domestic demand is shifting from strong to weak. The report suggests that aluminum prices may continue to fluctuate in the short term [5][44]. - On November 7, 2025, the LME aluminum spot price was $2,800/ton, reflecting a decrease of 1.53% from the previous period [45]. Gold Industry Summary - The gold market is influenced by geopolitical factors and U.S. economic conditions, with recent data showing support for gold prices despite pressure from hawkish Federal Reserve statements. The report emphasizes the importance of monitoring U.S. economic indicators and geopolitical developments [50][52]. Lithium and Rare Earths Summary - The lithium market is expected to see price stabilization in the short term, with the resumption of production at CATL's projects potentially exerting downward pressure on prices. However, strong fundamentals are expected to provide support [3][57]. - The rare earth market is anticipated to improve with increasing demand for neodymium-iron-boron, which is expected to support rare earth prices [3].