Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - In the short - term, the macro - economic expectations for steel may be in a vacuum, and the focus should be on industrial contradictions. Steel production is expected to gradually decline, with initial suppression of furnace materials and a potential for resonance in the latter half if supported by macro - funds or policies [3]. - The sentiment in the silicon - iron and manganese - silicon market has declined, and prices are oscillating. The fundamentals have concerns, with high supply, large inventory - clearing pressure, and weak downstream demand, so prices may be under pressure [3]. - For coking coal and coke, the fourth round of coke price increase is in a stalemate. There is downward pressure on coal prices in November, but the decline may be limited. If supply remains low, inventory replenishment may start around mid - December, and coal prices may rise again [3]. - For iron ore, short - term supply is strong due to arrival rhythms, but subsequent shipments are normal. With the decline of molten iron, port inventories will rise, and the previous price range is hard to maintain [3]. Group 3: Summary by Relevant Catalogs Steel - On November 12, the far - month contract closing prices of RB2605, HC2605, etc. and their changes were reported. The trade volume of building materials spot was around 90,000 tons, and the market was generally dull. There is no new driving force in the short - term, and the macro - economic expectations may be in a vacuum. Steel production is expected to decline, and the initial stage will suppress furnace materials [1][2][3]. Silicon - Iron and Manganese - Silicon - Affected by the external macro - environment, market sentiment has declined, and prices are following the adjustment of the black - metal sector. The fundamentals have problems such as high supply and large inventory - clearing pressure, and prices may be under pressure [3]. Coking Coal and Coke - On the spot side, the fourth round of coke price increase is in a stalemate. The coking - coal auction has more non - successful bids, but most prices are rising. The price of Mongolian No. 5 raw coal has dropped to 1100. On the futures side, the sector is oscillating. The positive factors on the supply side of coking coal are weakening, and the high valuation is hard to maintain. There is downward pressure on coal prices in November, but the decline may be limited [3]. Iron Ore - The short - term supply of iron ore is strong due to arrival rhythms, and subsequent shipments are normal. With the decline of molten iron, port inventories will continue to rise, and the previous price range is hard to maintain [3].
黑色金属数据日报-20251113
Guo Mao Qi Huo·2025-11-13 03:16