Report Summary 1) Report Industry Investment Rating No specific industry investment ratings are provided in the report. 2) Core Views - The steel market sentiment is weak, with steel prices oscillating weakly. The fundamentals of building materials have improved, while strip products need to reduce production to resolve contradictions. The short - term price will oscillate, and future winter storage games and raw material support should be observed [1]. - The supply - demand of iron ore has weakened marginally, and ore prices will oscillate widely. Although there is a downward pressure on prices due to supply and demand, the limited arrival volume restricts the downward space, and future iron - water production and downstream inventory changes should be noted [3]. - The pressure of double - coking warehouse receipts is emerging, and the prices will oscillate weakly. The supply pressure of coking coal has been relieved, and the demand for coke needs attention due to factors such as steel mill profits and power - coal price fluctuations [4]. - The supply of thermal coal in the production area is tight, and coal prices have risen again. In the short - term, prices will oscillate strongly, and in the long - term, overall consumption and supply should be monitored [6]. 3) Summary by Related Categories Steel - Market Analysis: Steel futures oscillated weakly, and spot trading was average with a significant decline compared to the previous period. Building material production and sales decreased, and inventory continued to decline, while strip products faced high - inventory and high - production problems [1]. - Strategy: The unilateral strategy is to oscillate, and there are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Iron Ore - Market Analysis: Iron ore futures oscillated strongly, and spot prices fluctuated slightly with less trading volume. The supply is high, inventory is increasing, and there is a seasonal weakening expectation for iron - water. However, the limited arrival volume restricts the downward space of prices [3]. - Strategy: The unilateral strategy is to oscillate, and there are no strategies for inter - period, inter - variety, spot - futures, and options [3]. Double - Coking - Market Analysis: Double - coking futures oscillated weakly, with a significant decline in the coking - coal main contract. The supply of coking coal has improved, and the demand for coke is affected by steel mill profits and other factors [4]. - Strategy: Both coking coal and coke strategies are to oscillate, and there are no strategies for inter - period, inter - variety, spot - futures, and options [5]. Thermal Coal - Market Analysis: Due to factors such as safety inspections in production areas, coal prices have risen by 5 - 10 yuan/ton. There are different views on the port market, and the advantage of imported coal still exists [6]. - Supply - Demand Logic: In the short - term, prices will oscillate strongly, and in the long - term, overall consumption and supply should be monitored [6].
黑色建材日报：市场情绪不振，钢价震荡偏弱-20251119
Hua Tai Qi Huo·2025-11-19 02:23