广发期货《黑色》日报-20251121

Group 1: Steel Industry Report's Industry Investment Rating - Not provided Core Viewpoint - Steel prices are expected to maintain a range - bound oscillation. For rebar, focus on the support at the 3000 level, and for hot - rolled coils, focus on the support at the 3240 level. Operate by closing short positions and temporarily holding a wait - and - see attitude on single - side trades [1][3] Summary by Relevant Catalogs - Steel Prices and Spreads: Rebar and hot - rolled coil spot prices in different regions decreased by 10 yuan/ton, and futures contract prices also declined. Rebar 01 contract decreased by 20 yuan, and hot - rolled coil 05 contract decreased by 9 yuan [1] - Cost and Profit: The billet price decreased by 30 yuan, and the slab price remained unchanged. Profits in different regions of rebar and hot - rolled coils showed different trends, such as the East China hot - rolled coil profit increasing by 5 yuan [1] - Production: The daily average pig iron output decreased by 0.6 tons to 236.3 tons, a decrease of 0.3%. The output of five major steel products increased by 15.5 tons to 849.9 tons, an increase of 1.9%. Rebar production increased by 8 tons to 208 tons, an increase of 4% [1] - Inventory: The inventory of five major steel products decreased by 44.2 tons to 1433.1 tons, a decrease of 3%. Rebar inventory decreased by 22.8 tons to 553.3 tons, a decrease of 4% [1] - Trading and Demand: The building materials trading volume decreased by 0.8 to 8.5, a decrease of 8.5%. The apparent demand of five major steel products increased by 33.6 tons to 894.2 tons, an increase of 3.9%. The apparent demand of rebar and hot - rolled coils also increased [1] Group 2: Iron Ore Industry Report's Industry Investment Rating - Not provided Core Viewpoint - Iron ore is expected to show a high - level oscillation trend, and single - side trades should be on hold [4] Summary by Relevant Catalogs - Iron Ore - related Prices and Spreads: The warehouse - receipt costs of some iron ore varieties decreased slightly, such as the PB powder warehouse - receipt cost decreasing by 3.3 yuan, a decrease of 0.4%. The 01 contract basis of some varieties also changed slightly [4] - Supply: The weekly arrival volume at 45 ports decreased by 472 tons to 2269 tons, a decrease of 17.2%, and the global shipping volume increased by 447.4 tons to 3516.4 tons, an increase of 14.6% [4] - Demand: The daily average pig iron output of 247 steel mills decreased by 0.6 tons to 236.3 tons, a decrease of 0.3%. The daily average ore - removal volume at 45 ports increased by 2.9 tons to 329.9 tons, an increase of 0.9% [4] - Inventory Changes: The inventory at 45 ports decreased by 120.8 tons to 15054.65 tons, a decrease of 0.4%. The imported iron ore inventory of 247 steel mills decreased by 75 tons to 9001 tons, a decrease of 0.8% [4] Group 3: Coke and Coking Coal Industry Report's Industry Investment Rating - Not provided Core Viewpoint - For coke, it is regarded as oscillating bearishly in the range of 1550 - 1700, and temporarily on hold. For coking coal, it is regarded as oscillating bearishly in the range of 1050 - 1200, and temporarily on hold [6] Summary by Relevant Catalogs (Coke) - Coke - related Prices and Spreads: Coke futures prices decreased, such as the 01 contract decreasing by 6 yuan, a decrease of 0.3%. The fourth - round price increase of mainstream coke enterprises was fully implemented [6] - Production: The daily average output of all - sample coking plants decreased by 0.3 tons to 63 tons, a decrease of 0.5% [6] - Demand: The pig iron output decreased, and the demand for coke was suppressed to some extent [6] - Inventory Changes: Coking plants, ports, and steel mills all had a slight reduction in inventory, and the overall inventory was slightly lower in the middle level [6] Summary by Relevant Catalogs (Coking Coal) - Coking Coal - related Prices and Spreads: Coking coal futures prices decreased, such as the 01 contract decreasing by 26 yuan, a decrease of 2.3%. Some coking coal prices decreased, such as the Mongolian 5 raw coal (warehouse - receipt) decreasing by 41 yuan, a decrease of 3.2% [6] - Supply: Some shut - down coal mines in Shanxi began to resume production, and the Mongolian coal customs clearance increased significantly in November [6] - Demand: The coking plant's production decreased slightly, and the replenishment demand weakened [6] - Inventory Changes: The overall inventory of coking coal was slightly lower in the middle level, with coal - washing plants, ports, and coking plants reducing inventory [6]