黑色金属日报-20251212

Report Industry Investment Ratings - Thread Steel: ☆☆☆ [1] - Hot Rolled Coil: ☆☆☆ [1] - Iron Ore: ★★★ [1] - Coke: ★☆☆ [1] - Coking Coal: ★☆☆ [1] - Silicon Manganese: ☆☆☆ [1] - Silicon Ferrosilicon: ★★★ [1] Core Views - The negative feedback pattern in the steel market continues, with weak demand and low profits for steel mills. The market sentiment is pessimistic, and the volatility may intensify in the weak market [2]. - The iron ore market has a relatively loose fundamental situation, with a downward pressure on the overall trend in the medium and long term due to the gradually surplus supply and demand [3]. - The coke and coking coal markets are affected by the decline in iron water production and the pressure on steel mill profits, and the prices may be weak and volatile [4][6]. - The silicon manganese and silicon ferrosilicon markets have different supply and demand situations, with the price movements affected by factors such as raw material prices and demand [7][8]. Summaries by Related Catalogs Steel - The steel futures market continued to decline. The demand and supply of both thread steel and hot rolled coil decreased, and the inventory pressure remained. The iron water production continued to decline, and the possibility of further blast furnace production cuts was high. The downstream demand was weak, and the export remained high. The market sentiment was pessimistic, and the coal and coke price drops put pressure on the market [2]. Iron Ore - The iron ore futures market fluctuated. The global shipment was strong, and the domestic port inventory reached a new high. The demand was weak in the off - season, and the iron water was in a seasonal production - cut trend. The macro - expectations were gradually realized, and the overall trend had a downward pressure in the medium and long term [3]. Coke - The coke price fluctuated downward. The second round of price cuts was fully implemented, and the coking profit was average. The inventory decreased slightly, and the downstream demand was weak. The price might be weak and volatile [4]. Coking Coal - The coking coal price fluctuated downward. The production of coking coal mines decreased slightly, and the inventory increased. The downstream demand was weak, and the price might be weak and volatile [6]. Silicon Manganese - The silicon manganese price fluctuated upward. The manganese ore price increased due to the futures market rebound. The port inventory had a structural problem, and the demand for some ores might change. The iron water production decreased seasonally, and the inventory increased slowly [7]. Silicon Ferrosilicon - The silicon ferrosilicon price fluctuated upward. The market expected a decrease in power cost and semi - coke price. The demand from metal magnesium production increased marginally, and the overall demand was still resilient. The supply decreased, and the inventory decreased slightly [8].