钢材产业期现日报-20251222

1. Report Industry Investment Ratings - There is no information about industry investment ratings in the provided reports [1][4][7][8] 2. Core Views of the Reports Steel Industry - The overall steel market is expected to maintain a range - bound trend. Rebar is predicted to stay within the 3000 - 3200 range, and hot - rolled coils within the 3150 - 3350 range. The 1 - 5 positive spread of rebar can be held, the 5 - month hot - rolled coil to rebar spread should be exited at low levels, and long positions in the rebar - to - iron ore ratio can be considered at low levels [1] Iron Ore Industry - Iron ore prices are expected to maintain a range - bound trend, with the range of 730 - 820. It is recommended to operate within the range for the 05 contract and try short - selling around 800 [4] Coke and Coking Coal Industry - For coke, short - term rebound expectations exist. It is advisable to go long on the coke 2605 contract at low prices and adopt the strategy of long coking coal and short coke. For coking coal, short - term rebound expectations also exist, and it is recommended to go long on the coking coal 2605 contract at low prices with the same long - short strategy [7] Ferrosilicon and Ferromanganese Industry - Ferrosilicon prices are expected to be range - bound between 5400 - 5650. It is recommended to try short - selling when the price rebounds above the spot cost in Ningxia. Ferromanganese is expected to move weakly in the short term, and the price decline is limited [8] 3. Summaries According to Relevant Catalogs Steel Industry - Prices and Spreads: Rebar and hot - rolled coil spot prices in some regions decreased, and futures prices also declined. The basis and spreads showed different trends [1] - Cost and Profit: Steel billet and slab prices were stable, while steelmaking costs and profits changed. For example, the cost of Jiangsu electric - arc furnace rebar increased by 5 yuan/ton, and the profit of East China hot - rolled coils increased by 8 yuan/ton [1] - Production: The daily average pig iron output increased slightly by 0.1%, the output of five major steel products decreased by 1.0%, rebar output increased by 1.6% (with electric - arc furnace output increasing by 6.3%), and hot - rolled coil output decreased by 5.4% [1] - Inventory: The inventory of five major steel products decreased by 2.8%, rebar inventory decreased by 5.6%, and hot - rolled coil inventory decreased by 1.6% [1] - Trading and Demand: Building materials trading volume increased by 2.8%, the apparent demand for five major steel products decreased by 0.5%, rebar apparent demand increased by 2.7%, and hot - rolled coil apparent demand decreased by 4.4% [1] Iron Ore Industry - Prices and Spreads: The cost of iron ore warehouse receipts and spot prices changed slightly, and the basis and spreads also fluctuated. For example, the 09 - contract basis of PB powder increased by 28.4% [4] - Supply: The weekly arrivals at 45 ports increased by 9.8%, and the global weekly shipments increased by 6.6%. The monthly national import volume decreased by 0.7% [4] - Demand: The weekly average daily pig iron output of 247 steel mills decreased by 1.2%, the weekly average daily port clearance volume decreased by 1.8%, and the monthly national pig iron and crude steel output decreased by 4.9% and 3.0% respectively [4] - Inventory: The 45 - port inventory increased by 0.8% week - on - week, and the inventory available days of 64 steel mills decreased by 1.2% [4] Coke and Coking Coal Industry - Prices and Spreads: Coke and coking coal futures and spot prices changed. For example, the price of Rizhao Port quasi - first - grade wet - quenched coke increased by 3.4%, and the coking coal 01 contract decreased by 2.1% [7] - Supply: Coke and coking coal production decreased. The daily average output of all - sample coking plants decreased by 1.5%, and the daily average output of 247 steel mills decreased by 0.3% [7] - Demand: Pig iron output decreased by 1.2%, and the demand for coke decreased accordingly [7] - Inventory: Coke inventory decreased slightly, and coking coal inventory increased slightly [7] Ferrosilicon and Ferromanganese Industry - Prices and Spreads: Ferrosilicon and ferromanganese futures prices increased slightly, and spot prices were relatively stable [8] - Cost and Profit: Manganese ore prices were relatively stable, and the cost and profit of ferrosilicon and ferromanganese production changed little [8] - Supply: Ferrosilicon and ferromanganese production decreased. Ferrosilicon production decreased by 6.1%, and the production of ferromanganese decreased by 0.5% [8] - Demand: The demand for ferrosilicon and ferromanganese decreased. The apparent demand for ferrosilicon decreased, and the demand for ferromanganese decreased slightly [8] - Inventory: Ferrosilicon inventory decreased by 16.3%, and ferromanganese inventory increased by 0.7% [8]