螺矿产业链年报：钢价震荡筑底，关注政策对供给端的影响过剩进一步兑现，但矿价下行料将曲折

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2026, steel prices are expected to oscillate and bottom out. Attention should be paid to the impact of policies on the supply side. Demand is unlikely to improve significantly, but with the continuous implementation of policies such as anti - involution and a warm macro - environment, steel prices may form a bottom, with a possible fluctuation range of (2800, 3500), showing a pattern of low in the first half and high in the second half [83][85]. - In 2026, the oversupply of iron ore will become more prominent, but the decline in ore prices is expected to be tortuous. The supply is expected to increase significantly, demand may decline slightly, and inventory is likely to accumulate at a high level. The price fluctuation range may be (600, 850), with high prices in the first quarter, a decline in the second quarter, and more downward pressure in the second half of the year [86][88]. 3. Summary by Directory 3.1. Market Review 3.1.1. Steel - In 2025, steel prices showed a pattern of decline - rise - decline again. From January to June, prices dropped due to factors such as overseas trade frictions, weak domestic demand, and falling raw material costs. In July, prices rose driven by anti - involution policies. From August to December, prices oscillated downward due to weak demand and inventory accumulation. For example, rebar mostly traded in the range of 3000 - 3200 [5][8]. 3.1.2. Iron Ore - In 2025, iron ore prices first declined, then rebounded, and finally oscillated. From January to June, prices fell due to factors like overseas recession expectations and rumors of crude steel production restrictions. In July, prices rebounded due to anti - involution policies and strong demand. From August to December, prices oscillated at a high level but with gradually lower peaks [9][12]. 3.2. Macroeconomic Analysis 3.2.1. US Federal Reserve Policy - The Federal Reserve cut the federal funds rate target range by 25 basis points to 3.50% - 3.75% in December 2025, the third cut this year. It also plans to start a monthly short - term Treasury purchase program of about $40 billion. The dot - plot predicts one 25 - basis - point cut in 2026 and 2027 each [13]. 3.2.2. US Economic Indicators - The US employment market is weak. In November, non - farm payrolls increased by 64,000, but the unemployment rate rose to 4.6%. Inflation in November was significantly lower than expected, with CPI rising 2.7% year - on - year and core CPI rising 2.6% year - on - year [17][18]. 3.2.3. China - US Relations - China - US relations are currently in a relatively stable period. After rounds of negotiations, some tariffs have been cancelled or suspended. However, there are still uncertainties, and strategic competition between the two countries persists [23]. 3.2.4. Domestic Credit and Economy - In November, new social financing was 2.49 trillion yuan, with corporate net financing being the main support. New RMB loans were 390 billion yuan, with weak demand from residents and enterprises. Central Economic Work Conference in December 2025 set a tone for more active fiscal and moderately loose monetary policies in 2026, aiming to expand domestic demand [25][29]. 3.3. Supply - Demand Analysis 3.3.1. Terminal Demand - Real estate is still at the bottom, dragging down building material demand. In 2025, real estate policies aimed at stabilizing the market, but the effect was limited [30][31]. - Infrastructure investment is expected to be stable in 2026. In 2025, the growth rate of infrastructure investment turned negative, affected by factors such as fiscal front - loading and project reserves [33][34]. - Manufacturing investment may maintain some resilience but with industry differentiation. In 2025, it was supported by exports and policies, with a growth rate of 1.9% from January to November [36][38]. - The automobile industry had a good performance in 2025, with production and sales reaching new highs. In 2026, it may face some challenges due to policy changes. The home appliance industry maintained low - growth [39][42]. - The construction machinery industry is expected to maintain growth in 2026, and the shipbuilding industry continued to be prosperous in 2025 [43][45]. - Steel exports were an important support for demand in 2025. In 2026, exports may be restricted by policies in the short term [46][47]. 3.3.2. Steel Supply - In 2025, China's crude steel and pig iron production decreased year - on - year. In 2026, steel production is expected to be further adjusted according to demand and profit, with capacity likely to shrink [54]. 3.3.3. Steel Profit - In 2025, steel mill profits were high in the first half and low in the second half. In 2026, mills are expected to maintain a thin - profit state, affected by factors such as demand and cost [57]. 3.3.4. Steel Production - In 2025, rebar production was at a low level, while hot - rolled coil production was high. In 2026, this differentiation pattern is expected to continue [60]. 3.3.5. Steel Inventory - In 2025, steel inventory pressure emerged in the second half. Rebar inventory was relatively neutral, while hot - rolled coil inventory pressure was large. In 2026, attention should be paid to the supply pressure of plates [63]. 3.3.6. Steel Price Spread - In 2025, the spread between hot - rolled coil and rebar prices first widened and then narrowed, reflecting changes in the supply - demand structure [64]. 3.3.7. Iron Ore Supply - In 2025, global iron ore shipments increased slightly. In 2026, global iron ore supply is expected to grow significantly, with about 2000 tons of incremental supply from major mines and strong incremental expectations from non - mainstream mines [68][88]. 3.3.8. Iron Ore Demand - In 2025, iron ore demand was resilient, but in 2026, it is expected to decline slightly due to the implementation of crude steel production control policies [79]. 3.3.9. Iron Ore Inventory - In 2025, port inventory of iron ore was high, and steel mill inventory was low. In 2026, port inventory is expected to remain high, and steel mills will continue to purchase on - demand [82]. 3.4. Market Outlook 3.4.1. Steel - In 2026, steel demand is expected to be weak, but steel prices may oscillate and bottom out due to policies and a warm macro - environment. The price may fluctuate between 2800 and 3500, with a possible pattern of low in the first half and high in the second half [85]. 3.4.2. Iron Ore - In 2026, the iron ore market will face an oversupply situation, but the decline in ore prices will be tortuous. The price may fluctuate between 600 and 850, with high prices in the first quarter, a decline in the second quarter, and more downward pressure in the second half of the year [88].