Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The steel market has weak weekly data, with supply rising and demand seasonally weakening. The weakening basis is beneficial for cash-and-carry arbitrage entry, and short-term sentiment has more pricing power than industrial contradictions [2]. - The prices of ferrosilicon and silicomanganese have large fluctuations due to changing market sentiment. Demand is poor and supply is excessive, and the risk of a decline under pressure in the future is relatively large [3]. - After a sharp rise, coking coal and coke have undergone adjustments. The market is in the off-season, and the subsequent trend mainly depends on whether there are sufficient "expectations" to attract funds. It is advisable to go long on dips, but caution is needed due to intensified fluctuations [5]. - Iron ore prices have fallen back after reaching the pressure level. The valuation is moderately high, and it is not recommended to chase long. It is advisable to wait and see [6]. Summary by Related Catalogs Steel - On January 8, the closing prices of far-month and near-month contracts of various steel products and their changes are provided, including price, basis, spread, ratio, and profit data [1]. - The weekly data of steel is weak, with supply rising and demand seasonally weakening. The weakening basis is beneficial for cash-and-carry arbitrage entry, and short-term sentiment has more pricing power than industrial contradictions [2]. - It is recommended to participate in long positions with stop-loss, and conduct rolling operations for hot-rolled coil cash-and-carry arbitrage or use option strategies to assist spot procurement [7]. Ferrosilicon and Silicomanganese - Recently, market sentiment has been changeable, and the prices of ferrosilicon and silicomanganese have fluctuated greatly. Demand is poor, and the weekly apparent demand has dropped to the lowest point of the year. Supply is excessive, and the pressure of supply overhang in the medium term remains [3]. - It is recommended that industrial customers hedge on rallies [7]. Coking Coal and Coke - On January 8, the closing prices of far-month and near-month contracts of coking coal and coke and their changes are provided, as well as spot price data [1]. - The spot market is active, but the downstream's willingness to accept high-priced Mongolian coal is not strong. After a sharp rise, the market has adjusted, and the market is in the off-season. It is advisable to go long on dips, but caution is needed due to intensified fluctuations [5]. - It is recommended to go long on dips [7]. Iron Ore - Iron ore prices have fallen back after reaching the pressure level. The valuation is moderately high, and it is not recommended to chase long. It is advisable to wait and see [6].
黑色金属数据日报-20260109
Guo Mao Qi Huo·2026-01-09 03:05