山金期货黑色板块日报-20260203

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Core Viewpoints of the Report - The current market for steel products is in the off - season, with low production and demand and rising inventory. The central bank's reduction of re - loan and re - discount rates boosts market confidence, and there is still room for reserve requirement ratio and interest rate cuts. Short - term price drops are due to the pull - back of precious metals and non - ferrous metals. For steel products, short - term prices are in a narrow range, and a direction choice may be needed. For iron ore, the demand is in the off - season, and supply is expected to decline further due to seasonal factors, with resistance above in the short - term [2][4]. Group 3: Summary According to Relevant Catalogs 1. Thread and Hot - Rolled Coil - Supply and Demand: Last week, the output of rebar from 247 sample steel mills increased slightly, apparent demand decreased month - on - month, total inventory continued to rise, the total output of five major steel products increased slightly, inventory continued to increase, and apparent demand decreased month - on - month. The market is in the consumption off - season, with low production and demand and rising inventory from a low level [2]. - Price Data: The closing price of the rebar main contract was 3098 yuan/ton, down 30 yuan (- 0.96%) from the previous day and 45 yuan (- 1.43%) from last week. The closing price of the hot - rolled coil main contract was 3261 yuan/ton, down 27 yuan (- 0.82%) from the previous day and 41 yuan (- 1.24%) from last week. Other relevant prices such as spot prices, basis, and spreads also showed corresponding changes [3]. - Operation Suggestion: Hold long positions lightly and conduct medium - term trading. Do not chase up or sell down. Wait for the bottom signal to be confirmed and then add positions at low prices [2]. 2. Iron Ore - Demand: The market is still in the consumption off - season. The molten iron output is likely to decline seasonally. The improvement of steel apparent demand may be due to the year - end rush to complete projects. Steel and molten iron output will not increase significantly for the time being, but the decline space is also limited [4]. - Supply: Global shipments have declined, and shipments are expected to continue to decline due to seasonal factors in the Southern Hemisphere. The arrival volume has decreased, and port inventory has been rising [4]. - Price Data: The settlement price of the DCE iron ore main contract was 783 yuan/dry ton, down 8.5 yuan (- 1.07%) from the previous day and 1.5 yuan (- 0.19%) from last week. Other prices such as spot prices, basis, and spreads also had corresponding changes [4]. - Operation Suggestion: Maintain a wait - and - see attitude, patiently wait for the price to stabilize, and then look for opportunities to go long. Do not chase up or sell down [4]. 3. Industry News - From January 26 to February 1, 2026, the total global iron ore shipments were 3.0946 billion tons, a month - on - month increase of 116.2 million tons. The total shipments from Australia and Brazil were 2.521 billion tons, a month - on - month increase of 126.7 million tons [6]. - On February 2, China Construction Bank supported the signing of the first - batch project of purchasing second - hand housing for affordable rental housing in Shanghai, marking the substantial start of this work [6]. - From January 26 to February 1, 2026, the total arrival volume of iron ore at 47 ports in China was 2.6692 billion tons, a month - on - month increase of 43.7 million tons; the total arrival volume at 45 ports was 2.4847 billion tons, a month - on - month decrease of 45.3 million tons; the total arrival volume at six northern ports was 1.2887 billion tons, a month - on - month increase of 50.6 million tons [6]. - According to Mulin Research, from February 2 to February 8, 2026, the number of pre - arrival ships of New Zealand logs at 13 ports in China was 5, 2 less than last week, a week - on - week decrease of 29%; the total arrival volume was about 185,000 cubic meters, 33,000 cubic meters less than last week, a week - on - week decrease of 15% [6].