钢材&铁矿石日报：产业矛盾累积，钢矿承压走弱-20260205

Report Industry Investment Rating - Not provided in the content Core Views - The main contract price of rebar oscillated with a daily decline of 0.29%, and the volume and open interest increased. Currently, both supply and demand of rebar are weakening, and the weak fundamental pattern remains unchanged. The steel price in the off - season continues to be under pressure, with the cost support being a relative positive factor. It is expected to continue to oscillate at a low level, and attention should be paid to the inventory accumulation during the holiday [5]. - The main contract price of hot - rolled coil oscillated weakly with a daily decline of 0.40%, the volume decreased and the open interest increased. At present, the supply of hot - rolled coil is at a high level, while the demand has weakened. The fundamentals are weak, and the hot - rolled coil price will still be under pressure to oscillate at a low level. Attention should be paid to the demand performance and beware of the pressure caused by the intensification of the demand - weakening contradiction [5]. - The main contract price of iron ore declined weakly with a daily decline of 1.73%, and the volume and open interest increased. Currently, the high inventory combined with the stable recovery of overseas shipments means that the supply pressure of iron ore has not subsided, while the demand is weak. Under the situation of strong supply and weak demand, the fundamentals of iron ore continue to weaken. It is expected that the iron ore price will still be under pressure to run weakly, and attention should be paid to the shipments of miners [5]. Summary by Directory Industry Dynamics - In January 2026, 1329 projects started nationwide, with a total investment of about 7330.51 billion yuan. The top three provinces in terms of investment were Guangdong, Fujian, and Sichuan, with total investments of 2985.79 billion yuan, 1408.64 billion yuan, and 401.24 billion yuan respectively [7]. - As of February 5, 14 car companies released their new - energy vehicle sales data for January 2026. BYD, Geely, and SAIC ranked in the top three in terms of monthly sales, with 210,100, 124,300, and 85,400 vehicles respectively. Eight car companies achieved year - on - year growth, with GAC Group having the largest increase of 162.90% and Seres having a growth rate of 140.33%. All 14 car companies showed a month - on - month decline, with BAIC New Energy having the largest decline [8]. - In late January 2026, key steel enterprises produced 21.28 million tons of crude steel, with an average daily output of 1.935 million tons, a 2.2% decrease in daily output month - on - month; 19.15 million tons of pig iron, with an average daily output of 1.741 million tons, a 3.0% decrease in daily output month - on - month; and 21.3 million tons of steel, with an average daily output of 1.936 million tons, a 3.2% increase in daily output month - on - month [9]. Spot Market - For rebar (HRB400E, 20mm), the Shanghai price was 3,190 yuan/ton (down 10 yuan/ton), the Tianjin price was 3,160 yuan/ton (unchanged), and the national average price was 3,307 yuan/ton (down 2 yuan/ton). For hot - rolled coil (Shanghai, 4.75mm), the Shanghai price was 3,250 yuan/ton (down 10 yuan/ton), the Tianjin price was 3,160 yuan/ton (unchanged), and the national average price was 3,287 yuan/ton (down 4 yuan/ton). The price of Tangshan billet was 2,930 yuan/ton (unchanged), and the price of Zhangjiagang heavy scrap was 2,160 yuan/ton (unchanged). The coil - rebar price difference was 60 yuan/ton (unchanged), and the rebar - scrap price difference was 1,030 yuan/ton (down 10 yuan/ton) [10]. - The price of PB powder at Shandong ports was 765 yuan/ton (down 11 yuan/ton), the price of Tangshan iron concentrate (wet basis) was 772 yuan/ton (unchanged), the Australian freight was 8.35 yuan/ton (down 0.54 yuan/ton), the Brazilian freight was 23.96 yuan/ton (down 1.24 yuan/ton), the SGX swap (current month) was 102.50 (up 0.75), and the iron ore price index (61% FE, CFR) was 102.25 (up 0.25) [10]. Futures Market - The closing price of the rebar active contract was 3,101 yuan/ton, with a decline of 0.29%, the highest price was 3,113 yuan/ton, the lowest price was 3,086 yuan/ton, the trading volume was 681,405 lots (an increase of 67,315 lots), and the open interest was 1,847,671 lots (an increase of 49,444 lots) [14]. - The closing price of the hot - rolled coil active contract was 3,263 yuan/ton, with a decline of 0.40%, the highest price was 3,278 yuan/ton, the lowest price was 3,255 yuan/ton, the trading volume was 283,875 lots (a decrease of 1,310 lots), and the open interest was 1,494,646 lots (an increase of 11,934 lots) [14]. - The closing price of the iron ore active contract was 768.5 yuan/ton, with a decline of 1.73%, the highest price was 779.5 yuan/ton, the lowest price was 764.0 yuan/ton, the trading volume was 331,736 lots (an increase of 91,206 lots), and the open interest was 525,113 lots (an increase of 9,456 lots) [14]. Related Charts - The report presents charts related to steel inventory (including rebar inventory and hot - rolled coil inventory), iron ore inventory (including 45 - port inventory, 247 - steel - mill inventory, and domestic mine iron concentrate inventory), and steel - mill production (including blast - furnace operating rate, capacity utilization rate, and profitability) [16][24][32] 后市研判 - For rebar, both supply and demand are seasonally weakening, and inventory is continuously accumulating. The weekly output of rebar decreased by 81,500 tons month - on - month, and the supply has shrunk, but the inventory level is significantly higher than the same lunar period last year, with limited pressure relief. The demand for rebar continues to be seasonally weak, and the weekly apparent demand and high - frequency daily transactions have both shrunk significantly. Considering the lack of improvement in downstream industries, the weak demand pattern is difficult to change, which will continue to drag down the steel price. The relative positive factor is the post - holiday policy expectation. It is expected to continue to oscillate at a low level, and attention should be paid to the inventory accumulation during the holiday [40]. - For hot - rolled coil, the supply - demand pattern has changed little, and the inventory has increased again. The production of plate mills has stabilized, the weekly output of hot - rolled coil decreased by 50 tons month - on - month, and the supply pressure has not subsided. The demand for hot - rolled coil has weakened, the weekly apparent demand decreased by 58,700 tons month - on - month, and the high - frequency daily transactions continue to operate at a low level. Although the high - level production of downstream cold - rolled products provides support for the demand of hot - rolled coil, there are hidden concerns about the demand. The hot - rolled coil price will still be under pressure to oscillate at a low level, and attention should be paid to the demand performance [40]. - For iron ore, the supply - demand pattern has changed little, and the inventory continues to rise. Steel - mill production is weakly stable, and the terminal consumption of iron ore is running smoothly. The average daily pig - iron output and the daily consumption of imported ore of sample steel mills decreased slightly last week. The demand for iron ore is expected to continue to be weak. The arrival of iron ore at domestic ports has rebounded from a low level, and the shipments of overseas miners have continued to increase. The supply of overseas iron ore has stabilized, while the domestic supply is stable. Coupled with the high inventory, the supply pressure of iron ore has not subsided. It is expected that the iron ore price will still be under pressure to run weakly, and attention should be paid to the shipments of miners [41].