黑色建材日报：供需同步走弱，钢价震荡运行-20260213

Report Industry Investment Ratings - Steel: Oscillating [1] - Iron Ore: Oscillating with a bearish bias [3] - Coking Coal and Coke: Oscillating [5][6] - Thermal Coal: Stable with a slight upward trend before the holiday, may face pressure after the holiday [7] Core Views - Steel market shows simultaneous weakening of supply and demand, with steel prices oscillating weakly due to pre - holiday inventory growth and lack of raw material drive [1] - Iron ore market has a large supply - demand contradiction, with port inventory slightly decreasing and iron water output rising. If port liquidity issues are resolved, there will be a large supply impact [3] - Coking coal and coke markets have a quiet trading atmosphere before the holiday. Coke prices are expected to oscillate with cost fluctuations, and coking coal prices are expected to be stable with narrow adjustments [5][6] - Thermal coal market has limited trading volume, with prices rising slightly due to supply contraction and expected to be stable and slightly strong before the holiday, but may face pressure after the holiday [7] Summary by Commodity Steel - Market Analysis: Futures prices of steel oscillated downward. This week, steel demand dropped significantly, and inventory accumulation accelerated. The output of the five major steel products was 794100 tons, a week - on - week decrease of 25800 tons. The inventory was 1.4427 million tons, with an inventory accumulation of 105000 tons (last week's inventory accumulation was 59000 tons). The apparent demand was 689100 tons, a week - on - week decrease of 71600 tons [1] - Supply - Demand and Logic: The overall contradiction in the steel market is not prominent. Before the holiday, the construction material terminal is stagnant, and the rebar price is weak. The plate demand is relatively stable, but high inventory restricts the price space of hot - rolled coils. The steel inventory continues to grow before the holiday, and the supply - demand pressure increases slightly. With weak raw material drive, steel prices will oscillate weakly. Later, attention should be paid to winter storage replenishment and raw material price changes [1] - Strategy: Unilateral: Oscillating; Other strategies: None [2] Iron Ore - Market Analysis: Iron ore futures prices oscillated. In the spot market, the prices of mainstream imported iron ore varieties in Tangshan Port fluctuated slightly. The daily average molten iron output of 247 steel mills was 330490 tons, a week - on - week increase of 1910 tons. The total inventory of 45 ports was 169.46 million tons, a week - on - week decrease of 1.94 million tons [3] - Supply - Demand and Logic: On the supply side, non - mainstream shipments remain high at high ore prices, and global shipments decline seasonally, with port inventory slightly decreasing. On the demand side, the daily average molten iron output has increased slightly. After steel mills complete replenishment, the support for raw material prices is weak. The supply - demand contradiction is still large. If port liquidity issues are resolved, there will be a large supply impact. Later, attention should be paid to iron ore inventory changes and negotiation progress [3] - Strategy: Unilateral: Oscillating with a bearish bias; Other strategies: None [4] Coking Coal and Coke - Market Analysis: The futures prices of coking coal and coke oscillated narrowly. The trading atmosphere of coking coal was quiet before the holiday, and the price decreased slightly. The spot price of coke was relatively stable, and most steel mills had completed inventory replenishment. This week, coking coal inventory decreased significantly, and coke inventory increased slightly [5] - Supply - Demand and Logic: For coke, supply has increased slightly recently. Most steel mills have completed winter storage replenishment. Before the holiday, coking plants adjust production independently, and the price is expected to oscillate and follow cost fluctuations. For coking coal, the molten iron output of steel mills has increased, and the rigid demand maintains resilience. After downstream replenishment is completed, speculative demand shrinks. Before the Spring Festival, coal mines stop production and take holidays one after another, and Mongolian coal customs clearance is suspended during the Spring Festival, so the supply pressure of coking coal is relieved. It is expected that the coal price will be stable with narrow adjustments before the Spring Festival. Attention should be paid to the resumption of domestic coal production after the holiday [6] - Strategy: Coking coal: Oscillating; Coke: Oscillating; Other strategies: None [6] Thermal Coal - Market Analysis: In the production area, most private coal mines are on holiday, and supply further shrinks. In the port area, most traders are on holiday, and market trading is light. In the import market, the Indonesian policy has not been implemented, and the market pattern remains unchanged [7] - Supply - Demand and Logic: Recently, due to coal mine holidays, supply has shrunk, and downstream factories are also on holiday, so both supply and demand are weak. Affected by supply in the import market, the price of domestic coal continues to rise slightly. It is expected that the Indonesian supply will recover later. Overall, the price increase space before the holiday is limited, and it is expected to run stably and slightly strongly. After the holiday, when coal mine supply recovers and the peak season is approaching the end, coal prices may face pressure [7]