《黑色》日报-20260304

1. Report Investment Ratings - No investment ratings are mentioned in the reports. 2. Core Views Steel Industry - The black metal market shows narrow - range fluctuations with low volatility. The short - term export expectation of steel is weak due to the US - Iran conflict, and the upcoming Two Sessions may affect the demand - side expectation. Although steel valuation is not high, the upward demand expectation is not strong. Pay attention to the support levels of 3020 yuan/ton for rebar and 3200 yuan/ton for hot - rolled coil [1]. Iron Ore Industry - The short - term supply pressure still suppresses the iron ore price, and concerns about finished product exports may cause disturbances. The iron ore price may fluctuate widely in the range of 730 - 770. Pay attention to the recovery of terminal demand and the policies of the Two Sessions [4]. Coke and Coking Coal Industry - For coke, the short - term price is stable. The US - Iran conflict drives up energy commodities, leading to a rebound in coal - coke futures. It is recommended to view it with caution, with a reference range of 1600 - 1800. For coking coal, it is also recommended to view it as fluctuating upward with caution, with a reference range of 1000 - 1150 [7]. Ferrosilicon and Silicomanganese Industry - For ferrosilicon, the short - term supply is tight. The price may face pressure when it rebounds to the export cost. It is recommended to wait and see in the short term. For silicomanganese, the short - term price driver comes from manganese ore, and it is recommended to consider the 5 - 9 positive spread [8]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil prices in different regions and contracts show different changes. For example, the rebar 05 contract increased by 7 yuan/ton, while the hot - rolled coil 01 contract decreased by 14 yuan/ton [1]. Cost and Profit - Steel billet and slab prices remained unchanged, while the cost of some steel products increased, and the profit of some products decreased. For example, the cost of Jiangsu electric - furnace rebar increased by 5 yuan/ton, and the profit of East China hot - rolled coil decreased by 8 yuan/ton [1]. Production and Inventory - The daily average pig iron output increased by 2.8 to 233.3 (1.2% increase), and the output of five major steel products decreased by 8.0 to 796.8 (-1.0% decrease). The inventory of five major steel products increased by 134.3 to 1846.1 (7.8% increase) [1]. Transaction and Demand - The building materials trading volume increased by 0.8 to 5.2 (17.4% increase), and the apparent demand of five major steel products increased by 29.0 to 564.7 (5.4% increase). However, the apparent demand of rebar decreased by 7.6 to 33.6 (-18.5% decrease) [1]. Iron Ore Industry Iron Ore Prices and Spreads - The warehouse - receipt costs of various iron ore powders decreased slightly, with a decline of about 0.1%. The 5 - 9 spread decreased by 0.5 to 20.5 (-2.4% decrease), and the 9 - 1 spread increased by 1.5 to 13.5 (12.5% increase) [4]. Supply and Demand - The global iron ore shipment volume increased by 19.8 to 3340.7 (0.6% increase) on a weekly basis, and the 45 - port arrival volume decreased by 5.5 to 2146.9 (-0.3% decrease). The daily average pig iron output of 247 steel mills increased by 2.8 to 233.3 (1.2% increase), and the 45 - port daily average desilting volume decreased by 52.7 to 298.5 (-15.0% decrease) [4]. Inventory - The 45 - port inventory increased by 145.6 to 17091.96 (0.9% increase), and the imported ore inventory of 247 steel mills decreased by 1618.8 to 9085.1 (-15.1% decrease) [4]. Coke and Coking Coal Industry Prices and Spreads - Coke futures prices increased, such as the coke 05 contract increasing by 42 to 1694 (2.5% increase). Coking coal futures prices also increased, like the coking coal 05 contract increasing by 33 to 1127 (3.0% increase) [7]. Supply and Demand - The daily average output of all - sample coking plants increased by 0.6 to 64.3 (0.9% increase), and the daily average pig iron output of 247 steel mills increased by 2.8 to 233.3 (1.2% increase) [7]. Inventory - The total coke inventory decreased by 7.9 to 980.0 (-0.8% decrease), and the coking coal inventory of all - sample coking plants decreased by 80.2 to 1079.1 (-7.4% decrease) [7]. Ferrosilicon and Silicomanganese Industry Futures and Spot Prices - The ferrosilicon main - contract closing price increased by 22 to 5786 (0.44% increase), and the silicomanganese main - contract closing price increased. Some spot prices of ferrosilicon and silicomanganese also changed slightly [8]. Cost and Profit - The production cost of ferrosilicon in Inner Mongolia increased by 17 to 6036.6 (0.3% increase), and the production profit of some regions changed. The manganese ore price showed different trends, with the South African semi - carbonate showing a relatively strong performance [8]. Supply and Demand - The weekly ferrosilicon output increased by 0.9 to 9.8 (0.6% increase), and the weekly silicomanganese product increased by 0.4 to 19.7 (1.8% increase). The iron ore demand increased with the increase in pig iron output [8]. Inventory - The inventory of 60 sample ferrosilicon enterprises decreased by 0.1 to 7.0 (-1.6% decrease), and the inventory of 63 sample silicomanganese enterprises increased by 0.4 to 39.8 (0.9% increase) [8].