《黑色》日报-20260323

1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Steel Industry - The steel industry is in a state of basic balance between supply and demand, with both supply and demand increasing. This week, the increase in apparent demand is greater than the increase in production, maintaining seasonal destocking. The steel price has risen to the upper limit of the range, and there is a probability of price increase in the short - term due to the influence of raw materials. The shock center of rebar will rise [1]. Iron Ore Industry - Short - term iron ore prices are supported by factors such as accelerated steel mill复产 and restricted liquidity of some spot varieties. The supply of iron ore has increased, and the demand for molten iron has rebounded significantly. The inventory of steel mills has increased, and the port inventory has decreased slightly. In the future, the main iron ore contract is expected to fluctuate strongly in the short - term [4]. Coke and Coking Coal Industry - Coke has an expectation of bottoming out and rebounding. The supply of coke and coking coal has increased, and the demand has also risen after the end of the two sessions. The inventory of coking plants has decreased, while the inventory of steel mills and ports has increased. It is recommended to go long on coke 2605 contract and long coking coal and short coke for arbitrage [6]. Silicon Iron and Manganese Silicon Industry - Silicon iron has a situation of both supply and demand increasing, and the cost is also supported. It is expected that the supply will continue to grow. The price is expected to fluctuate widely and run strongly. Manganese silicon has cost support, and the supply growth rate is lower than expected. The price has bottom - line support, and it is recommended to pay attention to the supply changes and cost changes [7]. 3. Summary According to Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil prices in different regions and contracts have different degrees of changes. For example, the spot price of rebar in East China decreased by 10 yuan/ton, and the 05 contract price decreased by 12 yuan/ton [1]. Cost and Profit - The prices of steel billets and slab decreased and remained unchanged respectively. The costs of Jiangsu electric - furnace rebar and converter rebar decreased by 4 yuan/ton. The profits of rebar and hot - rolled coil in different regions also changed to varying degrees [1]. Production - The daily average molten iron output increased by 7.0 to 228.2, with a growth rate of 3.1%. The output of five major steel products increased by 18.9 to 839.8, with a growth rate of 2.3% [1]. Inventory - The inventory of five major steel products decreased by 28.7 to 1946.2, with a decrease rate of 1.5%. The inventory of rebar and hot - rolled coil also decreased [1]. Transaction and Demand - The building materials trading volume increased by 0.9 to 9.9, with a growth rate of 10.2%. The apparent demand of five major steel products increased by 70.4 to 868.5, with a growth rate of 8.8% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse receipt costs of various iron ore varieties increased, and the basis of 05 contracts of some varieties decreased. The 5 - 9 and 9 - 1 spreads increased [4]. Spot Prices and Price Indexes - The spot prices of various iron ore varieties in Rizhao Port increased slightly, and the price of the Singapore Exchange 62% Fe swap also increased slightly [4]. Supply - The 45 - port arrival volume decreased by 394.9 to 2215.0, with a decrease rate of 15.1%. The global shipping volume increased by 151.0 to 3048.8, with a growth rate of 5.2% [4]. Demand - The daily average molten iron output of 247 steel mills increased by 7.0 to 228.2, with a growth rate of 3.1%. The 45 - port daily average desilting volume increased by 3.1 to 321.0, with a growth rate of 1.0% [4]. Inventory Changes - The 45 - port inventory decreased by 89.1 to 17098.4, with a decrease rate of 0.5%. The inventory of imported iron ore in 247 steel mills increased by 105.0 to 9034.1, with a growth rate of 1.2% [4]. Coke and Coking Coal Industry Prices and Spreads - The prices of coke and coking coal contracts increased to varying degrees. The basis of coke and coking coal contracts also changed [6]. Supply - The daily average output of all - sample coking plants increased by 0.3 to 64.2, with a growth rate of 0.5%. The daily average output of 247 steel mills increased by 0.3 to 47.3, with a growth rate of 0.7% [6]. Demand - The molten iron output of 247 steel mills increased by 7.0 to 228.2, with a growth rate of 3.1% [6]. Inventory Changes - The total coke inventory decreased by 2.8 to 981.5, with a decrease rate of 0.3%. The coking coal inventory of all - sample coking plants increased by 35.6 to 1005.0, with a growth rate of 3.7% [6]. Silicon Iron and Manganese Silicon Industry Futures and Spot - The closing prices of silicon iron and manganese silicon main contracts increased. The spot prices of silicon iron and manganese silicon in different regions also changed to varying degrees [7]. Cost and Profit - The production costs of silicon iron and manganese silicon in different regions changed slightly. The production profits of silicon iron and manganese silicon also changed [7]. Supply - The silicon iron output increased by 0.7 to 10.4, with a growth rate of 7.2%. The manganese silicon supply decreased slightly, and the operating rate has declined for several consecutive weeks [7]. Demand - The demand for silicon iron and manganese silicon increased. The molten iron output increased by 7.0 to 228.2, with a growth rate of 3.1% [7]. Inventory Changes - The silicon iron inventory of 60 sample enterprises decreased by 0.2 to 5.9, with a decrease rate of 2.9%. The inventory of 63 sample enterprises increased by 0.9 to 38.5, with a growth rate of 2.4% [7].