黑色金属日报-20260323

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot Rolled Coil: ★☆☆ [1] - Iron Ore: ☆☆☆ [1] - Coke: ★☆☆ [1] - Coking Coal: ★★☆ [1] - Ferrosilicon Manganese: ★☆☆ [1] - Ferrosilicon: ★☆☆ [1] Core Views - The steel market is showing signs of strength, with improving demand and inventory decline, but the recovery space is restricted by poor steel mill profits [2] - The iron ore market is expected to be volatile, with increased supply and improving demand [3] - The coke market is likely to rise due to energy concerns and improved downstream demand [4] - The coking coal market may also rise due to energy concerns, despite ample supply [6] - The ferrosilicon manganese market is affected by the typhoon and black - series trends [7] - The ferrosilicon market has improving demand and is likely to be driven by ferrosilicon manganese [8] Summary by Category Steel - The steel futures market strengthened today. Thread demand and production increased, and inventory declined. Hot - rolled coil demand improved, but inventory pressure remains. After the conference, blast furnace production recovered, but steel mill profits limit further increase. Domestic demand improved marginally, and steel exports declined from the high level. Cost support is strong, and the short - term trend is strong but with fluctuations [2] Iron Ore - The iron ore futures market was volatile last week. Global shipments increased, with Australia's shipments rising significantly and Brazil's declining. Domestic arrivals increased but were weaker than last year. Steel mill production increased, and demand improved. Geopolitical conflicts bring cost support, and the market is expected to be volatile [3] Coke - Coke prices rose during the day. Coking profits are average, and daily production increased slightly. Inventory changed little, and trader purchasing improved. With abundant carbon supply, increased downstream iron - making production, and improved steel profits, the coke price is likely to rise due to energy concerns [4] Coking Coal - Coking coal prices hit the daily limit. Mongolian coal customs clearance was 1329 vehicles. Coal mine production recovered well, and spot auction prices increased due to energy concerns. Terminal inventory increased slightly, and total coking coal inventory increased. The price is likely to rise due to energy concerns [6] Ferrosilicon Manganese - Ferrosilicon manganese prices were volatile at a high level. The typhoon had a small and short - term impact on manganese ore shipments. Spot prices rose, and port inventory increased slightly. Iron - making production increased, while ferrosilicon manganese production decreased slightly and inventory increased [7] Ferrosilicon - Ferrosilicon prices rose during the day. Some main production areas turned profitable, and export demand was stable. Metal magnesium production remained high, and overall demand was resilient. Supply and inventory increased, and prices may be driven by ferrosilicon manganese [8]