| 铁矿石产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月18日 | | | 徐艺丹 | | Z0020017 | | 铁矿石相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 仓单成本:卡粉 | 782.5 | 772.6 | 9.9 | 1.3% | | | 仓单成本:PB粉 | 830.4 | 824.9 | 5.5 | 0.7% | | | 仓单成本:巴混粉 | 836.3 | 830.9 | 5.4 | 0.6% | | | 仓单成本:金布巴粉 | 829.5 | 824.1 | 5.4 | 0.7% | | | 01合约基差:卡粉 | -1.0 | -4.4 | 3.4 | 76.4% | | | 01合约基差:PB粉 | 46.9 | 47.9 | -1.0 | -2.1% | 工/肥 | | 01合约基差:巴混粉 | 52.8 | 53.9 | -1.1 | -2.1% | | | 01合约基差: 金 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Steel: Steel prices are expected to maintain a range - bound oscillation. The reference range for rebar is 3000 - 3200, and for hot - rolled coils is 3250 - 3400. The spread between hot - rolled coils and rebar has converged to 180, and it is advisable to continue holding. Considering the decline in hot metal, which suppresses iron ore prices, one can focus on the arbitrage operation of going long on rebar and short on iron ore in the January contract [2]. - Iron Ore: Iron ore futures will continue to oscillate with a slight upward trend, operating in the range of 750 - 820 [5]. - Coke: The coke futures have fallen in advance, basically over - anticipating the spot price cut. As the finished products oscillate and rise, it may follow coking coal to anticipate a rebound in advance. The strategy is to view it as a range - bound oscillation, with the reference range of 1550 - 1700, and an arbitrage of selling the January contract and buying the May contract of coke is recommended [9]. - Coking Coal: The coking coal spot prices continue to fall, and the futures have rebounded in advance after a significant decline. It should be viewed as a range - bound oscillation, with the reference range of 1050 - 1150, and an arbitrage of selling the January contract and buying the May contract of coking coal is recommended [9]. 3. Summaries According to Related Catalogs Steel Prices and Spreads - Rebar: Spot prices in East China, North China, and South China are 3300, 3220, and 3350 yuan/ton respectively. The 05, 10, and 01 contracts are 3169, 3208, and 3133 yuan/ton respectively [2]. - Hot - rolled Coils: Spot prices in East China, North China, and South China are 3310, 3240, and 3350 yuan/ton respectively. The 05, 10, and 01 contracts are 3322, 3338, and 3325 yuan/ton respectively [2]. - Costs and Profits: The cost of Jiangsu electric - arc furnace rebar is 3245 yuan/ton, and the cost of Jiangsu converter rebar is 3177 yuan/ton. The profits of rebar in East China, North China, and South China are - 45, - 115, and 205 yuan/ton respectively. The profits of hot - rolled coils in East China, North China, and South China are - 25, - 80, and 15 yuan/ton respectively [2]. Production - The daily average hot metal output is 234.7 thousand tons, a decrease of 1.6 thousand tons or 0.7% [2]. - The output of five major steel products is 855.7 thousand tons, an increase of 5.8 thousand tons or 0.7%. Rebar output is 206.1 thousand tons, a decrease of 1.9 thousand tons or 0.9%. Hot - rolled coil output is 319.0 thousand tons, an increase of 3.0 thousand tons or 0.9% [2]. Inventory - The inventory of five major steel products is 1400.8 thousand tons, a decrease of 32.3 thousand tons or 2.3%. Rebar inventory is 531.5 thousand tons, a decrease of 21.9 thousand tons or 4.0%. Hot - rolled coil inventory is 400.9 thousand tons, a decrease of 1.2 thousand tons or 0.3% [2]. Transaction and Demand - The building materials trading volume is 9.8 thousand tons, a decrease of 2.7 thousand tons or 21.4%. The apparent demand for five major steel products is 888.0 thousand tons, a decrease of 6.2 thousand tons or 0.7%. The apparent demand for rebar is 227.9 thousand tons, a decrease of 2.8 thousand tons or 1.2%. The apparent demand for hot - rolled coils is 320.2 thousand tons, a decrease of 4.2 thousand tons or 1.3% [2]. Iron Ore Prices and Spreads - The warehouse - receipt costs of Carajás fines, PB fines, Brazilian blended fines, and Jinbuba fines are 811.0, 845.8, 857.3, and 844.6 yuan/ton respectively. The 01 - contract basis for these four types of iron ore has increased slightly [5]. - The 5 - 9 spread is 24.0 yuan/ton, a decrease of 1.0 yuan or 4.0%; the 9 - 1 spread is - 49.0 yuan/ton, a decrease of 0.5 yuan or 1.0%; the 1 - 5 spread is 25.0 yuan/ton, an increase of 1.5 yuan or 6.4% [5]. Supply - The weekly arrival volume at 45 ports is 2699.3 thousand tons, a decrease of 117.8 thousand tons or 4.2%. The global weekly shipment volume is 3323.2 thousand tons, an increase of 44.8 thousand tons or 1.4%. The monthly national import volume is 11130.9 thousand tons, a decrease of 500.6 thousand tons or 4.3% [5]. Demand - The weekly average daily hot metal output of 247 steel mills is 234.7 thousand tons, a decrease of 1.6 thousand tons or 0.7%. The weekly average daily port clearance volume at 45 ports is 330.6 thousand tons, an increase of 3.6 thousand tons or 1.1%. The monthly national pig iron output is 6554.9 thousand tons, a decrease of 49.7 thousand tons or 0.8%. The monthly national crude steel output is 7199.7 thousand tons, a decrease of 149.3 thousand tons or 2.0% [5]. Inventory - The 45 - port inventory has increased by 27.3 thousand tons or 0.2% compared to Monday. The inventory of imported iron ore in 247 steel mills is 8942.5 thousand tons, a decrease of 58.8 thousand tons or 0.7%. The inventory available days for 64 steel mills remain unchanged at 20 days [5]. Coke and Coking Coal Prices and Spreads - Coke: The prices of Shanxi and Rizhao Port quasi - first - grade wet - quenched coke (warehouse - receipt) remain unchanged. The 01 and 05 contracts are 1630 and 1765 yuan/ton respectively. The coking profit (weekly) is - 54 yuan/ton [9]. - Coking Coal: The price of Shanxi medium - sulfur prime coking coal (warehouse - receipt) has decreased by 80 yuan/ton or 5.8%. The 01 and 05 contracts are 1097 and 1180 yuan/ton respectively. The sample coal mine profit (weekly) is 587 yuan/ton, a decrease of 28 yuan/ton or 4.8% [9]. Supply - Coke: The daily average output of all - sample coking plants is 63.8 thousand tons, an increase of 1.1 thousand tons or 1.7%. The daily average output of 247 steel mills is 46.3 thousand tons, an increase of 0.1 thousand tons or 0.2% [9]. - Coking Coal: The weekly output of Fenwei sample coal mines' raw coal is 856.1 thousand tons, an increase of 4.6 thousand tons or 0.5%. The weekly output of clean coal is 433.8 thousand tons, a decrease of 4.9 thousand tons or 1.1% [9]. Demand - Coke: The weekly hot metal output of 247 steel mills is 234.7 thousand tons, a decrease of 1.6 thousand tons or 0.7% [9]. - Coking Coal: The demand for coking coal is related to the coke production. After the coking profit recovers, the coking plant's production starts to increase slightly, and the replenishment demand weakens [9]. Inventory - Coke: The total coke inventory is 884.7 thousand tons, an increase of 4.0 thousand tons or 0.5%. The inventories of all - sample coking plants, 247 steel mills, and ports are 71.8, 625.5, and 187.4 thousand tons respectively [9]. - Coking Coal: The inventory of Fenwei coal mine clean coal is 107.6 thousand tons, an increase of 9.6 thousand tons or 9.8%. The inventories of all - sample coking plants and 247 steel mills are 1010.3 and 801.3 thousand tons respectively [9].

钢材产业期现日报 投资咨询业务资格:证监许可 【2011】1292号 2025年11月7日 周敏波 Z0010559 | 钢材价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 | 前值 | 涨跌 | 某差 | 单位 | | 螺纹钢现货(华东) | 3190 | 3180 | 10 | 153 | | | 螺纹钢现货(华北) | 3190 | 3180 | 10 | 153 | | | 螺纹钢现货(华南) | 3270 | 3270 | 0 | 233 | | | 螺纹钢05合约 | 3102 | 3094 | 8 | 88 | | | 螺纹钢10合约 | 3137 | 3133 | 4 | ਦੇਤੋ | | | 螺纹钢01合约 | 3037 | 3024 | 13 | 153 | | | 热卷现货(华东) | 3270 | 3270 | O | 14 | 元/吨 | | 热卷现货(华北) | 3190 | 3190 | 0 | -66 | | | 热卷现货(华南) | 3270 | 3270 | 0 | -17 | | | 热卷 ...

| 投资咨询业务资格:证监许可 [2011] 1292号 | 材产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 2025年6月11日 | | | 問敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 其差 | 单位 | | 螺纹钢现货(华东) | 3110 | 3110 | O | 140 | | | 螺纹钢现货(华北) | 3200 | 3200 | 0 | 230 | | | 螺纹钢现货(华南) | 3220 | 3220 | 0 | 250 | | | 螺纹钢05合约 | 2973 | 2980 | -7 | 137 | | | 螺纹钢10合约 | 2974 | 2981 | -7 | 136 | | | 螺纹钢01合约 | 2970 | 2979 | -d | 140 | | | 热卷现货(华东) | 3190 | 3200 | -10 | 105 | アロ/『屯 | | 热卷现货 (华北) | 3120 | 3120 | 0 | 35 | | | 热卷现货(华南) ...