晨报 成材 成材：关注周度基本面变化 震荡运行 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 逻辑：北京市进一步优化调整住房限购政策：放宽非京籍家庭购房条 件，购买五环内商品住房的社保或个税缴纳年限由"3 年"调减为"2 年"， 五环外由"2 年"调减为"1 年"；多子女家庭五环内可多购买 1 套房； 商贷利率不再区分首套房和二套房，二套房公积金贷款最低首付比例下调 至 25%。中钢协数据显示，12 月中旬，重点钢企粗钢平均日产 184.5 万吨， 环比下降 1.3%；钢材库存量 1601 万吨，环比上一旬增长 8.6%，比上月同 旬增长 2.6%。本周，唐山主流样本钢厂平均钢坯含税成本 3041 元/吨， 周环比下调 14 元/吨，与 12 月 24 日普方坯出厂价格 2950 元/吨相比，钢 厂平均亏损 91 元/吨。 证监许可【2011】1452 号 原材料：程 鹏 成材昨日震荡运行，波幅不大，市场矛盾不突出。 ...

晨报 成材 成材：关注周度基本面变化 钢价低位整理 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 11 月 20 日 整理 投资咨询业务资格： 逻辑：本周，唐山主流样本钢厂平均钢坯含税成本 3091 元/吨，周环 比上调 8 元/吨，与 11 月 19 日普方坯出厂价格 2970 元/吨相比，钢厂平 均亏损 121 元/吨，周环比减少 32 元/吨。11 月 19 日，76 家独立电弧炉 建筑钢材钢厂平均成本为 3336 元/吨，日环比增加 4 元/吨，平均利润亏 损 117 元/吨，谷电利润亏损 12 元/吨。11 月 12 日-11 月 18 日，百年建 筑调研国内 506 家混凝土搅拌站产能利用率为 7.69%，周环比下降 0.10 个百分点；同比提升 0.65 个百分点。发运量为 153.97 万方，周环比减少 1.29%，同比增加 9.19%。 证监许可【2011】1452 号 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成材昨日延续震荡回落，下 ...

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Views - **Steel**: The market is focusing on the Fourth Plenary Session. Steel prices may rebound slightly, but the weak fundamentals limit the rebound height, with a higher possibility of subsequent decline. Short - term is volatile and strong, while medium - to - long - term is weak [3]. - **Iron Ore**: Short - term steel seasonal de - stocking is slow, and high inventory levels remain. Coking coal price increases pressure steel mill profits. Iron ore shipments are high, inventory is accumulating seasonally, and iron water is likely to peak. Short - term macro sentiment supports price rebound, but fundamentals limit the upside [22]. - **Coal and Coke**: Downstream coking plants and steel mills are restocking, and coking coal inventory structure has improved. Coking profits are severely damaged, and a second price increase for coke may occur next week. Steel demand is weakening, and potential negative feedback restricts the short - term rebound of coal and coke prices. If coking coal supply tightens in the fourth quarter and winter storage demand is released in mid - to - late November, the overall black industry valuation may rise [32]. - **Ferroalloys**: Sino - US frictions and weak steel fundamentals add pressure. Ferroalloy downstream demand is weak, and inventory is high. Without unexpected stimulus policies from the Fourth Plenary Session, ferroalloy prices will remain under pressure [50]. - **Soda Ash**: Market sentiment is volatile, and long - term supply pressure persists. Alkali plants are starting to accumulate inventory. Although exports in September exceeded 180,000 tons, upper - and middle - stream high inventory restricts prices, but cost provides support [63]. - **Glass**: Overall glass production and sales are poor, and upstream inventory accumulation exceeds expectations. Some production lines still have ignition intentions, and daily melting may continue to rise slightly. High inventory and weak demand suppress prices [90]. 3. Summary by Category Steel - **Prices**: On October 24, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3046, 3109, and 3147 yuan/ton respectively; hot - rolled coil 01, 05, and 10 contracts were 3250, 3265, and 3283 yuan/ton respectively [4]. - **Spreads**: Rebar 01 - 05 month - spread was - 63 yuan/ton, and hot - rolled coil 01 - 05 month - spread was - 15 yuan/ton on October 24, 2025 [4]. Iron Ore - **Prices**: On October 24, 2025, the closing prices of 01, 05, and 09 contracts were 771, 750.5, and 730 yuan/ton respectively. The 01 - 05 month - spread was 20.5 yuan/ton [23]. - **Fundamentals**: Daily average iron water production was 239.9 tons, 45 - port inventory was 14423.59 tons, and global shipments were 3333.5 tons on October 24, 2025 [27]. Coal and Coke - **Prices**: On October 24, 2025, the coking coal 09 - 01 month - spread was 134.5 yuan/ton, and the coke 09 - 01 month - spread was 204 yuan/ton [37]. - **Spreads**: The coking coal main contract basis (Tangshan Mongolian 5) was - 21 yuan/ton, and the coke main contract basis (Rizhao Port wet - quenched) was - 130.8 yuan/ton on October 24, 2025 [37]. Ferroalloys - **Silicon Iron**: On October 24, 2025, the silicon iron basis in Ningxia was 8 yuan/ton, and the 01 - 05 month - spread was - 70 yuan/ton [51]. - **Silicon Manganese**: On October 24, 2025, the silicon manganese basis in Inner Mongolia was 258 yuan/ton, and the 01 - 05 month - spread was - 42 yuan/ton [54]. Soda Ash - **Prices**: On October 24, 2025, the closing prices of 05, 09, and 01 contracts were 1319, 1379, and 1229 yuan/ton respectively. The 5 - 9 month - spread was - 60 yuan/ton [64]. - **Spreads**: The Shahe heavy - alkali basis was - 50 yuan/ton on October 24, 2025 [64]. Glass - **Prices**: On October 24, 2025, the closing prices of 05, 09, and 01 contracts were 1236, 1327, and 1092 yuan/ton respectively. The 5 - 9 month - spread was - 91 yuan/ton [91]. - **Sales**: From October 15 - 21, 2025, the Shahe glass production and sales rate ranged from 40% to 112% [92].

Group 1: Report Information - Report title: Black Metal R & D Report [1][5][10][12][22][31][38][50][60] - Report date: August 19, 2025 [2] - Researcher: Qi Chunyi [4] Group 2: Market Information Thread Steel - Futures prices: RB05 at 3259 yuan/ton (-21), RB10 at 3126 yuan/ton (-29), RB01 at 3208 yuan/ton (-29) [3] - Spot prices: Shanghai Zhongtian at 3260 yuan/ton (-20), Nanjing Xicheng at 3380 yuan/ton (-20), Shandong Shiheng at 3320 yuan/ton (0), Tangshan Tanggang at 3210 yuan/ton (-10) [3] - Profits: 05 - contract thread steel disk profit at 18 yuan/ton (-23), 10 - contract at - 104 yuan/ton (-28), 01 - contract at - 25 yuan/ton (-30) [3] Hot - Rolled Coil - Futures prices: HC05 at 3403 yuan/ton (-17), HC10 at 3416 yuan/ton (-3), HC01 at 3403 yuan/ton (-10) [3] - Spot prices: Tianjin Hegang at 3400 yuan/ton (-10), Lecong Rigang at 3450 yuan/ton (10), Shanghai Angang at 3450 yuan/ton (0) [3] - Profits: 05 - contract hot - rolled coil disk profit at 163 yuan/ton (-19), 10 - contract at 186 yuan/ton (-2), 01 - contract at 170 yuan/ton (-11) [3] Group 3: Market Judgment - **Related prices**: Shanghai Zhongtian thread steel at 3260 yuan (-20), Beijing Jingye at 3260 yuan (-10), Shanghai Angang hot - rolled coil at 3450 yuan (-), Tianjin Hegang hot - rolled coil at 3400 yuan (-10) [7] - **Trading strategy**: The black sector declined overall in the afternoon. Ferroalloys led the decline. Spot trading was generally weak, and speculative demand was weak. Steel production is resuming, with thread steel slightly reducing production and hot - rolled coil increasing. Five major steel products are accumulating inventory, and the inventory accumulation speed of thread steel is accelerating. Steel exports remain resilient, and the apparent demand for hot - rolled coils is still strong. Affected by high temperatures and typhoons, the demand for construction steel is declining rapidly. The fundamentals of steel are peaking, and demand is seasonally declining. The focus of influencing prices will shift from policy to fundamentals. Steel prices are expected to be volatile and weak in the short term, and there is still pressure before the military parade [8] - **Specific trading strategies**: Unilateral trading is expected to be volatile and weak; it is recommended to continue holding thread steel positive spreads; it is recommended to wait and see for options [9] - **Important information**: In July 2025, China's rebar production was 15.182 million tons, a year - on - year decrease of 2.3%; the cumulative production from January to July was 113.387 million tons, a year - on - year decrease of 2.3%. In July, the production of medium - thick wide steel strips was 18.414 million tons, a year - on - year increase of 3.2%; the cumulative production from January to July was 132.435 million tons, a year - on - year increase of 4.4%. In July, the production of wire rods (coils) was 11.375 million tons, a year - on - year decrease of 1.9%; the cumulative production from January to July was 78.959 million tons, a year - on - year decrease of 0.1%. The production schedule data for September shows that the domestic sales schedule for air conditioners is 5.082 million units, a year - on - year decrease of 9.1%, and the export schedule is 4.785 million units, a year - on - year decrease of 14.6% [9][11] Group 4: Related Attachments - Figures include thread steel and hot - rolled coil price trends, basis, spreads, disk profits, cash profits, cost differences, etc., with data sources from Galaxy Futures, Mysteel, and Wind [15][19][25][27][29][34][36][41][45][53][57][59][62]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The steel market showed a pattern of increasing supply, decreasing demand, and accelerating inventory accumulation this week, with the fundamentals weakening. However, the total steel inventory is still not high, the market's willingness to hold goods at low prices is acceptable, and the overall selling pressure is not significant. From the perspective of cost support, the iron ore is in a restocking state, there are still disturbing factors in the coking coal supply, and the scrap steel supply is also not very loose, so there is still support at the lower cost end. Macroeconomically, the data in July showed weak domestic demand, the real - estate continued to be weak, the investment in manufacturing and infrastructure turned negative, and the "anti - involution" policy may suppress investment, waiting for further policy efforts; overseas, the outlook is good under the support of interest - rate cut expectations and economic resilience. Overall, in the pattern of weak domestic and stable overseas macro - environment, the overall optimistic sentiment has cooled, the steel fundamentals show signs of weakening, especially the 10 - contract of rebar faces great warehouse - receipt pressure and strong resistance around 3250. However, there is still an expectation of supply contraction, and the total steel inventory is still not high, the market's willingness to hold goods at low prices is acceptable, and the cost end also has support, so the downside space is also limited. It is expected that the 10 - contract of rebar will have support around 3100, and hot - rolled coil will have support around 3350 [1][2][5]. 3. Summary According to the Directory 3.1 Weekly Market Review - In the first half of the week, affected by the news of the suspension of lithium - ore production in Ningde, the production restrictions of rolling mills and sintering in Tangshan due to the parade, and the optimistic expectations before the coal - mine safety meeting, the market speculation sentiment heated up, and the futures market fluctuated upward. In the second half of the week, as the coal - mine meeting ended and the market thought the impact was less than expected, coupled with the release of the news of position limits on coking coal, the speculation sentiment significantly cooled. In addition, the steel data this week was weak and the inventory - accumulation rhythm accelerated, so the futures market showed a downward trend [1]. 3.2 Supply, Demand, and Inventory - **Supply**: This week, the daily consumption of hot metal and scrap steel in steel mills both increased slightly, indicating an increase in crude - steel production. From the perspective of production scheduling and maintenance, the hot - metal production will remain at a high level and fluctuate, and there are no obvious signs of production reduction. In terms of profits, the profits of long - process steel mills are still considerable, while the profits of short - process steel mills in some regions are lower than the valley - electricity profits, but the decline is limited, so the steel mills have insufficient motivation for self - initiated production reduction. Policy - wise, there are news of sintering production restrictions in some regions, and Tangshan's independent rolling enterprises will stop production from August 20th to September 6th due to environmental protection requirements. Whether the blast furnaces will be affected later still needs further tracking, but the production restrictions on rolling mills and sintering may indeed have a certain impact on production [2]. - **Demand**: The apparent demand for the five major steel products showed a significant month - on - month decline this week. Among them, the apparent demand for rebar was far lower than market expectations and performed poorly. The apparent demand for non - listed steel products slightly rebounded this week. Overall, the total apparent demand for steel products decreased slightly month - on - month, mainly due to seasonal factors. The apparent demand for steel products calculated from steel supply and inventory is still at a relatively high seasonal level, indicating that the current demand is not bad in absolute terms [2]. - **Inventory**: The inventory of the five major steel products showed an accelerated accumulation beyond the seasonal norm this week. Both the factory inventory and the social inventory increased significantly, but the total inventory is still at a relatively low seasonal level. The inventory of non - listed steel products continued to accumulate this week and is currently at a relatively high seasonal level, only lower than last year's level [2]. 3.3 Basis, Month - to - Month Spread, Regional Spread, and Variety Spread - **Basis**: The basis of Hangzhou Zhongtian rebar narrowed this week, indicating that the spot market in Hangzhou is under certain pressure, which is also confirmed by the rapid increase in local inventory this week. In contrast, the basis in South China, Central China, and North China did not change significantly, but the basis in Guangzhou is at a relatively low level, indicating that the performance of rebar in this area is relatively poor. Overall, the rebar shows an obvious weakening trend, especially in Hangzhou, the distribution center. With a large increase in inbound volume and a significant rise in inventory, there is a tendency for reverse arbitrage in the rebar market. Meanwhile, the basis of Zhangjiagang hot - rolled coil widened significantly, and the basis of hot - rolled coil in North China, Northeast China, etc. also widened, indicating that the spot demand for hot - rolled coil still performs well [3]. - **Month - to - Month Spread**: Due to the weak performance of rebar in the spot market and the strong performance of hot - rolled coil in the spot market, and the large warehouse - receipt pressure on the near - month contract of rebar, the 10 - 01 contract of rebar continues to maintain a reverse - arbitrage pattern, while the hot - rolled coil shows a positive - arbitrage pattern, and this state is expected to continue [3]. - **Regional Spread**: In terms of the regional spread of rebar, the performance of rebar in North China is better than that in East and South China. In terms of the month - on - month performance of the regional spread of hot - rolled coil, the northern region is better than the southern region. Among them, the basis in South China remained unchanged, the basis in the northern region widened, and the spread with the northern region showed a weakening trend [3]. - **Variety Spread**: The spread between hot - rolled coil and rebar continued to expand. From the spot level, the demand for hot - rolled coil still performs well, and there is still room for the spread between hot - rolled coil and rebar to expand. The 10 - contract is expected to expand to around 300 [4]. 3.4 Cost and Profit - This week, the spot profits of both long - process and short - process steel mills showed obvious signs of contraction. However, large long - process steel mills still have a profit of over 100, and short - process steel mills are at the break - even point of valley - electricity profits. The on - paper profits also showed a contraction trend. From the perspective of the accelerated inventory accumulation of finished products, the spot profits should further contract, and the corresponding on - paper profits are also difficult to expand. However, the rumors of production restrictions often disturb the market, so it is still necessary to wait and see for on - paper profit positions [4]. 3.5 Data Overview - **Rebar and Hot - Rolled Coil Futures Prices**: The closing prices of the 01, 05, and 10 contracts of rebar decreased by 17, 3, and 25 respectively; the closing prices of the 01, 05, and 10 contracts of hot - rolled coil increased by 3, 6, and 11 respectively. The 01 - 05, 05 - 10, and 10 - 01 month - to - month spreads of rebar changed by - 14, 22, and - 8 respectively; the 01 - 05, 05 - 10, and 10 - 01 month - to - month spreads of hot - rolled coil changed by - 3, - 5, and 8 respectively. The 01, 05, and 10 spreads between hot - rolled coil and rebar increased by 20, 9, and 36 respectively [6]. - **Rebar and Hot - Rolled Coil Spot Prices**: The aggregated rebar prices in China, Shanghai, Beijing, and Hangzhou decreased by 10, 20, 10, and 40 respectively, while the price in Tianjin remained unchanged. The aggregated hot - rolled coil prices in Shanghai and Shenyang increased by 10, while the price in Lecong remained unchanged. The basis of the 01, 05, and 10 contracts of rebar in Shanghai changed by - 3, - 17, and 5 respectively; the basis of the 01, 05, and 10 contracts of hot - rolled coil in Shanghai changed by 7, 4, and - 1 respectively [7][9]. - **Rebar and Hot - Rolled Coil Spot Spreads**: The regional spreads of rebar (Hangzhou - Beijing, Guangzhou - Beijing, and Guangzhou - Hangzhou) changed by - 30, - 20, and 10 respectively; the regional spreads of hot - rolled coil (Lecong - Shanghai, Lecong - Shenyang, and Shanghai - Shenyang) changed by - 10, - 10, and 0 respectively. The spreads between hot - rolled coil and rebar in Shanghai, Beijing, and Shenyang increased by 30, 20, and 10 respectively [9]. - **Hot - Rolled Coil Overseas - Related Data**: The FOB export prices of hot - rolled coil in China, India, and the CIS increased by 5, 10, and 15 respectively, while the prices in Japan remained unchanged, and the price in Turkey decreased by 2. The CFR import prices of hot - rolled coil in Southeast Asia, the Middle East increased by 5 and 10 respectively, while the prices in the EU remained unchanged, and the price in India decreased by 1 [10]. - **Steel Fundamental Data**: The production of rebar decreased by 0.73, the production of hot - rolled coil's commercial rolls increased by 0.31, and the production of internal - supply rolls increased by 0.39. The inventory of long - process and short - process steel mills' rebar increased by 2.55 and 1.51 respectively. The daily average hot - metal production of 247 steel mills increased by 0.34, and the daily scrap - steel consumption of 255 steel mills increased by 0.6128 [10]. - **Raw Material Prices and Steel Mill Profits**: The price of PB powder (Rizhao Port, 61.5%) increased by 2, the price of metallurgical first - grade coke (Rizhao Port) increased by 50, the price of Zhangjiagang heavy scrap increased by 10, and the price of Anze low - sulfur primary coking coal remained unchanged. The profits of long - process and short - process rebar changed by - 10.45 and 78.56 respectively. The on - paper profits of the 01, 05, and 10 contracts of rebar decreased by 20.1848, 18.0712, and 29.4872 respectively [11]. - **Building Materials Trading Volume**: The trading volume of building materials in China increased by 11408, the trading volume in the northern region decreased by 1026, and the trading volume in the southern region increased by 4150. The trading volumes in Beijing remained unchanged, and the trading volumes in Guangzhou, Hangzhou, and Shanghai increased by 1350, 1700, and 830 respectively [11]. - **Fubao Electric - Furnace Cost and Profit**: The peak - electricity cost, flat - electricity cost, and valley - electricity cost of electric furnaces in different regions changed, and the profits also showed different degrees of change [12]. - **Five - Major Steel Products**: The apparent demand for rebar decreased by 20.85, the apparent demand for hot - rolled coil increased by 8.54, the apparent demand for wire rods decreased by 1.05, the apparent demand for cold - rolled decreased by 2, and the apparent demand for medium - thick plates increased by 0.64. The production of rebar decreased by 0.73, the production of hot - rolled coil increased by 0.7, the production of wire rods increased by 0.71, the production of cold - rolled increased by 0.14, and the production of medium - thick plates increased by 1.6. The inventory of rebar increased by 30.51, the inventory of hot - rolled coil increased by 0.84, the inventory of wire rods increased by 5.93, the inventory of cold - rolled increased by 1.85, and the inventory of medium - thick plates increased by 1.48 [13].

Group 1: Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] Group 2: Core View of the Report - The fundamentals of finished steel products are weak, and steel prices are undergoing adjustments. There is still potential for further adjustment, and it is advisable to adopt a wait - and - see approach [2][3] Group 3: Summary by Related Content General Situation of Steel Billets - In July, the total resource volume of national sample steel billet circulation enterprises was about 3.32 million tons, with a month - on - month increase of about 4% and a year - on - year increase of about 29%. At the beginning of August, some steel enterprises resumed production after blast furnace maintenance, and the steel billet profit was relatively good, driving up the steel billet delivery volume, which is expected to remain at about 44,000 tons per day, at a relatively high level. On August 4, the ex - factory tax - included price of common square billets in Qian'an, Tangshan increased by 20 yuan, reaching 3,050 yuan per ton [3] Situation of Finished Steel Products - Finished steel products rebounded slightly from the low level yesterday. After the macro - sentiment subsided, steel prices continuously declined, and the market refocused on the fundamental factors of steel. Currently, the supply of steel is still stronger than the demand. The daily average hot metal output, blast furnace operating rate, and steel mill profitability on the supply side are all relatively high, but the downstream demand is mediocre, affected by monthly real - estate data and the actual impact of the rainy season on construction sites [3]