钯：缓慢追涨 商 品 研 究 2025 年 12 月 1 日 铂：受白银引领上行 【基本面跟踪】 铂钯基本面数据 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 435. 55 | | 1.22% | | | | 金交所铂金 | 432. 36 | | 0.72% | | | | 纽约铂主连 | 1683. 70 | | 3. 43% | | | | 伦敦现货铂金 | 1668. 50 | | 3.72% | | | | 纪金期货2606 | 371.55 | | 0. 26% | | | | 人民币现货纪金 | 353.00 | | 1. 15% | | | 价格 | 纽约锂主连 | 1. 460. 00 | | 1.47% | | | | 伦敦现货纪金 | 1,448.16 | | 1. 18% | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | 广铂 | 24, 649 ...

Core Viewpoint - The steel industry continues to face pressure, with the PMI for June at 45.9%, indicating a contraction in activity and weak demand [1][2] Demand Analysis - Steel demand remains weak, with the new orders index at 45.6%, down 0.8 percentage points month-on-month, reflecting a lack of optimism in the overall economic outlook [2] - Extreme weather conditions in southern China have significantly hindered construction progress, further impacting demand [2] Supply and Production - Steel production continues to tighten, with the production index at 43.5%, indicating insufficient recovery in production activities [3] - Daily crude steel production in early June was 215.9 million tons, a 3.2% increase month-on-month, but overall production remains below demand levels, leading to a slowdown in inventory reduction [3] Price Trends - Raw material prices are under pressure, with the purchasing price index dropping to 25.6%, remaining low for eight consecutive months [4] - Steel prices showed minor fluctuations in June, with the Shanghai rebar price index ranging from 3032 to 3069 yuan per ton, reflecting weak terminal market demand [4] Future Outlook - In July, steel demand is expected to continue its weak trend due to extreme weather conditions affecting construction activities [5] - The steel market is likely to see continued low price fluctuations, with potential impacts on steel mill production due to squeezed profit margins [5]

Core Viewpoint - The steel industry continues to face pressure with a weak supply and demand dynamic, as indicated by the June 2025 steel PMI of 45.9%, marking a 0.5 percentage point decrease from the previous month, and reflecting two consecutive months of decline [1] Group 1: Industry Performance - The steel industry PMI for June 2025 is reported at 45.9%, indicating ongoing challenges within the sector [1] - There has been a continuous decline in the PMI for two months, suggesting persistent pressure on the steel market [1] - Weak demand is evident, with steel production tightening and increased pressure on inventory reduction [1] Group 2: Price Trends - Steel prices remain low, with raw material prices continuing to decline [1] - It is anticipated that in July, demand will be further pressured due to high temperatures and rainy weather, leading to continued low fluctuations in steel prices [1] - The supply side is also expected to lack upward momentum, contributing to the overall market pressure [1]