Group 1 - The Wuhan hot-rolled coil market is currently stable, with the price of Tian Tie common coil at 3200 yuan, unchanged from the previous trading day [1] - On June 25, the hot-rolled coil futures main contract closed at 3098.00 yuan/ton, with a slight decline of 0.26%, and a trading volume of 533,425 contracts [2] - The Shanghai market shows various prices for common hot-rolled coils, with prices ranging from 3190 to 3220 yuan/ton depending on the supplier and location [2] Group 2 - The total warehouse receipts for hot-rolled coil futures on the Shanghai Futures Exchange decreased by 1,180 tons to 74,357 tons compared to the previous trading day [3] - Several steel manufacturers, including Fujian Hongfeng Steel and Guizhou Juxin, have announced production halts for maintenance, impacting daily construction steel output by 0.27 million tons and 0.15 million tons respectively [3] - The overall demand for hot-rolled coils has shown improvement, with inventory levels decreasing, while cold-rolled coils have seen a continuous reduction in inventory for four weeks [4] Group 3 - The geopolitical situation, including the ceasefire between Iran and Israel, has led to lower energy prices, which may indirectly affect hot-rolled coil prices [4] - Despite the potential for a weakening demand due to external factors such as declining global manufacturing PMI and reduced import growth in the U.S., the current profitability of steel mills remains relatively strong, providing support for raw material costs [4] - The overall expectation for hot-rolled coil prices is a slight downward trend, but significant declines are not anticipated in the short term [4]

南华煤焦产业风险管理日报 2025/06/17 南华研究院 黑色研究团队 source： 南华研究,wind 双焦风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 锁定售价 | 钢厂对焦炭提降，担心焦炭价格下跌 | 多 | 做空焦炭2509合约 | J2509 | 卖出 | 25% | 1370-1390 | | | | | | | | 50% | 1390-1420 | | 锁定售价 | 焦煤现货库存高企，担心价格进一步下跌 | 多 | 做空焦煤2509合约 | JM2509 | 卖出 | 25% | 800-820 | | | | | | | | 50% | 820-850 | source： 南华研究 黑色仓单日报 | | 单位 | 2025-06-17 | 2025-06-16 | 环比 | | --- | --- | --- | --- | --- | | 螺纹钢 | 吨 | 37751 | 34766 ...