Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For steel products, the supply - demand structure continued to weaken last week, market sentiment cooled significantly, and it is expected that the black market still has room for correction, but differentiation among varieties may intensify. Hold short positions in rebar and pay attention to the correction space [7]. - For iron ore, the supply decreased slightly week - on - week last week, demand increased marginally, and the supply - demand structure improved week - on - week. In the short term, the bullish sentiment in the market may cool down, but the resilience of iron ore demand may be repeatedly traded, and the ore price may maintain the current oscillating and slightly strong trend. Adopt a wait - and - see approach for single - side trading [7]. Summary According to Relevant Catalogs Steel Products Weekly Market Tracking 1.1 Price - Rebar prices corrected from high levels last week, hot - rolled coils oscillated, and the trends of coils and rebars diverged. The rebar 10 contract fell 25 to 3188, and the spot price in East China dropped 20 week - on - week to 3320 yuan/ton [13]. 1.2 Supply - The blast furnace operating rate of 247 steel mills was 83.59%, a decrease of 0.16 percentage points week - on - week and an increase of 4.75 percentage points year - on - year. The blast furnace iron - making capacity utilization rate was 90.22%, an increase of 0.13 percentage points week - on - week and 4.30 percentage points year - on - year. The daily average hot - metal output was 240.66 tons, an increase of 0.34 tons week - on - week and 11.89 tons year - on - year [15]. - The average capacity utilization rate of 90 independent electric - arc furnace steel mills nationwide was 57.39%, an increase of 0.49 percentage points week - on - week and 21.74 percentage points year - on - year. The average operating rate was 76.39%, an increase of 1.49 percentage points week - on - week and 23.97 percentage points year - on - year [24]. - The supply of five major steel products last week was 871.63 tons, an increase of 2.42 tons week - on - week, a growth rate of 0.3%. Among them, rebar production decreased by 0.7 tons week - on - week, and hot - rolled coil production increased by 0.7 tons [28]. 1.3 Demand - From August 6th to 12th, the national cement delivery volume was 2.608 million tons, a decrease of 1.27% week - on - week and 19.88% year - on - year. The direct supply volume of infrastructure cement was 1.59 million tons, a decrease of 1.24% week - on - week and 3.64% year - on - year. The speculative demand for building materials also declined [31]. - For hot - rolled coils, from August 1st to 10th, the national passenger car retail sales were 452,000 units, a decrease of 4% year - on - year and an increase of 6% compared with the same period last month. Manufacturing orders increased month - on - month, but overseas demand may continue to decline due to anti - dumping duties imposed by Japan and South Korea [34]. 1.4 Profit - The blast furnace steel mill profitability rate was 65.8%, a decrease of 2.60 percentage points week - on - week and an increase of 61.04 percentage points year - on - year. The average profit of independent electric - arc furnace construction steel mills was - 47 yuan/ton, and the off - peak electricity profit was 53 yuan/ton, a decrease of 12 yuan/ton week - on - week [38]. 1.5 Inventory - The total inventory of five major steel products last week was 14.1597 million tons, an increase of 406,100 tons week - on - week, a growth rate of 2.95%. Rebar social inventory increased significantly, and the factory inventory also increased by 40,000 tons [42]. - For hot - rolled coils, the in - plant inventory increased by 21,000 tons, and the social inventory increased by 8,400 tons [45]. 1.6 Basis - The rebar 10 basis was 112, a narrowing of 5 compared with last week. The hot - rolled coil basis was - 9, a narrowing of 21 compared with last week [48]. 1.7 Inter - delivery - The 10 - 1 spread was - 81, a deeper inversion of 8 compared with last week. As the 10 - contract approaches its end, the pressure on the near - month contract increases [51]. 1.8 Inter - variety - The current spread between hot - rolled coils and rebar in the futures market was 251, an expansion of 36 compared with last week. The spot spread was 130, an expansion of 20 compared with last week [54]. Iron Ore Weekly Market Tracking 2.1 Price - Iron ore prices oscillated after a correction last week, showing a narrow - range fluctuation. The 09 contract rose 7 to 790, with both trading volume and open interest declining. The spot price of PB fines at Rizhao Port rose 2 to 771 yuan/ton [60]. 2.2 Supply - The global iron ore shipment volume was 30.467 million tons, a decrease of 150,000 tons week - on - week. The weekly average shipment volume in August was 30.543 million tons, a decrease of 190,000 tons compared with last month and 1.2 million tons compared with last year [63]. - The weekly average shipment volume from Australia was 17.214 million tons, a decrease of 360,000 tons compared with last month and 610,000 tons compared with last year. The weekly average shipment volume from Brazil was 8.099 million tons, a decrease of 160,000 tons compared with last month and 210,000 tons compared with last year [66]. - The 47 - port iron ore arrival volume was 25.716 million tons, a decrease of 510,000 tons week - on - week. The weekly average arrival volume in August was 25.97 million tons, an increase of 340,000 tons compared with last month and 320,000 tons compared with last year [69]. 2.3 Demand - The daily average hot - metal output of 247 sample steel mills was 240.66 tons, an increase of 0.34 tons week - on - week. Iron ore demand rebounded week - on - week, and it is expected to increase further next week [72]. - The average daily port trading volume last week was 954,000 tons, an increase of 66,000 tons week - on - week. Steel mills replenished their stocks as needed [76]. 2.4 Inventory - As of August 15th, the total inventory of 47 - port iron ore was 143.8157 million tons, an increase of 1.14 million tons week - on - week, a decrease of 12.29 million tons compared with the beginning of the year, and 12.71 million tons lower than the same period last year [79]. - On August 14th, the total inventory of imported sintered powder of 114 steel mills was 27.7594 million tons, an increase of 196,600 tons compared with the previous period [82]. 2.5 Shipping - The shipping cost from Western Australia to China was 9.93 US dollars/ton, a decrease of 0.05 US dollars week - on - week. The shipping cost from Brazil to China was 24.75 US dollars/ton, an increase of 0.68 US dollars week - on - week [85]. 2.6 Spread - The 1 - 5 spread was 20.5, unchanged compared with last week, at a relatively low - neutral level. The 01 - contract discount was 19.5, basically unchanged compared with last week, at a relatively low level [89].

| | 业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292 2025年8月7日 | | | 周敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3370 | 3360 | 10 | 61 | | | 螺纹钢现货(华北) | 3330 | 3300 | 30 | 21 | | | 螺纹钢现货(华南) | 3470 | 3470 | 0 | 161 | | | 螺纹钢05合约 | 3337 | 3335 | 2 | 33 | | | 螺纹钢10合约 | 3234 | 3233 | 1 | 136 | | | 螺纹钢01合约 | 3309 | 3306 | 3 | ୧1 | | | 热卷现货(华东) | 3470 | 3470 | 0 | 15 | 元/吨 | | 热卷现货(华北) | 3410 | 3410 | 0 | -45 | | | 热卷现货(华南) | 3470 | 3470 ...

Report Title - The report is titled "Black Metal Weekly Report" and is from the Black Metal Research Center of Guomao Futures, dated July 28, 2025 [1] Report Industry Investment Ratings - Not provided in the report Core Views - The market sentiment has cooled down, and short - term volatility has increased. After the exchange restricted position - opening, the far - month coking coal contracts hit the daily limit after consecutive limit - up boards. Iron ore showed strong resistance to decline after the coking coal position - opening restriction. Different sub - sectors in the black metal industry have different supply - demand situations and investment outlooks [4] Summary by Directory 1. Steel - **Supply**: Neutral. Pig iron production decreased slightly within market expectations. Near September, production restrictions may occur due to important events. Short - process production may fluctuate in some areas during the peak power season, but it won't significantly impact the total output. Recently, the price of scrap steel has lagged behind, and some electric furnaces may increase their operating rates [6] - **Demand**: Neutral. After the price rebound, the trading volume improved, and the "buy on rising" mentality supported the demand. The spot market's liquidity is still locked. The large fluctuations in coking coal and coke may drive the trading in the black metal sector [6] - **Inventory**: Bullish. The total inventory level is low, and the inventory accumulation during the off - season is not significant, which may trigger unexpected restocking [6] - **Basis/Spread**: Bearish. The basis decreased slightly this week. The rb2510 basis in the East China region (Hangzhou) was 44 on Friday, down 20 from the previous week [6] - **Profit**: Bearish. Long - process steel mills still have profits, while short - process production profits are unstable, and the reduction in production has increased slightly [6] - **Valuation**: Neutral. The production links in the industry chain have meager profits, with relatively low relative valuation and moderately high absolute valuation [6] - **Macro and Policy**: Bullish. The market is waiting for the Politburo meeting in July to set the direction. The "anti - involution" in the industry has digested some optimistic expectations [6] - **Investment View**: Hold. Pay attention to the Politburo meeting's guidance on policies in the second half of the year. The data shows the resilience of steel products, but the large fluctuations in coking coal and coke may drive the black metal sector. Consider taking profit on positive cash - and - carry positions [6] - **Trading Strategy**: Unilateral: Hold; Arbitrage: None; Cash - and - carry: Take profit on rolling positions [6] 2. Coking Coal and Coke - **Demand**: Bullish. The five major steel products have not shown obvious inventory accumulation during the off - season. The daily average pig iron production of 247 steel mills remained at a high level, and the steel mill profitability rate increased, indicating high demand for furnace materials [48] - **Coking Coal Supply**: Bullish. Domestic over - production inspections have lowered the supply expectation. The port clearance has reached a high level, and the import window for overseas coal has opened [48] - **Coke Supply**: Neutral. Coke production has rebounded from a low level, but the coking profit has decreased, and the cost of raw coal has increased, leading to faster price increases [48] - **Inventory**: Bullish. Downstream replenishment demand has been released, and the overall inventory of coking coal and coke has shifted downstream. The total inventory has continued to decline significantly [48] - **Basis/Spread**: Bearish. The basis cost of coke and coking coal has increased, and the import window for overseas coal has opened [48] - **Profit**: Neutral. Steel mills have a high profitability rate, while coking profits are negative and the cost of raw coal has risen rapidly [48] - **Summary**: Neutral. The off - season data of the black metal industry is still good, but the previous rapid rise in futures prices may have over - anticipated the market. After the exchange restricted position - opening, the market may decline further. It is recommended to wait and take profit on previous cash - and - carry positions [48] - **Trading Strategy**: Unilateral: Take profit on previous cash - and - carry positions; Arbitrage: Hold [48] 3. Iron Ore - **Supply**: Bullish. The shipping volume will seasonally increase in the following weeks, but the typhoon weather has affected the arrival and unloading rhythm. The arrival volume will decline later, and the supply pressure is not significant based on the current pig iron demand [94] - **Demand**: Neutral. The pig iron production of steel mills decreased slightly this week due to a temporary blast furnace maintenance. The steel mill profitability rate reached a new high this year, and the port inventory increased slightly [94] - **Inventory**: Neutral. Although the arrival volume usually increases in July and August, it is difficult to enter a large - scale inventory accumulation stage in the short term with high pig iron production [94] - **Profit**: Neutral. Steel mills' profits are still high, so pig iron production can remain at a high level in the short term [94] - **Valuation**: Neutral. With high pig iron production, the short - term valuation is relatively neutral [94] - **Summary**: Neutral. Pig iron production remained at a high level with small fluctuations. Iron ore showed strong resistance to decline after the coking coal position - opening restriction. The port inventory accumulation is small, and there is still room for the port inventory to decline in the short term. It is not recommended to short the black metal market in the short term [94] - **Investment View**: Consolidation - **Trading Strategy**: Unilateral: Buy on dips; Arbitrage: Hold [94]

[table_reportdate] 2025 年半年度策略报告 2025 年 6 月 需求复苏乏力 供应压力犹存 [table_main] 报告摘要： 宏源公司类模板 研究员：白净 F03097282 Z0018999 研究所 黑色期货研究室 TEL： 010-82292661 期货（期权）研究报告 请务必阅读正文之后的免责条款部分 [table_research] ➢ 行情回顾： 2025 年上半年黑色系价格中枢下移，品种供需结构呈现 差异化，价格强弱分化显著。原料端，铁矿受到高铁水的需求支撑， 价格下跌驱动有限，普氏指数累计下跌 8%，由于今年吨钢利润运行 尚可，废钢端价格压力较小，上半年现货累计跌幅仅有 4%；双焦表 现相对最弱，尤其是焦煤，下跌驱动主要来自于供应端的压力，上半 年累计跌幅达到 30%以上，这也是今年拖累材端下跌的主要驱动之 一，焦炭上半年累计跌幅在 27%左右。成材方面，2025 年 1-5 月粗钢 消费 3.74 亿吨，累计同比下降 1.2%，其中五大材累计消费 2.08 亿吨， 累计同比增 0.5%；非五大材消费 1.65 亿吨，累计同比下降 3.5%。今 年以来，成材端产量一直 ...

黑色建材日报 2025-07-01 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 2997 元/吨, 较上一交易日涨 2 元/吨（0.066%）。当日注册仓单 18221 吨, 环比持平。主力合约持仓量为 212.417 万手，环比减少 18643 手。现货市场方面, 螺纹钢天津汇总价格为 3160 元/吨, 环比减少 0/吨; 上海汇总价格为 3130 元/吨, 环比增加 50 元/吨。 热轧板卷主力合约收盘 价为 3123 元/吨, 较上一交易日涨 2 元/吨（0.064%）。 当日注册仓单 67543 吨, 环比减少 1192 吨。主力 合约持仓量为 152.5709 万手，环比增加 999 手 ...

【铁矿】 铁矿 今日盘面小幅上涨。 供应端，铁矿 全球发运处于高位，季末仍有冲量预期， 国内港口库存随着到港量的增加而开始企稳回 升，供应压力边际加大。需求端，淡季终端需求有所走弱，钢厂盈利率尚可，铁水产量维持在相对高位，钢厂主动减产意愿不 强。宏观层面，国内仍然等待增量政策出台，外部地缘政治风险缓和。铁矿石短期供需矛盾有限，预计走势以震荡为主。 【钢材】 今日盘面下探回升。本周螺纹表需保持平稳，产量继续回升，库存去化放缓。热卷需求回落，产量维持高位，库存稍有累积。 目前高炉仍有利润，铁水产量维持相对高位，不过淡季承接能力不足，负反馈预期仍反复发酵。从下游行业看，基建回暖缺乏 持续性，制造业投资增速继续放缓，地产销售低位徘徊，投资、新开工等指标继续大幅下滑，内需整体依然疲弱。需求预期偏 悲观，市场心态谨慎，盘面整体依然承压，节奏上仍有反复，关注终端需求及国内外相关政策变化。 | | | 【焦炭】 | SDIC FUTURES | 操作评级 | 2025年06月26日 | | --- | --- | --- | | 螺纹 | ☆☆☆ | 曹颖 首席分析师 | | 热卷 | な女女 | F3003925 Z001 ...

黑色金属数据日报 | 2025/06/23 | | 国贸期货出品 ITG 国贸期货 | | --- | --- | --- | | 投资咨询业务资格:证监许可[2012] 31号 | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | 张宝慧 | F0286636 | Z0010820 | | 黄志鸿 | F3051824 | Z0015761 | | 节子勖 | F03094002 | Z0020036 | | | 远月合约收盘价 (元/吨) | RB2601 | HC2601 | 12601 | J2601 | JM2601 | | --- | --- | --- | --- | --- | --- | --- | | | 6月20日 | 2985.00 | 3107.00 | 674.00 | 1411.50 | 821.50 | | | 涨跌值 | 5.00 | 9.00 | 4. 00 | 14. 50 | 9.50 | | | 涨跌幅(%) | 0.17 7 | 0. 29 | 0. 60 | 1.04 | 1.17 ~ | | | 近月合约收盘价 (主力合约元/吨) | RB2 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Steel - Black metal prices have stabilized with a rising central level. Futures prices strengthened on Friday, and the basis remained weak. Hot - rolled coil production has rebounded, with high apparent demand and a small decline. However, the supply and demand of rebar are both weak, and the apparent demand has declined. Steel and billet exports remain high, absorbing production. It is still the off - season for steel, and demand is difficult to improve marginally. Steel maintains a pattern of cost drag and weak demand expectations. Operate with a bearish bias on rebounds or sell out - of - the - money call options. Pay attention to the pressure levels of 3150 and 3050 yuan for hot - rolled coil and rebar respectively[1]. Iron Ore - In the short term, iron ore is under obvious upward pressure due to the expected decline in hot metal, supply increase, and administrative production cuts. However, the short - term decline in hot metal is limited. In the medium - to - long - term, a bearish view on the 09 contract remains unchanged. During the off - season when demand weakens, the price range of iron ore may shift downwards, with a reference range of 670 - 720 yuan[3]. Coke - Last week, coke futures showed a volatile and slightly stronger trend, while the spot market was weakly stable. On the supply side, environmental protection inspections have led to production cuts in northern regions, and independent coking operations have declined. On the demand side, hot metal production has continued to decline after reaching a peak. In terms of inventory, coking plants and ports have reduced inventories, and steel mills are actively reducing inventories. Strategically, consider short - term shorting of the coke 2509 contract on rebounds and a long - coking coal and short - coke arbitrage strategy[5]. Coking Coal - Last week, coking coal futures showed a volatile and slightly stronger trend, and the spot market was weakly stable. On the supply side, domestic production has decreased due to various factors, and imported coal has different situations. On the demand side, coking operations have declined, and downstream users are cautious in restocking. In terms of inventory, overall inventory is at a medium level. Strategically, consider short - term long - coking coal 2509 contract on dips and a long - coking coal and short - coke arbitrage strategy[5]. Ferrosilicon and Ferromanganese - Ferrosilicon: Last week, ferrosilicon production increased slightly, mainly in Ningxia and Shaanxi. Due to weakening demand, prices are weak, and manufacturers' losses are intensifying. Although inventories have decreased, they are still relatively high. In terms of demand, hot metal production has increased slightly, but there are risks of off - season demand decline. Strategically, it is recommended to short on rebounds[7]. - Ferromanganese: Last week, ferromanganese production increased slightly, with restarts mainly in Inner Mongolia and Yunnan. Supply pressure persists during the off - season. Inventories of manufacturers have increased, and the number of warehouse receipts has continued to decline. Although the overall supply - demand situation has improved, it is still insufficient. Strategically, it is recommended to short on rebounds[7]. 3. Summary by Relevant Catalogs Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in different regions showed small changes, with some increases. Futures prices of rebar and hot - rolled coil also rose slightly. The basis of rebar and hot - rolled coil showed different trends[1]. Cost and Profit - The price of steel billets increased by 10 yuan, and the price of slab remained unchanged. The costs of Jiangsu electric - arc furnace rebar and converter rebar decreased, while the profits of hot - rolled coil in different regions decreased to varying degrees[1]. Production - The daily average hot metal output increased by 0.6 to 242.2 tons, a 0.2% increase. The output of five major steel products increased by 9.7 tons to 868.5 tons, a 1.1% increase. Rebar output increased by 4.6 tons to 212.2 tons, a 2.2% increase, with converter output increasing and electric - arc furnace output decreasing. Hot - rolled coil output increased by 0.8 tons to 325.5 tons, a 0.2% increase[1]. Inventory - The inventory of five major steel products decreased by 15.7 tons to 1338.9 tons, a 1.2% decrease. Rebar inventory decreased by 7.0 tons to 551.1 tons, a 1.3% decrease. Hot - rolled coil inventory decreased by 5.2 tons to 340.2 tons, a 1.5% decrease[1]. Transaction and Demand - Building materials trading volume increased by 0.7 to 9.7 tons, an 8.2% increase. The apparent demand of five major steel products increased by 16.1 tons to 884.2 tons, a 1.9% increase. The apparent demand of rebar decreased by 0.8 tons to 219.2 tons, a 0.4% decrease. The apparent demand of hot - rolled coil increased by 10.8 tons to 330.7 tons, a 3.4% increase[1]. Iron Ore Prices and Spreads - The warehouse receipt costs of various iron ore varieties increased slightly. The basis of 09 contracts for different varieties decreased significantly. The 5 - 9 spread decreased, the 9 - 1 spread increased, and the 1 - 5 spread decreased slightly[3]. Supply - The global weekly shipment volume decreased by 157.7 tons to 3352.7 tons, a 4.5% decrease, mainly due to a decrease in Australian shipments. The weekly arrival volume at 45 ports decreased by 224.8 tons to 2384.5 tons, an 8.6% decrease, mainly due to the decrease in Brazilian ore arrivals[3]. Demand - The daily average hot metal output of 247 steel mills increased by 0.6 to 242.2 tons, a 0.2% increase. The daily average ore removal volume at 45 ports increased by 12.3 to 313.6 tons, a 4.1% increase. National monthly pig iron and crude steel production increased[3]. Inventory - The inventory at 45 ports increased by 13.5 to 13894.16 tons, a 0.1% increase. The imported ore inventory of 247 steel mills increased by 137.6 to 8936.2 tons, a 1.6% increase. The inventory available days of 64 steel mills decreased by 2 to 19 days, a 9.5% decrease[3]. Coke Prices and Spreads - The prices of Shanxi first - grade wet - quenched coke and Rizhao Port quasi - first - grade wet - quenched coke remained unchanged. Coke futures prices increased slightly, and the basis decreased. The J09 - J01 spread increased slightly. Coking profits decreased[5]. Supply - The daily average output of all - sample coking plants decreased by 0.3 to 64.7 tons, a 0.5% decrease. The daily average output of 247 steel mills increased by 0.1 to 47.4 tons, a 0.3% increase[5]. Demand - The hot metal output of 247 steel mills increased by 0.6 to 242.2 tons, a 0.2% increase[5]. Inventory - The total coke inventory decreased by 18.8 to 952.9 tons, a 1.9% decrease. Coking plant inventories, steel mill inventories, and port inventories all decreased to varying degrees[5]. Supply - Demand Gap - The coke supply - demand gap decreased by 0.5 to - 5.2 tons, a 9.04% decrease[5]. Coking Coal Prices and Spreads - The prices of Shanxi and Mongolian coking coal warehouse receipts remained unchanged. Coking coal futures prices increased slightly, and the basis decreased. The JM09 - JM01 spread decreased. Sample coal mine profits decreased by 24, a 7.5% decrease[5]. Supply - The weekly production of raw coal decreased by 9.8 to 856.4 tons, a 1.1% decrease, and the production of clean coal decreased by 3.4 to 437.2 tons, a 0.8% decrease[5]. Demand - The daily average output of all - sample coking plants decreased by 0.3 to 64.7 tons, a 0.5% decrease. The daily average output of 247 steel mills increased by 0.1 to 47.4 tons, a 0.3% increase[5]. Inventory - The clean coal inventory of Fenwei mines decreased by 25.1 to 258.9 tons, an 8.84% decrease. The coking coal inventory of all - sample coking plants decreased by 2.3 to 795.8 tons, a 0.3% decrease. The coking coal inventory of 247 steel mills increased by 0.7 to 774.7 tons, a 0.14% increase. Port inventories decreased by 8.7 to 303.3 tons, a 2.8% decrease[5]. Ferrosilicon and Ferromanganese Prices and Spreads - The closing price of the ferrosilicon main contract decreased by 10 to 5300 yuan. The closing price of the ferromanganese main contract increased by 32 to 5616 yuan. The prices of ferrosilicon and ferromanganese in different regions showed different changes[7]. Cost and Profit - The production costs of ferrosilicon in different regions decreased slightly, and the production profits in Inner Mongolia and Ningxia increased slightly. The prices of manganese ore in Tianjin Port showed small changes, and the production costs and profits of ferromanganese in different regions also changed[7]. Supply - Ferrosilicon production increased by 3 to 98 tons, a 2.9% increase, and the production enterprise's operating rate increased by 1.3 to 32.7%, a 4.3% increase. Ferromanganese production increased slightly, and the operating rate increased by 1.1 to 36.4%, a 3.14% increase. Manganese ore shipments increased by 9 to 70.7 tons, a 14.6% increase, and arrivals decreased by 14 to 53.8 tons, a 20.6% decrease. Manganese ore port inventories increased by 19.9 to 440.1 tons, a 4.7% increase[7]. Demand - The ferrosilicon demand calculated by the Steel Union remained unchanged at 2 tons. The ferromanganese demand calculated by the Steel Union increased by 0.2 to 124 tons. The hot metal output of 247 steel mills increased by 0.6 to 242.2 tons, a 0.2% increase[7]. Inventory - The inventory of 60 sample ferrosilicon enterprises decreased by 0.2 to 68 tons, a 2.7% decrease. The inventory of 63 sample ferromanganese enterprises increased by 1.0 to 20.6 tons, a 5.14% increase. The average available days of ferrosilicon inventory for downstream users increased by 0.2 to 15.4 days, a 1.2% increase. The average available days of ferromanganese inventory decreased by 0.3 to 15 days, a 1.9% decrease[7].

| 材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月23日 | | | 周敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3090 | 3090 | O | 105 | | | 螺纹钢现货(华北) | 3200 | 3200 | 0 | 215 | | | 螺纹钢现货(华南) | 3180 | 3170 | 10 | 195 | | | 螺纹钢05合约 | 2987 | 2979 | 8 | 103 | | | 螺纹钢10合约 | 2992 | 2986 | 6 | 08 | | | 螺纹钢01合约 | 5985 | 2979 | 6 | 105 | | | 热卷现货(华东) | 3200 | 3190 | 10 | ਰੇਤੇ | 元/吨 | | 热卷现货 (华北) | 3110 | 3100 | 10 | 3 | | | 热卷现货(华南) | 318 ...

Report Industry Investment Ratings - Thread: ☆☆☆ [1] - Hot Rolled Coil: ☆☆☆ [1] - Iron Ore: ☆☆☆ [1] - Coke: ☆☆☆ [1] - Coking Coal: ☆☆☆ [1] - Silicon: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - The overall market is characterized by weak domestic demand, with the market sentiment remaining cautious and the demand outlook being pessimistic, which restricts the upside potential. Most varieties are expected to trade in a range, and attention should be paid to changes in terminal demand and relevant domestic and foreign policies [2][3][4][6][8] Summary by Category Steel - The steel futures market showed a slight upward trend today. The demand for thread has stabilized, while the demand for hot rolled coil has recovered. However, the terminal demand is in the off - season, and the negative feedback expectation still simmers. The overall domestic demand is weak, and the market is expected to trade in a range in the short term [2] Iron Ore - The iron ore futures market rose slightly today. The global supply is in the peak season, and the supply pressure is expected to increase. The demand is expected to remain relatively high in the short term. The market uncertainty is high, and the price is expected to trade in a range [3] Coke - The coke price was volatile during the day. The fourth round of price cuts was partially implemented. The overall inventory decreased, and the price is expected to trade in a narrow range under the influence of inventory pressure and geopolitical factors [4] Coking Coal - The coking coal price was volatile during the day. The coal mine output decreased, the spot auction market improved slightly, and the inventory continued to decline. The price is expected to trade in a narrow range [6] Ferrosilicon and Manganese Silicon - The prices of ferrosilicon and manganese silicon showed a pattern of rising and then falling during the day. The fundamentals of manganese silicon improved slightly, and the price of manganese ore is expected to decline further. The demand for ferrosilicon is fair, and both are temporarily bullish in the short term [7][8]