投资咨询业务资格：证监许可【2011】1778 号 宝城期货铁矿石早报（2025 年 6 月 27 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2509 | 震荡 | 震荡 | 震荡 偏强 | 关注 MA5 一线支撑 | 需求韧性尚可，矿价震荡走高 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 观点参考 观点参考 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 铁矿石供需格局有所变化，钢厂生产积极，矿石终端消耗持续回升，需求韧性表现尚可，给予矿 价强支撑，关注持续性。同时，财年末矿商冲量积极，港口到货和矿商发运均大幅回升，双双升至年 内高位，相应的内矿供应也在恢复，矿石供应压力依然偏大。综上，需求韧性尚可叠加市场 ...

1. Report Industry Investment Ratings - **Macro Finance**: - A-shares: Bullish in the short term [1] - Treasury bonds: Limited upside in the short term [1] - Gold: Volatile [1] - Silver: Volatile [1] - **Non-ferrous Metals**: - Copper: Bullish in the short term [1] - Aluminum: Volatile [1] - Alumina: Volatile [1] - Nickel: Volatile, limited upside in the short term, bearish in the long term [1] - Stainless steel: Bullish in the short term, bearish in the long term [1] - Tin: Bearish in the short term, potential upside from oil price increase [1] - Industrial silicon: Bearish [1] - Polysilicon: Bearish [1] - Lithium carbonate: Bearish [1] - **Black Metals**: - Rebar: No upward momentum [1] - Hot-rolled coil: No upward momentum [1] - Iron ore: Volatile [1] - Coking coal: Bearish [1] - Coke: Bearish [1] - Glass: Bearish [1] - Soda ash: Bearish [1] - **Agricultural Products**: - Palm oil: Bearish [1] - Soybean oil: Bearish [1] - Cotton: Bearish [1] - Sugar: Potential for higher production [1] - Corn: Bullish in the medium term [1] - Pulp: Bearish [1] - Raw silk: Neutral [1] - Live pigs: Stable [1] - **Energy and Chemicals**: - Crude oil: Bearish [1] - Fuel oil: Bearish [1] - Asphalt: Bearish [1] - BR rubber: Bearish in the short term [1] - PTA: Bearish [1] - Ethylene glycol: Bearish [1] - Short fiber: Bearish [1] - Pure benzene: Volatile [1] - Styrene: Volatile [1] - PVC: Bearish [1] - Caustic soda: Volatile [1] - LPG: Bearish [1] 2. Core Views of the Report - In the short term, the A-share market has good liquidity, geopolitical conflicts have significantly eased, and overseas disturbances have weakened, so the stock index is expected to fluctuate strongly [1] - The weak economy is beneficial for bond futures, but the central bank's warning on interest rate risks restricts the upward space in the short term [1] - The improvement in market risk appetite may put short-term pressure on gold prices, but uncertainties such as geopolitics and tariffs remain high, so gold prices are expected to fluctuate [1] - The Fed's dovish remarks and the opening of the re-export window may lead to a further decline in copper inventories, so copper prices are expected to fluctuate strongly in the short term [1] - The low inventory of domestic electrolytic aluminum and the off-season demand result in volatile aluminum prices [1] - The supply of some non-ferrous metals is expected to recover, and demand shows signs of weakening, so attention should be paid to shorting opportunities at high levels [1] - The improvement in macro sentiment requires attention to tariff progress and economic data at home and abroad [1] - The supply of some agricultural products is affected by various factors, and the market shows different trends, such as the potential decline in Brazilian sugar production due to the change in the sugar-to-ethanol ratio [1] - The geopolitical situation in the Middle East has cooled down, Trump's energy policy is negative for crude oil, and the long-term supply and demand tend to be loose [1] 3. Summary by Related Catalogs Macro Finance - **A-shares**: Short-term liquidity is good, geopolitical conflicts ease, and overseas disturbances weaken, so the stock index is expected to fluctuate strongly [1] - **Treasury bonds**: The weak economy is beneficial for bond futures, but the central bank's warning on interest rate risks restricts the upward space in the short term [1] - **Gold**: Market risk appetite improves, putting short-term pressure on gold prices, but uncertainties keep prices volatile [1] - **Silver**: Silver prices are expected to fluctuate in the short term [1] Non-ferrous Metals - **Copper**: Fed's dovish remarks and re-export window may lead to lower inventories, so copper prices are expected to fluctuate strongly in the short term [1] - **Aluminum**: Low inventory and off-season demand result in volatile aluminum prices [1] - **Alumina**: Spot price decline and production increase put pressure on the futures price, but the discount limits the downside [1] - **Nickel**: High nickel ore premium and inventory increase limit the short-term upside, and long-term oversupply remains a concern [1] - **Stainless steel**: Short-term futures may rebound, but the sustainability is uncertain, and long-term supply pressure exists [1] - **Tin**: Short-term pressure from photovoltaic production cuts, potential upside from oil price increase [1] - **Industrial silicon**: Supply resumes, demand is low, and inventory pressure is huge [1] - **Polysilicon**: Downstream production declines, and supply reduction is not obvious [1] - **Lithium carbonate**: Falling ore prices and high downstream inventory lead to weak buying [1] Black Metals - **Rebar and Hot-rolled coil**: In the transition from peak to off-season, cost weakens, and supply-demand is loose, with no upward momentum [1] - **Iron ore**: Iron water may peak, and supply may increase in June, so attention should be paid to steel pressure [1] - **Coking coal and Coke**: Supply surplus exists, and the rebound space is limited [1] - **Glass**: Supply and demand are weak, and prices continue to decline [1] - **Soda ash**: Maintenance resumes, supply surplus is a concern, and demand is weak, so prices are under pressure [1] Agricultural Products - **Palm oil and Soybean oil**: After the decline of crude oil, the supply-demand is weak, and prices are expected to fall [1] - **Cotton**: Domestic cotton prices are expected to fluctuate weakly due to consumption off-season and inventory accumulation [1] - **Sugar**: Brazilian sugar production is expected to increase, and the change in the sugar-to-ethanol ratio may affect production [1] - **Corn**: Short-term price is affected by auction news, but the medium-term outlook is bullish [1] - **Pulp**: In the demand off-season, it is bearish after the positive news fades [1] - **Raw silk**: High持仓 and intense capital game lead to large fluctuations, so it is recommended to wait and see [1] - **Live pigs**: Inventory is abundant, and futures prices are stable [1] Energy and Chemicals - **Crude oil and Fuel oil**: Geopolitical cooling, Trump's energy policy, and long-term supply-demand loosening are negative factors [1] - **Asphalt**: Cost drag, potential tax refund increase, and slow demand recovery [1] - **BR rubber**: Temporary stability due to geopolitical cooling, but weak fundamentals in the short term [1] - **PTA, Ethylene glycol, and Short fiber**: Affected by the decline of crude oil and other factors, prices are bearish [1] - **Pure benzene and Styrene**: Volatile due to market sentiment and supply-demand changes [1] - **PVC**: Supply pressure increases due to the end of maintenance and the entry of new devices, so prices are bearish [1] - **Caustic soda**: Maintenance is almost over, and attention should be paid to the change in liquid chlorine [1] - **LPG**: Geopolitical relief, seasonal off-season, and inflow of low-cost foreign goods lead to downward pressure [1]

汇丰银行还指出，更为重要的是，铁矿石价格疲软可能反映了全球已过"钢铁峰值"期的预期。 供应端压力加大 在需求侧因素拖累铁矿石价格的同时，供应端的压力加大，也使得铁矿石价格承压。 贸易摩擦冲击经济前景，引发需求低迷，再加上几内亚等新兴产区产量增加，导致供应过剩压力加大，铁矿石 价格跌跌不休，触及九个月低位。 6月26日，据追风交易台消息，汇丰银行在最新研报中称，铁矿石价格在6月18日跌至9个月低点，各主要基准 价格均触及2024年9月以来最低水平。相比2025年2月中旬的年内高点，铁矿石价格已下跌约14%，并低于2024 年每吨110美元的平均水平。 报告称，美国贸易政策激化，冲击铁矿石市场，加剧需求担忧，中国房地产市场需求不足，也削弱了铁矿石的 需求前景。 除了需求低迷之外，供应端的压力也在加大，尤其是几内亚新铁矿石产区将大幅增产。 自2020年以来，中国钢铁产量已下降6%。中国经济的增长驱动力正在发生变化，经济的长期增长路径现在专 注于国内消费、技术进步和绿色发展等关键战略方向。 汇丰认为，这表明推动钢铁需求上升的更多金属密集型增长驱动因素可能已经过了顶峰，2025年5月的数据证 实了这一趋势： 中国钢铁产 ...

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center - Date: June 26, 2025 Group 2: Iron Ore Price Data Spot Market Prices - Newman Powder: Latest price 695, daily change -3, weekly change -3, converted to disc price 742.1 [2] - PB Powder: Latest price 700, daily change -1, weekly change -7, converted to disc price 739.3 - MacPowder: Latest price 683, daily change -4, weekly change -7, converted to disc price 746.4 - Jinbuba: Latest price 652, daily change -1, weekly change -1, converted to disc price 737.7 - Mainstream Mixed Powder: Latest price 638, daily change -7, weekly change -10, converted to disc price 759.7 - Super Special Powder: Latest price 596, daily change -3, weekly change -8, converted to disc price 802.4 - Carajás Powder: Latest price 796, daily change -3, weekly change -8, converted to disc price 732.2 - Brazilian Mixed Powder: Latest price 734, daily change -1, weekly change -4, converted to disc price 742.2 - Brazilian Coarse IOC6: Latest price 673, daily change -1, weekly change -7, converted to disc price 738.1 - Brazilian Coarse SSFG: Latest price 678, daily change -1, weekly change -7 - Ukrainian Concentrate: Latest price 777, daily change -3, weekly change -3, converted to disc price 842.4 - 61% Indian Powder: Latest price 632, daily change -1, weekly change -1 - Karara Concentrate: Latest price 777, daily change -3, weekly change -8, converted to disc price 786.8 - Roy Hill Powder: Latest price 670, daily change -1, weekly change -7, converted to disc price 737.7 - South African Powder: Latest price 760, daily change -1, weekly change -7 - 57% Indian Powder: Latest price 542, daily change -3, weekly change -8 - Robe River Powder: Latest price 681, daily change -3, weekly change 0 - Atlas Powder: Latest price 633, daily change -7, weekly change -10 - Tangshan Iron Concentrate: Latest price 875, daily change 0, weekly change -16, converted to disc price 762.0 Futures Market Prices - i2601: Latest price 676.5, daily change 0.0, weekly change 6.0, monthly spread 55.7, daily spread change -3.3, weekly spread change -12.5 [2] - i2605: Latest price 660.0, daily change 0.5, weekly change 7.5, monthly spread 72.2, daily spread change -3.8, weekly spread change -14.0 - i2509: Latest price 702.5, daily change -0.5, weekly change 7.0, monthly spread 29.7, daily spread change -2.8, weekly spread change -13.5 - FE01: Latest price 90.93, daily change -0.48, weekly change 0.49, monthly spread -60.4, daily spread change 3.9, weekly spread change 2.0 - FE05: Latest price 89.57, daily change -0.39, weekly change 0.46, monthly spread 1.36, daily spread change -65.9, weekly spread change 3.7 - FE09: Latest price 92.37, daily change -0.62, weekly change 0.67 Other Data - Import Profits are provided for various iron ore varieties [2] - Uball/Pellet Premium, PB Lump/Lump Ore Premium, Basis/Internal-External Spread are also presented in the report

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The black commodity market is currently trading on weak reality and weak expectations, but prices may have fully reflected various negative factors. For both螺纹 and热卷, it is recommended to maintain a wait - and - see stance and consider going long after a full adjustment. For铁矿石, it is also recommended to maintain a wait - and - see stance, go long after a pullback, and avoid chasing up or selling down [2][4]. Summary by Directory 1. 螺纹、热卷 - **Market Environment**: The fragile cease - fire between Israel and Iran led to a significant drop in crude oil prices, but it has limited impact on black commodities. The real - estate market is still in the bottom - building process, and May's economic data was slightly below expectations [2]. - **Supply and Demand**: Last week,螺纹 production increased, factory inventory decreased, social inventory continued to decline, and total inventory decreased. Apparent demand continued to decline on a month - on - month basis, indicating a situation of weak supply and demand. With the arrival of the rainy season and high - temperature weather, demand is expected to weaken further, and inventory may rise slightly [2]. - **Technical Analysis**: Futures prices are still in a narrow - range oscillation, trading volume is declining, and when prices fall, open interest increases, indicating that short - sellers are more active. There may be a second bottom - testing trend in the near future [2]. - **Operation Suggestion**: Maintain a wait - and - see stance and consider going long after a full adjustment [2]. - **Data Details**: - **Prices**: The closing price of the螺纹 steel主力 contract was 2976 yuan/ton, down 0.03% from the previous day and 0.33% from last week; the closing price of the热轧卷板主力 contract was 3098 yuan/ton, down 0.03% from the previous day and 0.13% from last week. Spot prices also showed a downward trend [2]. - **Production**: The national building materials steel mill螺纹 steel production was 212.18 million tons, up 2.22% from last week; the热卷 production was 325.45 million tons, up 0.25% from last week [2]. - **Inventory**: The five - major varieties of social inventory and螺纹 social inventory decreased, with a decline of 1.55% and 1.72% respectively; the热卷 social inventory decreased by 1.95% [2]. 2. 铁矿石 - **Market Environment**: The fragile cease - fire between Israel and Iran led to a significant drop in crude oil prices. Currently, the profitability rate of steel mills is acceptable, but with the end of the downstream consumption peak and steel mill production restrictions, iron - water production is expected to decline further [4]. - **Supply and Demand**: Global shipments are at a relatively high level and are rising seasonally. The decline rate of port inventory is slowing down, and the proportion of trade - mine inventory is relatively high, exerting obvious pressure on futures prices [4]. - **Technical Analysis**: Futures prices are still in a large - range oscillation pattern, with a long - term downward trend and short - term weak oscillation [4]. - **Operation Suggestion**: Maintain a wait - and - see stance, go long after a pullback, and avoid chasing up or selling down [4]. - **Data Details**: - **Prices**: The settlement price of the DCE铁矿石主力 contract was 702.5 yuan/dry ton, down 0.07% from the previous day and up 1.01% from last week [4]. - **Supply**: Australian iron - ore shipments were 1884 million tons, up 4.35% from last week; Brazilian iron - ore shipments were 858.4 million tons, up 27.76% from last week [4]. - **Inventory**: The total port inventory was 13894.16 million tons, down 0.28% from last week; the port trade - mine inventory was 9401.45 million tons, down 1.07% from last week [4]. 3. Industry News - He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice - Premier of the State Council, pointed out that efforts should be made to continuously consolidate the stability of the real - estate market, accelerate the construction of a new real - estate development model, and better meet the people's new expectations for "good houses" [6]. - According to Mysteel, Jiangsu Yonggang plans to overhaul a 1080³ blast furnace for about 2 months starting in early July, which is expected to affect about 200,000 tons of iron - water production. Due to insufficient iron - water, a corresponding螺纹 steel production line will be shut down during the same period [7]. - An executive of Brazilian mining giant Vale said that the iron - ore production of the Gelado project is expected to reach about 5 million tons in 2026, an increase from 2.5 million tons this year [8].

宝城期货铁矿石早报（2025 年 6 月 26 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2509 | 震荡 | 震荡 | 震荡 偏强 | 关注 MA5 一线压力 | 基本面未改善，矿价低位震荡 | 投资咨询业务资格：证监许可【2011】1778 号 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 铁矿石基本面弱势运行，库存持续累库，钢厂有所提产，矿石终端消耗迎来回升，需求韧性表现 尚可，给予矿价支撑，但淡季钢市难以承接持续增产，空间有限。相反，财年末矿商冲量积极，港口 到货和矿商发运均大幅回升，双双升至年内高位，相应的内矿供应也在恢复，矿石供应居高不下。综 上，矿石需求韧性表现尚可，给予矿价支撑，但供应维持高位，且需求增量空间有限，矿石供需格局 并未实质性好转，矿价继续承压、低位震荡运行，关注成材表现情况。 （仅供参考，不构成任何投资建议） ...

1. Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. 2. Core Views Steel Industry - The steel market is in the off - season with high production and potential inventory accumulation pressure. The upward elasticity of steel prices is limited, and the volatility has decreased. It is suggested to try short positions, focus on the support levels of 3000 yuan for hot - rolled coils and 2900 yuan for rebar, or sell out - of - the - money call options. The cost drags down the market, and the demand expectation is weak. Although the decline in off - season demand is better than expected, the terminal demand may weaken in the future [1]. Iron Ore Industry - The 09 contract of iron ore oscillated. The global iron ore shipments increased this week, and the arrival volume at ports continued to rise. The demand side may maintain a relatively high level of hot - metal production in the short term, but the terminal demand faces the risk of weakening in the off - season. The port inventory and steel mills' equity ore inventory have increased. In the short term, there is obvious resistance above the iron ore price, and the 09 contract should be considered bearish in the medium - to - long term. The price range may shift down to 670 - 720 yuan [4]. Coke Industry - The coke futures showed an oscillating upward trend, while the spot was weak. The fourth round of price cuts for coke was implemented on June 23, and there may be further cuts, but the phased bottom is gradually emerging. The supply is tightening marginally due to environmental protection and other factors, and the demand has rigid support with hot - metal production remaining above 240,000 tons per day. The inventory is at a medium level. It is recommended to hedge the 2509 contract on rallies for spot traders, stay on the sidelines for speculators, and consider the strategy of going long on coking coal and short on coke [7]. Coking Coal Industry - The coking coal futures oscillated upward, and the spot was stable with a slight upward trend. The domestic coking coal showed signs of stabilization, and the supply decreased in some regions due to environmental protection and other factors. The import coal had different situations, with Mongolian coal prices rebounding slightly and seaborne coal imports having a profit inversion. The demand had some resilience with hot - metal production remaining above 240,000 tons per day in June, and the inventory was at a medium level. It is recommended to go long on the 2509 contract of coking coal on dips for short - term trading and consider the strategy of going long on coking coal and short on coke [7]. 3. Summaries by Relevant Catalogs Steel Industry Prices and Spreads - Rebar and hot - rolled coil spot prices in most regions decreased slightly, while some futures contracts had small fluctuations. The cost of steel production had different changes, and the profit of various regions and varieties decreased by 8 yuan/ton [1]. Production - The output of five major steel products increased by 9.7 thousand tons (1.1%), rebar production increased by 4.6 thousand tons (2.2%), with electric - furnace production decreasing by 1.6 thousand tons (- 6.4%) and converter production increasing by 6.2 thousand tons (3.4%). Hot - rolled coil production increased by 0.8 thousand tons (0.2%) [1]. Inventory - The inventory of five major steel products decreased by 15.7 thousand tons (- 1.2%), hot - rolled coil inventory decreased by 5.2 thousand tons (- 1.5%), and rebar inventory decreased by 7.0 thousand tons (- 1.3%) [1]. Demand - The apparent demand for five major steel products increased by 16.1 thousand tons (1.9%), rebar apparent demand decreased by 0.8 thousand tons (- 0.4%), and hot - rolled coil apparent demand increased by 10.8 thousand tons (3.4%) [1]. Iron Ore Industry Prices and Spreads - The warehouse - receipt costs of various iron ore powders decreased slightly. The 09 - contract basis of most powders decreased significantly. The 5 - 9 spread increased by 1.0 yuan/ton (2.3%), the 9 - 1 spread decreased by 0.5 yuan/ton (- 1.9%), and the 1 - 5 spread decreased by 0.5 yuan/ton (- 2.9%) [4]. Supply - The 45 - port arrival volume (weekly) increased by 178.2 thousand tons (7.5%), the global shipments (weekly) increased by 154.0 thousand tons (4.6%), and the national monthly import volume decreased by 500.3 thousand tons (- 4.9%) [4]. Demand - The average daily hot - metal production of 247 steel mills (weekly) increased by 0.6 thousand tons (0.2%), the average daily port clearance volume at 45 ports (weekly) increased by 12.3 thousand tons (4.1%), the national monthly pig - iron production increased by 153.1 thousand tons (2.1%), and the national monthly crude - steel production increased by 52.6 thousand tons (0.6%) [4]. Inventory - The 45 - port inventory (weekly) increased by 73.9 thousand tons (0.5%), the imported ore inventory of 247 steel mills (weekly) increased by 137.6 thousand tons (1.6%), and the inventory - available days of 64 steel mills remained unchanged [4]. Coke Industry Prices and Spreads - The spot prices of coke in some regions remained unchanged, the 09 - contract price increased by 2.7%, and the 01 - contract price increased by 2.0%. The coking profit (weekly) increased by 23 yuan/ton, with a 100% increase [7]. Supply - The daily average output of all - sample coking plants decreased by 0.3 thousand tons (- 0.5%), and the daily average output of 247 steel mills increased by 0.1 thousand tons (0.3%) [7]. Demand - The hot - metal production of 247 steel mills increased by 0.6 thousand tons (0.2%) [7]. Inventory - The total coke inventory decreased by 18.8 thousand tons (- 1.9%), the inventory of all - sample coking plants decreased by 10.1 thousand tons (- 8.1%), the inventory of 247 steel mills decreased by 8.6 thousand tons (- 1.34%), and the port inventory remained unchanged [7]. Supply - Demand Gap - The coke supply - demand gap decreased by 0.5 thousand tons (- 9.0%) [7]. Coking Coal Industry Prices and Spreads - The spot prices of coking coal in some regions remained unchanged, the 09 - contract price increased by 2.6%, and the 01 - contract price increased by 2.4%. The sample coal - mine profit (weekly) decreased by 24 yuan/ton (- 7.5%) [7]. Supply - The raw - coal production decreased by 9.8 thousand tons (- 1.1%), and the clean - coal production decreased by 3.4 thousand tons (- 0.8%) [7]. Demand - The daily average output of all - sample coking plants decreased by 0.3 thousand tons (- 0.5%), and the daily average output of 247 steel mills increased by 0.1 thousand tons (0.3%) [7]. Inventory - The clean - coal inventory of Fenwei coal mines decreased by 25.1 thousand tons (- 8.84%), the coking - coal inventory of all - sample coking plants decreased by 2.3 thousand tons (- 0.3%), the inventory of 247 steel mills increased by 0.7 thousand tons (0.14%), and the port inventory decreased by 8.7 thousand tons (- 2.8%) [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Steel: Affected by the decline in crude oil and the weakening of the previous bullish sentiment in industrial products, the steel market is under downward pressure. However, due to the high level of hot metal production, the downward movement of the market is blocked, and it is expected to be in a volatile consolidation in the short term [3]. - Iron Ore: The fundamentals of iron ore are acceptable, with a situation of both supply and demand being strong, but slightly weakening at the margin. The price may be range - bound, and attention should be paid to macro - turning points [20][21]. - Coking Coal and Coke: The coking coal market is facing inventory pressure, and the probability of coke price increase is low. The overall market is affected by the change in the situation in the Middle East [40]. - Ferroalloy: Although there is a certain rebound sentiment in the ferroalloy market, the long - term trend is still weak due to factors such as steel mill price pressure and cost decline [56]. - Soda Ash: The supply of soda ash is expected to remain high, and the demand is weak. The market is in a long - term oversupply situation, and the price may continue to decline [69][70]. - Glass: The glass market has weak fundamentals and cost support in the short term, and there is no obvious driving force. Attention should be paid to the increase in cold - repair expectations if the low - price situation persists [98]. 3. Summary by Directory Steel - **Price Movement**: On June 25, 2025, the closing prices of some steel contracts changed slightly compared with the previous day. For example, the closing price of the rebar 01 contract was 2978 yuan/ton, up 1 yuan from the previous day [4]. - **Market Analysis**: Affected by the decline in coal prices and the weakening of the previous bullish sentiment in industrial products, the steel market is under downward pressure. However, due to the high level of hot metal production and the support of raw material costs, the downward movement is blocked. In the off - season, the demand for steel is weak, and some varieties are facing inventory pressure. The export price also restricts the rise of steel prices [3]. Iron Ore - **Fundamentals**: The overall fundamentals of iron ore are in a state of both supply and demand being strong, but slightly weakening at the margin. The global iron ore shipment volume has increased year - on - year, and China's iron ore imports in June are expected to reach the highest value this year. The demand side is supported by high hot metal production, and the inventory in ports is slightly decreasing, but the rate of decrease is slowing down [20]. - **Price Outlook**: The price of iron ore may be range - bound, and attention should be paid to macro - turning points [21]. Coking Coal and Coke - **Market Situation**: The coking coal market is facing inventory pressure, and the downstream demand is lack of confidence. The probability of coke price increase is low, and the market is affected by the change in the situation in the Middle East [40]. - **Price Data**: On June 25, 2025, the coking coal and coke contract prices and basis had certain changes compared with the previous day. For example, the coking coal 09 - 01 spread was - 43 yuan/ton, up 0.5 yuan from the previous day [41]. Ferroalloy - **Market Trend**: Although there is a certain rebound sentiment in the ferroalloy market, the long - term trend is still weak due to factors such as steel mill price pressure and cost decline. The supply side is under low pressure, and the inventory is in a downward trend, but the rate of decline is slowing down [56]. - **Price Data**: On June 25, 2025, the ferroalloy contract prices and basis had certain changes compared with the previous day. For example, the silicon - iron basis in Ningxia was 76 yuan/ton, down 86 yuan from the previous day [59]. Soda Ash - **Supply and Demand**: The supply of soda ash is expected to remain high, and the demand is weak. The market is in a long - term oversupply situation, and the inventory is at a historical high. The photovoltaic glass industry is in a loss state, and the demand for soda ash is expected to decline [69]. - **Price Movement**: On June 25, 2025, the soda ash contract prices and spreads had certain changes compared with the previous day. For example, the soda ash 05 contract closed at 1200 yuan/ton, up 1 yuan from the previous day [71]. Glass - **Market Situation**: The glass market has weak fundamentals and cost support in the short term, and there is no obvious driving force. The cumulative apparent demand for glass has declined by nearly 10%. If the market is to achieve supply - demand balance in the second half of the year, the daily melting volume needs to decline to below 154,000 tons [98]. - **Price Data**: On June 25, 2025, the glass contract prices and spreads had certain changes compared with the previous day. For example, the glass 05 contract closed at 1107 yuan/ton, up 1 yuan from the previous day [99].

晨报 铁矿石 铁矿石：边缘政治因素消除 大宗商品价格回落 整理 投资咨询业务资格： 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 原材料：程 鹏 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 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： 逻辑： 昨日边缘政治因素消除，油气及产业链商品大幅下挫带动黑色系价格走弱，铁矿石 价格跟随运行。近期成材端需求延续淡季特征，但并未出现累库，整体表现强于预期。铁矿石 供给端保持季节性增量特征，但碳元素不断让利于铁元素，高炉利润水平相对可观，国内铁矿 石需求保持相对高位水平，对铁矿石价格形成一定支撑。6 月份以来铁矿石基差由现货向期货 回归，现货端价格较 5 月底出现大幅下滑，而盘面相对平稳。 证监许可【2011】1452 号 负 ...

Report Industry Investment Ratings - No industry investment ratings are provided in the report. Core Viewpoints - The steel market is in the off - season with expectations remaining, and steel prices will maintain a volatile trend. The iron ore market is in the consumption off - season and will likely show a volatile and weakening trend. The coking coal and coke market has weak demand expectations and will maintain a volatile downward trend. The power coal market has a short - term price increase due to supply tightening in some areas, but the long - term supply is still in a loose pattern [1][3][6][8]. Summary by Related Catalogs Steel - **Market Analysis**: The main contract of rebar futures closed at 2977 yuan/ton, and the main contract of hot - rolled coil closed at 3099 yuan/ton. The national building materials trading volume was 93,200 tons. For rebar, the Middle East conflict has repeated disturbances, and the supply - demand contradiction of building materials is gradually accumulating. For hot - rolled coil, the profit of sheet metal is better than that of building materials, and the production and sales are resilient. Although exports have declined slightly, they remain at a high level in the short term. Overall, the supply - demand contradiction of steel is not significant [1]. - **Strategy**: No strategies are recommended for single - side, inter - period, inter - variety, spot - futures, and options trading [2]. Iron Ore - **Market Analysis**: The futures price of iron ore fluctuated. The main 2509 contract of iron ore closed at 703 yuan/ton, with a decline of 0.42%. The prices of mainstream imported iron ore varieties at Tangshan Port decreased slightly. The global iron ore shipment increased slightly, with a total of 35.07 million tons. The arrival volume at 45 ports was 25.63 million tons, a 7.5% increase from the previous period. The total transaction volume of iron ore at major ports was 813,000 tons, a 31.22% decrease from the previous day. The forward - looking spot transaction volume was 1.1 million tons, a 266.67% increase from the previous period. The iron ore price lacks the momentum to rebound, and it is likely to maintain a volatile and weakening trend in the short term. In the long term, the supply - demand pattern is relatively loose [3]. - **Strategy**: A single - side strategy of "volatile and weakening" is recommended, and no strategies are recommended for inter - variety, inter - period, spot - futures, and options trading [4]. Coking Coal and Coke - **Market Analysis**: The futures prices of coking coal and coke fluctuated downward. The fourth - round price cut of coke has been fully implemented, with a cumulative decline of 220 - 240 yuan/ton. The loss of coking enterprises has expanded again, and the coke production has slightly decreased. For coking coal, some coal mines in Shanxi have not resumed production, and the supply has shrunk significantly. The downstream procurement of low - price coal has improved. The inventory at the Ganqimaodu Port is still at a high level, and the customs clearance continues to fluctuate at a low level. In the short term, the futures prices of coking coal and coke are expected to maintain a volatile trend [6]. - **Strategy**: A strategy of "volatile" is recommended for both coking coal and coke, and no strategies are recommended for inter - variety, inter - period, spot - futures, and options trading [7]. Power Coal - **Market Analysis**: In the production areas, coal prices are stable with a slight increase. Due to strict safety and environmental inspections, some coal mines have stopped production for maintenance, resulting in a tightening of coal supply in some areas. The rigid replenishment demand of chemical and coking users has increased, and prices have slightly increased. At ports, the inventory reduction effect is obvious, the market sentiment is positive, and the transaction price has moved up. The price of imported coal has stopped falling. Currently, downstream users are mainly inquiring, and the procurement enthusiasm is not high. In the short term, the price will rise slightly, and in the long term, the supply is still in a loose pattern [8]. - **Strategy**: No strategies are recommended [9].