| | 钢材产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【201】1292号 2025年11月20日 | | | 周敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 即值 | 张庆 | 其差 | 单位 | | 螺纹钢现货(华东) | 3220 | 3230 | -10 | 150 | | | 螺纹钢现货(华北) | 3230 | 3240 | -10 | 160 | | | 螺纹钢现货(华南) | 3300 | 3300 | 0 | 230 | | | 螺纹钢05合约 | 3116 | 3139 | -23 | 104 | | | 螺纹钢10合约 | 3162 | 3180 | -18 | 58 | | | 螺纹钢01合约 | 3070 | 3090 | -20 | 150 | | | 热卷现货(华东) | 3280 | 3280 | 0 | 3 | 元/吨 | | 热卷现货 (华北) | 3220 | 3210 | 10 | -57 | | | 热卷现货(华 ...

Report Industry Investment Ratings - Steel: Sideways [1] - Iron Ore: Sideways [2] - Coking Coal and Coke: Sideways [3][4] - Thermal Coal: Sideways with a Bullish Bias [5] Core Views - Steel has inventory pressure, and prices are expected to fluctuate weakly. Iron ore supply pressure remains, and prices will likely oscillate at high levels. Coking coal and coke prices are expected to fluctuate weakly due to early release of warehouse receipt pressure. Thermal coal prices are expected to fluctuate strongly in the short - term, influenced by the winter heating season and other factors [1][2][3][5] Summary by Related Catalogs Steel - **Market Analysis**: Futures prices fluctuated weakly, and spot transactions were generally dull, with low - price rigid demand as the main driver. National building materials transactions were 9.23 tons, a 4.14% decrease from the previous day. Building materials production and sales declined, inventory decreased, hot - rolled coil production decreased, inventory declined, and consumption increased [1] - **Supply - Demand and Logic**: Building materials production decreased, inventory continued to decline, apparent consumption was weak, and the fundamentals continued to face pressure. The contradictions of high inventory and high production of strip materials have not been resolved. Short - term prices will continue to fluctuate, and subsequent winter storage games and raw material support need to be observed [1] - **Strategy**: Single - side trading: Sideways; Other strategies: None [1] Iron Ore - **Market Analysis**: Futures prices maintained a sideways trend, spot prices rose slightly, and transactions improved. National main port iron ore cumulative transactions were 72.1 tons, an 18.98% increase from the previous day [2] - **Supply - Demand and Logic**: Iron ore supply remained at a high level, inventory continued to increase, and steel mills were losing money and reducing production. There was a seasonal weakening expectation for hot metal. However, considering the limited arrival volume of iron ore, the downward adjustment space for ore prices was insufficient, and they would likely maintain a range - bound operation. Subsequent hot metal production and downstream inventory changes need to be monitored [2] - **Strategy**: Single - side trading: Sideways; Other strategies: None [2] Coking Coal and Coke - **Market Analysis**: Futures prices continued to fluctuate weakly. Imported Mongolian coal prices at ports declined due to the downward transmission of futures prices, and market trading volume continued to decline [3] - **Supply - Demand and Logic**: For coking coal, domestic production gradually recovered, Mongolian coal customs clearance was at a high level, and seaborne coal imports increased. Speculative demand decreased, and downstream maintained a rigid procurement rhythm. For coke, after four rounds of price increases, coking enterprise profits improved, but supply did not increase significantly. Although hot metal increased slightly, further steel mill production reduction plans need to be monitored. Currently, the coking coal trading focus is on the warehouse receipt value, and the market avoids subsequent warehouse receipt pressure through early price drops [3] - **Strategy**: Coking coal: Sideways; Coke: Sideways; Other strategies: None [3][4] Thermal Coal - **Market Analysis**: In the producing areas, coal prices rose slightly, and downstream procurement was acceptable, mostly on a demand - based basis. Supply was relatively stable, but some resources were difficult to ship, and miners were still optimistic. Port inspections were still strict, and some coal mines sold a small amount of goods as their tasks were almost completed. At ports, transactions were mainly long - term contracts, and downstream resistance to high - priced coal was high, with market coal transactions relatively cold. Due to gale - induced port closures, inventory slowly increased. Imported coal still had profit margins, and the market was active [5] - **Supply - Demand and Logic**: Current supply recovery in the producing areas was limited, and downstream procurement was more cautious. However, with the arrival of the winter heating season, port inventory accumulation was lower than expected, and non - power downstream demand was strong. Short - term prices will fluctuate strongly, and overall consumption and restocking need to be monitored [5]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the provided content Group 3: Summary by Related Catalogs Spot Market - Newman powder: price 792, daily change 0, weekly change 11, converted to the disk 847.7, import profit -7.70 [1] - PB powder: price 795, daily change 0, weekly change 11, converted to the disk 843.7, import profit -6.48 [1] - Mac powder: price 786, daily change 0, weekly change 8, converted to the disk 858.5, import profit 17.50 [1] - Jinbuba powder: price 746, daily change 0, weekly change 11, converted to the disk 838.8, import profit 11.22 [1] - Mainstream mixed powder: price 728, daily change 0, weekly change -5, converted to the disk 857.0, import profit -16.09 [1] - Super special powder: price 678, daily change 0, weekly change 1, converted to the disk 892.6, import profit -24.44 [1] - Carajás powder: price 885, daily change -7, weekly change 1, converted to the disk 829.5, import profit -9.57 [1] - Brazilian mixed powder: price 834, daily change 2, weekly change 15, converted to the disk 850.3, import profit 9.28 [1] - Brazilian coarse IOC6: price 772, daily change 0, weekly change -12 [1] - Brazilian coarse SSFG: price 777, daily change 0, weekly change -12 [1] - Ukrainian concentrate powder: price 880, daily change -7, weekly change 2 [1] - 61% Indian powder: price 735, daily change 0, weekly change 11 [1] - Karara concentrate powder: price 882, daily change -7, weekly change 2 [1] - Roy Hill powder: price 782, daily change 0, weekly change 11, converted to the disk 860.7, import profit 23.04 [1] - KUMBA powder: price 854, daily change 0, weekly change 11, converted to the disk 845.6 [1] - 57% Indian powder: price 613, daily change 0, weekly change 1 [1] - Atlas powder: price 723, daily change 0, weekly change -5 [1] - Tangshan iron concentrate powder: price 1020, daily change 0, weekly change 12, converted to the disk 907.0 [1] Futures Market - i2601 contract: latest price 791.5, daily change -0.5, weekly change 17.5, monthly spread -61.5 [1] - i2605 contract: latest price 755.0, daily change -2.5, weekly change 7.5, monthly spread 36.5 [1] - i2609 contract: latest price 730.0, daily change -4.0, weekly change 5.5, monthly spread 25.0 [1] - FE01 contract: latest price 101.27, daily change 0.08, weekly change 2.87, monthly spread -4.67 [1] - FE05 contract: latest price 98.73, daily change 0.00, weekly change 2.63, monthly spread 2.54 [1] - FE09 contract: latest price 96.60, daily change 0.00, weekly change 2.60, monthly spread 2.13 [1]

新矿资源(01231)发布公告，集团于截至2025年9月30日止9个月期间取得未经审核净亏损;及集团预期截 至2025年12月31日止年度取得净亏损约220万美元，而截至2024年12月31日止年度取得净亏损约30万美 元。 同时，集团亦将继续物色及发掘新的铁矿石及其他大宗商品供应渠道，使集团的产品供应多元化，并探 索并购、投资或其他合作机遇，以实现可持续发展。 集团于本年度的年度业绩预期下降，主要原因在于：与去年同期相比，鉴于本年度主要供应商的铁矿石 供应量预期减少，导致集团销售额及毛利下降;及由于本年度对集团铁矿石需求疲软，导致铁矿石单位 毛利大幅下降。 此外，如公司于较早前日期为2025年10月24日的公告所披露，Koolan Iron Ore Pty Limited(Koolan)的 Koolan Island作业区主矿坑东侧下盘发生重大落石事故。集团已获通知，Koolan于落石影响区域的补救 工作及恢复采矿作业并不可行。因此，Koolan的采矿活动已经暂停，而Koolan含铁量预期低于55%的低 品位铁矿石仍可继续发货。集团最近亦获通知，若干原定于2025年第四季度进行的发货最近须予以延迟 或取消。 ...

格隆汇11月19日丨新矿资源(01231.HK)公布截至2025年9月30日止9个月期间录得未经审核净亏损；及 (ii)集团预期截至2025年12月31日止年度(「本年度」)录得净亏损约220万美元，而截至2024年12月31日 止年度(「去年同期」)录得净亏损约30万美元。 (i)与去年同期相比，监於本年度主要供应商的铁矿石供应量预期减少，导致集团销售额及毛利下降；及 (ii)由于本年度对集团铁矿石需求疲软，导致铁矿石单位毛利大幅下降。 集团于本年度的年度业绩预期下降，主要原因在于： ...

研究所 黑色研发报告 铁矿石日报 2025 年 11 月 19 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 791.5 | 792.0 | -0.5 | I01-I05 | 36.5 | 34.5 | 2.0 | | DCE05 | 755.0 | 757.5 | -2.5 | I05-I09 | 25.0 | 23.5 | 1.5 | | DCE09 | 730.0 | 734.0 | -4.0 | I09-I01 | -61.5 | -58.0 | -3.5 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | PB粉(60.8%) | 790 | 787 | 3 | 860 | 60 | 95 | 118 | | 纽曼粉 | 792 | 789 | 3 | 859 | 59 | 93 | 117 | | 麦克粉 | 788 | 785 | 3 | 859 | 59 | 94 | 117 | ...

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黑色产业链日报 2025/11/19 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相 ...

Core Viewpoint - Jinling Mining has officially initiated its profit distribution work by announcing a cash dividend of 0.50 yuan per 10 shares, totaling approximately 29.77 million yuan, based on a total share capital of 595 million shares, reflecting the company's robust performance and commitment to shareholder returns [1][2]. Financial Performance - For the first three quarters of 2025, Jinling Mining reported a revenue of 1.247 billion yuan, representing a year-on-year increase of 12.98% [1]. - The net profit attributable to shareholders reached 220 million yuan, showing a significant year-on-year growth of 47.09% [1]. - The net cash flow from operating activities surged to 208 million yuan, marking a substantial increase of 130.91% year-on-year, indicating strong profitability and financial resilience [1]. Dividend Strategy - The company's dividend strategy reflects a balance between "steady operation" and "value sharing," reinforcing its position as a high-quality investment target in the resource industry [2]. - With the implementation of this dividend, Jinling Mining will have distributed a total of 125 million yuan in dividends this year, significantly enhancing shareholder returns [1][2]. Governance and Recognition - Jinling Mining has received the highest A-level rating in the information disclosure assessment by the Shanghai and Shenzhen Stock Exchanges for the 2024-2025 period, maintaining this excellent record for five consecutive years, which highlights the company's governance quality and information disclosure standards [2].

【钢材】价格持稳 周二期现价格持稳,但现货成交量回落,市场主动追涨动能偏弱。宏观层面,下个观察期在12月初以后;重点观察并跟踪 | | | | | | | | Ext ENGEREN | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 2025/11/19 | 国贸期货出品 TG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 | | | | | | | | | | | 董子勖 F03094002 Z0020036 | | | | | | | | | | | 薛夏泽 F03117750 Z0022680 | | | | 远月合约收盘价 | | | | | | 7000 | | 1000 ...