黑色商品日报 黑色商品日报（2025 年 4 月 22 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面有所反弹，截止日盘螺纹 2510 合约收盘价格为 3113 元/吨，较上一交易收盘价格 | 低位整理 | | | 上涨 37 元/吨，涨幅为 1.2%，持仓增加 2.68 万手。现货价格上涨，成交回升，唐山地区迁安普方坯价格 | | | | 上涨 20 元/吨至 2960 元/吨，杭州市场中天螺纹价格上涨 40 元/吨至 3150 元/吨，全国建材成交量 14.55 | | | | 万吨。据钢银数据，本周全国建材库存下降 6.59%至 518.7 万吨，热卷库存下降 6.88%至 214.07 万吨，库 | | | | 存降幅均明显加快，显示终端需求有所改善。前期贸易战导致的恐慌情绪有所缓和，螺纹旺季需求仍有韧 | | | | 性，库存降至低位水平，螺纹估值也处于低位。预计短期螺纹盘面仍以低位整理为主。 | | | 铁矿石 | 铁矿石：昨日铁矿石期货主力合约 i2509 价格有所上涨，收于 715.5 元/吨，较前一个交易日收盘 ...

铜： 夜盘铜价收低。目前精矿加工费总体低位以及低铜价，考验冶炼产量。根据国家统计局数据来 看，国内下游需求总体稳定向好，电网带动电力投资高增长，家电产量延续增长，需关注出口变化，新 能源渗透率提升有望巩固汽车铜需求，地产数据降幅缩窄。铜价短期可能宽幅波动，关注美国关税谈判 进展，以及美元、人民币汇率、库存和基差等变化。 贵金属 ：黄金持续刷新新高。特朗普在其社交媒体平台 Truth Social 表示，"谈判与成功的黄金法则： 拥有黄金者制定规则"，即谁有黄金谁占主导，引发市场猜想。同时，特朗普一再要求美联储降息，并 研究能否免去鲍威尔的美联储主席职务，动摇市场信心。随着贸易战扰动加剧，引发一系列的连锁反 应，金融市场动荡、衰退风险加剧、去美元化、美国债务等问题愈发凸显，伴随政策和市场的不确定 性，黄金价格持续刷新历史新高。面对未来通胀上行压力，鲍威尔也未对未来降息进行松口，但长端美 债价格的波动，令市场对美联储重启 QE 和提前降息的预期升温。考虑今年美国国债到期和债务压力进 一步加剧，滞胀形式进一步明确下，黄金整体仍将维持强势。 一、当日主要新闻关注 1 ）国际新闻 首席点评：美股全线回落，特朗普呼吁降息 ...

論色金属数据目报 | 2025/04/21 | | 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 | | 张宇慧 | F0286636 | Z0010820 | | 黄志鸿 | F3051824 | Z0015761 | | 音子ք | F03094002 | Z0020036 | | | 远月合约收盘价 (元/吨) | RB2601 | HC2601 | 12601 | J2509 | JM2601 | | --- | --- | --- | --- | --- | --- | --- | | | 4月18日 | 3111.00 | 3207.00 | 673.00 | 1552. 50 | 1000. 50 | | | 涨跌值 | -28.00 | -26.00 | -10.00 | -16. 50 | -12.50 | | | 涨跌幅(%) | -0.89 | -0. 80 | -1.46 | -1. 05 | -1.23- | | | 近月合约收盘价 (主力 ...

五矿期货早报 | 黑色金属 | | | 黑色金属早报 | | 2025/4/21 | | --- | --- | --- | --- | --- | | | | 煤焦钢矿报价情况 | | | | | 品种 | 价格 | 涨跌 | 折交割品 | | | 加拿大CFR | 172 | 0 | | | | 山西柳林低硫 | 1120 | 0 | | | 焦媒 | 山西柳林中硫 | 1060 | 0 | | | | 蒙5精煤(乌不浪口) | 1040 | 0 | | | | 主焦煤(唐山) | 1205 | 0 | 1048 | | | 目照准一级(现货出库) | 1350 | 10 | 1452 | | 焦炭 | 鄂尔多斯二级 | 1101 | 0 | | | | 陕西长治准一 | 1440 | 0 | | | | 出口FOB | 224 | 0 | | | | 普氏指数 | 787 | -5 | | | | 青岛港61.5%-PB粉 | 755 | -7 | 803 | | | 青岛港59.5%-金布巴 | 713 | -6 | 824 | | 铁矿 | 青岛港62.5%-巴混 | 768 | -7 | 783 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The steel market is expected to remain in a low - level consolidation. Although there was a panic - driven decline due to the tariff war, the peak - season demand for rebar has resilience, inventory is at a low level, and the valuation is also low, limiting further price drops [1]. - The iron ore market is likely to show a narrow - range oscillation. Supply and demand factors are intertwined, with a slight decrease in global shipments and limited room for further increase in molten iron production [1]. - The coke and coking coal markets are expected to oscillate weakly. For coke, the reduction in coking costs and increased production on the supply side, along with weak steel demand and reduced cost support, contribute to this trend. For coking coal, the weak market, cautious procurement by coking enterprises, and low cost of making warehouse receipts are the main factors [1]. - The manganese silicon and ferrosilicon markets are expected to operate weakly. For manganese silicon, the weakening of port manganese ore prices and the need for production cuts to ease the supply - demand contradiction are key factors. For ferrosilicon, the lack of improvement in demand and the accumulation of inventory are the main reasons [1][3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures price closed at 3092 yuan/ton, down 1 yuan/ton (0.03%) from the previous trading day, with an increase in positions. Spot prices rose slightly, and trading volume increased. This week, national rebar production decreased by 3150 tons to 229220 tons, social inventory decreased by 30340 tons to 532760 tons, and factory inventory decreased by 14260 tons to 200400 tons. Rebar apparent demand increased by 21140 tons to 273820 tons. It is expected to remain in low - level consolidation [1]. - **Iron Ore**: The main contract price of iron ore futures i2509 closed at 707 yuan/ton, down 1 yuan/ton (0.14%) from the previous trading day. Port spot prices fell. Global shipments decreased slightly, while molten iron production continued to increase, but there is limited room for further growth. It is expected to show a narrow - range oscillation [1]. - **Coke**: The coke futures price closed at 1555.5 yuan/ton, down 10.5 yuan/ton (0.67%) from the previous trading day, with an increase in positions. Spot prices were stable. Coking production increased, and steel demand was weak, suppressing coke prices. It is expected to oscillate weakly [1]. - **Coking Coal**: The coking coal futures price closed at 950.5 yuan/ton, down 15.5 yuan/ton (1.6%) from the previous trading day, with an increase in positions. Some spot prices rose, and the market was weak. Coking enterprises' procurement was cautious. It is expected to oscillate weakly [1]. - **Manganese Silicon**: The manganese silicon futures price closed at 5902 yuan/ton, down 0.3% from the previous trading day, with an increase in positions. The mainstream steel tender inquiry price in April was 5900 yuan/ton, a decrease of 500 yuan/ton from March, and the procurement volume increased by 400 tons. It is expected to operate weakly [1]. - **Ferrosilicon**: The ferrosilicon futures price closed at 5658 yuan/ton, down 1.15% from the previous trading day, with an increase in positions. The mainstream steel tender inquiry price in April was 5900 yuan/ton, a decrease of 280 yuan/ton from the previous month, and the tender quantity decreased by 183 tons. It is expected to operate weakly [3]. 3.2 Daily Data Monitoring - **Contract Spreads and Basis**: Data on contract spreads and basis for various varieties such as rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon are provided, including the latest values and their changes compared to the previous period [4]. - **Profit and Price Spreads**: Data on profits (such as rebar futures profit, long - process profit, short - process profit) and price spreads (such as coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio) are provided, including the latest values and their changes compared to the previous period [4]. 3.3 Chart Analysis - **Main Contract Prices**: Charts show the closing prices of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][7][9][10][12][15]. - **Main Contract Basis**: Charts show the basis of main contracts for various varieties from 2005 to 2025 [17][18][21][23]. - **Inter - period Contract Spreads**: Charts show the contract spreads of different periods for various varieties from 2016 to 2026 [25][27][30][33][34][36][37][38][40]. - **Inter - variety Contract Spreads**: Charts show the inter - variety contract spreads such as coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, etc., from 2020 to 2025 [41][42][43][45]. - **Rebar Profits**: Charts show the rebar futures profit, long - process profit, and short - process profit from 2020 to 2025 [46][47][48][49][50]. 3.4 Black Research Team Members Introduction - The team includes members such as Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional qualifications in the black - metal research field [52][53].

弘则研究-内外风险是否完全释放，二季度预期差指向何方？ 2025041720250416 摘要 • 美国发动全球贸易战对黑色商品市场产生显著影响，降低商品消费和物流 生产效率，对全球经济和商品定价产生深远影响，中国应对果断，国内资 产表现相对平稳。 • 二季度国内钢材需求有所修复，热卷和螺纹钢表需环比改善，但制造业和 出口短期影响未如预期般严重，4-5 月有望保持强劲，铁水产量逐步筑顶。 • 焦煤价格自年初以来持续下跌，已跌破 900 元，与基本面相符，可能打开 钢材下方空间，铁矿石和焦煤价格走势也在掂量材料成本支撑位置，上行 趋势较难，下行空间更大。 • 当前黑色行业矛盾不突出，预期偏弱导致产业行为谨慎，一季度各项数据 良好，粗钢产量和消费微增，出口增加，铁矿库存去化，总体处于偏强现 实状态。 • 全球贸易纠纷降低全年粗钢消费，各研究机构需下调消费预判，导致产业 链原料消费增量减少，供给端压到边际成本，原料端整体偏弱。 Q&A 美国全球贸易战对黑色商品市场有何影响？ 美国在 2025 年 4 月 2 日发动全球贸易战，对所有经济体（除俄罗斯外）加征 超高关税。这一举措可能成为未来五到十年的重大转折点，对全球 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The recent market's macro sentiment has been restored, and there may be short - term expectations for bottom - support policies. However, the destocking of the five major steel products has slowed down. Currently, the steel market still maintains a weak pattern, with cautious market sentiment and little hope for significant improvement in the short term [1] Group 3: Summary by Related Catalogs Market Overview - Today, the black - series commodity futures continued to be weak. The main contract of coking coal has been switched, and the main contract of coke is expected to be switched tomorrow. The main contract of rebar closed at 3,093 yuan/ton, down 1.06%; the main contract of hot - rolled coil closed at 3,205 yuan/ton, down 1.05%; the main contract of iron ore closed at 708 yuan/ton, down 0.14%; the 2509 contracts of coking coal and coke continued to decline sharply [1] Market Analysis - In terms of macro data, the growth rates of China's major financial indicators rebounded in March. At the end of March, the stock of China's social financing scale was 422.96 trillion yuan, a year - on - year increase of 8.4%, reaching a high level in the past year. In the first quarter, RMB loans increased by 9.78 trillion yuan. The US has removed smartphones, routers, and some computers and laptops from the so - called "reciprocal tariffs" on Chinese imports, alleviating market concerns about trade frictions [1] - In terms of the actual demand for finished steel products, the demand in April is in the recovery stage. Last week, the funds in place for construction sites continued to improve, with a week - on - week increase of 0.55 percentage points to 58.5%, the highest since the Spring Festival. Although counter - cyclical adjustment tools such as national bonds cannot completely reverse the negative feedback of the real - estate downturn in the short term, in the first quarter, the net issuance of national bonds exceeded 1.4 trillion yuan, and the issuance of local government bonds exceeded 2.8 trillion yuan. There is still a large amount of local government bonds and national bonds to be issued, and the market still has expectations for domestic policies [1] Investment Advice - Iron ore: Pay attention to supply - demand changes and inventory levels, and avoid chasing high prices [1] - Rebar: Investors are advised to adopt a volatile trading strategy in the short term and pay attention to the spread between hot - rolled coil and rebar [1] - Hot - rolled coil: Investors are advised to consider high - level consolidation in the short term and pay attention to supply - demand changes [1] - Coking coal and coke: Pay attention to the oscillating market after the decline stabilizes or the strength relationship between coking coal and coke [1]

Report Industry Investment Ratings - Thread steel: ☆☆☆ [1] - Hot-rolled coil: ☆☆☆ [1] - Iron ore: ☆☆☆ [1] - Coke: ☆☆☆ [1] - Coking coal: ☆☆☆ [1] - Silicomanganese: ★★☆ [1] - Ferrosilicon: ★★☆ [1] Core Viewpoints of the Report - The steel market is mainly in short-term oscillation, and attention should be paid to the intensity of peak-season demand and changes in domestic and foreign macro policies [1] - The short-term trend of iron ore is expected to be oscillatory, and future attention should be paid to the introduction and implementation of domestic policies [2] - The coke price is likely to be weak in the short term [3] - The coking coal price is mainly in a weak oscillation [5] - For silicomanganese, it is recommended to short on rebounds [6] - For ferrosilicon, it is also recommended to short on rebounds [7] Summary by Related Categories Steel - Thread steel demand has a slight month-on-month increase but remains weak year-on-year, with low inventory; hot-rolled coil supply and demand have significantly declined, and the inventory reduction trend has slowed down; the overall blast furnace continues the resumption of production, and pig iron output continues to rise [1] - Domestic demand improvement still takes time, and steel exports in March remained high, but the manufacturing and steel exports face impacts after the US tariff increase; the impact of tariff policies on the market is decreasing, and the market is gradually stabilizing, mainly in short-term oscillation [1] Iron Ore - The global iron ore shipment is in normal fluctuation, and the shipment in April is stronger than the same period last year; the domestic arrival volume has rebounded significantly and is expected to remain at a relatively high level in the short term [2] - The national port inventory of iron ore has decreased significantly, and it may stabilize with the rebound of arrival volume; the demand for finished products is at the top of the stage, and steel mills have slight profits, with a slight resumption of pig iron production [2] - Overseas trade frictions show signs of phased mitigation, and market panic has eased, but there is a risk of recurrence in the future; the short-term iron ore trend is expected to be oscillatory [2] Coke - The first round of price increase has been implemented, but the subsequent momentum for further price increases is poor; the coke price mainly follows the steel trend due to tariff policies [3] - Pig iron daily output has a slight increase, coking profit has significantly shrunk, but daily output continues to rise; the overall coke inventory reduction is not smooth and remains at a high level, and the trading procurement enthusiasm has declined [3] - The coke futures premium has been compressed, the price of coal for blast furnace has increased, and there are many macro-variable factors; the price is likely to be weak in the short term [3] Coking Coal - The coking coal price mainly follows the steel trend due to tariff policies; coking coal mines have resumed production, and the output has increased this week, with good spot auction trading volume and a slight increase in trading price [5] - The total coking coal inventory continues to rise, the inventory pressure at the production end continues to decline, and downstream coking plants and steel mills only have rigid demand procurement; the import of Mongolian coal has a weak oscillatory futures price, and high-price resources at the port have weak trading [5] - The supply of carbon elements is still abundant, the downstream pig iron output remains at a high level; the coking coal price is mainly in a weak oscillation, affected by inventory levels and delivery expectations [5] Silicomanganese - A large steel mill in the north increased its silicon manganese procurement volume in April; the silicon manganese price mainly follows the steel trend due to tariff policies [6] - The absolute inventory level at Tianjin Port has increased this week, the spot quotation and trading price of manganese ore have continued to decline, and the forward manganese ore price has also decreased [6] - Pig iron output has a slight increase, silicon manganese supply has slightly decreased from a high level, and the overall inventory has significantly increased, suppressing the price; it is recommended to short on rebounds [6] Ferrosilicon - A large steel mill in the north decreased its ferrosilicon procurement volume in April; the ferrosilicon price mainly follows the steel trend due to tariff policies [7] - Pig iron output has a slight increase; export demand generally maintains a month-on-month downward trend, and the marginal impact is small; the output of magnesium metal has decreased, and the secondary demand is average, with overall marginal decline in demand [7] - Ferrosilicon supply has decreased, the market trading level is average, and the on-balance-sheet inventory has increased; its fundamentals are weak, and it is recommended to short on rebounds [7]

Core Viewpoint - The article highlights the rebound in social financing growth and the importance of monitoring tariff developments, particularly in relation to the U.S. trade policies and their impact on various sectors [1][2][3]. Financial Sector - In the stock index, the electronic sector led the gains following Trump's exemption of electronic products from "reciprocal tariffs," with total market turnover reaching 1.39 trillion yuan. The financing balance increased by 2.756 billion yuan to 1.802312 trillion yuan [2][8]. - The A-share market has shown resilience against downward pressure from tariffs, with implied volatility significantly decreasing, indicating improved market confidence [2][8]. Energy Sector - In the oil market, the SC futures rose by 1.59%. The U.S. Energy Information Administration downgraded global oil demand forecasts, while Trump announced a staggering 145% tariff on the second-largest economy and largest oil importer [3][10]. - The Brent crude oil price forecast for 2025 was significantly reduced to $67.87 per barrel from a previous estimate of $74.22 [3][10]. Precious Metals - Gold prices continue to strengthen, reaching historical highs due to escalating trade tensions and market uncertainties. The market anticipates potential quantitative easing and interest rate cuts from the Federal Reserve [4][18]. - The uncertainty surrounding U.S. tariffs and inflationary pressures has further propelled gold's strong performance [4][18]. Agricultural Products - In the agricultural sector, the U.S. temporarily suspended tariffs on certain countries, leading to a rebound in soybean prices. The USDA report did not adjust key figures for U.S. soybean production, but raised the crushing data to 2.42 billion bushels [29][30]. Shipping Index - The European shipping index experienced fluctuations, with the SCFI for the European line showing a slight increase. However, the overall demand for container shipping is expected to decline due to the impact of Trump's tariff policies [31].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The steel market is expected to trade in a narrow range at low levels. The output of rebar continues to rise, inventory declines for the sixth consecutive week with a narrowing decline, and apparent demand rebounds slightly. The market is currently focused on the new round of global trade wars, weakening the impact of fundamental factors [1]. - The iron ore market is expected to fluctuate repeatedly. The shipping volume from Australia has declined, while that from Brazil has continued to rise, and the global shipping volume has decreased. The demand for iron ore has increased, and the inventory at ports has decreased. The price is also significantly affected by overseas macro - news [1]. - The coking coal market is expected to consolidate with fluctuations. Mainstream large mines are operating normally, but downstream procurement is cautious. Although the coke enterprises' operating rate is high, the profit of coke enterprises is being compressed, and the price increase of coke has been temporarily shelved [1]. - The coke market is expected to consolidate with fluctuations. The cost of coking coal has increased, some coke enterprises are expected to reduce production due to losses, and the inventory at coke enterprises has continued to decline. The demand from steel mills is mainly based on on - demand procurement [1]. - The manganese silicon market is expected to trade sideways. The supply is gradually decreasing, but the improvement in terminal demand still takes time. The price of manganese ore is weakening, and the cost support is limited. Market sentiment has a significant impact [3]. - The ferrosilicon market is expected to trade in a range. The supply is decreasing, which provides support for the price, but the demand from steel mills is limited. Market sentiment is the dominant factor [3]. Summary by Relevant Catalogs 1. Research Views Steel - Rebar: The rebar futures contract 2510 closed at 3139 yuan/ton, up 51 yuan/ton or 1.65% from the previous trading day, with a decrease of 749 lots in positions. The spot price rebounded, and the trading volume increased. This week, the national rebar output increased by 3.72 tons week - on - week to 232.37 tons, social inventory decreased by 27.85 tons to 563.1 tons, and factory inventory increased by 7.54 tons to 214.66 tons. Apparent demand increased by 2.99 tons to 252.68 tons [1]. Iron Ore - The main iron ore futures contract i2509 closed at 707 yuan/ton, up 18 yuan/ton or 2.6% from the previous trading day, with a trading volume of 600,000 lots and a decrease of 7,000 lots in positions. The spot price at ports increased. The shipping volume from Australia decreased, while that from Brazil increased, and the global shipping volume decreased. The number of blast furnaces in production increased, iron - making output increased by 1.49 tons to 240.22 tons, and the daily consumption of imported ore increased by 2.46 tons. The inventory at 47 ports decreased by 112.39 tons to 14,831.02 tons [1]. Coking Coal - The coking coal futures contract 2505 closed at 913 yuan/ton, down 4 yuan/ton or 0.44% from the previous trading day, with a decrease of 9,842 lots in positions. The spot price in Shanxi increased, and the Mongolian coal market was stable. Mainstream large mines are operating normally, but downstream procurement is cautious [1]. Coke - The coke futures contract 2505 closed at 1550.5 yuan/ton, up 27 yuan/ton or 1.77% from the previous trading day, with a decrease of 1,812 lots in positions. The spot price at ports was stable. The cost of coking coal has increased, some coke enterprises are expected to reduce production due to losses, and the inventory at coke enterprises has continued to decline [1]. Manganese Silicon - On Thursday, the manganese silicon futures price strengthened with fluctuations, and the main contract closed at 5966 yuan/ton, up 1.53% month - on - month, with a decrease of 22,561 lots in positions to 292,600 lots. The market price of 6517 manganese silicon was 5650 - 5900 yuan/ton. The supply is gradually decreasing, and the price of manganese ore is weakening [3]. Ferrosilicon - On Thursday, the ferrosilicon futures price strengthened with fluctuations, and the main contract closed at 5900 yuan/ton, up 0.65% month - on - month, with an increase of 3,601 lots in positions. The market price of 72 - grade ferrosilicon was about 5550 - 5700 yuan/ton. The supply is decreasing, and the demand from steel mills is limited [3]. 2. Daily Data Monitoring - **Contract Spreads**: The 5 - 10 spread of rebar was - 78.0, down 3.0; the 5 - 10 spread of hot - rolled coil was - 20.0, down 2.0; the 5 - 9 spread of iron ore was 47.5, up 4.5; the 5 - 9 spread of coke was - 37.5, up 6.0; the 5 - 9 spread of coking coal was - 97.5, down 9.5; the 5 - 9 spread of manganese silicon was - 90.0, down 6.0; the 5 - 9 spread of ferrosilicon was 6.0, down 12.0 [4]. - **Basis**: The basis of rebar 05 contract was 109.0, down 8.0; the basis of hot - rolled coil 05 contract was 45.0, down 5.0; the basis of iron ore 05 contract was 52.6, down 0.5; the basis of coke 05 contract was - 69.8, down 27.0; the basis of coking coal 05 contract was 257.0, up 4.0; the basis of manganese silicon 05 contract was - 166.0, down 2.0; the basis of ferrosilicon 05 contract was - 224.0, unchanged [4]. - **Spot Prices**: The spot price of rebar in Shanghai was 3170.0, up 40.0; the spot price of hot - rolled coil in Shanghai was 3280.0, up 40.0; the spot price of PB powder was 761.0, up 20.0; the spot price of Rizhao quasi - first - grade coke was 1330.0, unchanged; the spot price of medium - sulfur main - coking coal in Shanxi was 1250.0, unchanged; the spot price of manganese silicon in Ningxia was 5650.0, up 50.0; the spot price of ferrosilicon in Ningxia was 5600.0, unchanged [4]. - **Profits and Spreads**: The rebar futures profit was 154.2, up 7.8; the long - process profit was 17.2, up 4.1; the short - process profit was - 56.8, up 51.1; the hot - rolled coil - rebar spread was 116.0, down 4.0; the rebar - iron ore ratio was 4.4, down 0.04; the rebar - coke ratio was 2.0, unchanged; the coking coal - iron ore ratio was 1.7, up 0.04; the coke - iron ore ratio was 2.2, down 0.02; the manganese silicon - ferrosilicon spread was 22.0, down 22.0 [4]. 3. Chart Analysis - **Main Contract Prices**: There are charts showing the closing prices of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][7][9][10][12][15]. - **Main Contract Basis**: There are charts showing the basis of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [17][18][20][24]. - **Inter - period Contract Spreads**: There are charts showing the spreads of 05 - 10, 10 - 01, 05 - 09, 09 - 01 contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [26][29][33][36][37][40][41]. - **Inter - variety Contract Spreads**: There are charts showing the hot - rolled coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, coke - iron ore ratio, coking coal - iron ore ratio, and manganese silicon - ferrosilicon spread [43][45][47]. - **Rebar Profits**: There are charts showing the futures profit, long - process profit, and short - process profit of rebar [48][52]. 4. Black Research Team Member Introduction - Qiu Yuecheng, the current assistant director of the Everbright Futures Research Institute and the director of black research, has nearly 20 years of experience in the steel industry [54]. - Zhang Xiaojin, the current director of resource product research at the Everbright Futures Research Institute, has rich experience in the field of power coal research [54]. - Liu Xi, a master of science, is a black researcher at the Everbright Futures Research Institute, specializing in fundamental supply - demand analysis based on industrial chain data [54]. - Zhang Chunjie, a black researcher at the Everbright Futures Research Institute, has experience in investment trading strategies and spot - futures operations [55].