JPM-JPM Mining Daily Iron Ore 百分之0.7, Zinc 百分之3.4...-20251127
这篇研报讲什么？
摘要原文摘录10-day China steel production -2% vs previous (-13% YoY); we arrive at the seasonaltrough for steel production
机构观点归属摩根大通，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
10-day China steel production -2% vs previous (-13% YoY); we arrive at the seasonaltrough for steel production
10-day China steel output 843Mt annualised, -2%% vs previous: latest China daily crudesteel output (10 days to 20 th Nov) is -2% vs previous but -13% YoY. The past 10-day periodis another continuation of accelerated deceleration of steel output in China into year-end.China steel rebar and HRC prices continue to remain at YTD lows, which is partly attributableto a sustained higher iron ore price which has climbed back to ~$105/t after two weeks ofminor decline. The seasonal deceleration in steel output from June-July peaks has been morepronounced in 2025. However, we now arrive at the typical seasonal trough for monthly steelproduction; normal seasonality is for a re-acceleration in steel output starting in January.
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