報告摘要

n? 人民銀行分別在4月和6月兩次降低存款準備金率。降準改善流動性，對房地產投資形成支撐。下半年地產仍存韌性。

n? 受國家結構化去杠桿影響，基建融資困難，預計下半年基建投資增速仍將下滑。

n? 環保限產呈現常態化趨勢，鋼鐵產量將持續受到壓制。

n? 巴西礦山發貨量持續不及預期。下半年鐵礦供給增量有限。

?

?? 黑色金屬主要品種行情回顧

?? 重點終端需求情況

?? 鋼鐵供給情況

?? 鐵礦石供需情況

?? 行情展望及策略

Abstract

n? The people’s bank of China lowered the deposit reserve ratio twice in April and June respectively. The RRR cut improves liquidity and supports real estate investment.

n? Affected by the difficulty in infrastructure financing, it is expected that the growth rate of infrastructure investment in the second half of the year will continue to decline.

n? Environmentally limited production is becoming frequent, and steel production will continue to be suppressed.

n? Brazilian mine shipments continued to fall short of expectations. Iron ore supply is limited in the second half of the year.

?

?? Review of major varieties of ferrous metals

?? Situation of key terminal demand

?? Situation of steel supply

?? Situation of iron ore supply and demand

?? Market outlook and strategy recommendation

20180709前海期貨—黑色金屬產業鏈半年報—環保擾動供給，需求保持韌性，鋼鐵仍將強勢.pdf