20180709前海期货黑色金属半年报：环保扰动供给 需求保持韧性
报告摘要
n 人民银行分别在4月和6月两次降低存款准备金率。降准改善流动性，对房地产投资形成支撑。下半年地产仍存韧性。
n 受国家结构化去杠杆影响，基建融资困难，预计下半年基建投资增速仍将下滑。
n 环保限产呈现常态化趋势，钢铁产量将持续受到压制。
n 巴西矿山发货量持续不及预期。下半年铁矿供给增量有限。
Ø 黑色金属主要品种行情回顾
Ø 重点终端需求情况
Ø 钢铁供给情况
Ø 铁矿石供需情况
Ø 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.
Ø Review of major varieties of ferrous metals
Ø Situation of key terminal demand
Ø Situation of steel supply
Ø Situation of iron ore supply and demand
Ø Market outlook and strategy recommendation
20180709前海期货—黑色金属产业链半年报—环保扰动供给，需求保持韧性，钢铁仍将强势.pdf
