Report Industry Investment Rating - Not provided Core Viewpoint of the Report - The supply and demand of coking coal and coke are both increasing. The peak demand season and pre - holiday restocking by downstream enterprises support the confidence of the raw material market. The short - term futures market will maintain a wide - range volatile operation [4] Summary by Related Catalogs Market Situation - Yesterday, the coking coal and coke futures prices fluctuated as a whole. In the spot market, coal prices in Shanxi have rebounded slightly continuously, and some coke enterprises in Inner Mongolia plan to raise coke prices due to rising costs, while mainstream coke enterprises have not adjusted prices yet [3] - Recently, Tangshan is affected by environmental protection policies, but the actual implementation of production cuts is average. Last week, the daily average pig iron output increased slightly by 0.47 million tons to 2.4102 million tons [3] Supply Side - Last week, coal mines in Shanxi continued to resume production, and output continued to rise. Although the document on checking over - production in Inner Mongolia has raised concerns about coal mine production cuts, the actual reduction in coking coal is limited. In the short term, there is still a small increase space for coal mines in the main producing areas [3] - The import volume of coking coal has been steadily increasing. In August, China imported 1.01622 billion tons of coking coal, a month - on - month increase of 5.6% and a year - on - year decrease of 5.02%. From January to August, the cumulative import was 7.26075 billion tons, a year - on - year decrease of 632.03 million tons, a decline of 8.01%. In August, the import volume of Mongolian coal was 601.47 million tons, a month - on - month increase of 20.8%. In September, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port was higher than that in August [3] Market Outlook - Driven by restocking demand, the market may remain strong before the holiday [3]

Report Overview - Report Title: [Huabao Futures] Non-ferrous Metals Weekly Report [1] - Report Date: September 23, 2025 [2] 1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Aluminum prices are expected to fluctuate at a high level recently, and attention should be paid to the guidance of peak-season inventory consumption on price direction [9][10] - Zinc prices are expected to have a slight weak adjustment in the short term, with support in the peak season but medium- to long-term supply increase putting pressure on the upside [12][13] - Tin prices are expected to have a strong adjustment in the short term under the situation of weak supply and demand [16] 3. Summary by Relevant Catalogs 3.1. Non-ferrous Weekly Market Review - **Copper**: The closing price of the futures main contract on September 19 was 79,910 yuan, a weekly decrease of 1,150 yuan or -1.42%; the spot price was 79,970 yuan, a weekly decrease of 1,020 yuan or -1.26% [7] - **Aluminum**: The closing price of the futures main contract on September 19 was 20,795 yuan, a weekly decrease of 325 yuan or -1.54%; the spot price was 20,840 yuan, a weekly decrease of 210 yuan or -1.00% [7] - **Zinc**: The closing price of the futures main contract on September 19 was 22,045 yuan, a weekly decrease of 260 yuan or -1.17%; the spot price was 22,082 yuan, a weekly decrease of 154 yuan or -0.69% [7] - **Tin**: The closing price of the futures main contract on September 19 was 268,770 yuan, a weekly decrease of 5,180 yuan or -1.89%; the spot price was 269,250 yuan, a weekly decrease of 4,000 yuan or -1.46% [7] - **Nickel**: The closing price of the futures main contract on September 19 was 121,500 yuan, a weekly decrease of 480 yuan or -0.39%; the spot price was 123,020 yuan, a weekly decrease of 410 yuan or -0.33% [7] 3.2. This Week's Non-ferrous Market Forecast Aluminum - **Logic**: Last week, aluminum prices adjusted at a high level. After the Fed cut interest rates by 25 basis points, many Fed officials released hawkish signals, leading to a slight price correction. Fundamentally, the alumina market remains in an oversupply situation. The domestic alumina operating capacity remains at a high level, the import window is open, and domestic inventories are high. On the demand side, the开工 rate of domestic aluminum downstream processing leading enterprises increased slightly by 0.1 percentage points to 62.2% last week, down 1.3 percentage points compared with the same period last year [9] - **Viewpoint**: After the previous macro factors were settled, the price adjusted slightly after rising. It is expected to fluctuate at a high level recently, and attention should be paid to the guidance of peak-season inventory consumption on price direction [10] Zinc - **Logic**: Last week, zinc prices adjusted weakly. The SMM Zn50 domestic weekly TC average price remained flat at 3,850 yuan/metal ton, and the SMM imported zinc concentrate index increased by $12.5/dry ton to $111.25/dry ton. The Shanghai-London ratio fell to around 7.5, and the zinc ingot import window remained closed. On the demand side, the galvanizing开工率 reached 58.05%, up 1.99 percentage points from the previous week. Zinc ingot inventories increased slightly. The die-casting zinc alloy开工率 was 53.78%, down 0.21 percentage points from the previous week. As of September 22, the total inventory of SMM seven places was 15.70 tons, a decrease of 0.36 tons compared with September 15 [12] - **Viewpoint**: In the short term, the macro benefits have basically been released, and the price has a slight weak adjustment. There is still support in the peak season, but the medium- to long-term supply increase puts pressure on the upside [13] Tin - **Logic**: The Fed's 25-basis-point interest rate cut did not exceed market expectations, and there was some pressure on tin prices in the short term. In July, China's tin ore imports were 10,200 tons (equivalent to about 4,335 metal tons), a month-on-month decrease of 13.71% and a year-on-year decrease of 31.79%. From January to July, the cumulative imports were 72,400 tons, a cumulative year-on-year decrease of 32.32%. After Myanmar completed the mining license approval, the progress was slow, and ore production will continue until at least the fourth quarter. The tight supply situation promoted tin prices. Currently, the raw materials in Yunnan are in short supply, and the inventory is less than 30 days; the scrap tin in Jiangxi is also tight, resulting in a significant decline in the开工率 of smelters in the two provinces. Downstream demand is average, and although the data of consumer electronics and new energy vehicles are good, there are signs of a market slowdown. The market shows a situation of weak supply and demand in the short term [16] - **Viewpoint**: In the short term, supply and demand are both weak, and tin prices are strongly adjusted [16] 3.3. Variety Data Aluminum - **Bauxite**: The price of domestic high-grade bauxite in Henan remained unchanged at 650 yuan/ton; the price of domestic low-grade bauxite in Henan remained unchanged at 580 yuan/ton; the average price of imported bauxite index was $75.1/ton, a decrease of $0.38 compared with the previous week. The port arrival volume was 3.4174 million tons, a decrease of 837,100 tons compared with the previous week; the port departure volume was 4.6711 million tons, a decrease of 200 tons compared with the previous week [20][23] - **Alumina**: The domestic price in Henan was 3,020 yuan/ton, a decrease of 30 yuan compared with the previous week; the full cost was 2,890.2 yuan/ton, a decrease of 11.8 yuan compared with the previous week; the profit in Shanxi was -8.43 yuan/ton, a decrease of 46.82 yuan compared with the previous week [26] - **Electrolytic Aluminum**: The total cost was 16,335.29 yuan/ton, a decrease of 71.95 yuan compared with the previous week; the regional price difference between Foshan and SMM A00 aluminum was -50 yuan/ton, unchanged compared with the previous week. The开工率 of aluminum cables remained unchanged at 65.2; the开工率 of aluminum foil remained unchanged at 71.9; the开工率 of aluminum plates and strips decreased by 0.4 to 68.2; the开工率 of aluminum profiles increased by 0.6 to 54.6; the开工率 of primary aluminum alloy decreased by 0.2 to 57.2; the开工率 of recycled aluminum alloy increased by 0.4 to 55.9. The bonded area inventory in Shanghai was 67,800 tons, a decrease of 1,700 tons compared with the previous week; the total bonded area inventory was 90,800 tons, a decrease of 1,700 tons compared with the previous week; the social inventory was 638,000 tons, an increase of 1,000 tons compared with the previous week; the weekly outbound volume of aluminum ingots in major consumption areas was 122,300 tons, an increase of 14,700 tons compared with the previous week. The SHFE inventory was 127,734 tons, a decrease of 765 tons compared with the previous week; the LME inventory was 513,900 tons, an increase of 28,625 tons compared with the previous week [28][33][39][40] - **Spot and Basis**: The SMM A00 aluminum basis for the current month was 0 yuan/ton, a decrease of 25 yuan compared with the previous week; the basis for the main contract was 0 yuan/ton, an increase of 75 yuan compared with the previous week; the basis for the third consecutive contract was 5 yuan/ton, an increase of 55 yuan compared with the previous week. The price difference between the current month and the main contract was 5 yuan/ton, an increase of 100 yuan compared with the previous week; the price difference between the current month and the third consecutive contract was 5 yuan/ton, an increase of 80 yuan compared with the previous week [45][46] Zinc - **Zinc Concentrate**: The domestic zinc concentrate price was 16,654 yuan/metal ton, a decrease of 224 yuan compared with the previous week; the domestic zinc concentrate processing fee remained unchanged at 3,850 yuan/metal ton; the imported zinc concentrate processing fee was $111.25/dry ton, an increase of $12.5 compared with the previous week. The enterprise production profit was 3,686 yuan/metal ton, a decrease of 192 yuan compared with the previous week; the import profit and loss was -2,001.32 yuan/ton, an increase of 147.85 yuan compared with the previous week; the imported zinc concentrate inventory in Lianyungang was 150,000 physical tons, a decrease of 10,000 tons compared with the previous week [53][56] - **Refined Zinc**: The SMM seven-place zinc ingot social inventory was 157,000 tons, a decrease of 3,600 tons compared with the previous week; the zinc ingot bonded area inventory was 8,000 tons, unchanged compared with the previous week; the SHFE refined zinc inventory was 99,315 tons, an increase of 4,666 tons compared with the previous week; the LME zinc inventory was 46,825 tons, a decrease of 3,325 tons compared with the previous week [59] - **Galvanizing**: The output was 337,400 tons, an increase of 5,055 tons compared with the previous week; the开工率 was 58.05, an increase of 1.99 percentage points compared with the previous week; the raw material inventory was 13,910 tons, an increase of 50 tons compared with the previous week; the finished product inventory was 366,800 tons, a decrease of 8,900 tons compared with the previous week [62] - **Zinc Basis and Price Difference**: The SMM 0 zinc ingot basis for the current month was -55 yuan/ton, a decrease of 35 yuan compared with the previous week; the basis for the main contract was -65 yuan/ton, an increase of 60 yuan compared with the previous week; the basis for the third consecutive contract was -90 yuan/ton, an increase of 15 yuan compared with the previous week. The price difference between the current month and the main contract was -10 yuan/ton, an increase of 65 yuan compared with the previous week; the price difference between the current month and the third consecutive contract was -40 yuan/ton, an increase of 55 yuan compared with the previous week [65][68] Tin - **Refined Tin**: The combined output of Yunnan and Jiangxi provinces was 1,450 tons, an increase of 70 tons compared with the previous week; the combined开工率 was 29.92%, an increase of 1.44 percentage points compared with the previous week [73] - **Tin Ingot Inventory**: The SHFE tin ingot total inventory was 6,988 tons, a decrease of 909 tons compared with the previous week; the Chinese regional tin ingot social inventory was 8,453 tons, a decrease of 936 tons compared with the previous week [76] - **Tin Concentrate Processing Fee**: The tin concentrate processing fee in Yunnan (40%) remained unchanged at 12,000 yuan/ton; the tin concentrate processing fee in Guangxi, Hunan, and Jiangxi (60%) remained unchanged at 8,000 yuan/ton [78] - **Tin Ore Import Profit and Loss**: The tin ore import profit and loss level was 14,948.1 yuan/ton, an increase of 6,105.3 yuan compared with the previous week [79] - **Spot Price**: The average price of 40% tin concentrate in Yunnan was 257,300 yuan/ton, a decrease of 4,600 yuan compared with the previous week; the average price of 60% tin concentrate in Guangxi, Hunan, and Jiangxi was 261,300 yuan/ton, a decrease of 4,600 yuan compared with the previous week [83]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The supply and demand of coking coal and coke are both increasing. The downstream starts pre - holiday stockpiling, which supports the confidence of the raw material market. The short - term futures market will maintain a wide - range volatile operation [3] Group 3: Summary by Related Catalogs Market Conditions - Yesterday, the coking coal and coke futures prices fluctuated. In the spot market, coal prices in Shanxi rebounded slightly continuously, and some coking enterprises in Inner Mongolia planned to raise coke prices due to rising costs [2] - In August, China's coking coal imports were 1.01622 billion tons, a month - on - month increase of 5.6% and a year - on - year decrease of 5.02%. From January to August, the cumulative imports were 7.26075 billion tons, a year - on - year decrease of 632.03 million tons, a decline of 8.01%. In August, Mongolian coal imports were 601.47 million tons, a month - on - month increase of 20.8% [2] - Recently, Tangshan has been affected by environmental protection policies, with a planned production restriction from September 15th to September 30th. Most of the production restrictions are voluntary. The profitability rate of 247 steel mills was 58.87%, a decrease of 1.30 percentage points from the previous week. The daily average pig iron output increased slightly by 0.47 million tons to 2.4102 billion tons, and there was no overall production reduction in steel mills [3] Raw Materials - Last week, coal mines in Shanxi continued to resume production, and output continued to increase. Although the document on over - production inspection in Inner Mongolia caused concerns about coal mine production reduction, the actual reduction in coking coal was limited. In the short term, there is still a slight increase in production space for coal mines in the main production areas, and the market may remain strong before the holiday [3]

Group 1: Report Industry Investment Ratings - No relevant content found Group 2: Core Views -成材震荡整理运行 后期关注宏观政策和下游需求情况 [4] -铝锭预计价格短期偏弱调整 关注宏观情绪和矿端消息 [5] Group 3: Summary by Related Catalogs 成材 -云贵区域短流程建筑钢材生产企业春节停产预计影响总产量74.1万吨 安徽省6家短流程钢厂部分已停产或计划1月中旬左右停产 日度影响产量1.62万吨左右 [3][4] -2024年12月30日 - 2025年1月5日 10个重点城市新建商品房成交面积环比下降40.3% 同比增长43.2% [4] -成材昨日震荡下行 价格创近期新低 供需双弱格局下市场情绪悲观 价格重心下移 今年冬储低迷 对价格支撑不强 [4] 氧化铝 -氧化铝基本面维持过剩格局 供应端国内运行产能高位 进口窗口开启 库存高位 需求端国内铝下游加工龙头企业开工率较上周小幅增加0.1个百分点至62.2% 与去年同期相比下降1.3个百分点 [4] -截至上周四 全国冶金级氧化铝建成总产能11032万吨/年 运行总产能9233万吨/年 全国氧化铝周度开工率较上周上调0.92个百分点至83.69% [4] 铝锭 -9月22日国内主流消费地电解铝锭库存63.8万吨 持平于上周四库存 较上周一上涨0.1万吨 9.16 - 9.21期间国内铝锭出库量共计12.23万吨 环比增加1.47万吨 [4] -宏观降息预期兑现 关注国内政策推进 当下过渡到金九银十 宏观与基本面带来支撑 宏观靴子落地 预计价格短期持高位整理 后续关注库消走势 [5]

Group 1: Report Industry Investment Rating - The report's view on the industry is that it is operating at a low level [3] Group 2: Core View of the Report - The Ministry of Industry and Information Technology and other departments jointly issued the "Steel Industry Steady Growth Work Plan (2025 - 2026)", setting the average annual growth target of the steel industry's added value at about 4% in the next two years, aiming at "steady growth and preventing involution" and guiding the structural adjustment and high - quality development of the Chinese steel industry [2] - On September 22, the average cost of 76 independent electric arc furnace construction steel mills was 3,337 yuan/ton, with an average profit loss of 123 yuan/ton and a valley - electricity profit loss of 25 yuan/ton [2] - From September 15 to 21, 2025, global shipyards received 35 + 2 new ship orders, with Chinese shipyards getting 16 + 2 and South Korean shipyards getting 11 [2] - Benefiting from the "Steel Industry Steady Growth Work Plan" of the Ministry of Industry and Information Technology, finished products fluctuated strongly. The market has returned to the fundamentals of varieties. Last week, rebar and hot - rolled coil showed differentiation. Rebar production and inventory decreased slightly while apparent demand increased; hot - rolled coil production and inventory increased slightly while performance decreased, resulting in rebar being stronger than hot - rolled coil in price trends. Currently, the weak downstream situation has not improved, and prices are consolidating at low levels [2] Group 3: Later Focus - Later, attention should be paid to macro - policies and downstream demand [3]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Views of the Report - **成材**: Short - term outlook is oscillating with a slight upward bias, but the upside is limited. The trading logic is mainly based on industry fundamentals, with the price of finished steel showing signs of recovery, yet the weak downstream demand may constrain the price rebound [9]. - **煤焦**: In the short - term, there is an increase in both supply and demand. The downstream is actively replenishing inventory before the National Day holiday, which supports the confidence in price support. The futures market is expected to maintain a wide - range oscillation [10]. - **铁合金**: Silicon manganese and ferrosilicon continue to face a situation of strong supply and weak demand, with pressure on inventory. However, the short - term restocking demand before the National Day holiday may support prices. It is expected that prices will be in a weak consolidation state [11]. 3. Summary by Relevant Catalogs 01. Weekly Market Review - **Futures and Spot Prices**: From September 12 to September 19, 2025, most black commodity futures and spot prices increased. For example, the futures price of coke J2601 rose from 1625.5 to 1738.5, a 6.95% increase, and the spot price of Rizhao Port's quasi - first - grade coke increased from 1390 to 1500, a 7.91% increase [7]. 02. This Week's Black Market Forecast - **成材** - **Logic**: The blast furnace utilization rate and daily hot metal output of 247 steel mills increased, while the average capacity utilization rate and average operating rate of 90 independent electric arc furnace steel mills decreased. The finished steel rebounded last week, but the weak downstream situation remains unchanged. The Ministry of Industry and Information Technology has set an average annual growth target of about 4% for the steel industry in the next two years [9]. - **View**: Short - term oscillation with a slight upward bias. - **Future Focus**: Macroeconomic policies and downstream demand. - **煤焦** - **Logic**: The Fed cut interest rates by 25bp last week, and the futures price of coal and coke oscillated with an upward bias. On the spot side, coal prices in Shanxi rebounded slightly, and some coke enterprises in Inner Mongolia planned to raise prices. The environmental protection policy in Tangshan affected market sentiment, but the overall rigid demand for raw materials remained strong [10]. - **View**: Short - term supply and demand both increase, and the market will maintain a wide - range oscillation. - **Future Focus**: The resumption process of coal, coke, and steel production and changes in imported coal clearance. - **铁合金** - **Logic**: Overseas, the Fed cut interest rates by 25bp. Domestically, the market has entered the traditional peak season, but demand is still weaker than expected. On the supply side, the output and operating rate of silicon manganese decreased slightly, while those of ferrosilicon remained stable. On the demand side, the weekly demand for silicon manganese and ferrosilicon of the five major steel types decreased for three consecutive weeks. On the inventory side, silicon manganese inventory increased significantly, while ferrosilicon inventory decreased. The cost of silicon manganese and ferrosilicon has certain support [11]. - **View**: Prices are expected to be in a weak consolidation state. - **Future Focus**: Domestic macro - policies, terminal demand, steel mill profits, production, and domestic production restrictions. 03. Variety Data - **成材** - **螺纹钢**: Last week, the output was 206.45 tons, a week - on - week decrease of 5.48 tons; the apparent demand was 210.03 tons, a week - on - week increase of 11.96 tons. The total inventory was 650.28 tons, a week - on - week decrease of 3.58 tons [13][20]. - **热轧**: Last week, the output was 326.49 tons, a week - on - week increase of 1.35 tons; the apparent demand was 321.82 tons, a week - on - week decrease of 4.34 tons. The total inventory was 377.99 tons, a week - on - week increase of 4.67 tons [24][29]. - **基差**: The basis of rebar and hot - rolled coil in different regions and delivery months showed different changes, such as the 1 - month basis of rebar in Shanghai being 88 yuan/ton last Friday, a week - on - week decrease of 5 yuan/ton [32]. - **煤焦** - **焦炭**: The total inventory last week was 915.2 tons, a week - on - week increase of 8.99 tons. The independent coke enterprise inventory was 66.4 tons, a week - on - week decrease of 1.4 tons [47]. - **焦煤**: The total inventory last week was 2550.09 tons, a week - on - week increase of 66.68 tons. The independent coke enterprise inventory was 940.4 tons, a week - on - week increase of 56.9 tons [55]. - **Other Data**: Data such as the profit per ton of coke for independent coke enterprises, inventory availability days, and the ratio of coke to coking coal prices also showed corresponding changes [63][67]. - **铁合金** - **Spot Prices**: The spot price of manganese ore in Tianjin Port, silicon manganese, and ferrosilicon all increased last week. For example, the spot price of silicon manganese in Inner Mongolia (6517) increased from 5650 to 5730 yuan/ton [79]. - **Inventory**: The port inventory of manganese ore increased. The inventory of silicon manganese increased significantly, while the inventory of ferrosilicon decreased [81][92]. - **Output and Demand**: The output of silicon manganese decreased slightly, while the output of ferrosilicon remained stable. The demand for both silicon manganese and ferrosilicon decreased for three consecutive weeks [83][89]. - **Import and Production**: In July, the import of manganese ore was 274.35 tons, a month - on - month increase of 2.23%. In August, the production of silicon manganese was 90.93 tons, a month - on - month increase of 10.94% [96].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Coal and coke supply and demand are both increasing, and downstream enterprises are starting pre - holiday stockpiling, which supports the confidence of the raw material market. The short - term futures market will maintain a wide - range volatile operation [4] Group 3: Summary Based on Related Content Market Situation - Last week, the prices of coal and coke futures fluctuated strongly as a whole, and the price center shifted upward. The Fed cut interest rates as expected, and the dot - plot indicated two more cuts this year. In the spot market, coal prices in Shanxi rebounded slightly, and some coking enterprises in Inner Mongolia planned to raise coke prices due to rising costs [3] - Recently, due to the severe air quality situation in Tangshan, coking enterprises were required to extend the coking time by 30% from September 15th to September 30th. However, the current production restrictions are mainly voluntary, and the specific plan is not clear [3] Production and Operation Data - Last week, the profitability rate of 247 steel mills was 58.87%, a decrease of 1.30 percentage points from the previous week. The daily average hot - metal output increased slightly by 0.47 million tons to 2.4102 million tons, and steel mills as a whole did not reduce production [3] Market Outlook - In the coal mine sector, last week, coal mines in Shanxi continued to resume production, and output continued to rise. Although the policy is expected to improve, the market is worried about coal mine production cuts due to the over - production inspection in Inner Mongolia. In the short term, there is still room for a slight increase in production in major coal - producing areas, and the market will remain strong before the holiday [3]

Group 1: Report's Overall Investment Rating - No investment rating for the industry is mentioned in the report Group 2: Core Viewpoints of the Report - The prices of finished steel products showed a slight differentiation last week, with rebar performing slightly better than hot-rolled coils. Steel prices rebounded last week, and the main trading logic remains the industry's fundamentals. Currently, the weak situation of downstream demand has not improved, and prices are moving in a low position [1][2] - The raw material market is expected to operate at a low level [2] Group 3: Summary of Each Section (Based on the General Logic) Steel Production Capacity Utilization - The blast furnace ironmaking capacity utilization rate of 247 steel mills was 90.35% last week, a week-on-week increase of 0.17 percentage points and a year-on-year increase of 6.29 percentage points. The daily average hot metal output was 2.4102 million tons, a week-on-week increase of 4,700 tons and a year-on-year increase of 171,900 tons [2] - The average capacity utilization rate of 90 independent electric arc furnace steel mills was 54.35%, a week-on-week decrease of 0.91 percentage points and a year-on-year increase of 14.68 percentage points. The average operating rate was 70.63%, a week-on-week decrease of 1.29 percentage points and a year-on-year increase of 9.59 percentage points [2] Steel Market Conditions - Finished steel products rebounded last week, and steel prices closed positively on the weekly line driven by raw materials. The Fed cut interest rates by 25 basis points last week, in line with market expectations, and the macro-driving force weakened [2] - Rebar and hot-rolled coils showed differentiation last week. Rebar production and inventory decreased slightly, and apparent demand increased; hot-rolled coil production and inventory increased slightly, and performance declined, resulting in rebar being stronger than hot-rolled coils in terms of price trends [2] Raw Material Market - The raw material market is expected to operate at a low level [2] Factors to Watch - Macro policies and downstream demand conditions should be focused on in the later stage [3]

Group 1: Report Industry Investment Rating - The report does not explicitly mention the industry investment rating [1][2][3] Group 2: Core View of the Report - The steel price is expected to operate at a low level under the drive of fundamentals [1][2][3] Group 3: Summary According to Related Catalogs Production - The output of rebar decreased by 54,800 tons to 2.0645 million tons, the output of hot-rolled coil increased by 13,500 tons to 3.2649 million tons, and the output of the five major steel products decreased by 17,800 tons to 8.5546 million tons [2] Inventory - The total inventory of rebar decreased by 35,800 tons to 6.5028 million tons, the total inventory of hot-rolled coil increased by 46,700 tons to 3.7799 million tons, and the total inventory of the five major steel products increased by 51,300 tons to 15.1974 million tons [2] Apparent Demand - The apparent demand for rebar increased by 119,600 tons to 2.1003 million tons, the apparent demand for hot-rolled coil decreased by 43,400 tons to 3.2182 million tons, and the apparent demand for the five major steel products increased by 70,000 tons to 8.5033 million tons [2] Market Situation - After the Fed's interest rate cut, the macro - drive weakened, and the finished steel products mainly corrected yesterday. The short - term price has no more macro - factor guidance. The rebar and hot - rolled coil showed different trends, with rebar performing stronger than hot - rolled coil [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The supply and demand sides of coal and coke are recovering rapidly, especially the rapid rebound of hot metal, which supports the rigid demand for raw materials. However, affected by the recent environmental protection and production restriction policies in Tangshan, the upward movement of the futures market is somewhat weak, and it will maintain a wide - range volatile operation in the short term [4] Group 3: Summary by Related Catalogs Market Conditions - Yesterday, the prices of coal and coke futures fluctuated weakly. The Fed cut interest rates as expected, and the dot - plot indicates two more cuts this year. In the spot market, coal prices in Shanxi rebounded slightly, and some coking enterprises in Inner Mongolia plan to raise coke prices next week due to rising costs [3] - Recently, due to the severe air quality situation in Tangshan, coking enterprises are required to extend the coking time by 30% from September 15th to September 30th. The production restriction is mostly voluntary, and the specific plan is not clear [3] Steel Mill Data - This week, the profitability rate of 247 steel mills was 58.87%, a decrease of 1.30 percentage points from last week. The daily average hot metal output increased slightly by 0.47 million tons to 2.4102 million tons, and there is no overall production reduction in steel mills [3] Coal Mine Conditions - This week, coal mines in Shanxi continued to resume production, and the output continued to rise. Although the document on over - production inspection in Inner Mongolia has raised concerns about coal mine production reduction, there is still a small increase in production in major coal - producing areas in the short term, and the market will remain strong before the festival [3]