1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The finished products are expected to move in a volatile and consolidating manner, with the price center shifting downward and weak operation [1][3] - The aluminum ingot prices are expected to have short - term weak fluctuations and be adjusted in the range recently, with the subsequent focus on the inventory - consumption trend [3][4] 3. Summaries Based on Related Catalogs For Finished Products - Yunnan and Guizhou short - process construction steel enterprises' shutdown and maintenance during the Spring Festival are expected to affect 741,000 tons of construction steel production. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most others will stop around mid - January, with individual ones after January 20, affecting about 16,200 tons of daily output [2][3] - From December 30, 2024, to January 5, 2025, the total transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3] - The finished products continued to decline in a volatile manner yesterday, reaching a new low. In the pattern of weak supply and demand, the market sentiment is pessimistic, and this year's winter storage is sluggish, providing weak price support [3] For Aluminum Ingots - Macroscopically, traders are waiting for the Jackson Hole Economic Policy Symposium for US interest rate policy clues. China's Ministry of Industry and Information Technology held a photovoltaic industry symposium to strengthen investment management [2] - In terms of supply, the operating output of electrolytic aluminum increased slightly. In terms of demand, although the "Golden September and Silver October" peak season is approaching, the consumption from terminals to processed materials is hard to exceed expectations due to the off - season. The growth of some industries has slowed down, and some export orders have declined. The construction industry is still in a super - seasonal decline [3] - Last week, the overall operating rate of domestic aluminum downstream processing leading enterprises increased by 0.8 percentage points to 59.5%. In some sub - fields, the operating rate increased, while the recycled aluminum operating rate decreased slightly. It is expected that some fields will continue to recover in late August, and the "Golden September and Silver October" may further boost demand [3] - On August 18, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 607,000 tons, an increase of 19,000 tons from last Thursday and 20,000 tons from last Monday [3] - Macro - level interest rate cut expectations support prices. It is expected to be mainly adjusted in the range recently, and the subsequent focus is on the inventory - consumption trend. The off - season and actual impacts are expected to put pressure on the upside [4]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Market sentiment is cooling down, and with the approaching parade time, there is an expectation of a decline in demand, causing prices to face downward pressure [3] 3. Summary According to Relevant Catalogs - **Logic**: Yesterday, coking coal prices fluctuated weakly with a downward shift in the price center. Recently, the exchange tightened the opening restrictions on the coking coal 2601 contract and increased the intraday trading handling fee to calm market sentiment, leading to a pull - back after the coking coal price soared. Over the weekend, the Trump administration in the US announced an expansion of the scope of a 50% tariff on steel and aluminum imports, impacting the market sentiment. On the spot side, the high - priced resources of some coal mines had weak sales, and prices declined. After the sixth round of coke price increases, some coke enterprises in certain regions planned further price hikes. In terms of environmental production restrictions, Tangshan steel mills received oral notices of environmental production restrictions, with a 30% sintering machine production limit from August 25th to September 3rd and a 40% blast furnace production limit from August 31st to September 3rd. Fundamentally, last week, Shanxi coal mines resumed the production - increasing rhythm, but some mines in Linfen reduced production due to underground conditions and the implementation of the 276 - working - day policy, resulting in slow overall production increase in Shanxi. Mysteel's research predicts that coal mines will likely continue the resumption of production this week, but due to multiple factors such as environmental protection and safety, the production - increasing progress is slow and easily interrupted by emergencies [2] - **View**: Market sentiment is cooling down, and with the approaching parade time, there is an expectation of a decline in demand, causing prices to face downward pressure [3] - **Later Concerns/Risk Factors**: Pay attention to changes in steel mill blast furnace start - up and coal mine resumption of production [3]

Report Industry Investment Rating - Not provided Core View of the Report - In the short term, the steel price fluctuates greatly and runs weakly in a volatile manner [3] Summary by Related Catalogs Industry Situation - Under weak demand, the steel price is in a callback situation [2] - Although the expectation of production restriction still exists, the impact of macro - sentiment has declined, and the steel price has returned to its own fundamentals to a certain extent. Currently, the weak downstream situation persists and is difficult to improve in the short term [3] Production Restriction Measures - Some independent strip steel rolling enterprises in Tangshan plan to implement production suspension from August 20th to September 3rd. If strictly enforced, it is expected to reduce the daily output of 10 local billet - rolling strip steel enterprises by about 0.5 million tons [3] - Some steel pipe production enterprises will take production reduction measures on August 20th, and only National VI and new - energy vehicles are allowed to enter the factory for transportation [3] - From 0:00 on August 20th to 24:00 on August 24th, billet - rolling section steel production enterprises will control the transportation of National V and below fuel - powered and gas - powered vehicles. From 8 p.m. to 8 a.m. the next day, 109 key vehicle - using units will control 70% of their fuel - powered and gas - powered vehicles [3] Production Data - In July, China's rebar production was 15.182 million tons, a year - on - year decrease of 2.3%; from January to July, the cumulative production was 113.387 million tons, a year - on - year decrease of 2.3% [3] Market Performance - Yesterday, the price of finished products continued to decline in a volatile manner. The price of rebar hit a recent low, and the price of hot - rolled coil slightly decreased [3] Factors to Watch - Macro policies; production reduction on the supply side; downstream demand [3]

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report [1][2][3] Group 2: Core View of the Report - The supply growth rate of iron ore exceeds expectations, while the demand side remains resilient. The overall supply - demand relationship is shifting from balanced and tight to balanced. Short - term interval operation is recommended. The price of the main contract of Dalian iron ore runs in the range of 775 - 805 yuan/ton, corresponding to the external market price of about 101 - 105 US dollars/ton [2][3] Group 3: Summary by Relevant Catalogs Supply - The rebound of foreign ore shipments exceeds expectations. Australia's shipments are stable with a slight increase, Brazil's shipments reach a record high, and non - mainstream shipments have increased for three consecutive weeks and reached a record high for the same period. The arrival volume is at a moderately high level and is generally on the rise, and the marginal support on the supply side is weakening [3] Demand - The daily average molten iron output in China has ended three consecutive weeks of decline and rebounded slightly. The current daily average molten iron output is 240.66 (a week - on - week increase of 0.34). The current profitability rate of steel mills is high and the blast furnace profit level is relatively considerable, while the short - process steelmaking has fallen into full - scale losses again. The short - term demand for iron ore remains resilient, and the high domestic demand strongly supports the price. Attention should be paid to whether the molten iron output can maintain a high - level upward trend and the military parade production - restriction situation in North China [3] Inventory - The daily consumption of imported ore at the steel mill end remains high, and the inventory at the steel mill end has continued to increase month - on - month and is higher than that of the same period last year. Due to the increase in the arrival volume, the port inventory has slightly accumulated this period. In the future, as the arrival volume decreases and the molten iron output remains high, it is expected that the inventory will generally tend to be stable or decline slightly in the short term [3]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report - The steel price has corrected due to the drag of raw materials. Although there is still an expectation of production restrictions, the impact of macro - sentiment has decreased, and the steel price has returned to its fundamentals to some extent. Currently, the weak downstream situation persists and is difficult to improve in the short term. The raw materials are expected to fluctuate greatly in the short term and run weakly in a volatile manner [2][3]. 3. Summary by Relevant Content Steel Production Data - In July 2025, key steel enterprises produced 66.8 million tons of crude steel, a year - on - year decrease of 3.2%, with a daily output of 2.1548 million tons, a month - on - month decrease of 5.6% [3]. Home Appliance Retail Data - According to AVC offline market monitoring data, in July, the offline retail sales of color TVs increased by 13.6% year - on - year, refrigerators by 15.7%, washing machines by 15.7%, and air conditioners by 36.5% [3]. Steel Mill Cost and Profit Data - On August 18, the average cost of 76 independent electric arc furnace construction steel mills was 3352 yuan/ton, a daily decrease of 3 yuan/ton. The average profit was - 76 yuan/ton, and the valley - electricity profit was 25 yuan/ton, a daily decrease of 7 yuan/ton [3]. Steel Price Data - On August 18, the ex - factory tax - included price of common billet resources in Qian'an, Tangshan was lowered by 20, reporting 3050. The finished steel fluctuated and declined yesterday. Rebar hit a recent low, and hot - rolled coil fell slightly [3].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The price of finished products is expected to move in a volatile and consolidating manner, with the price center shifting downward and running weakly [1][3]. - The price of aluminum ingots is expected to fluctuate in a short - term range, and the market presents a mild recovery trend [3][4]. Summary by Related Catalogs Finished Products - In the context of weak supply and demand and pessimistic market sentiment, the price of finished products continued to decline yesterday, reaching a new low. The winter storage this year is sluggish, providing limited price support. The view is that it will move in a volatile and consolidating manner. Later, attention should be paid to macro - policies and downstream demand [3]. - Yunguizhou region's short - process construction steel enterprises will have a shutdown and maintenance period during the Spring Festival from mid - January, with an estimated impact on the total construction steel output of 741,000 tons. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most of the rest will stop around mid - January, with a daily output impact of about 16,200 tons during the shutdown [2]. - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly built commercial housing in 10 key cities was 2.234 million square meters, a month - on - month decrease of 40.3% and a year - on - year increase of 43.2% [3]. Aluminum - As of last Thursday, the total built - in production capacity of metallurgical - grade alumina in China was 110.32 million tons/year, and the total operating production capacity was 91.79 million tons/year. The weekly alumina start - up rate increased by 0.63 percentage points to 83.20% compared with last week [3]. - Last week, the overall start - up rate of domestic aluminum downstream processing leading enterprises increased by 0.8 percentage points to 59.5% week - on - week, showing a mild recovery. In some sub - fields, the start - up rate increased, while the recycled aluminum start - up rate decreased slightly. It is expected that some fields will continue to pick up in late August, and the traditional peak season may further drive demand [3]. - On August 18, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 607,000 tons, an increase of 19,000 tons compared with last Thursday and 20,000 tons compared with last Monday [3]. - Macro - level interest - rate cut expectations support the price. It is expected to run in a range in the near future, and later attention should be paid to the macro - expectations, geopolitical crises, mine resumption, and consumption release [4].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The short - term iron ore supply - demand is expected to be balanced and tight, with slow supply growth and strong domestic demand. The short - term iron ore futures price is expected to fluctuate at a high level [1][2]. - The price will fluctuate in a strong range. The main contract of Dalian iron ore futures will be in the range of 775 - 805 yuan/ton, corresponding to the overseas market price of about 101 - 105 US dollars/ton [3]. Summary by Related Catalogs Logic - Last week, the Sino - US tariff policy was implemented, and the domestic short - term macro entered a window period. The market focused more on the Fed's interest - rate cut expectation. Affected by the weakening terminal demand and the exchange's suppression of coking coal speculation, the iron ore price declined. But high blast - furnace profits and short - process losses at off - peak electricity prices are expected to keep domestic demand at a relatively high level in the short term, and the supply - side recovery pressure is not large, with a phased balance in iron ore supply and demand and stable port inventories [1]. Supply - Overseas ore shipments will gradually enter the seasonal recovery cycle, but the overall month - on - month growth rate is low. After the maintenance of Australian BHP and FMG mines ended, shipments did not recover quickly. Brazilian shipments remained at a moderately high level this period. Due to the decline in shipments in July, the short - term arrivals in August are expected to be low, and the actual supply - side pressure is not prominent [1]. Demand - The daily average pig iron output in China ended three consecutive weeks of decline and rebounded slightly, with the current daily average pig iron output at 240.66 (month - on - month +0.34). The current profitability of steel mills is high, blast - furnace profits are considerable, and short - process steelmaking is in full - scale loss. Short - term iron ore demand remains resilient, and high domestic demand strongly supports prices. Later, attention should be paid to whether pig iron production can maintain a high - level upward trend and the military parade production - restriction in North China [2]. Inventory - The daily consumption of imported ore at steel mills remains high, and the inventory at steel mills has been rising month - on - month and is higher than the same period last year. Due to the increase in arrivals, port inventories have slightly accumulated this period. In the future, with the decline in arrivals and high pig iron production, short - term inventories are expected to remain stable or decline slightly [2].

Industry Investment Rating - Not provided Core Views - The price of finished products is expected to oscillate and consolidate, and attention should be paid to macro - policies and downstream demand [4] - The price of aluminum ingots is expected to be in a short - term range oscillation, and attention should be paid to macro - sentiment and mine - end news [6] - The price of aluminum ingots is expected to operate at a high level in the near future, and then pay attention to the inventory - consumption trend [5] Summary by Related Content Finished Products - Yungui region's short - process construction steel enterprises' Spring Festival shutdown and maintenance time is mostly in mid - to late January, and the resumption time is expected to be around the 11th to 16th day of the first lunar month, with an estimated impact on the total construction steel output of 741,000 tons during the shutdown period [3] - In Anhui Province, 1 out of 6 short - process steel mills stopped production on January 5th, and most of the remaining steel mills will stop production around mid - January, with a daily output impact of about 16,200 tons during the shutdown period [4] - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [4] - The price of finished products continued to oscillate downward yesterday, reaching a new low in the recent period. In the pattern of weak supply and demand, the market sentiment is also pessimistic, leading to a continuous downward shift of the price center of gravity [4] Aluminum - Last week, the aluminum price was operating at a high level. Macro data kept the expectation of a Fed rate cut in September unchanged, and traders were waiting for the result of the "Putin - Trump meeting". The US dollar jumped on Thursday and gave back most of the gains on Friday [3] - As of last Thursday, the total built - in production capacity of metallurgical - grade alumina in China was 110.32 million tons per year, and the total operating production capacity was 91.79 million tons per year. The weekly operating rate of alumina increased by 0.63 percentage points to 83.20% [4] - Last week, the overall operating rate of domestic aluminum downstream processing leading enterprises increased by 0.8 percentage points to 59.5%, showing a mild recovery trend. In sub - fields, the operating rates of primary aluminum alloy, aluminum plate and strip, aluminum cable, aluminum profile, and aluminum foil increased, while that of recycled aluminum decreased slightly [4] - On August 18, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 607,000 tons, an increase of 19,000 tons from last Thursday and 20,000 tons from last Monday [4]

Group 1: Report Industry Investment Rating - No specific investment rating provided [3] Group 2: Core View of the Report - Short - term market sentiment is still volatile, coal production is stabilizing on the fundamentals, demand remains relatively strong, and coal prices are fluctuating. It is recommended to wait and see and participate with caution [3] Group 3: Summary by Related Contents Market Situation - Last week, the exchange tightened the opening restrictions on the coking coal 2601 contract and raised the intraday trading fees to stabilize market sentiment. The coking coal price rose first and then fell, and the subsequent volatility decreased. Over the weekend, the Trump administration in the US announced an expansion of the scope of the 50% tariff on steel and aluminum imports, which is expected to impact the market sentiment. On the spot side, the high - priced resources of some coal mines had weak sales, and the prices declined. Coke completed the 6th round of price increase [3] Fundamentals - Last week, coal mines in Shanxi resumed the production increase rhythm, but some mines in Linfen reduced production due to underground conditions and the implementation of the 276 - working - day policy, resulting in slow overall production increase in Shanxi. It is expected that coal mines will continue the resumption of production this week, but the production increase progress is slow and easily interrupted by emergencies. The structural inventory pressure of coking coal has been significantly relieved. Recently, with the rise of coal prices, the downstream procurement rhythm has slowed down, and the inventory at the mine end has stabilized at a low level. In terms of demand, the profitability of coking and steel enterprises is good, and the production enthusiasm is high. The average daily hot metal output of steel mills has slightly increased to 240.66 tons, a week - on - week increase of 0.34 tons and a year - on - year increase of 11.89 tons. Attention should be paid to the implementation of environmental protection and production restriction policies around Beijing - Tianjin - Hebei during the military parade [3]

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core Views - The exchange tightened trading position limits and increased intraday speculative handling fees, causing significant price fluctuations. It is recommended to mainly observe and participate with caution [2][3] Group 3: Summary According to Related Content Market Performance - Yesterday, the coking coal futures price fluctuated widely and closed down at the end of the session. On the spot side, the transaction of high - priced resources at some mines was weak, and prices declined; mainstream steel mills accepted the 6th round of coke price increase [2] - The Dalian Commodity Exchange issued a trading limit notice for coking coal futures, restricting the daily opening volume of non - futures company members or customers on different coking coal futures contracts and adjusting the intraday speculative trading handling fee rate for the 01 contract [2] Fundamental Situation - The policy of coal mine over - production verification is advancing, and with the approaching of the September military parade, the safety supervision situation is severe. Short - term coal mine production is mainly stable [3] - The structural inventory pressure of coking coal has been significantly relieved, but as coal prices rise, the downstream procurement pace has slowed down. The inventory at the mine end has stabilized at a low level this week [3] - It is expected that coal mines will probably continue the resumption of production next week, but due to multiple factors, the coal mine production increase progress is slow and easily interrupted by emergencies [3] - Steel mill blast furnaces are in good production this week, and the daily average pig iron output remains above 2.4 million tons [3]