1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - For the nickel variety, the supply shortage of nickel ore in Indonesia persists, and prices remain stable with strong cost support. However, the oversupply of refined nickel remains unchanged. It is expected to experience a weak oscillation in the near term, and the mid - to long - term strategy is to sell on rallies for hedging [3]. - For the stainless - steel variety, despite steel mill production cuts, overall demand is sluggish, leading to inventory accumulation. It is expected to oscillate downward in the near term, and the mid - to long - term strategy is also to sell on rallies for hedging [4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - On June 9, 2025, the main contract 2507 of Shanghai nickel opened at 122,280 yuan/ton and closed at 122,710 yuan/ton, a 0.47% change from the previous trading day's close. The trading volume was 115,890 lots, and the open interest was 76,246 lots [1]. - The main contract of Shanghai nickel rose rapidly in the night session, then oscillated and fell back to near the previous day's closing price. In the day session, it oscillated up to near the night - session high and then slightly declined, closing with a medium - sized positive candle. The trading volume increased, and the open interest decreased compared to the previous trading day [2]. - The shipping efficiency of the Surigao mining area in the Philippines has recovered well. Iron plants have implemented production cuts due to losses, weakening the demand for nickel ore. In Indonesia, the nickel ore supply shortage in the Sulawesi nickel mining area persists due to rainfall. The domestic trade benchmark price in June (Phase I) dropped by about $0.02, with a premium of +26 - 28, and the overall price was basically flat month - on - month [2][3][4]. - China's estimated refined nickel output in June is 37,345 tons, a 3.75% increase month - on - month. In the spot market, the morning quotation of Jinchuan nickel increased by about 500 yuan/ton compared to the previous trading day, while the quotations of mainstream brands decreased. The refined nickel spot trading was average, with the oversupply situation remaining unchanged but strong cost support at the bottom [2]. - The previous day's Shanghai nickel warehouse receipt volume was 21,192 (35.0) tons, and the LME nickel inventory was 199,092 (- 1,014) tons [2]. Strategy - Short - term: Range - bound operation. - Mid - to long - term: Sell on rallies for hedging. There are no specific strategies for inter - period, inter - variety, spot - futures, or options trading [3]. Stainless - steel Variety Market Analysis - On June 9, 2025, the main contract 2507 of stainless steel opened at 12,715 yuan/ton and closed at 12,655 yuan/ton. The trading volume was 107,364 lots, and the open interest was 146,067 lots [3]. - The main contract of stainless steel oscillated and fell to the previous low after a slight consolidation in the night session. In the day session, it dropped rapidly to a new low and then rebounded slightly, closing with a medium - sized negative candle. The trading volume and open interest increased compared to the previous trading day [3]. - Similar to the nickel situation, the shipping efficiency of the Surigao mining area in the Philippines has recovered well. Iron plants have cut production due to losses, weakening the demand for nickel ore. The nickel ore supply shortage in the Sulawesi nickel mining area in Indonesia persists due to rainfall [3][4]. - The domestic trade benchmark price in June (Phase I) dropped by about $0.02, with a premium of +26 - 28, and the overall price was basically flat month - on - month. The high - nickel iron price is 950 - 960 yuan/nickel, and some Indonesian iron plants have switched to high - grade nickel matte production [4]. - In the spot market, the stainless - steel futures price dropped slightly. The price limit of Tsingshan 304 hot - and cold - rolled products was lowered by 100 yuan, and traders' cold - rolled prices followed suit. The market had rigid demand for purchases, and the trading of low - price resources was average. The stainless - steel price in the Wuxi market was 13,050 yuan/ton, and in the Foshan market, it was also 13,050 yuan/ton. The 304/2B premium was 465 - 665 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 2.00 yuan/nickel point to 949.0 yuan/nickel point [4]. Strategy - Short - term: Neutral. - Mid - to long - term: Sell on rallies for hedging. There are no specific strategies for inter - period, inter - variety, spot - futures, or options trading [4].

Report Industry Investment Rating - Short - term: Oil prices are expected to be volatile and bullish; Medium - term: Bearish allocation for oil prices [3] Core View - China's crude oil inventory reached a record high this year, with on - land crude oil inventory reaching 1.1 billion barrels. The large - scale restocking in Q2 was mainly due to high imports, likely a result of increased US sanctions on Russia at the beginning of the year and geopolitical uncertainties after Trump took office. This restocking behavior has advanced demand, and future restocking is likely to slow down [2] Summary by Relevant Catalogs Market News and Important Data - NYMEX July - delivery light crude oil futures rose 71 cents to $65.29 per barrel, an increase of 1.10%; ICE August - delivery Brent crude oil futures rose 56 cents to $67.04 per barrel, an increase of 0.86%; SC crude oil's main contract closed up 1.16% at 479 yuan per barrel [1] - The Iranian Foreign Ministry spokesman said the US plan on the Iran nuclear deal was unacceptable, and Iran will send its plan to the US via Oman. The next round of nuclear negotiations with the US is expected to be held in Oman on Sunday [1] - Iraq set the official selling price of Basra Medium crude oil for July to Europe at a $1.30 - per - barrel discount to Brent crude; to North and South America at a $1.05 - per - barrel discount to Argus sour crude; and to Asia at a $0.30 - per - barrel premium to the Oman/Dubai crude oil average [1] - CBOT soybean oil futures rebounded, with the benchmark contract up 1.3%, rebounding from a one - and - a - half - month low. This was mainly due to eased Sino - US trade tensions, stronger international crude oil futures, and expectations of the US EPA's biofuel blending policy. The US Senate is debating a new tax bill including fiscal support for the biofuel industry, and the market is positive about subsidy continuation, boosting soybean oil demand expectations. The US EPA is expected to release biofuel blending regulations in mid - June [1] Investment Logic - China's recent crude oil inventory reached a historical and annual high, with on - land inventory at 1.1 billion barrels. The large - scale restocking since Q2 was due to high imports, likely a response to geopolitical uncertainties. This behavior has advanced demand, and future restocking is likely to slow down [2] Strategy - Short - term: Oil prices are expected to be volatile and bullish; Medium - term: Bearish allocation for oil prices [3]

青岛港口库存继续小幅下降 市场要闻与数据 期货方面，昨日收盘RU主力合约13725元/吨，较前一日变动+75元/吨。NR主力合约12050元/吨，较前一日变动+25 元/吨。现货方面，云南产全乳胶上海市场价格13700元/吨，较前一日变动+50元/吨。青岛保税区泰混13640元/吨， 较前一日变动+40元/吨。青岛保税区泰国20号标胶1710美元/吨，较前一日变动+10美元/吨。青岛保税区印尼20号 标胶1660美元/吨，较前一日变动+20美元/吨。中石油齐鲁石化BR9000出厂价格11600元/吨，较前一日变动+0元/ 吨。浙江传化BR9000市场价11450元/吨，较前一日变动+0元/吨。 近期市场资讯：QinRex据中国海关总署6月9日公布的数据显示，2025年5月中国进口天然及合成橡胶（含胶乳）合 计60.7万吨，较2024年同期的48.5万吨增加25.2%。2025年1-5月中国进口天然及合成橡胶（含胶乳）共计347.6万吨， 较2024年同期的281.4万吨增加23.5%。 QinRex最新数据显示，2025年前4个月美国进口轮胎共计9719万条，同比增加6.1%。其中，乘用车胎进口同比增3% 至 ...

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In May, the downstream sales of the automotive industry increased, with the domestic retail sales of new energy passenger vehicles reaching 1.021 million units, a year-on-year increase of 28.2% and a month-on-month increase of 12.1%. From January to May, the domestic retail sales of new energy passenger vehicles totaled 4.351 million units, a year-on-year increase of 34.1% [1]. - On June 9th, the Ministry of Industry and Information Technology and the Ministry of Civil Affairs issued a notice on carrying out pilot projects for intelligent elderly care service robots. The market scale of China's intelligent elderly care robots is expanding rapidly, and Founder Securities expects the market to reach 50 billion yuan in 2025 [1]. - Attention should be paid to the policy promotion in the insurance industry. The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued an opinion on further ensuring and improving people's livelihood, proposing multiple measures such as canceling household registration restrictions for social insurance participation, and increasing the supply of affordable housing [2]. 3. Summary by Industry Production Industry - **Automotive**: In May, the downstream sales of the automotive industry increased, with significant growth in the sales of new energy passenger vehicles [1]. - **Intelligent Elderly Care**: The market scale of intelligent elderly care robots is expanding rapidly, and relevant pilot projects are being carried out [1]. Service Industry - **Insurance**: Attention should be paid to policy promotion, and relevant policies aim to improve people's livelihood and social security [2]. Upstream Industry - **Energy**: International oil prices rebounded significantly compared to last week [2]. - **Chemical**: The prices of soda ash and urea declined significantly [2]. - **Agriculture**: Egg prices fluctuated [2]. Midstream Industry - **Chemical**: Urea prices are currently at a high level [2]. - **Agriculture**: The operating rate of pig product processing has been at a high level recently [2]. Downstream Industry - **Real Estate**: The sales of commercial housing in first - and second - tier cities are the same as the same period last year, at a near - three - year low [2]. - **Service**: The number of domestic and international flights has decreased [2]. 4. Industry Data Tracking - **Industry Credit Spreads**: Data on industry credit spreads for various industries such as农牧渔林,采掘, and化工 are provided, showing their changes over different time periods [47]. - **Key Industry Price Indicators**: Price data for various industries including agriculture, energy, and chemical are provided, along with their year - on - year changes and trends in the past 5 days [48].

Group 1: Report Industry Investment Rating - Copper: Cautiously bullish [6] - Arbitrage: On hold [7] - Options: short put @ 77,000 yuan/ton [7] Group 2: Core View of the Report - Although downstream consumption is affected by holidays and the short - term开工率 of copper products and wire and cable may be under pressure, the mine - end supply is still highly disrupted. The low TC price and the strong silver price drive up the copper price. It is recommended to buy hedging on dips, with the buying range at 77,000 - 77,500 yuan/ton [6][7] Group 3: Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On June 9, 2025, the main contract of Shanghai copper opened at 78,580 yuan/ton and closed at 78,910 yuan/ton, a decrease of 0.03% from the previous trading day's close. The night - session main contract opened at 78,920 yuan/ton and closed at 79,330 yuan/ton, an increase of 0.84% from the afternoon close [1] Spot Situation - There was still a brand price difference problem in the spot market yesterday. Downstream procurement sentiment was poor, and holders did not continue to offer large discounts due to the approaching delivery. Today, as the delivery approaches, low - priced supplies are hard to find. It is expected that the spot will continue to be traded at a small premium in the second half of the week [2] Important Information Summary - **Macro and Geopolitical**: No important economic data was released. There were events such as California suing the Trump administration, and the US Department of Justice asking to extend the suspension of the Trump tariff invalidation judgment. The US government may run out of funds for debt repayment between mid - August and the end of September. The "One Big Beautiful Bill" is under Senate review [3] - **Domestic**: In May, CPI decreased by 0.2% month - on - month and 0.1% year - on - year; PPI decreased by 0.4% month - on - month and 3.3% year - on - year. In the first five months, China's goods trade imports and exports increased by 2.5% year - on - year, and the trade volume with the US decreased by 8.1% [3] Mine End - In May 2025, China's imports of copper ore and concentrates were 293.5 tons, and from January to May, it was 12.406 million tons, a year - on - year increase of 7.4%. There was a 6.4 - magnitude earthquake in Chile, but no damage to mines or casualties were reported [4] Smelting and Import - The Tsumeb copper smelter in Namibia of Zhongkuang Resources Group has temporarily suspended copper smelting due to the global shortage of copper concentrates. In May 2025, China's imports of unwrought copper and copper products were 427,000 tons, and from January to May, it was 2.169 million tons, a year - on - year decrease of 6.7% [4] Consumption - From May 30 to June 5, the capacity utilization rate of domestic refined copper rod enterprises dropped to 74.87%, 1.03 percentage points lower than the previous week and 2.27 percentage points lower than expected. The copper cable industry's operating rate was 76.08%, a week - on - week decline of 2.59 percentage points. New orders were weak, and it is expected that the short - term operating rate will still be under pressure [5] Inventory and Warehouse Receipts - LME warehouse receipts decreased by 10,000 tons to 122,400 tons compared with the previous trading day. SHFE warehouse receipts increased by 1,964 tons to 34,242 tons. On June 8, the domestic electrolytic copper spot inventory was 149,500 tons, an increase of 700 tons compared with the previous week [5]

新能源及有色金属日报 | 2025-06-10 现货成交一般，碳酸锂盘面震荡运行 市场分析 2025年6月9日，碳酸锂主力合约2507开于60280元/吨，收于60700元/吨，当日收盘价较昨日结算价收跌0.16%。当 日成交量为165113手，持仓量为212689手，较前一交易日减少5727手，根据SMM现货报价，目前期货升水电碳450 元/吨。所有合约总持仓562851手，较前一交易日减少2675手。当日合约总成交量较前一交易日减少154094手，成 交量255248，整体投机度为0.50。当日碳酸锂仓单33119手，较上个交易日减少190手。 碳酸锂现货：根据SMM数据，2025年6月9日电池级碳酸锂报价5.95-6.1万元/吨，较前一交易日上涨0.005万元/吨， 工业级碳酸锂报价5.815-5.915万元/吨，较前一交易日上涨0.005万元/吨。根据SMM数据，碳酸锂现货成交价格持 稳。市场呈现供需博弈格局，下游材料厂采购意愿相对低迷，多数企业维持低库存策略，观望情绪浓厚，等待价 格进一步探底。而上游锂盐厂虽仍以挺价为主，但受库存压力等其他因素影响，部分厂商出货意愿有所增强。由 于买卖双方心理价位存 ...

Industry Investment Rating - Not provided Core Viewpoints - For industrial silicon, the futures price rebounded while the spot price stabilized, with the basis narrowing significantly. The fundamentals changed little, but the overall sentiment improved recently. The price bottom is easily affected by various news, and the near - month contract has high positions, leading to large short - term fluctuations. Upstream enterprises can sell on rallies for hedging [1][2]. - For polysilicon, the futures price declined, and the spot price was weakly stable. The fundamentals are weak. As the number of warehouse receipts increases, the delivery game weakens, and the futures price is under pressure. Attention should be paid to the subsequent increase in warehouse receipts [3][5][10]. Market Analysis Industrial Silicon - On June 8, 2025, the main contract 2507 of industrial silicon futures opened at 7,245 yuan/ton and closed at 7,475 yuan/ton, up 2.33% from the previous settlement price. The position of the main contract 2507 was 177,663 lots, and the number of warehouse receipts on June 9 was 60,179 lots, a decrease of 394 lots from the previous day [1]. - The spot price of industrial silicon was stable. The price of East China oxygen - containing 553 silicon was 8,000 - 8,300 yuan/ton, 421 silicon was 8,400 - 9,000 yuan/ton, Xinjiang oxygen - containing 553 silicon was 7,500 - 7,700 yuan/ton, and 99 silicon was 7,500 - 7,700 yuan/ton. The prices of individual silicon in Xinjiang and Sichuan continued to decline, while those in Kunming, Huangpu Port, Tianjin, Shanghai, and the northwest remained stable, as did the price of 97 silicon [1]. - The DMC price of silicone was 10,900 - 11,500 yuan/ton, a decrease of 200 yuan/ton. The weekend quotation of Shandong monomer enterprises decreased by 400 yuan/ton to 11,000 yuan/ton, and the bid - winning price dropped to 10,800 yuan/ton. After the price decline, the transaction center of the DMC market decreased [1]. Polysilicon - On June 8, 2025, the main contract 2507 of polysilicon futures opened at 34,620 yuan/ton and closed at 34,105 yuan/ton, a decrease of 2.24% from the previous trading day. The position of the main contract was 64,383 lots (65,179 lots the previous day), and the trading volume was 123,726 lots [3][7]. - The spot price of polysilicon was stable. The price of polysilicon re - feedstock was 32.00 - 35.00 yuan/kg, dense material was 30.00 - 34.00 yuan/kg, cauliflower material was 29.00 - 31.00 yuan/kg, granular silicon was 32.00 - 33.00 yuan/kg, N - type material was 35.00 - 38.00 yuan/kg, and N - type granular silicon was 33.00 - 35.00 yuan/kg [3][7]. - The polysilicon inventory was 26.90 (a 0.37% month - on - month increase), the silicon wafer inventory was 20.02GW (a 7.80% month - on - month increase), the weekly polysilicon output was 22,000 tons (a 1.85% month - on - month increase), and the silicon wafer output was 13.04GW (a 2.67% month - on - month decrease) [3][4][7]. - The price of domestic N - type 18Xmm silicon wafers was 0.92 yuan/piece (a decrease of 0.03 yuan/piece), N - type 210mm was 1.28 yuan/piece, and N - type 210R silicon wafers were 1.08 yuan/piece [4][7]. - The price of high - efficiency PERC182 battery cells was 0.27 yuan/W (a decrease of 0.01 yuan/W), PERC210 battery cells were about 0.28 yuan/W, TopconM10 battery cells were about 0.25 yuan/W, Topcon G12 battery cells were 0.26 yuan/W, Topcon210RN battery cells were 0.27 yuan/W, and HJT210 half - piece battery cells were 0.37 yuan/W [4][8][9]. - The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.69 - 0.70 yuan/W (an increase of 0.01 yuan/W), and N - type 210mm was 0.70 - 0.70 yuan/W (an increase of 0.01 yuan/W) [4][9]. Strategies Industrial Silicon - Unilateral: Mainly conduct range operations, and upstream enterprises can sell on rallies for hedging. - Inter - period: None. - Cross - variety: None. - Futures - spot: None. - Options: None [2]. Polysilicon - Unilateral: Mainly conduct range operations. - Inter - period: None. - Cross - variety: None. - Futures - spot: None. - Options: None [5][8][10].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - If the opening price of AD2511 is below 19,000 yuan/ton, go long on the AD2511 contract and short on the AL2511 contract; if it is above 19,600 yuan/ton, short the AD2511 contract unilaterally [4]. - The absolute price of aluminum alloy is expected to be poor, but it needs to be evaluated against the opening price. The relative price of aluminum alloy is currently at a low level. The supply of scrap aluminum will continue to be tight, and the fundamentals of aluminum alloy are weaker than those of electrolytic aluminum [5]. 3. Summary by Directory Background: Current Node Aluminum Price Further Upside is Limited - The profit of the electrolytic aluminum industry is 3,000 yuan/ton, at a relatively high level. The alumina price on the cost side is weak, and the inventory on the consumption side is still decreasing. However, the production of aluminum rods and aluminum strips and foils shows a marginal decline, indicating the approach of the seasonal consumption off - season. Without additional macro - disturbing factors, there is no fundamental support for further increasing the aluminum price. With low inventory, the aluminum price will mainly fluctuate with a slight downward trend and limited decline space [5]. Compared with Electrolytic Aluminum, Aluminum Alloy Fundamentals are Weaker - The operating rate of recycled alloys is only about 50%, with excess capacity, while the electrolytic aluminum operating rate is 97%, approaching the production capacity ceiling. The consumption of recycled alloys is overly concentrated in the automotive sector. Currently, the automobile production is good and vehicle lightweighting is ongoing, which boosts the consumption of aluminum alloy. In the long run, when automobile production and lightweighting development approach the bottleneck, the increase in the penetration rate of new - energy vehicles will drag down the consumption of aluminum alloy [5]. Scrap Aluminum Supply will Continue to be Tight - Forecasts show that the supply growth of domestic scrap aluminum will be limited, and the supply of old scrap aluminum may face challenges, leading to a continuous tight supply situation [18]. Smelting Profit and Spread Performance - From the analysis of recycled alloy smelting profit and ADC12 - A00 spread seasonality, the current relative price of aluminum alloy is at a low level. The Baotai quotation is 19,400 yuan/ton, and the actual spot transaction price is 19,200 yuan/ton. If the price of the aluminum alloy 2511 contract reaches 19,600 yuan/ton, the smelting losses of aluminum alloy plants will be repaired, and the hedging willingness will increase [5]. Expiring Warehouse Receipt Mode is Unfavorable for Buying Delivery - According to sample mine statistics, the output in the first quarter of 2025 was 1142,000 tons, with only a year - on - year increase of 4700 tons [28]. Contract Details Comparison - The trading unit of aluminum is 5 tons/hand, and that of aluminum alloy is 10 tons/hand. The minimum price change for both is 5 yuan/ton. The trading time, last trading day, and delivery date are similar, but there are differences in details such as trading code, delivery unit, and warehouse receipt validity period. The aluminum alloy futures will be listed for trading on June 10, 2025 [30].

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The fundamentals of polyolefins maintain a supply - exceeding - demand pattern, and the futures market shows narrow - range fluctuations. The petrochemical inventory is accumulating, while downstream factories have strong restocking efforts, leading to a slow reduction in upstream factory inventory and trader inventory. During the petrochemical plant maintenance season, there are many planned maintenance devices, and several previously shut - down devices are expected to restart soon, resulting in an upward trend in supply and some supply pressure. It is currently the traditional off - season for polyolefin downstream demand. The agricultural film operating rate continues to decline, and the operating rates of other end - users fluctuate weakly. End - user factories have low enthusiasm for raw material procurement, mainly making rigid - demand purchases. The international crude oil price is on the rise, strengthening the cost support for polyolefins. There is still cost - side support for PDH - made PP, and with the decline in propane prices, the operating rate of PDH - made PP has increased slightly [2]. Summary by Related Catalog I. Market Analysis - **Price and Basis**: The closing price of the L main contract is 7,078 yuan/ton (+12), and that of the PP main contract is 6,932 yuan/ton (+7). The LL spot price in North China is 7,090 yuan/ton (+0), and in East China is 7,100 yuan/ton (+0). The PP spot price in East China is 7,070 yuan/ton (-10). The LL basis in North China is 12 yuan/ton (-12), in East China is 22 yuan/ton (-12), and the PP basis in East China is 138 yuan/ton (-17) [1]. - **Upstream Supply**: The PE operating rate is 77.4% (+0.6%), and the PP operating rate is 77.0% (+1.6%) [1]. - **Production Profit**: The PE oil - based production profit is 207.1 yuan/ton (-80.1), the PP oil - based production profit is - 52.9 yuan/ton (-80.1), and the PDH - made PP production profit is - 164.9 yuan/ton (+7.4) [1]. - **Imports and Exports**: The LL import profit is - 310.6 yuan/ton (+9.4), the PP import profit is - 460.1 yuan/ton (+52.8), and the PP export profit is 14.6 US dollars/ton (-1.2) [1]. - **Downstream Demand**: The operating rate of the PE downstream agricultural film is 12.9% (-0.1%), the operating rate of the PE downstream packaging film is 48.9% (+0.3%), the operating rate of the PP downstream plastic weaving is 44.7% (-0.5%), and the operating rate of the PP downstream BOPP film is 60.4% (+0.7%) [1]. II. Strategy - **Unilateral**: Be cautiously bearish on plastics [3]. - **Inter - period**: No inter - period strategy is provided [3].

Report Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - The steel market sentiment has slowed down, and steel prices are oscillating. Although steel inventories are decreasing and export resilience is strong, the impact of high tariffs on the US cannot be ignored, and future supply - side policies and Sino - US talks need attention [1]. - The iron ore market is weak and falling. Supply is increasing while demand is decreasing, but iron ore prices are still firm in the short - term. In the long - run, the supply - demand pattern is relatively loose, and attention should be paid to the off - season demand and inventory changes [3]. - The demand side of coking coal and coke is weak, and prices are oscillating. Coking coal inventory is high and demand is weak, and the price center of coking coal and coke is expected to remain low [5][6]. - The procurement enthusiasm for thermal coal has improved, and the price in the production area is oscillating. In the short - term, price support is insufficient, and in the long - term, the supply is loose, and non - power coal consumption and restocking need attention [7]. Summary by Commodity Steel - **Market Analysis**: The futures trading atmosphere of rebar and hot - rolled coils is light, and the spot market transactions are average. The overall steel inventory is decreasing, and the low raw material prices make the steel mill profits acceptable. However, as the off - season approaches, building material consumption may decline, while plate demand remains resilient. The low domestic prices support export resilience, but the impact of high tariffs on the US still exists [1]. - **Strategy**: No trading strategies are provided for single - side, inter - period, inter - variety, spot - futures, and options trading [2]. Iron Ore - **Market Analysis**: The futures price of iron ore is weakly falling, and the spot price has a slight decline. The global iron ore shipment has increased slightly, and the arrival at 45 ports has increased by 2.9% to 2609 tons. On the previous day, the total transaction volume at major ports was 85000 tons, a 14.4% increase. In the long - term, the supply - demand pattern is relatively loose, and steel mills have a production - cut expectation [3]. - **Strategy**: Pay attention to the opportunity of selling hedging after the price rebounds [4]. Coking Coal and Coke - **Market Analysis**: The futures of coking coal and coke are oscillating. Some coking plants' production has declined due to environmental protection, and some coal mines have reduced production, providing some support. The port spot price of coking coal is weakly stable, and the terminal procurement is mainly for on - demand restocking. The import price of Mongolian coal is weak, and the port inventory is accumulating [5][6]. - **Strategy**: Coking coal is expected to oscillate, and coke is expected to oscillate weakly [6]. Thermal Coal - **Market Analysis**: The pit - mouth coal price in the production area is oscillating. Environmental protection has affected some coal mines and coal - washing plants in Ordos. Chemical and other industries maintain rigid demand procurement, and the procurement demand is acceptable. The port market is weakly stable, and the port inventory is decreasing. As the rainy season arrives, the possibility of large - scale thermal power procurement is small [7]. - **Strategy**: No trading strategies are provided [7].