Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall demand recovery of the steel industry is slower than expected, and the supply - demand pattern is weak. However, under the background of low inventory and destocking, the current supply - demand contradiction is limited. The production cut of Xinjiang steel mills boosts sentiment, and the low - cost rebound also provides some support. A bearish view is maintained before the significant decline of hot metal production [1] Group 3: Summary by Relevant Catalogs Market Overview - On March 26, the black - series varieties showed a weak overall performance but mostly closed in the positive territory. The closing prices and increases of each variety are as follows: rebar closed at 3,209 yuan/ton with a 0.06% increase; hot - rolled coil closed at 3,386 yuan/ton with a 0.12% increase; iron ore's main contract closed at 780 yuan/ton with a 0.19% increase; among coking coal and coke, coke was relatively strong [1] Market Analysis - On March 24, 2025, four steel mills in Xinjiang announced production control and reduction, with a 10% daily reduction in crude steel output. The production cut has a small impact on the overall supply - demand pattern in the region and mainly boosts sentiment [1] - The demand is still in a slow recovery process. As of March 25, the capital availability rate of sample construction sites was 57.87%, up 0.34 percentage points week - on - week, lower than the same period last year. The capital availability rate of housing construction projects was 48.83%, up 1.4% week - on - week, better than last year. The national construction steel trading volume decreased by nearly 10% to 127,800 tons on March 25 compared with the previous day. Although the futures price fluctuations stimulated rigid - demand replenishment, speculative demand decreased. The current average trading volume in 2025 is 97,300 tons, lower than the average in previous years [1] Investment Recommendations - Iron ore: Pay attention to supply - demand changes and inventory levels, and avoid chasing high prices [1] - Rebar: Investors are advised to take a volatile approach in the short term and pay attention to the spread between hot - rolled coil and rebar [1] - Hot - rolled coil: Investors are advised to take a high - level consolidation approach in the short term and pay attention to supply - demand changes [1] - Coking coal and coke: Pay attention to the oscillating market after the price decline stabilizes or the strength relationship between coking coal and coke [1]

棉花：郑棉成交翻倍上涨 美棉受外围拖累下跌 朱皓天 zhuhaotian@jsfco.com 期货从业资格号：F03090081 投资咨询从业证书号：Z0016204 表 1：棉花期货日度数据监测 | | | | 截止 | 单位 | 昨日 | �日 | 张致色 | 涨跌幅 | 目国际 | 年回服 | 历史位置 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 收盘仪 成公里 | 3/26 3/26 | 元/吨 ਵੇ | 13585 145613 | 13635 247173 | 50 101560 | 0.37% 69.75% | -170 53661 | -2310 -21142 | 26.23% 62.59% | | | CF09 | 持仓量 | 3/26 | ਵੇ | 575559 | 561817 | | -2.39% | -132347 | 106325 | 89.87% | | | (主力) | | | | | | -13742 | | | | | | | | 注册仓单 | 3/26 ...

冯子悦 fengzy@jsfco.com 期货从业资格号：F03111391 投资咨询从业证书号：Z0018581 表 1：油脂期货日度数据监测 | | | 油 | li lik | ■ | 数 据 追 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 单位 | 令日 | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆油主力 | 3月26日 | 元/吨 | 7882.00 | 7872.00 | 10.00 | 0.13% | | | DCE棕榈油主力 | 3月26日 | 元/吨 | 8846.00 | 8812.00 | 34.00 | 0.39% | | | CZCE菜籽油主力 | 3月26日 | 元/吨 | 9143.00 | 9103.00 | 40.00 | 0.44% | | | CBOT大豆主力 | 3月25日 | 美分/蒲式耳 | 1002.25 | 1007.00 | -4.75 | -0.47% | | | CBOT豆油主力 | 3月25日 | 美分/磅 | 42.26 | 42.13 | 0 ...