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1. Report Industry Investment Rating - The report does not explicitly provide an overall investment rating for the black building materials industry. However, for individual varieties, the mid - term outlook for most is "oscillation", including steel, iron ore, scrap steel, coke, coking coal, glass, soda ash, ferromanganese, and ferrosilicon [7][8][10]. 2. Core Viewpoints - The black building materials industry chain operates stably. Coal mine supply recovery is slower than expected, supporting coking coal and coke prices, but it's difficult to spread the impact to other varieties in the sector. Meanwhile, with continuous macro and policy expectations, short - term prices of sector varieties will remain oscillating, and attention should be paid to rebound opportunities under the background of policy introduction [2][3]. 3. Summary by Relevant Catalogs 3.1 Iron Element - Iron Ore: Overseas mine shipments have slightly increased, and the arrival volume at 45 ports has declined from a high level. The sample daily average output of hot metal continues to decline, and the market's expectation of weakening hot metal has increased. Port inventory continues to accumulate, and the pressure is not significant. The short - term price is expected to oscillate [8]. - Scrap Steel: Supply has decreased significantly this week, and demand has also declined. Steel mills' inventories are slightly reduced. The short - term price is expected to follow the trend of finished products [10]. 3.2 Carbon Element - Coke: The second round of price increase is likely to be implemented. With short - term rigid demand from steel mills and strong raw materials, the price is expected to oscillate [2]. - Coking Coal: Supply is frequently disrupted, and mid - and downstream procurement is active. The fundamentals are healthy, but the upward driving force of furnace materials is limited under the pressure of steel products. The price is expected to oscillate [2]. 3.3 Alloys - Ferromanganese: Cost reduction is limited, steel production is at a high level, and macro - policy expectations support the price, but the market supply - demand expectation is pessimistic, and the medium - and long - term price center may decline [2]. - Ferrosilicon: High finished product output and stable cost support the price, but the market supply - demand relationship is relatively loose, and the expected upward price limit is limited [2]. 3.4 Glass and Soda Ash - Glass: Upstream inventory continues to accumulate, and the short - term price shows an oscillating and weakening trend. In the medium and long term, market - oriented capacity reduction is needed, and the price may continue to oscillate downward [3][12]. - Soda Ash: The supply surplus pattern remains unchanged. It is expected to follow macro fluctuations and oscillate widely, and the long - term price center will decline [3]. 3.5 Steel - The inventory of steel continues to decrease, but it is at a moderately high level. The contradiction in the fundamentals needs time to ease. The short - term disk is expected to oscillate at a low level, and attention should be paid to the sustainability of the strengthening of the spread between hot - rolled coils and rebar [7]. 3.6 Commodity Index - On October 23, 2025, the comprehensive index, including the commodity index, commodity 20 index, industrial products index, and PPI commodity index, showed an upward trend, with increases of 0.70%, 0.58%, 1.12%, and 0.86% respectively. The steel industry chain index increased by 0.93% on that day, 2.20% in the past 5 days, decreased by 2.29% in the past month, and decreased by 4.73% since the beginning of the year [102][103].