产销小幅回落，价格保持震荡

1. Report Industry Investment Rating - Not provided in the content 2. Core Views - The steel industry shows a slight decline in production and sales, with prices remaining volatile, and there are seasonal decline expectations for building materials demand. The iron ore industry has a slight increase in molten iron production and continuous inventory accumulation, and the iron ore price may face downward pressure. The coking coal and coke industry has supply pressure and prices fluctuate slightly. The thermal coal industry has a supply contraction at the end of the year and continuous price drops at ports [1][3][5][8] 3. Summary by Related Catalogs Steel - Market Analysis: Steel futures maintained volatile trading. This week, the output of the five major steel products decreased slightly, demand declined month - on - month, and inventory continued to decline. Among them, rebar production increased, consumption decreased, and inventory decreased; hot - rolled coil production and sales increased, and inventory declined at an accelerated pace. Currently, the supply - demand fundamentals of building materials continue to improve, off - season consumption maintains resilience, production increases slightly, and inventory continues to decline. The demand for building materials still has a seasonal decline expectation. The production and sales of plates improve, demand maintains resilience, and high inventory continuously suppresses plate price performance, with the spread between hot - rolled coils and rebar continuing to weaken [1] - Strategy: Unilateral trading is expected to be volatile, and there are no recommended strategies for inter - period, inter - commodity, spot - futures, and options trading [2] Iron Ore - Market Analysis: Iron ore futures prices fluctuated. Traders' quotes mostly followed the market, and steel mills' procurement was mainly based on rigid demand. The cumulative transaction volume of iron ore at major ports nationwide was 1.341 million tons, a month - on - month increase of 4.11%; the cumulative transaction volume of forward - delivery iron ore was 0.0 tons, a month - on - month decrease of 100.00%. The average daily molten iron output of 247 steel mills this week was 2.2658 million tons, a month - on - month increase of 0.03 million tons. The total inventory of iron ore at 45 ports in this period was 158.59 million tons, a month - on - month increase of 2.2% [3] - Strategy: Unilateral trading is expected to be volatile, and there are no recommended strategies for inter - period, inter - commodity, spot - futures, and options trading [4] Coking Coal and Coke (Double - Coking) - Market Analysis: The main futures contracts of coking coal and coke fluctuated. For coke, the spot market price remained stable, and downstream procurement willingness was insufficient; for coking coal, the prices in the main production areas showed mixed trends, and the overall market was still in a wait - and - see state. For imported Mongolian coal, the sentiment at the port improved slightly, and some Mongolian No. 5 raw coal was traded at about 960 - 1000 yuan/ton [5] - Strategy: For coking coal and coke, unilateral trading is expected to be volatile, and there are no recommended strategies for inter - period, inter - commodity, spot - futures, and options trading [7] Thermal Coal - Market Analysis: In the producing areas, the coal prices in the main production areas fluctuated. Recently, some coal mines stopped production or reduced production after completing their annual tasks, and the overall supply contracted. At the ports, the thermal coal market remained weak, and prices continued to decline to a low - level range. In the import market, the imported coal market remained stable. The demand for imported medium - and high - calorie coal types was average, with prices remaining stable or weak, and the quotes for low - calorie coal generally increased slightly [8] - Strategy: Not provided in the content