螺纹钢：板块情绪共振，宽幅震荡，热轧卷板，板块情绪共振，宽幅震荡，硅铁：成本预期抬升，宽幅震荡

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Viewpoints - The report provides investment analysis and forecasts for various black - series commodities in the futures market, including views on price trends and influencing factors for each commodity [2] - For example, it is believed that steel products such as rebar and hot - rolled coil will experience wide - range fluctuations due to sector sentiment resonance; silicon iron will have wide - range fluctuations with the expected increase in cost; coke and coking coal will have range - bound fluctuations due to the combination of industry and funds; and the supply and demand of thermal coal will tend to be weak, with short - term prices having narrow - range fluctuations [2] 3. Summary by Commodity Rebar and Hot - Rolled Coil - Price and Trading Data: The closing prices of RB2605 and HC2605 were 3,142 yuan/ton and 3,305 yuan/ton respectively, with daily increases of 18 yuan/ton (0.58%) and 17 yuan/ton (0.52%). The trading volume of RB2605 was 657,796 lots, and the position was 1,741,762 lots, with a decrease of 5,512 lots. The trading volume of HC2605 was 304,877 lots, and the position was 1,487,297 lots, with an increase of 33,977 lots [4] - Spot Price: The spot prices of rebar and hot - rolled coil in different regions showed small fluctuations, with some regions having price increases of 0 - 10 yuan/ton [4] - Macro and Industry News: According to the weekly data of Steel Union on January 22, the output of rebar increased by 9.25 tons, and the output of hot - rolled coil decreased by 2.95 tons. The total inventory of rebar increased by 14.03 tons, and the total inventory of hot - rolled coil decreased by 4.55 tons. The apparent demand for both decreased [5] - Trend Intensity: The trend intensity of rebar and hot - rolled coil is 0, indicating a neutral trend [6] Silicon Iron and Manganese Silicon - Price and Trading Data: The closing prices of SF2603 and SF2605 were 5,652 yuan/ton and 5,626 yuan/ton respectively, with increases of 42 yuan/ton and 40 yuan/ton. The trading volume of SF2603 was 147,842 lots, and the position was 215,911 lots. The trading volume of SF2605 was 50,737 lots, and the position was 82,503 lots. The closing prices of MS2603 and MS2605 were 5,818 yuan/ton and 5,856 yuan/ton respectively, with increases of 46 yuan/ton and 42 yuan/ton. The trading volume of MS2603 was 72,983 lots, and the position was 174,771 lots. The trading volume of MS2605 was 143,780 lots, and the position was 348,558 lots [9] - Spot Price: The spot price of silicon iron and manganese silicon in different regions showed different degrees of increase or decrease. For example, the price of 72 silicon iron in some regions increased by 25 - 50 yuan/ton, and the price of 6517 silicon manganese in the north decreased by 25 yuan/ton [8] - Macro and Industry News: As of January 23, the total manganese ore inventory was 436.52 tons, a net increase of 16.38 tons compared to the previous period. Some silicon - manganese plants in Inner Mongolia have new production capacity coming online [10] - Trend Intensity: The trend intensity of silicon iron and manganese silicon is 0, indicating a neutral trend [11] Coke and Coking Coal - Price and Trading Data: The closing price of JM2605 was 1,157 yuan/ton, with an increase of 25.5 yuan/ton (2.3%). The closing price of J2605 was 1,722 yuan/ton, with an increase of 34 yuan/ton (2.0%). The trading volume of JM2605 was 1,077,875 lots, and the position was 500,996 lots, with a decrease of 20,065 lots. The trading volume of J2605 was 12,490 lots, and the position was 38,116 lots, with a decrease of 242 lots [13] - Spot Price: The spot prices of coking coal and coke in different regions remained stable, with only a small increase in the price of Meng 5 coking coal in Tangshan [13] - Macro and Industry News: On January 23, the CCI metallurgical coal index showed that the prices of different types of coking coal remained unchanged. The online auction of coking coal had a 16% non - transaction rate, an increase of 9% compared to the previous day, and the average premium was 18.78 yuan/ton. The terminal demand was weak, and the coking and steel markets were in a continuous game [13] - Trend Intensity: The trend intensity of coke and coking coal is 0, indicating a neutral trend [16] Thermal Coal - Price Data: The prices of thermal coal in different regions and ports remained stable, with only a small increase in the overseas price of Indonesian FOB Q3800. The January long - term agreement prices of different regions decreased to varying degrees [17] - Macro and Industry News: In December 2025, the national raw coal output increased month - on - month, with an annual output reaching a new high, but the daily average output decreased. The coal import volume in December 2025 far exceeded expectations. In 2026, Indonesia is expected to tighten its coal production quota [18]