焦炭开启提降，价格震荡运行

1. Report Industry Investment Ratings - Steel: Neutral, with prices expected to oscillate [1][2] - Iron ore: Cautiously bearish, with short - term downward pressure on prices [3][4] - Coking coal and coke: Neutral, with prices expected to fluctuate [6][7] - Thermal coal: No specific strategy provided, prices in a narrow - range fluctuation [8][9] 2. Core Views - The steel market has poor sentiment, with building materials in a supply - demand weak situation and plate demand expected to improve; the iron ore market has strong supply and weak demand, and high inventory needs to be resolved by price decline; the coking coal supply is loose, and coke follows the weakening of finished products; the thermal coal price shows a narrow - range fluctuation, supported by imported coal [1][3][6][8] 3. Summary by Related Catalogs Steel - Market Analysis: The steel futures prices oscillated upward, while the spot trading was generally weak. The spot prices remained stable, and most regions did not follow the futures price increase. The trading volume decreased in the afternoon as the futures prices declined [1] - Supply - Demand and Logic: Near the Two - Sessions, macro - expectations are more volatile. Building materials have a supply - demand weak situation, with inventory rising seasonally. Plate production and sales have improved, and the demand is expected to further increase. High intermediate inventory suppresses price performance [1] - Strategy: Unilateral trading is expected to oscillate, and no strategies for inter - period, inter - variety, spot - futures, or options trading are provided [2] Iron Ore - Market Analysis: The iron ore futures prices oscillated upward, and the spot prices of mainstream imported iron ore in Tangshan ports were strong. The trading volume decreased by 31.90% compared with the previous day, and the daily average hot - metal output decreased by 5.69 tons [3] - Supply - Demand and Logic: The supply of iron ore remains high at high prices. The daily average hot - metal output has significantly declined, and the excessive supply and inventory suppress the price. The key to resolving high inventory is to reduce prices and suppress marginal supply [3] - Strategy: Unilateral trading is cautiously bearish, and no strategies for inter - period, inter - variety, spot - futures, or options trading are provided [4] Coking Coal and Coke - Market Analysis: The coking coal and coke futures oscillated. The coking coal production in the origin has basically returned to normal, and the trading atmosphere is average. The coke in some steel mills in Hebei and Tianjin has started the first - round price cut. The Mongolian coal customs clearance is at a high level [6] - Supply - Demand and Logic: The coking coal supply is loose, with slight inventory accumulation, and the price oscillates. The coke follows the weakening of finished products, and the supply - demand weak situation remains unchanged [6] - Strategy: Both coking coal and coke are expected to oscillate, and no strategies for inter - period, inter - variety, spot - futures, or options trading are provided [7] Thermal Coal - Market Analysis: In the origin, some coal mines' prices have increased, while some have decreased. At the ports, traders are more willing to sell, but the downstream acceptance of high prices is low, and the actual trading volume is limited. Imported coal prices are high [8] - Demand - Logic: The post - holiday demand has recovered, and the domestic coal price has continued to rise slightly due to the import supply problem. The current price is in a narrow - range fluctuation [8] - Strategy: No strategy is provided [9]