Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector has shown a weekly increase of 4.57%, outperforming the broader market, with specific segments like special steel and iron ore seeing significant gains [2][10] - Despite facing supply-demand imbalances and declining overall industry profits, the steel demand is expected to stabilize or slightly increase due to government policies aimed at economic growth, particularly in real estate and infrastructure [3][34] - The report highlights that the steel industry is likely to maintain a stable supply-demand situation, with a focus on high-end steel products benefiting from macro trends [3] Supply Situation - As of November 7, the capacity utilization rate for blast furnaces in sampled steel companies is 87.8%, down 0.80 percentage points week-on-week [24] - Electric furnace capacity utilization is at 50.9%, a decrease of 2.12 percentage points week-on-week [24] - The total production of five major steel products is 749.1 million tons, a week-on-week decrease of 18.53 million tons [24] Demand Situation - The consumption of five major steel products reached 866.9 million tons as of November 7, down 49.47 million tons week-on-week [34] - The transaction volume of construction steel by mainstream traders is 96,000 tons, a decrease of 0.79 million tons week-on-week [34] Inventory Situation - Social inventory of five major steel products is 10.75 million tons, a week-on-week decrease of 2.10 million tons [42] - Factory inventory stands at 4.286 million tons, down 8.09 million tons week-on-week [42] Price & Profit Situation - The comprehensive index for ordinary steel is 3,419.8 yuan/ton, down 37.72 yuan/ton week-on-week [48] - The comprehensive index for special steel is 6,592.5 yuan/ton, down 7.02 yuan/ton week-on-week [48] - The profit for rebar produced in blast furnaces is -39 yuan/ton, an increase of 18.0 yuan/ton week-on-week [51] Raw Material Situation - The spot price index for Australian iron ore (62% Fe) is 776 yuan/ton, down 30.0 yuan/ton week-on-week [66] - The price for coking coal at Jingtang Port is 1,800 yuan/ton, up 60.0 yuan/ton week-on-week [66] - The average profit for independent coking enterprises is -22 yuan/ton, an increase of 10.0 yuan/ton week-on-week [66] Investment Recommendations - The report suggests focusing on regional leading enterprises with advanced equipment and environmental standards, as well as companies with strong growth potential and those benefiting from the new energy cycle [3]

Investment Rating - The report maintains a "Buy" rating for the steel industry, indicating a positive outlook for selected companies [7]. Core Insights - The steel industry is currently experiencing a recovery from undervaluation, with significant potential for price and profit improvement as supply-side policies are implemented [2]. - The report highlights that the average daily pig iron production has decreased, while inventory reduction has slowed down, indicating a tightening supply [3][26]. - Demand for steel products has shown a decline in apparent consumption, particularly in rebar and hot-rolled coil, reflecting a temporary market adjustment [43]. - The report emphasizes the continued high growth rate of steel exports, with a net export increase of 7.6% year-on-year, suggesting robust international demand [4][14]. - The report identifies key companies that are expected to benefit from the current market conditions, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [2][10]. Summary by Sections Supply - Daily pig iron production has decreased by 21,000 tons to 2.342 million tons, with a reduction in production from long-process steelmaking [13]. - The capacity utilization rate for 247 domestic steel mills is at 87.8%, down 0.8 percentage points from the previous week [19]. Inventory - Total steel inventory has seen a reduced decline, with a week-on-week drop of 0.7%, indicating a tighter market [26]. - The social inventory of five major steel products stands at 10.75 million tons, down 0.2% week-on-week but up 29.8% year-on-year [28]. Demand - Apparent consumption of five major steel products has decreased by 5.4% week-on-week, with rebar consumption down by 5.9% [54]. - Weekly average transaction volume for construction steel has fallen to 96,000 tons, a decrease of 7.6% [44]. Raw Materials - Iron ore prices have declined, with the Platts 62% iron ore price index at $102.1 per ton, down 5.0% week-on-week [64]. - The report notes an increase in port iron ore inventory, suggesting a potential oversupply situation [53]. Prices and Profits - The comprehensive steel price index has decreased by 1.1% week-on-week, with current rebar prices in Beijing at 3,190 RMB per ton [76]. - The report indicates that the immediate gross profit margins for long-process rebar and hot-rolled coil remain relatively stable despite price fluctuations [76].

Investment Rating - The report maintains a "Recommendation" rating for the steel industry, indicating a cautious outlook due to seasonal demand weakness and supply constraints [2][4]. Core Viewpoints - The steel industry continues to experience a dual weakness in supply and demand, with average daily pig iron production from sample steel mills decreasing by 21,400 tons. The industry is entering a traditional off-season, leading to a seasonal decline in demand, with weekly consumption of major materials dropping by 494,700 tons. Profit margins for sample enterprises have fallen below 40%, indicating ongoing profit contraction and potential for increased maintenance activities among steel mills. Consequently, the supply side may see further reductions, but weak demand during the off-season is unlikely to provide effective support for steel prices in the short term [3][10]. - The steel sector index closed at 2,736.97 points, reflecting a weekly increase of 4.39%, outperforming the broader market index which rose by 0.63% during the same period [4][6]. - The report emphasizes a long-term positive outlook on the "anti-involution" trend, which is expected to optimize the supply structure and align it better with demand changes, potentially leading to a revaluation of industry logic and recovery in sector valuations [10]. Summary by Sections Industry Overview - As of November 7, the steel industry comprises 53 listed companies with a total market capitalization of 1,086.616 billion yuan and a circulating market value of 971.138 billion yuan [6]. Production Data - The total production of the five major steel products reached 8,567,400 tons, with a week-on-week decrease of 185,500 tons. The average daily pig iron production from 247 steel enterprises was 2,342,200 tons, down by 21,400 tons week-on-week. The capacity utilization rate for blast furnaces was 87.81%, a decrease of 0.8 percentage points [9][10]. Consumption Data - Weekly consumption of the five major materials totaled 8,669,300 tons, reflecting a week-on-week decline of 494,700 tons. Specific product consumption changes included a decrease of 136,700 tons for rebar and 102,100 tons for wire rods [9][10]. Inventory Situation - Total steel inventory reached 15,035,700 tons, with a week-on-week decrease of 101,900 tons. Social inventory decreased by 21,000 tons to 10,750,000 tons, while steel mill inventory fell by 80,900 tons to 4,285,700 tons [9][10]. Profitability - As of November 7, the gross profit margins for high furnace rebar, hot-rolled sheets, and cold-rolled sheets were -39 yuan/ton, -80 yuan/ton, and -118 yuan/ton, respectively. The profitability rate among the sample steel enterprises was 39.83%, down by 5.19 percentage points week-on-week [9][10].

Report Industry Investment Rating There is no information provided in the report regarding industry investment ratings. Core Viewpoints of the Report - The US Geological Survey (USGS) released the "2025 Critical Minerals List" on November 6, adding 10 minerals, including boron, copper, lead, metallurgical coal, phosphate, potash, rhenium, silicon, silver, and uranium, increasing the total to 60. Minerals on the list will receive US government funding and project approval facilitation [8]. - The PTA market is again focusing on supply reduction due to anti - involution in the industry. The unilateral PTA price rose yesterday, with a medium - term upward trend. However, there is a clear future inventory accumulation pattern, and the space for positive spreads is limited [10]. - Different commodities have different trends, such as gold being affected by government shutdowns on liquidity, silver having an oscillating rebound, and copper having price oscillations due to increased inventory [12]. Summary by Relevant Catalogs Metals Gold and Silver - **Fundamentals**: Gold and silver prices showed different trends. For example, the closing price of Shanghai Gold 2512 was 917.80 with a daily increase of 0.61%, and the closing price of Shanghai Silver 2512 was 11427 with a daily increase of 1.34%. Trading volumes and positions also changed. Gold ETF holdings increased slightly, while silver ETF holdings decreased. The inventory of Shanghai silver decreased, and the inventory of Comex silver also decreased [16]. - **Macro and Industry News**: There are uncertainties about the Fed's December interest rate cut. The AI revolution has accelerated the wave of layoffs in the US, and the Bank of England has kept interest rates unchanged, increasing the expectation of a December rate cut [16][19]. - **Trend Intensity**: Gold trend intensity is 0, and silver trend intensity is - 1 [18]. Copper - **Fundamentals**: The closing price of the Shanghai copper main contract was 86,320 with a daily increase of 0.76%. Copper inventory increased, and the LME copper cash - 3M spread decreased. There were also changes in spot prices and spreads [20]. - **Macro and Industry News**: The US officially included copper in the new critical minerals list. Chile's state - owned mining company ENAMI obtained environmental permits for a new copper smelter, and some mining companies in Indonesia and Canada had production - related news [20][21]. - **Trend Intensity**: Copper trend intensity is 0 [21]. Zinc - **Fundamentals**: The closing price of the Shanghai zinc main contract was 22675 with a daily increase of 0.11%. There were changes in trading volume, position, and various spreads and inventories [23]. - **News**: There are uncertainties about the Fed's December interest rate cut [23]. - **Trend Intensity**: Zinc trend intensity is 0 [23]. Lead - **Fundamentals**: The closing price of the Shanghai lead main contract was 17430 with a daily decrease of 0.26%. Overseas lead inventory decreased, which supported the price. There were also changes in trading volume, position, and various spreads and inventories [26]. - **News**: The US October challenger corporate layoff number reached a 20 - year high, and there are uncertainties about the Fed's December interest rate cut [26]. - **Trend Intensity**: Lead trend intensity is 0 [26]. Tin - **Fundamentals**: Similar to gold and silver in terms of price, trading volume, position, and inventory data [28]. - **Macro and Industry News**: There are uncertainties about the Fed's December interest rate cut, and the AI revolution has accelerated the wave of layoffs in the US [29]. - **Trend Intensity**: Tin trend intensity is 1 [30]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: Aluminum showed an oscillatingly strong trend, alumina showed a weakly running trend, and cast aluminum alloy followed electrolytic aluminum. There were detailed data on prices, trading volumes, positions, spreads, and inventories for electrolytic aluminum, alumina, and cast aluminum alloy [32]. - **Comprehensive News**: The AI revolution has accelerated the wave of layoffs in the US, and Dalio believes that the US is in a dangerous stage of the "big debt cycle" [33]. - **Trend Intensity**: Aluminum trend intensity is 1, alumina trend intensity is - 1, and aluminum alloy trend intensity is 1 [33]. Nickel and Stainless Steel - **Fundamentals**: The closing price of the Shanghai nickel main contract was 119,750, and the closing price of the stainless - steel main contract was 12,590. There were changes in trading volume, position, and various prices and spreads in the nickel and stainless - steel industrial chains [34]. - **Macro and Industry News**: An Indonesian mining area was taken over, and China suspended an unofficial subsidy for imported copper and nickel from Russia [34][35]. - **Trend Intensity**: Nickel trend intensity is 0, and stainless - steel trend intensity is 0 [36]. Chemicals PTA - **Market Situation**: The market is again focusing on supply reduction due to anti - involution in the industry. The unilateral PTA price rose yesterday, with a medium - term upward trend. Polyester load is at a high level (91.5%), and PTA's short - term operating rate has decreased. The domestic PTA load has dropped to 76.4% (- 1.6%), and the inventory accumulation pressure in November has been relieved, with the full - month inventory accumulation within 100,000 tons. However, the future inventory accumulation pattern is clear, and the space for positive spreads is limited [10]. - **PX and Processing Fees**: PX supply is marginally tightened, and PTA processing fees above 300 should be shorted on rallies [10]. Other Chemicals - Different chemicals such as MEG, rubber, synthetic rubber, asphalt, etc. have different trends, such as MEG having a large supply pressure and a downward trend, and rubber having an oscillating operation [12]. Energy and Building Materials Iron Ore - **Fundamentals**: The closing price of the iron ore futures contract was 777.5 with a daily increase of 0.19%. Spot prices of different types of iron ore changed slightly, and there were also changes in basis and spreads [45]. - **Macro and Industry News**: There was a meeting between Chinese and US leaders [45]. - **Trend Intensity**: Iron ore trend intensity is 0 [45]. Steel Products (Rebar and Hot - Rolled Coil) - **Fundamentals**: The closing prices of RB2601 and HC2601 were 3037 and 3256 respectively, with daily increases of 0.40% and 0.22%. Spot prices in different regions changed slightly, and there were changes in basis and spreads [48]. - **Macro and Industry News**: Steel production, inventory, and export data changed. The government issued policies to support the development of the commercial real estate industry and put forward requirements for the high - quality development of the steel industry [49][50]. - **Trend Intensity**: Rebar trend intensity is 0, and hot - rolled coil trend intensity is 0 [51]. Ferroalloys (Silicon Iron and Manganese Silicon) - **Fundamentals**: The closing prices of silicon iron and manganese silicon futures contracts changed. Spot prices of related products also changed, and there were changes in basis, spreads between near - and far - month contracts, and spreads between different varieties [52]. - **Macro and Industry News**: There were price changes in raw materials such as coal and coke, and different steel mills had different procurement prices for ferroalloys [52][53]. - **Trend Intensity**: Silicon iron trend intensity is 0, and manganese silicon trend intensity is 0 [54]. Coke and Coking Coal - **Fundamentals**: The closing prices of coking coal and coke futures contracts increased. Spot prices of coking coal and coke changed slightly, and there were changes in basis and spreads [55]. - **Macro and Industry News**: There was a meeting between Chinese and US leaders [56]. - **Trend Intensity**: Coke trend intensity is 0, and coking coal trend intensity is 0 [56]. Others Lithium Carbonate - **Fundamentals**: The closing prices of lithium carbonate futures contracts changed. There were also changes in trading volume, position, basis, and prices of related products in the lithium carbonate industrial chain. The inventory of the industry decreased [37][38]. - **Macro and Industry News**: The price of battery - grade lithium carbonate decreased, and Chile's lithium carbonate export data changed [38][39]. - **Trend Intensity**: Lithium carbonate trend intensity is - 1 [39]. Industrial Silicon and Polysilicon - **Fundamentals**: The closing prices of industrial silicon and polysilicon futures contracts changed. There were changes in trading volume, position, basis, and prices of related products. The inventory of industrial silicon decreased slightly, and the inventory of polysilicon decreased [41]. - **Macro and Industry News**: A solar cell project's environmental impact report was publicized [41]. - **Trend Intensity**: Industrial silicon trend intensity is 0, and polysilicon trend intensity is - 2 [43].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - Silicon ferroalloy is expected to experience wide - range fluctuations due to the potential increase in cost - end factors. - Manganese ferroalloy will have wide - range fluctuations due to sector sentiment resonance [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: - Silicon ferroalloy 2601 closed at 5586 yuan/ton, up 26 yuan from the previous trading day, with a trading volume of 160,696 and an open interest of 169,595. Silicon ferroalloy 2605 closed at 5650 yuan/ton, up 40 yuan, with a trading volume of 2,153 and an open interest of 9,414. - Manganese ferroalloy 2601 closed at 5798 yuan/ton, up 22 yuan, with a trading volume of 148,442 and an open interest of 351,061. Manganese ferroalloy 2605 closed at 5848 yuan/ton, up 26 yuan, with a trading volume of 8,599 and an open interest of 43,675 [1]. - **Spot Data**: - The aggregated price of silicon ferroalloy FeSi75 - B in Inner Mongolia was 5220 yuan/ton. The price of silicon - manganese FeMn65Si17 in Inner Mongolia was 5620 yuan/ton. - The price of manganese ore Mn44 block was 40.0 yuan/ton - degree, up 0.2 yuan. The price of small - sized semi - coke in Shenmu was 760 yuan/ton. - The spot - futures price difference of silicon ferroalloy (spot - 01 futures) was - 366 yuan/ton, down 26 yuan. The spot - futures price difference of manganese ferroalloy (spot - 01 futures) was - 178 yuan/ton, down 22 yuan [1]. - **Spread Data**: - The near - far month spread of silicon ferroalloy 2601 - 2605 was - 64 yuan/ton, down 14 yuan. The near - far month spread of manganese ferroalloy 2601 - 2605 was - 50 yuan/ton, down 4 yuan. - The cross - variety spread of manganese ferroalloy 2601 - silicon ferroalloy 2601 was 212 yuan/ton, down 4 yuan. The cross - variety spread of manganese ferroalloy 2605 - silicon ferroalloy 2605 was 198 yuan/ton, down 14 yuan [1]. 3.2 Macro and Industry News - On November 6th, the starting price of Hongliulin lump coal, the raw material for semi - coke, was 720 yuan/ton, up 45 yuan/ton from the previous period. The auction volume was 7.8 million tons, down 2.8 million tons. The average transaction price was 783.36 yuan/ton, up 78.39 yuan/ton from the previous average price. The lowest auction price was 773 yuan/ton, and the highest was 790 yuan/ton [1]. - On November 6th, the price of 72 silicon ferroalloy in Shaanxi was 5000 - 5200 yuan/ton, in Ningxia was 5200 - 5250 yuan/ton (up 25 yuan), in Qinghai was 5150 - 5250 yuan/ton, in Gansu was 5150 - 5250 yuan/ton, and in Inner Mongolia was 5150 - 5250 yuan/ton. The price of 75 silicon ferroalloy in Shaanxi was 5700 yuan/ton, in Ningxia was 5650 - 5700 yuan/ton (down 50 yuan), in Qinghai was 5600 - 5700 yuan/ton (down 75 yuan), in Gansu was 5650 - 5700 yuan/ton, and in Inner Mongolia was 5650 - 5700 yuan/ton. The FOB price of 72 silicon ferroalloy was 1020 - 1040 US dollars/ton (down 10 US dollars), and the FOB price of 75 silicon ferroalloy was 1110 - 1130 US dollars/ton. The northern quotation of 6517 silicon - manganese was 5550 - 5650 yuan/ton, and the southern quotation was 5600 - 5700 yuan/ton [2]. - A steel mill in Shandong set the price of silicon - manganese at 5720 yuan/ton (cash - inclusive delivered to the factory) and the purchase volume was 1000 tons. A steel mill in Jiangsu set the price of silicon - manganese at 5800 yuan/ton (acceptance - inclusive delivered to the factory) and the purchase volume was 3000 tons. Xinyu Iron and Steel set the purchase price of silicon ferroalloy at 5770 yuan/ton, down 30 yuan/ton from the previous round, with a purchase volume of 600 tons [3]. 3.3 Trend Intensity - The trend intensity of silicon ferroalloy is 0, and the trend intensity of manganese ferroalloy is 0. The trend intensity ranges from - 2 to 2, representing weak, relatively weak, neutral, relatively strong, and strong, where - 2 is the most bearish and 2 is the most bullish [3].

Core Viewpoint - New Steel Co., Ltd. has shown a significant increase in stock price and a notable change in shareholder structure, indicating potential investment opportunities and shifts in market sentiment [1][2][3]. Financial Performance - For the period from January to September 2025, New Steel Co. achieved a revenue of 27.225 billion yuan, a year-on-year decrease of 12.68%, while the net profit attributable to shareholders was 360 million yuan, reflecting a year-on-year increase of 162.21% [2]. - The company has cumulatively distributed 5.584 billion yuan in dividends since its A-share listing, with 816 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 6, New Steel Co.'s stock price increased by 2.15% to 4.27 yuan per share, with a trading volume of 160 million yuan and a turnover rate of 1.20%, resulting in a total market capitalization of 13.589 billion yuan [1]. - The stock has risen by 28.23% year-to-date, with a slight increase of 0.71% over the last five trading days and a decrease of 1.61% over the past 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 11.78% to 38,200, while the average number of tradable shares per person increased by 13.35% to 82,368 shares [2]. - Significant changes in the top ten circulating shareholders include an increase in holdings by Hong Kong Central Clearing Limited and the entry of new shareholders such as Invesco Great Wall and E Fund [3].

Core Viewpoint - The establishment of the first national collaborative innovation center for intellectual property and standards in the high-performance steel materials industry, led by Shagang Group, marks a significant step in enhancing industry standards and innovation capabilities [1] Group 1 - The collaborative innovation center aims to integrate intellectual property and standards within the high-performance steel materials sector [1] - The center was officially inaugurated during a conference focused on high-performance steel materials [1] - A strategic planning report titled "Integration Strategy for Intellectual Property and Standards in the High-Performance Steel Materials Industry" was released, which was co-developed by Shagang Group and other participants [1]

Core Insights - The report highlights a decline in the export value of China's black metal smelting and rolling industry, with a 10.4% year-on-year decrease in September 2025, amounting to 17.3 billion yuan [1] - Cumulatively, from January to September 2025, the export value reached 151.19 billion yuan, reflecting a 3.2% year-on-year decline [1] Industry Overview - The report is based on data from the National Bureau of Statistics, indicating a downward trend in the black metal smelting and rolling industry [1] - The report is part of a comprehensive market survey and investment outlook for the black metal mining and selection industry in China from 2026 to 2032, published by Zhiyan Consulting [1] Company Insights - The companies mentioned include CITIC Special Steel, Hebei Steel, Zhongnan Shares, Benxi Steel, among others, indicating a focus on key players in the black metal industry [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing in-depth industry research reports and tailored services [1]

Group 1: Electronic Components - The report highlights that DeepSeek will accelerate the penetration of domestic AI applications and boost the demand for domestic computing power [2][25]. - Investment recommendations include companies such as Cambrian-U, Haiguang Information, SMIC, Zhaoyi Innovation, and Shengke Communication-U, with related companies like Chipone [2][25]. - The AI narrative is evolving rapidly, with token usage increasing exponentially, indicating a strong growth trajectory for the sector [23]. Group 2: Overseas Technology - The semiconductor industry is experiencing accelerated upgrades driven by AI and data center construction, with a forecasted 5.4% growth in global silicon wafer shipments in 2025, reaching 128.24 billion square inches [3]. - The demand for AI is a major driver for this growth, particularly in data centers and edge computing, which will benefit silicon wafer manufacturers and equipment suppliers [3]. - The report notes that the current supply of silicon wafers is recovering from a downturn, and if AI demand materializes as expected, capacity utilization for related manufacturers will continue to rise [3]. Group 3: China National Airlines - The company demonstrated strong profitability in Q3 2025, achieving a net profit of 3.7 billion yuan despite a 11% year-on-year decline, showcasing resilience and potential for growth [7][8]. - The company plans to raise 20 billion yuan through a private placement to optimize its capital structure and reduce leverage, which is expected to enhance financial stability [9][10]. - The airline's network and customer quality are among the best in the industry, and the ongoing optimization is likely to drive an increase in profitability [10].

Investment Rating - The industry investment rating is Neutral, maintained [11] Core Insights - In Q3 2025, the average net profit per ton for listed steel companies was 92 CNY/ton, an increase of 14 CNY/ton quarter-on-quarter, positioning it at the 68th percentile since 2021. This indicates that the industry's profitability is higher than most periods in the current downcycle, reflecting the elasticity of steel profits recovering from the bottom due to anti-involution expectations and the easing trend in coking coal [2][7] - Compared to the average net profit of nearly 400-500 CNY/ton in Q2-Q3 2021, there remains significant room for upward profit recovery. Looking ahead to 2026, with the implementation of anti-involution policies and the easing trend in iron ore, the steel industry may exhibit stronger recovery momentum [2][7] Summary by Sections Q3 Profitability of Listed Steel Companies - The average net profit per ton for listed steel companies in Q3 2025 was 92 CNY/ton, reflecting a quarter-on-quarter increase of 14 CNY/ton, indicating a high profitability level compared to the downcycle [2][7] - The profitability is expected to improve further in 2026 due to the anticipated easing of iron ore prices and the implementation of anti-involution policies [2][7] Demand and Supply Dynamics - Recent infrastructure demand has led to a year-on-year increase in apparent steel consumption by 1.79% and a quarter-on-quarter increase of 3.25%, with long products up by 5.51% and flat products up by 1.50% [4] - Daily average pig iron production has decreased to approximately 2.36 million tons, reflecting a quarter-on-quarter decline of 3.54 thousand tons per day, while total steel inventory has decreased by 2.83% quarter-on-quarter [5] Price Trends - In Q3 2025, the average prices for rebar and hot-rolled steel were 3,275 CNY/ton and 3,384 CNY/ton, respectively, with quarter-on-quarter increases of 3.9% and 4.7% [6] - The average prices for iron ore and metallurgical coke were 730 CNY/ton and 1,455 CNY/ton, reflecting quarter-on-quarter increases of 3.3% and 2.0% [6] Future Outlook - The report emphasizes the potential for cost easing and supply-side contraction to drive a bottom reversal in the steel industry, with a focus on the opportunities arising from anti-involution policies and the expected release of new capacities in iron and coke [26][27]