Report Industry Investment Ratings - Thread: Strong bullish trend, with appropriate investment opportunities [1] - Hot-rolled coil: Not specified in the given content - Iron ore: Strong bullish trend, with appropriate investment opportunities [1] - Coke: Strong bullish trend, with appropriate investment opportunities [1] - Coking coal: Strong bullish trend, with appropriate investment opportunities [1] - Silicomanganese: Bullish, with a driving force for upward trend but limited operability on the market [1] - Ferrosilicon: Strong bullish trend, with appropriate investment opportunities [1] Core Views - The market is gradually returning to fundamentals. Under the negative feedback expectation, the price of steel products is under pressure, and the decline may slow down after continuous adjustment. The price of iron ore is expected to fluctuate at a high level. The prices of coke and coking coal are affected by policy expectations and have high short - term volatility, and are under short - term pressure. The prices of silicomanganese and ferrosilicon are relatively stable, with good demand and certain support [2][3][4] Summary by Related Catalogs Steel - The steel market is mainly in a volatile state. The apparent demand for thread has recovered month - on - month, production has increased, and inventory has continued to accumulate. The demand and production of hot - rolled coils have slightly declined, and inventory has continued to accumulate. The downstream acceptance capacity is insufficient, and the molten iron production has declined from a high level. The negative feedback expectation has increased. The overall domestic demand is still weak, while exports are expected to remain high [2] Iron Ore - The global shipment of iron ore has increased significantly month - on - month, reaching a new high for the year. The domestic arrival volume has rebounded, and the port inventory is oscillating without pressure to accumulate. The molten iron production is expected to decline significantly in the short term. The macro - positive factors have been partially realized, and the speculative sentiment is expected to remain. The iron ore price is expected to fluctuate at a high level [3] Coke - The coke price has fluctuated widely. The first round of price cuts in coking has been partially implemented, and the daily production has slightly decreased. The overall inventory has slightly decreased, and the purchasing willingness of traders has declined. The carbon element supply is abundant, and the price is affected by policy expectations and has high short - term volatility, being under short - term pressure [4] Coking Coal - The coking coal price has fluctuated widely. The production of coking coal mines has slightly increased, the spot auction transactions have weakened, and the terminal inventory has slightly decreased. The total inventory of coking coal has decreased month - on - month, and the production - end inventory has increased. The price is affected by policy expectations and has high short - term volatility, being under short - term pressure [5] Silicomanganese - The silicomanganese price has been volatile. The molten iron production remains at a high level. The weekly production has continued to increase, and the inventory has not accumulated. The manganese ore price has slightly decreased this week, but the price has limited downside space due to pre - stocking by manufacturers. In the long - term, manganese ore is expected to accumulate inventory in the second half of the year [6] Ferrosilicon - The ferrosilicon price has been volatile. The molten iron production has slightly decreased but remains above 240. The export demand is about 30,000 tons, with a marginal impact. The production of magnesium metal has decreased slightly month - on - month. The supply has continued to increase significantly, the market demand is good, and the inventory has slightly decreased [7]

Report Industry Investment Ratings - Thread: Not clearly defined [1] - Hot Rolled Coil: ☆☆☆, indicating a relatively clear long/short trend and a current appropriate investment opportunity [1] - Iron Ore: ☆☆☆, indicating a relatively clear long/short trend and a current appropriate investment opportunity [1] - Coke: ★☆☆, representing a bullish/bearish bias with a driving force for price movement, but limited operability on the trading floor [1] - Coking Coal: ★☆☆, representing a bullish/bearish bias with a driving force for price movement, but limited operability on the trading floor [1] - Silicon Manganese: Not clearly defined [1] - Silicon Iron: ★☆★, with an unclear specific meaning in the context provided [1] Core Viewpoints - The overall domestic demand for steel is weak, with the real - estate sector showing a decline in sales and investment, and the growth of infrastructure and manufacturing slowing down. However, steel exports remain at a relatively high level. The short - term trading floor of steel is suppressed by weak demand, but the decline may slow down after continuous adjustments [2] - The short - term fundamentals of iron ore have limited contradictions. The market's optimistic sentiment has cooled due to weak real - world demand, and the trading floor is expected to fluctuate at a high level [3] - The short - term volatility of coke and coking coal prices is large, and the downward space is relatively small. Their prices are greatly affected by the "anti - involution" policy expectations [4][6] - The price of silicon manganese is mainly affected by the "anti - involution" policy expectations and follows the trend of coking coal. The price bottom is gradually rising [7] - The price of silicon iron is mainly affected by the "anti - involution" policy expectations and follows the trend of silicon manganese [8] Summary by Related Catalogs Steel - The trading floor continued to decline today. In the off - season, the apparent demand for thread decreased, production slightly declined, and inventory accumulation accelerated significantly. The apparent demand for hot - rolled coil improved, production slightly increased, and the inventory accumulation rhythm slowed down. The pig iron output remained high, and the negative feedback expectation increased. Considering the approaching parade, attention should be paid to the production - restriction intensity in Tangshan and other places [2] Iron Ore - The trading floor fluctuated today. On the supply side, the global shipment of iron ore increased seasonally, stronger than the same period last year, the domestic arrival volume increased month - on - month, and port inventory continued to rise. On the demand side, the apparent demand for steel decreased, pig iron output slightly increased, and steel mills had high profit ratios and lacked the motivation to actively reduce production. In the short term, iron ore demand was still supported by high pig iron output, but there was an expectation of pig iron production reduction in the future [3] Coke - The price fluctuated mainly within the day. Due to the approaching major event, there was an expectation of production restriction for coking plants in East China. After the seventh round of price increase, the coking profit improved, and the daily coking output slightly increased. The overall coke inventory continued to decline, and traders had a good purchasing intention [4] Coking Coal - The price fluctuated mainly within the day. The output of coking coal mines decreased, the spot trading market remained at a good level, and the transaction price mainly increased. The terminal inventory remained flat, and the total coking coal inventory decreased month - on - month. There was a high probability of continuous inventory reduction in the short term [6] Silicon Manganese - The price declined within the day. Attention should be paid to the shipment of South32's Australian mines. The pig iron output remained at a high level, the weekly production of silicon manganese continued to increase, and the inventory did not accumulate. In the long - term, manganese ore is expected to accumulate inventory in the second half of the year [7] Silicon Iron - The price declined within the day. The pig iron output slightly decreased but remained above 240. The export demand remained at about 30,000 tons, with a marginal impact. The metal magnesium output decreased slightly month - on - month, and the secondary demand decreased marginally. The supply of silicon iron continued to increase significantly, and the on - balance - sheet inventory decreased slightly [8]

Report Industry Investment Ratings - Thread: ☆☆☆ [1] - Hot Rolled Coil: ☆☆☆ [1] - Iron Ore: ☆☆☆ [1] - Coke: ☆☆☆ [1] - Coking Coal: ☆☆☆ [1] - Silicomanganese: ☆☆☆ [1] - Ferrosilicon: ☆☆☆ [1] Core Views - The short - term trends of various steel - related products are mainly oscillatory, affected by factors such as supply - demand relationships, profit margins of steel mills, and macro - political and economic situations [2][3][4][6] Summary by Related Catalogs Steel - Today's steel futures rebounded after a decline. Thread demand is short - term stable, production is rising, and inventory depletion is slowing. Hot - rolled coil demand is falling, production remains high, and inventory is slightly accumulating. Blast furnaces still have profits, and hot - metal production is relatively high, alleviating the negative feedback expectation. The downstream industries have problems such as lack of infrastructure recovery sustainability and poor real - estate indicators. The demand expectation is pessimistic, and the production - restriction expectation during the September event supports the futures. It will be mainly oscillatory in the short term [2] Iron Ore - Iron ore futures fell today, and the basis has narrowed recently. The global iron - ore shipment has declined, and there is an expectation of further decline in the future. The domestic arrival volume has decreased but will remain relatively high in the short term, and port inventory has stabilized and increased. Terminal demand in the off - season is as expected, steel mills' profitability is okay, and hot - metal production is high with low willingness to cut production. Geopolitical risks have decreased, and Sino - US trade has shown signs of further relaxation. The fundamentals have little change, and it will be mainly oscillatory in the short term [3] Coke - Coke prices declined during the day. There is an expectation of price increase, but production profits are meager, and daily production is falling from the annual high. Overall inventory has decreased, and traders' purchasing willingness is still low. The carbon - element supply is abundant, and hot - metal production in the off - season has not declined, bringing some optimistic expectations. The futures price has rebounded and is at a premium. It will be mainly oscillatory under inventory pressure [4] Coking Coal - Coking coal prices declined during the day. Policy may strengthen the control of over - production, affecting production. Coking - coal mine production has been falling, and some mines have reduced production due to environmental inspections. The spot auction market has slightly improved, and terminal inventory has continued to decline. The carbon - element supply is abundant, and hot - metal production in the off - season has not declined, bringing some optimistic expectations. The futures price is at a premium. It will be mainly oscillatory under inventory pressure [6] Silicomanganese - Silicomanganese prices declined. Due to previous production cuts, inventory has decreased, but weekly production is rising, and inventory is increasing again. The long - term manganese - ore inventory is increasing, and currently, the inventory level is low, increasing the price - holding intention of manganese mines. The spot resources of Comilog oxidized ore are scarce, and the price has slightly increased. It is recommended to try short - selling on rebounds [7] Ferrosilicon - Ferrosilicon prices declined. Hot - metal production remains above 242. Export demand is about 30,000 tons, with a marginal impact. The production of magnesium metal has increased, and secondary demand remains high. Supply is decreasing, market transactions are average, and on - balance - sheet inventory is decreasing, but production - end inventory is increasing. Some producers may adopt a trading model to help destock. It is recommended to try short - selling on rebounds [8]

Report's Overall Ratings - The report provides operation ratings for various commodities: **"★★★"** for Rebar, Hot-rolled Coil, Iron Ore, Coke, Coking Coal, Silicomanganese, and Ferrosilicon, which indicates a clearer long/short trend and a relatively appropriate investment opportunity currently [1]. Core Viewpoints - The steel market is mainly in a state of oscillation, with the upside space restricted. The iron ore and coke markets are expected to oscillate in the short term. The coking coal market will continue to destock in the short term. For silicomanganese and ferrosilicon, it is recommended to try shorting on rebounds [2][3][4][6][7][8]. Summary by Commodity Steel - The rebar's surface demand is stabilizing in the short term, production is rising, and inventory depletion is slowing. The hot-rolled coil's demand is falling, production remains high, and inventory is slightly accumulating. The blast furnace still has profits, and the molten iron production remains relatively high. The upside space of the steel futures is restricted, and it mainly oscillates. Attention should be paid to terminal demand and relevant domestic and foreign policies [2]. Iron Ore - The global iron ore shipment is decreasing month-on-month, lower than the same period last year. The domestic arrival volume has decreased this period and is expected to remain relatively high in the short term. The terminal demand in the off - season meets expectations, and the molten iron production remains relatively high. The iron ore's fundamentals change little, and it is expected to oscillate in the short term [3]. Coke - The coke's price is down during the day. There is an expectation of price increase from coking plants, but production profits are meager. The overall inventory is decreasing, and traders' purchasing willingness is low. The price rebound is likely to be a short - term trend due to inventory pressure [4]. Coking Coal - The coking coal's price is down during the day. Policy may strengthen the control of over - production, and production is decreasing. The total inventory is decreasing month - on - month, and the production - end inventory continues to decline, with short - term destocking continuing [6]. Silicomanganese - The silicomanganese's price is down. Due to previous continuous production cuts, the inventory level has decreased, but the weekly production is rising. The manganese ore inventory is expected to increase in the medium - long term, and it is recommended to try shorting on rebounds [7]. Ferrosilicon - The ferrosilicon's price is down. The molten iron production remains above 242, and the export demand is about 30,000 tons. The supply is decreasing, and the inventory is mainly from the warehouse receipt inventory. It is recommended to try shorting on rebounds [8].

Report Industry Investment Ratings - Thread: ★★★ [1] - Hot Rolled Coil: ★★★ [1] - Iron Ore: ★★★ [1] - Coke: ★★★ [1] - Coking Coal: No rating provided [1] - Silicon Manganese: ★☆☆ [1] - Silicon Ferroalloy: ★☆★ [1] Core Views - The overall demand for steel is weak, the market sentiment is cautious, and the futures market is under pressure [2] - The short - term supply - demand contradiction of iron ore is limited, and it is expected to fluctuate [3] - Coke and coking coal prices may have upward drivers, but are affected by factors such as oil prices [4][6] - The fundamentals of silicon manganese have limited improvement, and the market temporarily expects a short - term rise [7] - The demand for silicon ferroalloy is acceptable, and the market temporarily expects a short - term rise [8] Summary by Related Catalogs Steel - The futures market is weakly volatile. The demand for thread in the off - season is under pressure, the production has increased, and the inventory reduction has slowed down. The demand for hot - rolled coil is resilient, the production remains high, and the inventory has decreased [2] - The blast furnace still has profits, and the molten iron production remains relatively high. However, the off - season carrying capacity is insufficient, and the negative feedback expectation still ferments repeatedly [2] - The downstream demand is weak, the demand expectation is pessimistic, and the market is cautious. Pay attention to terminal demand and policy changes [2] Iron Ore - The global shipment of iron ore is at a high level, and there is an expectation of a year - end rush. The port inventory in China has begun to stabilize and increase, and the supply pressure has increased marginally [3] - In the off - season, the terminal demand has resilience, the steel mill profitability rate has improved, the molten iron production remains high, and the steel mills have weak willingness to actively reduce production and have short - term replenishment actions [3] - The short - term supply - demand contradiction is limited, and the trend is expected to be volatile [3] Coke - The price has risen significantly during the day, and there is an expectation of a price increase in the market [4] - The daily production of molten iron has increased slightly to 242.18 tons per day. The coke profit is meager, and the daily production of coking has continued to decline from the annual high [4] - The overall coke inventory has decreased, and the purchasing willingness of traders is still low. The coke price is affected by oil price fluctuations, and there may be an upward driver [4] Coking Coal - The price has risen significantly during the day. Policy may strengthen the control of over - production, which may affect production [6] - The production of coking coal mines has continued to decline. Due to the safety production month and environmental inspections, some mines have reduced production [6] - The spot auction market has improved slightly, the transaction price has risen slightly, and the terminal inventory has continued to decline. The coking coal price is affected by the sharp decline in oil prices and may be strongly volatile [6] Silicon Manganese - The price volatility has increased during the day. Due to previous continuous production cuts, the inventory level has decreased, but the weekly production has begun to increase, and the fundamentals have limited improvement [7] - Pay attention to the August forward price of South32 to China. In the short term, the manganese ore inventory is low, and the price of Comilog oxidized ore has risen slightly [7] - The trading logic of the futures market changes rapidly, and it is temporarily bullish in the short term [7] Silicon Ferroalloy - The price has fluctuated upward during the day. The molten iron production has risen above 242, the export demand is about 30,000 tons, and the marginal impact is small [8] - The production of magnesium metal has increased month - on - month, the secondary demand remains high, and the overall demand is acceptable [8] - The supply of silicon ferroalloy has continued to decline, the market transaction level is average, and the inventory has decreased. Some production is in cash - flow loss, which is conducive to inventory reduction, and it is temporarily bullish in the short term [8]

Report Industry Investment Ratings - The operation ratings for different commodities are as follows: Threaded steel and hot-rolled steel are rated ★★★; Iron ore is rated ★☆☆; Coke is rated ★★★; Coking coal is rated ☆☆☆; Silicomanganese and ferrosilicon are rated ★★★ [1] Core Views - The overall market is characterized by weak domestic demand, with different commodities showing varying trends and uncertainties. Most commodities are expected to move in a volatile manner in the short term, and the market is closely watching terminal demand and relevant policies at home and abroad [2][3] Summary by Commodity Steel - The steel market continues to oscillate. Threaded steel demand is in the off-season, with declining apparent demand and production and a slowdown in inventory reduction. Hot-rolled steel demand remains resilient, but high production leads to continued inventory accumulation. Iron ore production is gradually falling but remains at a relatively high level. Negative feedback expectations continue to ferment. Domestic demand is weak, and the market is cautious. The market is expected to oscillate in the short term [2] Iron Ore - The iron ore market is slightly weaker. Supply is expected to increase, with global shipments in the peak season and expected end-of-quarter volume surges. Domestic arrivals are expected to rebound. Port inventories are likely to stop falling and start rising. Terminal demand is weak in the off-season, and steel mill profitability is down. The market is expected to oscillate due to uncertainties [3] Coke - Coke prices are oscillating upward. Iron ore production has slightly declined but remains at 241. There is an expectation of a fourth price cut, and coking profits have shrunk. Coke inventory has slightly decreased, and traders' purchasing willingness is low. The price rebound space is not overly optimistic due to inventory pressure [4] Coking Coal - Coking coal prices are oscillating narrowly. Production is slightly declining due to environmental inspections and other factors. Spot auction transactions have improved slightly, and terminal inventory is decreasing. The price rebound space is limited due to inventory pressure [6] Silicomanganese - Silicomanganese prices are oscillating downward. A large steel mill's tender price has decreased. Inventory has decreased due to previous production cuts, but weekly production is rising. Manganese ore prices are under pressure, and the market is expected to remain weak [7] Ferrosilicon - Ferrosilicon prices are oscillating. Supply is decreasing, and demand is generally okay. Export demand is stable, and metal magnesium production is rising. Some producers may use a trading model to help with inventory reduction, and the sustainability of inventory reduction needs to be observed [8]

Industry Investment Ratings - SDIC FUTURES gives a ★★★ rating to silicon iron, indicating a clear upward trend and a relatively appropriate investment opportunity; a ☆☆☆ rating to rebar, hot-rolled coil, iron ore, coke, coking coal, and silicon manganese, suggesting a short-term balance between long and short trends with poor operability on the current market, advising to wait and see [1] Core Views - The steel market has a weak domestic demand and is expected to fluctuate in the short term, with attention paid to terminal demand and relevant domestic and foreign policies [2] - The iron ore market has increasing supply pressure and short-term market uncertainty, and is expected to fluctuate [3] - The coke and coking coal markets have abundant carbon element supply, and their price rebound space is not overly optimistic under inventory pressure [4][5] - The silicon manganese market has limited improvement in fundamentals, with manganese ore prices likely to decline further [6] - The silicon iron market has acceptable overall demand and a slight decrease in inventory, with attention paid to the sustainability of inventory reduction [7] Summary by Commodity Steel - Rebar's apparent demand and production both declined, and the inventory reduction slowed down; hot-rolled coil's demand, production, and inventory all decreased slightly; the pig iron output is still relatively high, and the negative feedback expectation is still fermenting; the market sentiment provides some support, but the pessimistic demand expectation restricts the upward space [2] Iron Ore - The global shipment volume has declined, the domestic arrival volume has decreased, and the port inventory has increased; the terminal demand is weak in the off-season, the steel mill profitability rate has decreased, and the pig iron output has changed little; the market has certain policy expectations, and the external geopolitical risk has increased [3] Coke - The pig iron output has declined slightly, and there is an expectation of a fourth round of price cuts; the coking profit has shrunk, and the daily coking output has declined; the overall inventory has decreased slightly, and the traders' purchasing willingness is still low; the price has rebounded due to the sharp increase in crude oil prices, but the rebound space is limited [4] Coking Coal - The coking coal mine output has declined slightly, and the spot auction market is still weak; the terminal inventory has decreased slightly, and the total coking coal inventory has increased slightly; the price has rebounded due to the sharp increase in crude oil prices, but the rebound space is limited [5] Silicon Manganese - Driven by rebar, the price has increased; a large steel mill in the north has a lower tender inquiry price; the inventory has decreased due to previous production cuts, but the weekly output has started to increase; the manganese ore price is under pressure, and the manganese mine's price support intention has increased [6] Silicon Iron - Affected by geopolitical tensions, the price has increased; the pig iron output has decreased slightly; the export demand is stable, and the secondary demand is high; the supply has decreased, the market transaction level is average, and the inventory has decreased slightly [7]

Report Industry Investment Ratings - Thread: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity [1] - Hot - rolled coil: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity [1] - Iron ore: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity [1] - Coke: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity [1] - Coking coal: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity [1] - Ferrosilicon: ★☆☆, indicating a bullish bias but poor operability on the trading floor [1] - Silicomanganese: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity [1] Core Views - The overall demand in the steel industry is weak, with poor improvement in infrastructure and lack of sustainability in real - estate sales recovery. The short - term trend is mainly volatile, and attention should be paid to terminal demand and relevant domestic and foreign policies [2] - Iron ore, coke, coking coal, silicomanganese, and ferrosilicon are all affected by geopolitical tensions, with short - term price fluctuations. The supply of iron ore is under increasing pressure, and the risk of negative feedback in the industrial chain still exists. The price rebound space of coke and coking coal is limited due to inventory pressure. Silicomanganese is recommended to short on rallies, and the demand for ferrosilicon is generally okay [2][3][4][6][7][8] Summary by Relevant Catalogs Steel - Thread: The apparent demand continues to decline, production drops synchronously, and the de - stocking pace slows down [2] - Hot - rolled coil: Both demand and production decline slightly, and inventory continues to accumulate [2] - Overall: The demand is weak, the negative feedback expectation in the industrial chain is fermented repeatedly, and the short - term trend is mainly volatile [2] Iron Ore - Supply: Global shipments are relatively strong, domestic arrivals increase, and port inventories stop falling and start to increase [3] - Demand: Terminal demand weakens in the off - season, iron - water production changes little, and the risk of negative feedback in the industrial chain still exists [3] - Overall: The short - term trend is expected to be volatile [3] Coke - Supply: Production decreases slightly, and inventory decreases slightly [4] - Demand: Downstream iron - water production remains stable above 241 [4] - Overall: The price rebound space is limited due to inventory pressure [4] Coking Coal - Supply: Mine production decreases slightly, and total inventory increases slightly [6] - Demand: Downstream iron - water production remains stable above 241 [6] - Overall: The price rebound space is limited due to inventory pressure [6] Silicomanganese - Supply: Production starts to recover, and manganese ore inventory accumulates [7] - Demand: Iron - water production declines slightly [7] - Overall: The price is weak, and it is recommended to short on rallies [7] Ferrosilicon - Supply: Supply continues to decline [8] - Demand: Export demand is stable, and secondary demand remains high [8] - Overall: The demand is generally okay, and attention should be paid to the sustainability of de - stocking [8]

Report Investment Ratings - **Thread Steel**: ★★★, indicating a clear long trend and a relatively appropriate investment opportunity currently [1] - **Hot Rolled Coil**: ☆☆☆, suggesting a short - term balance between long and short trends with poor operability on the current market, advising to wait and see [1] - **Iron Ore**: ☆☆☆, with the same implication as hot rolled coil [1] - **Coke**: ★☆★, a mixed signal with some bullish drivers but unclear overall trend [1] - **Coking Coal**: ★☆★, similar to coke [1] - **Silicon Manganese**: ☆☆☆, short - term balance and poor operability [1] - **Silicon Iron**: ★☆☆, showing a bullish driver but poor operability on the market [1] Core Viewpoints - The overall market shows a complex situation with different trends for each product. The short - term market is affected by factors such as supply - demand relationships, macro - economic conditions, and international trade situations. Some products are expected to have short - term oscillations, while the long - term outlook is influenced by factors like terminal demand and policy changes [1][2] Summary by Product Steel - The steel market is divided. Thread steel is in the off - season with declining demand and slower inventory reduction. Hot - rolled coil demand is falling while production is rising and inventory is accumulating. Iron - water production is gradually decreasing but still high, and the negative feedback expectation keeps fermenting. The downstream industries have different performances, with limited improvement in infrastructure, unstable real - estate sales, and high growth in automobile production and sales. The market rebounds in the short - term due to improved macro - sentiment, but the pessimistic demand expectation restricts the upside [1] Iron Ore - The iron ore market shows a rising trend today. The supply is strong with potential seasonal growth, and the port inventory is expected to stop falling and rise. The demand is weak in the off - season, but the short - term reduction in iron - water production is limited, and there is still mid - term negative feedback risk. The market sentiment has improved due to Sino - US talks, but there are still uncertainties in foreign trade. It is expected to oscillate in the short - term [2] Coke - Coke prices are oscillating. Iron - water production is slightly decreasing, but coke production is still high due to existing profits. The overall inventory is slightly rising, and traders have no purchasing actions. The supply of carbon elements is abundant, and the price rebounds under certain conditions. The Sino - US tariff issue has a large impact [4] Coking Coal - Coking coal prices are also oscillating. The inventory is slightly decreasing, and the future trend of production - end inventory is uncertain. Similar to coke, the supply of carbon elements is abundant, and the price rebounds under certain circumstances. The Sino - US tariff issue needs continuous attention [5] Silicon Manganese - Silicon manganese may start an independent market. The inventory has decreased due to previous production cuts, but the weekly production is rising. The price of manganese ore is expected to decline further due to increased supply and inventory. The iron - water production is slightly decreasing, and the supply of silicon manganese is slightly increasing. It is recommended to short at high prices in the short - term [6] Silicon Iron - Silicon iron prices are mainly driven by coking coal. Iron - water production is slightly decreasing. The export demand is stable, and the secondary demand is high. The supply is decreasing, and the inventory is slightly decreasing. Some producers may adopt a trading model to help with inventory reduction, and the sustainability of inventory reduction needs to be observed [7]

Report Industry Investment Ratings - The operation ratings for different products are provided, with red stars representing a predicted upward trend and green stars representing a predicted downward trend. For example, products like rebar, hot-rolled coil, iron ore, etc., are rated with three stars (★★★), indicating a clearer long/short trend and a relatively appropriate investment opportunity at present [1]. Core Viewpoints - The overall market shows mixed trends. For steel products, the demand outlook is pessimistic, but market sentiment has improved due to the China-US presidential call, with short - term fluctuations expected. For iron ore, there is an expected limited rebound and a mainly oscillatory trend. For coke, coking coal, silicon manganese, and silicon iron, price rebounds are observed, but the upside space is restricted by various factors [2][3][4]. Summary by Product Steel - The steel market has strengthened today. Rebar's apparent demand has dropped significantly week - on - week, production has declined, and the inventory reduction pace has slowed. Hot - rolled coil demand has fallen, production has increased, and inventory has started to accumulate. Iron - water production is gradually decreasing but remains at a relatively high level. The improvement in infrastructure is limited, manufacturing prosperity has slowed, and real - estate sales lack sustained recovery. US tariff increases impact steel exports. Although market sentiment has improved, demand expectations are pessimistic, restricting the upside space [2]. Iron Ore - The iron ore market is oscillating strongly today. Supply has reached a yearly high globally, and domestic arrivals have rebounded significantly. The decline in port inventory has narrowed, and the amount of berthed ships has increased. Terminal demand is weak in the off - season, but iron - water production remains high, and steel mills have no strong motivation to cut production actively. The short - term rebound is due to oversold conditions, but the mid - term risk of industrial chain negative feedback exists, so the rebound space is limited, and the trend is mainly oscillatory [3]. Coke - Coke prices have rebounded significantly. Iron - water production has decreased slightly, and the third round of coking price cuts has partially been implemented, but coking daily production remains at a high level this year. Overall coke inventory has increased slightly, and traders are not making purchases. The carbon element supply is still abundant, and with the easing of tariff impacts and other factors, prices have rebounded. However, due to inventory pressure, the upside space should not be overly optimistic [4]. Coking Coal - Coking coal prices have rebounded significantly. Coking coal mine production has declined slightly from a high level, the number of shut - down mines has increased, and the spot auction market has weakened with continuous price drops. Terminal inventory has continued to decline slightly. Overall, the carbon element supply is abundant, and prices have rebounded under certain conditions. But due to inventory pressure, the upside space is limited [6]. Silicon Manganese - Silicon manganese prices have rebounded mainly driven by coking coal. Due to previous continuous production cuts, inventory levels have decreased, but weekly production has started to rise, and the improvement in fundamentals is limited. It is expected that the manganese mine quotation will decrease month - on - month. Iron - water production has declined slightly, and silicon manganese supply has increased slightly. Manganese ore inventory has started to accumulate, and market expectations have changed. It is recommended to take a small - position long position and observe the sustainability of the rebound [7]. Silicon Iron - Silicon iron prices have rebounded mainly driven by coking coal. Iron - water production has decreased slightly. Export demand remains at around 30,000 tons, with a marginal impact. Metal magnesium production has increased month - on - month, and secondary demand has remained stable at a high level. Silicon iron supply has continued to decline, market trading volume is average, and on - balance - sheet inventory has decreased slightly. Some silicon iron producers may adopt a trading model to help with inventory reduction, and the sustainability of inventory reduction needs to be observed [8].