Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The investment growth rate of the steel industry has declined across the board, leading to an increased expectation of policy easing. The market is in a situation of weak supply and demand, with the weakness on the demand side being more evident. It is expected that the short - term steel plate will fluctuate within a narrow range [4][166][167] - For iron ore, the molten iron output continues to rise, and attention should be paid to the demand situation of steel products [169] Summary by Directory Steel Products Price - This week, black - series commodities rose across the board, with coking coal and coke prices leading the increase. The increase of rebar prices was greater than that of hot - rolled coils. In the international market, hot - rolled coil prices in the US, EU, Japan, and India decreased slightly, while most other markets showed a stable - to - rising trend. The basis of rebar and hot - rolled coils, as well as various price spreads, changed to different extents [6][7] Supply - In August, the daily average output of crude steel and pig iron continued to decline. In the current week, the weekly output of rebar decreased, the weekly output of hot - rolled coils increased, and the output of five major steel products decreased. The blast furnace operating rate, capacity utilization rate, and molten iron output increased slightly, while the electric furnace operating rate and capacity utilization rate decreased [42][50][66] Demand - In August, the investment growth rate in the real estate and infrastructure sectors continued to decline, while the growth rate of automobile sales increased, and the growth rate of excavator sales decreased. The national building materials trading volume, cement mill operating rate, and rebar apparent demand increased, while the hot - rolled coil apparent demand decreased [81][88][92] Inventory - The inventory of five major steel products increased by 5.13 million tons, with a year - on - year increase of 137.51 million tons. The total rebar inventory decreased by 3.58 million tons, with a year - on - year increase of 184.82 million tons. The total hot - rolled coil inventory increased by 4.67 million tons, with a year - on - year decrease of 43.74 million tons [124][129][142] Profit - This week, the on - screen profits of rebar and hot - rolled coils narrowed, the profits of long - process steelmaking increased, and the losses of short - process steel mills widened [149][151] Trading Data - This week, the positions and settled funds of rebar and hot - rolled coils increased, while the trading volume decreased slightly [152] Options - Data on rebar options, including historical volatility, historical volatility cones, and put - call ratios of positions and trading volumes, are presented [156][160] Iron Ore Price - This week, the on - screen price of iron ore increased, and the closing price of the main contract i2601 was 807.5 yuan/ton. The spot prices at ports showed mixed trends, with the spread between high - and medium - grade ores widening and the spread between medium - and low - grade ores narrowing [171][177][182] Supply - The shipping volumes from Australia and Brazil increased significantly, while the arrival volume at 45 ports decreased by 860,000 tons compared with the previous period [170] Demand - The molten iron output increased to 2.4102 million tons, and the pig iron output in August was 69.79 million tons, a year - on - year increase of 1% [170] Inventory - The inventory of imported iron ore at 47 ports was 143.8168 million tons, a decrease of 744,400 tons compared with the previous period. The steel mill inventory increased by 3.16 million tons to 93.09 million tons, and the consumption ratio of imported ore inventory was 31.2 [170] Profit - The profits of long - process rebar production increased, while the profits of short - process steel mills continued to decline [170]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Steel Industry - Steel prices are following the strength of coking coal, mainly trading on the expectations of coal industry production cuts and over - production checks. The seasonal recovery of apparent demand in the later period will lead to a convergence of the supply - demand gap and a moderate inventory accumulation pressure. However, the apparent demand in the fourth quarter is not expected to exceed the current production level, and the demand outlook remains weak. Currently, pricing is affected by both weak demand and supply - side contraction expectations. Steel prices are supported by the high - level steel mill production from September to October, which boosts raw material demand, and the expected coal supply situation. With the influence of coking coal and pre - National Day restocking, prices are expected to recover upwards. The pressure level for rebar is around 3350 yuan, and for hot - rolled coils, it is around 3500 yuan [1]. Iron Ore Industry - As of the previous day's close, the iron ore 2601 contract showed a volatile downward trend. On the supply side, the global iron ore shipment volume has significantly rebounded, while the arrival volume at 45 ports has decreased, mainly due to the recovery of shipments from Brazilian ports, which is an expected data change. Based on recent shipment data, the subsequent average arrival volume will first increase and then decrease. On the demand side, the steel mill profit margin has slightly declined. After major events ended, the hot metal production increased significantly last week, and the steel mill restocking demand has increased. The fundamentals have slightly improved, but it is still insufficient in the peak season, and raw materials are stronger than finished products. In terms of inventory, port inventory has slightly increased, the port clearance volume has increased month - on - month, and the steel mill's equity iron ore inventory has increased month - on - month. Looking ahead, since the steel mill's profit margin is still relatively high, hot metal production in September will remain at a relatively high level, and the low port inventory year - on - year provides support for iron ore. The "anti - involution" work may lead to policies in the steel industry to strictly prohibit new capacity and implement production cuts. It is necessary to pay attention to the steel mill production control in the fourth quarter. Strategically, iron ore is currently in a tight - balanced pattern. It is recommended to view it with a bullish bias in a range of 780 - 850, and it is advisable to buy the iron ore 2601 contract on dips. For arbitrage, it is recommended to go long on iron ore and short on hot - rolled coils [4]. Coke and Coking Coal Industry - **Coke**: As of the previous day's close, the coke futures showed a strong rebound, with a divergence between the current and futures prices. The second round of price cuts by steel mills on coke spot has been implemented, and the port trade quotes have followed the decline. On the supply side, due to the previous 7 - round price increases in coke, the coking profit has increased. After 2 rounds of price cuts, coking still has profits, and northern coke enterprises have rapidly resumed production. On the demand side, steel mills have resumed production this week, hot metal production has increased significantly, and downstream demand is still supported. In terms of inventory, the coking plant and steel mill inventories have slightly increased, while the port inventory has decreased, and the overall inventory has slightly increased at a medium level. The futures market is more focused on the decline range of coke and coking coal in September and the driving force for bottom - building and rebound in the future. With the improvement of coking profit and the lifting of production restrictions, the coke production, supply, and logistics transportation have recovered. It is temporarily expected that there is room for 2 - 3 rounds of price cuts. Since the expected decline range is not large, the futures market has advanced the trading of the rebound expectation. It is necessary to pay attention to the actual implementation of the steel industry's policies to strictly prohibit new capacity and implement production cuts, as well as the market fluctuations of steel and whether the peak season expectations are fulfilled. It is recommended to buy the coke 2601 contract on dips in the range of 1650 - 1800, and for arbitrage, go long on coking coal and short on coke [6]. - **Coking Coal**: As of the previous day's close, the coking coal futures showed a strong rebound, with a certain divergence between the current and futures prices. The spot auction prices are stable with a weak trend, and the Mongolian coal quotes have rebounded following the futures. On the supply side, domestic coking coal auctions have stabilized recently. After the price adjustment, the downstream purchasing willingness has recovered, but it will take time for the price to bottom out and rebound. This week, the main producing area coal mines have gradually resumed production as expected, logistics transportation has recovered, and coal mines have sold at reduced prices, resulting in a certain improvement in sales. In terms of imported coal, the Mongolian coal price fluctuates with the futures. On the demand side, hot metal production has increased significantly this week, and coking operations have also increased rapidly. The impact of environmental protection restrictions has been lifted. In terms of inventory, coal mines, coking plants, and steel mills have reduced their inventories, while coal washing plants, ports, and border ports have slightly increased their inventories, and the overall inventory has slightly decreased at a medium level. After 2 rounds of coke price cuts, downstream users and traders have started to buy in advance, and the trading volume has improved slightly. The market generally expects a limited decline space, and the futures market has advanced the trading of the rebound expectation. There is restocking demand before the National Day. It is recommended to buy the coking coal 2601 contract on dips in the range of 1070 - 1300, and for arbitrage, go long on coking coal and short on coke [6]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China are 3240 yuan/ton, 3210 yuan/ton, and 3380 yuan/ton respectively, with daily increases of 20 yuan/ton, 10 yuan/ton, and 0 yuan/ton. Rebar futures prices for the 05, 10, and 01 contracts are 3205 yuan/ton, 3045 yuan/ton, and 3136 yuan/ton respectively, with daily increases of 16 yuan/ton, 10 yuan/ton, and 9 yuan/ton [1]. - Hot - rolled coil spot prices in East China, North China, and South China are 3410 yuan/ton, 3330 yuan/ton, and 3380 yuan/ton respectively, with daily increases of 10 yuan/ton, 10 yuan/ton, and 0 yuan/ton. Hot - rolled coil futures prices for the 05, 10, and 01 contracts are 3374 yuan/ton, 3398 yuan/ton, and 3370 yuan/ton respectively, with daily increases of 6 yuan/ton, 3 yuan/ton, and 6 yuan/ton [1]. Cost and Profit - The steel billet price is 3010 yuan/ton, and the slab price is 3730 yuan/ton, both unchanged. The cost of Jiangsu electric - arc furnace rebar is 3311 yuan/ton, a decrease of 1 yuan/ton; the cost of Jiangsu converter rebar is 3151 yuan/ton, a decrease of 9 yuan/ton [1]. - The profit of East China hot - rolled coils is 153 yuan/ton, an increase of 53 yuan/ton; the profit of North China hot - rolled coils is 73 yuan/ton, an increase of 33 yuan/ton; the profit of South China hot - rolled coils is 133 yuan/ton, an increase of 43 yuan/ton. The profit of East China rebar is - 27 yuan/ton, an increase of 33 yuan/ton; the profit of North China rebar is - 47 yuan/ton, an increase of 33 yuan/ton; the profit of South China rebar is 33 yuan/ton [1]. Production and Inventory - The daily average hot metal production is 240.6 tons, an increase of 11.6 tons or 5.1% compared with the previous value. The production of five major steel products is 857.2 tons, a decrease of 3.4 tons or - 0.4% compared with the previous value. Rebar production is 211.9 tons, a decrease of 6.8 tons or - 3.1% compared with the previous value, including a decrease of 3.6 tons or - 11.7% in electric - arc furnace production and a decrease of 3.1 tons or - 1.7% in converter production. Hot - rolled coil production is 325.1 tons, an increase of 10.9 tons or 3.5% compared with the previous value [1]. - The inventory of five major steel products is 1514.6 tons, an increase of 13.9 tons or 0.9% compared with the previous value. Rebar inventory is 653.9 tons, an increase of 13.9 tons or 2.2% compared with the previous value. Hot - rolled coil inventory is 373.3 tons, a decrease of 1.0 tons or - 0.3% compared with the previous value [1]. Transaction and Demand - The daily average building materials transaction volume is 11.8 tons, an increase of 0.1 tons or 1.0% compared with the previous value. The apparent demand for five major steel products is 843.3 tons, an increase of 15.5 tons or 1.9% compared with the previous value. The apparent demand for rebar is 198.1 tons, a decrease of 4.0 tons or - 2.0% compared with the previous value. The apparent demand for hot - rolled coils is 326.2 tons, an increase of 20.8 tons or 6.8% compared with the previous value [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of Carajás fines, PB fines, Brazilian mixed fines, and Jinbuba fines are 828.6 yuan/ton, 837.0 yuan/ton, 833.0 yuan/ton, and 847.8 yuan/ton respectively. The 01 - contract basis for Carajás fines, PB fines, Brazilian mixed fines, and Jinbuba fines has increased by 20.0 yuan/ton, 14.5 yuan/ton, 14.6 yuan/ton, and 15.7 yuan/ton respectively [4]. - The 5 - 9 spread is 17.5 yuan/ton, an increase of 56.0 yuan/ton; the 9 - 1 spread is - 39.0 yuan/ton, a decrease of 55.5 yuan/ton; the 1 - 5 spread is 21.5 yuan/ton, a decrease of 0.5 yuan/ton [4]. Spot Prices and Price Indices - The spot prices of Carajás fines, PB fines, Brazilian mixed fines, and Jinbuba fines at Rizhao Port are 906.0 yuan/ton, 789.0 yuan/ton, 811.0 yuan/ton, and 745.0 yuan/ton respectively, with decreases of 0.0 yuan/ton, 5.0 yuan/ton, 5.0 yuan/ton, and 4.0 yuan/ton respectively [4]. - The Singapore Exchange 62% Fe swap price is 105.7 dollars/ton, an increase of 0.3 dollars/ton; the Platts 62% Fe price is 106.4 dollars/ton, an increase of 0.7 dollars/ton [4]. Supply and Demand - The 45 - port arrival volume (weekly) is 2362.3 tons, a decrease of 85.7 tons or - 3.5% compared with the previous value; the global shipment volume (weekly) is 3573.1 tons, an increase of 816.9 tons or 29.6% compared with the previous value; the national monthly import volume is 10462.3 tons, a decrease of 131.5 tons or - 1.2% compared with the previous value [4]. - The daily average hot metal production of 247 steel mills (weekly) is 240.6 tons, an increase of 11.7 tons or 5.1% compared with the previous value; the daily average port clearance volume of 45 ports (weekly) is 337.3 tons, an increase of 13.5 tons or 4.2% compared with the previous value; the national monthly pig iron production is 6979.0 tons, a decrease of 100.7 tons or - 1.4% compared with the previous value; the national monthly crude steel production is 7737.0 tons, a decrease of 228.8 tons or - 2.9% compared with the previous value [4]. Inventory Changes - The 45 - port inventory (weekly) is 13849.47 tons, a decrease of 0.2 tons or 0.0% compared with the previous value; the imported iron ore inventory of 247 steel mills (weekly) is 8993.1 tons, an increase of 53.2 tons or 0.6% compared with the previous value; the inventory available days of 64 steel mills (weekly) is 20.0 days, a decrease of 1.0 days or - 4.8% compared with the previous value [4]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The warehouse - receipt price of Shanxi quasi - first - grade wet - quenched coke is 1200 yuan/ton, a decrease of 50 yuan/ton; the warehouse - receipt price of Rizhao Port quasi - first - grade wet - quenched coke is 1538 yuan/ton, unchanged. The coke 01 contract price is 1689 yuan/ton, an increase of 63 yuan/ton; the 01 - contract basis is - 151 yuan/ton, a decrease of 63 yuan/ton [6]. - The coke 05 contract price is 1828 yuan/ton, an increase of 66 yuan/ton; the 01 - contract basis is - 290 yuan/ton, a decrease of 66 yuan/ton. The J01 - J05 spread is - 140 yuan/ton, a decrease of 3 yuan/ton [6]. Coking Coal - Related Prices and Spreads - The warehouse - receipt price of Shanxi medium - sulfur primary coking coal is 1200 yuan/ton, unchanged; the warehouse - receipt price of Mongolian 5 raw coal is 1099 yuan/ton, a decrease of 15 yuan/ton. The coking coal 01 contract price is 1188 yuan/ton, an increase of 43 yuan/ton; the 01 - contract basis is - 89 yuan/ton, a decrease of 58 yuan/ton [6]. - The coking coal 05 contract price is 1285 yuan/ton, an increase of 59 yuan/ton; the 05 - contract basis is - 186 yuan/ton, a decrease of 74 yuan/ton. The JM01 - JM05 spread is - 97 yuan/ton, a decrease of 16 yuan/ton [6]. Supply and Demand - **Coke Supply**: The daily average production of all - sample coking plants is 66.8 tons, an increase of 2.4 tons or 3.8% compared with the previous value; the daily average production of 247 steel mills is 240.6 tons, an increase of 11.7 tons or 5.14% compared with the previous value [6]. - **Coke Demand**: The 247 - steel - mill hot metal production is 240.6 tons, an increase of 11.8 tons or 5.1% compared with the previous value [6]. - **Coking Coal Supply**: The raw coal production of Fenwei sample coal mines is 867 tons, an increase of 43.8 tons or 5.4% compared with the previous value; the clean coal production is 442.5 tons, an increase of 23.3 tons or 5.6% compared with the previous value [6]. - **Coking Coal Demand**: The daily average production of all - sample coking plants is 66.8 tons, an increase of 2.4 tons or 3.8% compared with the previous value; the daily average production of 247 steel mills is 240.6 tons, an increase of 11.7 tons or 5.1% compared with the previous value [6]. Inventory Changes - **Coke Inventory**: The total coke inventory is 906.2 tons, an increase of 11.0 tons or 1.2% compared with the previous value. The coke inventory of all - sample coking plants is 67.8 tons, an increase of 1.3 tons or 2.0% compared with the previous value; the coke inventory of 247 steel mills is 633.3 tons, an increase of 9.6 tons or 1.5% compared with the previous value; the port inventory is 205.1 tons, an

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The inventory of rebar and hot-rolled coil is accumulating too quickly, and steel prices are fluctuating and correcting [1] Group 3: Summary According to the Catalog 1. Fundamental Tracking - **Futures Data**: The closing prices of RB2510 and HC2510 were 3,047 yuan/ton and 3,310 yuan/ton respectively, with daily declines of -0.49% and -0.48%. The trading volumes were 244,899 lots and 124,871 lots, and the positions were 807,407 lots and 546,834 lots, with position changes of -52,001 lots and -27,387 lots [1] - **Spot Price**: Rebar prices in Shanghai and Beijing decreased by 10 yuan/ton, while those in Hangzhou and Guangzhou remained unchanged. Hot-rolled coil prices in Tianjin decreased by 10 yuan/ton, while those in other regions remained unchanged. The price of Tangshan billet remained unchanged at 2950 yuan/ton [1] - **Basis and Spread**: The basis of RB2510 decreased by 18 yuan/ton, while that of HC2510 increased by 10 yuan/ton. The spreads of RB2510 - RB2601, HC2510 - HC2601, HC2510 - RB2510, HC2601 - RB2601, and the spot coil-to-rebar spread changed by 6 yuan/ton, -5 yuan/ton, -18 yuan/ton, -7 yuan/ton, and 10 yuan/ton respectively [1] 2. Macro and Industry News - **Export Data**: In July 2025, China exported 983.6 million tons of steel, a slight increase of 1.6% from the previous month, with an average export price of 702.2 US dollars/ton, a slight increase of 2.2% from the previous month. From January to July, the cumulative steel exports were 6798.3 million tons, a year-on-year increase of 11.0%, and the average export price was 699.7 US dollars/ton, a year-on-year decrease of 10.3% [2] - **Weekly Data on August 28**: In terms of production, rebar increased by 5.91 million tons, hot-rolled coil decreased by 0.5 million tons, and the total of five major varieties increased by 6.55 million tons. In terms of inventory, rebar increased by 16.35 million tons, hot-rolled coil increased by 4.02 million tons, and the total of five major varieties increased by 26.84 million tons. In terms of apparent demand, rebar increased by 9.41 million tons, hot-rolled coil decreased by 0.55 million tons, and the total of five major varieties increased by 4.78 million tons [2][3] - **Mid - August Data**: In mid - August 2025, key steel enterprises produced 2115 million tons of crude steel, with an average daily output of 211.5 million tons, a daily increase of 2.0%; 1924 million tons of pig iron, with an average daily output of 192.4 million tons, a daily increase of 0.5%; 2049 million tons of steel, with an average daily output of 204.9 million tons, a daily increase of 2.2%. The steel inventory of key enterprises was 1567 million tons, a 4.0% increase from the previous ten - day period [3] - **Other Data**: The manufacturing supply index (MMSI) in July was 146.13, a month - on - month decrease of 4.83%. From January to July, the national general public budget revenue was 13.5839 trillion yuan, a year - on - year increase of 0.1% [2][3] 3. Trend Intensity - The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral trend [3][4]

Group 1: Steel Industry Report Industry Investment Rating - Not provided Core View - Steel prices rose again, with the spread between the 10 - 1 contract of rebar falling and that of hot - rolled coil strengthening. The spread between coil and rebar is expected to decline from its high. The overall apparent demand showed signs of bottoming out and rebounding last week but remained at an off - season level. Steel is expected to maintain a high - level oscillating pattern, and it is recommended to try long positions, with reference levels of 3140 yuan for hot - rolled coil and 3380 yuan for rebar [1] Summary by Directory - **Prices and Spreads**: Rebar and hot - rolled coil prices in different regions and contracts showed various changes. For example, the spot price of rebar in East China increased from 3280 yuan/ton to 3310 yuan/ton. The 10 - 1 spread of rebar decreased, while that of hot - rolled coil increased [1] - **Cost and Profit**: Costs and profits of different steel - making processes and regions changed. For instance, the profit of East China hot - rolled coil decreased from 117 to - 41 [1] - **Production**: The daily average pig iron output was 240.8 million tons, with a slight increase of 0.1 million tons (0.0%). The output of five major steel products was 878.1 million tons, an increase of 6.4 million tons (0.7%) [1] - **Inventory**: The inventory of five major steel products increased from 1416.0 million tons to 1441.0 million tons, a rise of 25.1 million tons (1.8%) [1] - **Transaction and Demand**: The building materials trading volume increased from 9.4 to 11.1, a rise of 1.7 (18.3%). The apparent demand of five major steel products increased from 831.0 million tons to 853.0 million tons, a rise of 22.0 million tons (2.6%) [1] Group 2: Iron Ore Industry Report Industry Investment Rating - Not provided Core View - The 2601 contract of iron ore showed an oscillating upward trend. The global shipment volume of iron ore decreased, and the arrival volume at 45 ports declined, but the subsequent average arrival volume is expected to rebound. The short - term demand is bearish, but after the military parade, the resumption of steel mills' production will support raw materials. It is recommended to switch to long positions on dips and recommend the 1 - 5 positive spread arbitrage [3] Summary by Directory - **Prices and Spreads**: The warehouse receipt costs of various iron ore powders increased, and the basis of the 01 contract for different powders also changed significantly. For example, the basis of the 01 contract for PB powder increased from 23.9 to 40.1, a rise of 16.3 (68.3%) [3] - **Supply**: The weekly arrival volume at 45 ports was 2393.3 million tons, a decrease of 83.3 million tons (- 3.4%); the global weekly shipment volume was 3315.8 million tons, a decrease of 90.8 million tons (- 2.7%) [3] - **Demand**: The weekly average daily pig iron output of 247 steel mills was 240.8 million tons, with a slight increase of 0.1 million tons (0.0%); the weekly average daily port clearance volume at 45 ports was 325.7 million tons, a decrease of 8.9 million tons (- 2.7%) [3] - **Inventory**: The inventory at 45 ports decreased from 13856.40 million tons to 13845.20 million tons, a decrease of 11.2 million tons (- 0.1%); the imported ore inventory of 247 steel mills decreased from 9136.4 million tons to 9065.5 million tons, a decrease of 70.9 million tons (- 0.8%) [3] Group 3: Coke and Coking Coal Industry Report Industry Investment Rating - Not provided Core View - The coke futures showed a strong rebound, and the coking coal futures also rebounded strongly. The seventh round of coke price increase was implemented. The supply and demand of coke are expected to be tight, and the downstream steel mills still have restocking needs. It is recommended to go long on the 2601 contract of coke on dips and recommend the arbitrage of going long on coking coal and short on coke. For coking coal, due to factors such as limited production expectations, it is recommended to go long on the 2601 contract of coking coal on dips and the same arbitrage strategy [5] Summary by Directory - **Prices and Spreads**: The prices of coke and coking coal contracts and their spreads changed. For example, the 01 contract of coke increased from 1679 yuan/ton to 1736 yuan/ton, a rise of 3.4%; the 09 - 01 spread of coke decreased from - 52 to - 84 [5] - **Supply**: The weekly output of coke and coking coal showed different trends. The daily average output of all - sample coking plants was 65.5 million tons, a slight increase of 0.1 million tons (0.1%); the weekly output of Fenwei sample coal mines was 860.4 million tons, an increase of 3.8 million tons (0.4%) [5] - **Demand**: The weekly pig iron output of 247 steel mills was 240.8 million tons, with a slight increase of 0.1 million tons (0.0%). The coking plants' demand for coking coal increased slightly [5] - **Inventory**: The inventory of coke and coking coal in different sectors changed. The total coke inventory increased from 887.4 million tons to 888.6 million tons, a rise of 1.2 million tons (0.1%); the coking coal inventory of all - sample coking plants decreased from 976.9 million tons to 966.4 million tons, a decrease of 10.5 million tons (- 1.1%) [5]

Group 1: Steel Industry Report Industry Investment Rating - Not provided Core View - The black market continues to be weak with a double - top pattern in technical form. Steel production remains high, and demand seasonally declines in August, leading to inventory increases. There is an expectation of production restrictions in mid - to - late August, which is beneficial for alleviating the pressure on the peak season. Prices are expected to remain in a high - level oscillation, waiting for clear peak - season demand. Pay attention to the support levels of around 3400 yuan for hot - rolled coils and 3200 yuan for rebar [1]. Summary by Directory - **Steel Prices and Spreads**: Rebar and hot - rolled coil spot and futures prices mostly declined. For example, the spot price of rebar in East China dropped from 3360 yuan/ton to 3320 yuan/ton, and the 05 - contract price dropped from 3331 yuan/ton to 3302 yuan/ton. The spot price of hot - rolled coils in East China decreased from 3470 yuan/ton to 3450 yuan/ton, and the 05 - contract price dropped from 3461 yuan/ton to 3433 yuan/ton [1]. - **Cost and Profit**: Steel billet prices decreased by 20 yuan/ton to 3060 yuan/ton, and plate billet prices remained unchanged at 3730 yuan/ton. Profits from hot - rolled coils in different regions decreased, with East China's profit dropping by 44 yuan to 226 yuan/ton [1]. - **Production**: The daily average pig iron output increased slightly by 0.2 to 240.7, a 0.1% increase. The output of five major steel products increased by 2.4 to 871.6, a 0.3% increase. Rebar production decreased slightly by 0.7 to 220.5, a 0.3% decrease, and hot - rolled coil production increased by 0.7 to 315.6, a 0.2% increase [1]. - **Inventory**: The inventory of five major steel products increased by 23.5 to 1375.4, a 1.7% increase. Rebar inventory increased by 10.4 to 556.7, a 1.9% increase, and hot - rolled coil inventory increased by 8.7 to 356.6, a 2.5% increase [1]. - **Transaction and Demand**: The daily average building materials trading volume decreased by 0.8 to 8.4, an 8.2% decrease. The apparent demand for five major steel products decreased by 14.7 to 831.0, a 1.7% decrease. The apparent demand for rebar decreased by 20.9 to 189.9, a 9.9% decrease, while the apparent demand for hot - rolled coils increased by 8.5 to 314.8, a 2.8% increase [1]. Group 2: Iron Ore Industry Report Industry Investment Rating - Not provided Core View - The 2601 - contract of iron ore showed a volatile downward trend. Global iron ore shipments and 45 - port arrivals decreased. On the demand side, steel mill profit margins are at a relatively high level, and pig iron output has slightly decreased from its high level. Port inventories have slightly increased, and the shipping volume has decreased. In the future, pig iron output in August will remain high, and steel mill profits will support raw materials. It is recommended to take profits on long positions and wait and see for single - side trading, and to go long on coking coal and short on iron ore for arbitrage [4]. Summary by Directory - **Iron Ore - Related Prices and Spreads**: The warehouse - receipt costs of various iron ore types decreased, such as the cost of Carajás fines dropping from 808.8 yuan/ton to 797.8 yuan/ton. The 5 - 9 spread decreased by 6.5 to - 38.0, a 20.6% decrease, and the 9 - 1 spread increased by 5.5 to 16.0, a 52.4% increase [4]. - **Spot Prices and Price Indexes**: Spot prices at Rizhao Port for various iron ore types decreased. For example, the price of Carajás fines dropped from 888.0 yuan/ton to 878.0 yuan/ton, and the price of PB fines decreased from 784.0 yuan/ton to 771.0 yuan/ton [4]. - **Supply**: The 45 - port arrivals decreased by 125.9 to 2381.9, a 5.0% decrease, and the global shipments decreased by 15.1 to 3046.7, a 0.5% decrease. The national monthly import volume increased by 782.0 to 10594.8, an 8.0% increase [4]. - **Demand**: The daily average pig iron output of 247 steel mills increased by 0.3 to 240.7, a 0.1% increase. The 45 - port daily average shipping volume increased by 19.1 to 321, a 6.3% increase. The national monthly pig iron output decreased by 220.9 to 7190.5, a 3.0% decrease, and the national monthly crude steel output decreased by 336.1 to 8318.4, a 3.9% decrease [4]. - **Inventory Changes**: The 45 - port inventory increased by 93.8 to 13806.08, a 0.7% increase. The imported ore inventory of 247 steel mills increased by 1.3 to 9013.3, a 0.0% increase, and the inventory available days of 64 steel mills increased by 1.0 to 21.0, a 5.0% increase [4]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating - Not provided Core View - Coke futures showed a peak - and - decline trend, and there was a sixth - round price increase in the spot market, with a possibility of further increases. Coking plant profits have improved, and production has slightly increased. Pig iron output is expected to slightly decline in August. There is an expectation of a seventh - round price increase, but previous positive expectations may be over - priced. For coking coal, the futures price has declined after reaching a peak, and the spot market is generally stable. Supply has decreased, and demand has slowed down. It is recommended to take profits on long positions and wait and see for speculation, and to go long on coking coal and short on iron ore for arbitrage [5]. Summary by Directory - **Coke - Related Prices and Spreads**: The price of first - grade wet - quenched coke in Shanxi increased by 52 to 1347, a 3.9% increase, while the price of quasi - first - grade wet - quenched coke at Rizhao Port decreased by 20 to 1460, a 1.4% decrease. The 09 - contract price of coke decreased by 24 to 1660, a 1.4% decrease [5]. - **Coking Coal - Related Prices and Spreads**: The price of coking coal (Shanxi warehouse - receipt) remained unchanged at 1260, while the price of coking coal (Mongolian coal warehouse - receipt) increased by 26 to 1191, a 2.2% increase. The 09 - contract price of coking coal decreased by 35 to 1066, a 3.14% decrease [5]. - **Supply**: The daily average output of all - sample coking plants increased by 0.3 to 65.4, a 0.4% increase, and the daily average output of 247 steel mills decreased by 0.1 to 46.7, a 0.1% decrease. The raw coal output of Fenwei sample coal mines decreased by 2.3 to 856.6, a 0.3% decrease, and the clean coal output increased by 0.4 to 439.4, a 0.1% increase [5]. - **Demand**: The pig iron output of 247 steel mills decreased by 0.4 to 240.7, a 0.2% decrease. The daily average output of all - sample coking plants increased by 0.3 to 65.4, a 0.4% increase, and the daily average output of 247 steel mills decreased by 0.1 to 46.7, a 0.1% decrease [5]. - **Inventory Changes**: The total coke inventory decreased by 19.7 to 887.4, a 2.24% decrease. The coke inventory of all - sample coking plants decreased by 7.2 to 62.5, a 10.4% decrease, and the coke inventory of 247 steel mills decreased by 9.5 to 609.8, a 1.5% decrease. The coking coal inventory of Fenwei coal mines decreased by 0.2 to 111.9, a 0.1% decrease, and the coking coal inventory of all - sample coking plants decreased by 11.0 to 976.9, a 1.1% decrease [5]. - **Supply - Demand Gap Changes**: The calculated coke supply - demand gap decreased by 4.7 to - 4.3, a 9.4% decrease [5].

Report Overview - The report is a steel morning report released by the Black Team of the Research Center on August 15, 2025, covering aspects such as spot prices, price and profit, production and inventory, basis and spreads [1] Spot Prices Rebar - Spot prices of rebar in different regions (Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, Wuhan) showed varying degrees of decline from August 8 to August 14, with decreases ranging from 20 to 70 yuan [1] Hot - Rolled Coils - For hot - rolled coils in Tianjin, Shanghai, and Lecong, the price changes were relatively small, with 0 yuan in Tianjin, - 20 yuan in Shanghai, and - 10 yuan in Lecong from August 8 to August 14 [1] Cold - Rolled Coils - Cold - rolled coils in Tianjin, Shanghai, and Lecong also had price fluctuations, with a decrease of 70 yuan in Tianjin, 0 yuan in Shanghai, and - 30 yuan in Lecong from August 8 to August 14 [1]

1. Report Industry Investment Ratings There is no information about the report industry investment ratings in the provided content. 2. Core Views of the Report - **Steel**: Steel prices have strengthened again, with clear support levels for rebar and hot-rolled coils. Social inventory has increased significantly in the past two weeks due to positive arbitrage by futures-spot traders. Steel mills have few overstocked products as inventory has shifted from mills to traders. There are expectations of production restrictions in mid-to-late August. Short-term inventory pressure is not high, but off-season demand has low acceptance of high prices. The main contract is approaching the rollover period, and the price of the October contract may fluctuate at high levels. It is advisable to hold long positions and be cautious about chasing high prices [1]. - **Iron Ore**: The 09 contract of iron ore showed a volatile upward trend. Globally, iron ore shipments and arrivals at 45 ports have decreased. On the demand side, steel mills' profit margins are at a relatively high level, with a slight increase in maintenance volume and a slight decline in molten iron production, which remains at around 240,000 tons per day. Steel exports remain strong, maintaining short-term resilience in molten iron production. Terminal demand shows strong performance during the off-season but weakens month-on-month. In terms of inventory, port inventory has slightly increased, and steel mills' equity ore inventory has increased month-on-month. It is expected that molten iron production in August will remain high, with an average daily output of around 236,000 tons. Steel mills' improving profits support raw materials. There are also new supply-side policy expectations and production restriction expectations for Hebei steel mills before the September 3rd parade. It is recommended to go long on the 2601 contract on dips and conduct an arbitrage strategy of going long on coking coal 01 and short on iron ore 01 [4]. - **Coking Coal and Coke**: The coking coal futures showed a volatile upward trend, with intense price fluctuations recently. Spot auction prices are stable with a slight upward trend, and Mongolian coal prices are stable with an increase. The fifth round of coke price increases has been officially implemented, and the sixth round of price increases has been initiated. On the supply side, coal mine production has decreased month-on-month, and the market remains in short supply. Imported coal prices have rebounded this week after falling last week, and downstream users continue to replenish their inventories. On the demand side, coking plant operations are stable, and the high-level molten iron production of blast furnaces has slightly declined, with continuous downstream replenishment demand. It is expected that molten iron production in August will continue to decline slightly. In terms of inventory, coking plant inventory continues to decrease, port inventory has slightly increased, and steel mill inventory has decreased. It is recommended to go long on coking coal 2601 on dips and conduct an arbitrage strategy of coking coal 9 - 1 reverse spread [7]. 3. Summaries by Relevant Catalogs Steel - **Prices and Spreads**: Rebar and hot-rolled coil prices have increased, with different price levels and changes in different regions and contracts. For example, the spot price of rebar in East China is 3,360 yuan/ton, an increase of 20 yuan/ton from the previous value [1]. - **Cost and Profit**: The cost of steel billets and slabs has changed, and the profit of steel products has generally decreased. For example, the profit of East China hot-rolled coils has decreased by 23 yuan/ton [1]. - **Production**: The daily average molten iron production has slightly decreased, while the production of five major steel products has increased. Rebar production has increased significantly, with a 4.8% increase, and hot-rolled coil production has decreased by 2.4% [1]. - **Inventory**: The inventory of five major steel products has increased by 1.7%, the rebar inventory has increased by 1.9%, and the hot-rolled coil inventory has increased by 2.5% [1]. - **Trading and Demand**: Building material trading volume has decreased by 3.5%, the apparent demand for five major steel products has decreased by 0.7%, the apparent demand for rebar has increased by 3.6%, and the apparent demand for hot-rolled coils has decreased by 4.3% [1]. Iron Ore - **Prices and Spreads**: The warehouse receipt costs of various iron ore powders have increased, and the basis of the 09 contract has changed. For example, the warehouse receipt cost of PB powder has increased by 8.8 yuan/ton, and the basis of the 09 contract of PB powder has increased by 2.3 yuan/ton [4]. - **Supply**: The weekly arrivals at 45 ports have decreased by 5.0%, and the global weekly shipments have decreased by 0.5%. The monthly national import volume has increased by 8.0% [4]. - **Demand**: The weekly average daily molten iron production of 247 steel mills has decreased by 0.2%, the weekly average daily port clearance volume has increased by 6.3%, the monthly national pig iron production has decreased by 3.0%, and the monthly national crude steel production has decreased by 3.9% [4]. - **Inventory**: The 45-port inventory has decreased by 0.2%, the imported ore inventory of 247 steel mills has increased by 0.0%, and the inventory available days of 64 steel mills have decreased by 4.8% [4]. Coking Coal and Coke - **Prices and Spreads**: The prices of coking coal and coke futures have increased, and the basis and spreads have changed. For example, the 09 contract of coking coal has increased by 37 yuan/ton, and the 09 - 01 spread of coking coal has changed from -158 to -150 [7]. - **Supply**: The weekly production of coke has increased slightly, and the production of sample coal mines has decreased. For example, the daily average production of all-sample coking plants has increased by 0.3% [7]. - **Demand**: The weekly molten iron production of 247 steel mills has decreased by 0.2%, and the demand for coke remains supported [7]. - **Inventory**: Coke inventory has generally decreased, and coking coal inventory has changed differently. For example, the total coke inventory has decreased by 0.9%, and the coking coal inventory of all-sample coking plants has decreased by 0.5% [7].

Core Viewpoint - The steel market is experiencing a price increase, with rising spot prices and a weakening basis, indicating a potential shift in supply-demand dynamics [1][6]. Supply - Iron element production from January to July increased by 18 million tons, a growth rate of 3.1%, with production levels stabilizing in July compared to June [3]. - The production of rebar and hot-rolled steel has shown stability and slight recovery, with rebar production at 2.11 million tons and hot-rolled steel at 3.23 million tons [3]. Demand - The demand for the five major steel products remained stable year-on-year, with a slight decrease of 0.2%, while production saw a larger decline of 1.3% [4]. - Domestic demand has decreased, but external demand has increased significantly, offsetting the decline in domestic consumption [4]. Inventory - Recent production levels have aligned with demand, leading to a stabilization of inventory levels, with total inventory for the five major materials increasing by 154,000 tons to 13.52 million tons [5]. - Rebar inventory increased by 77,000 tons to 5.46 million tons, while hot-rolled steel inventory rose by 28,000 tons to 3.48 million tons [5]. Cost and Profit - The cost of production is rising due to the recovery of coking coal supply, while steel prices are also increasing, leading to improved profit margins for steel mills [2]. - The current profit ranking for steel products is as follows: billet > hot-rolled > rebar > cold-rolled [2]. Market Outlook - The black metal market is showing signs of recovery, with a balance between supply and demand during the off-season, and expectations of a transition to peak demand [6]. - Short-term inventory pressure is low, and the upcoming shift to peak demand is expected to support steel prices [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall atmosphere in the commodity market is positive, and the prices of finished steel products continue to show a strong trend. The cost side provides significant support for steel prices. The start - up of the Medog Hydropower Station has boosted market expectations for future demand for building materials. In the short term, there are expectations of production capacity reduction on the supply side and demand is stimulated by large - scale infrastructure projects. With low inventory levels, steel prices may have a basis for continuous increase. The notice on coal production verification has also driven up coal prices, further supporting steel prices. Currently, the market is more influenced by policies and sentiment than by fundamentals [9][10]. 3. Summary by Directory 3.1 Weekly Assessment and Strategy Recommendation - **Supply - side**: This week, the total output of rebar was 2.12 million tons, a week - on - week increase of 1.4% and a year - on - year decrease of 5.2%. The long - process output was 1.88 million tons, a week - on - week increase of 2.9% and a year - on - year decrease of 6.2%. The short - process output was 0.24 million tons, a week - on - week decrease of 9.3% and a year - on - year increase of 3.5%. The daily average pig iron output was 2.4223 million tons, a slight decrease from last week. The blast furnace profit in East China remained around 220 yuan/ton, and the electric furnace profit increased significantly [7]. - **Demand - side**: This week, the apparent demand for rebar was 2.17 million tons, a week - on - week increase of 5.3% and a year - on - year decrease of 4.4%. The demand showed a slight recovery but remained weak overall [7]. - **Imports and Exports**: 155,000 tons of steel billets were imported in June [8]. - **Inventory**: The social inventory of rebar was 3.73 million tons, a week - on - week increase of 0.8% and a year - on - year decrease of 35.5%. The factory inventory was 1.66 million tons, a week - on - week decrease of 4.3% and a year - on - year decrease of 13.7%. The total inventory was 5.39 million tons, a week - on - week decrease of 0.9% and a year - on - year decrease of 30.1%. The rebar inventory continued to decline [8]. - **Profit**: The pig iron cost was 2540 yuan/ton, the blast furnace profit was 256 yuan/ton, and the average profit of independent electric arc furnace steel mills was - 33 yuan/ton. The profitability of steel mills continued to rise, and their production willingness was strong [8]. - **Basis**: The lowest warehouse receipt basis was - 52 yuan/ton, and the basis rate was - 1.6% [9]. - **Trading Strategy**: No trading strategy was recommended [11]. 3.2 Futures - Spot Market - **Price and Basis**: The 01 - contract basis was - 103 yuan/ton, the 05 - contract basis was - 128 yuan/ton, and the 10 - contract basis was - 44 yuan/ton. The 01 - 05 spread of rebar was - 25 yuan/ton, the 05 - 10 spread was 84 yuan/ton, and the 10 - 01 spread was - 59 yuan/ton [19][22]. - **Spreads**: Beijing's coil - rebar spread was 150 yuan/ton (last week: 180 yuan/ton), Shanghai's was 70 yuan/ton (last week: 110 yuan/ton), and Guangzhou's was 0 yuan/ton (last week: - 10 yuan/ton). The Shanghai - Beijing rebar spread was 70 yuan/ton (last week: 60 yuan/ton), and the Guangzhou - Shanghai spread was - 22 yuan/ton (last week: 22 yuan/ton). Beijing's premium for spiral rebar was 130 yuan/ton, Shanghai's was 180 yuan/ton, and Guangzhou's was 190 yuan/ton, remaining unchanged from last week [27][30][33]. - **Prices and Ratios**: The price of 20MnSi billet in Tangshan was 3240 yuan/ton, the aggregated price of HRB400E Φ20 rebar in Beijing was 3340 yuan/ton. The FOB export price of Chinese rebar was 452 US dollars/ton, and the CFR import prices in Southeast Asia, the US, the EU, and the Middle East were 460, 995, 605, and 610 US dollars/ton respectively. The lowest spot price of rebar was 3250 yuan/ton, the lowest spot price of coke was 1438 yuan/ton, and the lowest spot price of iron ore was 871 yuan/ton [36][39]. 3.3 Profit - The electric furnace profit was - 33 yuan/ton, an increase of 51 yuan/ton from last week. The blast furnace profit of rebar was 256 yuan/ton, an increase of 85 yuan/ton from last week. The scrap steel arrival price was 2242 yuan/ton, the pig iron cost was 3358 yuan/ton, and the average pig iron cost of 64 steel mills was 2540 yuan/ton [42][50]. 3.4 Supply - side - **Weekly Output**: The total weekly output of rebar was 2.12 million tons, a week - on - week increase of 1.4% and a year - on - year decrease of 5.2%. The long - process output was 1.88 million tons, a week - on - week increase of 2.9% and a year - on - year decrease of 6.2%. The short - process output was 0.24 million tons, a week - on - week decrease of 9.3% and a year - on - year increase of 3.5% [54]. - **Capacity Utilization**: The blast furnace capacity utilization rate was 91% (unchanged from last week), and the electric furnace capacity utilization rate was 55%, a week - on - week increase from 52% [57]. - **Pig Iron Output**: The daily average pig iron output was 2.42 million tons, the same as last week [61]. - **Regional Output**: The rebar output in the northern region was 500,000 tons (last week: 450,000 tons), and in the southern region was 740,000 tons (last week: 770,000 tons). In the East China region, it was 880,000 tons, including 340,000 tons in Jiangsu, 80,000 tons in Shandong, and 210,000 tons in Anhui. In Guangdong, it was 200,000 tons, and in Guangxi, it was 60,000 tons [65][68][71]. 3.5 Demand - side - **Building Material Transactions**: The weekly average building material transactions of 237 national distributors were 117,741 tons (last week: 105,098 tons), and in Shanghai, it was 16,600 tons (unchanged from last week). The transactions of building steel in different regions are also provided [75]. - **Rebar Consumption**: The weekly consumption of rebar was 2.17 million tons, and in East China, it was 0.84 million tons. In the Southwest, it was 0.3 million tons, and in South China, it was 0.29 million tons. Other regional consumption data are also available [85][87]. - **Related Prices**: The price of P.O42.5 cement in Hangzhou was 470 yuan/ton, and in Shanghai was 465 yuan/ton [95]. 3.6 Inventory - **Total and Social Inventory**: The social inventory of rebar was 3.73 million tons, a week - on - week increase of 0.8% and a year - on - year decrease of 35.5%. The factory inventory was 1.66 million tons, a week - on - week decrease of 4.3% and a year - on - year decrease of 13.7%. The total inventory was 5.39 million tons, a week - on - week decrease of 0.9% and a year - on - year decrease of 30.1%. The steel billet inventory in Tangshan was 1.07 million tons (last week: 1.04 million tons) [8][100]. - **Regional Inventory**: The social inventory of rebar in 132 cities was 5.47 million tons, in East China was 2.45 million tons, in Hangzhou was 0.57 million tons, and in Shanghai was 0.17 million tons. Other regional inventory data are also provided [103].

Report Industry Investment Rating No relevant content provided. Core Views - The overall market of coking coal is expected to remain stable in the short - term. Although the raw coal inventory of coking and steel enterprises is low and there is some procurement, the decline in hot metal during the off - season of finished products affects market sentiment, and some enterprises are cautious in purchasing raw coal [2]. - The supply of coking coal is difficult to increase, and the hot metal output is rising, but the procurement of raw coal by coking and steel enterprises has slowed down, and steel prices are weak [4]. - The supply - demand pattern of coke is improving. With the improvement of the macro - atmosphere, the entry of some speculative traders, and the increase in procurement by steel mills, the inventory of coke in coking enterprises has decreased significantly, and the cost support has been strengthened. It is expected to remain stable in the short - term [5]. - The increase in hot metal output and blast furnace operating rate are positive factors for coke, while the compression of steel mill profit margins and the partial over - consumption of replenishment demand are negative factors [7]. Summary by Directory Daily Views of Coking Coal - Fundamental: Some coal mines stopped production due to accidents and relocation, and the rest were operating normally. With downstream replenishment, the market trading atmosphere improved, and the inventory in production areas decreased. However, coking enterprises were cautious in purchasing raw coal due to poor profits, and the market remained stable [2]. - Basis: The spot market price was 940, and the basis was 100.5, with the spot at a premium to the futures [2]. - Inventory: The total sample inventory was 1775.5 million tons, a decrease of 19.3 million tons from last week, including 774 million tons in steel mills, 312 million tons in ports, and 669.5 million tons in independent coking enterprises [2]. - Disk: The 20 - day line was upward, and the price was above the 20 - day line [2]. - Main position: The main position of coking coal was net short, and short positions increased [2]. - Expectation: The raw coal inventory in coking and steel enterprises was at a low level, and there was appropriate procurement. However, the decline in hot metal during the off - season of finished products affected market sentiment, and it was expected that the price of coking coal would remain stable in the short - term [2]. Factors Affecting Coking Coal - Positive: Rising hot metal output and difficult supply increase [4]. - Negative: Slowed procurement of raw coal by coking and steel enterprises and weak steel prices [4]. Daily Views of Coke - Fundamental: The price of coking coal strengthened, compressing the profits of coking enterprises. However, with the entry of some speculative traders and the appropriate replenishment by steel mills, the supply - demand pattern of coke improved [5]. - Basis: The spot market price was 1340, and the basis was - 93, with the spot at a discount to the futures [5]. - Inventory: The total sample inventory was 933.2 million tons, a decrease of 15.2 million tons from last week, including 642.8 million tons in steel mills, 203.1 million tons in ports, and 87.3 million tons in independent coking enterprises [5]. - Disk: The 20 - day line was upward, and the price was above the 20 - day line [5]. - Main position: The main position of coke was net short, and short positions decreased [5]. - Expectation: With the improvement of the macro - atmosphere, the entry of some speculative traders, and the increase in procurement by steel mills, the inventory of coke in coking enterprises decreased significantly, and the cost support was strengthened. It was expected to remain stable in the short - term [5]. Factors Affecting Coke - Positive: Rising hot metal output and synchronous increase in blast furnace operating rate [7]. - Negative: Compression of steel mill profit margins and partial over - consumption of replenishment demand [7]. Price - The price of port metallurgical coke on July 4 (17:30) showed different trends, with some prices decreasing by 10, some remaining unchanged, and the price of first - class metallurgical coke in Qingdao Port increasing by 12 [10]. Inventory - Port inventory: Coking coal port inventory was 312 million tons, a decrease of 1 million tons from last week; coke port inventory was 203.1 million tons, a decrease of 11.1 million tons from last week [18]. - Independent coking enterprise inventory: The coking coal inventory of independent coking enterprises was 669.5 million tons, a decrease of 21.4 million tons from last week; the coke inventory was 87.3 million tons, a decrease of 1.1 million tons from last week [21]. - Steel mill inventory: The coking coal inventory of steel mills was 774 million tons, an increase of 3.1 million tons from last week; the coke inventory was 642.8 million tons, a decrease of 3 million tons from last week [24]. Other Data - Coke oven capacity utilization rate: The capacity utilization rate of 230 independent coking enterprises nationwide was 74%, the same as last week [35]. - Average profit per ton of coke: The average profit per ton of coke of 30 independent coking plants nationwide was - 46 yuan, a decrease of 27 yuan from last week [39].