1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - In the context of geopolitical factors and iron ore industry policy factors, coal and coke futures show resistance during the oscillatory rebound but generally tend to rebound. Attention should be paid to the development of Sino - US relations, changes in the iron ore spot market supply, the path of steel profit recovery, and the differences in the re - inflation rhythm of precious metals, non - ferrous metals, ferrous metals, and energy and chemical commodities caused by macro - large - scale asset allocation [11]. 3. Summary by Related Catalogs 3.1 Market Review - On October 10, 2025, the main contract 2601 of coke futures continued to oscillate and recover, while the main contract 2601 of coking coal futures briefly rose and then gave back the day's gains. The closing price of J2601 was 1666.5 yuan/ton, up 1.86%, with a trading volume of 16,954 lots and a position of 41,385 lots, a decrease of 499 lots. The closing price of JM2601 was 1161 yuan/ton, up 1.22%, with a trading volume of 700,936 lots and a position of 596,453 lots, an increase of 27,482 lots [5]. - The long - short comparison and deviation of the top 20 positions in the black - series futures on October 10, 2025, showed different trends. For example, RB2601 had a long - short difference of 11,708 lots with a deviation of 0.99%, and HC2601 had a long - short difference of - 12,648 lots with a deviation of - 1.30% [6]. 3.2 Spot Market and Technical Analysis - On October 10, 2025, the flat - price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1520 yuan/ton, with no change. The prices of low - sulfur main coking coal in different regions showed different trends, such as a 70 - yuan increase in Pingdingshan and a 60 - yuan decrease in Linfen [8]. - The daily KDJ indicators of the coke 2601 contract continued to diverge, with the J - value continuing to rise, the K - value turning up, and the D - value continuing to decline. The daily KDJ indicators of the coking coal 2601 contract also continued to diverge, with the J - value and K - value continuing to rise and the D - value continuing to decline. The daily MACD green bar of the coke 2601 contract turned slightly narrower, while that of the coking coal 2601 contract continued to expand slightly [8]. 3.3 Future Outlook - In terms of news, on October 9, the Ministry of Commerce and the General Administration of Customs issued 4 announcements on export controls. On October 10, the Ministry of Transport announced the collection of special port fees for US ships. There were also unconfirmed news about the procurement of imported iron ore by Sinomine Resource Group. The iron ore futures rebounded after the long holiday, and whether the rebound can continue depends on the result of the game between the two sides and the recovery of steel terminal demand [9]. - Fundamentally, for coke, the output of independent coking plants has been slightly declining for 4 consecutive weeks since reaching a new high in late May, and the output of steel mills has increased but the growth rate has narrowed. Port coke inventory has rebounded slightly after falling to a new low since mid - July, steel mill inventory has started to reduce after reaching a new high since late May, and coking plant inventory has rebounded from a new low since late October last year. The profit per ton of coke turned profitable after 3 consecutive weeks of losses, and the first round of spot price increase for coke was implemented on October 1. For coking coal, from January to August, the year - on - year decline in China's coal and lignite imports narrowed by 0.8 percentage points to - 12.2%, and the year - on - year decline in coking coal imports narrowed slightly to - 7.6%. The inventory of mine clean coal and raw coal has dropped significantly in the past 16 weeks, with overall declines of 60.8% and 36.4% respectively. The inventory of independent coking plants has dropped significantly from a new high since the end of January, steel mill inventory has dropped for 2 consecutive weeks to a new low since late June, and port inventory has rebounded to the level of late July. With coking plants reducing inventory after replenishment, the prices of major coking coal spot markets continued to be strong [10]. 3.4 Industry News - The National Development and Reform Commission issued an announcement on governing price disorderly competition and maintaining a good market price order, guiding operators to price reasonably and promoting industry self - regulation [12]. - On October 10, 2025, the Ministry of Transport announced the collection of special port fees for US ships starting from October 14, 2025 [13]. - Reuters reported that on October 9, the Trump administration proposed to ban Chinese airlines from flying over Russian airspace on flights to and from the US. The Chinese Foreign Ministry spokesperson suggested referring to relevant departments and pointed out that the US restrictions were not conducive to personnel exchanges between the two countries [13]. - On October 9, 2025, Trump reiterated the "America First" trade policy at a White House cabinet meeting, threatening to stop importing a large number of goods from China [13]. - Jizhong Energy completed the industrial and commercial change registration for the acquisition of a 49% stake in Jingneng Xilin Gol Energy Co., Ltd. [13]. - Suneng Co., Ltd. stated at a performance briefing that its operating income in the first half of the year was 5.573 billion yuan, and the net profit attributable to the parent company was 93 million yuan. The performance was under pressure compared with the same period last year due to the impact of the loose coal market supply and demand and the large decline in coal prices [13]. - During the National Day and Mid - Autumn Festival holidays, the Taiyuan Railway Administration of China Railway transported 15.08 million tons of coal to ensure power supply [13]. - Kpler ship tracking data showed that Australia's coal exports in September 2025 were 31.4188 million tons, a month - on - month increase of 6.63% and a year - on - year increase of 4.93%. The cumulative exports from January to September were 254 million tons, a year - on - year decrease of 3.91% [13]. - On September 29, 2025, India's Ministry of Commerce and Industry launched an anti - dumping investigation into 300 - series and 400 - series stainless - steel cold - rolled flat products originating from or imported from China, Indonesia, and Vietnam [14]. - From January to September 2025, Mongolia's iron ore exports totaled 6.4851 million tons, a year - on - year increase of 18.74%, and the export value was 465 million US dollars, a year - on - year increase of 4.20% [14]. 3.5 Data Overview - The report provides multiple data charts, including the spot price index of metallurgical coke in major markets, the spot aggregated price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national average daily hot - metal production, the coke inventory of ports/steel mills/coking plants, the profit per ton of independent coking plants, the production and operating rate of sample mines, the clean coal and raw coal inventory of sample mines, the coking coal inventory of ports/coking plants/steel mills, and the basis of Rizhao Port's quasi - first - grade coke and Linfen's low - sulfur main coking coal with the January contract [16][17][18][28][29][30].

Investment Rating - The report maintains a "Positive" outlook on the hydropower sector, particularly large hydropower projects, due to improved fundamentals and favorable weather conditions [2][6]. Core Insights - The report highlights that the autumn floods have positively impacted hydropower generation, with significant increases in water inflow expected in the coming days [2][6]. - The announcement from the National Development and Reform Commission regarding the regulation of price competition is expected to alleviate irrational competition in the electricity market [2][8]. - Global natural gas prices are experiencing fluctuations, with U.S. prices remaining low while European prices are rebounding due to geopolitical tensions and increased heating demand [12][21]. Summary by Sections Electricity Sector - The report notes that hydropower generation in the Yangtze River basin has reached historical highs due to concentrated rainfall, with a total generation of approximately 235.13 billion kWh in the first three quarters of 2025, remaining stable compared to the previous year [2][6]. - The announcement on regulating price competition aims to create a fair market environment, which is expected to reduce irrational pricing behaviors in the electricity sector [7][8]. - Recommendations include focusing on large hydropower companies such as Guotou Power, Chuan Investment Energy, and Yangtze Power, as well as green energy firms like Xintian Green Energy and Longyuan Power [11]. Natural Gas Sector - As of October 10, 2025, U.S. Henry Hub spot prices were $2.90/mmBtu, reflecting a weekly decrease of 9.03%, while European gas prices, such as the TTF, saw an increase of 5.26% to €32.63/MWh [12][14]. - The report indicates that the natural gas consumption in August 2025 showed a year-on-year increase of 1.8%, with total consumption reaching 364.1 billion m³ [34]. - Investment recommendations include focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy, as well as gas trading firms [36]. Environmental Sector - The report suggests that companies with stable performance and high dividend yields, such as Zhongshan Public Utilities and Everbright Environment, should be monitored for potential investment opportunities [11]. - The ongoing development of carbon trading markets and environmental regulations is expected to enhance the performance of companies in the environmental sector [46].

Core Viewpoint - The announcement by the National Development and Reform Commission and the State Administration for Market Regulation aims to address disorderly price competition, which negatively impacts industry development, product innovation, and quality safety [1][2]. Group 1: Policy Measures - The announcement outlines multiple measures to guide enterprises in lawful and compliant operations, emphasizing the need for a fair market price order [1][2]. - It highlights the importance of coordinating price policies with industrial policies to effectively manage disorderly price competition [2]. - Industry associations are encouraged to adhere to price laws and promote self-discipline within the industry to maintain fair competition [3]. Group 2: Industry Impact - The document notes that disorderly competition in certain industries could lead to adverse effects on economic health, including the potential for "bad money to drive out good" [1]. - Recent statistics indicate a turnaround in industrial profits, with a shift from a 1.7% year-on-year decline in the first seven months of 2025 to a 0.9% increase, suggesting improved industry conditions [4]. - The announcement is part of a broader effort to reshape the industrial ecosystem and promote high-quality development across various sectors [4][5]. Group 3: Future Directions - Future efforts will focus on enhancing policy communication, encouraging compliance among operators, and improving product quality and service levels [5]. - There will be a close monitoring of market price trends and industry competition to identify and address issues of disorderly price competition promptly [5].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Keda Li, and others, based on their strong growth potential and market positioning [5][6]. Core Insights - The new energy vehicle market continues to show robust growth, with significant increases in delivery numbers for various manufacturers, particularly for Leap Motor, which achieved a record delivery of 66,657 units in September 2025 [2][11]. - The announcement from the National Development and Reform Commission and the State Administration for Market Regulation regarding the governance of price disorder in the new energy sector indicates a move towards stabilizing market prices and promoting fair competition [3][35]. - The "Ning Electric into Hunan" project has been fully completed and is expected to significantly reduce coal consumption and carbon emissions in the receiving areas, highlighting the ongoing investment in electric infrastructure [4][59]. Summary by Sections New Energy Vehicles - In September 2025, several new energy vehicle manufacturers reported strong delivery figures, with Leap Motor leading the new force with 66,657 units delivered, marking a 97.4% year-on-year increase [2][11]. - Other notable performances include Xiaomi with over 40,000 units delivered, and BYD maintaining its market leadership with 396,270 units delivered in September [2][18]. New Energy Generation - The recent announcement from regulatory bodies emphasizes the importance of maintaining a fair pricing order in the new energy sector, aiming to mitigate the negative impacts of price disorder on industry development [3][35]. - The report suggests that the recent stabilization of prices in the industry may signal a turning point for the photovoltaic sector, as efforts to combat price competition begin to take effect [36]. Electric Equipment and Automation - The State Grid Corporation's bidding activities in the first three quarters of 2025 reached a total of 1,409.12 billion yuan, with a significant portion allocated to transmission and transformation projects [4][59]. - The completion of the "Ning Electric into Hunan" project is expected to enhance the region's power supply capabilities while contributing to environmental sustainability by reducing carbon emissions [4][59].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The alloy market has a strong wait - and - see sentiment, and the alloy prices are oscillating. Manganese ore prices are firm this week, the fluctuation range of manganese silicon is limited, and the price of ferrosilicon is oscillating weakly due to fundamental pressure [3][6]. - Macroscopically, domestically, relevant departments issued an announcement on governing price disorderly competition; overseas, there are differences in the Fed's interest - rate cuts, and tariff events may lead to an escalation of the Sino - US trade war. Microscopically, the molten iron output decreased slightly, the support for raw material demand is limited, and the cost of ferrosilicon is expected to decline, resulting in a higher price fluctuation range than that of manganese silicon [5]. 3. Summary According to Relevant Catalogs 3.1 Futures Contract Performance - The FeSi2511 contract oscillated this week, closing at 5,436 yuan/ton, a decrease of 58 yuan/ton compared to the pre - holiday closing price, with a trading volume of 234,128 lots and an open interest of 118,193 lots, an increase of 112 lots compared to the previous period [8]. - The MnSi2601 contract oscillated this week, closing at 5,760 yuan/ton, an increase of 2 yuan/ton compared to the pre - holiday closing price, with a trading volume of 279,333 lots and an open interest of 376,591 lots, an increase of 28,300 lots compared to the previous period [8]. 3.2 Spot Price - The spot price of ferrosilicon in major regions across the country oscillated weakly this week. The aggregated quotation of 75B ferrosilicon in the main production areas was 5,150 - 5,380 yuan/ton, a week - on - week change of - 50 yuan/ton [9]. - The aggregated quotation range of silicon - manganese spot in major regions across the country was 5,620 - 5,980 yuan/ton, with a price fluctuation of - 120 - 0 yuan/ton [9]. 3.3 Manganese Silicon Fundamentals 3.3.1 Production - The weekly output of manganese silicon was 204,200 tons, a decrease of 2,200 tons compared to last week, with a week - on - week change rate of - 1.1%. The weekly operating rate was 43.19%, a decrease of 0.99 percentage points compared to last week [17]. 3.3.2 Steel Tendering - After the holiday, the steel tendering price showed a downward trend, and the market was mainly in a wait - and - see mode [24]. 3.3.3 Demand - From the performance of downstream steel mills, production remained at a high level, but the actual output of molten iron decreased. The blast furnace operating rate of 247 steel enterprises was 90.55%, a decrease of 0.1 percentage points compared to last week; the daily average molten iron output was 241,540 tons, a decrease of 2,700 tons compared to last week. The overall demand for manganese silicon was weak [27]. 3.3.4 Inventory - As of October 10, the number of manganese silicon warehouse receipts was 54,041, a decrease of 2,070 compared to September 26, with a converted inventory of 270,205 tons and a warehouse receipt destocking of 10,360 tons [31]. - In September, the average available days of silicon - manganese inventory in steel mills were 15.93 days (+0.95 days) [32]. - As of October 10, the inventory of 63 domestic silicon - manganese sample enterprises was 242,500 tons, an increase of 8,700 tons compared to September 26 [36]. 3.3.5 Manganese Ore - The global manganese ore departure volume recovered, and the departure volume from Ghana increased month - on - month. The major port aggregated departure volume was 984,400 tons, an increase of 48,900 tons compared to the previous period [40]. - After the holiday, the arrival of manganese ore at ports may increase. The expected future arrival volume at Tianjin Port is 503,900 tons, and at Qinzhou Port is 82,800 tons [47]. - The manganese ore port quotations were firm. For example, in November 2025, Comilog's Gabonese lump was reported at 4.35 US dollars/ton - degree, a month - on - month increase of 0.08 US dollars/ton - degree [52]. 3.4 Ferrosilicon Fundamentals 3.4.1 Production - The weekly output of ferrosilicon was 115,800 tons, with no change compared to last week and an increase of 13,000 tons compared to the week before the holiday. The weekly operating rate was 35.94%, an increase of 0.61 percentage points compared to the pre - holiday operating rate [58]. 3.4.2 Steel Tendering - Steel mills have not launched a new round of tendering quotations, and the price of traders' point - price shipments is relatively low [65]. 3.4.3 Demand - From the performance of downstream steel mills, production remained at a high level, but the actual output of molten iron decreased. The blast furnace operating rate of 247 steel enterprises was 90.55%, a decrease of 0.1 percentage points compared to last week; the daily average molten iron output was 241,540 tons, a decrease of 2,700 tons compared to last week [75]. - The non - steel demand: the stainless - steel crude steel output in September was 3.0661 million tons, a month - on - month increase of 163,300 tons and a year - on - year increase of 7.65%. The metal output in September was 76,800 tons, a month - on - month increase of 10.5% and a year - on - year increase of 2.4%. The ferrosilicon export volume in August was 35,000 tons, a month - on - month decrease of 2.6% [75]. 3.4.4 Inventory - As of October 10, the number of ferrosilicon warehouse receipts was 15,040, a decrease of 2,333 compared to September 26, with a converted inventory of 75,200 tons and a warehouse receipt destocking of 11,665 tons [77]. - In September, the average available days of ferrosilicon inventory in steel mills were 15.52 days (+0.85 days) [78]. - As of October 10, the inventory of 60 domestic ferrosilicon sample enterprises was 66,030 tons, an increase of 4,570 tons compared to September 26 [82]. 3.4.5 Cost - The raw material price decreased, and the production cost center of ferrosilicon moved down [85].

Group 1: Trade Relations and Economic Impact - China has implemented export controls on rare earths and related technologies, responding to U.S. threats of increased tariffs and export restrictions[2] - China dominates 70% of global rare earth mining and 93% of rare earth permanent magnet production, leveraging this advantage in trade negotiations[3] - The U.S. economy is facing significant challenges, including a slowdown due to tariffs, a cooling labor market, and political divisions leading to government shutdowns[4] Group 2: Consumer Behavior and Market Trends - During the Mid-Autumn and National Day holidays, domestic travel reached 888 million trips, with total spending of 809 billion yuan, reflecting a year-on-year increase of 1.6% and 1.0% respectively[16] - Consumer spending in related industries grew by 4.5% year-on-year, but the growth rate has declined compared to previous holidays, indicating a need for further stimulus measures[21] - The automotive sector remains in a low growth range, with retail and wholesale sales showing minimal year-on-year changes[30]

Core Viewpoint - The National Development and Reform Commission and the State Administration for Market Regulation have issued an announcement to address chaotic price competition and maintain a fair market price order, focusing on key industries with significant issues in price competition [1][2]. Summary by Sections Announcement Details - The announcement emphasizes the need for industry associations to conduct research and assess average industry costs to provide reference for reasonable pricing by operators [1]. - It mandates strict adherence to the Price Law and Anti-Monopoly Law by industry associations to promote self-discipline and maintain a fair market environment [1]. Industry Response - The China Iron and Steel Association has already begun addressing price competition issues, having warned six companies about negative cash flow despite increasing crude steel production [1]. - Concerns have been raised by enterprises regarding whether the assessment of average industry costs will affect their pricing autonomy [2]. Regulatory Measures - The announcement outlines three regulatory measures: 1. Reminder and warning to operators suspected of price competition issues to self-regulate their pricing behavior [3]. 2. Enhanced supervision and potential cost investigations for those who do not rectify their pricing practices after warnings [3]. 3. Implementation of credit regulation and penalties for non-compliance [3]. Industry Self-Regulation - The Secretary-General of the China Iron and Steel Association highlighted the need for industry self-regulation to prevent vicious competition, indicating that market self-discipline needs to be strengthened [3].

Group 1: U.S.-China Maritime Tensions - China will impose special port service fees on U.S. vessels starting October 14, in response to the U.S. adding port service fees on Chinese-owned or operated ships, which China claims violates international trade principles [2][3] - The U.S. measures are seen as unilateral and discriminatory, harming Chinese enterprises, while China emphasizes that its countermeasures aim to maintain fair competition in international shipping and shipbuilding markets [2][3] Group 2: Price Competition Regulation - The National Development and Reform Commission and the State Administration for Market Regulation announced measures to address chaotic price competition, including evaluating industry average costs and strengthening price supervision [4][5] - The announcement aims to guide enterprises in lawful operations and improve market competition by preventing low-quality bids below cost, which could negatively impact industry development and product quality [4][5] Group 3: New Energy Vehicle Tax Policy - The Ministry of Industry and Information Technology announced adjustments to the technical requirements for tax exemptions on new energy vehicles, effective January 1, 2026, raising the bar for eligible models [6][7] - The new standards are expected to phase out less efficient models from the market, potentially reducing consumer choices in the short term but promoting higher quality products in the long run [6][7] Group 4: Stock Market Performance - The Shanghai Composite Index reached a ten-year high, surpassing 3900 points, driven by positive market sentiment and increased trading volume, with a total turnover of 2.65 trillion yuan [8][9] - The surge in A-shares is attributed to improved policy expectations and industry conditions, signaling enhanced market confidence and foreign investment interest [8][9] Group 5: OpenAI and AMD Partnership - OpenAI signed a significant deal with AMD, involving a $1 trillion agreement for deploying 6 gigawatts of AMD GPU capacity, allowing OpenAI to acquire up to 10% of AMD shares at a minimal cost [15][16] - This partnership is part of OpenAI's strategy to build a robust computing power network, essential for AI model training, amidst a backdrop of substantial investments in AI infrastructure [15][16] Group 6: Precious Metals Market - Gold prices reached a historic high, exceeding $4000 per ounce, with a year-to-date increase of over 53%, while silver also hit record levels, rising more than 70% this year [17][18] - The surge in precious metals is driven by heightened risk aversion due to geopolitical tensions and economic uncertainties, prompting central banks to increase gold reserves [17][18]

Core Viewpoint - The announcement by the National Development and Reform Commission and the State Administration for Market Regulation aims to regulate market pricing behavior and maintain a sound market price order to support high-quality development [2][3]. Group 1: Market Price Order - Price competition is a significant aspect of market competition, but disorderly competition can negatively impact industry development, product innovation, and quality safety, which is detrimental to the healthy development of the national economy [2][3]. - The government is implementing policies to resolve structural contradictions in key industries, promote the exit of backward and inefficient production capacity, and expand the supply of mid-to-high-end capacity [3]. Group 2: Pricing Guidelines - The announcement emphasizes that operators should set prices based on production costs and market supply and demand, adhering to principles of fairness, legality, and good faith [3][4]. - Industry associations are encouraged to assess average industry costs to provide operators with reasonable pricing references, which can help optimize pricing strategies and improve production management [5][6]. Group 3: Tendering and Bidding Regulations - The announcement includes specific regulations for operators' behavior in the tendering and bidding sector, prohibiting bids below their own costs [8]. - Measures to address disorderly price competition include reminders, regulatory enforcement, and credit punishment for non-compliance [8][9].

Report Overview - Report Title: Steel & Iron Ore | Daily Report - Report Date: October 10, 2025 - Report Type: Daily Report - Report Industry: Steel & Iron Ore 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - **Rebar**: The main contract futures price rose and then fell, with a daily increase of 0.52%, and both trading volume and open interest increased. Currently, rebar supply is contracting while demand is weak. The fundamentals have not improved substantially under the situation of weak supply and demand. The inventory increased significantly during the holiday, putting pressure on steel prices. The relative positive factor is cost support. It is expected that the price will continue to fluctuate at a low level. Attention should be paid to the demand recovery after the holiday [4]. - **Hot - rolled coil**: The main contract futures price fluctuated, with a daily increase of 0.37%, and both trading volume and open interest increased. At present, the supply of hot - rolled coils remains at a high level, while demand is weak. The fundamentals are continuously weakening. The inventory increased significantly during the holiday, and the price of hot - rolled coils is under pressure and running weakly. Attention should be paid to the demand performance after the holiday, and beware of the intensification of industrial contradictions caused by weakening demand [4]. - **Iron ore**: The main contract futures price fluctuated upwards, with a daily increase of 1.02%, trading volume decreased and open interest increased. Currently, the sentiment in the commodity market is warm after the holiday, and demand shows some resilience, which supports the ore price. However, the supply of iron ore remains at a high level, and the fundamentals are expected to weaken, so the upward driving force is not strong. It is expected that the ore price will maintain a high - level fluctuating trend under the game of multiple and short factors. Attention should be paid to the performance of steel products [4]. 3. Summary According to Relevant Catalogs 3.1 Industry Dynamics - **Price Order Governance**: The National Development and Reform Commission and the State Administration for Market Regulation recently issued an announcement on governing disorderly price competition and maintaining a good market price order. Operators of goods and services subject to market - regulated prices should follow the principles of fairness, legality, and good faith, and exercise their independent pricing power in accordance with the law [6]. - **Real Estate Sales**: In September, the total sales of TOP100 real - estate enterprises increased by 11.9% month - on - month. From January to September, the total sales of TOP100 real - estate enterprises were 260.659 billion yuan, and the decline rate narrowed by 1.1 percentage points compared with January - August [7]. - **Anti - dumping Ruling**: On September 30, 2025, Brazil's Foreign Trade Commission's Executive Management Committee (GECEX) issued Resolution No. 789 of 2025, making a positive final ruling on the second anti - dumping sunset review of certain flat - rolled steel products. China will be subject to an anti - dumping duty of $678.51 per ton for 5 years [8]. 3.2 Spot Market - **Steel Products**: The spot prices of rebar in Shanghai and Tianjin are 3,220 yuan, and the national average is 3,262 yuan. The spot prices of hot - rolled coils in Shanghai and Tianjin are 3,350 yuan and 3,290 yuan respectively, and the national average is 3,399 yuan. The price of Tangshan billet is 2,960 yuan, and the price of Zhangjiagang heavy scrap is 2,150 yuan. The spread between hot - rolled coils and rebar is 130 yuan, and the spread between rebar and scrap is 1,070 yuan [9]. - **Iron Ore**: The price of 61.5% PB powder at Shandong ports is 789 yuan, and the price of Tangshan iron concentrate powder (wet basis) is 807 yuan. The freight rates from Australia and Brazil are 9.57 yuan and 24.16 yuan respectively. The SGX swap price (current month) is 104.91 yuan, and the Platts index (CFR, 62%) is 105.85 yuan [9]. 3.3 Futures Market | Product | Active Contract | Closing Price | Change (%) | High | Low | Volume | Volume Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,103 | 0.52 | 3,124 | 3,093 | 1,039,362 | 215,679 | 1,926,153 | 18,024 | | Hot - rolled coil | - | 3,285 | 0.37 | 3,311 | 3,276 | 414,002 | 44,214 | 1,397,651 | 23,065 | | Iron ore | - | 795.0 | 1.02 | 802.0 | 791.0 | 224,798 | - 15,968 | 476,191 | 16,626 | [11] 3.4 Related Charts - **Steel Inventory**: The report provides charts on the weekly changes in rebar inventory, hot - rolled coil inventory, and the total inventory of hot - rolled coils (steel mills + social inventory) [14][16][19]. - **Iron Ore Inventory**: Charts on the inventory of 45 ports in China, the seasonal inventory of 45 ports in China, and the inventory of 247 steel mills are presented [21][22][26]. - **Steel Mill Production**: The report shows charts on the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the profit - making steel mill ratio of 247 steel mills, the operating rate of 87 independent electric furnaces, and the profit and loss situation of 75 independent electric arc furnace steel mills for building materials [28][31][30][34]. 3.5 Market Outlook - **Rebar**: During the holiday, both supply and demand of rebar weakened. The weekly output decreased by 3.62 tons, and the inventory was high. Demand was weak, and the weekly apparent demand decreased. It is expected that the price will continue to fluctuate at a low level, and attention should be paid to the demand recovery after the holiday [35]. - **Hot - rolled coil**: The supply - demand pattern continued to weaken. The weekly output decreased by 1.40 tons but remained at a high level. The inventory was high, and demand was weak. The weekly apparent demand decreased by 33.64 tons. Although the production of cold - rolled products provided some support, there were concerns about demand. The price is expected to run weakly, and attention should be paid to the demand performance after the holiday [35]. - **Iron Ore**: The supply and demand situation has changed. The consumption of iron ore by steel mills remained at a high level, but the resilience of demand is expected to weaken. The supply pressure is increasing as the port arrivals increased and overseas miners' shipments are still at a high level. It is expected that the price will fluctuate at a high level, and attention should be paid to the performance of steel products [36].