Report Industry Investment Ratings No investment ratings are provided in the report. Core Views - Iron ore is expected to experience wide - range fluctuations due to the repeated macro - expectations [2][4]. - Rebar and hot - rolled coil prices are likely to have an oscillatory correction because of the rapid inventory accumulation [2][7][8]. - Silicon iron and manganese silicon are predicted to have wide - range fluctuations [2][12]. - Coke and coking coal are expected to show wide - range fluctuations [2][15]. - Logs are likely to have repeated oscillations [2][17]. Summary by Related Catalogs Iron Ore - **Fundamental Data**: The closing price of the futures contract 12601 was 771.5 yuan/ton, up 5.5 yuan or 0.72%. The positions decreased by 948 hands. Among the spot prices, imported ore prices generally increased, while domestic ore prices remained stable. The basis and spreads also had certain changes [4]. - **Macro and Industry News**: In August, China's Manufacturing Purchasing Managers' Index was 49.4%, up 0.1 percentage points from the previous month [4]. - **Trend Intensity**: The trend intensity of iron ore is 1 [4]. Rebar and Hot - Rolled Coil - **Fundamental Data**: The closing prices of RB2510 and HC2510 were 3047 yuan/ton and 3310 yuan/ton respectively, with decreases of 0.49% and 0.48%. The trading volumes, positions and their changes, spot prices, basis and spreads all had corresponding data [8]. - **Macro and Industry News**: In July 2025, China's steel exports were 983.6 million tons, up 1.6% from the previous month, and the export average price was 702.2 US dollars/ton, up 2.2%. From January to July, the cumulative steel exports were 6798.3 million tons, a year - on - year increase of 11.0%, and the export average price was 699.7 US dollars/ton, a year - on - year decrease of 10.3%. According to the weekly data on August 28, the production, inventory and apparent demand of rebar and hot - rolled coil had different changes. In mid - August 2025, the production and inventory data of key steel enterprises also changed [9][10]. - **Trend Intensity**: The trend intensity of rebar and hot - rolled coil is 0 [10]. Silicon Iron and Manganese Silicon - **Fundamental Data**: The closing prices, trading volumes, positions of futures contracts, and spot prices, basis and spreads of silicon iron and manganese silicon all had specific data [12]. - **Macro and Industry News**: On September 2, the prices of silicon iron 72 in different regions and the procurement prices of silicon iron and manganese silicon by some steel mills were reported [13]. - **Trend Intensity**: The trend intensity of silicon iron and manganese silicon is 0 [14]. Coke and Coking Coal - **Fundamental Data**: The closing prices, trading volumes, positions of futures contracts, and spot prices, basis and spreads of coke and coking coal all had corresponding data [15]. - **Macro and Industry News**: In August, China's Manufacturing Purchasing Managers' Index was 49.4%, up 0.1 percentage points from the previous month [15]. - **Trend Intensity**: The trend intensity of coke and coking coal is 1 [15]. Logs - **Fundamental Data**: The closing prices, trading volumes, positions of different futures contracts, and spot prices, basis and spreads of logs all had specific data, and the price changes of different types of logs in different regions were also reported [18]. - **Macro and Industry News**: In August, China's Manufacturing Purchasing Managers' Index was 49.4%, up 0.1 percentage points from the previous month [20]. - **Trend Intensity**: The trend intensity of logs is 0 [20].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The stock index futures still have the possibility of stabilizing and rebounding [3] 3. Summary by Relevant Catalogs 3.1. Index Futures Data Tracking - On August 27, all the current-month contracts of the four major index futures declined. IF dropped 1.71%, IH dropped 1.84%, IC dropped 1.51%, and IM dropped 2.08% [1] - On this trading day, the total trading volume of index futures rebounded, indicating that investors' trading enthusiasm has increased. Specifically, the total trading volume of IF increased by 43,644 lots, IH increased by 16,891 lots, IC increased by 57,059 lots, and IM increased by 92,377 lots. In terms of positions, the total positions of IF increased by 13,045 lots, IH increased by 3,677 lots, IC increased by 24,398 lots, and IM increased by 17,455 lots [2] 3.2. Index Futures Member Positions - The long and short positions of the top 20 member institutions in different contracts of IF, IH, IC, and IM have different changes. For example, in IF2509, the long positions increased by 4,337 lots, and the short positions increased by 3,404 lots [5] 3.3. Trend Strength and Important Drivers - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The range of trend strength values is an integer in the [-2, 2] interval [6] - The Ministry of Commerce will introduce several policy measures to expand service consumption next month, and the relevant policy document on promoting service exports will be publicly issued soon. In July, the profits of industrial enterprises above designated size decreased by 1.5% year-on-year, with the decline narrowing for two consecutive months. High-tech manufacturing profits turned from a 0.9% decline in June to an 18.9% increase [6] - The three major A-share indexes rose and then fell, with the Shanghai Composite Index recording its largest decline in nearly five months. The market's full-day trading volume was 3.2 trillion yuan, ranking second in history [6]

Report Overview - Date: August 27, 2025 [1][4][7][11][15][17][20] - Source: Guotai Junan Futures Research Institute Report Industry Investment Rating - Not provided in the content Core Viewpoints - The market trends of various commodities are mainly characterized by wide - range oscillations or repeated fluctuations. Specifically, iron ore and logs are expected to oscillate repeatedly, while rebar, hot - rolled coils, ferrosilicon, silicomanganese, coke, and coking coal are expected to have wide - range oscillations [2] Summary by Commodity Iron Ore - **Trend**: Oscillate repeatedly [2][6] - **Fundamentals**: The previous day's futures closing price was 776.5 yuan/ton, down 10.5 yuan or 1.33%. The previous day's position was 452,852 lots, down 11,978 lots. Spot prices of imported and domestic ores mostly declined. Some basis and spread values changed slightly [5] - **News**: Shanghai issued the "Six Measures for the Property Market", involving six adjustments such as reducing purchase restrictions, housing provident funds, housing credit, and property tax [5] - **Trend Intensity**: 0 [5] Rebar and Hot - Rolled Coils - **Trend**: Market sentiment is changeable, with wide - range oscillations [2][8] - **Fundamentals**: For RB2510, the previous day's closing price was 3,113 yuan/ton, down 31 yuan or 0.99%. For HC2510, it was 3,367 yuan/ton, down 24 yuan or 0.71%. Trading volume and positions decreased. Spot prices generally declined, and basis and spread values changed [8] - **News**: In mid - August 2025, key steel enterprises' production of crude steel, pig iron, and steel products increased compared to the previous period. Steel inventories increased. Other macro - related data were also reported [8][10] - **Trend Intensity**: 0 for both rebar and hot - rolled coils [10] Ferrosilicon and Silicomanganese - **Trend**: Wide - range oscillations [2][11] - **Fundamentals**: Futures prices of different contracts declined. Spot prices of ferrosilicon increased, while those of silicomanganese were stable. Basis, near - far month spreads, and cross - variety spreads changed [11] - **News**: Iron alloy price information from different regions and steel mills' procurement prices were reported [12] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese [14] Coke and Coking Coal - **Trend**: Wide - range oscillations [2][15] - **Fundamentals**: Futures prices of JM2601 and J2601 increased. Trading volume and positions increased. Spot prices of some coking coals changed, and coke prices were stable. Basis and spread values changed significantly [15] - **News**: Shanghai issued the "Six Measures for the Property Market" [15] - **Trend Intensity**: 0 for both coke and coking coal [16] Logs - **Trend**: Oscillate repeatedly [2][17] - **Fundamentals**: Futures closing prices of different contracts showed slight changes, with varying trading volumes and positions. Spot prices of most log varieties were stable, and some basis and spread values changed [18] - **News**: Shanghai issued the "Six Measures for the Property Market" [20] - **Trend Intensity**: 0 [20]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Iron ore: The macro risk appetite has not significantly declined, and there is still support [2][5]. - Rebar and hot - rolled coil: Market sentiment is fluctuating, and prices are in wide - range oscillations [2][9][10]. - Ferrosilicon and silicomanganese: Driven by sector sentiment, prices are in wide - range oscillations [2][13]. - Coke and coking coal: Prices are in wide - range oscillations [2][16]. - Logs: Prices are fluctuating repeatedly [2][18]. 3. Summaries According to Related Catalogs Iron Ore - **Fundamental data**: The futures price closed at 787.0 yuan/ton, up 17.0 yuan/ton or 2.21%. The I2601 contract had a position of 464,830 lots, an increase of 12,205 lots. Among spot prices, imported ore prices generally rose by 13 yuan/ton, while domestic ore prices in some areas decreased by 5 yuan/ton. The basis and spreads showed certain changes [6]. - **Macro and industry news**: Shanghai issued the "Six Measures for the Property Market", involving six adjustments such as reducing purchase restrictions, housing provident funds, housing credit, and property tax [6]. - **Trend strength**: The trend strength of iron ore is 1 [6]. Rebar and Hot - Rolled Coil - **Fundamental data**: The RB2510 contract of rebar closed at 3,138 yuan/ton, up 22 yuan/ton or 0.71%, with a trading volume of 1,200,313 lots and a position of 1,347,830 lots, a decrease of 63,773 lots. The HC2510 contract of hot - rolled coil closed at 3,389 yuan/ton, up 31 yuan/ton or 0.92%. Spot prices in various regions generally increased. The basis and spreads also changed [10]. - **Macro and industry news**: On August 21, steel output, inventory, and apparent demand data showed different trends. In mid - August 2025, the output and inventory of key steel enterprises changed. The manufacturing supply index in July decreased. The national general public budget revenue from January to July increased slightly [11][12]. - **Trend strength**: The trend strength of rebar is 0, and that of hot - rolled coil is 0 [12]. Ferrosilicon and Silicomanganese - **Fundamental data**: Futures prices of different contracts of ferrosilicon and silicomanganese had varying increases. Spot prices of related products were provided. The basis, near - far month spreads, and cross - variety spreads showed certain changes [13]. - **Macro and industry news**: On August 25, the prices of ferrosilicon and silicomanganese in different regions were reported. As of August 22, the manganese ore inventory in ports changed [14]. - **Trend strength**: The trend strength of ferrosilicon is 0, and that of silicomanganese is 0 [15]. Coke and Coking Coal - **Fundamental data**: The JM2601 contract of coking coal closed at 1,215.5 yuan/ton, up 53.5 yuan/ton or 4.6%. The J2601 contract of coke closed at 1,736 yuan/ton, up 57.5 yuan/ton or 3.4%. Spot prices of coking coal and coke in some areas remained unchanged, while others changed. The basis and spreads also changed [16]. - **Macro and industry news**: Shanghai issued the "Six Measures for the Property Market", involving six adjustments such as reducing purchase restrictions, housing provident funds, housing credit, and property tax [16]. - **Trend strength**: The trend strength of coke is 0, and that of coking coal is 0 [17]. Logs - **Fundamental data**: The closing prices, trading volumes, and positions of different contracts of logs showed different trends. Spot prices of various types of logs in different regions remained mostly unchanged. The basis and spreads also had certain changes [19]. - **Macro and industry news**: Shanghai issued the "Six Measures for the Property Market", involving six adjustments such as reducing purchase restrictions, housing provident funds, housing credit, and property tax [21]. - **Trend strength**: The trend strength of logs is 1 [21].

Report Summary 1. Report Industry Investment Rating - No specific industry investment ratings are provided in the report. 2. Core Views - The report provides daily research on the black series futures, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and logs. The views on these commodities are as follows: - Iron ore: Macro - risk appetite has not significantly declined, and there is still support [2][5]. - Rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, and coking coal: All are expected to have wide - range fluctuations [2][8][9][13][16]. - Logs: Expected to fluctuate repeatedly [2][19]. 3. Summary by Commodity Iron Ore - **Fundamental Data**: The closing price of futures contract I2601 was 772.5 yuan/ton, up 3.5 yuan or 0.46%. The import and domestic spot prices mostly increased. The basis and spreads also showed certain changes [6]. - **News**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the scope of a 50% tariff on steel and aluminum imports, including hundreds of derivative products [6]. - **Trend Intensity**: 0, indicating a neutral trend [6]. Rebar and Hot - Rolled Coil - **Fundamental Data**: For rebar contract RB2510, the closing price was 3,121 yuan/ton, down 1 yuan or 0.03%. For hot - rolled coil contract HC2510, the closing price was 3,375 yuan/ton, down 15 yuan or 0.44%. Spot prices in different regions had minor changes, and the basis and spreads also varied [9]. - **News**: On August 21, steel production, inventory, and apparent demand data showed that the production of rebar decreased by 5.8 tons, while that of hot - rolled coil increased by 9.65 tons. In July 2025, national steel production data showed a decline in crude steel and pig iron production year - on - year, and an increase in steel production year - on - year [10][11]. - **Trend Intensity**: 0 for both rebar and hot - rolled coil, indicating a neutral trend [11]. Ferrosilicon and Silicomanganese - **Fundamental Data**: The futures prices of ferrosilicon and silicomanganese showed small changes. The spot prices of ferrosilicon and silicomanganese decreased, and the manganese ore price also decreased slightly. The price spreads had different changes [13]. - **News**: On August 21, the prices of different grades of ferrosilicon in various regions decreased, and the prices of silicomanganese also decreased. The export and import data of silicomanganese in July 2025 were also provided [14]. - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral trend [15]. Coke and Coking Coal - **Fundamental Data**: The closing price of coking coal contract JM2601 was 1147 yuan/ton, down 15.5 yuan or 1.3%. The closing price of coke contract J2601 was 1664 yuan/ton, down 14 yuan or 0.8%. The spot prices of coking coal and coke were mostly stable, and the basis and spreads changed [16]. - **News**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the scope of a 50% tariff on steel and aluminum imports, including hundreds of derivative products [17]. - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral trend [18]. Logs - **Fundamental Data**: The prices of different log contracts showed small fluctuations. The spot prices of most log varieties in Shandong and Jiangsu markets were stable [20]. - **News**: In July, the sales prices of commercial residential buildings in 70 large and medium - sized cities decreased month - on - month, and the year - on - year decline generally narrowed [22]. - **Trend Intensity**: 0, indicating a neutral trend [22].

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - The long - term outlook for eggs is weak [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of egg2509 is 3,098 yuan/500 kilograms, with a daily decline of 2.91%, trading volume increased by 30,030, and open interest decreased by 5,261. The closing price of egg2601 is 3,492 yuan/500 kilograms, with a daily decline of 2.21%, trading volume increased by 20,763, and open interest increased by 5,386 [1]. - **Spread Data**: The egg 9 - 10 spread is - 15 (previous day: 2), and the egg 9 - 1 spread is - 394 (previous day: - 391) [1]. - **Spot Price Data**: In the latest day, the spot price of eggs in Liaoning is 3.30 yuan/jin, in Hebei is 2.62 yuan/jin, in Shanxi is 3.10 yuan/jin, and in Hubei is 3.31 yuan/jin. The corn spot price is 2,328 yuan/ton, the soybean meal spot price is 3,070 yuan/ton, and the pig price in Henan is 13.78 yuan/kg [1]. Trend Intensity - The trend intensity is 0, indicating a neutral view on the market, with a range of [-2, 2], where -2 is most bearish and 2 is most bullish [1].

Report Industry Investment Ratings - Iron ore: Support remains as the macro risk appetite has not significantly declined [2][4] - Rebar: Wide - range oscillation [2][6] - Hot - rolled coil: Wide - range oscillation [2][6] - Ferrosilicon: Weak oscillation due to weak sector sentiment [2][10] - Silicomanganese: Weak oscillation due to weak sector sentiment [2][10] - Coke: Bullish oscillation [2][15] - Coking coal: Bullish oscillation [2][15] - Logs: Repeated oscillation [2][18] Core Views - The report provides investment ratings and trend analysis for various commodities in the black series, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and logs, based on their fundamentals and macro - industry news. Summaries by Commodity Iron Ore - **Fundamentals**: Relevant data is tracked from Mysteel, Dongcai Choice, and the research institute [4] - **Macro - industry news**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the 50% tariff on steel and aluminum imports, including hundreds of derivative products [4] - **Trend strength**: 1, indicating a relatively positive trend [4] Rebar and Hot - rolled Coil - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, basis, and spreads. For example, RB2510's yesterday's closing price was 3,188 yuan/ton, down 13 yuan/ton (- 0.41%); HC2510's was 3,439 yuan/ton, up 7 yuan/ton (0.20%) [6] - **Macro - industry news**: In early August 2025, key steel enterprises' average daily production of crude steel increased by 4.7%, pig iron by 3.2%, and steel decreased by 4.1%. Their steel inventory increased by 2.0% compared to the previous ten - day period. On August 14, steel production, inventory, and apparent demand data showed different trends [6][8] - **Trend strength**: 0 for both, indicating a neutral trend [8] Ferrosilicon and Silicomanganese - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, and various spreads. For example, the closing price of ferrosilicon 2509 was 5,754 yuan/ton, up 10 yuan/ton [10] - **Macro - industry news**: In July 2025, China's crude steel output decreased by 4.0% year - on - year. As of August 16, the total manganese ore inventory decreased by 1.65 million tons compared to the previous period [10][14] - **Trend strength**: 0 for both, indicating a neutral trend [13] Coke and Coking Coal - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, basis, and spreads. For example, the closing price of JM2601 was 1,230 yuan/ton, up 16 yuan/ton (1.3%) [15] - **Macro - industry news**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the 50% tariff on steel and aluminum imports, including hundreds of derivative products [16] - **Trend strength**: 0 for both, indicating a neutral trend [17] Logs - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot - futures spreads, and various spreads of different log products. For example, the closing price of the 2509 contract was 815, with a daily increase of 0.7% [19] - **Macro - industry news**: In July 2025, M2 balance increased by 8.8% year - on - year, and M1 balance increased by 5.6% year - on - year [21] - **Trend strength**: 0, indicating a neutral trend [21]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - After a period of oscillation, index futures still have support for a rebound [3] 3. Summary by Related Catalogs 3.1 Index Futures Data Tracking - **Price and Change**: On August 14, the closing prices of major indexes were as follows: CSI 300 at 4173.31 (down 0.08%), SSE 50 at 2829.47 (up 0.59%), CSI 500 at 6429.85 (down 1.20%), and CSI 1000 at 6976.49 (down 1.24%). The corresponding futures contracts showed mixed trends, with IF down 0.07%, IH up 0.46%, IC down 1.11%, and IM down 1.02% [1] - **Trading Volume and Open Interest**: On the trading day, the total trading volume of index futures rebounded, indicating increased trading enthusiasm among investors. Specifically, the total trading volume of IF increased by 26,975 lots, IH by 20,405 lots, IC by 5,277 lots, and IM by 36,064 lots. In terms of open interest, IF increased by 5,578 lots, IH by 3,248 lots, IC decreased by 9,652 lots, and IM decreased by 6,229 lots [2] 3.2 Index Futures Base Spread - The base spreads of IF, IH, IC, and IM showed different trends over a certain period, as shown in the corresponding base spread charts [4] 3.3 Top 20 Member Positions in Index Futures - For different index futures contracts (IF, IH, IC, IM), the top 20 members' long and short positions had various changes, including increases and decreases in different contracts [5] 3.4 Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is also 1, with the range of trend intensity being integers in the [-2, 2] interval [6] - **Important Drivers**: The central bank plans to conduct a 500 - billion - yuan 6 - month (182 - day) outright reverse repurchase operation on August 15, and the total outright reverse repurchase in August has exceeded the roll - over amount by 30 billion yuan. The market expects the central bank to increase the roll - over amount after the 300 - billion - yuan MLF matures this month. The Fed's September rate - cut expectation was frustrated as the US July PPI soared year - on - year and环比, and some Fed officials opposed a large - scale rate cut [6] - **Stock Market Performance**: The Shanghai Composite Index closed down 0.46% at 3666.44 after breaking through 3700 points. The Shenzhen Component Index fell 0.87%, and the ChiNext Index fell 1.08%. A - share trading volume reached 2.31 trillion yuan, up from 2.18 trillion yuan the previous day. Most stocks fell, and certain sectors showed different performance trends [6]

Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish outlook [2] 2. Core Viewpoints - In August, the planned slaughter volume of large - scale pig farms increases, small - scale farmers are forced to hold back pigs, demand growth is limited, and market pressure is high. The daily trading volume is poor, and it's difficult to absorb market supply. The September contract is in the pre - delivery month, and the second position limit starts on the tenth trading day. The futures price is still at a large premium to the warehouse receipt cost, and the industry's willingness to deliver is increasing. Pay attention to the premium - narrowing market. The macro sentiment has strong support for the far - end contracts, resulting in a pattern of weak current situation and strong expectations. The spread structure maintains a reverse spread, and attention should be paid to stop - loss and take - profit. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The Henan spot price is 13,880 yuan/ton, the Sichuan spot price is 13,350 yuan/ton (up 50 yuan/ton), and the Guangdong spot price is 15,290 yuan/ton [1] - **Futures Prices**: The price of the LH2509 contract is 13,965 yuan/ton (down 5 yuan/ton), and the price of the LH2511 contract is 14,230 yuan/ton (up 90 yuan/ton) [1] 3.2 Market Logic - **Supply and Demand**: In August, the supply pressure is high due to the increase in the planned slaughter volume of large - scale farms and the forced pig - holding of small - scale farmers, while demand growth is limited. The daily trading volume is poor, and it's difficult to absorb the supply [3] - **Contract Features**: The September contract is in the pre - delivery month, and the second position limit starts on the tenth trading day. The futures price is at a large premium to the warehouse receipt cost, and the industry's willingness to deliver is increasing [3] - **Market Structure**: There is a pattern of weak current situation and strong expectations, and the spread structure maintains a reverse spread. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [3] 3.3 Futures Trading Data - **Volume and Open Interest**: The trading volume of the LH2509 contract is 6,369 lots (up 41 lots), and the open interest is 21,908 lots (down 2,631 lots); the trading volume of the LH2511 contract is 26,871 lots (down 3,086 lots), and the open interest is 60,882 lots (down 1,419 lots); the trading volume of the LH2601 contract is 9,819 lots (down 928 lots), and the open interest is 44,835 lots (up 218 lots) [4] - **Basis and Spread**: The basis of the LH2509 contract is - 95 yuan/ton, the basis of the LH2511 contract is - 195 yuan/ton, the basis of the LH2601 contract is 30 yuan/ton, the spread between the LH2509 and LH2511 contracts is - 350 yuan/ton, and the spread between the LH2511 and LH2601 contracts is - 545 yuan/ton [4]

Report Overview - Report Date: August 13, 2025 [1][8][12][16][19][20] - Report Source: Guotai Junan Futures Research Institute - Covered Commodities: Iron ore, rebar, hot-rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and logs Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - Iron ore: Expected to fluctuate repeatedly [2][7] - Rebar and hot-rolled coil: Market sentiment remains strong, with wide-range fluctuations [2][8] - Ferrosilicon and silicomanganese: Expected to experience wide-range fluctuations [2][12] - Coke and coking coal: Expected to show a moderately strong upward trend [2][16] - Logs: Expected to fluctuate repeatedly [2][19] Summary by Commodity Iron Ore - **Fundamental Data**: The previous day's closing price was 807.5 yuan/ton, up 11 yuan or 1.38%. Open interest decreased by 41,863 lots to 230,026 lots. Imported ore prices rose, with the price of Carajás fines (65%) increasing by 9 yuan to 888 yuan/ton [5]. - **Macro and Industry News**: Starting from 12:01 on August 12, 2025, the additional tariff measures on US imports will be adjusted, with the 24% additional tariff rate suspended for 90 days, while the 10% rate will be retained [6]. - **Trend Intensity**: 0 (neutral) [6] Rebar and Hot-Rolled Coil - **Fundamental Data**: The closing prices of RB2510 and HC2510 were 3,258 yuan/ton and 3,484 yuan/ton, up 0.96% and 1.40% respectively. Rebar open interest decreased by 7,237 lots, while hot-rolled coil open interest increased by 6,551 lots. Spot prices in major cities generally rose [8]. - **Macro and Industry News**: In late July 2025, the steel inventory of key steel enterprises decreased by 5.6% month-on-month. In July, automobile production and sales decreased month-on-month but increased year-on-year. In late July, the daily average production of crude steel decreased by 7.4% month-on-month, while the daily average production of steel increased by 0.5% month-on-month [9][10]. - **Trend Intensity**: 1 (moderately strong) for both rebar and hot-rolled coil [10] Ferrosilicon and Silicomanganese - **Fundamental Data**: The closing prices of ferrosilicon 2509 and 2510 were 5,820 yuan/ton and 5,812 yuan/ton, down 10 yuan and 8 yuan respectively. The closing prices of silicomanganese 2509 and 2510 were 6,110 yuan/ton and 6,124 yuan/ton, up 10 yuan and 12 yuan respectively. The price of manganese ore increased by 0.3 yuan/ton degree to 40.5 yuan/ton degree [12]. - **Macro and Industry News**: On August 12, the prices of ferrosilicon and silicomanganese in different regions were reported. Some steel mills' ferrosilicon and silicomanganese procurement prices increased [13]. - **Trend Intensity**: 0 (neutral) for both ferrosilicon and silicomanganese [15] Coke and Coking Coal - **Fundamental Data**: The closing prices of JM2509 and J2509 were 1,162.5 yuan/ton and 1,730 yuan/ton, up 5.1% and 2.9% respectively. Open interest decreased for both. Spot prices of coking coal and coke were mostly stable [16]. - **Macro and Industry News**: Starting from 12:01 on August 12, 2025, the additional tariff measures on US imports will be adjusted, with the 24% additional tariff rate suspended for 90 days, while the 10% rate will be retained [18]. - **Trend Intensity**: 0 (neutral) for both coke and coking coal [18] Logs - **Fundamental Data**: The closing prices of the 2509, 2511, and 2601 contracts showed slight fluctuations. Trading volume and open interest also showed different trends. Spot prices in the Shandong and Jiangsu markets were mostly stable [20]. - **Macro and Industry News**: Starting from 12:01 on August 12, 2025, the additional tariff measures on US imports will be adjusted, with the 24% additional tariff rate suspended for 90 days, while the 10% rate will be retained [22]. - **Trend Intensity**: 1 (moderately strong) [22]