1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For steel products, the macro - geopolitical situation boosts energy prices, providing support. The five major steel products continue to reduce inventory. However, the demand for rebar in the off - season is under pressure, with supply increasing and demand decreasing, and there is a risk of inventory accumulation in the next two weeks. Hot - rolled coil demand shows some resilience, and its inventory turns from increasing to decreasing. Steel prices still face the pressure of short - term supply - demand weakening, and the strategy is to be bearish on rebounds [3]. - For iron ore, the supply from Australia and Brazil rebounds, and the arrival volume increases. Currently, steel mills' profits are good, and the daily output of molten iron increases. But as the off - season deepens, the terminal demand weakens, and the supply increment may be greater than the demand increment. It is expected to oscillate in a range, and be bearish on rebounds [4]. - For coking coal and coke, as some previously减产 mines resume production, the production of coking coal increases slightly. The fourth round of price cuts for coke starts, and the daily output of molten iron increases, giving some support to coking coal and coke. The prices are expected to stabilize in the short term [5]. 3. Summary According to the Directory 3.1 Market Review - Geopolitical situations disturb the market, and steel prices oscillate at a low level. The energy price increase provides support for commodities. The industry continues to reduce inventory, with rebar inventory reduction slowing down and hot - rolled coil inventory turning from increasing to decreasing. Market transactions are concentrated in the low - price area [9]. 3.2 Steel Supply and Demand Analysis - **Production**: National rebar weekly output is 212.18 tons (up 2.22% month - on - month, down 7.96% year - on - year), and hot - rolled coil weekly output is 325.45 tons (up 0.25% month - on - month, up 1.47% year - on - year). Rebar blast furnace output increases while electric furnace output decreases [16][18][23]. - **Operating Rate**: The national blast furnace operating rate is 83.82% (up 0.49% month - on - month, up 2.16% year - on - year), and the electric furnace operating rate is 70.93% (down 4.16% month - on - month, up 0.75% year - on - year) [28]. - **Profit**: Rebar profit is + 155 yuan/ton (up 14.81% week - on - week, up 59.79% year - on - year), and hot - rolled coil profit is + 100 yuan/ton (up 66.67% week - on - week, up 4.17% year - on - year) [32]. - **Demand**: Rebar apparent consumption is 219.19 tons (down 0.35% month - on - month, down 7.04% year - on - year), and hot - rolled coil apparent consumption is 330.69 tons (up 3.38% month - on - month, up 3.68% year - on - year) [37]. - **Inventory**: Rebar total inventory is 551.07 tons (down 1.26% month - on - month, down 28.95% year - on - year), and hot - rolled coil total inventory is 340.17 tons (down 1.52% month - on - month, down 18.15% year - on - year) [41][46]. - **Downstream**: Real estate sales volume increases slightly at a low level, and land market transactions decrease month - on - month. In May 2025, China's automobile production and sales increase both month - on - month and year - on - year [49][52]. 3.3 Iron Ore Supply and Demand Analysis - **Supply**: The shipment from 19 ports in Australia and Brazil is 3009.8 tons (up 8.81% month - on - month, up 6.25% year - on - year), and the arrival volume at 45 ports is 2562.7 tons (up 7.47% month - on - month, up 3.63% year - on - year) [60]. - **Demand**: The daily output of molten iron is 242.18 tons (up 0.57 tons month - on - month, up 2.24 tons year - on - year), and the port dredging volume is 313.56 tons (up 4.09% month - on - month, up 3.21% year - on - year) [65]. - **Inventory**: The inventory at 45 ports is 13894.16 tons (down 0.28% month - on - month, down 6.92% year - on - year), and the imported iron ore inventory of 247 steel enterprises is 8936.24 tons (up 1.56% month - on - month, down 3.02% year - on - year) [71]. 3.4 Coking Coal and Coke Supply and Demand Analysis - **Supply**: The operating rate of coking coal mines is 84.49% (up 0.93% month - on - month, down 3.41% year - on - year), the operating rate of coal washing plants is 61.34% (up 6.94% month - on - month, down 7.86% year - on - year), and the daily Mongolian coal customs clearance volume is 9.52 tons (down 12.31% month - on - month, down 38.27% year - on - year) [77]. - **Coking Enterprises**: The profit per ton of coke for independent coking plants is - 23 yuan/ton (up 23 yuan/ton month - on - month, down 25 yuan/ton year - on - year), and the capacity utilization rate is 73.42% (down 0.73% month - on - month, up 0.12% year - on - year) [85]. - **Coking Coal Inventory**: Independent coking plant coking coal inventory is 665.62 tons (down 0.55% month - on - month, down 10.82% year - on - year), steel mill coking coal inventory is 774.45 tons (up 0.04% month - on - month, up 2.37% year - on - year), and coking coal port inventory is 303.31 tons (down 2.79% month - on - month, up 29.34% year - on - year) [91]. - **Coke Inventory**: Independent coking plant coke inventory is 80.93 tons (down 7.31% month - on - month, up 126.38% year - on - year), steel mill coke inventory is 634.2 tons (down 1.34% month - on - month, up 14.04% year - on - year), and coke port inventory is 203.11 tons (unchanged month - on - month, down 0.12% year - on - year) [97]. - **Spot Price**: The price of low - sulfur coking coal in Shanxi is 1170 yuan/ton (unchanged week - on - week, down 730 yuan/ton year - on - year), and the ex - factory price of quasi - first - grade metallurgical coke in Lvliang is 1030 yuan/ton (unchanged month - on - month, down 720 yuan/ton year - on - year) [103]. 3.5 Spread Analysis - The basis of rebar and hot - rolled coil shrinks, and the 10 - 1 spread of rebar and hot - rolled coil widens slightly. The 9 - 1 spread of coking coal and coke shrinks, and the spread between hot - rolled coil and rebar widens slightly [105][111].

1. Report Industry Investment Ratings No information provided regarding industry investment ratings in the given reports. 2. Core Views of the Reports Steel Industry - The conflict between Iran and Israel has led to a slight strengthening of ferrous metals including steel, but it does not change the loose supply - demand pattern of Chinese steel. The short - term impact on market sentiment may be positive, but the downward trend remains. Steel prices are expected to rebound slightly but not reverse the downward trend. Suggested operations are to short on rebounds or sell out - of - the - money call options [1]. Iron Ore Industry - The 09 contract of iron ore oscillated, and the spot weakened slightly. In the medium - to - long - term, the 09 contract should be treated with a bearish view. The price range may shift down to 720 - 670 due to the risk of weakening demand in the off - season [4]. Coke Industry - The coke futures oscillated strongly, while the spot was weakly stable. The spot fundamentals are still loose. It is recommended to short the 2509 contract of coke at a rebound to 1380 - 1430 and consider a strategy of going long on coking coal and short on coke [6]. Coking Coal Industry - The coking coal futures oscillated strongly, and the spot was weakly stable. The spot fundamentals have improved slightly. It is suggested to short the 2509 contract of coking coal at a rebound to 800 - 850 and consider a strategy of going long on coking coal and short on coke [6]. Ferrosilicon Industry - The ferrosilicon futures declined. The supply - demand contradiction has increased. The price is expected to fluctuate at the bottom in the short - term, and attention should be paid to coal price changes [7]. Ferromanganese Industry - The ferromanganese futures oscillated. The supply pressure still exists, and the improvement in supply is insufficient due to weakening demand. The price is expected to fluctuate at the bottom in the short - term, and attention should be paid to coke price changes [7]. 3. Summaries by Relevant Catalogs Steel Industry - **Prices and Spreads**: Most steel prices and futures contracts declined slightly. For example, the spot price of rebar in South China decreased by 10 yuan/ton, and the 05 contract of rebar decreased by 15 yuan/ton [1]. - **Cost and Profit**: The cost of some steel products changed slightly, and the profit of hot - rolled coils in East China increased by 31 yuan/ton [1]. - **Production**: The daily average pig iron output remained unchanged, while the output of five major steel products decreased by 2.4%, and the rebar output decreased by 5.0% [1]. - **Inventory**: The inventory of five major steel products decreased by 0.7%, the rebar inventory decreased by 2.2%, and the hot - rolled coil inventory increased by 1.4% [1]. - **Demand**: The building materials trading volume decreased by 16.1%, and the apparent demand for five major steel products decreased by 1.6% [1]. Iron Ore Industry - **Prices and Spreads**: The warehouse - receipt cost and spot price of iron ore decreased slightly. For example, the warehouse - receipt cost of PB powder decreased by 7.7 yuan/ton, and the spot price of PB powder at Rizhao Port decreased by 7 yuan/ton [4]. - **Supply**: The global iron ore shipment volume increased by 2.3%, and the 45 - port arrival volume increased by 2.9%. However, the subsequent arrival volume is expected to remain at a relatively high level [4]. - **Demand**: The daily average pig iron output of 247 steel mills decreased by 0.1%, and the 45 - port daily average ore - removal volume decreased by 4.1% [4]. - **Inventory**: The 45 - port inventory decreased by 0.4%, and the imported ore inventory of 247 steel mills increased by 1.2% [4]. Coke Industry - **Prices and Spreads**: The price of coke futures decreased slightly, and the basis of the 09 contract increased by 6 yuan/ton [6]. - **Supply**: The daily average output of all - sample coking plants decreased by 2.2%, and the daily average output of 247 steel mills decreased by 0.1% [6]. - **Demand**: The pig iron output of 247 steel mills decreased by 0.1% [6]. - **Inventory**: The total coke inventory decreased by 1.6%, and the port inventory decreased by 5.2% [6]. Coking Coal Industry - **Prices and Spreads**: The price of coking coal futures decreased slightly, and the 09 basis increased by 11 yuan/ton [6]. - **Supply**: The raw coal output of Fenwei sample mines decreased by 0.8%, and the clean coal output decreased by 1.0% [6]. - **Demand**: The daily average output of all - sample coking plants decreased by 2.2%, and the daily average output of 247 steel mills decreased by 0.1% [6]. - **Inventory**: The coal mine inventory continued to increase, and the port inventory decreased slightly [6]. Ferrosilicon Industry - **Prices and Spreads**: The futures price of ferrosilicon decreased by 0.5%, and the spot price in some regions increased slightly [7]. - **Supply**: The ferrosilicon production decreased by 2.3%, and the operating rate decreased by 4.4% [7]. - **Demand**: The ferrosilicon demand decreased by 3.5%, and the daily average pig iron output decreased by 0.1% [7]. - **Inventory**: The inventory of 60 sample enterprises increased by 3.3% [7]. Ferromanganese Industry - **Prices and Spreads**: The futures price of ferromanganese decreased by 0.9%, and the spot price in some regions increased slightly [7]. - **Supply**: The ferromanganese production increased by 0.9%, and the operating rate increased by 0.8% [7]. - **Demand**: The ferromanganese demand decreased by 2.9%, and the procurement volume of Hebei Iron and Steel Group decreased by 100.0% [7]. - **Inventory**: The inventory of 63 sample enterprises increased by 5.04%, and the average available days of inventory decreased by 1.9% [7].

Market Overview - The mainstream spot prices for iron ore are reported as follows: PB powder at 765 CNY/ton and Brazilian mixed powder at 776 CNY/ton [1] - The main iron ore futures contract increased by 1.06% (+7.5) to close at 714.5 CNY/ton [1] Basis and Costs - The optimal delivery product is Brazilian mixed powder, with warehouse costs for PB powder and Brazilian mixed powder at 810 CNY and 795 CNY respectively. The basis for the 09 contract PB powder is 96 CNY/ton [2] Demand Metrics - Daily average pig iron production is 2.4564 million tons, with a slight increase of 0.22 million tons; the blast furnace operating rate is 84.62%, up by 0.29%; the capacity utilization rate for blast furnace ironmaking is 92.09%, an increase of 0.08 percentage points; and the steel mill profit margin is 58.87%, up by 2.59 percentage points [3] Supply Dynamics - Global shipments have slightly rebounded this week, with a decrease of 21.5 million tons to 30.29 million tons. Shipments from Australia and Brazil totaled 24.225 million tons, down by 1.18 million tons. Australian shipments were 17.972 million tons, up by 0.28 million tons, with 15.938 million tons sent to China, an increase of 0.755 million tons. Brazilian shipments were 6.252 million tons, down by 1.46 million tons. The arrival volume at 45 ports was 23.546 million tons, down by 0.951 million tons [4] Inventory Levels - As of May 8, the inventory at 45 ports stands at 142.387 million tons, a decrease of 0.6377 million tons; steel mills have slightly resumed production, and the profit margin for steel mills has improved. The imported ore inventory at steel mills decreased by 3.7607 million tons to 89.5898 million tons, as inventory was consumed during the holiday period [5] Market Sentiment and Outlook - The iron ore 09 contract experienced a spike and subsequent pullback, with night trading accelerating upward. The average daily pig iron production has slightly increased week-on-week, maintaining a high level. SMM reports an increase in maintenance at steel mills, with a rise in maintenance for construction materials and hot-rolled coils, suggesting a potential peak in pig iron production. Inventory levels have decreased to a yearly low, with port inventories slightly declining. The outlook for the market indicates that terminal demand for finished steel will determine the sustainability of high pig iron production levels, with marginal changes influenced by exports and infrastructure projects. Current data shows unexpected high exports of steel billets, and SMM's high-frequency steel export data has surged. However, the supply-demand pressure for iron ore is expected to increase in the coming months due to a surge in overseas mine shipments, while macroeconomic sentiment may provide short-term support. The short-term valuation of iron ore is expected to recover, but a bearish outlook is maintained for the medium to long term [6]