Group 1 - The Ministry of Commerce announced that Vice Premier He Lifeng will hold trade talks with the US from July 27 to 30, following the consensus reached during the June 5 call between the two countries' leaders [2] - The National Development and Reform Commission stated that the Hainan Free Trade Port will officially start operations on December 18, 2025 [2] - The Ministry of Public Security emphasized that current "smart driving" systems in vehicles have not achieved full automation, and drivers remain responsible for safety [2] Group 2 - The Dalian Commodity Exchange issued a market risk warning regarding significant price fluctuations in coking coal and other commodities, urging members to enhance risk management [3] - The Supreme People's Court released an interpretation to protect the rights of homebuyers, expanding the scope of protection effective from July 24, 2025 [3] Group 3 - Guangzhou's government released a sports development plan aiming for national leadership by 2030, with goals including a 40% participation rate in sports and a sports industry value added to GDP of 2.2% [4] Group 4 - Han Jian He Shan reported no significant changes in its internal and external operating environment [6] - China Railway Industry confirmed that there are no undisclosed significant matters [7] - Dongfang Electric noted a significantly higher turnover rate than usual, indicating potential trading risks [8] - *ST Zhengping expressed uncertainty regarding participation in the Yaxia Hydropower Project [9] - Huaxin Cement also faces uncertainty in obtaining revenue from the Yaxia Hydropower Station construction [10] - Kailong Co. has uncertainty regarding its involvement in the Yaxia Hydropower Project [11] - ST Xifa, primarily engaged in the beer business, does not involve hydropower projects [12] - Dayu Water-saving stated that its related business does not currently involve the Yaxia Hydropower Project [13] - Liugang Co. has a rolling price-to-book ratio significantly above the average, indicating trading risks [14] - Watson Bio signed a strategic cooperation framework agreement with Yuxi State-owned Capital Operation Company [15] - *ST Zitian faces a potential termination of its stock listing by the Shenzhen Stock Exchange [15] - Beixin Road and Bridge's subsidiary won a highway project worth 1.629 billion yuan [15] - Everbright Bank's stake held by CITIC Financial Assets increased from 7.08% to 8% [15]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In the policy support period, treasury bond futures showed divergent trends. The central bank's operations and policy adjustments aimed to boost credit, stabilize market expectations, and promote high - quality economic development. The progress of Sino - US trade negotiations affected market risk appetite, and the suspension of tariffs and export rush provided short - term support for domestic demand, which might delay the subsequent policy rhythm. In the context of capital disturbances, policy wait - and - see, and supply pressure in June, the bond market will maintain a short - term volatile and slightly strong pattern, and a clear policy signal is needed to break the situation [1][2][3] 3. Summaries Based on Relevant Catalogs 3.1 Interest Rate Pricing Tracking Indicators - Price indicators: China's monthly CPI had a month - on - month change of - 0.20% and a year - on - year change of - 0.10%; monthly PPI had a month - on - month change of - 0.40% and a year - on - year change of - 3.30%. Economic indicators (monthly updated): Social financing scale was 426.16 trillion yuan, with a month - on - month increase of 2.16 trillion yuan and a growth rate of 0.51%; M2 year - on - year was 7.90%, with a decrease of 0.10% and a decline rate of 1.25%; manufacturing PMI was 49.50%, with an increase of 0.50% and a growth rate of 1.02%. Economic indicators (daily updated): The US dollar index was 98.79, with a decrease of 0.06 and a decline rate of 0.06%; the offshore US dollar - to - RMB exchange rate was 7.1932, with an increase of 0.005 and a growth rate of 0.07%; SHIBOR 7 - day was 1.52, with an increase of 0.02 and a growth rate of 1.26%; DR007 was 1.54, with an increase of 0.02 and a growth rate of 1.14%; R007 was 1.64, with a decrease of 0.12 and a decline rate of 6.66%; the 3 - month inter - bank certificate of deposit (AAA) was 1.60, with a decrease of 0.01 and a decline rate of 0.37%; the AA - AAA credit spread (1Y) was 0.09, with a decrease of 0.01 and a decline rate of 0.37% [7][8] 3.2 Overview of Treasury Bonds and Treasury Bond Futures Market - The report presents multiple charts including the closing price trend of the main continuous contracts of treasury bond futures, the price change rate of each treasury bond futures variety, the maturity yield trend of treasury bonds with various terms, the valuation change of treasury bonds with various terms in the past day, the precipitation fund trend of each treasury bond futures variety, the position ratio of each treasury bond futures variety, etc [9][13][15] 3.3 Overview of the Money Market Fundamentals - The report shows multiple charts such as the bond lending turnover and the total position of treasury bond futures, the trading - to - position ratio of each treasury bond futures variety, the spread between China Development Bank bonds and treasury bonds, the issuance of treasury bonds, the Shibor interest rate trend, the maturity yield trend of inter - bank certificates of deposit (AAA), the transaction statistics of inter - bank repurchase with collateral, and the issuance of local government bonds [24][26][27] 3.4 Spread Overview - The report provides multiple charts including the inter - period spread trend of each treasury bond futures variety, the spread between the spot - bond term spread and the futures cross - variety spread (4*TS - T), the spread between the spot - bond term spread and the futures cross - variety spread (2*TS - TF), etc [32][35] 3.5 Two - Year Treasury Bond Futures - The report includes charts of the implied interest rate of the TS main contract and the maturity yield of treasury bonds, the IRR of the TS main contract and the fund interest rate, the nearly three - year basis trend of the TS main contract, and the nearly three - year net basis trend of the TS main contract [38][40][51] 3.6 Five - Year Treasury Bond Futures - The report presents charts of the implied interest rate of the TF main contract and the maturity yield of treasury bonds, the IRR of the TF main contract and the fund interest rate, the nearly three - year basis trend of the TF main contract, and the nearly three - year net basis trend of the TF main contract [47][50][53] 3.7 Ten - Year Treasury Bond Futures - The report shows charts of the implied interest rate of the T main contract and the maturity yield of treasury bonds, the IRR of the T main contract and the fund interest rate, the nearly three - year basis trend of the T main contract, and the nearly three - year net basis trend of the T main contract [58][60] 3.8 Thirty - Year Treasury Bond Futures - The report includes charts of the implied interest rate of the TL main contract and the maturity yield of treasury bonds, the IRR of the TL main contract and the fund interest rate, the nearly three - year basis trend of the TL main contract, and the nearly three - year net basis trend of the TL main contract [66][70][72]

| 指标 | | 6月10日 | 涨跌 | | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 43%豆粕现货基差 | 大连 日照 | -51 -171 | -12 -32 | 2500 1000 500 | | | ------ 19/20 ------ 20/21 ------ 21/22 ------ 22/23 | | | - 23/24 - 24/25 | | | | | | 2000 | | | | | | | | | 天津 | -91 | -12 | 1500 | | | | | | | | (对主力合约) | 张家港 | -151 | -32 | -500 | | | | | | | | | | | | 09/21 | 10/22 | | | 174 | | | | | 东莞 | -181 | -22 | | | | 18-6W | | | | | | 湛江 | -141 | -22 | 1000 | ------ 2019/20 | | ----- ...

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given report. 2. Core Viewpoints - Markit data shows that the May Caixin Manufacturing PMI fell to 48.3, indicating weak manufacturing demand, while the PMI rose slightly to 51.1, with new orders increasing and the employment index reaching a six - month high, but corporate profits are still affected by cost pressures [78]. - On the supply side, blast furnace hot metal production declined, and the weakening demand impacted steel mill profits. The supply of five major steel products decreased by 0.1% week - on - week, and the weekly output of rebar decreased by 70,000 tons [78]. - In terms of demand, the weekly apparent consumption of five major steel products decreased by 3.5% week - on - week, with building materials consumption down 5.9% and plate consumption down 2.0%. The inventory depletion speed has slowed down, and there may be inventory accumulation pressure in the future [78]. - Due to market information disturbances in the raw material market and the profit - taking of short - position funds, the coal - coke futures prices rebounded significantly, driving up the center of gravity of finished product prices. Short - term operations are recommended [78]. 3. Summary by Relevant Catalogs 3.1 Part 1: Review of Rebar Futures Market 3.1.1 Recent Important Information Overview - Economic data: From January to April 2025, national real estate development investment decreased by 10.3% year - on - year, and related indicators such as construction area, new construction area, and completion area also declined. The sales area and sales volume of new commercial housing decreased, and the funds in place for real estate development enterprises decreased by 4.1% year - on - year [7]. - In April 2025, the total retail sales of consumer goods increased by 5.1% year - on - year, and from January to April, it increased by 4.7%. The national fixed - asset investment (excluding rural households) increased by 4.0% year - on - year, and infrastructure investment increased by 5.8% [7]. - In April 2025, the national consumer price index decreased by 0.1% year - on - year, and the producer price index decreased by 2.7% year - on - year [7]. - The China - US Geneva Economic and Trade Talks reached a substantial agreement, with both sides reducing tariff levels. The US cancelled 91% of the additional tariffs, and China cancelled 91% of the counter - tariffs. Both sides suspended the implementation of 24% of the "reciprocal tariffs" [8]. 3.1.2 Rebar Main Contract Trend The SHIBOR rate decreased from 1.7450 on April 29, 2025, to 1.6200 on June 5, 2025, with a bullish outlook [20]. 3.2 Part 2: Futures Market Environment: Macro, Comparison, and Basis 3.2.1 Macro - Money Quantity The SHIBOR rate decreased month - on - month, indicating a bullish trend [20]. 3.2.2 Macro - Money Price No specific content provided. 3.2.3 Comparison - Domestic and Foreign No specific content provided. 3.2.4 Comparison - Other Commodities in the Industry Chain - The prices of rebar, hot - rolled coils, PB powder, metallurgical coke, and main coking coal in Shanghai and Qingdao were 3,120 yuan/ton, 3,210 yuan/ton, 734 yuan/ton, 1,340 yuan/ton, and 1,270 yuan/ton respectively. Their one - week, one - month, and one - year price changes varied [28]. 3.2.5 Rebar Main Contract Basis The basis (spot - futures) of rebar on June 5, 2025, was 131 yuan/ton, showing certain fluctuations in the recent period [31]. 3.3 Part 3: Overview of Rebar Spot Supply and Demand 3.3.1 Steel Mill Raw Material Inventory No specific content provided. 3.3.2 Blast Furnace Profits (for Various Steel Products) No specific content provided. 3.3.3 Blast Furnace Profits (Futures - Spot) No specific content provided. 3.3.4 Blast Furnace Operation The blast furnace operating rate of 247 steel enterprises in China was 83.56% on June 6, 2025, slightly lower than 83.87% on May 30, 2025 [43]. 3.3.5 Electric Furnace Profits No specific content provided. 3.3.6 Electric Furnace Operation No specific content provided. 3.3.7 Daily Average Hot Metal Output No specific content provided. 3.3.8 Weekly Steel Output The total output of steel (including rebar, hot - rolled coils, wire rods, and medium - thick plates) on June 6, 2025, was 7.9162 million tons, with a year - on - year decrease of 0.024485822 and a week - on - week decrease of 0.001551365 [53]. 3.3.9 Weekly Rebar Output The weekly output of rebar on June 6, 2025, was 218,460 tons, with a week - on - week decrease of 70,000 tons [78]. 3.3.10 Steel Mill Steel Inventory The steel mill steel inventory on June 6, 2025, was 5.1777 million tons, with a year - on - year decrease of 0.10339752 and a week - on - week increase of 0.009376949 [60]. 3.3.11 Steel Social Inventory No specific content provided. 3.3.13 Rebar Social Inventory No specific content provided. 3.3.14 Building Materials Transactions No specific content provided. 3.3.15 Consumption Indicator - Cement Price No specific content provided. 3.3.16 Downstream High - Frequency Data - Land Transaction Area No specific content provided. 3.3.17 Downstream High - Frequency Data - Real Estate Transactions No specific content provided. 3.4 Part 4: Future Outlook - The manufacturing demand is weak, and the supply of steel products has decreased slightly. The demand for steel products has declined, and the inventory depletion speed has slowed down. - Due to the rebound of coal - coke futures prices, the center of gravity of finished product prices has moved up. Short - term operations are recommended.

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views of the Report - The positive signals from the Sino - US economic and trade talks are expected to drive short - term strength in stock indices [1]. - The situation of asset shortage and weak economy is favorable for bond futures, but the central bank's short - term interest rate risk warning suppresses the upward movement [1]. - Different commodities have different trends: some are expected to rise, some to fall, and some to fluctuate, which are affected by factors such as supply - demand relationships, macro - economic conditions, and policy uncertainties [1]. Summary According to Relevant Catalogs Macro - finance - Stock indices are expected to be strong in the short term due to positive signals from Sino - US economic and trade talks [1]. - Bond futures are favored by asset shortage and weak economy, but short - term interest rate risk warnings limit upward movement [1]. Precious Metals - Gold is expected to fluctuate in the short term and has a solid long - term upward logic [1]. - Silver is expected to remain strong but there is a risk of a sharp pullback [1]. Non - ferrous Metals - Copper is expected to remain strong due to the boost of the Sino - US leaders' phone call [1]. - Aluminum may fluctuate weakly due to repeated macro - sentiment and weakening downstream demand despite low inventory support [1]. - Alumina may rebound in the short term due to rising spot prices, significant futures discounts, and mine - end disturbances [1]. - Nickel is expected to fluctuate in the medium - to - long term due to uncertainties in tariff policies and potential oversupply of primary nickel [1]. Black Metals - Iron ore may fluctuate as the iron - making volume is expected to peak and there is an expected increase in supply in June [1]. - Manganese silicon and silicon iron have different supply - demand situations, with manganese silicon having heavy warehouse receipt pressure and silicon iron having a tight supply - demand balance due to production cuts [1]. - Steel products such as hot - rolled coils and stainless steel have different trends based on factors like cost, supply, and demand [1]. Agricultural Products - Corn is expected to be strong in the medium term due to tightening supply - demand, but its upward potential is limited by domestic substitute grain prices [1]. - Soybean meal is expected to face pressure on the spot basis and near - month contracts due to expected inventory accumulation in June [1]. - Sugar production in Brazil is expected to change in the 2025/26 season, and the future production may be affected by the crude oil price [1]. Energy and Chemicals - Crude oil and fuel oil are expected to fluctuate, affected by OPEC+ production decisions, geopolitical situations, and seasonal consumption [1]. - PTA, ethylene glycol, and other chemical products have different trends based on factors such as cost, supply, and demand [1]. - Urea may rebound, while methanol is expected to fluctuate weakly in the short term [1]. Others - Shipping container freight on the European route has a "strong expectation, weak reality" situation, and certain trading strategies are recommended [1]. - LPG is expected to fluctuate weakly in the short term due to weak demand and lack of news guidance [1].

Market Overview - On May 26, the Shanghai Composite Index decreased by 0.05%, the CSI 300 fell by 0.57%, the STAR 50 rose by 0.17%, the CSI 1000 increased by 0.65%, the ChiNext Index dropped by 0.8%, and the Hang Seng Index declined by 1.35% [4][3] - The best-performing sectors on May 26 were Media (+2.14%), Computer (+1.39%), Environmental Protection (+1.22%), Communication (+1.1%), and Light Industry Manufacturing (+1.04%). The worst-performing sectors were Automotive (-1.78%), Pharmaceutical Biology (-1.08%), Comprehensive (-0.86%), Banking (-0.75%), and Home Appliances (-0.71%) [4][3] - The total trading volume for the entire A-share market on May 26 was 1,033.9 billion yuan, with a net outflow of 1.507 billion Hong Kong dollars from southbound funds [4][3] Key Insights - From the production side, high-frequency indicators for the service and industrial sectors remained generally stable compared to the previous week. On the demand side, there was a divergence in variables, with consumption strengthening, fixed asset investment showing mixed strength, and exports showing signs of recovery [5] - Price-wise, marginal pressure on prices was observed this week, with a systemic rebound dependent on a demand-side recovery. Following the China-US trade talks, the fundamental pressure has eased [5]

有色金属日报 2025-5-21 五矿期货早报 | 有色金属 铜 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 中国如预期下调 LPR 利率报价，美元指数延续偏弱，地缘局势升温引起贵金属和原油价格走强，铜价 下探后回升，昨日伦铜收涨 0.4%至 9554 美元/吨，沪铜主力合约收至 78140 元/吨。产业层面，昨 日 LME 库存减少 3575 至 170750 吨，注销仓单比例抬升至 38.9%，Cash/3M 升水 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The report analyzes the market conditions of various non - ferrous metals. Overall, the macro - economic situation is complex with concerns such as high tariffs and weakening economic data in the US. Industry - specific factors like raw material supply, inventory levels, and demand also impact metal prices. Some metals face upward price pressure due to supply disruptions, while others may decline due to oversupply or weak demand [1][3][6]. Summary by Metal Copper - Yesterday, LME copper prices rose 0.81% to $9516/ton, and SHFE copper closed at 78160 yuan/ton. LME inventory decreased by 5050 tons to 174325 tons, and the cancellation warrant ratio dropped to 38.8%. In China, social inventory of electrolytic copper increased slightly, and the spot in Shanghai shifted to a premium over futures. The short - term upward space of copper prices may be limited due to factors such as weak macro - sentiment and weakening price support [1]. Aluminum - LME aluminum prices fell 1.95% to $2436/ton, and SHFE aluminum closed at 20040 yuan/ton. LME registered warrants increased, putting pressure on prices. The total inventory of aluminum ingots and aluminum rods decreased at a slower pace. It is recommended to pay attention to the inter - month positive spread opportunity of aluminum [3]. Lead - The SHFE lead index fell 0.09% to 16871 yuan/ton. After the Sino - US economic and trade talks on May 12, the short - term sentiment of commodities improved. The medium - term SHFE lead index is expected to fluctuate in a range of 16300 - 17800 yuan/ton, and the short - term price shows a relatively strong oscillation [4]. Zinc - The SHFE zinc index fell 0.42% to 22285 yuan/ton. After the Sino - US economic and trade talks, the short - term sentiment of commodities improved. A Russian lead - zinc mine is expected to stop production in June, which may boost zinc prices sentimentally. However, there is still a risk of price decline in the medium - term due to factors such as increasing inventory [6]. Tin - On May 19, the SHFE tin main contract rose 0.04%. The supply side of tin is currently tight but is expected to loosen. If downstream demand remains weak, the tin price center may move down [7][8]. Nickel - Nickel prices fluctuated. The cost side of nickel is expected to loosen, and the inventory may return to the accumulation trend. It is recommended to pay attention to the change of LME nickel 0 - 3 month premium [9]. Lithium Carbonate - The MMLC spot index of lithium carbonate decreased by 1.24%. The fundamentals lack favorable drivers, and the market may run weakly. Attention should be paid to factors such as mine operations and inventory changes [11]. Alumina - On May 19, the alumina index rose 8.1% to 3123 yuan/ton. Due to continuous disturbances in the mine and supply sides, it is recommended to wait and see in the short - term [13]. Stainless Steel - The stainless - steel main contract closed at 12965 yuan/ton on Friday. The cost support is enhanced, but terminal procurement is still cautious. The market may maintain a narrow - range oscillation in the short - term, and attention should be paid to raw material trends and inventory changes [15].

作·嗅之星榜单，以周榜的形式，呈现每周新鲜出炉的优秀作品。2025年5月9日～2025年5月15日，虎嗅第262期，作·嗅之 星的获奖文章分别是： 以下为榜单详情： TOP 1：《结果比预想的还要好》作者：叶檀财经 TOP 2：《中美经贸会谈，揭示了东南亚发展的第三种可能性》作者：文化纵横 TOP 3：《第一个"退群"的小米友商出现了》作者：字母榜 TOP 4：《军工的逻辑全变了》作者：局外人的视界 TOP 5：《中国最缺大学的省，疯狂建大专》作者：网易数读 TOP 6：《雷军失声，小米失速》作者：判官 TOP 7：《小红书"撕毁"了竞业协议，整个行业却在越陷越深》作者：硅星人Pro TOP 8：《小米是多有安全感》作者：花儿街参考 TOP 9：《歼-10C，初试啼声》作者：量子学派 IROD 叶檀财经 《结果比预想的还要好》 TOP 2 文化纵横 《中美经贸会谈,揭示了东南亚发展的第三种可能性》 TOPB 字母榜 《第一个"退群"的小米友商出现了》 局外人的视界 《军工的逻辑全变了》 TOP 5 网易数读 《中国最缺大学的省,疯狂建大专》 1096 别昌 《雷军失声,小米失速》 入选作品，是依据文章质量和热 ...

Report Industry Investment Ratings No relevant information provided. Core Views - The short - term trend of the soybean oil 2509 contract is likely to be a range - bound consolidation [1]. - The short - term trend of soybean meal is likely to be a volatile run [2]. - The short - term decline of domestic corn is expected to be limited [3]. - Copper prices may break through the moving average system in the short term, and investors should be prepared for defense [4]. - The lithium carbonate 2507 contract may experience a weak and volatile trend, and short - selling on rallies is advisable [7]. - For the steel market, the black negative feedback is gradually reflected in the price, and a strategy of buying at low levels is recommended [8]. - The coking coal and coke market is expected to be weak and volatile at low levels due to loose supply [9]. - The short - term trend of iron ore 2509 is likely to be volatile, and traders are advised to be cautious [10]. - The WTI crude oil main contract is likely to oscillate between $55 - $65 per barrel [11]. - For natural rubber, attention should be paid to the downstream operating rate and the height of the resonance rebound [13]. - The PVC futures price rebound space is limited due to weak fundamentals [15]. - The soda ash futures market is expected to be short - term oscillating strongly [16]. Summary by Related Catalogs Soybean Oil - **Spot Information**: The price of Grade 1 soybean oil at Rizhao Cargill is 8,130 yuan/ton, unchanged from the previous trading day [1]. - **Market Analysis**: South American new - crop soybeans are likely to have a bumper harvest. The USDA May report shows that the estimated soybean yield per acre in the 2025/26 season is 52.5 bushels, compared to 50.7 bushels in the 2024/25 season. The medium - term destocking cycle of soybean oil may be coming to an end, and the inventory may rebound after the arrival of South American imported soybeans [1]. Soybean Meal - **Spot Information**: The spot prices of 43% soybean meal in Zhangjiagang, Tianjin, and Dongguan are 2,980 yuan/ton (- 20), 2,970 yuan/ton (- 70), and 3,030 yuan/ton (- 40) respectively [2]. - **Market Analysis**: The USDA May report shows a decrease in US soybean production and an increase in global inventory. The domestic supply of soybean meal is expected to change from tight to loose, with good demand from the breeding end, and the inventory accumulation speed is slow in the short term [2]. Corn - **Spot Information**: The mainstream purchase prices of new corn vary in different regions, such as 2,200 yuan/ton in Northeast China and Inner Mongolia, and 2,432 yuan/ton in North China and Huanghuai [3]. - **Market Analysis**: There is an expectation of loose corn imports in the medium - to - long term, but the actual negative impact is limited. Domestically, there is a temporary supply shortage, and downstream demand is weak [3]. Copper - **Spot Information**: The price of Shanghai 1 electrolytic copper is 78,760 - 79,050 yuan, up 750 yuan, with a discount of 50 - flat water. The imported copper ore index is - 43.11, down 0.5 [4]. - **Market Analysis**: The progress of Sino - US tariff negotiations is beneficial to the commodity market. Domestically, policy support boosts market sentiment. However, raw material issues still exist, and the copper market situation is complex [4]. Lithium Carbonate - **Spot Information**: The market price of battery - grade lithium carbonate (99.5%) is 65,050 yuan/ton (+100), and that of industrial - grade lithium carbonate (99.2%) is 63,550 yuan/ton [5]. - **Market Analysis**: The cost support for lithium carbonate is weakening, supply is high, demand improvement is insufficient, and inventory is accumulating. The price has dropped, and attention should be paid to the 60,000 - yuan/ton support level [6]. Steel - **Spot Information**: The price of Shanghai rebar is 3,170 yuan, the Tangshan operating rate is 83.56%, the social inventory is 5.3276 million tons, and the steel mill inventory is 2.004 million tons [8]. - **Market Analysis**: The steel market fundamentals are gradually improving, with low inventory. The short - term market is dominated by macro - policy expectations, showing a pattern of strong supply and demand [8]. Coking Coal and Coke - **Spot Information**: The price of main coking coal (Meng 5) is 1,205 yuan/ton, and the price of quasi - first - grade metallurgical coke at Rizhao Port is 1,340 yuan/ton. The port inventory of imported coking coal is 3.3738 million tons, and the port inventory of coke is 2.461 million tons [9]. - **Market Analysis**: The supply of coking coal and coke is loose, demand is low, inventory is slightly accumulating, and the profit is approaching the break - even point [9]. Iron Ore - **Spot Information**: The Platts iron ore index is 102.8, the price of Qingdao PB (61.5%) powder is 778 yuan, and the price of Australian iron ore powder (62% Fe) is 780 yuan [10]. - **Market Analysis**: The iron ore market has both long and short factors. Supply has a slight decrease, demand has a mixed situation, and the tariff policy affects the price [10]. Crude Oil - **Market Analysis**: The progress of the US - Iran negotiation and the easing of the trade war have an impact on the oil price. OPEC+ plans to increase production in June, and the long - term price is expected to decline, with technical support at $55 per barrel for the WTI main contract [11]. Natural Rubber - **Market Analysis**: The rubber market rebounds in resonance with the market, but the rebound height is limited due to fundamentals. The supply is loose, and the US auto tariff policy may suppress demand [12]. PVC - **Spot Information**: The mainstream price of East China 5 - type PVC is 4,880 yuan/ton, and the mainstream price of ethylene - based PVC is 5,100 yuan/ton [14]. - **Market Analysis**: The PVC production enterprise operating rate has a slight increase, demand is mainly for rigid needs, and inventory has a slight decrease. The futures price rebounds under macro - sentiment influence, but the fundamental improvement is limited [14]. Soda Ash - **Spot Information**: The national mainstream price of heavy soda ash is 1,425 yuan/ton, with a slight increase [16]. - **Market Analysis**: The soda ash operating rate and production decrease due to maintenance, inventory decreases slightly, demand is average, and the market is expected to be short - term oscillating strongly [16].