Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The steel market is in a trading range, and it is advisable to seize hedging opportunities at the upper limit of the range. The rebound height of finished steel is relatively limited, and the market will enter a period of tug - of - war. It is recommended to use the volatile market to rotate inventory for spot goods [5]. - For coking coal and coke, the decline in coking coal auctions has slowed down, and the futures are at a premium to the spot. The market is in a state of indecision. Industrial customers can actively participate in selling hedging, while single - side trading can wait for a clearer situation. In the medium - to - long - term, the bottom of coking coal has not been confirmed [6]. - For ferrosilicon and silicomanganese, their fundamentals are stable and follow the steel market. Their prices are expected to be under pressure, and attention should be paid to subsequent steel tenders [7]. - For iron ore, the overall weak trend remains unchanged, and it is recommended to maintain a short - selling strategy [8]. 3. Summary by Related Catalogs **Futures Market Data** - On June 16, 2025, for far - month contracts (RB2601, HC2601, I2601, J2601, JM2601), the closing prices were 2985.00 yuan/ton, 3101.00 yuan/ton, 675.00 yuan/ton, 1392.50 yuan/ton, and 810.50 yuan/ton respectively, with corresponding increases of 0.78%, 1.04%, 0.52%, 2.35%, and 3.05%. For near - month contracts (RB2510, HC2510, I2509, J2509, JM2509), the closing prices were 2990.00 yuan/ton, 3104.00 yuan/ton, 704.50 yuan/ton, 1371.00 yuan/ton, and 795.50 yuan/ton respectively, with corresponding increases of 0.98%, 1.07%, 0.21%, 1.90%, and 2.84% [3]. - On June 16, 2025, the cross - month spreads, spreads/ratios/profits, spot prices, and basis data for various varieties were also provided, along with their changes [3]. **Steel Market** - On Monday, the spot and futures prices rebounded slightly, but the willingness to sell spot goods increased, and the price rebound was hesitant. Overseas, the Iran situation may have an indirect impact on the coal market in the capital market, but its influence on the spot market is weak. Domestically, the steel spot market remains in a state of weak supply and demand. The US tariff increase on steel - based household appliances and the suspension of domestic home appliance national subsidy policies have increased the supply - demand pressure in the hot - rolled coil market. It is recommended to hedge at the upper limit of the range and rotate inventory for spot goods [5]. **Coking Coal and Coke Market** - In the spot market, the decline in coking coal auctions has slowed down, and port prices are weak. In the futures market, the black chain index has strengthened, and coking coal led the rise. Macroscopically, domestic policies are mainly for bottom - support, and overseas disturbances are numerous. Industrially, steel demand is seasonally weak, and steel production has decreased. Coking coal inventories at the mine mouth continue to accumulate, but supply is affected by safety and environmental issues. The futures are at a premium to the spot, and industrial customers can participate in selling hedging [6]. **Ferrosilicon and Silicomanganese Market** - For ferrosilicon, production has decreased slightly, but direct demand has weakened, and cost support has declined. For silicomanganese, supply has increased from a low level, demand has weakened, and cost support has also weakened. Their prices are expected to be under pressure [7]. **Iron Ore Market** - The overall weak trend of iron ore remains unchanged. Ore shipments are gradually increasing, and port inventories have shifted from a slight decline to a slight increase. The black market is entering the off - season, and downstream pressure is intensifying. It is recommended to maintain a short - selling strategy [8]. **Investment Strategies** - For steel, maintain a wait - and - see attitude for single - side trading. For futures - spot trading, choose hot - rolled coils with better liquidity for hedging and open - position management, and rotate inventory for spot goods. For coking coal and coke, industrial customers should actively participate in selling hedging. For ferrosilicon and silicomanganese, buy put options at high prices [9].

Industry Investment Rating - Not provided Core Viewpoints - For industrial silicon, the futures price rebounded while the spot price stabilized, with the basis narrowing significantly. The fundamentals changed little, but the overall sentiment improved recently. The price bottom is easily affected by various news, and the near - month contract has high positions, leading to large short - term fluctuations. Upstream enterprises can sell on rallies for hedging [1][2]. - For polysilicon, the futures price declined, and the spot price was weakly stable. The fundamentals are weak. As the number of warehouse receipts increases, the delivery game weakens, and the futures price is under pressure. Attention should be paid to the subsequent increase in warehouse receipts [3][5][10]. Market Analysis Industrial Silicon - On June 8, 2025, the main contract 2507 of industrial silicon futures opened at 7,245 yuan/ton and closed at 7,475 yuan/ton, up 2.33% from the previous settlement price. The position of the main contract 2507 was 177,663 lots, and the number of warehouse receipts on June 9 was 60,179 lots, a decrease of 394 lots from the previous day [1]. - The spot price of industrial silicon was stable. The price of East China oxygen - containing 553 silicon was 8,000 - 8,300 yuan/ton, 421 silicon was 8,400 - 9,000 yuan/ton, Xinjiang oxygen - containing 553 silicon was 7,500 - 7,700 yuan/ton, and 99 silicon was 7,500 - 7,700 yuan/ton. The prices of individual silicon in Xinjiang and Sichuan continued to decline, while those in Kunming, Huangpu Port, Tianjin, Shanghai, and the northwest remained stable, as did the price of 97 silicon [1]. - The DMC price of silicone was 10,900 - 11,500 yuan/ton, a decrease of 200 yuan/ton. The weekend quotation of Shandong monomer enterprises decreased by 400 yuan/ton to 11,000 yuan/ton, and the bid - winning price dropped to 10,800 yuan/ton. After the price decline, the transaction center of the DMC market decreased [1]. Polysilicon - On June 8, 2025, the main contract 2507 of polysilicon futures opened at 34,620 yuan/ton and closed at 34,105 yuan/ton, a decrease of 2.24% from the previous trading day. The position of the main contract was 64,383 lots (65,179 lots the previous day), and the trading volume was 123,726 lots [3][7]. - The spot price of polysilicon was stable. The price of polysilicon re - feedstock was 32.00 - 35.00 yuan/kg, dense material was 30.00 - 34.00 yuan/kg, cauliflower material was 29.00 - 31.00 yuan/kg, granular silicon was 32.00 - 33.00 yuan/kg, N - type material was 35.00 - 38.00 yuan/kg, and N - type granular silicon was 33.00 - 35.00 yuan/kg [3][7]. - The polysilicon inventory was 26.90 (a 0.37% month - on - month increase), the silicon wafer inventory was 20.02GW (a 7.80% month - on - month increase), the weekly polysilicon output was 22,000 tons (a 1.85% month - on - month increase), and the silicon wafer output was 13.04GW (a 2.67% month - on - month decrease) [3][4][7]. - The price of domestic N - type 18Xmm silicon wafers was 0.92 yuan/piece (a decrease of 0.03 yuan/piece), N - type 210mm was 1.28 yuan/piece, and N - type 210R silicon wafers were 1.08 yuan/piece [4][7]. - The price of high - efficiency PERC182 battery cells was 0.27 yuan/W (a decrease of 0.01 yuan/W), PERC210 battery cells were about 0.28 yuan/W, TopconM10 battery cells were about 0.25 yuan/W, Topcon G12 battery cells were 0.26 yuan/W, Topcon210RN battery cells were 0.27 yuan/W, and HJT210 half - piece battery cells were 0.37 yuan/W [4][8][9]. - The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.69 - 0.70 yuan/W (an increase of 0.01 yuan/W), and N - type 210mm was 0.70 - 0.70 yuan/W (an increase of 0.01 yuan/W) [4][9]. Strategies Industrial Silicon - Unilateral: Mainly conduct range operations, and upstream enterprises can sell on rallies for hedging. - Inter - period: None. - Cross - variety: None. - Futures - spot: None. - Options: None [2]. Polysilicon - Unilateral: Mainly conduct range operations. - Inter - period: None. - Cross - variety: None. - Futures - spot: None. - Options: None [5][8][10].

Group 1: Market Analysis - On May 27, 2025, the main contract of lithium carbonate 2507 opened at 59,940 yuan/ton and closed at 60,920 yuan/ton, up 0.86% from the previous settlement price. The trading volume was 392,469 lots, and the open interest was 293,695 lots, a decrease of 32,777 lots from the previous trading day. The total open interest of all contracts was 567,772 lots, an increase of 18,973 lots from the previous trading day. The total trading volume of the contracts increased by 207,843 lots from the previous trading day, and the overall speculation degree was 0.49. The lithium carbonate warehouse receipts were 34,154 lots, a decrease of 825 lots from the previous trading day [2] - The lithium carbonate market showed a gap - down and then a rebound, with wide - range fluctuations during the session and a short - covering rally at the end of the session [2] Group 2: Spot Market - On May 27, 2025, the price of battery - grade lithium carbonate was reported at 60,800 - 63,200 yuan/ton, down 500 yuan/ton from the previous trading day, and the price of industrial - grade lithium carbonate was reported at 59,900 - 60,900 yuan/ton, also down 500 yuan/ton from the previous trading day. The center of the spot transaction price of lithium carbonate continued to move down [3] - The supply - demand of the lithium carbonate market remained in an oversupply state, and there was no strong support for price increases. The demand side was stable with limited incremental demand, while the supply side had a significant incremental expectation as the non - integrated lithium salt plants got the opportunity to hedge and resume production with the slight rebound of the futures. Also, the cost support was weakening due to the continuous decline of lithium ore prices, further suppressing the lithium carbonate price [3] Group 3: Strategy - Fundamentally, the situation was weak, but the open interest of the 07 contract was high, and subsequent position reduction might cause large fluctuations. Short - term trading needed to pay attention to risks [4] - Unilateral strategy: Sell on rallies for hedging [4] - Option strategy: Sell out - of - the - money call options or use bear spread options [4] Group 4: Core View - The lithium carbonate spot was weak, and attention should be paid to the impact of futures position changes on the short - term market [1]