Group 1 - The Shanghai Export Container Freight Index reported a rise of 4.24 points to 1345.17 as of May 9, while the China Export Container Freight Index decreased by 1.3% to 1106.38 [1] - Mysteel's survey indicated that the operating rate of blast furnaces in 247 steel mills reached 84.62%, an increase of 0.29 percentage points week-on-week and up 3.12 percentage points year-on-year [1] - The average daily pig iron output was 2.4564 million tons, showing a week-on-week increase of 0.022 million tons [1] Group 2 - The General Administration of Customs and six other departments announced adjustments to management measures for customs special supervision zones, effective June 10, 2025 [2] - ITS reported that Malaysia's palm oil exports from May 1 to 10 totaled 293,991 tons, a decrease of 9% compared to the same period last month [2] - The China Nitrogen Fertilizer Industry Association urged major nitrogen fertilizer companies to reduce urea factory prices within three days to not exceed levels prior to May 6 [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The suspension of tariffs on some countries by the US has boosted bullish sentiment, leading to a strong rebound in the market. However, recent operations are highly challenging. Risk - preferring investors can wait for rebound opportunities [1] - The core logic for this year's prediction lies in the direction of international tariff policies. In April, the US may change its tariff policies towards countries such as Canada, Mexico, and Europe again. The inclusion of retaliatory tariffs in the negotiation process adds a significant disturbing factor to the future of the shipping industry [1] - It is necessary to focus on the price war between MSK and MSC in the second quarter and the feedback of terminal demand under aggressive tariff policies [1] Group 3: Summary by Related Catalogs Shipping Indexes - On April 7, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1422.42 points, a 3.5% decrease from the previous period; the SCFIS for the US - West route was 1129.45 points, a 3.7% increase from the previous period [1] - On March 28, the Ningbo Export Container Freight Index (NCFI) (composite index) was 983.01 points, a 12.89% increase from the previous period; the NCFI for the European route was 866.25 points, a 0.65% decrease from the previous period; the NCFI for the US - West route was 1524.4 points, a 49.83% increase from the previous period [1] - On April 3, the Shanghai Export Container Freight Index (SCFI) was 1392.78 points, a 35.90 - point increase from the previous period; the SCFI for the European route was 1336 USD/TEU, a 1.4% increase from the previous period; the SCFI for the US - West route was 2313 USD/FEU, a 6.2% increase from the previous period [1] - On April 3, the China Export Container Freight Index (CCFI) (composite index) was 1102.71 points, a 0.8% decrease from the previous period; the CCFI for the European route was 1507.27 points, a 1.3% decrease from the previous period; the CCFI for the US - West route was 776.61 points, a 3.6% decrease from the previous period [1] Economic Data - The preliminary value of the Eurozone's manufacturing PMI in March was 48.7 (expected 48.2); the preliminary value of the service PMI was 50.4 (expected 51). The preliminary value of the Eurozone's composite PMI in March rose to 50.4, up from 50.2 in February, the highest since August. The Eurozone's Sentix investor confidence index in March was - 2.9 (expected - 8.4, previous value - 12.7) [1] - China's manufacturing PMI in February was 50.2%, a 1.1 - percentage - point increase from the previous month, indicating an obvious recovery in manufacturing prosperity. China's Caixin manufacturing PMI in February was 50.8, the highest in the past three months, and the contraction rate of employment slowed down significantly [1] - The preliminary value of the US S&P Global manufacturing PMI in March was 49.8, the lowest in three months; the preliminary value of the service PMI was 54.3, the highest in three months; the preliminary value of the US S&P Global composite PMI in March was 53.5, the highest in three months [1] Trading Strategies - Short - term strategy: Risk - preferring investors can try to go long lightly when the 2508 contract drops below 1900 points and the 2510 contract drops below 1200 points, and set stop - losses [1] - Arbitrage strategy: Against the backdrop of tariff fermentation, attention can be paid to the reverse - arbitrage structure, but the window period is short and the volatility is large [1] - Long - term strategy: Currently, the far - month contracts are in deep water. It is recommended to take all profits. After the price war situation becomes clear in April, wait for the far - month contracts to adjust to an appropriate price before making new arrangements [1] Market Conditions - On April 10, the main contract 2506 closed at 1886.0, with a 14.47% increase, a trading volume of 82,600 lots, and an open interest of 33,200 lots, a decrease of 1498 lots from the previous day [1] - Due to the US announcement of tariff suspension for non - retaliatory countries, the market rebounded rapidly, and the container shipping index futures opened and closed higher. In the future, attention should be paid to tariff policies, the Middle East situation, and spot freight rates [1]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Despite the continuous decline of SCFIS, some liner companies are still pushing up freight rates in mid - early April. The market atmosphere is bullish under the multi - empty game, and the market is oscillating at a relatively high level. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][3]. - The core logic for this year lies in the direction of international tariff policies. In April, the US may have repeated tariff policies towards Canada, Mexico, Europe, etc., which will add a major disturbing factor to the future shipping trend [3]. - It is necessary to focus on the price war between MSK and MSC in the second quarter and the feedback of terminal demand under radical tariff policies [3]. 3. Summary by Related Content Market Data - On March 24, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1506.17 points, down 3.9% from the previous period; the SCFIS for the US - West route was 1260.05 points, down 16.4% from the previous period [2]. - On March 21, the Ningbo Export Container Freight Index (NCFI) composite index was 870.75 points, up 0.51% from the previous period; the NCFI for the European route was 871.91 points, up 0.62% from the previous period; the NCFI for the US - West route was 1017.39 points, down 1.01% from the previous period [2]. - The Shanghai Export Container Freight Index (SCFI) announced price on March 21 was 1292.75 points, down 26.59 points from the previous period; the SCFI European line price was 1306 USD/TEU, down 6.5% from the previous period; the SCFI US - West route was 1152.74 USD/FEU, down 8.5% from the previous period [2]. - The China Export Container Freight Index (CCFI) composite index on March 21 was 1147.76 points, down 3.7% from the previous period; the CCFI for the European route was 1586.66 points, down 2.2% from the previous period; the CCFI for the US - West route was 859.97 points, down 6.9% from the previous period [2]. - On March 24, the main contract 2506 closed at 2072.0, with a 0.31% increase, a trading volume of 45,600 lots, and an open interest of 43,100 lots, a decrease of 954 lots from the previous day [3]. Economic Indicators - The eurozone's February manufacturing PMI preliminary value was 47.3, the previous value was 46.6; the eurozone's February services PMI preliminary value was 50.7, a 3 - month low; the eurozone's February composite PMI preliminary value was 50.2, the same as the previous value. The eurozone's February Sentix investor confidence index was - 12.7, with an expected value of - 16.3 [2]. - China's January manufacturing PMI was 49.1%, down 1.0 percentage point from the previous month. China's January Caixin manufacturing PMI was 50.1, the previous value was 50.5, remaining above the boom - bust line for the fourth consecutive month [3]. - The US February S&P Global manufacturing PMI preliminary value was 51.6, an 8 - month high; the US February S&P Global services PMI preliminary value was 49.7, a 25 - month low; the US February S&P Global composite PMI preliminary value was 50.4, a 17 - month low [3]. Trading Strategies - Short - term strategy: Risk - preferring investors can try to go long on the 2508 contract in the 1900 - 2000 range for a rebound of the peak - season contract, and set a stop - loss [3]. - Arbitrage strategy: Due to the repeated geopolitical conflicts and the basically determined tariff policies, the arbitrage structure is currently chaotic, with a short window period and large fluctuations. All positions have been advised to take profits [3]. - Long - term strategy: The far - month contracts are currently at a large discount. All positions have been advised to take profits. It is recommended to wait until the price war situation in March becomes clear and the far - month contracts are adjusted to an appropriate price before making a layout [3]. Other Information - Houthi rebels attacked Israel's Ben - Gurion International Airport and the US "Harry Truman" aircraft carrier on March 23, causing the airport to suspend flights for half an hour [3]. - US President Trump has frequently introduced trade - protectionist measures, which has raised concerns about the global economic outlook and may disrupt the global economic and trade order and damage Europe [3].