Core Viewpoint - The article discusses the recent financial policies implemented in China, particularly the "5·07" incremental policy, which aims to stabilize the market and expectations amid external uncertainties and economic transitions. The response from the financial markets, especially the A-share market, has been more restrained compared to the previous "9·24" policy [1][4]. Summary by Sections Financial Policy Overview - On May 7, China announced a comprehensive set of financial policies to stabilize the market, which included a 0.1 percentage point reduction in policy rates and a 0.5 percentage point cut in the reserve requirement ratio [4][9]. - The "5·07" policy is characterized by its broad scope, multiple measures, and rapid implementation, comparable to or exceeding the "9·24" policy [2][4]. Market Reactions - Following the "9·24" policy, the Shanghai Composite Index experienced a significant rally, gaining 27% over a two-week period. In contrast, the response to the "5·07" policy was more muted, with only a 2% increase over three trading days [4][6]. - The market's restrained reaction to the "5·07" policy is attributed to the fact that many of the measures were anticipated by investors [4][6]. Economic Context - The article highlights the ongoing economic challenges, including a decline in the GDP deflator index and a prolonged decrease in the Producer Price Index (PPI), which has raised concerns about the effectiveness of monetary policy [9][10]. - The need for a balance between supporting the real economy and maintaining the health of the banking system is emphasized, as low interest rates face constraints from insufficient market demand and bank credit supply [11][12]. Fiscal Policy Measures - The article outlines the government's commitment to a more proactive fiscal policy, with a projected deficit rate of around 4% and an increase in new government debt to support economic stability [13][15]. - Specific measures include enhancing financial support for foreign trade enterprises affected by tariffs and promoting domestic consumption [14][15]. Trade and External Relations - Despite challenges in exports to the U.S., overall Chinese exports have shown resilience, with significant growth in exports to non-U.S. markets [16]. - The article suggests that ongoing trade negotiations between China and the U.S. may lead to a reduction in tariffs, which could further support economic stability [16].

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Views - The price of finished products is expected to move in a sideways consolidation [3] - The price of aluminum is expected to fluctuate strongly in the short - term, and macro - sentiment and downstream start - up should be monitored [4] 3) Summary by Related Content Finished Products - In the Yungui region, short - process construction steel producers' Spring Festival shutdown is mostly from mid - to late January, and the resumption is expected around the 11th to 16th day of the first lunar month, affecting a total of 741,000 tons of construction steel output [2] - In Anhui, 1 out of 6 short - process steel mills stopped production on January 5th, most will stop around mid - January, and some after January 20th, with a daily output impact of about 16,200 tons [3] - From December 30, 2024, to January 5, 2025, the transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% MoM decrease and a 43.2% YoY increase [3] - The price of finished products continued to decline in a volatile manner, hitting a new low. In the context of weak supply and demand, market sentiment is pessimistic, and the price center continues to shift downward. This year's winter storage is sluggish, providing little price support [3] Aluminum - Yesterday, the aluminum price fluctuated strongly. In April, the US PPI unexpectedly fell, and retail sales growth slowed. Fed officials need more data to determine the impact of tariff statements on prices and the economy [2] - Last week, the operating rate of domestic aluminum downstream processing leading enterprises rose 0.3 percentage points to 61.9%. The aluminum cable operating rate increased 1.4 percentage points to 65.6%, while the national profile operating rate decreased 1.5 percentage points to 57.5% [3] - On May 15, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 581,000 tons, a decrease of 20,000 tons from Monday, 39,000 tons from last Thursday, and 166,000 tons from the same period last year, remaining at a near - three - year low [3] - Although the inventory of domestic aluminum ingots can maintain a de - stocking trend in the short term, around the end of May and early June, the circulation in domestic mainstream consumption areas may gradually ease. The key node of the subsequent inventory accumulation of domestic aluminum ingots needs to be confirmed [3] - Short - term warming of the macro - atmosphere boosts prices, but subsequent consumption will enter the off - season, and inventory faces accumulation pressure. Attention should be paid to the support of fundamentals after the dissipation of macro - sentiment [4]

Group 1: Overall Core View - The black industry market is affected by multiple factors including macro - policies, supply - demand relationships, and international relations. Different products in the black industry have different trends [1][3][4] Group 2: Report on Each Product 1. Rebar - On Thursday, rebar futures prices fluctuated narrowly. The price of Hangzhou Zhongtian rebar was 3,250 yuan/ton, up 10 yuan/ton from the previous day, and the basis of the 10 - contract was 132 (+19) [1] - In terms of macro - policies, on May 7, three departments issued a package of financial policies, and the Sino - US talks had better - than - expected results. In the industrial aspect, this week, rebar production and apparent demand both increased, and inventory continued to decline. Whether demand has started seasonal decline needs further observation [1] - In terms of valuation, rebar futures prices are still lower than the valley - electricity cost of electric furnaces, with a low static valuation. In terms of driving factors, the Sino - US trade environment has improved, and the probability of large - scale fiscal stimulus policies in the short - term is small. The current supply - demand situation is okay, but demand faces seasonal decline pressure. It is expected that prices will fluctuate [1] 2. Iron Ore - On Thursday, due to the good expectations from the Sino - US talks, the market speculated on export rush again, and the futures price rebounded. The price of PB powder at Qingdao Port was 773 yuan/wet ton (-5), the Platts 62% index was 102.20 US dollars/ton (-0.60), and the monthly average was 99.67 US dollars/ton. The PBF basis was 82 yuan/ton (-5) [1] - The total iron ore shipments from Australia and Brazil were 2,422.4 million tons, a week - on - week decrease of 118. The total inventory of 45 ports + 247 steel mills was 23,197.69 million tons, a week - on - week decrease of 439.84. The daily hot - metal output of 247 steel enterprises was 244.77 million tons, a week - on - week decrease of 0.87 [1] - Steel mills' profitability this week is okay, and the willingness to resume production after blast - furnace maintenance is strong. As it is about to enter the traditional off - season, there is limited room for the high - level hot - metal output to increase further, with a peak - reaching expectation. The positive effect of domestic monetary policy has landed, and the follow - up macro - expectation effect is weakening. It is expected that iron ore will maintain a box - shaped oscillation [1] 3. Coking Coal - In terms of supply, coal mines in domestic main production areas are generally stable, but some areas have phased production cuts due to safety inspections and sales pressure, and overall supply is relatively loose. In terms of imports, the customs clearance volume of Mongolian coal is suppressed by weak demand, and traders' quotes are under pressure [3] - In terms of demand, the expectation of coke price cuts continues to ferment, downstream coke enterprises maintain a low - inventory procurement strategy, the auction market sentiment is weak, and the transaction price of some coal types has declined. The supply - demand contradiction in the coking coal market is not significantly alleviated, and coal mine inventory pressure is emerging. In the short - term, prices may continue to be under pressure [3] 4. Coke - In terms of supply, coke enterprises in main production areas maintain a stable production situation, and some areas continue to limit production due to continuous pressure on profit margins, but overall capacity release is relatively loose. In terms of demand, steel mills continue the low - inventory management mode, and the restocking rhythm is mainly based on rigid demand. High - level hot - metal output supports short - term consumption, but the expectation of seasonal weakening of terminal demand suppresses the willingness to stockpile raw materials [4] - The improvement of Sino - US relations boosts market sentiment, but the expectation of simultaneous decline in domestic and foreign demand for steel products intensifies the negative feedback pressure on the industrial chain. Mainstream steel mills still have a tendency to reduce prices when purchasing raw materials. The coke market is in a weak balance state of strong supply and weak demand, and short - term prices may continue to oscillate within a range [4] Group 3: Industry News - On May 15, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Continuously Promoting Urban Renewal Actions", which requires the renovation of old urban communities, the construction of complete communities, and the renovation of old blocks, old factories, and urban villages [6] - From January to April 2025, the online retail sales and volume of China's home appliance market (excluding 3C) increased by 9.1% and 1.2% year - on - year respectively, and the offline retail sales and volume increased by 14.8% and 4.5% year - on - year respectively [6] - Federal Reserve Chairman Powell said that the Fed is considering adjusting the core content of the monetary policy guidance framework to deal with major changes in inflation and interest - rate prospects after the 2020 pandemic [6] - According to Mysteel's May survey on the southward movement of steel from the north, the planned southward movement volume of northeast rebar in May was 360,000 tons, an increase of 142,000 tons year - on - year and a decrease of 7,000 tons month - on - month. The planned southward movement volume of wire rods was 275,000 tons, a decrease of 66,000 tons year - on - year and a decrease of 20,000 tons month - on - month [6] - The Inner Mongolia Industry and Information Technology Department carried out on - site verification of the implementation of the 2024 stepped electricity - price policy and announced the verification results [6]

黑色产业日报 简要观点 ◆ 螺纹钢 黑色产业团队 2025/5/15 公司资质 长江期货股份有限公司交易咨询业 务资格：鄂证监期货字[2014]1 号 研究员 周三，螺纹钢期货价格震荡上行，杭州中天螺纹钢 3240 元/吨，较前一 日上涨 40 元/吨，10 合约基差 113（-8）。宏观政策方面，5 月 7 日， 三部门发布一揽子金融政策稳市场稳预期，货币政策利多落地，不过市 场仍在期待财政政策发力，中美会谈成果超预期，双方大幅互降关税， 市场预期改善；产业方面，上周螺纹钢产量、表需双降，库存小幅累积， 供需格局有转差迹象，当然也有五一假期因素影响，需求是否已经开始 季节性回落还需进一步观察。后市而言：估值方面，螺纹钢期货价格仍 低于电炉谷电成本，静态估值处于偏低水平；驱动方面，政策端，中美贸 易环境改善，短期国内出台大规模财政刺激政策概率较小，产业端，现 实供需尚可，但需求仍面临季节性下滑压力，关注需求变化，低估值背 景下，预计价格震荡运行。(数据来源：同花顺 iFinD，Mysteel) ◆ 铁矿石 周三，中美会谈成果营造良好预期，市场再度炒作抢出口，盘面向上回 调。现货方面，青岛港 PB 粉 778 ...

Group 1 - The People's Bank of China reported that as of April 2025, the total social financing stock reached 424 trillion yuan, reflecting a year-on-year growth of 8.7% [1] - The balance of RMB loans to the real economy was 262.27 trillion yuan, with a year-on-year increase of 7.1% [1] - In the first four months of 2025, the cumulative increase in social financing was 16.34 trillion yuan, which is 3.61 trillion yuan more than the same period last year [1] Group 2 - New RMB loans added in the first four months amounted to 9.78 trillion yuan, which is an increase of 339.7 billion yuan year-on-year [1] - Net financing from corporate bonds was 759.1 billion yuan, showing a decrease of 409.5 billion yuan year-on-year, while net financing from government bonds was 4.85 trillion yuan, an increase of 3.58 trillion yuan year-on-year [1] - The issuance of local government bonds has accelerated due to factors such as debt replacement and pilot projects for special bonds [1] Group 3 - The stock financing has seen a steady increase year-on-year, influenced by a warming in equity financing and a low base from the previous year [1] - Off-balance-sheet financing, including entrusted loans and undiscounted bank acceptance bills, increased by 95.9 billion yuan and 149.4 billion yuan respectively, continuing to support the real economy [1] Group 4 - Experts indicate that strong fiscal support and a rapid pace of bond issuance this year have effectively supported social financing, contributing to domestic demand expansion and credit easing [1] - The macroeconomic policies have shown positive effects this year, with increased fiscal policy strength and a more proactive pace being significant factors [1]

Core Viewpoint - The article emphasizes that the financial data for April indicates a stable and supportive monetary policy environment, which is effectively aiding the real economy. The growth in M2 and social financing reflects a positive trend in financial support for economic activities [1][2][17]. Financial Data Overview - In April, the M2 balance reached 325.17 trillion yuan, with a year-on-year growth of 8%, which is 1.0 percentage points higher than the previous month and 0.8 percentage points higher than the same period last year [1][13]. - The total social financing stock was 424 trillion yuan, growing by 8.7% year-on-year, with an increase of 1.16 trillion yuan in April alone, which is 1.22 trillion yuan more than the previous year [1][4]. Government Bond Issuance - The acceleration in government bond issuance has significantly contributed to the increase in social financing. From January to April, net financing from government bonds exceeded 5 trillion yuan, which is approximately 3.6 trillion yuan more than the previous year [4][6]. - In April, the issuance of special long-term government bonds and refinancing bonds for hidden debt replacement contributed to a net financing of about 970 billion yuan, boosting the social financing growth rate by approximately 0.3 percentage points [4][6]. Credit Growth and Structure - The total increase in RMB loans from January to April was 10.06 trillion yuan, roughly in line with the previous year. Notably, inclusive small and micro loans grew by 11.9%, and medium to long-term loans for the manufacturing sector increased by 8.5%, both exceeding the overall loan growth rate [1][8]. - As of the end of April, the RMB loan balance was 265.7 trillion yuan, with a year-on-year growth of 7.2%. Adjusting for the impact of local government debt replacement, the actual loan growth rate remains above 8% [9][17]. Monetary Policy and Economic Outlook - The article indicates that the current monetary policy is supportive, with the People's Bank of China implementing effective measures to stabilize the economy. The weighted average interest rate for new corporate loans was approximately 3.2%, down 4 basis points from the previous month and 50 basis points from the same period last year [18]. - Experts anticipate that the effects of the moderately loose monetary policy will continue to manifest, especially if external conditions improve [18].

Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Views - The price of finished products is expected to move in a downward - centered and weak manner, and will be in a state of shock consolidation. The price of aluminum ingots is expected to fluctuate strongly in the short - term. [1][3][4] Group 3: Summary by Related Content For Finished Products - Yungui region's short - process construction steel enterprises will stop production for maintenance from mid - January, and resume production around the 11th to 16th day of the first lunar month, affecting a total output of 741,000 tons. In Anhui, 1 short - process steel mill stopped production on January 5, most will stop around mid - January, and individual ones after January 20, with a daily output impact of about 16,200 tons. [2][3] - From December 30, 2024, to January 5, 2025, the transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% month - on - month decrease and a 43.2% year - on - year increase. [3] - The price of finished products continued to decline in shock, hitting a new low recently. In the context of weak supply and demand, market sentiment is pessimistic, and winter storage is sluggish, with weak price support. [3] - The finished products are expected to move in a shock - consolidated manner, and attention should be paid to macro - policies and downstream demand. [3] For Aluminum - Yesterday, the aluminum price fluctuated strongly. The US CPI increased by 0.2% last month, lower than the expected 0.3%, and the consumer price index decreased by 0.1% in March. The easing of trade tensions reduced the market's expectation of an economic recession. [2] - Last week, the total operating capacity of alumina enterprises decreased slightly by 80,000 tons/year. In the short - term, the operating capacity may fluctuate. The spot price may rebound slightly, but the cost - side support is weakening, and the price is expected to move in a shock in the short - term. [3] - Last week, the domestic aluminum downstream processing leading enterprises' operating rate increased by 0.3 percentage points to 61.9%. The aluminum cable operating rate increased by 1.4 percentage points to 65.6%, while the national profile operating rate decreased by 1.5 percentage points to 57.5%. [3] - On May 12, the domestic mainstream consumption area's electrolytic aluminum ingot inventory was 601,000 tons, a decrease of 19,000 tons from last Thursday and 35,000 tons from May 6. It is expected to break through the 600,000 - ton mark this Thursday. [3] - The aluminum price is expected to fluctuate strongly in the short - term, and attention should be paid to macro - sentiment and downstream operating rates, as well as macro - expectations, geopolitical crises, mine resumption, and consumption release. [4]

Inflation Data - April CPI decreased by 0.1% year-on-year, slightly better than the expected -0.2% and the previous value of -0.1%[11] - April PPI fell by 2.7% year-on-year, also better than the expected -2.8% and the previous value of -2.5%[11] Economic Stability - The year-on-year CPI remained stable compared to March, with a two-year average growth rate slightly improving to 0.1%[12] - The month-on-month CPI increased by 0.1%, recovering from a 0.4% decline in March, outperforming the historical average of -0.1%[12] Core CPI and Demand - Core CPI remained low, indicating weak terminal demand and sluggish consumption, necessitating accelerated domestic demand policies[7] - Food prices showed a seasonal increase, with a 0.2% month-on-month rise, driven by supply factors[12] Policy Response - The Central Political Bureau proposed more proactive macro policies to address domestic demand shortages and external shocks[8] - A package of financial policies was launched in early May, including interest rate cuts and structural tools to stimulate domestic demand[8] Risks and Considerations - Potential risks include unexpected central bank adjustments, inflation exceeding expectations, and escalating trade tensions[17] - Ongoing monitoring of policy implementation, US-China tariff negotiations, and fiscal measures is essential for future economic stability[8]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The steel price of finished products showed a pattern of rising and then falling due to low demand. Given the current macro and fundamental situation, it is recommended to try short - selling at high prices after a rebound. For raw materials, there may still be a rebound in the near term, and short - selling can be attempted during the rebound [2] Group 3: Summary by Relevant Catalog Real Estate - From May 5th to May 11th, the total contracted area of newly built commercial housing in 10 key cities was 1.4548 million square meters, with a 13.2% month - on - month increase and a 17.7% year - on - year decrease [2] White Goods - According to the online market monitoring data of Aowei Cloud Network, in April, the year - on - year growth rates of the online retail sales of refrigerators, freezers, washing machines, independent dryers, and air conditioners were +1.0%, - 0.8%, +10.8%, +45.0%, and +34.8% respectively [2] Steel Industry - On May 13th, the average cost of 76 independent electric arc furnace construction steel mills was 3334 yuan/ton, with a daily increase of 8 yuan/ton. The average profit was - 87 yuan/ton, and the valley - electricity profit was 18 yuan/ton, with a daily increase of 12 yuan/ton. On May 13th, the ex - factory price of ordinary billet resources in Qian'an, Tangshan was reduced by 20 yuan to 2950 yuan. On May 12th, the release of the "Geneva Economic and Trade Joint Statement" between China and the United States was beneficial at the macro - level, leading to a rebound in many commodity varieties. However, there was still pressure on the domestic demand side. In the industry, due to the still - existing profits of steel mills, the hot - metal output and steel mill operating rates increased last week, but the downstream was gradually entering the off - season of demand, resulting in a situation of strong supply and weak demand, and the steel price was under pressure [2]

Report Title - Macro atmosphere rebounds, steel prices rebound from lows - Weekly Report 20250512 [1] Core Views - The implementation of the "package of financial policies" by the State Council Information Office and the substantial progress in the China - US talks have boosted market confidence, and the macro atmosphere has improved. After the holiday, affected by factors, the inventory of the five major steel products has increased. It is expected that the demand will improve on a low - base basis in the week after the holiday, and steel prices will be supported at low levels and show a phased rebound [3]. - The supply of iron ore shows a phased contraction, and the iron ore supply - demand structure has improved, which, combined with the warming macro - atmosphere, leads to a phased rebound of the black series after over - decline. The main iron ore contract should pay attention to the pressure around 730 - 750 [4]. - After the holiday, the overall supply of coking coal remains in a loose pattern, and the online auction turnover rate is still low. The profit of coking enterprises has been repaired, but the second - round price increase of coke has been shelved. With the improvement of the macro - atmosphere, it is stable in the short - term at low levels and should be treated with an oscillatory view [5]. Industry Investment Rating - Not provided in the report Summary by Directory 1. Market Review - After the holiday, with the implementation of macro - policy expectations, the market returned to the supply - demand fundamentals. Affected by the holiday, the demand for the five major steel products declined significantly. The inventory of rebar and hot - rolled coils increased, the market pessimism rose, the futures prices fell significantly, the spot prices decreased synchronously, and the basis widened [9]. 2. Steel Supply - Demand Analysis - **Production**: The national weekly rebar production was 223.53 tons (down 4.22% month - on - month and 3.07% year - on - year), and the hot - rolled coil production was 320.38 tons (up 0.34% month - on - month and down 1.46% year - on - year). The production of both blast - furnace and electric - furnace rebar decreased [15][17][18]. - **Operating Rate**: The blast - furnace operating rate remained stable at 84.62% (up 0.34 month - on - month and 4.99% year - on - year), and the electric - furnace operating rate slightly decreased to 72.73% (down 0.27% month - on - month and up 13.32% year - on - year) [23][27]. - **Profit**: The profit of rebar and hot - rolled coils shrank month - on - month. The rebar profit was + 90 yuan/ton (down 29.69% week - on - week and 24.37% year - on - year), and the hot - rolled coil profit was + 30 yuan/ton (down 39.47 week - on - week and 58.93% year - on - year) [28][31]. - **Demand**: The apparent consumption of rebar was 213.9 tons (down 26.67% month - on - month and 26.32% year - on - year), and the apparent consumption of hot - rolled coils was 309.53 tons (down 6.97% month - on - month and 4.20% year - on - year). The demand for rebar declined significantly, and the demand for hot - rolled coils also decreased [32][36]. - **Inventory**: The total rebar inventory was 653.63 tons (up 1.50% month - on - month and down 26% year - on - year), with the factory inventory increasing and the social inventory decreasing. The total hot - rolled coil inventory was 365.12 tons (up 3.06% month - on - month and down 13.37% year - on - year), with the factory inventory slightly decreasing and the social inventory increasing [37][40][41]. - **Downstream Industries**: In the real estate sector, the weekly transaction area of commercial housing in 30 large - and medium - sized cities increased by 0.89% month - on - month and decreased by 18.97% year - on - year, and the transaction land area in 100 large - and medium - sized cities decreased by 12.36% month - on - month and 58.37% year - on - year. In the automotive sector, in March 2025, automobile production and sales were 3.006 million and 2.915 million respectively, with a month - on - month increase of 42.9% and 37% and a year - on - year increase of 11.9% and 8.2% [46][49][52]. 3. Iron Ore Supply - Demand Analysis - **Supply**: The iron ore price index was 97.82 (up 0.64% month - on - month and down 15.95% year - on - year). The shipments from 19 ports in Australia and Brazil were 2422.5 tons (down 4.64% month - on - month and 0.95% year - on - year), and the arrivals at 45 ports were 2354.6 tons (down 3.88% month - on - month and up 9.70% year - on - year) [55][60]. - **Demand**: The daily pig - iron output was 245.64 tons (up 0.22 tons month - on - month and 6.39 tons year - on - year), and the port clearance volume at 45 ports was 315.21 tons (down 5.01% month - on - month and up 5.95% year - on - year). The inventory - sales ratio of 247 steel enterprises was 29.48 days (down 3.94% month - on - month and 9.60% year - on - year) [61][65]. - **Inventory**: The inventory at 45 ports was 14238.71 tons (down 0.45% month - on - month and 3.83% year - on - year), and the imported iron ore inventory of 247 steel enterprises was 8958.98 tons (down 4.03% month - on - month and 3.91% year - on - year) [66][71]. 4. Coking Coal and Coke Supply - Demand Analysis - **Supply**: The coking coal mine operating rate was 89.92% (up 0.20% month - on - month and 3.26% year - on - year), the coal - washing plant operating rate was 62.42% (down 0.87% month - on - month and 2.62% year - on - year), and the daily Mongolian coal customs clearance volume was 13.37 tons (up 63.10% month - on - month and down 5.35% year - on - year) [73][77]. - **Coking Enterprises**: The profit per ton of coke in independent coking enterprises was + 1 yuan/ton (up 7 yuan/ton month - on - month and 62 yuan/ton year - on - year), and the capacity utilization rate was 75.05% (down 0.50% month - on - month and up 4.29% year - on - year) [81][85]. - **Coking Coal Inventory**: The coking coal inventory of independent coking enterprises was 775.13 tons (down 4.33% month - on - month and up 7.69% year - on - year), the steel - mill coking coal inventory was 787.41 tons (up 0.36 month - on - month and 6.33% year - on - year), and the port coking coal inventory was 297.81 tons (down 4.48% month - on - month and up 30.91% year - on - year) [86][91]. - **Coke Inventory**: The coke inventory of independent coking enterprises was 65.09 tons (down 2.94% month - on - month and up 43.53% year - on - year), the steel - mill coke inventory was 671.03 tons (down 0.62% month - on - month and up 20.53% year - on - year), and the port coke inventory was 229.08 tons (down 3.80% month - on - month and up 2.97% year - on - year) [92][97]. - **Spot Price**: The price of low - sulfur coking coal in Shanxi was 1270 yuan/ton (down 30 yuan/ton week - on - week and 780 yuan/ton year - on - year), and the ex - factory price of quasi - first - grade metallurgical coke in Lvliang was 1200 yuan/ton (unchanged month - on - month and down 700 yuan/ton year - on - year) [98][103]. 5. Spread Analysis - The basis of rebar and hot - rolled coils widened, and the 10 - 1 spread also widened. The 9 - 1 spread of coking coal and coke widened, and the hot - rolled coil - rebar spread widened in the short - term [105][110]