Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Steel prices returned to weakness after touching the 20 - day moving average on Thursday, with both spot volume and price falling. After basis repair, prices may face pressure again if there is no better bullish story in the industry. For hot - rolled coils and rebar, pay attention to the 20 - day moving average on the disk as the resistance level and the re - entry hedging point range [5]. - The Sino - US talks disturbed market sentiment. Coking coal spot continued to weaken, with many auctions failing and the cost of coking coal decreasing. The futures market of coking coal and coke weakened due to the less - than - expected Sino - US negotiation results. Macro uncertainties are large, and the market has no stable expectation. In the industry, the demand for five major steel products is seasonally weakening, and the coking coal supply may increase in the future [6]. - For steel, focus on short - side trading. Prefer hot - rolled coils with better liquidity for hedging. Buy put options on steel at high prices [8]. - For coking coal and coke, based on the judgment that the medium - to - long - term bottom of coking coal has not been found, continue to take a bearish view on the single - side trading [9]. - For ferrosilicon and silicomanganese, their fundamentals are stable and follow the steel market. The prices of both are expected to be under pressure, and attention should be paid to subsequent steel tenders [9]. - For iron ore, the trend remains unchanged, and a high - short strategy should be maintained. The decline in the output of five major steel products did not lead to inventory accumulation. Iron ore shipments are expected to rise to a high level, and the market should consider the changes in inventory after the peak season and the stability of steel exports [9]. 3. Summary by Related Catalogs Futures Market - **Prices and Changes**: - On June 12, for far - month contracts, RB2601 closed at 2962 yuan/ton, down 20 yuan (- 0.67%); HC2601 at 3079 yuan/ton, down 22 yuan (- 0.71%); I2601 at 671 yuan/ton, up 0.5 yuan (0.07%); J2601 at 1348 yuan/ton, down 20 yuan (- 1.46%); JM2601 at 779 yuan/ton, down 15.5 yuan (- 1.95%). - For near - month contracts, RB2510 closed at 2968 yuan/ton, down 21 yuan (- 0.70%); HC2510 at 3080 yuan/ton, down 27 yuan (- 0.87%); I2509 at 704 yuan/ton, down 1.5 yuan (- 0.21%); J2509 at 1328.5 yuan/ton, down 24 yuan (- 1.77%); JM2509 at 766.5 yuan/ton, down 22 yuan (- 2.79%) [2]. - **Spreads and Ratios**: - On June 12, the spread between RB2510 and RB2601 was 6 yuan/ton, unchanged; between HC2510 and HC2601 was 1 yuan/ton, down 5 yuan. - The coil - to - rebar spread was 112 yuan/ton, down 5 yuan; the rebar - to - iron ore ratio was 4.22, down 0.01; the coal - to - coke ratio was 1.73, unchanged; the rebar disk profit was 184.4 yuan/ton, down 4.3 yuan; the coking disk profit was 309.06 yuan/ton, down 4.89 yuan [2]. Spot Market - Steel: On June 12, Shanghai rebar was 3070 yuan/ton, down 30 yuan; Tianjin rebar was 3220 yuan/ton, unchanged; Guangzhou rebar was 3230 yuan/ton, unchanged; Tangshan billet was 2890 yuan/ton, down 30 yuan. Shanghai hot - rolled coil was 3160 yuan/ton, down 50 yuan; Hangzhou hot - rolled coil was 3240 yuan/ton, unchanged; Guangzhou hot - rolled coil was 3190 yuan/ton, down 20 yuan [2]. - Coking Coal and Coke: Coking coal prices continued to weaken, with many auctions failing. The price index of coking coal was 951.7, down 6.1. Port - traded quasi - first - class coke was quoted at 1180 yuan/ton. For Mongolian coal, prices were under pressure, with downstream buyers having strong price - cutting intentions [6]. Different Product Analysis - **Steel**: After the basis repair, prices may face pressure again. For trading, focus on short - side trading, and prefer hot - rolled coils for hedging. Buy put options on steel at high prices [5][8]. - **Coking Coal and Coke**: The Sino - US talks disturbed market sentiment. Spot coking coal weakened, and the futures market also showed weakness. Continue to take a bearish view on the single - side trading based on the judgment that the medium - to - long - term bottom of coking coal has not been found [6][9]. - **Ferrosilicon and Silicomanganese**: Their fundamentals are stable and follow the steel market. Prices are expected to be under pressure due to factors such as weakening demand, approaching off - season, and decreasing costs [9]. - **Iron Ore**: The trend remains unchanged, and a high - short strategy should be maintained. Iron ore shipments are expected to rise, and pay attention to inventory changes and steel export stability [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The steel market has no prominent contradictions, with prices oscillating at low levels. After the basis repair, prices may face pressure again if there is no better bullish story in the industry. The resistance levels for the rebound of hot-rolled coils and rebar are around the 20-day moving average on the surface, which is also the point range for re-entering hedging [6]. - In the coking coal and coke market, coking coal auctions remain weak, but the lower support on the futures price is strong. Although the medium - and long - term bottom of coking coal has not been determined, short - term rebounds may continue due to capital games. There may be a short - term restocking market similar to that in March if the futures price continues to rise [6]. - The silicon - iron and manganese - silicon markets have fluctuating sentiment and enhanced price elasticity. Supply and demand are relatively balanced, but there is a trend of marginal increase in supply and a decline in costs. Prices are expected to be under pressure [6]. - The iron ore market is mainly influenced by short - term news and sentiment. The downward trend remains unchanged, and it is necessary to pay attention to the changes in iron ore inventory and steel exports after the peak season [6]. 3. Summary According to Related Catalogs Futures Market - On June 10, for far - month contracts, RB2601 closed at 2970 yuan/ton, down 0.13%; HC2601 at 3085 yuan/ton, unchanged; I2601 at 663.5 yuan/ton, down 0.75%; J2601 at 1364.5 yuan/ton, up 0.07%; JM2601 at 791.5 yuan/ton, down 0.38%. For near - month contracts, RB2510 closed at 2974 yuan/ton, down 0.07%; HC2510 at 3089 yuan/ton, unchanged; I2509 at 698.5 yuan/ton, down 0.85%; J2509 at 1349 yuan/ton, up 0.48%; JM2509 at 785 yuan/ton, up 0.51% [3]. - The cross - month spreads, spreads/ratios/profits, and basis of various varieties also showed corresponding changes on June 10 [3]. Spot Market - On June 10, the prices of Shanghai rebar, Tianjin rebar, and Guangzhou rebar were 3100 yuan/ton, 3220 yuan/ton, and 3190 yuan/ton respectively. The price of Shanghai hot - rolled coil was 3180 yuan/ton, and the prices of other spot products also had specific values and changes [3]. Market Analysis of Different Varieties - **Steel**: The spot trading is lackluster. There is no strong upward - driving force in the industry. The recent coal - coke market fluctuations are due to short - covering by short - sellers. After the basis repair, prices may face pressure again [6]. - **Coking Coal and Coke**: The coking coal auction is weak, with many unsuccessful auctions. The cost of coal for furnaces is decreasing, and there is still an expectation of price cuts. The futures price of coking coal may continue to rebound in the short term, but the medium - and long - term bottom has not been determined [6]. - **Silicon - Iron and Manganese - Silicon**: Supply has recovered, direct demand has weakened marginally, and cost support has declined. Prices are expected to be under pressure [6]. - **Iron Ore**: The short - term fundamentals have not changed significantly. The downward trend remains unchanged. Attention should be paid to the changes in inventory and exports after the peak season [6]. Investment Suggestions - For steel, take a wait - and - see approach for single - side trading. For futures - spot trading, choose hot - rolled coils with better liquidity for hedging and open - position management [6]. - For coking coal and coke, be aware that the short - term rebound may not be over [6]. - For silicon - iron and manganese - silicon, participate through buying options due to the high price elasticity at low levels, and pay attention to futures - spot positive arbitrage [6].

金信期货日刊 本刊由金信期货研究院撰写 2 0 2 5 / 0 6 / 1 1 GOLDTRUST FUTURES CO.，LTD ibaotu.com 热点聚焦 2025年6月10日焦煤期货上涨，是多因素共振的结果。从宏观层面看，政策端稳增长信号加强，宏观 预期边际改善，为市场注入信心，资金活跃度提升，推动焦煤期货价格上扬。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 从供需角度而言，前期焦煤价格持续下行，5月主力合约跌幅近22% ，期货相较现货跌幅更大，盘面 存在强烈修复基差需求。6月3日，焦煤主力合约一度大幅下探，贴水现货成本较多，超跌状态显著， 为反弹提供了内在动力。同时，成本端给予一定支撑，山西部分煤种价格逼近现金成本线，煤矿减 产预期渐浓，供应收缩预期升温，也推动了价格上涨。 不过，此次上涨持续性存疑。供应端，5月焦煤进口量维持高位，蒙煤口岸成交价持续下滑。需求端， 虽当前钢厂铁水日产量处于高位，但6月为传统淡季，南方雨季也抑制开工，产量后续大概率环比回 落，且现货 ...

Report Industry Investment Rating - Not provided Core View of the Report - The bear market of coking coal is not over, but the decline slope may slow down. The recent sharp rise in coking coal futures prices is more likely a basis - repair rebound rather than a signal of reversal. The coking coal valuation will bottom out and stabilize only when terminal demand is boosted or supply is significantly reduced after the valuation is depressed [16][19] Summary by Relevant Catalogs I. Mongolia's Political Change and Coking Coal Supply - On June 3rd, Mongolia removed Prime Minister Oyun - Erdene, leading to market expectations of tightened coal export policies, with some expecting a 20% coal export resource tax increase. Currently, there is no policy adjustment, but even without supply - side disturbances, the supply of Mongolian coal will shrink as the current second - quarter long - term contract price of Mongolian No. 5 raw coal is higher than the latest transaction price. The decline in the third - quarter long - term contract price needs to be awaited [3] - The previous decline of the coking coal futures 2509 contract price had already factored in the expected decline of about $6 in the third - quarter long - term contract price of Mongolian No. 5 raw coal, indicating that the decline rhythm of coking coal futures prices was relatively advanced [5][7] II. Domestic Coking Coal Supply - Although the overall supply of domestic coking coal mines remains high, there has been a continuous small - scale reduction in production for several weeks. Some large mines have reduced production due to full warehouses, some mines have been shut down for rectification due to accidents, and a small number of private mines have cut production due to losses. However, the overall reduction scale is not significant yet [9] - According to Fenwei Energy statistics, the average profit level of 227 mines from 88 enterprises across the country has been continuously compressed, and sample mines in Shaanxi are close to the break - even point. Some coking coal mines in certain regions have entered the loss zone, but most private coking coal mines are still far from cash - flow losses. A significant reduction in carbon element supply requires a further decline in the price center [12] III. Demand Side - Although there are concerns about the seasonal decline in steel terminal demand, the current daily hot metal output remains at around 2.4 million tons, maintaining high - level rigid demand for all furnace materials. The hot metal output from June to August this year may remain at a relatively high level of around 2.35 million tons per day, which may delay the negative feedback process of the entire ferrous metals [14] - The 5500K port price of thermal coal has been weakly stable at around 619 yuan/ton recently, with a year - to - date decline of 150 yuan/ton and a year - on - year decline of 260 yuan/ton. The arrival of the thermal coal consumption peak season may support the valuation of some blended coking coal [17]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - The current spot market for finished steel products has entered the traditional off - season for consumption, and there may be a seasonal inventory build - up trend in the later period. On the supply side, the production of strip products such as hot - rolled coils remains at a relatively high level due to profit incentives, while the production of rebar continues to decline. The consumption is slightly stronger than the seasonal average, and the supply - demand structure is conducive to the continued narrowing of the spread between hot - rolled coils and rebar. In terms of cost, recent policy expectations on the raw material side have caused disturbances, and steel prices have rebounded slightly from the low level. It is expected that the short - term trend will mainly focus on basis repair, and the rebound pressure should be monitored between the long - process cost (2970) and the off - peak electricity cost (3125) [9]. 3. Summary by Relevant Catalogs 3.1 Conclusion and Balance Sheet - This week, domestic steel spot prices rebounded slightly in a volatile manner. The price of rebar in East China's Shanghai was 3090 yuan (unchanged), and that in Tangshan was 3150 yuan (+20). For hot - rolled coils, the price in Shanghai was 3200 yuan (+30), and that in Tianjin was 3120 yuan (-20) [6]. - As of June 5, the overall production of five major steel products decreased by 0.47 tons, the factory inventory of the five major products decreased by 0.26 tons month - on - month, and the social inventory decreased by 1.53 tons. The apparent demand was 882.17 tons, a month - on - month decrease of 31.62 tons. As of June 6, in the long - process spot market, the cash - inclusive cost of long - process rebar in East China was 2972 yuan, with a point - to - point profit of about 148 yuan, and the long - process cash - inclusive profit of hot - rolled coils was about 128 yuan. In the electric - arc furnace segment, the flat - rate electricity cost of electric - arc furnaces in East China (Fubao's data) was about 3260 yuan, and the off - peak electricity cost was about 3128 yuan. The flat - rate electricity profit of rebar in East China was about - 210 yuan, and the off - peak electricity profit was about - 78 yuan [8]. - In the scrap steel segment, as of June 5, the price of scrap steel in Zhangjiagang was 2080 yuan/ton, unchanged month - on - month. Data showed that the capacity utilization rate of 89 independent electric - arc furnace enterprises was 34.8%, a month - on - month increase of 1 percentage point; the daily consumption of 255 sample steel mills was 54.2 tons, a month - on - month increase of 0.66 tons. Among them, the daily consumption of 132 long - process steel mills was 26.7 tons per day, a month - on - month decrease of 0.15 tons; the daily consumption of short - process steel mills was 17.3 tons, a month - on - month increase of 0.51 tons. In terms of supply, the daily arrival of 255 sample steel mills was 48.7 tons, a month - on - month decrease of 4.7 tons, a decline of 8.8%. In terms of inventory, the total scrap steel inventory of 255 steel enterprises was 513.4 tons, a month - on - month decrease of 29.74 tons, a decline of 5.5%. Overall, the difference between iron and scrap steel prices continued to weaken this period, the economic efficiency of scrap steel slightly improved, and the short - term price is expected to fluctuate with steel prices [8]. 3.2 Supply - Demand Fundamentals 3.2.1 Production and Inventory Data of Five Major Steel Products - The report provides detailed production, inventory, and inventory change data of five major steel products (rebar, hot - rolled coils, medium - thick plates, wire rods, and cold - rolled coils) from March 28, 2025, to June 6, 2025, as well as the latest week - on - week changes [10][11]. 3.2.2 Steel Production Statistics - In 2024, according to the statistics bureau's data, the crude steel production was 1.005 billion tons, a decrease of 13.99 million tons compared with 2023, a decline of 1.7%; the pig iron production was 852 million tons, a decrease of 13.27 million tons compared with 2023, a decline of 2.3%. From January to April 2025, the cumulative pig iron production was 289 million tons, a year - on - year increase of 0.8%, and the cumulative crude steel production was 345 million tons, a year - on - year increase of 0.4% [17]. 3.2.3 Economic Data - The PMI in May 2025 was 49.5%. Compared with April 2025, the production index increased by 0.9 percentage points, the new order index increased by 0.6 percentage points, and the new export order index increased by 2.8 percentage points [22]. 3.2.4 Crude Steel Supply - Demand Balance Sheet - The report presents the supply - demand balance sheet of crude steel from 2019 to 2025E, including data on crude steel production, pig iron production, scrap steel - made steel production, crude steel imports and exports, and inventory changes [33]. 3.2.5 Supply - Side Data - **Long - process supply**: As of June 6, 2025, the blast furnace capacity utilization rate of 247 steel enterprises was 90.7% (unchanged from May 30), and the daily pig iron output was 241.8 tons, a decrease of 0.11 tons compared with May 30 [49]. - **Short - process supply**: As of June 5, the capacity utilization rate of 89 domestic electric - arc furnace plants was 34.8% (+1 percentage point); as of June 6, the difference between iron and scrap steel prices was - 113 yuan (-5.5 yuan) [52]. - **Scrap steel data**: The daily arrival of scrap steel at 255 steel mills decreased, and the inventory also decreased. The daily consumption of scrap steel increased overall, with short - process consumption increasing and long - process consumption decreasing [8]. 3.2.6 Demand - Side Data - **Rebar production and inventory**: This week, the original sample rebar production was 218.46 tons (-7.05 tons), including 193.66 tons of long - process production (-6.46 tons) and 24.8 tons of short - process production (-0.59 tons). The rebar factory inventory was 184.86 tons (-1.6 tons), the social inventory was 385.62 tons (-8.97 tons), and the total inventory was 570.48 tons (-10.57 tons) [65][81]. - **Hot - rolled coil supply and demand**: This week, the hot - rolled coil production was 328.75 tons, a month - on - month increase of 9.2 tons; the apparent demand was 320.92 tons, a month - on - month decrease of 6.01 tons. The factory inventory increased by 1.33 tons, the social inventory increased by 6.5 tons, and the overall inventory increased by 7.83 tons [84]. - **Plate demand**: As of June 6, the cold - hot spread in Shanghai was 510 yuan/ton (-10 yuan) [91]. - **Export situation**: As of June 6, the FOB export price of China was $445 (-$10), the export profit was - $11.5 (-$20.4), and the outbound volume from 32 major domestic ports was 2.7219 million tons (-0.153 million tons) [96].

Report Summary 1. Report Industry Investment Ratings - Not provided in the given content. 2. Core Views of the Report - **Steel**: The risk appetite in the capital market has slightly improved, but the industrial contradictions have little impact. The market may enter a stage of intensified divergence, and there may be a band convergence of the basis. It is recommended to wait and see for single - side trading, choose hot - rolled coils with better liquidity for futures - spot operations, and pay attention to the pressure range after basis repair [4]. - **Coking Coal and Coke**: The third round of coke price cuts of 70 - 75 yuan is expected to be implemented soon. The market is mainly affected by macro uncertainties and industrial demand pressure. The short - term rebound is mainly due to short - covering, and the medium - term strategy is to short at high levels, with the short - term upper pressure around the coking coal warehouse receipt cost of 800 yuan [4]. - **Silicon Iron and Manganese Silicon**: The market sentiment fluctuates greatly, and the price elasticity at low levels increases. Both silicon iron and manganese silicon prices are expected to be under pressure due to factors such as supply - demand changes and cost decline [5]. - **Iron Ore**: The rebound is mainly due to short - covering, and the downward trend remains unchanged. Iron ore shipments are expected to rise, and the port inventory may shift from slight destocking to slight accumulation. The market needs to pay attention to the impact of steel mill profits on iron - water production and the stability of steel exports [5]. 3. Summary by Related Catalogs Futures Market - **Prices and Changes**: On June 5, for far - month contracts, RB2601 closed at 2951 yuan/ton, up 10 yuan (0.34%); HC2601 closed at 3075 yuan/ton, unchanged; I2601 closed at 665 yuan/ton, up 1 yuan (0.15%); J2601 closed at 1358.5 yuan/ton, up 6 yuan (0.44%); JM2601 closed at 773 yuan/ton, up 9 yuan (1.18%). For near - month contracts, RB2510 closed at 2959 yuan/ton, up 4 yuan (0.14%); HC2510 closed at 3077 yuan/ton, down 6 yuan (- 0.19%); I2509 closed at 701 yuan/ton, down 1 yuan (- 0.14%); J2509 closed at 1342 yuan/ton, up 7.5 yuan (0.56%); JM2509 closed at 757 yuan/ton, up 12.5 yuan (1.68%) [2]. - **Spreads**: The spreads between near - month and far - month contracts, such as RB2510 - 2601, HC2510 - 2601, etc., also had corresponding changes. The spreads, ratios, and profits of the main contracts, like the coil - to - rebar spread, rebar - to - ore ratio, etc., also showed different trends [2]. Spot Market - **Prices and Changes**: On June 5, the prices of various steel products in different regions, such as Shanghai rebar, Tianjin rebar, etc., had different degrees of decline. The prices of hot - rolled coils also decreased, and the prices of coking coal and coke had mixed trends. For example, Shanghai rebar was 3090 yuan/ton, down 30 yuan; Shanghai hot - rolled coil was 3170 yuan/ton, down 50 yuan; the price of coking coal at Ganqimao Port decreased, and the price of quasi - first - grade coke at Qingdao Port remained unchanged [2]. - **Basis**: The basis of HC, RB, I, J, and JM main contracts also changed. For example, the HC main contract basis was 93 yuan/ton on June 5, down 30 yuan; the RB main contract basis was 131 yuan/ton, down 15 yuan [2].

Core Viewpoint - The recent surge in coking coal and coke futures prices is primarily driven by market speculation regarding potential tax increases in Mongolia and the need for price correction after significant declines earlier this year [1][2][8]. Group 1: Price Movements - On June 4, coking coal futures rose to 772 CNY/ton, marking a 7.19% increase, while coke futures reached 1374 CNY/ton, with a 5.72% rise [1]. - On June 5, coking coal futures settled at 757 CNY/ton, reflecting a more modest increase of 1.68% [1]. - Coking coal futures have seen a cumulative decline of over 42% since the beginning of the year, dropping from around 1230 CNY/ton to 709 CNY/ton [2]. Group 2: Supply and Demand Dynamics - Coking coal supply remains ample, with domestic production increasing and coal inventories rising significantly [5][6]. - From January to April 2025, China's industrial raw coal output reached 1.58 billion tons, a year-on-year increase of 6.6%, with Shanxi province contributing notably [5]. - The overall market is characterized by excess supply, with high coal and coke inventories and a seasonal decline in terminal demand [6][8]. Group 3: Market Sentiment and Future Outlook - The recent price increases are viewed as a reaction to market sentiment and a correction of the basis rather than a fundamental shift in supply-demand dynamics [8][9]. - Analysts suggest that the current market conditions may lead to cautious purchasing behavior from coking enterprises due to production losses [8]. - Future price movements are expected to be limited, with a focus on monitoring the recovery of spot prices and the cost of coking coal warehouse receipts [8][9].

Report Investment Ratings - The report provides operation ratings for various commodities: ★★★ for rebar, hot-rolled coil, iron ore, coke, coking coal, ferrosilicon, and silicon manganese, indicating a clearer long/short trend and relatively appropriate investment opportunities currently [1]. Core Views - The overall sentiment in the steel industry is pessimistic, with demand expectations being a major constraint. The market is expected to be volatile in the short term, and attention should be paid to terminal demand and relevant domestic and foreign policies [2]. - The iron ore market is expected to be volatile, with limited rebound space due to potential negative feedback in the mid - term and possible external trade frictions [3]. - The coke price is in a stalemate, and there may be a driving force for the price to continue rising in the short term [4]. - The coking coal market is in a situation where demand has reached a peak and supply has marginally decreased. The recent price increase is more likely a basis - repair rebound rather than a reversal signal [6]. - The silicon manganese market is weak, and short - term observation is recommended to see if the rebound is sustainable [7]. - The silicon iron market has a general demand, and attention should be paid to the sustainability of inventory reduction [8]. Commodity - Specific Summaries Steel - Rebar: This week, the apparent demand decreased significantly, production declined, and the de - stocking pace slowed. The hot - rolled coil demand declined, production increased, and inventory began to accumulate. The iron - water production is gradually falling but remains at a relatively high level. The improvement in the infrastructure is limited, the manufacturing industry's prosperity has slowed, and the real - estate sales recovery lacks sustainability. The increase in US tariffs impacts steel exports. The market is expected to be volatile in the short term [2]. Iron Ore - Supply: Global shipments have rebounded to a yearly high, and domestic arrivals have increased significantly. Port inventories may stabilize with the increase in arrivals. - Demand: Terminal demand weakens in the off - season, and iron - water production is declining from a high level. The decline rate may not be fast, but the downward trend is hard to change. The rebound space is limited, and the trend will be volatile [3]. Coke - The price is in a stalemate, and the third round of price cuts has started. The coking daily production is still at a relatively high level this year, and the overall inventory has slightly increased. The coke futures price is basically at par with the spot price, and the coking coal rebound provides some support. There may be a driving force for the price to continue rising in the short term [4]. Coking Coal - The downstream demand has concerns about production cuts, and all links are reluctant to replenish inventory. The supply from production and imports remains in an oversupply situation. Some state - owned mines are reducing production, and some mines are shut down for rectification. The iron - water production is still high, maintaining a high - level rigid demand for furnace materials. The price increase is more likely a basis - repair rebound [6]. Silicon Manganese - The price is mainly driven by coking coal. Due to previous production cuts, the inventory level has decreased, but the weekly production has started to increase. The manganese ore inventory may increase significantly this week. The iron - water production is declining, and the silicon manganese supply is slightly increasing. The market is weak, and short - term observation is recommended [7]. Silicon Iron - The price is mainly driven by coking coal. The iron - water production is declining. The export demand remains at about 80,000 tons, with a marginal impact. The magnesium metal production has increased month - on - month, and the secondary demand remains stable at a high level. The supply is decreasing, and the market transaction level is general. Attention should be paid to the sustainability of inventory reduction [8].

Core Viewpoint - The recent rebound in coking coal and coke futures is seen as a potential signal of market improvement, although the underlying fundamentals remain weak [1][2]. Group 1: Market Performance - On June 4, coking coal futures surged by 7.19%, marking the largest single-day increase since September 30, 2024, while coke futures rose by 5.72% [1]. - The recent price increases are attributed to oversold conditions and policy expectations, with coking coal futures having dropped 57.19% since their peak in October of the previous year [1]. Group 2: Supply and Demand Dynamics - Current market conditions indicate that approximately 50% of coal mines are facing losses due to the low futures prices, which may lead to production cuts or shutdowns, thereby reducing marginal supply [1]. - Despite the recent price increases, the actual demand remains weak, with steel mills continuing to lower coke prices and high inventory levels of coking coal at production sites [2]. Group 3: Regulatory Impact - The new Mineral Resources Law, effective July 1, is expected to increase environmental costs and tighten capacity approvals, potentially improving the coal market outlook [1]. - However, the actual impact of the law on coal mining operations and costs will need to be monitored post-implementation [1].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report The policy - driven demand expectations for lithium carbonate are in a multi - empty game with high inventory levels and cost collapses. Over the next 1 - 2 weeks, the futures price of lithium carbonate will be constrained by the oversupply situation and the decline in Australian ore costs on the upside, while being supported by short - term export rush expectations and market sentiment on the downside. If the demand boost fails to meet expectations, the price may face downward pressure again, and overall, it will continue the low - level oscillation pattern [3]. 3. Summary by Relevant Sections 3.1 Daily Market Summary - On May 14, the main futures contract of lithium carbonate closed at 65,200 yuan/ton, up 3.13% from the previous day, with an intraday fluctuation range of 63,020 - 65,200 yuan/ton, showing an oscillatory upward trend. The basis weakened significantly, dropping from 2,980 yuan/ton to 1,000 yuan/ton, a decrease of 66.44%. The futures price increase was significantly higher than that of the spot price [2]. - The open interest of the main contract decreased by 5.87% to 277,000 lots, indicating some funds left the market, while the trading volume expanded by 73.95% to 378,000 lots, suggesting intensified market competition [2]. - In the spot market, the average price of battery - grade lithium carbonate remained flat at 66,200 yuan/ton. The prices of spodumene and lepidolite concentrates also remained stable, but the capacity utilization rate of lithium carbonate decreased by 1.3 percentage points to 61% month - on - month, as upstream production was still constrained by profit margins [2]. 3.2 Industry Chain Analysis and Future Trend Judgment - **Supply Side**: The prices of spodumene (740 yuan/ton) and lepidolite (800 yuan/ton) have remained stable for many days, but the CIF price of Australian ore has dropped to $700/ton, weakening cost support. Upstream lithium salt plants are maintaining high prices due to losses, and the weekly output has increased by 28% month - on - month, so the supply pressure persists [3]. - **Demand Side**: The prices of power ternary materials (116,375 yuan/ton) and lithium iron phosphate (31,445 yuan/ton) increased slightly. The purchasing willingness of downstream cathode material enterprises is low, and demand relies on long - term contracts. The exemption of tariffs on Chinese energy - storage cells in the US may stimulate the expectation of a rush to export, potentially driving up the production of energy - storage cells in May - June and improving short - term marginal demand [3]. - **Inventory Side**: The weekly inventory of lithium carbonate decreased by 464 tons, but the inventory of smelters increased to 55,000 tons. Downstream replenishment remains cautious, and the overall inventory pressure has not been substantially alleviated [3]. 3.3 Industry Chain Price Monitoring - The price of the main lithium carbonate contract increased by 3.13% from May 13 to May 14, while the basis decreased by 66.44%. The open interest decreased by 5.87%, and the trading volume increased by 73.95% [5]. - The average price of battery - grade lithium carbonate remained unchanged, and the prices of spodumene and lepidolite concentrates were stable. The prices of power ternary materials and lithium iron phosphate increased slightly, by 0.02% and 0.16% respectively [5]. - The capacity utilization rate of lithium carbonate decreased by 1.3 percentage points from May 9 to May 2, a decrease of 2.09% [5]. 3.4 Industry Dynamics and Interpretation - **Spot Market Quotations**: On May 14, the SMM battery - grade lithium carbonate index price was 64,959 yuan/ton, up 197 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 64,700 yuan/ton, up 100 yuan/ton, and that of industrial - grade lithium carbonate was 63,050 yuan/ton, also up 100 yuan/ton. The downstream purchasing willingness is low, and the overall demand is mainly met by customer - supplied and long - term contracts. Upstream lithium salt plants have a strong willingness to maintain high prices due to cost losses. Only some transactions occur between traders and downstream enterprises. Considering the high inventory and weakening cost support, the price of lithium carbonate will continue the low - level oscillatory pattern [6]. - **Downstream Consumption**: According to the Passenger Car Association, from April 1 - 30, the retail sales of new energy passenger vehicles in the country were 922,000 units, a year - on - year increase of 37% and a month - on - month decrease of 7%. The retail penetration rate of the new energy market was 52.3%. The cumulative retail sales this year were 3.342 million units, a year - on - year increase of 37%. The wholesale volume of new energy vehicles by manufacturers was 1.142 million units, a year - on - year increase of 41% and a month - on - month increase of 1%. The wholesale penetration rate of new energy manufacturers was 53.9%, and the cumulative wholesale volume this year was 3.99 million units, a year - on - year increase of 42% [7].