1. Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. 2. Core Views Steel Industry - The steel market is in the off - season with high production and potential inventory accumulation pressure. The upward elasticity of steel prices is limited, and the volatility has decreased. It is suggested to try short positions, focus on the support levels of 3000 yuan for hot - rolled coils and 2900 yuan for rebar, or sell out - of - the - money call options. The cost drags down the market, and the demand expectation is weak. Although the decline in off - season demand is better than expected, the terminal demand may weaken in the future [1]. Iron Ore Industry - The 09 contract of iron ore oscillated. The global iron ore shipments increased this week, and the arrival volume at ports continued to rise. The demand side may maintain a relatively high level of hot - metal production in the short term, but the terminal demand faces the risk of weakening in the off - season. The port inventory and steel mills' equity ore inventory have increased. In the short term, there is obvious resistance above the iron ore price, and the 09 contract should be considered bearish in the medium - to - long term. The price range may shift down to 670 - 720 yuan [4]. Coke Industry - The coke futures showed an oscillating upward trend, while the spot was weak. The fourth round of price cuts for coke was implemented on June 23, and there may be further cuts, but the phased bottom is gradually emerging. The supply is tightening marginally due to environmental protection and other factors, and the demand has rigid support with hot - metal production remaining above 240,000 tons per day. The inventory is at a medium level. It is recommended to hedge the 2509 contract on rallies for spot traders, stay on the sidelines for speculators, and consider the strategy of going long on coking coal and short on coke [7]. Coking Coal Industry - The coking coal futures oscillated upward, and the spot was stable with a slight upward trend. The domestic coking coal showed signs of stabilization, and the supply decreased in some regions due to environmental protection and other factors. The import coal had different situations, with Mongolian coal prices rebounding slightly and seaborne coal imports having a profit inversion. The demand had some resilience with hot - metal production remaining above 240,000 tons per day in June, and the inventory was at a medium level. It is recommended to go long on the 2509 contract of coking coal on dips for short - term trading and consider the strategy of going long on coking coal and short on coke [7]. 3. Summaries by Relevant Catalogs Steel Industry Prices and Spreads - Rebar and hot - rolled coil spot prices in most regions decreased slightly, while some futures contracts had small fluctuations. The cost of steel production had different changes, and the profit of various regions and varieties decreased by 8 yuan/ton [1]. Production - The output of five major steel products increased by 9.7 thousand tons (1.1%), rebar production increased by 4.6 thousand tons (2.2%), with electric - furnace production decreasing by 1.6 thousand tons (- 6.4%) and converter production increasing by 6.2 thousand tons (3.4%). Hot - rolled coil production increased by 0.8 thousand tons (0.2%) [1]. Inventory - The inventory of five major steel products decreased by 15.7 thousand tons (- 1.2%), hot - rolled coil inventory decreased by 5.2 thousand tons (- 1.5%), and rebar inventory decreased by 7.0 thousand tons (- 1.3%) [1]. Demand - The apparent demand for five major steel products increased by 16.1 thousand tons (1.9%), rebar apparent demand decreased by 0.8 thousand tons (- 0.4%), and hot - rolled coil apparent demand increased by 10.8 thousand tons (3.4%) [1]. Iron Ore Industry Prices and Spreads - The warehouse - receipt costs of various iron ore powders decreased slightly. The 09 - contract basis of most powders decreased significantly. The 5 - 9 spread increased by 1.0 yuan/ton (2.3%), the 9 - 1 spread decreased by 0.5 yuan/ton (- 1.9%), and the 1 - 5 spread decreased by 0.5 yuan/ton (- 2.9%) [4]. Supply - The 45 - port arrival volume (weekly) increased by 178.2 thousand tons (7.5%), the global shipments (weekly) increased by 154.0 thousand tons (4.6%), and the national monthly import volume decreased by 500.3 thousand tons (- 4.9%) [4]. Demand - The average daily hot - metal production of 247 steel mills (weekly) increased by 0.6 thousand tons (0.2%), the average daily port clearance volume at 45 ports (weekly) increased by 12.3 thousand tons (4.1%), the national monthly pig - iron production increased by 153.1 thousand tons (2.1%), and the national monthly crude - steel production increased by 52.6 thousand tons (0.6%) [4]. Inventory - The 45 - port inventory (weekly) increased by 73.9 thousand tons (0.5%), the imported ore inventory of 247 steel mills (weekly) increased by 137.6 thousand tons (1.6%), and the inventory - available days of 64 steel mills remained unchanged [4]. Coke Industry Prices and Spreads - The spot prices of coke in some regions remained unchanged, the 09 - contract price increased by 2.7%, and the 01 - contract price increased by 2.0%. The coking profit (weekly) increased by 23 yuan/ton, with a 100% increase [7]. Supply - The daily average output of all - sample coking plants decreased by 0.3 thousand tons (- 0.5%), and the daily average output of 247 steel mills increased by 0.1 thousand tons (0.3%) [7]. Demand - The hot - metal production of 247 steel mills increased by 0.6 thousand tons (0.2%) [7]. Inventory - The total coke inventory decreased by 18.8 thousand tons (- 1.9%), the inventory of all - sample coking plants decreased by 10.1 thousand tons (- 8.1%), the inventory of 247 steel mills decreased by 8.6 thousand tons (- 1.34%), and the port inventory remained unchanged [7]. Supply - Demand Gap - The coke supply - demand gap decreased by 0.5 thousand tons (- 9.0%) [7]. Coking Coal Industry Prices and Spreads - The spot prices of coking coal in some regions remained unchanged, the 09 - contract price increased by 2.6%, and the 01 - contract price increased by 2.4%. The sample coal - mine profit (weekly) decreased by 24 yuan/ton (- 7.5%) [7]. Supply - The raw - coal production decreased by 9.8 thousand tons (- 1.1%), and the clean - coal production decreased by 3.4 thousand tons (- 0.8%) [7]. Demand - The daily average output of all - sample coking plants decreased by 0.3 thousand tons (- 0.5%), and the daily average output of 247 steel mills increased by 0.1 thousand tons (0.3%) [7]. Inventory - The clean - coal inventory of Fenwei coal mines decreased by 25.1 thousand tons (- 8.84%), the coking - coal inventory of all - sample coking plants decreased by 2.3 thousand tons (- 0.3%), the inventory of 247 steel mills increased by 0.7 thousand tons (0.14%), and the port inventory decreased by 8.7 thousand tons (- 2.8%) [7].

Report Industry Investment Rating No relevant information provided. Core Viewpoints Steel - The steel market follows the fluctuations of coking coal and coke. Rebound short - selling operations or selling out - of - the - money call options are recommended. Pay attention to the pressure levels of 3150 yuan for hot - rolled coils and 3050 yuan for rebar [1]. Iron Ore - In the short term, there is obvious suppression on the iron ore price due to the expected decline in hot - metal production, supply increase, and administrative reduction. In the medium - to - long - term, a bearish view on the 09 contract remains unchanged. The price range may shift down to 720 - 670 [4]. Coke - There are still expectations of 1 - 2 rounds of price cuts in the future. For the 2509 contract, short - selling at high levels around 1380 - 1430 is recommended. A strategy of going long on coking coal and short on coke can be considered [6]. Coking Coal - Spot fundamentals have improved slightly. Short - selling at high levels around 800 - 850 for the 2509 contract is recommended. A strategy of going long on coking coal and short on coke can be considered [6]. Ferrosilicon - The supply - demand contradiction is rising. In the short term, the price is expected to be weak. Attention should be paid to the change in coal prices [7]. Silicomanganese - Supply pressure still exists. In the short term, the price is expected to decline. Attention should be paid to the change in coke prices [7]. Summary by Directory Steel Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in some regions increased slightly, and futures prices also rose. The basis of steel showed a weak trend [1]. Cost and Profit - Steel billet and slab prices remained unchanged. Some steel production costs changed, and the profits of some regions increased [1]. Production and Inventory - The daily average hot - metal output remained unchanged, and the output of five major steel products decreased by 2.4%. Steel inventories decreased slightly [1]. Viewpoint - The steel market is affected by the raw material market and seasonal factors. Production is expected to remain high, and exports rebounded from a low level [1]. Iron Ore Prices and Spreads - The warehouse - receipt costs and spot prices of various iron ore varieties decreased, and the basis of the 09 contract declined significantly [4]. Supply and Demand - Global shipments decreased slightly, mainly from Australia. The arrival volume decreased slightly, and demand is expected to remain stable in the short term [4]. Inventory - Port inventories increased, and steel mills' equity ore inventories also rose [4]. Viewpoint - There are risks of weakening demand in the off - season, and supply pressure will increase. The price is expected to decline [4]. Coke Prices and Spreads - Futures prices rose slightly, while spot prices were weakly stable. There are still expectations of price cuts in the future [6]. Supply and Demand - Supply decreased due to environmental protection, and demand showed a downward trend [6]. Inventory - Inventories at coking plants, ports, and steel mills all decreased [6]. Viewpoint - There are expectations of further price cuts. Short - selling at high levels is recommended [6]. Coking Coal Prices and Spreads - Futures prices rose slightly, and spot prices were weakly stable. The basis was repaired [6]. Supply and Demand - Domestic production decreased slightly, and imported coal prices continued to decline. Demand showed a downward trend [6]. Inventory - Coal mine inventories and port inventories increased, and downstream inventories were at a medium level [6]. Viewpoint - Spot fundamentals improved slightly. Short - selling at high levels is recommended [6]. Ferrosilicon Prices and Spreads - Futures prices rose slightly, and some spot prices increased. The basis changed [7]. Cost and Profit - Production costs decreased slightly, and losses decreased [7]. Supply and Demand - Production and demand both decreased [7]. Inventory - Inventories increased slightly [7]. Viewpoint - The supply - demand contradiction is rising, and the price is expected to be weak [7]. Silicomanganese Prices and Spreads - Futures prices rose slightly, and spot prices increased. The basis changed [7]. Cost and Profit - Production costs changed slightly, and profits improved [7]. Supply and Demand - Supply increased slightly, and demand decreased [7]. Inventory - Manganese ore inventories increased, and silicomanganese inventories increased [7]. Viewpoint - Supply pressure still exists, and the price is expected to decline [7].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The report suggests treating the market by short - selling on rebounds [3] - The steel market is still in a situation of strong supply and weak demand, and it is recommended to short - sell on rebounds based on the current situation [2] Group 3: Summary by Related Contents Steel Industry Operating Data - Last week, the average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 56.73%, a week - on - week decrease of 1.97 percentage points The blast furnace iron - making capacity utilization rate of 247 steel mills was 90.58%, a week - on - week decrease of 0.07 percentage points; the steel mill profitability rate was 58.44%, a week - on - week decrease of 0.43 percentage points; the daily average pig iron output was 2.4161 million tons, a week - on - week decrease of 0.19 million tons [2] Home Appliance Industry Sales Data - According to Aowei Cloud Network, the offline retail sales of color TVs in May increased by 34.2% year - on - year; among various white - goods categories in May, the offline retail sales of refrigerators, freezers, washing machines, independent dryers, and air conditioners increased by 29.3%, 8.6%, 28.7%, 41.0%, and 38.7% year - on - year respectively [2] Steel Market Analysis - Last week, the steel price moved sideways The good communication between China and the US at the macro - level had a certain impact on the price, but the driving force was insufficient The market mainly traded based on the industry fundamentals The steel fundamentals announced by the Steel Union last week were normal without many highlights Overall, the steel still faced a situation of strong supply and weak demand The steel mill operating rate and pig iron output remained at a high level, but the downstream had entered the off - season High temperature, rainfall, and the high - school entrance examination and college entrance examination affected construction, and there were no signs of short - term improvement in the downstream, and there was even room for further decline [2] Later Focus - Later, attention should be paid to macro - policies and downstream demand situations [3]

Group 1 - The domestic futures market for black metals shows a predominantly positive trend, with iron ore futures experiencing fluctuations around 700.0 CNY/ton, reaching a high of 708.0 CNY and a low of 699.0 CNY, reflecting an increase of approximately 1.14% [1] - Copper Crown Jin Yuan Futures indicates a slight increase in port inventory, suggesting a slightly loose supply due to a rise in overseas shipments and arrivals, which are at the highest level for the same period in the last three years [1] - Demand from steel mills is weakening as maintenance and shutdowns increase during the off-season, leading to a continued decline in molten iron production [1] Group 2 - Zhongcai Futures analyzes that the overall supply of iron ore is strong while demand is weak, with an increase in shipments and arrivals expected to lead to a loose supply situation [1] - The average daily molten iron production is expected to continue declining as steel mills operate based on demand, indicating a weakening demand side [1] - Despite high port inventories, the high daily consumption of molten iron is expected to provide short-term support for iron ore prices, maintaining a view of weak fluctuations [2]

Supply - Global shipments increased by 242.3 million tons to 34.31 million tons this week, with Australia and Brazil contributing a total of 28.688 million tons, an increase of 788,000 tons [1] - Australian shipments totaled 19.205 million tons, a decrease of 927,000 tons, with shipments to China at 14.998 million tons, down by 2.814 million tons [1] - Brazilian shipments reached 9.483 million tons, an increase of 1.715 million tons, while the total port arrival volume was 25.365 million tons, up by 3.852 million tons [1] Demand - Daily pig iron production averaged 2.418 million tons, a slight decrease of 110,000 tons; blast furnace operating rate was 83.56%, down by 0.31% [1] - Blast furnace ironmaking capacity utilization rate was 90.65%, a decrease of 0.04 percentage points; steel mill profit margin remained stable at 58.87% [1] Inventory - As of May 22, total inventory at 45 ports was 139.8783 million tons, a decrease of 1.7826 million tons; the decline in inventory was mainly due to a drop in port arrival volume [1] - Steel mills' imported ore inventory decreased by 3.568 million tons to 89.2548 million tons, with daily consumption slightly down and steel mill inventory remaining stable [1] Market Outlook - The global iron ore shipment volume saw a significant increase this week, with Brazilian ports resuming operations and non-mainstream shipments recovering from low levels, leading to a gradual increase in arrival volumes [2] - On the demand side, pig iron production remained stable compared to last week, and steel mill profit margins are at historically high levels [2] - Inventory levels are decreasing, but the pace has slowed compared to last week; overall, iron ore continues to maintain a destocking pattern [2] - Future outlook indicates potential risks of weakening demand in the off-season, but some resilience remains; average pig iron production is expected to stay around 2.4 million tons in June [2] - Supply pressure from overseas mines is expected to increase, with a peak in arrivals gradually becoming evident [2] - Short-term iron ore prices are expected to fluctuate within a range of 700-745 [2][3][4]

Core Viewpoint - The manganese silicon futures market has shown a significant increase, with the main contract rising by 2.12% to 5502.00 CNY/ton [1] Group 1: Market Supply and Demand - A certain group has announced its latest silicon manganese procurement, with prices at 5400 CNY/ton for 500 tons delivered to Anhui and 5550 CNY/ton for 500 tons delivered to Yunfu, both prices are cash inclusive and tax included [2] - The inventory of manganese ore at Tianjin Port was reported at 3.129 million tons, a decrease of 117,000 tons week-on-week; Lianyungang Port had 5,000 tons, and Qinzhou Port had 936,000 tons, a decrease of 18,000 tons week-on-week, totaling 4.07 million tons, down 135,000 tons from the previous period [2] Group 2: Industry Insights - According to Ruida Futures, manufacturers have reduced production, leading to a low operating rate, but overall inventory remains high. The imported manganese ore inventory at ports has decreased by 135,000 tons, while downstream pig iron production has peaked and is now declining, indicating potential price volatility [3] - Guotou Anxin Futures noted that after a significant price drop, there has been a rebound. However, the basic improvement is limited as production levels are starting to rise again, and manganese ore inventory is expected to trend upwards, leading to a weak price outlook [3]

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - For the steel market, with Trump raising steel and aluminum tariffs to 50%, there is greater pressure on steel exports. The policy - driven positive factors have basically been priced in. The real - estate market in core cities has stabilized, while that in lower - tier cities is still bottoming out. The peak of apparent demand has passed, and with the arrival of the rainy season and high - temperature weather, demand will further weaken. The market is shifting from strong reality to weak reality, and the weak expectation remains unchanged. Technically, prices have broken through the recent trading range and are expected to continue the downward trend [1]. - For the iron ore market, steel mills' profitability is acceptable, but iron - water production is expected to decline further due to the end of the downstream consumption peak and steel - mill production restrictions. The global iron - ore shipment is at a relatively high level and rising seasonally. The port inventory decline is slowing down, and the high proportion of trade - mine inventory exerts pressure on futures prices. The futures price may break downward under the influence of falling steel prices [3]. 3. Summary by Relevant Catalogs 3.1. Threaded Steel and Hot - Rolled Coil - **Market Factors**: Trump's tariff increase, real - estate market conditions, demand seasonality, and limited impact of production - cut rumors. The market is changing from strong to weak reality, and prices are expected to continue falling [1]. - **Operation Suggestion**: Hold short positions [1]. - **Data Summary**: - **Prices**: The closing prices of threaded - steel and hot - rolled - coil futures and spot prices have declined. For example, the threaded - steel futures main - contract closing price is 2,928 yuan/ton, down 1.74% from last week [1]. - **Production**: The national building - materials steel - mill threaded - steel production is 225.51 tons, down 2.58% from last week, while hot - rolled - coil production is 319.55 tons, up 4.54% [1]. - **Inventory**: The total inventory of five major steel products has decreased. For instance, the threaded - steel social inventory is 394.59 tons, down 5.25% from last week [1]. - **Trading Volume**: The national building - materials trading volume (7 - day moving average) is 13.95 tons, down 30.08% from last week [1]. 3.2. Iron Ore - **Market Factors**: Steel mills' iron - water production is expected to decline. The global iron - ore shipment is rising seasonally, and port inventory decline is slowing. The futures price may break downward [3]. - **Operation Suggestion**: Hold short positions lightly [3]. - **Data Summary**: - **Prices**: The settlement price of DCE iron - ore futures main contract is 695.5 yuan/dry ton, down 0.43% from last week. Spot prices of various iron - ore powders have also declined [3]. - **Shipment**: The global iron - ore shipment in the week of May 27 - June 2, 2025, is 3,431.0 tons, up 242.3 tons from the previous week [5]. - **Inventory**: The port inventory of iron ore is 13,866.58 tons, down 0.87% from last week. The inventory of imported sintered powder ore in 64 sample steel mills is 1,210.52 tons, down 2.65% [3]. - **Shipping and Exchange Rates**: BCI freight rates have increased, and the US dollar index has risen 0.55% [3].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints The report objectively reflects the research views of futures and securities companies on various commodity varieties, tracks hot - spot varieties, analyzes market investment sentiment, and summarizes investment driving logics. It presents the market mainstream views on different asset classes, including their price trends, strategy viewpoints, and corresponding利多 and利空 logics [2]. 3. Summary by Related Catalogs 3.1 Market Data - **Commodities**: From May 12 to May 16, 2025, ethylene glycol had the highest weekly increase of 5.74% among commodities, while gold had the largest decline of 4.64%. Other commodities like iron ore, PTA, etc., also had different degrees of price changes [3]. - **Equities**: The NASDAQ Index had a significant increase of 7.15%, the Hang Seng Index rose 2.09%, while the CSI 500 decreased by 0.10% [3]. - **Bonds**: Chinese government bonds of 5 - year, 2 - year, and 10 - year terms all had price increases, with the 5 - year bond rising 4.06% [3]. - **Foreign Exchange**: The US Dollar Index increased by 0.56%, while the Euro - US Dollar exchange rate decreased by 0.76% [3]. 3.2 Commodity Views 3.2.1 Macro - Financial Sector - **Stock Index Futures**: Among 9 institutions' views, 2 are bullish, 1 is bearish, and 6 are neutral.利多 factors include successful Sino - US tariff negotiations, a relatively loose market capital supply, and growth in the social financing scale.利空 factors are net out - flow of industry funds, reduction in ETF shares, and conservative domestic policies [5]. - **Treasury Bond Futures**: Among 7 institutions' views, 0 are bullish, 2 are bearish, and 5 are neutral.利多 factors are the unchanged loose monetary policy and reduced expectations of fiscal stimulus.利空 factors are the recovery of market risk appetite and limited space for further interest - rate cuts [5]. 3.2.2 Energy Sector - **Crude Oil**: Among 9 institutions' views, 2 are bullish, 3 are bearish, and 4 are neutral.利多 factors are low global crude oil inventories, positive Sino - US negotiation results, and potential uncertainty in OPEC+ production increases.利空 factors are Iran's potential nuclear - deal signing and an increase in US crude oil inventories [6]. 3.2.3 Agricultural Products Sector - **Palm Oil**: Among 7 institutions' views, 1 is bullish, 2 are bearish, and 4 are neutral.利多 factors are the growth of Malaysian palm oil shipping data, increased export competitiveness, and potential replenishment demand in India.利空 factors are high inventory pressure and a decline in crude oil prices [6]. 3.2.4 Non - Ferrous Metals Sector - **Copper**: Among 7 institutions' views, 1 is bullish, 1 is bearish, and 5 are neutral.利多 factors are low copper concentrate TC, positive Sino - US tariff negotiations, and strong terminal demand.利空 factors are weak overseas demand and high inventory in China [7]. 3.2.5 Chemical Sector - **Soda Ash**: Among 7 institutions' views, 1 is bullish, 2 are bearish, and 4 are neutral.利多 factors are concentrated maintenance in May and high exports.利空 factors are high industry inventory, new production capacity, and weak downstream demand [7]. 3.2.6 Precious Metals Sector - **Gold**: Among 7 institutions' views, 1 is bullish, 0 are bearish, and 6 are neutral.利多 factors are the downgrade of the US sovereign credit rating and geopolitical uncertainties.利空 factors are the recovery of risk appetite and capital out - flow from gold ETFs [8]. 3.2.7 Black Metals Sector - **Iron Ore**: Among 7 institutions' views, 1 is bullish, 1 is bearish, and 5 are neutral.利多 factors are high molten iron production and low port inventory.利空 factors are expected increase in supply and weakening demand [8].

期货热点追踪 5-6月铁水产量下行空间有限，叠加市场乐观情绪仍在，机构预计铁矿石年均价格为…… 相关链接 ...

Market Overview - The mainstream spot prices for iron ore are reported as follows: PB powder at 765 CNY/ton and Brazilian mixed powder at 776 CNY/ton [1] - The main iron ore futures contract increased by 1.06% (+7.5) to close at 714.5 CNY/ton [1] Basis and Costs - The optimal delivery product is Brazilian mixed powder, with warehouse costs for PB powder and Brazilian mixed powder at 810 CNY and 795 CNY respectively. The basis for the 09 contract PB powder is 96 CNY/ton [2] Demand Metrics - Daily average pig iron production is 2.4564 million tons, with a slight increase of 0.22 million tons; the blast furnace operating rate is 84.62%, up by 0.29%; the capacity utilization rate for blast furnace ironmaking is 92.09%, an increase of 0.08 percentage points; and the steel mill profit margin is 58.87%, up by 2.59 percentage points [3] Supply Dynamics - Global shipments have slightly rebounded this week, with a decrease of 21.5 million tons to 30.29 million tons. Shipments from Australia and Brazil totaled 24.225 million tons, down by 1.18 million tons. Australian shipments were 17.972 million tons, up by 0.28 million tons, with 15.938 million tons sent to China, an increase of 0.755 million tons. Brazilian shipments were 6.252 million tons, down by 1.46 million tons. The arrival volume at 45 ports was 23.546 million tons, down by 0.951 million tons [4] Inventory Levels - As of May 8, the inventory at 45 ports stands at 142.387 million tons, a decrease of 0.6377 million tons; steel mills have slightly resumed production, and the profit margin for steel mills has improved. The imported ore inventory at steel mills decreased by 3.7607 million tons to 89.5898 million tons, as inventory was consumed during the holiday period [5] Market Sentiment and Outlook - The iron ore 09 contract experienced a spike and subsequent pullback, with night trading accelerating upward. The average daily pig iron production has slightly increased week-on-week, maintaining a high level. SMM reports an increase in maintenance at steel mills, with a rise in maintenance for construction materials and hot-rolled coils, suggesting a potential peak in pig iron production. Inventory levels have decreased to a yearly low, with port inventories slightly declining. The outlook for the market indicates that terminal demand for finished steel will determine the sustainability of high pig iron production levels, with marginal changes influenced by exports and infrastructure projects. Current data shows unexpected high exports of steel billets, and SMM's high-frequency steel export data has surged. However, the supply-demand pressure for iron ore is expected to increase in the coming months due to a surge in overseas mine shipments, while macroeconomic sentiment may provide short-term support. The short-term valuation of iron ore is expected to recover, but a bearish outlook is maintained for the medium to long term [6]