Report Industry Investment Ratings - Thread: ★★★, indicating a clearer long trend and a relatively appropriate investment opportunity currently [1] - Hot Roll: ☆☆☆, representing a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Iron Ore: ★★★, suggesting a clearer long trend and a relatively appropriate investment opportunity currently [1] - Coke: ☆☆☆, meaning a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Coking Coal: ☆☆☆, indicating a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Silicon Manganese: ☆☆☆, representing a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Silicon Iron: ★★★, suggesting a clearer long trend and a relatively appropriate investment opportunity currently [1] Core Viewpoints - The overall market is in a state of shock, with weak domestic demand, and the market is cautious. The future trend depends on terminal demand and relevant domestic and foreign policies [2][3] Summary by Related Catalogs Steel - The steel market is in a short - term shock. The demand for thread and hot roll is weak, and the negative feedback expectation of iron water production is fermenting. The overall domestic demand is weak, and the market sentiment is cautious [2] Iron Ore - The iron ore market is expected to oscillate. The supply pressure is increasing, the terminal demand is weak in the off - season, and the market uncertainty is strong due to policy expectations and geopolitical risks [3] Coke - The coke price oscillates downward. The iron water production decreases slightly, the overall supply is abundant, and the price rebound space is limited under inventory pressure [4] Coking Coal - The coking coal price oscillates downward. The coal mine output decreases slightly, the supply is abundant, and the price rebound space is limited under inventory pressure [5] Silicon Manganese - The silicon manganese price oscillates downward. The inventory level decreases due to previous production cuts, but the supply pressure increases, and the price is under pressure [6] Silicon Iron - The silicon iron price oscillates. The supply decreases, the demand is fair, and there is a certain possibility of inventory reduction [7]

Industry Investment Ratings - SDIC FUTURES gives a ★★★ rating to silicon iron, indicating a clear upward trend and a relatively appropriate investment opportunity; a ☆☆☆ rating to rebar, hot-rolled coil, iron ore, coke, coking coal, and silicon manganese, suggesting a short-term balance between long and short trends with poor operability on the current market, advising to wait and see [1] Core Views - The steel market has a weak domestic demand and is expected to fluctuate in the short term, with attention paid to terminal demand and relevant domestic and foreign policies [2] - The iron ore market has increasing supply pressure and short-term market uncertainty, and is expected to fluctuate [3] - The coke and coking coal markets have abundant carbon element supply, and their price rebound space is not overly optimistic under inventory pressure [4][5] - The silicon manganese market has limited improvement in fundamentals, with manganese ore prices likely to decline further [6] - The silicon iron market has acceptable overall demand and a slight decrease in inventory, with attention paid to the sustainability of inventory reduction [7] Summary by Commodity Steel - Rebar's apparent demand and production both declined, and the inventory reduction slowed down; hot-rolled coil's demand, production, and inventory all decreased slightly; the pig iron output is still relatively high, and the negative feedback expectation is still fermenting; the market sentiment provides some support, but the pessimistic demand expectation restricts the upward space [2] Iron Ore - The global shipment volume has declined, the domestic arrival volume has decreased, and the port inventory has increased; the terminal demand is weak in the off-season, the steel mill profitability rate has decreased, and the pig iron output has changed little; the market has certain policy expectations, and the external geopolitical risk has increased [3] Coke - The pig iron output has declined slightly, and there is an expectation of a fourth round of price cuts; the coking profit has shrunk, and the daily coking output has declined; the overall inventory has decreased slightly, and the traders' purchasing willingness is still low; the price has rebounded due to the sharp increase in crude oil prices, but the rebound space is limited [4] Coking Coal - The coking coal mine output has declined slightly, and the spot auction market is still weak; the terminal inventory has decreased slightly, and the total coking coal inventory has increased slightly; the price has rebounded due to the sharp increase in crude oil prices, but the rebound space is limited [5] Silicon Manganese - Driven by rebar, the price has increased; a large steel mill in the north has a lower tender inquiry price; the inventory has decreased due to previous production cuts, but the weekly output has started to increase; the manganese ore price is under pressure, and the manganese mine's price support intention has increased [6] Silicon Iron - Affected by geopolitical tensions, the price has increased; the pig iron output has decreased slightly; the export demand is stable, and the secondary demand is high; the supply has decreased, the market transaction level is average, and the inventory has decreased slightly [7]

Report Industry Investment Ratings - Thread steel, hot-rolled coil, iron ore, coke, coking coal, and ferrosilicon are rated with white stars, indicating that the short-term long/short trend is in a relatively balanced state, and the current market is less operable, suggesting to wait and see [1] - Silicomanganese is rated with three red stars, representing a clearer long trend with a relatively appropriate investment opportunity currently [1] Core Viewpoints - The overall steel market is weak, with demand expectations remaining pessimistic and limited upward space for the market [2] - Iron ore is expected to fluctuate in the short term, with supply pressure increasing and negative feedback risks in the mid - term [3] - The prices of coke and coking coal are oscillating downward, but have rebounded due to factors such as downstream ironwater levels and tariff impacts [4][6] - The price of silicomanganese is under pressure, and it is recommended to short on rallies in the short term [7] - The price of ferrosilicon is weakly oscillating, and attention should be paid to the sustainability of inventory reduction [8] Summary by Related Catalogs Steel - Today's steel futures prices declined. This week, the apparent demand for thread steel continued to fall, production declined synchronously, and the inventory reduction slowed. The demand and production of hot - rolled coil slightly declined, and the inventory continued to accumulate. Ironwater production is gradually falling but remains relatively high, and the negative feedback expectation persists. The improvement in the infrastructure sector is limited, real - estate sales lack sustainable recovery, and new construction and construction continue to decline significantly. In May, automobile production and sales maintained a high growth rate, and the manufacturing industry still has resilience. Market sentiment is volatile, the rebound momentum of the futures market is insufficient, and pessimistic demand expectations restrict the upward space [2] Iron Ore - Today's iron ore futures prices oscillated. On the supply side, global shipments are relatively strong for the same period, with seasonal growth potential in the future. The domestic arrival volume has increased and is expected to remain high in the short term, and port inventories are expected to stop falling and rise, increasing supply pressure. On the demand side, terminal demand weakens in the off - season. Steel mills have a good profit rate and lack the motivation for active production cuts. The short - term production cut space for ironwater is relatively limited, and there are still negative feedback risks in the mid - term. Sino - US talks have improved market sentiment, but there are still uncertainties in foreign trade. It is expected that iron ore will fluctuate in the short term [3] Coke - Coke prices oscillated downward. Ironwater production slightly declined, but coking daily production remains at a relatively high level this year due to existing coking profits. The overall coke inventory slightly increased, and traders had no purchasing actions. Overall, the supply of carbon elements is still abundant. With downstream ironwater production stable above 241, the impact of tariffs has eased, and due to the lack of trading profit for Mongolian coal, the price has rebounded. The Sino - US tariff issue has a significant impact, and relevant developments should be continuously monitored [4] Coking Coal - Coking coal prices oscillated downward. The production of coking coal mines slightly declined from a high level, and the expectation of mine production cuts has increased. The spot auction market has weakened significantly, and transaction prices have continued to decline. Terminal inventories continue to decline slightly. The total coking coal inventory has decreased slightly month - on - month, and whether the production - end inventory will continue to decline remains to be observed. Overall, the supply of carbon elements is still abundant. With downstream ironwater production stable above 241, the impact of tariffs has eased, and due to the lack of trading profit for Mongolian coal, the previous price has rebounded. The Sino - US tariff issue has a significant impact, and relevant developments should be continuously monitored [6] Silicomanganese - The price of silicomanganese slightly declined. Due to previous continuous production cuts, the inventory level has decreased, but the weekly production has started to increase, and the improvement in fundamentals is limited. The price of Comilog's long - term ore has been reduced by $0.15 to $4.25 per ton - degree, and the offer volume has recovered to over 400,000 tons per month. The shipment volume of South32 is likely to increase later, the manganese ore inventory accumulation rate has increased, and the price is further pressured. It is judged that the manganese ore price has started a further downward trend. Ironwater production has slightly declined, and the supply of silicomanganese has slightly increased. The manganese ore inventory has started a trend of accumulation, market expectations have changed, and the price remains weak. It is recommended to short on rallies in the short term [7] Ferrosilicon - The price of ferrosilicon oscillated weakly. Ironwater production slightly declined. Export demand remained at around 30,000 tons, with a marginal impact. The production of magnesium metal increased month - on - month, and the secondary demand remained stable at a high level, with overall demand being acceptable. The supply of ferrosilicon continued to decline, the market transaction level was average, and the on - balance - sheet inventory slightly decreased. Some ferrosilicon producers are in cash - flow losses and may adopt a trading model of taking delivery on the futures market and reselling to downstream, which is beneficial for ferrosilicon inventory reduction. Attention should be paid to the sustainability of inventory reduction [8]

Report Investment Ratings - **Thread Steel**: ★★★, indicating a clear long trend and a relatively appropriate investment opportunity currently [1] - **Hot Rolled Coil**: ☆☆☆, suggesting a short - term balance between long and short trends with poor operability on the current market, advising to wait and see [1] - **Iron Ore**: ☆☆☆, with the same implication as hot rolled coil [1] - **Coke**: ★☆★, a mixed signal with some bullish drivers but unclear overall trend [1] - **Coking Coal**: ★☆★, similar to coke [1] - **Silicon Manganese**: ☆☆☆, short - term balance and poor operability [1] - **Silicon Iron**: ★☆☆, showing a bullish driver but poor operability on the market [1] Core Viewpoints - The overall market shows a complex situation with different trends for each product. The short - term market is affected by factors such as supply - demand relationships, macro - economic conditions, and international trade situations. Some products are expected to have short - term oscillations, while the long - term outlook is influenced by factors like terminal demand and policy changes [1][2] Summary by Product Steel - The steel market is divided. Thread steel is in the off - season with declining demand and slower inventory reduction. Hot - rolled coil demand is falling while production is rising and inventory is accumulating. Iron - water production is gradually decreasing but still high, and the negative feedback expectation keeps fermenting. The downstream industries have different performances, with limited improvement in infrastructure, unstable real - estate sales, and high growth in automobile production and sales. The market rebounds in the short - term due to improved macro - sentiment, but the pessimistic demand expectation restricts the upside [1] Iron Ore - The iron ore market shows a rising trend today. The supply is strong with potential seasonal growth, and the port inventory is expected to stop falling and rise. The demand is weak in the off - season, but the short - term reduction in iron - water production is limited, and there is still mid - term negative feedback risk. The market sentiment has improved due to Sino - US talks, but there are still uncertainties in foreign trade. It is expected to oscillate in the short - term [2] Coke - Coke prices are oscillating. Iron - water production is slightly decreasing, but coke production is still high due to existing profits. The overall inventory is slightly rising, and traders have no purchasing actions. The supply of carbon elements is abundant, and the price rebounds under certain conditions. The Sino - US tariff issue has a large impact [4] Coking Coal - Coking coal prices are also oscillating. The inventory is slightly decreasing, and the future trend of production - end inventory is uncertain. Similar to coke, the supply of carbon elements is abundant, and the price rebounds under certain circumstances. The Sino - US tariff issue needs continuous attention [5] Silicon Manganese - Silicon manganese may start an independent market. The inventory has decreased due to previous production cuts, but the weekly production is rising. The price of manganese ore is expected to decline further due to increased supply and inventory. The iron - water production is slightly decreasing, and the supply of silicon manganese is slightly increasing. It is recommended to short at high prices in the short - term [6] Silicon Iron - Silicon iron prices are mainly driven by coking coal. Iron - water production is slightly decreasing. The export demand is stable, and the secondary demand is high. The supply is decreasing, and the inventory is slightly decreasing. Some producers may adopt a trading model to help with inventory reduction, and the sustainability of inventory reduction needs to be observed [7]

Group 1: Report Industry Investment Ratings - Bullish: Gold, Silver, Crude Oil, Fuel Oil, Ethanol [1] - Bearish: Polycrystalline Silicon, Lithium Carbonate, Coking Coal, Coke, Logs, PTA, Short - Fiber, PVC [1] - Neutral (Oscillating): Stock Index, Treasury Bonds, Copper, Aluminum, Alumina, Nickel, Stainless Steel, Tin, Industrial Silicon, Rebar, Hot - Rolled Coil, Iron Ore, Manganese Silicon, Silicon Ferrosilicon, Glass, Soda Ash, Palm Oil, Soybean Oil, Rapeseed Oil, Cotton, Sugar, Corn, Soybeans, Pulp, Live Pigs, Asphalt, Natural Rubber, BR Rubber, Ethylene Glycol, Styrene, Urea, Methanol, Seasonal Products, PVC, Caustic Soda, LPG, Container Shipping on European Routes [1] Group 2: Report's Core View - The short - term fluctuations of stock indices are dominated by overseas variables, and they are expected to oscillate strongly in the short term, but be cautious about the repeated signals of Sino - US tariffs [1]. - Asset scarcity and a weak economy are beneficial to bond futures, but the central bank's short - term interest - rate risk warning restricts the upward space [1]. - The prices of various commodities are affected by factors such as supply and demand, policies, and international relations. For example, the price of copper is affected by supply and Sino - US relations; the price of aluminum is affected by inventory and downstream demand [1]. Group 3: Summary by Industry Macro - Finance - Stock Index: Overseas variables dominate short - term fluctuations, expected to oscillate strongly with caution about tariff signal repetitions [1]. - Treasury Bonds: Asset scarcity and weak economy are favorable, but central - bank interest - rate risk warning restricts upward space [1]. Non - Ferrous Metals - Gold: Expected to run strongly in the short term with a solid long - term upward logic [1]. - Silver: Technically broken through, expected to run strongly but beware of a pull - back [1]. - Copper: The Sino - US leaders' call boosts the price, but sufficient supply restricts the upward space [1]. - Aluminum: Low inventory supports the price, but weakening downstream demand may lead to a weakening oscillation [1]. - Alumina: Spot price rising, futures price falling due to increased production [1]. - Nickel: Expected to oscillate in the short term, with long - term surplus pressure [1]. - Stainless Steel: Follows macro - oscillations in the short term, with long - term supply pressure [1]. - Tin: Supply contradiction intensifies in the short term, expected to oscillate at a high level [1]. - Industrial Silicon: High supply in the northwest, resuming production in the southwest, low demand, and high inventory pressure [1]. Ferrous Metals - Rebar and Hot - Rolled Coil: In the window period of peak - to - off - peak season, with loose cost and supply - demand patterns and no upward driving force [1]. - Iron Ore: Expecting the peak of molten iron, with supply increase in June [1]. - Manganese Silicon: Short - term supply - demand balance, with high warehouse - receipt pressure [1]. - Silicon Ferrosilicon: Cost is affected by coal, but production reduction makes supply - demand tight [1]. - Glass: Weak supply and demand, with prices continuing to weaken [1]. - Soda Ash: Direct demand is okay, but terminal demand is weak, with medium - term over - supply and price pressure [1]. - Coking Coal and Coke: Spot prices continue to weaken, and the futures can be shorted [1]. Agricultural Products - Sugar: Brazilian sugar production is expected to hit a record high, but oil prices may affect production [1]. - Corn: Supply - demand tightening supports a strong oscillation, but the increase is limited by substitute grains [1]. - Soybeans: Expected to oscillate due to the lack of strong upward driving force [1]. - Pulp: Demand is weak, but the downward space is limited [1]. - Logs: Supply is loose, demand is weak, and short - selling is recommended [1]. - Live Pigs: Inventory is sufficient, and futures are stable [1]. Energy and Chemicals - Crude Oil and Fuel Oil: Sino - US calls, geopolitical situations, and the summer peak season support the prices [1]. - Asphalt: Affected by cost, inventory, and demand [1]. - Natural Rubber: Futures - spot price difference returns, cost support weakens, and inventory decreases [1]. - BR Rubber: Fundamentals are loose in the short term, and long - term factors need attention [1]. - PTA: Actual production hits a new high, and sales are difficult [1]. - Ethylene Glycol: Coal - to - ethylene glycol profit expands, and inventory is decreasing [1]. - Styrene: Speculative demand weakens, inventory rises, and the basis weakens [1]. - Urea: Expected to rebound due to export demand [1]. - Methanol: Entering the inventory - accumulation stage, with weak traditional demand [1]. - PVC: Supply pressure increases due to the end of maintenance and new device production [1]. - Caustic Soda: Spot is strong in the short term, but the price - reduction expectation is traded in advance [1]. - LPG: Prices are weak and oscillate in a narrow range [1]. Others - Container Shipping on European Routes: The contract in the peak season can be lightly tested for long positions, and attention should be paid to arbitrage opportunities [1].

Report Industry Investment Ratings - The operation ratings for different products are provided, with red stars representing a predicted upward trend and green stars representing a predicted downward trend. For example, products like rebar, hot-rolled coil, iron ore, etc., are rated with three stars (★★★), indicating a clearer long/short trend and a relatively appropriate investment opportunity at present [1]. Core Viewpoints - The overall market shows mixed trends. For steel products, the demand outlook is pessimistic, but market sentiment has improved due to the China-US presidential call, with short - term fluctuations expected. For iron ore, there is an expected limited rebound and a mainly oscillatory trend. For coke, coking coal, silicon manganese, and silicon iron, price rebounds are observed, but the upside space is restricted by various factors [2][3][4]. Summary by Product Steel - The steel market has strengthened today. Rebar's apparent demand has dropped significantly week - on - week, production has declined, and the inventory reduction pace has slowed. Hot - rolled coil demand has fallen, production has increased, and inventory has started to accumulate. Iron - water production is gradually decreasing but remains at a relatively high level. The improvement in infrastructure is limited, manufacturing prosperity has slowed, and real - estate sales lack sustained recovery. US tariff increases impact steel exports. Although market sentiment has improved, demand expectations are pessimistic, restricting the upside space [2]. Iron Ore - The iron ore market is oscillating strongly today. Supply has reached a yearly high globally, and domestic arrivals have rebounded significantly. The decline in port inventory has narrowed, and the amount of berthed ships has increased. Terminal demand is weak in the off - season, but iron - water production remains high, and steel mills have no strong motivation to cut production actively. The short - term rebound is due to oversold conditions, but the mid - term risk of industrial chain negative feedback exists, so the rebound space is limited, and the trend is mainly oscillatory [3]. Coke - Coke prices have rebounded significantly. Iron - water production has decreased slightly, and the third round of coking price cuts has partially been implemented, but coking daily production remains at a high level this year. Overall coke inventory has increased slightly, and traders are not making purchases. The carbon element supply is still abundant, and with the easing of tariff impacts and other factors, prices have rebounded. However, due to inventory pressure, the upside space should not be overly optimistic [4]. Coking Coal - Coking coal prices have rebounded significantly. Coking coal mine production has declined slightly from a high level, the number of shut - down mines has increased, and the spot auction market has weakened with continuous price drops. Terminal inventory has continued to decline slightly. Overall, the carbon element supply is abundant, and prices have rebounded under certain conditions. But due to inventory pressure, the upside space is limited [6]. Silicon Manganese - Silicon manganese prices have rebounded mainly driven by coking coal. Due to previous continuous production cuts, inventory levels have decreased, but weekly production has started to rise, and the improvement in fundamentals is limited. It is expected that the manganese mine quotation will decrease month - on - month. Iron - water production has declined slightly, and silicon manganese supply has increased slightly. Manganese ore inventory has started to accumulate, and market expectations have changed. It is recommended to take a small - position long position and observe the sustainability of the rebound [7]. Silicon Iron - Silicon iron prices have rebounded mainly driven by coking coal. Iron - water production has decreased slightly. Export demand remains at around 30,000 tons, with a marginal impact. Metal magnesium production has increased month - on - month, and secondary demand has remained stable at a high level. Silicon iron supply has continued to decline, market trading volume is average, and on - balance - sheet inventory has decreased slightly. Some silicon iron producers may adopt a trading model to help with inventory reduction, and the sustainability of inventory reduction needs to be observed [8].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The market is filled with a mix of long and short information, causing significant fluctuations in the market. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3] - It is necessary to focus on the 90 - day spot freight rate range, the feedback of terminal demand under the relaxation of tariff policies, and the final result of the court ruling [3] Group 3: Summary of Specific Information Freight Index Information - On June 2, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1252.82 points, up 0.5% from the previous period; the SCFIS for the US - West route was 1718.11 points, down 0.1% from the previous period [2] - On May 30, the Ningbo Export Container Freight Index (NCFI) composite index was 1676.25 points, up 51.55% from the previous period; the NCFI for the European route was 1067.59 points, up 36.25% from the previous period; the NCFI for the US - West route was 3585.23 points, up 89.23% from the previous period [2] - On May 30, the Shanghai Export Container Freight Index (SCFI) was 2072.71 points, up 486.59 points from the previous period; the SCFI price for the European route was 1587 USD/TEU, up 20.50% from the previous period; the SCFI price for the US - West route was 3275 USD/FEU, up 57.92% from the previous period [2] - On May 30, the China Export Container Freight Index (CCFI) composite index was 1117.61 points, up 0.9% from the previous period; the CCFI for the European route was 1375.62 points, down 1.2% from the previous period; the CCFI for the US - West route was 944.06 points, up 4.0% from the previous period [2] Market and Policy Information - The US has restored Trump's tariff policy, indicating that tariffs could reach up to 15%, and then extended partial exemptions for China under Section 301 tariffs. Some shipping companies raised freight rates for mid - to late June [3] - The US court's ruling that the government overstepped its authority may boost macro - sentiment, but the spot market remains weak in price support. The easing of the China - US trade war may lead to a rush to ship within 90 days [2] Contract Information - On May 30, the main contract 2508 closed at 2075.3, down 0.25%, with a trading volume of 102,700 lots and an open interest of 41,800 lots, a decrease of 4754 lots from the previous day [3] Strategy Information - Short - term strategy: For the 2506 contract, focus on the logic of basis convergence. For the 2508 contract, it is recommended to lightly short when it rebounds above 2250 and set stop - losses [4] - Arbitrage strategy: Against the backdrop of tariff easing, the 90 - day exemption will lead to a situation where near - term freight rates are stronger than long - term ones. Pay attention to the court's ruling result, and for now, focus on positive arbitrage structures [4] - Long - term strategy: It is recommended to take profits when each contract rallies, wait for the price to stabilize after a pullback, and then determine the subsequent direction [4] Other Information - The daily trading limit for contracts 2506 - 2604 has been adjusted to 18% [4] - The margin for contracts 2506 - 2604 has been adjusted to 28% [4] - The daily opening position limit for all contracts 2506 - 2604 is 100 lots [4]

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ★☆☆ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Ferrosilicon: ★☆☆ [1] Core Viewpoints - The overall market for steel, iron ore, coke, coking coal, and other products is weak, with pessimistic market expectations and insufficient rebound momentum. The market rhythm is still volatile, and attention should be paid to changes in terminal demand and relevant domestic and foreign policies [2][3]. - The supply and demand of iron ore have certain marginal weakening pressures, and the external trade uncertainty is still high. The iron ore price is expected to fluctuate [3]. - The prices of coke and coking coal continue to decline, and there is a need to observe the sustainability of further negative feedback. The price of coking coal still has a downward driving force [4][5]. - The prices of ferrosilicon and ferromanganese have reached new lows for the year, and their prices remain weak [7][8]. Summary by Related Catalogs Steel - The steel market is weak, with the rebar surface demand slightly increasing, production decreasing, and inventory continuing to decline. The supply and demand of hot-rolled coils have both increased significantly, and the inventory has continued to decline. The demand shows certain resilience in the off-season, but its sustainability remains to be observed. The iron water production has continued to decline but remains at a relatively high level, and the negative feedback expectation continues to ferment. The market expectation is still pessimistic, and the rebound momentum of the market is insufficient [2]. Iron Ore - The iron ore market is in a weak and volatile state. The global shipment is fluctuating normally, and the domestic arrival volume is currently weak but is expected to rebound in the future. The port inventory has continued to decline. The terminal demand has entered the off-season, and the iron water production has gradually declined from its high level. It is expected that the short-term production reduction space for iron water is relatively limited, and steel mills have no motivation to actively replenish inventory. The iron ore supply and demand face certain marginal weakening pressures, and the external trade uncertainty is still high. The iron ore price is expected to fluctuate [3]. Coke - The coke price continues to decline. The iron water production has continued to fall, and the second round of price cuts for coking has been fully implemented. The daily coke production remains at a relatively high level for the year, and the overall inventory has slightly increased. The coke price support may decline due to the downward shift in costs caused by the reduction in coking coal prices [4]. Coking Coal - The coking coal price continues to decline. The production of coking coal mines remains at a relatively high level, with some mines reducing production. The number of shut-down mines has decreased by 1 to 17. The spot auction market has weakened significantly, and the transaction price has continued to decline. The terminal inventory has continued to decline slightly, while the total coking coal inventory has increased slightly month-on-month, and the inventory pressure at the production end has continued to accumulate rapidly. The trading of imported Mongolian coal has continued to weaken. The coking coal price still has a downward driving force [5]. Ferrosilicon - The ferrosilicon price has reached a new low for the year. The iron water production has continued to decline slightly, and the export demand remains at around 30,000 tons, with a relatively small marginal impact. The production of magnesium metal has remained basically flat, and the demand has remained stable at a high level. The ferrosilicon supply has continued to decline, the market transaction level is average, and the on-balance-sheet inventory has slightly decreased. The price remains weak [8]. Ferromanganese - The ferromanganese price has reached a new low for the year. Due to the previous continuous production reduction, the inventory has decreased, and the fundamentals have slightly improved. The manganese ore inventory at Tianjin Port has slightly decreased, but the long-term inventory accumulation trend has not changed. The iron water production has continued to decline slightly, and the ferromanganese supply has slightly increased. The manganese ore inventory has started to accumulate, and the market expectation has changed. The price remains weak [7].

Group 1 - The main contract for short fiber futures showed a strong fluctuation, reaching a peak of 6528.00 yuan and closing at 6500.00 yuan, with an increase of 1.31% [1] - Supply side: Short fiber production load increased to approximately 96.2%, up by 2.1% month-on-month [1] - Demand side: Operating rates in Jiangsu and Zhejiang remain stable, with spinning at 80%, weaving at 69%, and dyeing at 77% [1] Group 2 - The short fiber price is expected to follow fluctuations in crude oil prices due to OPEC's decision to maintain production quotas [2] - China's polyester short fiber production was 161,400 tons, a decrease of 550 tons or 3.30% month-on-month, with an average capacity utilization rate of 85.33%, down by 2.91% [2] - Inventory levels: As of May 22, the factory equity inventory for polyester short fiber was 9.38 days, a decrease of 0.07 days, while physical inventory was 18.11 days, down by 0.13 days [2]

Report Industry Investment Ratings - The operation ratings for various products are all ★☆☆, including rebar, hot-rolled coil, iron ore, coke, coking coal, ferrosilicon manganese, and ferrosilicon [1] Core Viewpoints - The overall market for steel, iron ore, coke, coking coal, ferrosilicon manganese, and ferrosilicon is under pressure, with weak demand expectations and fluctuating prices. While there are signs of supply-demand imbalances and negative feedback, the market should not be overly bearish considering the steel sentiment [2][3][4][5][6][7] Summary by Related Catalogs Steel - The steel futures market declined today. Rebar's apparent demand decreased, production increased, and inventory continued to decline but at a slower pace. Hot-rolled coil's supply and demand both dropped, and inventory also decreased at a slower pace. Iron ore production is still relatively high, and the supply pressure is large. The negative feedback expectation keeps fermenting. Domestic demand is weak, and the demand expectation is pessimistic. The market sentiment is low, and the market is weak but may fluctuate. Attention should be paid to terminal demand and relevant policies [2] Iron Ore - The iron ore futures market continued to correct today. The global shipment of iron ore decreased compared with the previous period and was weaker than the same period last year. The arrival volume in China decreased slightly, and the port inventory continued to decline. Terminal demand entered the off-season, and the iron ore production decreased slightly last week. It is expected that the short-term reduction of iron ore production is limited. Overall, the supply and demand of iron ore have a certain marginal weakening pressure, and the macro-level benefits have been reflected in the previous rebound. The ore price is expected to fluctuate weakly [3] Coke - Coke prices continued to decline. Iron ore production decreased slightly. The first round of coke price cuts was fully implemented, but there were still profits, so the daily coke production remained at a relatively high level this year. The overall coke inventory increased slightly, and traders did not make any purchases. Overall, the supply of carbon elements is still abundant, and the iron ore production of downstream enterprises continued to decline slightly. The sustainability of further negative feedback needs to be observed. The coke futures market is basically at par, and the delivery of the 2505 contract has been completed. Considering the steel sentiment, it should not be overly bearish [4] Coking Coal - Coking coal prices continued to decline. The production of coking coal mines remained at a relatively high level, with some mines reducing production and the number of shut-down mines increasing to 18. The spot auction market weakened significantly, and the transaction price continued to decline. The terminal inventory continued to decline slightly. The total coking coal inventory increased slightly compared with the previous period, and the inventory pressure at the production end continued to accumulate rapidly. Overall, the supply of carbon elements is still abundant, and the iron ore production of downstream enterprises continued to decline slightly. The sustainability of further negative feedback needs to be observed. Coking coal remains at a significant discount, and the delivery of the 2505 contract has been completed. Considering the steel sentiment, it should not be overly bearish [5] Ferrosilicon Manganese - Ferrosilicon manganese prices dropped significantly. After the tender of the leading steel mill ended, the price rebounded. Due to continuous production cuts recently, the weekly production data increased slightly. It is judged that the current production level has led to a decrease in inventory, and the fundamentals have improved slightly. According to the expected arrival data of manganese ore, about 50,000 tons of South32 Australian ore will arrive at the port by the end of this month. Iron ore production continued to decline slightly, and the supply of ferrosilicon manganese increased slightly. The manganese ore inventory started to accumulate, and market expectations have changed. The impact of tariffs should be continuously monitored. Affected by the overall black market, the price remains weak [6] Ferrosilicon - Ferrosilicon prices fluctuated narrowly. Iron ore production continued to decline slightly. The export demand remained at about 30,000 tons, with a marginal impact. The production of magnesium metal remained basically the same, and the demand remained stable at a high level. The overall demand is acceptable. The supply of ferrosilicon continued to decline, and the market transaction level was average. The on-balance-sheet inventory decreased slightly. The tariff trend should be continuously monitored. Affected by the overall black market, the price remains weak [7]