投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2025 年 12 月 23 日 煤焦日报 专业研究·创造价值 多空交织，煤焦低位震荡 核心观点 焦炭：12 月 23 日，焦炭主力合约报收于 1741 元/吨，日内录得 0.26%的 涨幅。截至收盘，主力合约持仓量为 2.93 万手，较前一交易日仓差为 +775 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1520 元/吨，周环比下跌 3.18%；青岛港准一级湿熄焦出库价为 1480 元/ 吨，周环比持平。当前，焦炭供需格局未明显改善，但下游冬储补库预期 和反内卷预期驱动焦炭期货止跌反弹，关注后续钢厂补库节奏。 焦煤：12 月 23 日，焦煤主力合约报收 1125.5 点，日内上涨 1.90%。截至 收盘，主力合约持仓量为 50.92 万手，较前一交易日仓差为+8361 手。现 货市场方面，甘其毛都口岸蒙煤最新报价为 1140.0 元/吨，周环比持平， 折合期货仓单成本约 1116 元/吨。目前，焦煤供应端压力阶段性释放，随 着下游冬储补库预期和反内卷预期扰动再现，市场情绪由弱转强，焦煤主 力合约低位反弹， ...

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "oscillation" [5] 2. Core View of the Report - The policy tone remains positive, with the "15th Five - Year Plan" draft planning major projects. In the current off - season, supply and demand are both weak. The steel rebar fundamentals are still resilient, while hot - rolled coils face inventory pressure. Supported by winter storage and cost, the futures market continues to rebound. The iron ore futures perform strongly, and the valuation of coking coal and coke continues to recover due to supply disturbances. The glass - soda ash prices are suppressed by the oversupply situation. Overall, there is a chance of a low - level rebound in the futures market [1] 3. Summary by Relevant Catalogs 3.1 Iron Element - Iron ore: Iron ore shipments and arrivals have decreased slightly, and port inventories are accumulating. Iron water production continues to decline, weakening the rigid demand. Steel mills' restocking is slow, and there is strong game between upstream and downstream. Short - term ore prices are expected to oscillate [2][7] - Scrap steel: The supply of scrap steel has decreased, and demand remains stable. Steel mills' inventories are high, and restocking has slowed down. However, the profit of electric furnaces is good, and the demand from long - and short - process steel enterprises still provides support. The spot price is expected to oscillate [2][9] 3.2 Carbon Element - Coke: The cost of coke has shown signs of stabilization, and the expectation of further spot price cuts is low. As winter storage by coke and steel enterprises begins, the spot price will be more strongly supported, and the futures valuation still has room for repair, expected to follow coking coal and oscillate [2][11] - Coking coal: As the year - end approaches, the intensity of winter storage increases, and the fundamentals of coking coal will continue to improve marginally. The futures valuation has room for repair, and the short - term trend is expected to be oscillating and slightly stronger [2][12] 3.3 Alloys - Manganese silicon: The market supply and demand of manganese silicon remain loose, and the upstream inventory pressure is large. The upward movement of the futures price may face selling pressure, and the upside space is limited. In the medium term, it will oscillate at a low level around the cost valuation [2][15] - Ferrosilicon: The high cost supports the price bottom. Currently, the upstream supply pressure is not large, but in the off - season of terminal demand, the market supply and demand are both weak. The upside space of the futures price is not overly optimistic, and it is expected to oscillate at a low level around the cost valuation [2][16] 3.4 Glass and Soda Ash - Glass: There are still expectations of supply disturbances, but the inventories of middle and downstream are moderately high. Currently, the supply and demand are in an oversupply situation. If there is no more cold - repair by the end of the year, high inventories will suppress the price, expected to oscillate weakly; otherwise, the price will rise [2][12] - Soda ash: Recently, the coal price recovery has strengthened the cost support. However, the overall supply and demand are still in an oversupply situation. In the short term, it is expected to oscillate, and in the long term, the oversupply pattern will intensify, and the price center will decline [2][15] 3.5 Specific Analysis of Each Variety - Steel: The cost support is strong, and the futures market continues to rebound. The spot market trading is average. Steel production is decreasing, but rebar production has stabilized and rebounded. Demand is weak in the off - season but still has support. Steel inventories are decreasing, but the current inventory level is still high year - on - year, and demand may weaken. The upside space of the futures market is limited [6] - Iron ore: The spot price is weakly oscillating. Overseas shipments have decreased, arrivals have declined, and iron water production has dropped significantly. Port inventories are accumulating, and steel mills' restocking demand is slow to release. Short - term ore prices are expected to oscillate [7] - Scrap steel: The supply is at a low level, and demand is stable. Steel mills' inventories are high, and restocking has slowed down. The spot price is expected to oscillate [9] - Coke: The third round of price cuts has been implemented, and coking enterprises' profits have turned negative. The production enthusiasm is okay, but some are restricted by environmental protection. Steel mills' inventories are increasing, and the overall market is stabilizing. The futures valuation has room for repair and is expected to follow coking coal and oscillate [11] - Coking coal: Affected by the earthquake, the market sentiment is high. Domestic supply is at a low level, and imports are high. The downstream has started to restock, and the futures valuation has room for repair [12] - Glass: The spot price is still weak, and the futures market is oscillating. The policy is positive, but the supply may decline in the long term and is difficult to have a large - scale cold - repair in the short term. The demand is weak, and middle - stream inventories are large, suppressing the valuation. If there is no more cold - repair by the end of the year, the price will oscillate weakly; otherwise, it will rise [12] - Soda ash: The supply has slightly decreased, and demand is expected to weaken. The overall supply and demand are in an oversupply situation, and the market is at the bottom of the cycle. In the short term, it is expected to oscillate, and in the long term, the price center will decline [13][15] - Manganese silicon: The futures price is strongly oscillating, and the spot price has slightly increased. The cost has slightly loosened, demand is weak, and supply is difficult to significantly reduce inventory. The upside space of the futures price is limited, and it will oscillate at a low level in the medium term [15] - Ferrosilicon: The futures market is oscillating, and the spot price has little change. The cost is high, demand is weak, supply pressure has been alleviated, and the supply - demand relationship is balanced. The futures price is expected to oscillate at a low level [16] 3.6 Index Information - On December 22, 2025, the comprehensive index of CITIC Futures commodities, the specialty index (Commodity Index, Commodity 20 Index, Industrial Products Index) all increased, with increases of 1.10%, 1.34% and 0.79% respectively. The steel industry chain index increased by 0.30% on the day, 2.44% in the past 5 days, - 0.06% in the past month, and - 6.26% since the beginning of the year [104][106]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2025 年 12 月 22 日 煤焦日报 专业研究·创造价值 多空僵持，煤焦震荡运行 核心观点 焦炭：截至 12 月 19 日当周，全样本独立焦化厂和钢厂焦化厂焦炭日均产 量合计 109.49 万吨，周环比降 1.1 万吨；全国 247 家钢厂铁水日均产量 226.55 万吨，周环比下降 2.65 万吨，钢厂盈利率周环比持平，维持 35.93%的水平，大部分钢厂仍处亏损状态，焦炭短期需求压力仍存。整体 来看，焦炭供需格局未明显改善，但下游冬储补库预期和反内卷预期驱动 焦炭期货止跌反弹，关注后续钢厂补库节奏。 焦煤：截至 12 月 19 日当周，全国 523 家炼焦煤矿精煤日均产量 75.8 万 吨，环比增 0.8 万吨，同比降 4.1 万吨；下游焦化厂和钢厂焦炭日均产量 合计 109.49 万吨，周环比降 1.1 万吨，减量主要集中在独立焦化厂。因 原材料焦煤价格上涨，独立焦化厂吨焦盈利走低，生产积极性下滑。整体 来看，焦煤供应端压力阶段性释放，随着下游冬储补库预期和反内卷预期 扰动再现，市场情绪由弱转强，焦煤主力合约低位 ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 12 月 22 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 焦煤 2605 | 震荡 偏强 | 震荡 | 震荡 偏强 | 震荡思路 | 市场氛围好转，焦煤低位反弹 | | 焦炭 2605 | 震荡 偏强 | 震荡 | 震荡 偏强 | 震荡思路 | 下游冬储预期支撑，焦炭期货低 位反弹 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡思路 核心逻辑：截至 12 月 19 日当周，全 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The rise of coking coal is a rebound driven by short - term sentiment and winter storage expectations. Medium - to long - term, investors can gradually build long positions on dips, while in the short term, they should strictly control positions [2][3][4]. - For A - shares, the market had a small decline after a short - term rise. The 15 - minute cycle rebound has just started, and it is expected to rise next week. It is recommended to buy on dips rather than chase the rise [6]. - Gold shows signs of upward movement after a period of sideways trading, and investors can try to go long [8]. - Iron ore is in the process of finding a bottom with weak domestic demand support. It is recommended to trade within a wide range by selling high and buying low [10][11]. - For glass, it weakened today, and whether the rebound has ended needs further observation. In the short term, it can be treated as a sideways market [15][16]. - For palm oil, as the production area enters the production - reduction season, if Malaysian palm oil exports remain weak, there may be inventory accumulation in December. Investors should seize short - selling opportunities [18]. - For pulp, with domestic policies boosting domestic demand, overseas pulp mills reducing production, and backward papermaking capacity being phased out, the demand for commercial pulp is expected to improve. It is expected to trade sideways [20]. 3. Summaries by Related Catalogs Coking Coal - **Drivers**: Since December, environmental protection warnings in the north have led to 20% - 35% production cuts in coking enterprises; year - end coal mine maintenance, policy "anti - involution" boost sentiment, and winter storage replenishment expectations are rising; relevant departments have released new standards for clean and efficient coal utilization [3]. - **Supply and Demand**: Mongolian coal imports are at a high level, and domestic high - quality production capacity is steadily increasing, with a loose supply pattern. Real estate has dragged down steel demand, and steel mill hot metal production is low, making it difficult for the rigid demand for coking coal to recover significantly [4]. - **Key Levels**: On December 18, the main contract reached a maximum of 1,136.5 yuan. 1,200 yuan is a strong resistance level, 1,050 yuan is a short - term support level, and the 1,000 - yuan integer level has cost support [3]. - **Operation Suggestion**: Medium - to long - term, gradually build long positions on dips; short - term, strictly control positions [4]. A - shares - **Market Trend**: The market had a small decline after a short - term rise. The financial and real estate sectors supported the market throughout the day, and the Shanghai Composite Index achieved three consecutive positive closes. The 15 - minute cycle rebound has just started [6]. - **Operation Suggestion**: Next week, it is recommended to buy on dips rather than chase the rise [6]. Gold - **Market Trend**: After a period of sideways trading, it shows signs of upward movement [8]. - **Operation Suggestion**: Try to go long [8]. Iron Ore - **Market Trend**: It is in the process of finding a bottom with weak domestic demand support [10][11]. - **Operation Suggestion**: Trade within a wide range by selling high and buying low [10]. Glass - **Market Trend**: It weakened today, and whether the rebound has ended needs further observation [15][16]. - **Operation Suggestion**: In the short term, treat it as a sideways market [15]. Palm Oil - **Market Trend**: As the production area enters the production - reduction season, if Malaysian palm oil exports remain weak, there may be inventory accumulation in December [18]. - **Operation Suggestion**: Seize short - selling opportunities [18]. Pulp - **Market Trend**: With domestic policies boosting domestic demand, overseas pulp mills reducing production, and backward papermaking capacity being phased out, the demand for commercial pulp is expected to improve [20]. - **Operation Suggestion**: It is expected to trade sideways [20].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For steel, cost support strengthens, but the independent driving force for finished products is weak. The supply - demand structure is weak, and short - term long positions can be considered from a valuation perspective with stop - loss set [3]. - For ferrosilicon and silicomanganese, energy - related policies boost prices in the short term, but there is a medium - term supply surplus, and it is recommended to go long on ferrosilicon and short on silicomanganese [3]. - For coking coal and coke, the futures market rebounds rapidly. It is recommended to wait and see for now, and industrial customers can consider purchasing cost - effective spot [3]. - For iron ore, iron water production is falling, and prices are under pressure. However, prices may decline more slowly after the expected iron water stabilization and subsequent restocking [3]. Summary by Related Content Futures Market - On December 18, the closing prices of far - month contracts RB2610, HC2610, J2605, and JM2609 were 3151.00 yuan/ton, 3288.00 yuan/ton, 1743.00 yuan/ton, and 1200.00 yuan/ton respectively, with corresponding increases of 1.25%, 0.98%, 4.75%, and 5.68% [1]. - The closing prices of near - month contracts RB2605, HC2605, J2601, and JM2605 were 3125.00 yuan/ton, 3277.00 yuan/ton, 1603.50 yuan/ton, and 1126.50 yuan/ton respectively, with corresponding increases of 1.40%, 1.05%, 5.39%, and 6.07% [1]. - The cross - month spreads of RB2605 - 2610, HC2605 - 2610, J2601 - 2605, and JM2605 - 2609 were - 26.00 yuan/ton, - 11.00 yuan/ton, - 139.50 yuan/ton, and - 73.50 yuan/ton respectively [1]. - The spread/ratio/profit indicators such as coil - to - rebar spread, rebar - to - ore ratio, coal - to - coke ratio, rebar paper profit, and coking paper profit on December 18 were 152.00, 4.02, 1.42, - 17.38, and 105.26 respectively [1]. Spot Market - On December 18, the spot prices of Shanghai rebar, Tianjin rebar, Guangzhou rebar, and Tangshan billet were 3320.00 yuan/ton, 3190.00 yuan/ton, 3520.00 yuan/ton, and 2950.00 yuan/ton respectively, with corresponding increases of 30.00 yuan/ton, 20.00 yuan/ton, 40.00 yuan/ton, and 10.00 yuan/ton [1]. - The spot prices of Shanghai hot - rolled coil, Hangzhou hot - rolled coil, and Guangzhou hot - rolled coil were 3300.00 yuan/ton, 3300.00 yuan/ton, and 3290.00 yuan/ton respectively, with corresponding increases of 20.00 yuan/ton, 30.00 yuan/ton, and 10.00 yuan/ton [1]. - The spot prices of Qingdao Port super - special powder, Ganqimao coal, and Qingdao Port quasi - first - grade coke were 678.00 yuan/ton, 1120.00 yuan/ton, and 1530.00 yuan/ton respectively, with corresponding increases of 9.00 yuan/ton, 0.00 yuan/ton, and - 50.00 yuan/ton [1]. - The basis values of HC, RB, J, and JM on December 18 were 23.00 yuan/ton, 195.00 yuan/ton, 76.66 yuan/ton, and 23.50 yuan/ton respectively, with corresponding changes of - 12.00 yuan/ton, - 11.00 yuan/ton, - 126.76 yuan/ton, and - 64.50 yuan/ton [1].

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 观点参考 宝城期货煤焦早报（2025 年 12 月 19 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2605 | 震荡 | 震荡 | 震荡 | 震荡思路 | 市场氛围改善，焦煤继续上行 | | | | 偏强 | | 偏强 | | | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 | 震荡思路 | 成本支撑走强，焦炭低位反弹 | | | | 偏强 | | 偏强 | | | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点： ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2025-12-19 冬储预期配合供给扰动，盘⾯延续反弹 淡季供需双弱，其中螺纹钢基本⾯仍有韧性，热卷库存压⼒仍存，基 本⾯难⾔亮点，但冬储补库预期叠加成本⽀撑，盘⾯低位反弹。同时 冬储补库预期⽀撑下铁矿盘⾯表现较强，供给扰动⽀撑煤焦估值修复 反弹。玻纯盘⾯价格低位震荡，供需过剩格局下限制玻纯上⽅空间。 淡季供需双弱，其中螺纹钢基本面仍有韧性，热卷库存压力仍存，基 本面难言亮点，但冬储补库预期叠加成本支撑，盘面低位反弹。同时 冬储补库预期支撑下铁矿盘面表现较强，供给扰动支撑煤焦估值修复 反弹。玻纯盘面价格低位震荡，供需过剩格局下限制玻纯上方空间。 1. 铁元素方面：铁水继续下滑，刚需支撑减弱，港口库存累积，钢 厂补库需求仍未明显释放，短期矿价预计震荡运行。废钢供减需稳， 钢厂库存偏高，补库放缓，但电炉利润尚可，长、短流程钢企废钢需 求仍有支撑，预计现货价格震荡。 2. 碳元素方面：焦炭现货短期虽仍有一轮补跌预期，但随着焦钢企 业原料冬储补库，成本端有望企稳，对现货价格提供支撑，盘面估值 仍有修复空间，预计跟随焦煤震荡运行。随着年关 ...

Report Industry Investment Ratings - Bullish: BR rubber [1] - Bearish: Industrial silicon, palm oil [1] - Neutral: Iron ore, silicon iron, glass, etc. [1] Core Viewpoints - In the short term, the stock index is expected to continue its weak trend, but the adjustment since mid - November has opened up space for the upward movement of the stock index next year, providing a layout window [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, and attention should be paid to the Bank of Japan's interest - rate decision [1]. - The market sentiment has been volatile recently, with significant price fluctuations. Attention should be paid to the opportunities for low - level long positions [1]. Summary by Related Catalogs Equity and Bond Markets - **Stock Index**: Short - term weak operation, long - term upward potential after adjustment. Investors can gradually establish long positions during the adjustment phase and use the discount structure of stock - index futures to optimize investment costs and win - rates [1]. - **Treasury Bonds**: Asset shortage and weak economy are favorable, but short - term interest - rate risks are warned. Attention should be paid to the Bank of Japan's interest - rate decision [1]. Commodity Markets Non - ferrous Metals - **Aluminum**: The industry has limited industrial drivers, with aluminum prices fluctuating widely at high levels. The production and inventory of domestic alumina continue to increase, with a weak fundamental pattern. Although there is a short - term price rebound, the upward drive is limited [1]. - **Zinc**: The short - term macro - positive factors have been digested, the fundamentals have improved, and the cost center has shifted upward. However, the zinc price is under pressure, and attention should be paid to low - level long opportunities [1]. - **Nickel**: The global nickel inventory is still at a high level. The Shanghai nickel has been oscillating after a decline with increasing positions. If the macro - situation improves or supply - side disturbances increase, there will be a demand for position reduction and repair. Short - term operations are recommended, and the long - term supply of primary nickel will remain in surplus [1]. Black Metals - **Steel Products**: The black sector has declined due to various factors, but coal and coke have shown signs of stabilization after the announcement of the steel export licensing system. Attention should be paid to the spot situation this week and whether downstream enterprises will start winter - storage replenishment [1]. - **Coking Coal and Coke**: They have shown signs of stabilization after the "bad news is out". Attention should be paid to the spot situation and downstream winter - storage replenishment [1]. Agricultural Products - **Palm Oil**: It is bearish. The USDA report has no highlights, and attention should be paid to the impact of imported soybean auctions on supply [1]. - **Cotton**: The domestic new - crop cotton has a strong production expectation, and the purchase price of seed cotton supports the cost of lint. The market is currently in a situation of "having support but no driver", and attention should be paid to relevant policies and market conditions in the future [1]. - **Sugar**: The global sugar market is in surplus, and the domestic new - crop supply has increased. There is a strong consensus among short - sellers. If the price continues to fall, there will be strong cost support, but the short - term fundamentals lack continuous drivers [1]. Energy and Chemicals - **Crude Oil**: OPEC+ has suspended production increases until the end of 2026. The uncertainty of the Russia - Ukraine peace agreement and US sanctions on Venezuelan oil exports have an impact on the market [1]. - **BR Rubber**: It is bullish. The成交 of butadiene has improved, the cost has increased, and the market sentiment is strong [1]. - **PTA**: The PX price is strong, the PTA device is operating at a high load, and the consumption of PTA remains high [1]. Shipping Market - **Container Shipping on European Routes**: The price increase in December was lower than expected, the peak - season price - increase expectation was priced in advance, and the shipping capacity supply in December was relatively loose [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For steel, cost support is strengthening. With the potential for winter storage and restocking, and positive steel mill profits, there may be a drive for production resumption. It is advisable to consider short - term long positions with stop - loss settings [2]. - For silicon iron and manganese silicon, the fundamentals are under pressure, and upward resistance remains strong. Despite policy - driven price sentiment, the direct demand is weak, and there is a mid - term supply surplus [3][5]. - For coking coal and coke, the night - session prices strengthened. Although the steel market is weak, there is a possibility of winter storage and restocking, and the rebound is expected to continue [6]. - For iron ore, the molten iron output has declined, and the price is under pressure due to rising inventory. Once the molten iron output stabilizes and steel mills resume production, there will be a demand for restocking [7]. 3. Summary by Related Content Futures Market - **Prices and Changes**: On December 17, the closing prices of far - month contracts for various products such as RB2610, HC2610, etc., showed different changes. For example, RB2610 closed at 3113.00 yuan/ton with a 0.03% increase, and HC2610 closed at 3258.00 yuan/ton with a 0.03% increase. Near - month contracts also had their respective price movements [1]. - **Spreads and Ratios**: The cross - month spreads, spreads/ratios/profits of different contracts changed. For instance, the RB2605 - 2610 spread was - 29.00 yuan/ton with a change of - 130, and the volume - to - screw spread was 161.00 yuan/ton with a - 4.00 change [1]. Spot Market - **Steel**: On December 17, the spot prices of Shanghai, Tianjin, and Guangzhou螺纹 were 3290.00 yuan/ton, 3170.00 yuan/ton, and 3480.00 yuan/ton respectively. The prices of Shanghai, Hangzhou, and Guangzhou热卷 were 3280.00 yuan/ton, 3270.00 yuan/ton, and 3280.00 yuan/ton respectively [1]. - **Others**: The prices of other products such as唐山普方坯,普氏指数, and various ores also had their respective values and changes on December 17 [1]. Market Analysis by Product - **Steel**: The cost support is strengthening. The steel price is in a low - level shock. The hot - rolled coil can be operated by rolling cash - and - carry arbitrage or supplemented with option strategies [2][7]. - **Silicon Iron and Manganese Silicon**: The fundamentals are under pressure. The demand is weak, and the supply is in a mid - term surplus. The supply of silicon iron is more likely to be affected by policies [3][5]. - **Coking Coal and Coke**: The night - session prices strengthened. The market is affected by policies and the possibility of winter storage and restocking. The rebound is expected to continue [6]. - **Iron Ore**: The molten iron output has declined, and the price is under pressure. Once the molten iron output stabilizes and steel mills resume production, there will be a demand for restocking [7].