1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - On July 31, the SM2509 contract closed at 5,946, down 4.44%. The Inner Mongolia silicon - manganese spot was reported at 5,820, down 80 yuan/ton. With no obvious incremental policy expectations and the impact of position limits, the market became cautious about high prices. The manufacturers' operating rate has rebounded for 8 consecutive weeks at a low level, and the inventory is moderately high. The port inventory of imported manganese ore increased by 210,000 tons, and the downstream hot - metal output is at a high level. The Inner Mongolia spot profit is - 40 yuan/ton, and the Ningxia spot profit is 100 yuan/ton. The steel mill procurement price has rebounded this month. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and the market should be treated as a volatile one [2]. - On July 31, the SF2509 contract closed at 5,696, down 6.62%. The Ningxia ferrosilicon spot was reported at 5,710, down 12 yuan/ton. After several macro - events, the market sentiment weakened. The operating rate is at a low level, the Ningxia semi - coke price on the cost side has dropped, and the steel demand expectation is still weak. The ferroalloy production profit is negative, with the Inner Mongolia spot profit at 230 yuan/ton and the Ningxia spot profit at 430 yuan/ton. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and the market should be treated as a volatile one [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - SM主力合约收盘价为5,946元/吨，环比下降170元；SF主力合约收盘价为5,696元/吨，环比下降312元 [2]. - SM期货合约持仓量为603,752手，环比下降47,460手；SF期货合约持仓量为406,294手，环比下降32,084手 [2]. - 锰硅前20名净持仓为 - 96,908手，环比增加23,496手；硅铁前20名净持仓为 - 40,380手，环比增加7,426手 [2]. - SM1 - 9月合约价差为82元/吨，环比下降10元；SF1 - 9月合约价差为146元/吨，环比增加14元 [2]. - SM仓单为78,527张，环比下降209张；SF仓单为22,051张，环比增加48张 [2]. 3.2 Spot Market - 内蒙古锰硅FeMn68Si18价格为5,820元/吨，环比下降80元；内蒙古硅铁FeSi75 - B价格为5,760元/吨，环比下降110元 [2]. - 贵州锰硅FeMn68Si18价格为5,850元/吨，环比下降100元；青海硅铁FeSi75 - B价格为5,580元/吨，环比下降130元 [2]. - 云南锰硅FeMn68Si18价格为5,900元/吨，环比下降50元；宁夏硅铁FeSi75 - B价格为5,710元/吨，环比下降120元 [2]. - 锰硅指数均值为5,688元/吨，环比增加78元；SF主力合约基差为14元/吨，环比增加192元 [2]. - SM主力合约基差为 - 126元/吨，环比增加90元 [2]. 3.3 Upstream Situation - 南非矿Mn38块天津港价格为37元/吨度，环比无变化；硅石（98%西北）价格为210元/吨，环比无变化 [2]. - 内蒙古乌海二级冶金焦价格为1,050元/吨，环比无变化；兰炭（中料神木）价格为620元/吨，环比无变化 [2]. - 锰矿港口库存为449.5万吨，环比增加21万吨 [2]. 3.4 Industry Situation - 锰硅企业开工率为41.58%，环比增加1.05个百分点；硅铁企业开工率为33.33%，环比增加0.88个百分点 [2]. - 锰硅供应为186,480吨，环比增加3,640吨；硅铁供应为102,300吨，环比增加2,300吨 [2]. - 锰硅厂家库存为205,000吨，环比下降11,300吨；硅铁厂家库存为6.21万吨，环比下降0.14万吨 [2]. - 锰硅全国钢厂库存为14.24天，环比下降1.25天；硅铁全国钢厂库存为14.25天，环比下降1.13天 [2]. - 五大钢种锰硅需求为123,670吨，环比增加289吨；五大钢种硅铁需求为20,065.7吨，环比增加52吨 [2]. 3.5 Downstream Situation - 247家钢厂高炉开工率为83.48%，环比无变化；247家钢厂高炉产能利用率为90.78%，环比下降0.14个百分点 [2]. - 粗钢产量为8,318.4万吨，环比下降336.1万吨 [2]. 3.6 Industry News - 中共中央政治局7月30日召开会议，决定10月召开二十届四中全会，强调做好下半年经济工作的相关政策 [2]. - 美国将对韩国征收15%关税，对巴西加征40%关税使总关税额达50%，对印度商品征收25%关税 [2]. - 国际能源署称全球电力需求将强劲增长，2025年预计增长3.3%，2026年增长3.7% [2]. - 加拿大央行连续第三次维持关键政策利率在2.75%不变，全球贸易战严重升级风险减弱 [2]. - 美联储维持联邦基金利率目标区间在4.25%至4.50%不变，这是连续第五次维持利率不变 [2].

Group 1 - The market sentiment is fluctuating, with coking coal futures declining again, hovering around the 10-day moving average, and once dropping over 4% to 1099 yuan [1] - Coking coal prices are stabilizing as coking enterprises are cautious about high-priced coal procurement due to profit considerations, leading to a mixed performance in auction prices [1] - The overall operating rate of 110 washing plants across the country has decreased by 0.8% to 61.51%, with daily output down by 0.01 million tons to 52.14 million tons [1] Group 2 - Hualian Futures expects a strong short-term coking coal market, predicting a rebound followed by a stable oscillation, with coal mine operating rates continuing to rise and daily output increasing [2] - The demand for coking coal is supported by strong steel production, with the fourth round of price increases for coking coal already implemented and expectations for a fifth round [2] - Nanhua Futures notes that the recovery of domestic coal mines is slow, but the demand for coking coal is being boosted by speculative trading and essential procurement [3] Group 3 - Zijin Tianfeng Futures indicates that the supply and demand for coking coal remain tight, with recent market sentiment showing significant fluctuations, making it prone to corrections after rapid increases [4] - The recovery of domestic coal supply is slower than expected, while the import of Mongolian coal has resumed quickly after the Nadam Festival [4] - The overall supply-demand balance for coking coal is tight, with upstream inventories continuing to transfer to downstream, indicating a smooth coal mine shipment process [4]

1. Report Industry Investment Ratings - Steel: Bullish with a sideways trend [1][2] - Iron Ore: Sideways [3][4] - Coking Coal and Coke: Sideways [5][7] - Thermal Coal: No specific rating provided [8] 2. Core Views - Steel: Market sentiment has improved, and steel prices are bullish with a sideways trend. Construction steel production and sales are stable, and inventory changes are minimal. Plate production has declined, and exports have significantly boosted plate consumption. A series of policies have been introduced to boost market sentiment [1]. - Iron Ore: In the short term, prices have rebounded significantly due to macro - expectation boost. In the long term, the supply - demand situation remains relatively loose. The supply in July shows a seasonal decline, but the supply support is stronger than in previous years. The demand and consumption of iron ore are resilient [3]. - Coking Coal and Coke: The fourth round of price increases has been implemented, and prices are moving sideways. For coking coal, supply is tight due to environmental inspections and heavy rain, but the supply recovery expectation is strong with the high - level recovery of Mongolian coal imports. For coke, after the price increase, the profit of coke enterprises is further compressed, and the supply is tightened by cost factors [5][6]. - Thermal Coal: In the short term, coal prices are moving sideways as downstream daily consumption is rising with the increase in temperature. In the medium - to - long - term, the supply remains loose [8]. 3. Summaries by Related Catalogs Steel - **Market Analysis**: The futures prices of rebar and hot - rolled coils are 3347 yuan/ton and 3503 yuan/ton respectively. Spot steel transactions are generally good, with speculative and futures - cash purchases being active. The national construction steel transaction volume is 12200 tons [1]. - **Supply - Demand and Logic**: Construction steel production and sales are stable, inventory changes are small, and the overall performance is slightly better than the seasonal average. As costs rise, construction steel prices increase. Plate production has declined, and exports have a significant pulling effect on plate consumption. A series of policies have boosted market sentiment [1]. - **Strategy**: Bullish with a sideways trend for single - side trading; no strategies for cross - period, cross - variety, futures - cash, and options trading [2]. Iron Ore - **Market Analysis**: Futures prices are moving sideways. The prices of mainstream imported iron ore varieties have risen slightly. Traders' quoting enthusiasm is average, and steel mills' purchases are mainly for刚需. The cumulative transaction volume of main port iron ore is 1.064 million tons, a 5.42% decrease from the previous day; the cumulative transaction volume of forward - looking spot is 1.63 million tons, a 36.97% increase from the previous day [3]. - **Supply - Demand and Logic**: In July, iron ore shipments show a seasonal decline, but the supply support is stronger than in previous years due to price increases. The current molten iron production remains at a high level, and there are no large - scale steel mill overhauls in the short term, so the consumption and demand for iron ore are resilient [3]. - **Strategy**: Sideways for single - side trading; no strategies for cross - period, cross - variety, futures - cash, and options trading [4]. Coking Coal and Coke - **Market Analysis**: Futures prices are moving sideways. The decline of coke futures has narrowed compared to coking coal. The customs clearance volume of imported Mongolian coal has returned to a high level, and the supply recovery expectation is strong. After the coke price increase, traders' enthusiasm has increased [5]. - **Logic and Views**: For coking coal, supply is tight due to environmental inspections and heavy rain, but the supply recovery needs to be tracked with the high - level recovery of Mongolian coal imports. The demand for molten iron remains high, and short - term speculative demand has increased. For coke, after the fourth round of price increases, the profit of coke enterprises is further compressed, and the supply is tightened by cost factors. The downstream steel fundamentals are better than the seasonal expectation, providing demand support [5][6]. - **Strategy**: Sideways for both coking coal and coke in single - side trading; no strategies for cross - period, cross - variety, futures - cash, and options trading [7]. Thermal Coal - **Market Analysis**: In the production area, increased rainfall has affected production and sales, and coal prices are fluctuating. The price - holding sentiment has cooled down. At the port, downstream rigid - demand purchases at the end of the month have been completed. As the high - temperature range expands, daily consumption is increasing, and traders have positive expectations for the peak season, leading to higher market quotes. For imported coal, coastal power plants are replenishing stocks, and the quoted price has increased slightly [8]. - **Demand and Logic**: In July, as the temperature rises, downstream daily consumption is increasing, and demand is strengthening. In the short term, coal prices are moving sideways. In the medium - to - long - term, the supply remains loose [8]. - **Strategy**: No specific strategy provided [8].

Group 1: Market Analysis of Glass and Soda Ash - Glass futures declined 7.19% at the close due to a high previous settlement price, with strong wait - and - see sentiment in the spot market. Supply remains unchanged, real - estate drags on demand, speculative demand increases, inventory continues to decline but stays high. Long - term supply - demand is still loose. [1] - Soda ash futures also declined, with near - month contracts falling more than far - month ones. The main contract dropped 3.58% at the close. Both light and heavy soda ash are sold at reduced prices, and downstream procurement is cautious. Supply is high and in summer maintenance, capacity release is relatively restricted, and it may further increase later. [1] Group 2: Strategies for Glass and Soda Ash - Glass: Expected to fluctuate [2] - Soda ash: Expected to fluctuate [2] Group 3: Market Analysis of Silicon Manganese and Silicon Iron - Silicon manganese futures rose 184 yuan/ton to 6212 yuan/ton, driven by a sharp increase in finished - product prices. Production increased, iron - water production slightly decreased, and inventory decreased slightly but remained high. Manganese ore shipments from Australia basically recovered, and enterprise hedging willingness increased after the price increase. [3] - Silicon iron futures closed at 6110 yuan/ton, up 270 yuan/ton. Demand remains resilient, factory inventory is at a medium - high level. Short - term market sentiment improved, and long - term capacity is relatively loose. [3] Group 4: Strategies for Silicon Manganese and Silicon Iron - Silicon manganese: Expected to fluctuate [4] - Silicon iron: Expected to fluctuate [4] Group 5: Graphical Information - There are multiple graphical analyses including Shanghai rebar and hot - rolled coil spot prices, futures contract closing prices, cost, profit, and basis charts for various products such as steel, iron ore, coke, soda ash, glass, silicon manganese, and silicon iron. [5]

Group 1 - Market sentiment is becoming cautious, indicating a potential shift in investor behavior [1] - Gold remains under pressure, suggesting that the short-term direction is still unclear [1] - Richard is conducting a live analysis to dissect the long and short logic surrounding gold [1]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - **Rebar**: The main contract price rebounded from the bottom, with a daily increase of 1.98%. Although the steel market sentiment improved due to production - restriction disturbances, the fundamentals of rebar did not improve substantially under the situation of both supply and demand increasing. The upward driving force is questionable, but the low - inventory situation means the current contradictions are not significant. It is expected that the rebar price will continue to fluctuate. Attention should be paid to domestic and foreign macro - policies [4]. - **Hot - rolled coil**: The main contract price strengthened again, with a daily increase of 2.01%. The supply and demand of hot - rolled coils both weakened, the fundamentals deteriorated slightly, and the inventory increased slightly. However, the overall contradictions are not large, and the cost has increased significantly. It is expected that the hot - rolled coil price will maintain a high - level oscillating operation. Attention should be paid to overseas risks [4]. - **Iron ore**: The main contract price oscillated upward, with a daily increase of 0.63%. The demand for iron ore has good resilience, which supports the ore price. However, the supply is expected to increase, the fundamentals of the iron ore market will change, and the market sentiment is weakening. It is expected that the iron ore price will continue to adjust in a high - level oscillation. Attention should be paid to the performance of finished steel [4]. 3. Summary by Directory 3.1 Industry Dynamics - **CMI Index**: In July 2025, the CMI index was 100.73, a year - on - year increase of 5.54% and a month - on - month decrease of 4.20%. The domestic construction machinery market continued to improve year - on - year, but the sales in the terminal market in July were slightly weaker than in June. The construction situation improved, and the regional markets were further differentiated [6]. - **Three Major White Goods Production Scheduling**: In August 2025, the total production scheduling of air conditioners, refrigerators, and washing machines was 26.97 million units, a year - on - year decrease of 4.9%. Among them, the production scheduling of household air conditioners decreased by 2.8%, refrigerators by 9.5%, and washing machines by 3.0% compared with the actual production in the same period last year [7]. - **Brazilian Investment in Iron Ore Project**: Brazil's J&F Group plans to invest more than $700 million in its iron ore subsidiary LHG Mining to expand production capacity, improve the logistics system, and promote a greener supply layout of steel raw materials. The annual production capacity of the Urucum mine is planned to increase from 12 million tons to 25 million tons [8]. 3.2 Spot Market - **Steel Products**: The spot prices of rebar, hot - rolled coil, and Tangshan billet are provided, along with price changes. For example, the national average price of rebar (HRB400E, 20mm) is 3,437 yuan, with a change of 16 yuan; the national average price of hot - rolled coil (Shanghai, 4.75mm) is 3,504 yuan, with a change of 24 yuan [9]. - **Iron Ore**: The prices of 61.5% PB powder, Tangshan iron concentrate, and relevant indices such as the SGX swap and the Platts index are presented, along with their price changes. For instance, the price of 61.5% PB powder at Shandong ports is 780 yuan, with a change of 10 yuan [9]. 3.3 Futures Market - **Rebar**: The closing price of the rebar active contract is 3,347 yuan, with a daily increase of 1.98%. The trading volume is 2,711,612 lots, a decrease of 703,101 lots, and the open interest is 2,175,237 lots, an increase of 239,356 lots [13]. - **Hot - rolled Coil**: The closing price of the hot - rolled coil active contract is 3,503 yuan, with a daily increase of 2.01%. The trading volume is 1,006,596 lots, a decrease of 249,080 lots, and the open interest is 1,612,699 lots, an increase of 131,532 lots [13]. - **Iron Ore**: The closing price of the iron ore active contract is 798.0 yuan, with a daily increase of 0.63%. The trading volume is 330,523 lots, a decrease of 200,933 lots, and the open interest is 482,200 lots, a decrease of 7,237 lots [13]. 3.4 Related Charts - **Steel Inventory**: Charts show the weekly changes and total inventory (steel mills + social inventory) of rebar and hot - rolled coil, providing historical data from 2021 - 2025 [16][18][22][23]. - **Iron Ore Inventory**: Charts display the inventory of 45 ports in China, 247 steel mills, and domestic mine iron concentrate, including inventory changes and seasonal data [21][25][26][28]. - **Steel Mill Production**: Charts present the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the operating rate of 87 independent electric furnaces, the proportion of profitable steel mills among 247 steel mills, and the profit and loss situation of 75 building material independent electric arc furnace steel mills [29][31][32][34]. 3.5后市研判 - **Rebar**: The supply of rebar has increased slightly, and the demand has improved. However, the fundamentals have not improved substantially, and the upward driving force is questionable. It is expected to continue to oscillate, and attention should be paid to macro - policies [37]. - **Hot - rolled Coil**: The supply and demand of hot - rolled coil have both weakened. The fundamentals have deteriorated slightly, and the inventory has increased slightly. It is expected to maintain a high - level oscillating operation, and attention should be paid to overseas risks [38]. - **Iron Ore**: The demand for iron ore has good resilience, but the supply is expected to increase. The fundamentals of the iron ore market will change, and it is expected to continue to adjust in a high - level oscillation. Attention should be paid to the performance of finished steel [39].

Core Viewpoint - The market's optimistic sentiment has rapidly cooled, and it is expected that the short-term coking coal market will maintain high volatility [1] Group 1: Market Reaction - The main coking coal contract surged to 1288.5 points last Friday night but then experienced a sharp decline, with all contracts hitting the limit down during the afternoon session [1] - Following the trading limit adjustment by the Dalian Commodity Exchange for the JM2509 coking coal contract, the previously overheated bullish sentiment in the market has significantly diminished [1] Group 2: Fundamental Analysis - Despite the sharp price drop, the fundamentals indicate that the dual coking coal inventory is still decreasing, suggesting that a significant price decline is unlikely under current conditions [1] - The influence of news and policy changes on market sentiment is currently stronger than the actual fundamental situation [1] Group 3: Future Outlook - The market is expected to remain highly volatile in the short term, with existing supply and demand fundamentals providing some support [1] - Market participants are advised to manage risks carefully, as macro policy stimuli may lead to significant fluctuations in sentiment [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After the concentrated release of positive sentiment last week, the market cooled down this week. Attention should be paid to tariff disturbances around August 1st and the messages released by the Politburo meeting. The five major steel products had a slight reduction in inventory. Rebar had both increased production and demand, and the apparent demand had a significant increase supported by the recovery of speculative demand, leading to a reduction in total inventory again. The decline in the apparent demand of hot-rolled coils was greater than the reduction in production, and the total inventory increased slightly, but the overall inventory accumulation was limited. Currently, the inventory contradiction of finished products was not prominent, and the core of off-season trading remained focused on macro - policy expectations. After the previous concentrated release of benefits, steel prices faced pressure at high levels, and with the pressure decline of coking coal at the raw material end, the cost decreased, and the black series was under pressure, showing a short - term weak and volatile operation [3]. - For iron ore, the supply from Australia and Brazil had a phased recovery, and the arrival volume was still in a downward process. The daily output of hot metal decreased slightly but was still at a high level year - on - year, and the port clearance volume decreased slightly. The port inventory was stable without obvious inventory accumulation pressure. In the medium term, there was still an expectation of an increase in overseas shipments of iron ore in the second half of the year. After the digestion of the macro - positive sentiment last week, iron ore faced pressure at high levels and the pressure of a decline this week [4]. - For coking coal and coke, the domestic mine production was stable. With the acceleration of market transactions, the inventory pressure was relieved. Coking enterprises were in a loss state due to cost pressure, and some low - inventory coking enterprises limited production to support prices. The increase in coke prices had been launched for four rounds. After multiple limit - up of coking coal, the Dalian Commodity Exchange adjusted the trading limit of coking coal futures, and short - term prices faced the pressure of a decline [5]. 3. Summary According to the Directory 3.1 Market Review - Macro - sentiment recovery and rising raw material costs led to steel prices reaching new highs. The prices of rebar, hot - rolled coils, iron ore, coking coal, and coke all increased. The positions of the top 20 long and short holders in futures contracts decreased. The basis of rebar and hot - rolled coils showed different changes, and the price differences also changed. The inventory of rebar decreased, and the inventory of hot - rolled coils increased slightly. The market trading core was concentrated on macro - policy expectations and raw material price fluctuations [9]. 3.2 Steel Supply and Demand Analysis - **Production**: National rebar weekly output was 211.96 tons (up 1.39% month - on - month, down 2.18% year - on - year), and hot - rolled coil weekly output was 317.49 tons (down 1.14% month - on - month, down 3.27% year - on - year). Rebar blast furnace output increased, and electric furnace output decreased [15][17]. - **Operating Rate**: The national blast furnace operating rate was 83.46% (unchanged month - on - month, up 1.00% year - on - year), and the electric furnace operating rate was 72.02% (up 10.66% month - on - month, up 10.36% year - on - year) [27]. - **Profit**: Rebar profit was + 282 yuan/ton (up 64.91% week - on - week, up 362 yuan/ton year - on - year), and hot - rolled coil profit was + 146 yuan/ton (up 78.77% week - on - week, up 307 yuan/ton year - on - year) [31]. - **Demand**: Rebar apparent consumption was 216.58 tons (up 5.05% month - on - month, up 0.45% year - on - year), and hot - rolled coil apparent consumption was 315.24 tons (down 2.64% month - on - month, down 1.86% year - on - year) [35][37]. - **Inventory**: Rebar total inventory was 538.64 tons (down 0.85% month - on - month, down 29.15% year - on - year), and hot - rolled coil total inventory was 345.16 tons (up 0.66% month - on - month, down 19.76% year - on - year) [41][46]. - **Downstream**: In the real estate sector, the weekly commercial housing transaction area in 30 large - and medium - sized cities increased by 4.24% month - on - month and decreased by 16.60% year - on - year. The weekly land transaction area in 100 large - and medium - sized cities decreased by 14.31% month - on - month and decreased by 45.13% year - on - year. In the automotive sector, in June 2025, automobile production and sales were 2.794 million and 2.904 million respectively, up 5.5% and 8.1% month - on - month, and up 11.4% and 13.8% year - on - year [49][52]. 3.3 Iron Ore Supply and Demand Analysis - **Supply**: The iron ore price index was 104 (up 4.16% month - on - month, up 1.75% year - on - year). The shipments from 19 ports in Australia and Brazil were 2677.8 tons (up 8.02% month - on - month, up 7.65% year - on - year), and the arrival volume at 45 ports was 2240.5 tons (down 5.51% month - on - month, up 22.97% year - on - year) [59]. - **Demand**: The daily output of hot metal was 242.33 tons (down 0.21 tons month - on - month, up 2.62 tons year - on - year), the port clearance volume at 45 ports was 315.15 tons (down 2.35% month - on - month, up 0.45% year - on - year), and the inventory - to - sales ratio of 247 steel enterprises was 29.51 days (up 0.75% month - on - month, down 5.84% year - on - year) [64]. - **Inventory**: The inventory at 45 ports was 13790.38 tons (up 0.04% month - on - month, down 8.61% year - on - year), the imported iron ore inventory of 247 steel enterprises was 8885.22 tons (up 0.71% month - on - month, down 3.47% year - on - year), and the average available days of iron ore for 114 steel enterprises was 23.51 days (up 2.48% month - on - month, up 13.36% year - on - year) [70]. 3.4 Coking Coal and Coke Supply and Demand Analysis - **Supply**: The operating rate of coking coal mines was 86.9% (up 0.96% month - on - month, down 4.37% year - on - year), the operating rate of coal washing plants was 62.31% (down 0.86% month - on - month, down 9.14% year - on - year), and the daily Mongolian coal customs clearance volume was 154400 tons (up 21.57% month - on - month, down 2.72% year - on - year) [76]. - **Coking Enterprises**: The profit per ton of coke for independent coking enterprises was - 54 yuan/ton (down 11 yuan/ton month - on - month, down 97 yuan/ton year - on - year), the capacity utilization rate of independent coking enterprises was 73.45% (up 0.60% month - on - month, down 0.90% year - on - year), and the capacity utilization rate of steel mill coke was 86.97% [84]. - **Inventory**: The coking coal inventory of independent coking enterprises was 841.27 tons (up 6.46% month - on - month, up 11.57% year - on - year), the steel mill coking coal inventory was 799.34 tons (up 1.06% month - on - month, up 7.10% year - on - year), and the coking coal port inventory was 292.34 tons (down 9.07% month - on - month, up 5.73% year - on - year). The coke inventory of independent coking enterprises was 50.12 tons (down 9.78% month - on - month, up 42.35% year - on - year), the steel mill coke inventory was 639.98 tons (up 0.15% month - on - month, up 17.86% year - on - year), and the coke port inventory was 198.13 tons (down 0.49% month - on - month, up 0.20% year - on - year) [90][96]. - **Spot Price**: Coke started the fourth round of price increases [97]. 3.5 Spread Analysis - The basis of rebar and hot - rolled coils both contracted, and the 10 - 01 spread of rebar and hot - rolled coils fluctuated narrowly. The 9 - 1 spread of iron ore and the coil - to - rebar spread both decreased slightly [104][110].

Group 1 - Market sentiment indicators have risen to 1.8, up from 0.65 last week, indicating a bullish outlook [10][18] - Inter-industry trading volatility has increased, signaling a recovery in capital activity and reduced uncertainty in short-term sentiment [14][23] - The total trading volume of the A-share market has continued to rise, with a peak daily trading volume of 1,928.645 billion RMB on Wednesday [18][27] Group 2 - The coal industry shows a significant upward trend, with a short-term trend score increase of 109.09% [32][34] - The model indicates a preference for small-cap growth styles, with strong signals for growth styles as evidenced by the RSI metrics [36][37] - The top five industries with the strongest short-term trends include environmental protection, basic chemicals, social services, non-ferrous metals, and comprehensive sectors [32][34]

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