1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The easing of Sino - US relations weakens pessimism and expectations, but the steel market remains oversupplied. The approaching off - season may lead to weaker domestic demand, and the export demand is achieved by sacrificing prices, which restricts the upward space of the futures market [3]. - The iron ore futures are likely to continue to rebound in the short term due to high discounts, good demand, slow recovery of overseas supply, and the Sino - US trade agreement [18]. - The overall sentiment of bulk commodities has been boosted by the tariff negotiation, but the rebound of coking coal and coke is limited. Coking coal may face long - term price decline, and the upward resistance of coke futures is large [36]. - Silicon manganese and silicon iron may rebound in the short term as short - sellers take profits and the Sino - US tariff easing benefits the macro - environment, but the high - inventory situation remains [57]. - The soda ash market is in a long - term oversupply situation. Although there are short - term supply disruptions due to maintenance, the current futures market is under pressure, and further price cuts by alkali plants may drive the price down [73]. - The glass spot market is weak. The futures price is close to the level of full - industry losses. Attention should be paid to the increase in cold - repair expectations if the low price persists, and price fluctuations may increase [98][99]. 3. Summary by Directory Steel - **Futures Price and Spread**: On May 14, 2025, compared with the previous day, the closing prices of rebar and hot - rolled coil futures contracts generally increased, and the price spreads between different contracts also changed [4]. - **Spot Price and Basis**: The spot prices of rebar and hot - rolled coil in different regions showed little change, and the basis of some contracts decreased [10]. - **Ratio**: The ratios of rebar to iron ore and rebar to coke remained stable [16]. Iron Ore - **Price Data**: On May 14, 2025, the closing prices of iron ore futures contracts increased compared with the previous day, and the basis of some contracts also changed. The spot prices of various iron ore types in Rizhao increased [19]. - **Fundamental Data**: The average daily pig iron output increased slightly, the port dredging volume decreased, the apparent demand for five major steel products decreased, the global shipping volume decreased slightly, the Australian and Brazilian shipping volume decreased, the port inventory decreased, and the steel mill inventory decreased [30]. Coking Coal and Coke - **Futures Price and Spread**: The futures prices of coking coal and coke changed little, and the price spreads between different contracts also changed [37]. - **Spot Price and Profit**: The spot prices of coking coal and coke in different regions showed little change, and the import and export profits of some types of coal and coke changed [38][40]. Ferroalloys - **Silicon Iron**: The basis of silicon iron decreased, the price spreads between different contracts changed, the spot prices in some regions increased slightly, and the number of warehouse receipts increased [58]. - **Silicon Manganese**: The basis of silicon manganese decreased, the price spreads between different contracts changed, the spot prices in some regions increased slightly, and the number of warehouse receipts decreased [59]. Soda Ash - **Futures Price and Spread**: On May 14, 2025, the futures prices of soda ash increased, and the price spreads between different contracts also changed significantly [74]. - **Spot Price and Spread**: The spot prices of heavy and light soda ash in different regions remained unchanged, and the price difference between heavy and light soda ash in some regions remained stable [75]. Glass - **Futures Price and Spread**: On May 14, 2025, the futures prices of glass increased, and the price spreads between different contracts changed [100]. - **Spot Sales**: The sales rates in different regions showed fluctuations, and the basis of some contracts decreased [100][101].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The steel market currently has strong real - world fundamentals and rising macro - optimistic expectations, which support the lower limit of finished products. However, the weak demand expectation and the tendency of new orders to decline limit the upward space of the futures market. Without unexpected positive news, the futures market may fluctuate in the near term [3]. - The iron ore market is trading on the expectation of future demand rather than the current situation of strong supply and demand. There is an expectation of a significant decline in demand in mid - to late May, and the weakening of exports may intensify industrial chain contradictions [17]. - The coal - coke market is in a short - term situation of strong supply and demand. In the long - term, due to coal supply guarantee and crude steel reduction expectations, coking coal may face long - term price decline, and the upward resistance of coke futures is relatively large [34]. - The ferroalloy market still has a high - inventory pattern. Although the pressure of high supply of silicon manganese has been alleviated, supply still exceeds demand compared with weak downstream demand. The production of silicon iron has increased slightly this week, and the large increase in warehouse receipts suppresses the rise of the futures price [54]. - The soda ash market is expected to have more maintenance in May, increasing supply disturbances. The market is in a long - term oversupply expectation, and although the current inventory accumulation is less than expected, the supply disturbances may increase market fluctuations [70]. - The glass market is facing over - supply pressure. The futures price may continue to decline to force new cold repairs. The key variables are the delay of ignition and new cold repairs, as well as the improvement of demand [96]. Summary by Related Catalogs Steel Price Data - On May 7, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3126, 3048, and 3098 respectively, and those of hot - rolled coil 01, 05, and 10 contracts were 3239, 3200, and 3217 respectively [4]. - The spot prices of rebar in different regions such as Shanghai, Beijing, and Hangzhou were between 3180 - 3344 yuan/ton on May 7, 2025 [9]. Market Analysis - From a macro - industrial perspective, Sino - US trade negotiations seem to have new progress, and the macro - optimistic expectation has risen. The real - world fundamentals are strong, but the future demand expectation is weak, and the market may face pressure from weakening demand and falling raw material costs [3]. Iron Ore Price Data - On May 7, 2025, the closing prices of 01, 05, and 09 contracts were 681, 768, and 708 respectively. The prices of different types of iron ore in Rizhao, such as PB powder, were also provided [18]. Market Analysis - The current supply and demand of iron ore are both strong, but the market is trading on future expectations. There is an expectation of a significant decline in demand in mid - to late May, and the negative feedback pressure on steel mills to reduce production is increasing [17]. Coal - Coke Price Data - On May 7, 2025, the coking coal and coke warehouse receipt costs and basis in different regions and contracts were provided, as well as the coking profit on the futures market [35]. Market Analysis - In the short - term, the supply and demand of coal - coke are both strong. In the long - term, coking coal may face long - term price decline, and the upward resistance of coke futures is relatively large [34]. Ferroalloy Price Data - On May 7, 2025, the silicon iron and silicon manganese basis, futures spreads, and spot prices in different regions were provided, as well as the prices of related raw materials and the number of warehouse receipts [55][56]. Market Analysis - The ferroalloy market still has a high - inventory pattern. The supply of silicon manganese still exceeds demand, and the increase in silicon iron production and warehouse receipts suppresses the futures price [54]. Soda Ash Price Data - On May 7, 2025, the soda ash futures prices, spreads, and spot prices in different regions were provided [71][72]. Market Analysis - In May, there are expected to be more maintenance activities, increasing supply disturbances. The market is in a long - term oversupply expectation, and although the current inventory accumulation is less than expected, the supply disturbances may increase market fluctuations [70]. Glass Price Data - On May 7, 2025, the glass futures prices, spreads, and basis in different regions were provided, as well as the daily sales data in different regions [98][99]. Market Analysis - The glass market is facing over - supply pressure. The futures price may continue to decline to force new cold repairs. The key variables are the delay of ignition and new cold repairs, as well as the improvement of demand [96].