Report Industry Investment Ratings - **Thread Steel**: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - **Hot Rolled Coil**: ★★☆, suggesting a clear upward trend and the market is fermenting [1] - **Iron Ore**: ★★★, representing a clearer upward trend and a suitable investment opportunity [1] - **Coke**: ★★★, showing a more distinct upward trend and a proper investment chance [1] - **Coking Coal**: ★★★, indicating a clear upward trend and an appropriate investment opportunity [1] - **Silicon Manganese**: ★☆☆, meaning a bullish tendency but with poor operability on the market [1] - **Silicon Iron**: ★☆☆, suggesting a bullish drive but limited operability on the market [1] Core Viewpoints - The steel market is under short - term pressure due to weak demand expectations, lack of substantial production - limiting policies, and weak domestic demand, while steel exports remain high. The iron ore market is expected to fluctuate at a high level. The coke and coking coal markets have relatively strong support at previous lows but face pressure due to concerns about post - festival industrial chain feedback. The silicon manganese and silicon iron markets have upward price - driving forces and are recommended to go long on dips [2][3][4][6][7][8] Summary by Related Catalogs Steel - The steel futures market continued to decline today. The apparent demand for thread steel rebounded month - on - month, production stabilized, and inventory continued to decline. For hot - rolled coils, both demand and production declined slightly, and inventory continued to accumulate slightly. Although the pig iron output increased and the negative feedback pressure in the industrial chain eased, poor profit per ton restricted further production resumption. Domestic demand is weak, and steel exports remain high. The market is under short - term pressure, and attention should be paid to the improvement of building material demand in the peak season [2] Iron Ore - The iron ore futures market weakened today, and the basis has been fluctuating at a low level recently. On the supply side, global iron ore shipments increased month - on - month and were stronger than the same period last year. The shipments from Australia and those to China increased significantly, and the shipments from non - mainstream countries remained high, while those from Brazil weakened slightly. The domestic arrival volume declined from a high level, and the port inventory increased last week. On the demand side, the profitability of steel mills declined, but the short - term resilience of pig iron production still supported iron ore demand. The market is expected to fluctuate at a high level [3] Coke - The coke price fluctuated downward today. The first round of price hikes by coking plants is about to be fully implemented. Coke inventory continued to increase, and traders' purchasing willingness increased due to pre - holiday restocking demand. The carbon element supply is abundant, and the high - level pig iron production provides support. However, the market is worried about post - festival industrial chain feedback, and the price is under pressure [4] Coking Coal - The coking coal price fluctuated downward today. The output of coking coal mines increased slightly, and the pre - holiday restocking sentiment has basically ended. The total coking coal inventory increased significantly month - on - month, and the production - end inventory decreased slightly. The carbon element supply is abundant, and the high - level pig iron production provides support. The market is worried about post - festival industrial chain feedback, and the price is under pressure [6] Silicon Manganese - The silicon manganese price recovered after hitting a low today. The "Three - Carbon" policy has created new upward - driving forces. The pig iron output continued to rise, the weekly production of silicon manganese increased, and inventory did not accumulate. Manganese ore prices increased slightly, and the inventory accumulation rate was slow. It is recommended to go long on dips [7] Silicon Iron - The silicon iron price recovered after hitting a low today. The "Three - Carbon" policy has created upward - driving forces. The pig iron output continued to rise, and export demand remained at about 30,000 tons. The secondary demand declined slightly, and overall demand is acceptable. Supply has recovered to a high level, and inventory has decreased slightly. It is recommended to go long on dips [8]

Report Industry Investment Ratings - Thread: ★★★ (indicating a clearer uptrend and a relatively appropriate investment opportunity) [1] - Hot Rolled: ★★☆ (suggesting a clearer upward/downward trend and the market is fermenting) [1] - Iron Ore: ★★★ (representing a clearer uptrend and a relatively appropriate investment opportunity) [1] - Coke: ★★★ (indicating a clearer uptrend and a relatively appropriate investment opportunity) [1] - Coking Coal: ★★★ (suggesting a clearer uptrend and a relatively appropriate investment opportunity) [1] - Silicon Manganese: ★☆☆ (meaning a bias towards long/short, with a driving force for price increase/decrease, but low operability in the market) [1] - Silicon Iron: ★☆☆ (indicating a bias towards long/short, with a driving force for price increase/decrease, but low operability in the market) [1] Core Viewpoints - The steel market has a weak short - term trend due to weak overall domestic demand, though steel exports remain high [2]. - The iron ore market is expected to oscillate weakly at a high level with uncertainties from overseas trade frictions and a need for domestic stimulus policies [3]. - The coke and coking coal markets are likely to oscillate downward after the completion of pre - holiday stockpiling, despite support from high downstream hot metal levels [4][6]. - The silicon manganese and silicon iron markets have upward price drivers with good demand, and it is recommended to go long on dips [7][8]. Summary by Related Catalogs Steel - The steel futures market declined today. Thread's apparent demand improved month - on - month, production stabilized, and inventory continued to decline. Hot - rolled demand and production both declined slightly, and inventory continued to accumulate slightly. High hot metal production alleviated the negative feedback pressure in the industry chain, but poor profit per ton restricted further production resumption. Domestic demand is weak, and exports remain high. The market sentiment is low, and the short - term trend is weak [2]. Iron Ore - The iron ore futures market declined today. Overseas shipments are relatively strong, and non - mainstream shipments have increased significantly recently. The domestic arrival volume has rebounded to a relatively high level this year, and port inventory has increased. There is no significant short - term inventory accumulation pressure. Domestic terminal demand is weak, but steel mills have a small profit and are reluctant to cut production actively. High hot metal production this week continues to support iron ore demand. The market is expected to oscillate weakly at a high level [3]. Coke - The coke price oscillated downward today. The first round of price increases in the coking industry was partially implemented. Coking profit is average, and daily production decreased slightly. Coke inventory continued to increase. Due to pre - holiday stockpiling demand, traders' purchasing willingness increased. The carbon element supply is abundant, and high downstream hot metal levels support the price. After the completion of pre - holiday stockpiling, the price is likely to oscillate downward [4]. Coking Coal - The coking coal price oscillated downward today. Coking coal mine production increased slightly. The pre - holiday stockpiling sentiment has basically ended, and spot auction transactions may weaken before the holiday. Terminal inventory has increased. Total coking coal inventory increased significantly month - on - month, and production - end inventory decreased slightly. Although some mines have resumed production, it is less likely to significantly increase production capacity under the background of over - production inspection. High downstream hot metal levels support the price. After the completion of pre - holiday stockpiling, the price is likely to oscillate downward [6]. Silicon Manganese - The silicon manganese price oscillated weakly today. The "Three - Carbon" policy has created a new upward price driver. Hot metal production has continued to rise above 241. Weekly silicon manganese production has continued to increase, reaching a relatively high level. Inventory has not increased, and both futures and spot demand are good. The forward quotation of manganese ore has increased slightly month - on - month, and spot ore has been boosted. Manganese ore inventory has increased, but at a slow pace. It is recommended to go long on dips [7]. Silicon Iron - The silicon iron price oscillated weakly today. The "Three - Carbon" policy has created a new upward price driver. Hot metal production has continued to rise above 241. Export demand remains at around 30,000 tons, with a small marginal impact. Metal magnesium production has decreased slightly month - on - month, and secondary demand has declined marginally. Overall demand is acceptable. Supply has recovered to a high level, market futures and spot demand are good, and on - balance inventory has decreased slightly. It is recommended to go long on dips [8].

Report Investment Ratings - Thread: ☆☆☆ [1] - Hot Rolled Coil: ☆☆☆ [1] - Iron Ore: ★★★ [1] - Coke: ★☆☆ [1] - Coking Coal: ★☆☆ [1] - Silicomanganese: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - The steel market is in a volatile pattern, with demand expectations being pessimistic and the market sentiment cautious [1] - Iron ore is expected to fluctuate at a high level [2] - Coke and coking coal prices are relatively firm due to sufficient carbon supply, high downstream hot metal levels, and pre - National Day replenishment sentiment [3][5] - Silicomanganese and ferrosilicon prices have an upward drive, and it is recommended to go long on dips under the "anti - involution" background [6][7] Summary by Commodity Steel - Today's steel futures fluctuated mainly. Thread demand continued to recover, production stabilized, and inventory declined. Hot - rolled coil demand and production slightly decreased, and inventory continued to accumulate slightly [1] - Iron - water production remained high, and the negative feedback pressure in the industrial chain eased, but poor steel profits restricted further production resumption space [1] - Downstream demand was weak, with real - estate investment decline expanding, and infrastructure and manufacturing growth slowing down. Steel exports remained high [1] Iron Ore - The supply side was relatively strong, with overseas shipments being relatively high and non - mainstream shipments increasing significantly recently. Domestic arrivals rebounded to a relatively high level this year, and port inventory fluctuated mainly [2] - The demand side was supported by high short - term iron - water production. Steel mills' imported ore inventory increased significantly, and there was still a certain pre - holiday replenishment demand [2] - The market speculative sentiment was volatile due to the Fed's interest - rate cut and pending domestic policies [2] Coke - The intraday price fluctuated upward. The first round of coke price increases was partially implemented. Coke production decreased slightly, and overall inventory increased [3] - The supply of carbon elements was sufficient, and high downstream hot - metal levels supported the price. The pre - National Day replenishment sentiment also contributed to the relatively firm price [3] Coking Coal - The intraday price was in a strong - side fluctuation. Mongolian coal customs clearance was suspended during the National Day holiday and resumed on October 8th [5] - Coking coal mine production increased slightly. Pre - National Day replenishment sentiment was strong, with more spot auction transactions and improved prices [5] - Total coking coal inventory increased month - on - month, and production - end inventory decreased slightly. The possibility of further significant capacity release was low under the over - production inspection background [5] Silicomanganese - The intraday price fluctuated upward. The "Three - Carbon" concept provided an upward drive [6] - Demand was supported by high iron - water production. Weekly production increased, and inventory did not accumulate. Manganese ore prices were slightly higher, and inventory accumulation was slow [6] Ferrosilicon - The intraday price fluctuated upward. The "Three - Carbon" concept drove the price up [7] - Total demand was acceptable, with high iron - water production and stable export demand. Metal magnesium production decreased slightly [7] - Supply recovered to a high level, market spot and futures demand was good, and inventory decreased slightly [7]