Report Industry Investment Ratings - Thread: ★★★ (representing a clearer long trend with a relatively appropriate investment opportunity currently) [1] - Hot Roll: ★★★ [1] - Iron Ore: ★★★ [1] - Coke: ★★★ [1] - Coking Coal: ★★★ [1] - Silicomanganese: ★★★ [1] - Ferrosilicon: ★★★ [1] Report's Core View - The overall situation of the steel - related futures market is complex. The terminal demand is weak, the market sentiment is cautious, and the futures prices of various varieties are under different pressures and trends. Some varieties are expected to be volatile, and the market is affected by factors such as production limits, demand changes, and policy expectations [2][3][4] Summary According to Related Catalogs Steel - Today's steel futures prices declined. Thread's apparent demand increased, production decreased, and inventory continued to rise. Hot - roll demand improved, production increased, and inventory continued to accumulate. Iron - water production remained high, and the market faced negative feedback pressure, but the overall inventory level was low. With the approaching parade, attention should be paid to the production - limit intensity in Tangshan and other places. The downstream demand was weak, and the market was short - term under pressure [2] Iron Ore - Today's iron - ore futures prices weakened. Global shipments declined from the high level but were still stronger than the same period last year. Domestic arrivals decreased, and port inventory increased slightly last week, with a short - term small inventory - accumulation trend expected. On the demand side, there was a conversion between peak and off - peak seasons for terminal demand, iron - water production remained high, steel - mill profitability weakened, and there were production - reduction expectations around the parade. Overall, the supply - demand of iron ore weakened marginally, and it was expected to fluctuate at a high level [3] Coke - The intraday coke price declined. With the approaching major event, there were new production - limit expectations for coking plants in East China. Iron - water daily output increased, steel - making profit remained high, the seventh round of coke price adjustment was fully implemented, and coking daily output increased slightly. Coke inventory increased slightly, and traders' purchasing willingness declined. The coke price was affected by the "anti - involution" policy and had high short - term volatility [4] Coking Coal - The intraday coking - coal price declined. The output of coking coal mines decreased, spot auction transactions weakened, and the transaction price followed the futures price down. Terminal inventory decreased slightly, while total coking - coal inventory increased month - on - month, and production - end inventory was likely to continue to increase in the short term. The price was affected by the "anti - involution" policy and had high short - term volatility [6] Silicomanganese - The intraday silicomanganese price fluctuated weakly. Attention should be paid to the shipment of South32's Australian mines. On the demand side, iron - water production remained above 240. Silicomanganese weekly output continued to increase, and the inventory did not accumulate. Manganese ore prices decreased slightly this week, but due to the approaching major event, manufacturers stocked up in advance, and the price had limited downside space. In the long - term, manganese ore was expected to accumulate inventory in the second half of the year [7] Ferrosilicon - The intraday ferrosilicon price fluctuated weakly. Iron - water production decreased slightly but remained above 240. Export demand was about 30,000 tons, with a marginal impact. The production of magnesium metal decreased slightly month - on - month. The overall demand was okay, supply increased significantly, and the on - balance - sheet inventory decreased slightly. Ferrosilicon mainly followed the trend of silicomanganese [8]

Report Industry Investment Ratings - Thread steel: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Hot-rolled coil: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Iron ore: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Coke: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Coking coal: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Silicomanganese: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Ferrosilicon: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] Core Viewpoints - The overall market is affected by factors such as weak downstream demand, high iron - water production, and policy expectations. The short - term sentiment is weak, and the disk is under pressure. The market is expected to change with the implementation of policies and the shift of fundamentals [2][3] Summary by Related Categories Steel - The thread steel market shows a weak shock. This week, the apparent demand has rebounded, production has continued to decline, and inventory has continued to rise. The demand for hot - rolled coils has continued to improve, production has increased, and inventory has continued to accumulate. The market faces negative feedback pressure, but the overall inventory level is low. The downstream industry demand is weak, and the "anti - buying order" action has affected exports. The short - term disk is under pressure [2] Iron Ore - The iron ore disk is in a weak shock. The global shipment is strong, the domestic arrival volume has increased, and the port inventory has continued to rise. Although the terminal demand is weak, the high iron - water production still supports the demand for iron ore, but there are expectations of production cuts around the parade. After the macro - sentiment cools down, the disk is expected to face greater downward pressure [3] Coke - The coke price fluctuates within the day. Due to the approaching major events, there are expectations of production restrictions in East China coking plants. The daily output of iron - water has increased, and the steel - making profit is at a high level. The seventh round of coking price increase has been fully implemented, and the inventory has increased slightly. The price is greatly affected by the "anti - involution" policy, with high short - term volatility and relatively small downward space [4] Coking Coal - The coking coal price fluctuates within the day. The production of coking coal mines has decreased, the spot auction transactions have weakened, and the terminal inventory has decreased slightly. The total inventory has increased, and the production - end inventory is likely to continue to increase in the short term. The price is greatly affected by the "anti - involution" policy, with high short - term volatility and relatively small downward space [6] Silicomanganese - The silicomanganese price shows a weak shock. Attention should be paid to the shipment of South32 Australian mines. The demand is supported by high iron - water production. The weekly production has continued to increase, and the inventory has not increased. The manganese ore price has been slightly reduced this week, but due to the approaching major events, the price has limited downward space. In the long - term, manganese ore is expected to accumulate inventory in the second half of the year [7] Ferrosilicon - The ferrosilicon price is in a weak shock. The iron - water production has slightly decreased but remains above 240. The export demand is about 30,000 tons, with a small marginal impact. The supply has increased significantly, and the inventory has decreased slightly. The price is greatly affected by the "anti - involution" policy and mainly follows the trend of silicomanganese [8]