1. Report Industry Investment Ratings - Steel: Oscillating [2] - Iron Ore: Oscillating with a bearish bias [4] - Coking Coal and Coke: Oscillating [6] - Thermal Coal: Stable with a slight upward trend before the holiday, potentially under pressure after the holiday [7] 2. Core Views - The current supply - demand situation of steel is weak, with prices slightly fluctuating. The overall contradiction is not prominent, but the pre - holiday inventory is increasing, and the supply - demand pressure is slightly rising [1]. - The iron ore market is in a state of cautious waiting, with prices oscillating. The supply - demand contradiction is deepening, and the support from raw material prices is weakening [3]. - The downstream replenishment of coking coal and coke is completed, and the trading atmosphere is dull. The prices are expected to oscillate before the holiday [5][6]. - The output of thermal coal is continuously shrinking, and the price lacks driving force. The pre - holiday price is expected to be stable with a slight upward trend, and may face pressure after the holiday [7]. 3. Summary by Related Catalogs Steel - **Market Analysis**: The steel futures market oscillated downward yesterday, while the spot prices were generally stable. This week, the inventory accumulation of building materials continued to increase, and the plate inventory also rose. The output of building materials decreased significantly, and the output of hot - rolled coils increased slightly [1]. - **Supply - Demand and Logic**: Before the holiday, the production and sales of building materials declined simultaneously. The short - process production suspension scale increased, and the inventory continued to grow. The demand for plates was relatively stable, but the high inventory restricted the price space of hot - rolled coils. Overall, the pre - holiday inventory of steel continued to increase, the supply - demand pressure increased slightly, and the raw material prices weakened. The steel price is expected to oscillate weakly, and the margin increase and position reduction before the holiday may affect the market fluctuations [1]. - **Strategy**: Unilateral trading: Oscillation; No strategies for inter - period, inter - variety, spot - futures, and options trading [2] Iron Ore - **Market Analysis**: Yesterday, the iron ore futures prices oscillated. The prices of mainstream imported iron ore varieties at Tangshan ports fluctuated slightly. Traders' quotes mostly followed the market, and steel mills' purchases were mainly for rigid demand. The total transaction volume at major domestic ports was 238,000 tons, a 57.21% decrease from the previous day; the total transaction volume of forward - looking spot was 380,000 tons (5 transactions), a 45.32% decrease from the previous day [3]. - **Supply - Demand and Logic**: On the supply side, the non - mainstream shipments remained high at high ore prices, and the global shipment volume decreased seasonally. On the demand side, the daily average pig iron output remained stable, and the iron ore consumption increased slightly month - on - month. The port inventory of iron ore continued to increase, and as the steel mills' replenishment was nearing completion, the support from raw material prices weakened. The supply - demand contradiction of iron ore continued to deepen, and if the port liquidity factors were removed, the port supply would cause a great impact [3]. - **Strategy**: Unilateral trading: Oscillation with a bearish bias; No strategies for inter - period, inter - variety, spot - futures, and options trading [4] Coking Coal and Coke - **Market Analysis**: Yesterday, the main futures contracts of coking coal and coke oscillated within a narrow range. For coking coal, as the holiday approached, coal mines successively announced production suspension and holiday plans, and downstream procurement slowed down or stopped, resulting in a dull trading atmosphere. For coke, the spot price was relatively stable. After the first price increase was implemented, the profits of coke enterprises gradually recovered. Most steel mills had completed their winter stockpiling [5]. - **Supply - Demand and Logic**: For coke, the supply increased slightly recently. Most steel mills had completed their winter stockpiling. As the holiday approached, coking plants adjusted their production independently, and the price was expected to oscillate in the short term, following the cost fluctuations. For coking coal, the pig iron output of steel mills increased slightly, and the rigid demand for coking coal remained resilient. As the downstream replenishment was nearing completion, the speculative demand shrank. As the Spring Festival approached, coal mines successively stopped production for holidays, and the Mongolian coal customs clearance was suspended during the Spring Festival, so the supply pressure of coking coal was relieved. The coal price before the Spring Festival was expected to be stable with a narrow - range adjustment [6]. - **Strategy**: Coking coal: Oscillation; Coke: Oscillation; No strategies for inter - period, inter - variety, spot - futures, and options trading [6] Thermal Coal - **Market Analysis**: In terms of production areas, the number of coal mines on holiday in the main production areas continued to increase, and the operating mines were mainly large state - owned mines, with the supply continuously decreasing. Under the current situation of weak supply and demand, the main transactions were concentrated in long - term contracts, and the pre - holiday price was expected to change little. At ports, the market trading was dull, mainly with long - term contract coal. More traders were on holiday, and basically all had entered the holiday state. Affected by the shortage of imported coal and the rise in domestic prices, sellers were more willing to hold prices. In the import market, the RKAB in Indonesia was not fully implemented, the offers from Indonesian miners were scarce, and the market quotes and tender prices increased significantly [7]. - **Supply - Demand and Logic**: Recently, the supply decreased due to coal mine holidays, and downstream factories were also gradually on holiday, so both supply and demand were weak. Affected by the supply in the import market, the price of domestic trade coal continued to rise slightly. Recently, the full approval of RKAB by leading mines in Indonesia was expected, and the approval results of other mines were expected to be announced successively. The supply in Indonesia was expected to recover. Overall, the pre - holiday price increase was limited, and it was expected to run stably with a slight upward trend. After the holiday, as the coal mine supply recovered and the peak season was approaching the end, the coal price may be under pressure [7].

1. Report Industry Investment Ratings - Steel: Sideways [2] - Iron Ore: Sideways to Bearish [4] - Coking Coal and Coke: Sideways [6] - Thermal Coal: Stable to Slightly Bullish [7] 2. Core Views - The steel market is in a slack season with prices oscillating weakly. The overall contradiction in the steel market is not prominent, but poor building material demand, weak downstream purchasing sentiment, and higher seasonal inventory accumulation are suppressing rebar prices. High inventory is also constraining the price space of hot-rolled coils. Before the holiday, steel inventories continue to rise, and supply-demand pressure increases slightly. With weakening raw material prices, steel prices will maintain a weakly oscillating trend [1]. - The iron ore market sentiment is weak, and prices are oscillating. High prices have led to high non-mainstream shipments, but global shipments are seasonally declining. Daily average hot metal production is stable, and iron ore consumption has slightly increased month-on-month. Port inventories are continuously rising, and as steel mill restocking nears completion, the support for raw material prices is weakening. The supply-demand contradiction in the iron ore market is deepening, and if port liquidity issues are resolved, port supplies could cause a significant supply shock [3]. - The coking coal and coke market is experiencing weak trading, with prices oscillating weakly. As the holiday approaches, more coal mines are announcing shutdowns, leading to a light trading atmosphere, with many auctions failing and prices falling in the coking coal market. After the first round of coke price increases, coke producers' profits have improved, but most steel mills have completed winter restocking, leading to a sharp decline in speculative demand for coke [5]. - The thermal coal market is experiencing weak supply and demand, with prices remaining stable. As the Spring Festival approaches, more private mines in the main production areas are on holiday, leading to a tightening supply. Downstream demand, except for some chemical industries, has shrunk significantly. The market is characterized by low activity, with supply and demand both weak. Import coal prices are rising due to supply uncertainties in Indonesia. Before the holiday, the upside for prices is limited, and they are expected to remain stable to slightly bullish. After the holiday, as coal mine supply resumes and the peak season nears its end, prices may face downward pressure [7]. 3. Summary by Related Catalogs Steel - **Market Analysis**: Yesterday, steel futures prices oscillated downward. On Monday, the rebar inventory in Hangzhou was 79.3 million tons, with an outbound volume of 0.2 million tons, compared to 58.5 million tons and 0.5 million tons respectively in the same period last year. Building material demand is poor, and downstream purchasing sentiment is weak. Seasonal inventory accumulation is slightly higher than last year, suppressing rebar prices. Plate demand is relatively stable, but high inventory is constraining the price space of hot-rolled coils [1]. - **Supply and Demand Logic**: Before the holiday, steel inventories continue to rise, and supply-demand pressure increases slightly. With weakening raw material prices, steel prices will maintain a weakly oscillating trend. Later, attention should be paid to winter restocking and changes in raw material prices [1]. - **Strategy**: Sideways for single - sided trading, no strategies for inter - period, inter - variety, spot - futures, or options trading [2]. Iron Ore - **Market Analysis**: Yesterday, iron ore futures prices oscillated. In the spot market, the prices of mainstream imported iron ore varieties at Tangshan Port fluctuated slightly. Traders' quotes mostly followed the market, and steel mills' purchases were mainly for刚需. The cumulative transaction volume of iron ore at major national ports was 55.5 million tons, a 13.01% month - on - month decrease. The cumulative transaction volume of forward - looking spot iron ore was 69.5 million tons (5 transactions), a 13.93% month - on - month increase (with all transactions from mines) [3]. - **Supply and Demand Logic**: High prices have led to high non - mainstream shipments, but global shipments are seasonally declining. Daily average hot metal production is stable, and iron ore consumption has slightly increased month - on - month. Port inventories are continuously rising, and as steel mill restocking nears completion, the support for raw material prices is weakening. The supply - demand contradiction in the iron ore market is deepening, and if port liquidity issues are resolved, port supplies could cause a significant supply shock. Later, attention should be paid to changes in iron ore inventories and negotiation progress [3]. - **Strategy**: Sideways to bearish for single - sided trading, no strategies for inter - period, inter - variety, spot - futures, or options trading [4]. Coking Coal and Coke - **Market Analysis**: Yesterday, the main futures contracts of coking coal and coke oscillated weakly. As the holiday approaches, more coal mines are announcing shutdowns, leading to a light trading atmosphere, with many auctions failing and prices falling in the coking coal market. The spot prices of coke in the main production areas and ports are relatively stable, and coke producers' production is relatively stable. After the first round of coke price increases, coke producers' profits have improved, but most steel mills have completed winter restocking, leading to a sharp decline in speculative demand for coke [5]. - **Supply and Demand Logic**: In the short term, coke prices are expected to oscillate and follow cost fluctuations. For coking coal, as steel mill hot metal production has recovered, the rigid demand for coking coal remains resilient. However, as downstream restocking nears completion, speculative demand has declined. As the Spring Festival approaches, more coal mines are shutting down for the holiday, and Mongolian coal imports will be suspended during the Spring Festival, alleviating the supply pressure on coking coal. Before the Spring Festival, coal prices are expected to remain stable with narrow adjustments. Attention should be paid to the resumption of domestic coal production after the festival [6]. - **Strategy**: Sideways for both coking coal and coke in single - sided trading, no strategies for inter - period, inter - variety, spot - futures, or options trading [6]. Thermal Coal - **Market Analysis**: In the production areas, more private mines in the main production areas are on holiday, leading to a tightening supply. Downstream demand, except for some chemical industries, has shrunk significantly. Before the holiday, prices are expected to change little, and attention should be paid to the recovery of market supply and demand after the holiday. At ports, as the Spring Festival approaches, downstream users are on holiday, and terminal daily consumption is continuously declining, resulting in low market activity. Affected by the tightening supply at the mine mouth, market supplies to ports are tight, and port shipments are in a continuous loss - making situation. Currently, the market shows weak supply and demand, and prices remain stable. In the import market, the tender prices of imported coal are continuously rising. Due to uncertainties in the later production policies of Indonesian mines, prices are relatively high [7]. - **Supply and Demand Logic**: Recently, due to coal mine holidays, supply has shrunk, and downstream factories are also gradually taking holidays, resulting in weak supply and demand. Affected by supply in the import market, domestic thermal coal prices have maintained a slight upward trend. Recently, the full approval of the RKAB of a leading Indonesian mine is expected, and the approval results of other mines will be announced successively. In the later period, Indonesian supply is expected to recover. Overall, before the holiday, the upside for prices is limited, and they are expected to remain stable to slightly bullish. After the holiday, as coal mine supply resumes and the peak season nears its end, prices may face downward pressure [7].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - For coking coal, due to strict coal mine safety inspections and some mines on holiday, supply is tight. Downstream demand has weakened, and prices are expected to remain stable in the short term [3]. - For coke, the supply is stable, but downstream demand is poor, and the supply - demand is in a weak balance, with prices expected to remain stable in the short term [7]. Summary by Relevant Catalog Coking Coal - **Fundamentals**: Supply is tight, downstream demand is weak, and mainstream coal mine quotes are stable [3]. - **Basis**: Spot price is 1230, basis is 111, and spot is at a premium to futures [3]. - **Inventory**: Total sample inventory is 2192 tons, an increase of 57 tons from last week. Port inventory is 273 tons, a decrease of 13 tons; independent coking enterprise inventory is 1095 tons, an increase of 60 tons; steel mill inventory is 824 tons, an increase of 10 tons [3][22][26][30]. - **Market Chart**: The 20 - day moving average is downward, and the price is below the 20 - day moving average [3]. - **Main Force Position**: The main force of coking coal has a net short position with an increase in shorts [3]. - **Expectations**: Due to limited terminal iron - water recovery and completed winter storage, demand is expected to weaken, and prices may remain stable [3]. - **Positive Factors**: Rising iron - water production and limited supply increase [5]. - **Negative Factors**: Slowdown in coking and steel enterprises' raw coal procurement and weak steel prices [5]. Coke - **Fundamentals**: Coking enterprises' profits have increased, production is stable, but downstream demand is weak, and inventory has accumulated [8]. - **Basis**: Spot price is 1620, basis is - 45, and spot is at a discount to futures [8]. - **Inventory**: Total sample inventory is 938 tons, an increase of 18 tons from last week. Port inventory is 201 tons, an increase of 3 tons; independent coking enterprise inventory is 45 tons, an increase of 1 ton; steel mill inventory is 692 tons, an increase of 14 tons [8][22][26][30]. - **Market Chart**: The 20 - day moving average is downward, and the price is below the 20 - day moving average [8]. - **Main Force Position**: The main force of coke has a net short position with a decrease in longs [8]. - **Expectations**: Supply - demand is in a weak balance, and prices are expected to remain stable [7]. - **Positive Factors**: Rising iron - water production and synchronous increase in blast furnace operating rate [10]. - **Negative Factors**: Squeezed steel mill profit margins and partial over - draft of restocking demand [10].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The black metal sector currently has no prominent contradictions, with both valuation and driving factors lacking significant trading opportunities. As the Spring Festival approaches, the spot market is gradually entering a holiday state, while the futures prices are still fluctuating, indicating a less - than - optimistic market expectation for the future or the post - holiday period [7]. - For steel, it's advisable to wait and see in the short term. For hot - rolled coils, positive spreads can be rolled for operations. For coal and coke, it's recommended to cash in spot positions opportunistically before the holiday and wait for opportunities to short on the futures when prices rise. For iron ore, it's suggested that long - term investors short at resistance levels [7][66][112]. 3. Summary by Relevant Catalogs 3.1 Steel 3.1.1 Influencing Factors - **Supply**: Bullish. Hot metal production has a slight fluctuation, with this week's output increasing by 0.6 to 228.56 wt. The daily consumption of scrap steel has declined. As the Spring Festival approaches, the EAF operating rate is steadily decreasing, but there is still room for production resumption after the festival [7]. - **Demand**: Bearish. Building material demand shows more obvious seasonality, with significantly reduced transactions, and the spot market is gradually closing for the holiday. Plate demand remains stable, and the demand for medium and heavy plates is relatively strong, related to downstream shipbuilding and wind power steel demand. Overall, the market is mainly driven by rigid demand, and speculative demand has almost stalled [7]. - **Inventory**: Neutral. The social inventory of the five major steel products is between the levels of 2025. Seasonal inventory accumulation continues, with the amplitude and rhythm in line with the same - period levels. Building material - related varieties have an increased inventory accumulation amplitude, while the plate inventory accumulation rhythm is relatively neutral [7]. - **Basis/Spread**: Neutral. The basis of hot - rolled coils and rebar has strengthened, and the return on cash - and - carry arbitrage has turned positive. As of Friday, the basis of rb2605 in the East China region (Hangzhou) is 103, with a week - on - week increase of 21; the basis of hc2605 in the East China region (Shanghai) is - 1, with a week - on - week increase of 17 [7]. - **Profit**: Bullish. The profitability of steel mills is moderately low, with actual production profits slightly higher than statistical profits. Rebar profits are slightly better than plate profits. The profitability rate of steel mills, as reported by Steelhome, is 39.39%, with no week - on - week change [7]. - **Valuation**: Neutral. The basis of hot - rolled coils is weaker than that of rebar, making it more suitable for rolling cash - and - carry arbitrage operations. From an industrial perspective, the production profit corresponding to the futures price is meager, and the relative valuation is neutral [7]. - **Macro and Risk Appetite**: Neutral. Commodity price fluctuations have increased. As the long holiday approaches, funds have turned cautious, and the speculative atmosphere has cooled down [7]. 3.1.2 Investment and Trading Strategies - **Investment Viewpoint**: Wait and see. The black metal sector currently has no prominent contradictions, and due to increasing seasonal factors, the market is showing typical seasonal weakening characteristics. It is necessary to pay attention to the post - holiday demand start - up situation [7]. - **Trading Strategy**: Unilateral trading can be in a range - bound or wait - and - see state. For arbitrage, roll to widen the spread between hot - rolled coils and rebar. For cash - and - carry arbitrage, roll operations on hot - rolled coils [8]. 3.2 Coking Coal and Coke 3.2.1 Influencing Factors - **Demand**: Neutral. The steel market has entered the off - season. This week, the apparent demand for the five major steel products is 801.74 (+7.78), and the production is 823.17 (+3.58). The industry data is generally weak, with relatively stable supply, seasonal weakening of demand, and some inventory accumulation. The daily average hot metal production of 247 steel mills this week is 228.58 (-0.12), and the steel mill profitability rate remains at 39.39% [66]. - **Coking Coal Supply**: Neutral. Next week, coal mines will gradually start their holidays. Fenwei's coking coal production has increased, but production will gradually decline in the future. Mongolian coal port clearance has slowed down due to port storage capacity pressure. The offshore market for Australian coking coal is in a state of continued game - playing, with limited market liquidity and strong downstream wait - and - see sentiment [66]. - **Coke Supply**: Neutral. This week, the daily average coke production is 110.4 (+0.5), and the coking profit is - 55 (+11). After the first round of price increases was finally implemented, coke enterprise operations have increased [66]. - **Inventory**: Bearish. The winter stockpiling is almost over. This week, the market is still in the winter stockpiling cycle, and the upstream inventory is continuing to transfer to the downstream. After the first - round price increase of coke was implemented, coke enterprise operations increased, and the number of available days of steel mill inventory also increased rapidly. With only one week left before the holiday, upstream coal mines will also gradually start their holidays, and the stockpiling is basically over [66]. - **Basis/Spread**: Neutral. After the first - round price increase of coke was implemented, there is no expectation of the next round. The cost of the first - round price increase warehouse receipts for wet - quenched and dry - quenched coke for the 05 contract is 1729/1756, and the port trade quotation is around 1728. The cost of Mongolian coal warehouse receipts is around 1130 [66]. - **Profit**: Neutral. The steel mill profitability rate is 39.39% (-1.30%), and the coking profit is - 55 (-11) [66]. 3.2.2 Investment and Trading Strategies - **Investment Viewpoint**: Bearish. The bullish sentiment in the commodity market has gradually faded, and the black metal market has weakened in a volatile manner. Fundamentally, the market has entered the off - season, with overall weak industrial data. It is recommended to cash in spot positions opportunistically before the holiday and wait for opportunities to short on the futures when prices rise [66]. - **Trading Strategy**: Unilateral trading should cash in spot positions opportunistically and wait for opportunities to short on the futures when prices rise. For arbitrage, temporarily wait and see [66]. 3.3 Iron Ore 3.3.1 Influencing Factors - **Supply**: Neutral. This period's Reuters shipping data shows a week - on - week increase of 22.2 tons per day to 440 tons per day, with Australia's shipping increasing by 19.5 tons per day, Brazil's by 6.2 tons per day, and non - mainstream mines' shipping decreasing by 3.4 tons per day to 85.5 tons per day. The total arrival volume in China has decreased by 21.2 tons per day week - on - week, with Australia's arrival increasing by 7.6 tons per day, Brazil's decreasing by 8.9 tons per day, and non - mainstream arrivals decreasing by 19.9 tons per day [112]. - **Demand**: Neutral. This period's steel mill hot metal production has slightly increased to 228.58 tons (+0.6). The steel mill profitability rate remains stable at 39.39%. According to the maintenance plan, hot metal production will continue to increase significantly in February. The daily average port ore removal volume has increased significantly by 9.88 tons to 357.58 tons, but the port inventory has increased by 156.42 tons, remaining higher than the same period last year and continuously reaching new highs for the year. Affected by the steel mills' low - inventory operation strategy, the in - plant inventory is still at a relatively low level in recent years [112]. - **Inventory**: Bearish. The daily average ore removal volume of 47 ports has increased significantly by 9.88 tons to 357.58 tons, at a relatively high seasonal level. However, due to the high arrival volume, the port inventory has increased again by 156.42 tons, remaining higher than the same period last year and reaching a new high for the year [112]. - **Profit**: Neutral. Steel mill profits are at a low level [112]. - **Valuation**: Neutral. The short - term valuation is moderate. As the holiday approaches, steel mill stockpiling is basically over, and the iron ore price is expected to fluctuate in a narrow range before the holiday. After the holiday, attention should be paid to whether Australian weather will affect the supply rhythm [112]. 3.3.2 Investment and Trading Strategies - **Investment Viewpoint**: Neutral. In the long - term, the upward pressure on iron ore is obvious [112]. - **Trading Strategy**: Unilateral trading should short at resistance levels in the long - term. For arbitrage, temporarily wait and see [112].

1. Report Industry Investment Ratings - Steel: Sideways [2] - Iron Ore: Short on rallies [5] - Coking Coal and Coke: Sideways [7] - Thermal Coal: No strategy provided [8] 2. Core Views - The steel market is in the off - season with limited overall contradictions. The demand for steel products is weakening, inventory is accumulating, and attention should be paid to winter storage replenishment and raw material price changes [1] - The iron ore market is cautious. Although the supply is at a high level and the downstream demand is fair, the demand support will weaken as winter storage approaches the end, and attention should be paid to subsequent negotiations and steel mill replenishment [3][4] - The coking coal and coke market has supply - side disturbances. Coke production is stable, but demand is restricted. Coking coal supply is tightening, and demand is mainly for on - demand procurement. Attention should be paid to iron water output and finished product prices [6][7] - The thermal coal market has weakening supply and demand near the Spring Festival. The medium - and long - term supply is in a loose pattern, and attention should be paid to non - power coal consumption and replenishment [8] 3. Summary by Related Catalogs Steel - **Market Analysis**: The steel futures market declined yesterday. The rebar futures main contract closed at 3,110 yuan/ton, and the hot - rolled coil main contract closed at 3,274 yuan/ton. The spot building materials market is in the off - season, with a national building materials transaction volume of 36,100 tons [1] - **Supply and Demand Logic**: In the off - season, the overall contradiction in the steel market is limited. The demand for rebar is weakened by the slow - down in market digestion and weak purchasing sentiment. The demand for hot - rolled coils has limited actual pulling effect. The steel inventory is accumulating before the festival, and the supply - demand pressure is slightly increasing [1] - **Strategy**: Sideways for single - side trading, no strategies for inter - period, inter - variety, spot - futures, and options trading [2] Iron Ore - **Market Analysis**: The iron ore price fluctuated slightly yesterday. The prices of mainstream imported iron ore varieties at Tangshan ports fluctuated slightly. Traders' quotation enthusiasm was average, and steel mills' purchases were mainly for rigid demand. The total transaction volume of iron ore at major national ports was 1.034 million tons, a 14% increase from the previous day [3] - **Supply and Demand Logic**: The global iron ore shipment volume increased slightly this period. Australian shipments decreased, while Brazilian shipments increased significantly. The arrival volume of imported iron ore remained stable at a high level. The molten iron output is at a medium - high level in the same period, and the downstream demand is fair. The total inventory of 15 ports increased slightly, and steel mill inventories continued to grow. There is uncertainty in the long - term iron ore market. As winter storage for steel mills approaches the end, the demand support will weaken [3][4] - **Strategy**: Short on rallies for single - side trading, no strategies for inter - period, inter - variety, spot - futures, and options trading [5] Coking Coal and Coke - **Market Analysis**: The coking coal futures main contract closed at 1,209 yuan/ton, and the coke main contract closed at 1,770 yuan/ton. The coking coal auction prices showed mixed trends, and the market sentiment was average. Coking plants are mainly in normal production, with a good shipment enthusiasm and low inventory. Some coking plants want to raise prices further. Steel mills' purchases are mainly for rigid demand, and speculative demand is weak. The price of Mongolian No. 5 raw coal is in the range of 1,030 - 1,040 yuan/ton [6][7] - **Supply and Demand Logic**: For coke, after the first round of price increase, coking enterprises' profits have recovered, and production remains stable. However, due to the weakening of the terminal market, steel transactions have shrunk, prices have declined, and molten iron output has been suppressed. Steel mills mainly purchase on - demand. For coking coal, domestic coal mines are gradually entering the holiday period, and the supply is tightening. Coking enterprises' replenishment is almost complete, and the market is mainly for on - demand procurement [7] - **Strategy**: Sideways for both coking coal and coke single - side trading, no strategies for inter - period, inter - variety, spot - futures, and options trading [7] Thermal Coal - **Market Analysis**: In the production areas, coal prices are weak. Long - term agreement shipments are stable, but overall demand is declining as factories go on holiday and pre - Spring Festival replenishment is almost over. Some coal mines have sales difficulties and inventory pressure. At ports, the market is quiet, and prices are stable. The import market is relatively strong, and there is an expected reduction in future imports [8] - **Supply and Demand Logic**: Near the Spring Festival, both supply and demand of thermal coal are weakening, and coal prices are fluctuating. In the medium - and long - term, the supply pattern remains loose, and attention should be paid to non - power coal consumption and replenishment [8] - **Strategy**: No strategy provided [8]

Report Industry Investment Rating - Not provided Core Viewpoints - The coking coal market shows limited drivers and narrow fluctuations. With the approaching Spring Festival, domestic mines are gradually on holiday, leading to a decrease in supply. The downstream winter storage is in the final stage, resulting in a situation of weak supply and demand [1]. Summary by Directory Market Analysis - Coking coal opened low and closed high during the day but declined overall. The utilization rate of approved production capacity of 523 coking coal mines was 89.13%, a 0.2% week - on - week decrease. The daily average output of raw coal reached 1.9782 million tons. The coking coal mine inventory started to accumulate, with a week - on - week decrease of 71,700 tons. Coking enterprises and steel mills stocked up last week, and the winter storage replenishment process accelerated compared to last week. The downstream molten iron output decreased by 0.12% week - on - week, with a daily average output of 227,980 tons. The first round of coke price increase was implemented, and the downstream's acceptance of high prices improved. The profit of coking enterprises rebounded, but the market sentiment fluctuated greatly. With the approaching Spring Festival, the supply from mines is expected to gradually decrease, and the winter storage of downstream is in the final stage, resulting in a situation of weak supply and demand and narrow fluctuations of coking coal [1]. Spot Data - In the Shanxi market (Jiexiu), the mainstream price was 1,300 yuan/ton, unchanged from the previous trading day. The self - pick - up price of Mongolian No. 5 main coking raw coal was 1,024 yuan/ton, a 4 - yuan increase from the previous trading day. The closing price of the main contract futures was 1,141.5 yuan/ton, and the basis in Jiexiu, Shanxi was 158.5 yuan/ton, a 14 - yuan increase from the previous trading day [2]. Fundamental Tracking - **Supply Data**: From January 24th to January 30th, the coking coal start - up rate of 523 domestic sample mines was 89.13%, a 0.2 - percentage - point decrease from the previous week. The daily average output of refined coking coal was 77,070 tons, a 16,200 - ton decrease from the previous week [5]. - **Demand Data**: From January 16th to January 23rd, the daily average output of downstream independent coking enterprises was 62,840 tons, a 4,700 - ton decrease from the previous week. The daily average output of coke of 247 steel mills was 47,010 tons, a 1,100 - ton increase from the previous week. The daily average molten iron output of 247 steel mills was 227,980 tons, a 120 - ton decrease from the previous week [6].

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Viewpoints of the Report - The black metal market is currently in a state where contradictions are not prominent, with unclear valuations and drivers. The market is affected by seasonal factors, and the trading opportunities are limited. Different sub - sectors (steel, coking coal and coke, iron ore) have their own characteristics and trends, and corresponding trading strategies are proposed based on these [8][67][118] 3. Summary by Directory 3.1 Steel - **Supply**: Iron and steel production shows a narrow - range fluctuation. This week, the molten iron output decreased by 0.12 to 228wt, and the daily consumption of scrap steel increased slightly month - on - month, higher than the same period in 2025 but slightly lower than that in 2024. It is basically certain that the molten iron output has bottomed out in the range of 225 - 226. The electric furnace operation will decline after the end of the month to balance the total crude steel output [8] - **Demand**: Building material demand shows obvious seasonality, with a significant decline in transactions. Plate demand remains stable, and the apparent demand for cold - rolled products is slightly better than that for hot - rolled products, but the price difference between cold - rolled and hot - rolled products has not strengthened. The market sentiment index fluctuates around rigid demand, and speculative demand is relatively weak [8] - **Inventory**: The social inventory level of the five major steel products is between 2025 and 2025, and the weekly inventory has shifted from destocking to seasonal inventory accumulation. The inventory accumulation of building materials has increased, while the inventory accumulation rhythm of plates is relatively neutral [8] - **Basis/Spread**: The basis of hot - rolled coils and rebar has slightly decreased. As of Friday, the basis of rb2605 in the East China region (Hangzhou) is 82, a month - on - month decrease of 16; the basis of hc2605 in the East China region (Shanghai) is - 18, a month - on - month decrease of 3 [8] - **Profit**: The profitability of steel mills is moderately low, and the actual production profit is slightly higher than the statistical profit. The profit of rebar is slightly better than that of plates. The profitability rate of steel mills is 39.39%, a weekly change of - 1.3% [8] - **Valuation**: The basis of hot - rolled coils is weaker than that of rebar, which is more suitable for rolling spot - futures positive arbitrage. From an industrial perspective, the production profit corresponding to the futures price is meager, and the relative valuation is neutral [8] - **Macro and Risk Preference**: Commodity fluctuations have increased, and leading varieties have experienced large - scale historical fluctuations [8] - **Investment Viewpoint**: It is recommended to wait and see. The black metal sector currently has no prominent contradictions, and there are no obvious trading opportunities. It is recommended to adopt a range - bound trading strategy for single - side trading, and continue to roll the spot - futures positive arbitrage of hot - rolled coils [8][9] 3.2 Coking Coal and Coke - **Demand**: The steel market has entered the off - season. This week, the apparent demand for the five major steel products is 801.74 (+7.78), and the output is 823.17 (+3.58). The industry data is generally weak, with relatively stable supply, seasonal weakening of demand, and inventory accumulation. The daily average molten iron output of 247 steel mills is 227.98 (-0.12), and the profitability rate of steel mills is 39.39% (-1.30%) [68][82][86] - **Coking Coal Supply**: Although safety production cuts have been tightened in some areas, the Fenwei output has increased this week. Next week, some coal mines will start to take holidays, and the output will gradually decline. The customs clearance of Mongolian coal remains at a high level, but due to port storage capacity pressure, the high - level customs clearance has slowed down. The market trading is cold. The high - price overseas coal has faced increasing resistance from terminal users [68][94] - **Coke Supply**: The daily average coke output this week is 109.8 (-0.4), and the coking profit is - 55 (-11). Affected by production restrictions and cuts, the coking enterprise operation continues to decline [68][95] - **Inventory**: The downstream inventory replenishment has slowed down. The market is still in the winter inventory replenishment cycle, and the upstream inventory is being transferred to the downstream. The coking enterprises' replenishment of raw coal is basically coming to an end, while the steel mills still have inventory replenishment needs. The first round of coke price increase has finally been implemented, but the coking coal price has gradually declined, and the driving force of inventory replenishment on price is weakening [68][98] - **Basis/Spread**: The first round of coke price increase has been implemented, but the market sentiment has not been boosted. The cost of the first - round price - increased warehouse receipts for wet - quenched and dry - quenched coke in the 05 contract is 1729/1756, and the port trading quotation is around 1728. The cost of Mongolian coal warehouse receipts is around 1130 [68] - **Profit**: The profitability rate of steel mills is 39.39% (-1.30%), and the coking profit is - 55 (-11) [68] - **Investment Viewpoint**: It is recommended to cash in the spot at an appropriate time and wait for the opportunity to short the futures after the price rises. It is recommended to wait and see for arbitrage [68] 3.3 Iron Ore - **Supply**: The Reuters shipping data this period shows a month - on - month decline of 4.2 tons per day to 418 tons per day. Among them, the shipping volume from Australia decreased by 13.3 tons per day, that from Brazil increased by 3.8 tons per day, and that from non - mainstream mines increased by 5.2 tons per day to 89.8 tons per day. The total arrival volume in China has increased by 47.9 tons per day month - on - month, with a decrease of 13.2 tons per day from Australia, an increase of 63.4 tons per day from Brazil, and a decrease of 2.4 tons per day from non - mainstream sources [118] - **Demand**: The molten iron output of steel mills this period is basically stable at 227.98 tons (-0.12). The maintenance and resumption of production of steel mills in various regions are routine operations. The profitability rate of steel mills has slightly declined, with a month - on - month decrease of 1.3% to 39.39%. According to the maintenance plan, the molten iron output will continue to increase significantly in February. The daily average port clearance volume of 47 ports has increased significantly by 27.19 tons to 347.71 tons. Therefore, with the decrease in the number of ships waiting at the port, the port inventory has increased by 261.73 tons, continuously higher than the same period last year and reaching a new high for the year [118] - **Inventory**: The daily average port clearance volume of 47 ports has increased significantly to a relatively high seasonal level, but the number of ships waiting at the port has decreased, so the port inventory has increased again, continuously higher than the same period last year and reaching a new high for the year [118] - **Profit**: The profit of steel mills is at a low level [118] - **Valuation**: The short - term valuation is relatively high. From a fundamental perspective, the in - plant inventory of steel mills is still at a relatively low level in recent years. However, the expectation of accelerated resumption of production by steel mills in February and the inventory replenishment before the Spring Festival have a significant impact on the transfer of iron ore inventory, which is one of the reasons for the relatively high iron ore price in the short term [118] - **Investment Viewpoint**: It is recommended to consider going long in the short term and shorting at the pressure level in the long term. It is recommended to wait and see for arbitrage [118]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The trading mainline of coking coal and coke is unclear recently, with lackluster fundamentals and frequent disturbances from funds. The weight of fundamentals has decreased, and the influence of funds and sentiment is significant. From a valuation perspective, the current valuation of coking coal is not high. It is recommended to maintain a low - buying approach, but not to be overly optimistic about the upside potential [3][113]. 3. Summary by Relevant Catalogs 3.1 Market Review - In January, the coking coal and coke futures showed wide - range oscillations with no obvious trend. Coking coal futures rose in the first ten - day period, declined in the middle ten - day period, and oscillated in the last ten - day period. The rise in January was mainly due to the downstream winter storage replenishment expectation. In the middle ten - day period, the resumption of high - level Mongolian coal customs clearance and sufficient domestic supply led to a lack of post - holiday expectations in the market, causing the futures price to decline first. Coke had no independent market and fluctuated following coking coal [2][9]. - In the spot market, the price of Mongolian coal was closely related to the futures, rising and falling in line with the futures. Shanxi coking coal prices were relatively lagging. They stopped falling and stabilized in the first ten - day period, and generally rose in the middle ten - day period, with mainstream coal types rising by 80 - 150 yuan/ton. However, in the last ten - day period, the coking coal in the producing areas showed signs of weakness [9]. 3.2 Fundamental Situation 3.2.1 Coal Production - In 2025, the national raw coal output of above - scale industries was 4.83 billion tons, a year - on - year increase of 1.2%. The national coking clean coal output was 47.952 million tons, a year - on - year increase of 1.7%, among which the coking clean coal output in Shanxi was 22.027 million tons, a year - on - year increase of 1.1% [39]. - In January, coking coal production slowly recovered. In February, coal mines gradually went on holiday. The average holiday days of sample coal mines were 10.1 days, similar to last year. State - owned coal mines had an average of 6.2 days of holiday, while private coal mines had an average of 13.96 days. After the Spring Festival, coal mines are expected to resume normal production, with relatively balanced supply and demand [40]. 3.2.2 Coal Imports - In 2025, China imported 118.63 million tons of coking coal, a year - on - year decrease of 3.24 million tons, a decline of 2.7%. The imports from Mongolia, Russia, Canada, the United States, and Australia accounted for 50.6%, 27.6%, 9.1%, 2.5%, and 7.5% respectively. The combined imports from Mongolia and Russia accounted for 78.3% [51]. - In January, the customs clearance of imported Mongolian coal quickly rebounded to a high level, with a significant year - on - year increase, which put great pressure on coking coal prices. During the Spring Festival, the Mongolian coal ports were closed. It is expected that the customs clearance of imported Mongolian coal will remain at a high level after the Spring Festival [64]. 3.2.3 Coke Exports - In 2025, China's total coke exports were 7.941 million tons, a year - on - year decrease of 377,000 tons, a decline of 4.5%. The main export destinations were Indonesia, India, Japan, Brazil, Vietnam, and Malaysia. India imposed anti - dumping duties on low - ash metallurgical coke from China and other countries. However, due to the already low base of China's coke exports to India, the marginal impact of the anti - dumping duties is limited. It is expected that coke exports in 2026 will remain basically the same [72][74][75]. 3.2.4 Coke Supply and Demand - In January, the capacity utilization rate of coke enterprises increased slightly, and the supply and demand of coke were in a tight balance. Due to the rise in coking coal prices in January and the relatively lagging coke prices, the first round of price increases had not been fully implemented, and the profits of coke enterprises generally shrank [79]. 3.2.5 Steel Production and Demand - In January, the molten iron output of steel mills increased slightly and then oscillated, remaining at a relatively low level. The profitability of steel mills was poor. In 2026, domestic steel demand is expected to increase slightly by 0.46%, and steel exports are expected to decline by about 3.8%, with the total demand for crude steel remaining basically the same [83]. 3.2.6 Winter Storage - As the Spring Festival approaches, the winter storage replenishment of coking coal is basically coming to an end. Downstream procurement has slowed down, and downstream coking and steel enterprises have a general intensity for winter storage replenishment. During the Spring Festival, coal mines are on holiday, and downstream enterprises mainly consume inventory [93]. 3.3 Market Outlook and Strategy Recommendations - Market Outlook: The trading mainline of coking coal and coke is unclear, with lackluster fundamentals. In February, coal mines go on holiday, spot trading becomes quiet, and prices tend to be stable. The weight of fundamentals decreases, and the influence of funds and sentiment increases. The current valuation of coking coal is not high, and attention should be paid to the switching of funds [113]. - Strategy Recommendations: - Unilateral: The market is expected to be slightly bullish. It is recommended to maintain a low - buying approach, but not to be overly optimistic about the upside potential [4][114]. - Arbitrage: Wait and see [4][114]. - Options: Sell out - of - the - money put options [4][115].

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "oscillation" [7]. 2. Core Viewpoints of the Report - The driving force in the off - season is limited, and the market is oscillating. Steel mill resumption is slow, high iron ore shipments and inventories suppress the market valuation. The first round of coke price increase is about to be implemented, and there is an expected tightening of coking coal supply before the Spring Festival, with the market stabilizing at a low level. The pressure of inventory accumulation in the steel sector in the off - season is emerging, and the fundamentals lack highlights, but there is no negative feedback expectation, so the market oscillates. The demand for glass remains resilient, and the downstream replenishment of soda ash continues. There are signs of a low - level rebound in the market, but the oversupply of glass and soda ash continues to limit the upside space of the market [3]. 3. Summary According to Relevant Catalogs 3.1 Iron Element - To - port volume has decreased, and short - term supply pressure has slightly eased, but inventory pressure is still increasing. There are still expected disturbances on the supply side due to weather, and pre - holiday replenishment on the demand side supports the ore price. The supply and demand on both sides in reality still need to be verified. Scrap steel supply is stable, with an expected decline in daily consumption, and the overall fundamentals will marginally weaken. It is expected that the spot price will follow the finished products [3]. 3.2 Carbon Element - Coke has strong cost - side support, and there is still an expectation of steel mill resumption and winter storage replenishment demand. The coke supply - demand structure is relatively healthy. After the spot price increase is implemented, it may remain stable for the time being, and the market is expected to follow coking coal. The winter storage on the demand side is still in progress, and the coal mine output is expected to decline as the holiday approaches on the supply side. The fundamentals of coking coal will continue to improve marginally, with strong spot support. However, after the market has priced in the winter storage replenishment, the bullish driving force of the fundamentals is limited, and it is expected to oscillate [4]. 3.3 Alloys - The cost support for manganese silicon has loosened, the market supply - demand is in a loose state, the upstream de - stocking pressure is large, and the market price is under pressure. However, the current futures price has fallen to a low - level range, and the space for further decline is limited under cost support. It is expected that the price will mainly oscillate around the cost valuation at a low level. The silicon - iron market has weak supply and demand, with limited fundamental contradictions, but the low market trading activity suppresses the upside of the market. In the short term, the futures price is expected to oscillate around the cost valuation [4]. 3.4 Glass and Soda Ash - There are still expected disturbances in glass supply, but the mid - and downstream inventories are moderately high. Fundamentally, the current supply and demand are still in surplus. If there is no more cold repair before the end of the year, the high inventory will suppress the price, and it is expected to oscillate weakly; otherwise, the price will rise. Soda ash is in overall oversupply. It is expected to oscillate in the short term, and in the long run, the oversupply pattern will further intensify, and the price center will continue to decline, promoting capacity de - stocking [4]. 3.5 Specific Analysis of Each Variety 3.5.1 Steel - In the off - season, supply and demand are both weak, and the market oscillates. The spot market trading is generally weak. Steel mill profitability continues to improve, but the increase in molten iron production has slowed down. The pressure of inventory accumulation in the off - season is emerging, and the fundamentals lack highlights. In the short term, the market is under pressure on the upside, but there is no negative feedback expectation, and the downside space is limited [9]. 3.5.2 Iron Ore - The commodity sentiment is warm, and the market still has resilience. Overseas mine shipments have increased, and the to - port volume has decreased. The supply side is expected to be disturbed by weather. The demand side has stable rigid demand, and steel mills are replenishing stocks, but the enthusiasm is still weak. Port and steel mill inventories are accumulating. It is expected to oscillate in the short term [9][10]. 3.5.3 Scrap Steel - This week's arrivals have decreased, and the daily consumption of electric furnaces has decreased seasonally. Supply has decreased slightly, and demand is expected to decline seasonally. The overall fundamentals will marginally weaken, and the spot price is expected to follow the finished products [11]. 3.5.4 Coke - The price increase is about to be implemented, and the market oscillates. The cost - side support is strong, and there is still an expectation of steel mill resumption and winter storage replenishment demand. The supply - demand structure is healthy. After the spot price increase is implemented, it may remain stable, and the market is expected to follow coking coal [12][13]. 3.5.5 Coking Coal - Downstream replenishment is gradually in place, and the spot auction prices mostly decline. The supply is stable, and the import is at a high level. The demand side is in the winter storage stage, but the inventory is gradually in place, and the market sentiment has cooled. It is expected to oscillate [14]. 3.5.6 Glass - The demand still has resilience, and the inventory is expected to be de - stocked. The supply may be disturbed, but the mid - and downstream inventories are moderately high. If there is no more cold repair before the end of the year, the price is expected to oscillate weakly; otherwise, it will rise [15]. 3.5.7 Soda Ash - Downstream replenishment continues, and short - term contradictions are limited. The supply has slightly increased, and the demand has a downward trend. The overall supply and demand are in surplus. It is expected to oscillate in the short term, and the price center will decline in the long run [15]. 3.5.8 Manganese Silicon - The upstream has great difficulty in de - stocking, and the upside space of the futures price is limited. The cost support has slightly loosened, the supply - demand is loose, and the upstream de - stocking pressure is large. The price is expected to oscillate around the cost valuation at a low level [17]. 3.5.9 Silicon Iron - The market supply - demand contradictions are limited, and the market mainly oscillates. The cost supports the price, but the trading activity is low. The supply and demand are both weak, and the futures price is expected to oscillate around the cost valuation in the short term [18]. 3.6 Index Information - On January 28, 2026, the comprehensive index of CITIC Futures commodities increased by 1.21% to 2529.70, the commodity 20 index increased by 1.52% to 2919.66, the industrial products index increased by 0.89% to 2378.08, and the PPI commodity index increased by 1.29% to 1474.48. The steel industry chain index on January 28, 2026, had a daily increase of 0.05%, a 5 - day decrease of 0.11%, a 1 - month decrease of 0.06%, and a year - to - date decrease of 0.06% [103][104].

Report Investment Rating - The medium - term outlook for the black building materials industry is "Oscillation" [6] Core Viewpoints - The supply side of steel is disturbed, the resumption of production by steel mills is slow, and the high shipment and high inventory of iron ore suppress the valuation of the futures market. As the downstream replenishment of coking coal and coke progresses, the support for replenishment weakens. During the off - season, the pressure of inventory accumulation in the steel sector is emerging, the fundamentals lack highlights, and the cost - side support is loosening, causing the futures market to face pressure. The oversupply of glass and soda ash continues to suppress futures prices. Before the Spring Festival, attention should be paid to the downstream replenishment intensity, and the resumption of production by steel enterprises in January is expected to boost the replenishment expectation, with the furnace material prices having the expectation of a low - level rebound [1][2][3] Summary by Category 1. Iron Element - **Iron Ore**: Overseas mine shipments have increased, mainly due to the recovery in Australia, while Brazil and non - mainstream countries have declined. The arrival volume has weakened, and there are still expectations of supply disturbances due to weather. The demand side has a stable rigid demand, and steel mills are in the process of replenishing inventory but with weak enthusiasm. Ports and steel mills are both increasing inventory, and the total inventory pressure is accumulating. In the short term, the supply pressure eases slightly, but the inventory pressure increases. The pre - festival replenishment on the demand side supports the ore price, and the supply - demand situation remains to be verified, with the short - term trend expected to be oscillatory [8] - **Scrap Steel**: The average arrival volume this week has slightly decreased, lower than the same period in previous lunar years. The daily consumption of electric furnaces is expected to decline, and the daily consumption of long - process scrap steel has also slightly decreased. Steel enterprises' inventory has increased, and the pre - festival replenishment progress is close to last year. The supply is stable, the daily consumption is expected to decline, and the overall fundamentals will marginally weaken, with the spot price expected to follow the finished products [9] 2. Carbon Element - **Coke**: The cost - side support is strong, and there are still expectations for the resumption of production by steel mills and winter storage replenishment demand. The supply - demand structural contradiction is limited, and the spot price increase is still expected to be implemented. The futures market is expected to follow coking coal [12] - **Coking Coal**: The domestic supply is stable, and the import of Mongolian coal is at a high level. The demand side is still in the winter storage stage, and the supply of coal mines is expected to decline near the holiday. The fundamentals will continue to marginally improve, with strong spot support. However, after the futures market has factored in the winter - storage replenishment, the bullish driving force of the fundamentals is limited, and it is expected to oscillate [13] 3. Alloys - **Silicomanganese**: The cost support has loosened, the market supply - demand remains loose, and the upstream inventory reduction pressure is large, suppressing the futures price. However, the current futures price has fallen to a low level, and the further downward space is limited under the cost support, with the price expected to operate at a low level around the cost valuation [3][16] - **Ferrosilicon**: The supply - demand is weak, the fundamental contradiction is limited, but the poor market trading activity suppresses the upward space of the futures price. In the short term, the futures price is expected to oscillate around the cost valuation [3][17] 4. Glass and Soda Ash - **Glass**: The supply has expectations of disturbances, but the mid - and downstream inventories are moderately high, and the current supply - demand is still in oversupply. If there is no more cold - repair by the end of the year, high inventory will always suppress the price, and it is expected to oscillate weakly; otherwise, the price will rise [3][14] - **Soda Ash**: The overall supply - demand is in oversupply. In the short term, it is expected to oscillate, and in the long term, the oversupply pattern will intensify, the price center will continue to decline, and capacity reduction will be promoted [3][14][16] 5. Steel - The spot market trading is average, the profitability of steel mills is improving, the iron - water output has stopped falling and stabilized, and the production of the five major steel products has remained stable. During the off - season, the demand is seasonally weakening, and the pressure of inventory accumulation is emerging. Based on the subsequent resumption of production by steel mills and winter - storage replenishment, the downside space of furnace materials is limited, and the cost side has support. However, due to the inventory accumulation pressure and lack of fundamental highlights, the futures market faces upward pressure, and it is expected to oscillate widely in the short term [8] 6. Commodity Index - **Comprehensive Index**: The commodity index increased by 1.13% to 2503.03, the Commodity 20 Index increased by 1.44% to 2879.55, the industrial products index increased by 0.40% to 2369.84, and the PPI commodity index increased by 0.19% to 1461.06 [102] - **Plate Index**: The steel industry chain index on January 26, 2026, was 1989.86, with a daily decline of 0.36%, a 5 - day increase of 0.93%, a 1 - month increase of 0.69%, and a year - to - date increase of 0.70% [103]