Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The steel market is in a slow season with limited demand support. Steel prices are expected to move sideways, and hot-rolled coil basis trading and futures-cash arbitrage can be considered. [2] - The prices of ferrosilicon and silicomanganese are expected to rebound due to improved market sentiment, but the fundamentals remain under pressure in the medium term. [3] - The coking coal and coke market is affected by the off-season and limited upward and downward drivers. After the first round of coke price increase, pay attention to selling opportunities on rallies. [5] - Iron ore prices are supported in the short term by the "restart + restocking" expectation but face long-term pressure from port inventories. [6] Group 3: Summary by Related Catalogs Futures Market - On January 29, the closing prices of far-month contracts RB2610, HC2610, 12609, J2609, and JM2609 were 3203.00, 3330.00, 779.00, 1791.50, and 1242.50 yuan/ton respectively, with varying increases. [1] - The closing prices of near-month contracts RB2605, HC2605, 12605, J2605, and JM2605 were 3157.00, 3308.00, 798.50, 1723.00, and 1165.00 yuan/ton respectively, also with varying increases. [1] - The cross-month spreads of RB2605 - 2610, HC2605 - 2610, 12605 - 2609, J2605 - 2609, and JM2605 - 2609 were -46.00, -22.00, 19.50, -68.50, and -77.50 yuan/ton respectively. [1] - The spreads/ratios/profits such as the coil - rebar spread, rebar - ore ratio, coal - coke ratio, rebar disk profit, and coking disk profit had specific values and changes on January 29. [1] Spot Market - On January 29, the spot prices of Shanghai rebar, Tianjin rebar, Guangzhou rebar, Tangshan billet, and the Platts Index were 3280.00, 3190.00, 3410.00, 2950.00, and 104.15 yuan/ton respectively, with corresponding changes. [1] - The spot prices of Shanghai hot - rolled coil, Hangzhou hot - rolled coil, Guangzhou hot - rolled coil, billet - product spread, and Rizhao Port PB had specific values and changes on January 29. [1] - The spot prices of Qingdao Port super - special powder, etc. also had corresponding values and changes on January 29. [1] - The basis values of HC, RB, etc. and their changes on January 29 were provided. [1] Steel - The steel market is in a slow season with limited demand support. Steel prices are expected to move sideways. The actual resumption of production by steel mills may be slow. Traders are less willing to do open - position winter storage and are more suitable to participate through basis trading. Hot - rolled coil basis is favorable for futures - cash positions, and hot - rolled coil futures - cash arbitrage can be rolled. [2] Ferrosilicon and Silicomanganese - With the warming of market sentiment, the prices of ferrosilicon and silicomanganese are oscillating upwards. The demand is weak in the short term, and the supply is high in the medium term. The domestic macro - policy is favorable. In general, the short - term market sentiment dominates, and the prices may be strongly oscillating. [3] Coking Coal and Coke - The first round of coke price increase has finally landed, but the market is not optimistic about the future. The downstream procurement is cautious. The coking coal online auction has many unsuccessful bids. The futures market is affected by the relaxation of the "three red lines" for real - estate enterprises and the stock market rebound. The steel market is in a slow season, and the industry data is weak. The coal mine supply continues to recover, and the downstream has pre - Spring Festival restocking. The short - term first - round price increase and news drive the disk rebound, but pay attention to selling opportunities on rallies. [5] Iron Ore - The steel mill's in - plant inventory is low. The expectation of steel mill restart and pre - Spring Festival restocking supports the iron ore price in the short term. After the restocking expectation is fully digested, the port inventory pressure will be the source of pressure. The short - term pattern is oscillating strongly, but the medium - long - term pressure is obvious. [6]