Report Industry Investment Ratings - No industry investment ratings are provided in the report. Core Viewpoints - The steel market is in the off - season with expectations remaining, and steel prices will maintain a volatile trend. The iron ore market is in the consumption off - season and will likely show a volatile and weakening trend. The coking coal and coke market has weak demand expectations and will maintain a volatile downward trend. The power coal market has a short - term price increase due to supply tightening in some areas, but the long - term supply is still in a loose pattern [1][3][6][8]. Summary by Related Catalogs Steel - **Market Analysis**: The main contract of rebar futures closed at 2977 yuan/ton, and the main contract of hot - rolled coil closed at 3099 yuan/ton. The national building materials trading volume was 93,200 tons. For rebar, the Middle East conflict has repeated disturbances, and the supply - demand contradiction of building materials is gradually accumulating. For hot - rolled coil, the profit of sheet metal is better than that of building materials, and the production and sales are resilient. Although exports have declined slightly, they remain at a high level in the short term. Overall, the supply - demand contradiction of steel is not significant [1]. - **Strategy**: No strategies are recommended for single - side, inter - period, inter - variety, spot - futures, and options trading [2]. Iron Ore - **Market Analysis**: The futures price of iron ore fluctuated. The main 2509 contract of iron ore closed at 703 yuan/ton, with a decline of 0.42%. The prices of mainstream imported iron ore varieties at Tangshan Port decreased slightly. The global iron ore shipment increased slightly, with a total of 35.07 million tons. The arrival volume at 45 ports was 25.63 million tons, a 7.5% increase from the previous period. The total transaction volume of iron ore at major ports was 813,000 tons, a 31.22% decrease from the previous day. The forward - looking spot transaction volume was 1.1 million tons, a 266.67% increase from the previous period. The iron ore price lacks the momentum to rebound, and it is likely to maintain a volatile and weakening trend in the short term. In the long term, the supply - demand pattern is relatively loose [3]. - **Strategy**: A single - side strategy of "volatile and weakening" is recommended, and no strategies are recommended for inter - variety, inter - period, spot - futures, and options trading [4]. Coking Coal and Coke - **Market Analysis**: The futures prices of coking coal and coke fluctuated downward. The fourth - round price cut of coke has been fully implemented, with a cumulative decline of 220 - 240 yuan/ton. The loss of coking enterprises has expanded again, and the coke production has slightly decreased. For coking coal, some coal mines in Shanxi have not resumed production, and the supply has shrunk significantly. The downstream procurement of low - price coal has improved. The inventory at the Ganqimaodu Port is still at a high level, and the customs clearance continues to fluctuate at a low level. In the short term, the futures prices of coking coal and coke are expected to maintain a volatile trend [6]. - **Strategy**: A strategy of "volatile" is recommended for both coking coal and coke, and no strategies are recommended for inter - variety, inter - period, spot - futures, and options trading [7]. Power Coal - **Market Analysis**: In the production areas, coal prices are stable with a slight increase. Due to strict safety and environmental inspections, some coal mines have stopped production for maintenance, resulting in a tightening of coal supply in some areas. The rigid replenishment demand of chemical and coking users has increased, and prices have slightly increased. At ports, the inventory reduction effect is obvious, the market sentiment is positive, and the transaction price has moved up. The price of imported coal has stopped falling. Currently, downstream users are mainly inquiring, and the procurement enthusiasm is not high. In the short term, the price will rise slightly, and in the long term, the supply is still in a loose pattern [8]. - **Strategy**: No strategies are recommended [9].