Group 1: Report Industry Investment Ratings - Steel: Sideways [1][2] - Iron Ore: Sideways [3][4] - Coking Coal: Sideways to Weak [7] - Coke: Sideways [7] - Thermal Coal: No Strategy [8] Group 2: Core Views - The market is relatively cautious, and the black market is oscillating weakly. The macro - expectation is weak, and steel prices are oscillating. Iron ore market sentiment is cautious, and ore prices are oscillating. Coking coal and coke prices are showing different trends, with coking coal being sideways to weak and coke being sideways. Thermal coal port inventory is continuously accumulating, and pit - mouth coal prices are weakly operating [1][3][5][8] Group 3: Summary by Related Catalogs Steel - Market Analysis: Yesterday, the main contracts of rebar and hot - rolled coil futures declined slightly. The rebar main contract 2510 closed at 3069 yuan/ton, and the hot - rolled coil main contract 2510 closed at 3207 yuan/ton. The futures market trading was average, and the spot market overall transaction was generally weak, with steel prices continuously falling [1] - Supply - Demand and Logic: The production, sales, and inventory of building materials improved month - on - month. However, considering the good long - process profits, the building materials output remained stable. With the arrival of the main flood season in the southern region, building materials consumption will gradually decline. The output of plates decreased, consumption remained high, and inventory continued to decline. Exports were resilient due to the low - price advantage in the domestic market, but high tariffs may have a marginal negative impact on future exports [1] - Strategy: Unilateral: Sideways; Others: None [2] Iron Ore - Market Analysis: Yesterday, the iron ore futures market oscillated weakly. As of the close, the main 2509 contract of iron ore fell 0.89%. The spot price index of iron ore ports decreased, and the market trading sentiment was average. The global iron ore shipment volume this period increased significantly compared with last week, with a total global shipment of 3348 tons. The total arrival volume at 45 ports this period was 2271 tons, a month - on - month decrease of 3.5%. The cumulative transactions of iron ore at major ports and forward spot transactions both increased month - on - month [3] - Comprehensive View: The iron ore shipment recovered this period. The molten iron output oscillated at a high level, maintaining a situation of strong supply and demand. The inventory remained relatively high, but there was no further inventory accumulation in the short term. In the long run, the iron ore market still shows a pattern of relatively loose supply and demand, but when the reality turns to looseness depends on future consumption and the implementation of supply - side policies [3] - Strategy: Unilateral: Sideways; Others: None [4] Coking Coal and Coke Coking Coal - Market Analysis: The trading of coking coal was sluggish, and the online auction failure rate was high. The price of imported Mongolian coal continued to fall with the decline of the futures market and the implementation of coke price cuts [5][6] - Supply - Demand and Logic: With the decline of coal prices, the cost - effectiveness of domestic coal and Mongolian coal became prominent, and supply increased. Against the background of high molten iron output, coking coal demand remained resilient, and inventory remained stable at a high level. In the short term, the supply - demand of coking coal weakened, and prices continued to fall due to the implementation of the first - round coke price cut, pessimistic expectations, and the off - season of thermal coal [6] - Strategy: Sideways to Weak [7] Coke - Market Analysis: Yesterday, the coking coal and coke futures market oscillated downward. The first - round price cut of coke was fully implemented, with a decline of 50 - 55 yuan/ton [5] - Supply - Demand and Logic: Currently, coke supply is relatively stable. High molten iron output ensures the consumption intensity of coke, and inventory remains at a medium - high level. The overall supply - demand contradiction is limited. In the short term, the decline of coal prices and the implementation of the first - round coke price cut have a downward drag on coke prices [6] - Strategy: Sideways [7] Thermal Coal - Market Analysis: In the production area, the decline of port prices slowed down, and pit - mouth coal prices oscillated weakly. The market sentiment slightly improved. The number of coal - pulling trucks in a few coal mines increased, and inventory pressure eased, with prices temporarily stable. However, some terminals and large station customers were still pressing prices, and most traders were still pessimistic and cautious. In the port market, the situation remained weak, and port inventory was at a high level. With the decline of power plant daily consumption in the off - season, downstream inventory continued to accumulate. The imported coal market was operating weakly and steadily. With the continuous decline of domestic prices, the bid price of imported coal continued to fall, and the purchasing enthusiasm was not high [8] - Demand and Logic: In the short term, the demand support for coal prices is insufficient, and prices lack obvious support with the warming weather. In the long - term, the pattern of loose supply remains unchanged. Attention should be paid to the consumption and inventory replenishment of non - power coal [8] - Strategy: None [8]