Report Industry Investment Ratings - Steel: Oscillation [1] - Iron Ore: Oscillation [2][3] - Coking Coal and Coke: Oscillation [4][6] - Thermal Coal: Oscillation with a slightly upward bias in the short - term, long - term supply is expected to be loose [7] Core Views - The steel market is characterized by accelerated inventory reduction and oscillating prices. The fundamentals of building materials have improved, while the contradiction in strip materials lies in high inventory and high production. Future price trends depend on winter storage games and raw material support [1]. - The iron ore market has a weakening demand expectation. With high supply, increasing inventory, and potential seasonal decline in molten iron, the price is likely to oscillate within a range. Attention should be paid to molten iron production and downstream inventory changes [2]. - The coking coal and coke market shows a wait - and - see sentiment with wide - range oscillations. Coking coal supply is tight in the short - term, and the fourth round of coke price increase has been fully implemented. Future trends depend on the recovery of coking coal supply and changes in molten iron production [4][5]. - The thermal coal market has increasing wait - and - see sentiment and stable prices. In the short - term, prices are oscillating with a slightly upward bias due to factors such as insufficient port inventory accumulation and strong non - power demand. In the long - term, the supply is expected to be loose [7]. Summaries by Related Catalogs Steel Market Analysis - Futures and spot: Steel futures contracts oscillated slightly upward. Spot steel prices rose following the futures, with low - price speculation and futures - spot transactions being the main types, and rigid demand being relatively low. The national building materials trading volume was 13360 tons, and the inventory reduction rate increased [1]. - Supply and demand and logic: The production and sales of building materials decreased month - on - month, and inventory continued to decline. Supply was restricted by profits, and the fundamentals improved. The contradiction in strip materials lies in high inventory and high production, which requires production cuts to resolve. Short - term prices will oscillate, and future trends depend on winter storage games and raw material support [1]. Strategy - Unilateral: Oscillation - Others: None [1] Iron Ore Market Analysis - Futures and spot: Iron ore futures prices oscillated slightly upward. The prices of mainstream imported iron ore varieties fluctuated slightly, and traders' enthusiasm for quoting was average. The total trading volume of iron ore at major ports across the country was 75800 tons, a month - on - month decrease of 25.76%. The global ore shipment volume increased significantly this period, while the arrival volume decreased [2]. - Supply and demand and logic: Currently, iron ore supply remains high, and inventory continues to increase. With steel mills' losses and production cuts, and the release of maintenance plans by northern steel mills, there is an expected seasonal decline in molten iron. However, due to the relatively limited arrival volume, the price correction space is insufficient, and it is likely to oscillate within a range. Attention should be paid to molten iron production and downstream inventory changes [2]. Strategy - Unilateral: Oscillation - Others: None [3] Coking Coal and Coke Market Analysis - Futures and spot: The coking coal and coke futures market showed a range - bound upward trend. The customs clearance volume of imported Mongolian coal continued to recover, and the quotation was adjusted dynamically according to the futures. The overall trading volume was mediocre. The fourth round of coke price increase was fully implemented, and coking profits were repaired [4]. - Supply and demand and logic: For coking coal, domestic production increased slightly month - on - month, but the recovery was less than expected. The customs clearance volume of Mongolian coal remained at a high level, but imports decreased slightly this Friday due to a one - day closure of three major ports. The short - term supply and demand are still in a tight pattern. For coke, after the fourth round of price increase, the losses of coking enterprises have eased. Attention should be paid to the production recovery. Molten iron production increased slightly, and steel mills have no new production cut plans, so there is rigid demand support. The strong thermal coal price also supports the coking coal and coke prices. Future trends depend on the recovery of coking coal supply and changes in molten iron production [4][5]. Strategy - Coking coal: Oscillation - Coke: Oscillation - Others: None [6] Thermal Coal Market Analysis - Futures and spot: In the production areas, current coal prices in major production areas have stabilized, and speculative demand has subsided. Downstream enterprises mainly rely on long - term agreements for transportation, and some coal mines maintain a balance between production and sales. Some enterprises have low production due to inspections and have firm quotations. Future attention should be paid to production area prices and port inventory changes. In the short - term, miners remain optimistic. At ports, transactions are mainly based on long - term agreements. Downstream enterprises are highly resistant to high - priced coal, and market coal transactions are relatively cold. Affected by the weakening sentiment of upstream coal prices, downstream wait - and - see sentiment has increased, and there is short - term market pressure. However, the port inventory is still lower than last year, and the arrival of resources is limited, so some traders are still optimistic. In the import market, there is still a certain profit in imported coal, and the price of imported high - calorie coal is firm, so the imported coal market is still active [7]. - Supply and demand and logic: Although there are slight changes in production area prices, with the arrival of the winter heating season, the port inventory accumulation is less than expected, and non - power demand is strong. Short - term prices will oscillate slightly upward. In the long - term, the supply is expected to be loose. Future attention should be paid to peak - season consumption and inventory replenishment [7]. Strategy - Not mentioned in the report