Market View Coking Coal - Supply: The operating rate of 523 sample mines was 85.34% (+5.71%), and the daily average output of clean coal was 73.43 million tons (+4.42). The capacity utilization rate of 314 coal washing plants was 35.42% (+0.33%), and the daily average output of clean coal was 26.12 million tons (+0.31). The operating rate and daily average output of mines increased month-on-month, as did the capacity utilization rate and clean coal output of coal washing plants. After the import surge of Mongolian coal at the beginning of the year, the customs clearance volume at the Ganqimaodu Port remained high last week, and overall supply increased [4]. - Demand: The daily output of molten iron from 247 steel mills was 2.295 million tons (+2.07), the blast furnace operating rate was 79.31% (+0.37%), the available days of coking coal in steel mills were 12.8 days (-0.08), and those in 230 independent coking plants were 13.68 days (+0.07). The blast furnace operating rate of steel mills continued to rise, the daily output of molten iron increased month-on-month, the available days of coking coal in steel mills slightly decreased, and those in coking plants slightly increased. Downstream demand was mainly for rigid procurement [4]. - Inventory: The clean coal inventory of 523 sample mines was 2.9501 million tons (+1.67), that of all sample independent coking plants was 10.7168 million tons (+19.18), that of steel mills was 7.9773 million tons (-4.54), that of 314 sample coal washing plants was 3.1965 million tons (-9.36), and that of major ports was 2.998 million tons (-1.5). Currently, the inventories of coking coal mines and coking plants have slightly accumulated, while those of coal washing plants, ports, and steel mills have slightly decreased, and the purchasing sentiment has weakened [4]. - Summary: Last week, the supply and demand of the coking coal market both increased. Affected by positive factors such as the warming of macro - sentiment and the reduction of production capacity in production areas, the futures market rebounded from a low level. Previously shut - down coal mines gradually resumed production, and the operating rate of mines in the main production areas was 85.34%. Domestic supply gradually recovered. In terms of imports, Mongolian coal imports remained at a high level in the new year. On the demand side, the daily output of molten iron continued to rise, and the coke output remained stable for the time being. Coking and steel plants still mainly engaged in rigid procurement, and there was no large - scale centralized restocking. Overall, domestic coal mines have returned to normal production, imports remain at a high level year - on - year, supply has increased, while downstream coking and steel enterprises have poor profitability, and there is no large - scale centralized restocking. The market generally maintains a low - level shock [4]. Coke - Supply: The average profit per ton of coke in coking plants was - 45 yuan/ton (-31), the capacity utilization rate of all sample independent coking plants was 72.69% (+0.97%), the daily output of all sample independent coking plants was 635,700 tons (+0.85), and the daily output of coke from 247 steel mills was 468,800 tons (+0.05). The loss of the average profit per ton of coke in coking plants continued to expand, and there was still an expectation of a fifth - round price cut for coke, putting pressure on coking profits. However, overall production remained stable for the time being. The main reason was that the sales situation had improved recently, some coking enterprises increased production, and the coke output of steel mills slightly increased [5]. - Demand: The daily output of molten iron from 247 steel mills was 2.295 million tons (+2.07), the blast furnace operating rate was 79.31% (+0.37), and the available days of coke in 247 steel mills were 12.02 days (-0.08). The daily output of molten iron continued to rise, the blast furnace operating rate continued to increase, the inventory usage cycle of steel mills' coke slightly decreased, and there was a rigid demand for coke [5]. - Inventory: The inventory of all sample independent coking plants was 860,700 tons (-5.53), that of major ports was 1.841 million tons (+4.01), and that of 247 steel mills was 6.4573 million tons (+1.74). The inventory of coking plants slightly decreased, while those of steel mills and ports slightly increased, and the overall social inventory of coke slightly increased [5]. - Summary: In terms of supply, the overall production level of coking enterprises remained stable for the time being. Due to the improved sales situation, some coking enterprises increased production. Coupled with the increase in the coke output of steel mills, the overall supply slightly increased. In terms of demand, the profitability of steel mills has improved, the resumption of blast furnaces has increased, the daily output of molten iron from steel mills has risen, and steel mills have a rigid demand for coke. Overall, the current supply and demand of coke both increased. Recently, the strengthening of raw materials supported the futures market to be relatively strong, but the market still has an expectation of a fifth - round price cut. It is expected that the futures market will follow and maintain a low - level shock. Attention should be paid to the winter storage restocking demand [5]. Macro - Real Estate Tracking - The report presents data on the cumulative year - on - year growth rate of national fixed asset investment, the cumulative year - on - year growth rate of new construction, construction, completion, and sales areas of national real estate, the weekly commercial housing transaction area in 30 large - and medium - sized cities, the Purchasing Managers' Index (PMI) of the steel industry, and the Manufacturing Purchasing Managers' Index (PMI) [7][11][15][19] Coking Coal Supply - Demand Tracking - The report tracks data such as the purchase price of medium - sulfur main coking coal in Jiexiu, Jinzhong, Shanxi, the comparison of mainstream coking coal spot prices nationwide, the basis of coking coal futures contracts, the daily output and operating rate of 523 sample coal mines, the daily output and capacity utilization rate of 314 sample coal washing plants, the daily output and blast furnace operating rate of 247 steel mills nationwide, the inventories of 314 sample coal washing plants, 523 sample mines, 247 steel mills, and all sample independent coking plants, the port coking coal inventory, the available days of coking coal inventory in 247 steel mills and 230 independent coking plants nationwide, and the customs clearance vehicle numbers of Mongolian coal at the Ganqimaodu Port [22][26][32] Coke Supply - Demand Tracking - The report tracks data including the ex - factory price of quasi - first - grade metallurgical coke in Lvliang, the coke spot price adjustment schedule, the comparison of coke spot prices, the basis of coke futures contracts, the profit per ton of independent coking enterprises, the daily output and capacity utilization rate of all sample independent coking enterprises and 247 steel mills, the inventories of all sample independent coking enterprises, 247 steel mills, and port coke, and the available days of coke inventory in 247 steel mills [60][62][64]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The destocking of the five major steel products continued during the pre - holiday market. The fundamentals of rebar and hot - rolled coil improved, with prices forming some support at low levels. The market drivers were limited, and the spot and futures prices fluctuated within a narrow range. Overall, the destocking may gradually slow down, and the upward momentum of prices is insufficient. Steel prices are expected to be under pressure in the short term, but the downside space is limited. Iron ore is in a situation of increasing supply and demand, but high port inventories will put pressure on its subsequent trend. The prices of coking coal and coke are expected to be under pressure and fluctuate weakly in the short term [3][4][5][9]. Summary by Directory 1. Market Review - During the pre - holiday market, the five major steel products continued to destock. The fundamentals of rebar and hot - rolled coil improved, and prices at low levels provided some support. The market drivers were limited, with strong wait - and - see sentiment, and the spot and futures prices fluctuated within a narrow range [9]. 2. Steel Supply and Demand Analysis - **Production**: Rebar and hot - rolled coil both increased production. Rebar's weekly output was 188.22 tons (up 2.08% week - on - week and down 8.64% year - on - year), and hot - rolled coil's weekly output was 304.51 tons (up 3.74% week - on - week and up 0.58% year - on - year). Rebar's blast furnace and electric furnace production both increased. The blast furnace weekly output was 157.49 tons (up 1.62% week - on - week and down 11.32% year - on - year), and the electric furnace weekly output was 30.73 tons (up 4.49% week - on - week and up 8.17% year - on - year) [13][17][22]. - **Operating Rate**: The operating rates of blast furnaces and electric furnaces both increased. The national blast furnace operating rate was 78.94% (up 0.79% week - on - week and up 0.29% year - on - year), and the electric furnace operating rate was 68.63% (up 1.48% week - on - week and up 1.13% year - on - year) [23][27]. - **Profit**: Rebar's profit increased, while hot - rolled coil's profit slightly decreased. Rebar's profit was +48 yuan/ton (up 21 yuan/ton week - on - week and down 38 yuan/ton year - on - year), and hot - rolled coil's profit was - 29 yuan/ton (down 14 yuan/ton week - on - week and down 58 yuan/ton year - on - year) [28][31]. - **Demand**: Rebar's demand slightly decreased, while hot - rolled coil's demand increased. Rebar's apparent consumption was 200.44 tons (down 1.11% week - on - week and up 5.47% year - on - year), and the 5 - day average of national building materials transactions was 9.66 tons (down 1.54% week - on - week and down 8.07% year - on - year). Hot - rolled coil's apparent consumption was 310.77 tons (up 1.21% week - on - week and up 2.66% year - on - year) [32][36]. - **Inventory**: Rebar's inventory continued to decline, with both factory and social inventories decreasing. Rebar's factory inventory was 139.37 tons (down 0.49% week - on - week and up 14.76% year - on - year), social inventory was 282.66 tons (down 3.92% week - on - week and down 1.53% year - on - year), and total inventory was 422.03 tons (down 2.81% week - on - week and up 3.31% year - on - year). Hot - rolled coil's inventory decreased, with factory inventory rising and social inventory decreasing. Factory inventory was 82.32 tons (up 2.24% week - on - week and up 0.59% year - on - year), social inventory was 288.64 tons (down 2.72% week - on - week and up 24.01% year - on - year), and total inventory was 370.96 tons (down 1.66% week - on - week and up 20.79% year - on - year) [37][41][42][46]. - **Downstream Industries**: In the real estate sector, both the commercial housing and land markets declined month - on - month. The weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased by 26.09% month - on - month and 16.33% year - on - year, and the transaction area of land in 100 large - and medium - sized cities decreased by 74.78% month - on - month and 49.44% year - on - year. In the automotive sector, in November 2025, automobile production and sales continued to grow both month - on - month and year - on - year. Production and sales were 3.532 million and 3.429 million vehicles respectively, up 5.1% and 3.2% month - on - month, and 2.8% and 3.4% year - on - year [47][49][52]. 3. Iron Ore Supply and Demand Analysis - **Supply**: Iron ore shipments and arrivals both increased month - on - month. The price index of iron ore was 107.92 (up 1.05% month - on - month and up 11.23% year - on - year). The shipments from Australia and Brazil were 3059.6 tons (up 8.70% month - on - month and up 23.36% year - on - year), and the arrivals at 45 ports were 2756.4 tons (up 5.96% month - on - month and down 2.75% year - on - year) [55][60]. - **Demand**: The daily output of hot metal continued to increase, and the port clearance volume increased. The daily output of hot metal was 227.43 tons (up 0.85 tons week - on - week and up 2.23 tons year - on - year), the port clearance volume of 45 ports was 325.21 tons (up 3.22% week - on - week and up 2.18% year - on - year), and the inventory - to - sales ratio of 247 steel enterprises was 31.88 days (up 0.76% week - on - week and down 9.2% year - on - year) [61][65]. - **Inventory**: Iron ore port inventories continued to reach new highs, and steel enterprises' iron ore inventories increased. The inventory at 45 ports was 15970.89 tons (up 0.71% week - on - week and up 6.45% year - on - year), the imported iron ore inventory of 247 steel enterprises was 8949.54 tons (up 0.97% week - on - week and down 9.25% year - on - year), and the average available days of iron ore for 114 steel enterprises was 25.42 days (up 0.95% week - on - week and down 7.43% year - on - year) [66][70]. 4. Coking Coal and Coke Supply and Demand Analysis - **Supply**: The operating rate of domestic coking coal mines decreased month - on - month, while Mongolian coal customs clearance remained at a high level. The operating rate of coking coal mines was 79.63% (down 5.44% month - on - month and down 10.21% year - on - year), the capacity utilization rate of coal washing plants was 35.09% (down 3.39% month - on - month and up 7.37% year - on - year), and the average daily Mongolian coal customs clearance volume was 19.05 tons (up 49.47% month - on - month and up 33.49% year - on - year) [72][76]. - **Demand**: The transaction rate of coking coal auctions decreased month - on - month. The daily transaction rate of coking coal auctions was 65.25% (down 4.07% month - on - month and down 4.47% year - on - year), and the weekly transaction rate was 71.74% (down 12.94% week - on - week and up 54.91% year - on - year) [77][79]. - **Coking Enterprises**: The profit of independent coking plants slightly recovered month - on - month, and the capacity utilization rate slightly increased. The profit per ton of coke in independent coking plants was - 14 yuan/ton (up 4 yuan/ton month - on - month and up 2 yuan/ton year - on - year), the capacity utilization rate of independent coking plants was 70.74% (up 0.55% month - on - month and down 2.45% year - on - year), and the capacity utilization rate of steel mills' coke was 85.58% (up 0.07% month - on - month and down 0.34% year - on - year) [81][85]. - **Coking Coal Inventory**: Port inventories increased month - on - month, and coking plant inventories increased. The coking coal inventory of independent coking plants was 896.10 tons (up 1.42% month - on - month and up 1.02% year - on - year), the coking coal inventory of steel mills was 802.50 tons (down 0.49% month - on - month and up 3.43% year - on - year), and the coking coal port inventory was 301.3 tons (up 0.60% month - on - month and down 39.59% year - on - year) [86][91]. - **Coke Inventory**: Port inventories increased slightly, and coking plant inventories decreased. The coke inventory of independent coking plants was 48.7 tons (down 2.87% month - on - month and down 3.91% year - on - year), the coke inventory of steel mills was 643.99 tons (up 0.28% month - on - month and down 1.67% year - on - year), and the coke port inventory was 180.09 tons (up 1.06% month - on - month and up 4.57% year - on - year) [92][97]. - **Spot Price**: The fourth round of coke price cuts was implemented, and the game between steel and coking enterprises continued. The price of low - sulfur coking coal in Shanxi was 1500 yuan/ton (down 100 yuan/ton week - on - week and up 70 yuan/ton year - on - year), and the ex - factory price of quasi - first - grade metallurgical coke in Handan was 1340 yuan/ton (down 50 yuan/ton month - on - month and down 220 yuan/ton year - on - year) [98][102]. 5. Spread Analysis - The basis of rebar slightly shrank, and the 1 - 5 spreads of rebar and hot - rolled coil both shrank. The coil - to - rebar spread continued to shrink, and the 1 - 5 spread of iron ore shrank [104][108].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Last week, the coking coal and coke futures showed a volatile trend. With weak demand and supply contraction, the fundamental driving force was not strong. The terminal demand was at a low level. Steel mills maintained their coke production, with a slight increase in the daily average coke output and a month - on - month increase in inventory. Coking enterprises turned from profit to loss, with a significant contraction in profits mainly due to the strong coking coal prices. Coking coal inventory continued to increase due to poor demand and enhanced year - end safety repairs. Overall, with marginal contraction in supply and demand and weak fundamental drivers, it is expected that coking coal and coke will mainly fluctuate [1][5][6] Summary by Relevant Catalogs Transaction Data - SHFE rebar closed at 3118 yuan/ton, down 1 yuan or 0.03%, with a total trading volume of 4,998,891 lots and a total open interest of 2,309,982 lots - SHFE hot - rolled coil closed at 3283 yuan/ton, up 14 yuan or 0.43%, with a total trading volume of 1,750,294 lots and a total open interest of 1,238,912 lots - DCE iron ore closed at 783.0 yuan/ton, up 3.0 yuan or 0.38%, with a total trading volume of 1,134,250 lots and a total open interest of 567,104 lots - DCE coking coal closed at 1115.5 yuan/ton, up 7.5 yuan or 0.68%, with a total trading volume of 6,630,132 lots and a total open interest of 660,689 lots - DCE coke closed at 1720.0 yuan/ton, down 20.0 yuan or 1.15%, with a total trading volume of 107,944 lots and a total open interest of 34,179 lots [3] Market Review - **Downstream**: Terminal demand was at a low level. Steel mills maintained coke production. The daily average coke output increased slightly, and inventory increased month - on - month. The profitability rate of steel mills last week was 37.23%, a month - on - month increase of 1.30 percentage points and a year - on - year decrease of 12.55 percentage points. The daily average pig iron output was 226.58 tons, a month - on - month increase of 0.03 tons and a year - on - year decrease of 1.29 tons. The daily average coke output was 46.8 (month - on - month + 0.31) tons, with a capacity utilization rate of 85.52% (- 0.21). Coke inventory was 642.2 (+ 847) tons, and the available days of coke were 12.01 (+ 0.29) days [5] - **Mid - stream**: Coking enterprises turned from profit to loss, with a significant contraction in profits mainly due to the strong coking coal prices, adjustment of coke output, and a significant increase in inventory. The national average profit per ton of coke was - 18 (month - on - month - 34) yuan/ton. Last week, the capacity utilization rate was 71.66% (- 0.39); the daily average coke output was 62.67 (- 0.31) tons, and the coke inventory was 92.4 (+ 1.14) tons [1][5] - **Upstream**: At the year - end, safety repairs were enhanced, and mine production declined. Due to poor demand, coking coal inventory continued to increase. The approved capacity utilization rate of 523 coking coal mine samples was 84.2%, a month - on - month decrease of 2.4%. The daily average raw coal output was 187.4 tons, a month - on - month decrease of 5.4 tons, and the raw coal inventory was 483.1 tons, a month - on - month increase of 4.2 tons. The daily average clean coal output was 74 tons, a month - on - month decrease of 1.8 tons, and the clean coal inventory was 282.9 tons, a month - on - month increase of 10.1 tons [1][6] Industry News - Premier Li Qiang chaired a meeting of the leading group for the preparation of the "15th Five - Year Plan" Outline Draft, emphasizing the need to plan major projects, carriers, etc., to accumulate new momentum for future development and support current economic operations - Beijing further optimized and adjusted the housing purchase restriction policy, including relaxing the conditions for non - local households, reducing the social security or individual income tax payment years, allowing multi - child families to buy an additional house, and adjusting mortgage interest rates and down - payment ratios - Some cities such as Handan, Baoding, Xingtai, and Xi'an launched heavy - pollution weather emergency responses, and Anhui issued a provincial orange warning for heavy - pollution weather - The National Fiscal Work Conference was held, stating that a more proactive fiscal policy would be continued in 2026, with an expansion of fiscal expenditure and optimization of government bond tools. Six key tasks were required for fiscal work in 2026, including boosting consumption and increasing investment in key areas [7][11] Relevant Charts - The report includes multiple charts such as the basis trend of coke and coking coal, the futures and monthly spread trends of steel products, and the trends of production, capacity utilization, inventory, and profit - related indicators of coking coal and coke [10][13][17]

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core View of the Report The report indicates that the five major steel products continue to reduce inventory. The fundamentals of rebar are improving, while the inventory reduction of hot-rolled coils has slowed down. At the end of the week, the raw material side faced downward pressure, slightly dragging down the finished products. Although steel prices are currently under pressure from raw materials and are expected to weaken in the short term, the overall decline is limited. Iron ore and coking coal are also under pressure and are expected to continue their weak performance [3][4][5]. Summary by Directory 01 Market Review Last week, the five major steel products continued to reduce inventory. The fundamentals of rebar continued to improve, and the inventory reduction of hot-rolled coils slowed down. The overall contradiction in finished products was limited. At the end of the week, the raw material side declined under pressure, slightly dragging down the finished products. The weekly steel prices still showed a relatively strong overall trend [9]. 02 Steel Supply and Demand Analysis - **Production**: Rebar production decreased significantly, with both blast furnace and electric furnace production decreasing. The national rebar weekly output was 189.31 tons (down 8.14% week-on-week and 14.91% year-on-year). The national hot-rolled coil weekly output was 314.31 tons (down 1.47% week-on-week and 0.85% year-on-year). The blast furnace and electric furnace operating rates both decreased month-on-month [15][21][26]. - **Profit**: The profits of rebar and hot-rolled coils increased week-on-week. The rebar profit was +34 yuan/ton (up 46 yuan/ton week-on-week and down 1 yuan/ton year-on-year), and the hot-rolled coil profit was -22 yuan/ton (up 25 yuan/ton week-on-week and down 49 yuan/ton year-on-year) [30]. - **Demand**: The demand for rebar and hot-rolled coils both showed a slight decline. The apparent consumption of rebar was 216.98 tons (down 4.81% week-on-week and 8.70% year-on-year), and the apparent consumption of hot-rolled coils was 314.86 tons (down 1.67% week-on-week and 0.70% year-on-year) [35]. - **Inventory**: The inventory of rebar decreased at an accelerated pace, with both factory and social inventories showing a decline. The inventory reduction of hot-rolled coils slowed down, with a slight decrease in social inventory and a slight increase in factory inventory [39][44]. - **Downstream Industries**: In the real estate sector, both commercial housing sales and the land market showed a month-on-month decline. In the automotive sector, production and sales in October continued to increase both month-on-month and year-on-year [48][51]. 03 Iron Ore Supply and Demand Analysis - **Supply**: The iron ore shipments from Australia and Brazil decreased slightly, and the arrival volume continued to decline month-on-month. The iron ore price index was 107.04 (up 0.77% week-on-week and 0.71% year-on-year), the shipments from Australia and Brazil were 2655.3 tons (down 4% week-on-week and up 4.7% year-on-year), and the arrival volume at 45 ports was 2480.5 tons (down 8.11% week-on-week and 1.46% year-on-year) [59]. - **Demand**: The daily output of hot metal continued to decline, and the port clearance volume decreased. The daily output of hot metal was 232.3 tons (down 2.38 tons week-on-week and 0.31 tons year-on-year), and the port clearance volume at 45 ports was 318.45 tons (down 3.67% week-on-week and 1.52% year-on-year) [64]. - **Inventory**: The iron ore port inventory continued to increase, and the steel enterprises' iron ore inventory also increased. The inventory at 45 ports was 15300.81 tons (up 0.60% week-on-week and 1.22% year-on-year), and the imported iron ore inventory of 247 steel enterprises was 8984.73 tons (up 0.47% week-on-week and down 4.13% year-on-year) [70]. 04 Coking Coal and Coke Supply and Demand Analysis - **Supply**: The operating rate of domestic coking coal mines decreased slightly month-on-month, but the Mongolian coal customs clearance remained at a relatively high level. The operating rate of coking coal mines was 85.59% (down 0.48% week-on-week and 6.14% year-on-year), and the daily average of Mongolian coal customs clearance was 19.08 tons (down 3.75% week-on-week and up 139% year-on-year) [76]. - **Coking Enterprises**: The profit of coking enterprises decreased slightly, and the capacity utilization rate increased slightly. The profit per ton of coke in independent coking plants was +30 yuan/ton (down 16 yuan/ton week-on-week and up 21 yuan/ton year-on-year), and the capacity utilization rate was 72.64% (up 0.86% week-on-week and down 1.48% year-on-year) [84]. - **Coking Coal Inventory**: The port inventory increased slightly month-on-month, and the coking plant inventory decreased slightly. The coking coal inventory in independent coking plants was 857.26 tons (down 0.43% week-on-week and up 4.26% year-on-year), and the port inventory of coking coal was 296.5 tons (up 0.68% week-on-week and down 34.68% year-on-year) [90]. - **Coke Inventory**: The port inventory continued to decline, and the coking plant inventory decreased simultaneously. The coke inventory in independent coking plants was 44.69 tons (down 1.15% week-on-week and 0.47% year-on-year), and the port inventory of coke was 181.3 tons (down 3.26% week-on-week and up 7.79% year-on-year) [96]. - **Spot Price**: The first round of coke price cuts was implemented, and the game between steel and coking enterprises continued. The price of low-sulfur coking coal in Shanxi was 1500 yuan/ton (down 80 yuan/ton week-on-week and 60 yuan/ton year-on-year), and the ex-factory price of quasi-primary metallurgical coke in Handan was 1490 yuan/ton (down 50 yuan/ton week-on-week and 170 yuan/ton year-on-year) [102]. 05 Spread Analysis The basis of rebar and hot-rolled coils continued to shrink, and the 1-5 spread of hot-rolled coils also shrank. The coil-to-rebar spread continued to shrink, and the 1-5 spread of iron ore shrank slightly [104][108].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The downstream steel mills' loss area has expanded, with increased maintenance and a decline in hot metal production. The coke production of steel mills has slightly decreased, inventory has declined, and available days have decreased. The upstream coking coal supply is tight due to safety inspections, and prices continue to rise with high auction enthusiasm. Although the profits of downstream steel mills have narrowed and hot metal production has declined, the demand is resilient, and with the expectation of winter storage replenishment, the pressure is limited. Overall, the supply and demand of coking coal and coke are tight, and the main driver is the contraction of the supply side. The futures prices are expected to fluctuate strongly [1][5][6]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3034 | -72 | -2.32 | 5791624 | 2824366 | Yuan/ton | | SHFE Hot Rolled Coil | 3245 | -63 | -1.90 | 2193217 | 1365348 | Yuan/ton | | DCE Iron Ore | 760.5 | -39.5 | -4.94 | 1655900 | 537495 | Yuan/ton | | DCE Coking Coal | 1270.0 | -16.0 | -1.24 | 5683778 | 984216 | Yuan/ton | | DCE Coke | 1756.5 | -20.5 | -1.15 | 108828 | 49120 | Yuan/ton | [3] 3.2 Market Review - Last week, the coking coal and coke futures fluctuated strongly. Fundamentally, the steel mills' production declined, and hot metal production continued to decrease, causing the futures prices to fluctuate at high levels. The loss area of downstream steel mills expanded, with increased maintenance and a decline in hot metal production. The coke production of steel mills slightly decreased, inventory declined, and available days decreased. The profitability of steel mills last week was 39.83%, a decrease of 5.19 percentage points compared to the previous week and 19.91 percentage points compared to the same period last year. The average daily hot metal production was 234.22 tons, a decrease of 2.14 tons compared to the previous week and an increase of 0.16 tons compared to the same period last year. For the 247 steel mill samples nationwide, the average daily coke production was 46.09 (a decrease of 0.12), and the capacity utilization rate was 84.99% (a decrease of 0.22%). The mid - stream coking enterprises continued to suffer losses, although the losses in the previous period narrowed, but the production willingness was average, and coke production decreased. The national average coke profit per ton was - 22 yuan/ton, and the average profit of quasi - first - grade coke in Shanxi was - 20 yuan/ton. Last week, the capacity utilization rate was 72.31% (a decrease of 1.13%); the average daily coke production was 63.59 (a decrease of 1). In the upstream coal mines, due to the strong operation of coking coal prices and relatively stable supply - side production, coking coal auctions mainly increased. The approved capacity utilization rate of 523 coking coal mine samples was 83.8%, a decrease of 1.0% compared to the previous period. The average daily raw coal production was 186.3 tons, a decrease of 4.0 tons compared to the previous period, the raw coal inventory was 419.2 tons, a decrease of 12.4 tons compared to the previous period, the average daily clean coal production was 73.8 tons, a decrease of 2.0 tons compared to the previous period, and the clean coal inventory was 165.6 tons, an increase of 1.1 tons compared to the previous period. In terms of inventory, the coal - coke inventory was generally at a low level. The coke inventory of steel mills was 626.64 tons, a decrease of 2.41; the available days of coke were 11.07 days, a decrease of 0.50 days; the coking coal inventory was 787.3 tons, a decrease of 9.02, and the available days of coking coal were 12.84 days, a decrease of 0.12 days. The coke inventory of coking enterprises was 58.30 tons, a decrease of 1.57, the total coking coal inventory was 1070.02 tons, an increase of 0.54, and the available days of coking coal were 12.7 days, an increase of 0.4 days [5][6]. 3.3 Industry News - Many places in Hebei lifted the emergency response to heavy pollution weather. With the continuous improvement of meteorological conditions, the pollutant diffusion capacity has significantly increased. Many places such as Tangshan, Handan, Shijiazhuang, Hengshui, Baoding, and Cangzhou successively issued announcements to lift the emergency response to heavy pollution weather on November 9. - Lan Fuan pointed out that during the "15th Five - Year Plan" period, the package debt resolution plan will be further implemented, and the replacement of local government's existing implicit debt will be carried out well. A unified long - term supervision system for local government debt will be established, and strict accountability will be imposed on behaviors such as illegal debt issuance and false debt resolution to prevent new debts after clearance. The reform and transformation of local financing platforms will be accelerated, and the establishment or alienation of various financing platforms is strictly prohibited. The debt structure will be optimized, and a long - term government debt management mechanism compatible with high - quality development will be quickly established. - US Treasury Secretary Bessent said that the China - US trade agreement may be signed as early as this week. The Ministry of Foreign Affairs responded that China is willing to work with the US to implement the important consensus of the two heads of state, and continuously reduce the problem list and expand the cooperation list through dialogue and negotiation based on the principles of equality, respect, and mutual benefit, so as to promote the healthy, stable, and sustainable development of China - US relations and inject more certainty and stability into the world. - The China Federation of Logistics and Purchasing announced on November 6 that the global manufacturing purchasing managers' index in October was the same as the previous month, running in the range of 49% - 50% for 8 consecutive months, reflecting the continued slow recovery of the global economy [10]. 3.4 Related Charts - The content mainly shows various charts related to coking coal and coke, including the basis trend of coke, the futures and monthly spread trend of hot - rolled coils, the average daily production of independent coking plants, the capacity utilization rate of independent coking enterprises, the average daily hot metal production, the inventory of coke in coking plants, steel mills, and ports, the available days of coke in steel mills, the total inventory of coke, the profit per ton of coke in different regions, the capacity utilization rate and production of coking coal mines, and the inventory of coking coal in different sectors [8][12][14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For steel products (including rebar and hot-rolled coil), the market is expected to be weak and fluctuate at a low level. Although the high daily output of hot metal provides support for raw materials, the demand after the holiday is cautious, and the inventory accumulation during the National Day holiday and the pressure from mid - month delivery affect the market. The downward space for steel prices is relatively limited [3]. - For iron ore, the price is expected to fluctuate within a range. The supply has increased in stages, the daily output of hot metal remains high, and the inventory pressure is limited. The price is more easily affected by the macro and news [4]. - For coking coal and coke, they are expected to be weak and fluctuate. The high daily output of hot metal provides support, but short - term risks such as trade tariffs and terminal delivery inventory pressure need to be vigilant [5]. 3. Summary According to the Table of Contents 3.1 Market Review - After the holiday, the demand was average, and steel prices fluctuated at a low level. During the holiday, the spot market had prices but no transactions, and the demand was weak. The five major steel products showed traditional inventory accumulation, with the social inventory of hot - rolled coil slightly exceeding the historical average. After the holiday, although prices were under pressure, the high hot - metal output supported raw materials [9]. 3.2 Steel Supply and Demand Analysis - **Supply**: The weekly output of rebar decreased to 203.4 tons (down 1.75% month - on - month and 13.91% year - on - year), and the weekly output of hot - rolled coil slightly declined to 323.29 tons (down 0.43% month - on - month and up 4.90% year - on - year). Both blast furnace and electric furnace production of rebar decreased. The blast furnace operating rate remained stable, and the electric furnace operating rate slightly increased. The profits of rebar and hot - rolled coil both declined [16][18][23]. - **Demand**: Affected by the holiday, the apparent consumption of rebar and hot - rolled coil decreased significantly. The apparent consumption of rebar was 153.18 tons (down 36.46% month - on - month and 40.59% year - on - year), and that of hot - rolled coil was 295.01 tons (down 9.12% month - on - month and 6.63% year - on - year) [37]. - **Inventory**: The rebar inventory increased from a decreasing trend, with both factory and social inventories accumulating. The total rebar inventory was 659.64 tons (up 9.53% month - on - month and 49.63% year - on - year). The hot - rolled coil inventory increased significantly, mainly in social inventory, with a total inventory of 412.9 tons (up 8.49% month - on - month and 7.72% year - on - year) [41][46]. - **Downstream**: In the real estate market, the transactions of commercial housing and land decreased month - on - month. In the automotive market, in August 2025, the production and sales of automobiles increased both month - on - month and year - on - year [49][52]. 3.3 Iron Ore Supply and Demand Analysis - **Supply**: The shipments from 19 ports in Australia and Brazil decreased slightly to 26.665 million tons (down 2.23% month - on - month and up 7.02% year - on - year), and the arrival volume at 45 ports increased to 30.458 million tons (up 16.76% month - on - month and 3.29% year - on - year) [60]. - **Demand**: The daily output of hot metal was 2.4154 million tons (down 0.27 tons month - on - month and up 8.46 tons year - on - year), and the port clearance volume at 45 ports decreased slightly to 3.27 million tons (down 2.79% month - on - month and up 0.61% year - on - year) [65]. - **Inventory**: The inventory at 45 ports increased slightly to 140.245 million tons (up 0.17% month - on - month and down 8.32% year - on - year), and the imported iron ore inventory of 247 steel enterprises decreased to 90.4619 million tons (down 9.87% month - on - month and up 0.68% year - on - year) [71]. 3.4 Coking Coal and Coke Supply and Demand Analysis - **Supply**: The operating rate of coking coal mines decreased to 81.89% (down 5.33% month - on - month and 6.11% year - on - year), and the daily customs clearance volume of Mongolian coal decreased to 177,300 tons (down 3.38% month - on - month and up 62.10% year - on - year). The independent coking plant's ton - coke profit increased to 9 yuan/ton, and the capacity utilization rate remained stable [77][85]. - **Demand**: The daily output of hot metal remained at a high level, which provided support for coking coal and coke [5]. - **Inventory**: The coking coal inventory of independent coking plants decreased to 8.1913 million tons (down 7.80% month - on - month and up 11.80% year - on - year), and the port inventory remained unchanged. The coke inventory of independent coking plants increased to 425,400 tons (up 9.05% month - on - month and 13.56% year - on - year), and the port inventory increased slightly [91][97]. - **Spot Price**: The first - round price increase of coke was implemented during the holiday, and the game between steel and coke continued. The price of low - sulfur coking coal in Shanxi decreased, while the ex - factory price of quasi - first - class metallurgical coke in Handan increased [103]. 3.5 Spread Analysis - The basis of rebar slightly shrank, and the 1 - 5 spread fluctuated narrowly. The coil - to - rebar spread fluctuated narrowly, and the 1 - 5 spread of coking coal and coke slightly shrank [105][111].

Group 1 - In July, the profits of industrial enterprises above designated size decreased by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points compared to June, marking two consecutive months of narrowing [1][6] - High-tech manufacturing profits shifted from a 0.9% decline in June to an 18.9% increase in July, significantly boosting the overall profit growth rate of industrial enterprises [1][6] - From August 1 to 24, the retail sales of new energy vehicles in the passenger car market reached 727,000 units, a year-on-year increase of 6% and a month-on-month increase of 7%, with a cumulative retail of 7.182 million units in 2023, up 27% year-on-year [1] Group 2 - The 10-year government bond yield rose to 1.7625%, with a net withdrawal of 236.1 billion yuan in the central bank's open market operations [2][9] - The manufacturing PMI for August in both the US and Eurozone rebounded above the critical point, indicating a potential for interest rate cuts by the Federal Reserve in September [2][9] - The real estate market continues to adjust, with second-hand housing prices in first-tier cities declining month-on-month, prompting the government to enhance macro policy effectiveness [2][9] Group 3 - The palm oil production in Malaysia is expected to increase by 3.03% from the same period last month, while exports are projected to rise significantly [3][25] - The dual-fuel market is experiencing a mixed trend, with iron and coke prices showing fluctuations amid stable demand and increasing inventory levels [3][23] Group 4 - The upcoming Shanghai Cooperation Organization summit will take place from August 31 to September 1, 2025, in Tianjin, where member states will sign the "Tianjin Declaration" and approve the "10-Year Development Strategy of the SCO" [5]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The steel market is affected by tariff disturbances, with steel prices experiencing increased volatility. The black - series market had a concentrated release of previous bullish sentiment, facing short - term adjustments due to factors such as post - delivery market arrival pressure and recent tariff impacts, but still having upward drivers in the medium term [3]. - The supply, demand, and inventory of different steel products (such as rebar and hot - rolled coils) and raw materials (such as iron ore, coking coal, and coke) show different trends. For example, rebar has limited demand release in the off - season, while hot - rolled coils have a more optimistic demand performance [3]. 3. Summary According to the Directory 3.1 Market Review - The prices of raw materials were under pressure at high levels, and steel prices fluctuated and adjusted. The prices of some steel products and raw materials changed, with some rising and some falling. The market sentiment cooled down after the exchange adjusted the coking coal handling fee and imposed position limits. Rebar has been accumulating inventory for three consecutive weeks, while the inventory increase of hot - rolled coils has slowed down, and the social inventory has decreased. In the short - term, the trend of hot - rolled coils is stronger than that of rebar, and the overall market shows an oscillating adjustment [9]. 3.2 Steel Supply and Demand Analysis - **Supply**: National rebar weekly output was 220.45 million tons (down 0.33% month - on - month and up 32.51% year - on - year), and national hot - rolled coil weekly output was 315.59 million tons (up 0.22% month - on - month and up 4.72% year - on - year). Rebar production decreased slightly, and hot - rolled coil production increased slightly. The blast furnace and electric furnace production of rebar both decreased slightly. The blast furnace operating rate decreased slightly, and the electric furnace operating rate increased slightly. The profits of rebar and hot - rolled coils both contracted [14][16][27]. - **Demand**: Rebar apparent consumption was 189.94 million tons (down 9.89% month - on - month and down 4.72% year - on - year), and hot - rolled coil apparent consumption was 314.75 million tons (up 2.79% month - on - month and up 9.21% year - on - year). Rebar demand declined significantly, while hot - rolled coil demand showed an increase [35]. - **Inventory**: Rebar total inventory was 587.19 million tons (up 5.48% month - on - month and down 14.97% year - on - year), and hot - rolled coil total inventory was 357.47 million tons (up 0.24% month - on - month and down 20.66% year - on - year). Rebar inventory accumulation expanded, and hot - rolled coil inventory accumulation slowed down [39][44]. - **Downstream**: In the real estate market, the transactions of commercial housing and land both weakened month - on - month. In the automotive market, in July 2025, automobile production and sales decreased month - on - month but increased year - on - year [45][50]. 3.3 Iron Ore Supply and Demand Analysis - **Supply**: The iron ore price index was 100.81 (down 0.37% month - on - month and up 6.71% year - on - year). The shipments from 19 ports in Australia and Brazil were 2669.7 million tons (up 9.96% month - on - month and up 3.41% year - on - year), and the arrival volume at 45 iron ore ports was 2476.6 million tons (up 3.98% month - on - month and up 5.49% year - on - year) [57]. - **Demand**: The daily output of hot metal was 240.66 million tons (up 0.34 million tons month - on - month and up 11.89 million tons year - on - year), and the port clearance volume at 45 iron ore ports was 334.67 million tons (up 3.98% month - on - month and up 2.43% year - on - year). The inventory - to - sales ratio of 247 steel enterprises was 30.61 days (up 1.26% month - on - month and down 5.35% year - on - year) [62]. - **Inventory**: The inventory at 45 iron ore ports was 13819.27 million tons (up 0.78% month - on - month and down 8.07% year - on - year), and the imported iron ore inventory of 247 steel enterprises was 9136.4 million tons (up 1.37% month - on - month and up 0.73% year - on - year) [68]. 3.4 Coking Coal and Coke Supply and Demand Analysis - **Supply**: The operating rate of coking coal mines was 83.73% (down 0.19% month - on - month and down 7.14% year - on - year), the capacity utilization rate of coal washing plants was 36.51% (up 0.80% month - on - month and down 11.32% year - on - year), and the daily Mongolian coal customs clearance volume was 16.51 million tons (up 16.60% month - on - month and up 18.28% year - on - year) [74]. - **Demand**: The daily coking coal auction transaction rate was 87.72% (up 9.46% week - on - week and up 27.37% year - on - year), and the weekly coking coal auction transaction rate was 82.08% (down 6.76% week - on - week and up 36.73% year - on - year) [76]. - **Coking Enterprise Situation**: The profit per ton of coke for independent coking plants was + 20 yuan/ton (up 36 yuan/ton month - on - month and up 57 yuan/ton year - on - year), and the capacity utilization rate of independent coking plants was 74.34% (up 0.42% month - on - month and up 2.07% year - on - year) [82]. - **Inventory**: The coking coal inventory of independent coking plants was 829.31 million tons (down 0.45% month - on - month and up 23.53% year - on - year), the steel mill coking coal inventory was 805.60 million tons (down 0.36% month - on - month and up 11.43% year - on - year), and the coking coal port inventory was 255.49 million tons (down 7.88% month - on - month and down 25.59% year - on - year). The coke inventory of independent coking plants was 39.31 million tons (down 11.92% month - on - month and down 13.98% year - on - year), the steel mill coke inventory was 609.8 million tons (down 1.53% month - on - month and up 14.24% year - on - year), and the coke port inventory was 215.11 million tons (down 1.39% month - on - month and up 14.29% year - on - year) [88][94]. - **Spot Price**: The sixth round of coke price increases has been implemented, and the game between steel and coke enterprises continues [95]. 3.5 Spread Analysis - The basis of rebar has widened, and the spread between rebar contracts 10 - 1 has continued to shrink. The spread between iron ore contracts 9 - 1 has continued to narrow, and the spread between hot - rolled coils and rebar has widened again [102][108].

News Summary Core Viewpoint - The independent coking enterprises in China show mixed operating rates, with varying trends based on production capacity, while there are price adjustments in the coking coal market due to demand and supply dynamics [1][3]. Group 1: Industry Operating Rates - The operating rate of independent coking enterprises with a designed capacity of less than 1 million tons is 66.02%, a decrease of 0.58% month-on-month [1]. - For enterprises with a designed capacity between 1 million and 2 million tons, the operating rate is 67.32%, down 0.24% month-on-month [1]. - Enterprises with a designed capacity greater than 2 million tons have an operating rate of 74.98%, an increase of 0.13% month-on-month [1]. Group 2: Price Adjustments - On August 4, some steel mills in Shandong raised the procurement price of coking coal by 55 yuan/ton, with the adjusted price for premium dry quenching metallurgical coke set at 1518 yuan/ton [1]. Group 3: Market Analysis - According to Guohai Futures, the supply-demand contradiction for coking coal and coke is not significant, with demand supported by high iron water levels, suggesting a cautious outlook [3]. - The resistance levels for coking coal are noted to be around 1100-1150 yuan/ton, while for coke, it is around 1600-1650 yuan/ton, indicating a short-term expectation of market fluctuations [3]. Group 4: Inventory and Profitability - As of August 4, the average loss per ton of coke for 30 independent coking plants in China is 45 yuan, reflecting profitability challenges [4]. - The total inventory of coking coal has increased for four consecutive weeks, indicating a shift in inventory from coal mines to downstream sectors [4].

Report Title - The report is titled "Weak Demand Pressure in the Off - season, Steel Prices Rise and Then Fall - Weekly Report 20250707" [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The macro - economic environment shows enhanced expectations of warming policies, leading to a significant rebound in steel futures and spot prices. However, in the industrial aspect, the overall supply - demand structure continues to weaken during the high - temperature and rainy off - season. Steel prices are expected to face short - term correction pressure as the previous macro - positive sentiment fades [3][9] Summary by Directory 1. Market Review - **Price Changes**: In the previous week, due to the improved macro - atmosphere and enhanced expectations of capacity control, commodity prices generally rebounded. The spot prices of rebar and hot - rolled coil in major cities increased, with rebar in Shanghai rising by 90 yuan/ton to 3170 yuan/ton, and hot - rolled coil in Shanghai rising by 60 yuan/ton to 3250 yuan/ton. Futures prices also showed significant increases, with the RB01 contract rising by 88 yuan/ton to 3093 yuan/ton [9] - **Inventory Changes**: Rebar social inventory slightly increased, and hot - rolled coil total inventory increased for two consecutive weeks. Rebar total inventory decreased by 3.79 tons to 545.21 tons, while hot - rolled coil total inventory increased by 3.77 tons to 344.93 tons [9] 2. Steel Supply and Demand Analysis - **Supply**: National rebar weekly output was 221.08 tons (up 1.49% week - on - week, down 11.01% year - on - year), and hot - rolled coil weekly output was 328.14 tons (up 0.28% week - on - week, up 0.57% year - on - year). Rebar production increased in both blast furnaces and electric furnaces, with blast furnace output at 195.24 tons (up 1.23% week - on - week, down 7.62% year - on - year) and electric furnace output at 25.84 tons (up 3.44% week - on - week, up 1.69% year - on - year). The blast furnace operating rate was 83.46% (down 0.43% week - on - week, up 0.42% year - on - year), and the electric furnace operating rate was 66.87% (down 4.66% week - on - week, down 4.46% year - on - year) [15][17][22] - **Demand**: Rebar apparent consumption was 224.87 tons (up 2.26% week - on - week, down 4.42% year - on - year), and hot - rolled coil apparent consumption was 324.37 tons (down 0.58% week - on - week, up 2.10% year - on - year). The 5 - day average of national building materials transactions was 10.68 tons (up 8.23% week - on - week, down 16.56% year - on - year) [36] - **Inventory**: Rebar slightly reduced inventory, with social inventory increasing and factory inventory decreasing. Rebar factory inventory was 180.47 tons (down 2.76% week - on - week, down 6.81% year - on - year), social inventory was 364.74 tons (up 0.37% week - on - week, down 35.63% year - on - year), and total inventory was 545.21 tons (down 0.69% week - on - week, down 30.69% year - on - year). Hot - rolled coil inventory increased for two consecutive weeks, with both factory and social inventory slightly rising. Hot - rolled coil factory inventory was 78.32 tons (up 0.13% week - on - week, down 13.31% year - on - year), social inventory was 266.61 tons (up 1.40% week - on - week, down 19.58% year - on - year), and total inventory was 344.93 tons (up 1.11% week - on - week, down 18.14% year - on - year) [40][45] - **Downstream Industries**: In the real estate sector, the weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased by 39.03% week - on - week and 2.42% year - on - year, and the transaction area of land in 100 large - and medium - sized cities decreased by 38.28% week - on - week and increased by 8.91% year - on - year. In the automotive sector, in May 2025, China's automobile production and sales reached 2.649 million and 2.686 million vehicles respectively, with month - on - month increases of 1.1% and 3.7%, and year - on - year increases of 11.6% and 11.2% [48][51] 3. Iron Ore Supply and Demand Analysis - **Supply**: The shipments from 19 ports in Australia and Brazil decreased to 2417.8 tons (down 13.25% week - on - week, down 4.15% year - on - year), and the arrival volume at 45 ports was 2483.9 tons (up 5.12% week - on - week, down 10.89% year - on - year). The iron ore price index was 95.44 (up 3.38% week - on - week, down 13.70% year - on - year) [59] - **Demand**: The daily output of hot metal decreased to 240.85 tons (down 1.44 tons week - on - week, up 1.53 tons year - on - year), and the port clearance volume of 45 ports was 319.29 tons (down 2.04% week - on - week, up 1.87% year - on - year). The inventory - to - sales ratio of 247 steel enterprises was 29.65 days (up 0.95% week - on - week, down 5.63% year - on - year) [64] - **Inventory**: The inventory at 45 ports decreased by 0.37% week - on - week to 13878.4 tons, and the imported iron ore inventory of 247 steel enterprises increased by 0.80% week - on - week to 8918.57 tons. The average available days of iron ore for 114 steel enterprises were 22.44 days (up 0.22% week - on - week, up 3.55% year - on - year) [70] 4. Coking Coal and Coke Supply and Demand Analysis - **Supply**: The operating rate of coking coal mines increased to 83.82% (up 1.62% week - on - week, down 6.90% year - on - year), the operating rate of coal - washing plants was 59.72% (up 1.05% week - on - week, down 14.48% year - on - year), and the daily Mongolian coal customs clearance volume increased by 64% week - on - week to 12.56 tons (down 19.13% year - on - year) [76] - **Demand**: The daily coking coal auction成交 rate was 79.17% (down 7% week - on - week, down 19.51% year - on - year), and the weekly成交 rate was 86.7% (up 23.31% week - on - week, down 2.87% year - on - year). The daily output of hot metal decreased to 240.85 tons (down 1.44 tons week - on - week, up 1.53 tons year - on - year) [78] - **Inventory**: The coking coal inventory of independent coking plants increased by 5.57% week - on - week to 716.49 tons, the port inventory of coking coal increased by 6.54% week - on - week to 304.27 tons, and the coking coal inventory of steel mills increased by 1.03% week - on - week to 789.43 tons. The coke inventory of independent coking plants decreased by 16.45% week - on - week to 61.6 tons, the coke port inventory decreased by 4.48% week - on - week to 191.12 tons, and the coke inventory of steel mills increased by 1.55% week - on - week to 637.49 tons [91][97] - **Spot Price**: After four rounds of price cuts, coke prices temporarily stabilized. The price of low - sulfur main coking coal in Shanxi was 1180 yuan/ton (up 10 yuan/ton week - on - week, down 730 yuan/ton year - on - year), and the ex - factory price of quasi - first - grade metallurgical coke in Lvliang was 980 yuan/ton (unchanged week - on - week, down 820 yuan/ton year - on - year) [103] 5. Spread Analysis - **Rebar and Hot - Rolled Coil**: The basis of hot - rolled coil significantly contracted, and the spreads between the 10 - 1 contracts of rebar and hot - rolled coil both contracted [105] - **Others**: The 9 - 1 spread of iron ore contracted, and the spread between hot - rolled coil and rebar fluctuated within a narrow range [111]