Report Industry Investment Ratings No information provided Core Views - Steel prices fluctuate narrowly with weak spot prices. There is no resonance rebound yet, so continue to wait and see on a single - side basis. For hot - rolled coils, conduct rolling operations on spot - futures arbitrage or use option strategies to assist spot procurement [2][6] - The fundamentals of ferrosilicon and silicomanganese remain under pressure with high supply and weak demand. There is a high risk of a decline in the future, and industrial customers should hedge at high prices [2][6] - The expectation of the first round of coke price increase is strengthening. It is advisable to buy on dips, but be cautious due to volatile emotions [4][6] - Iron ore prices have fallen from the peak. It is recommended to wait and see as the valuation is moderately high and there are inventory pressures [5][9] Summary by Related Catalogs Steel - On Wednesday, futures prices fluctuated narrowly, and the spot market had weak follow - up increase momentum and light trading volume. There is abundant market liquidity, and the logic of commodity capital rotation has not been completely disproven. Although iron ore production is rising and there is downstream replenishment demand, the spot follow - up increase is insufficient, and there is no resonance rebound. Use a unilateral range - bound trading idea, conduct rolling operations on hot - rolled coil spot - futures arbitrage, or use option strategies to assist spot procurement [2][6] Ferrosilicon and Silicomanganese - As market sentiment subsides, the prices of ferrosilicon and silicomanganese are oscillating. Demand is poor as steel prices are under pressure, and the weekly apparent consumption has fallen to the lowest point of the year. In the off - season of terminal demand, demand is difficult to improve. Supply is still high despite poor alloy plant profits, and there is a large medium - term supply surplus pressure. Although there are policy benefits, the follow - up market is under pressure to fall, and industrial customers should hedge at high prices [2][6] Coking Coal and Coke - The expectation of the first round of coke price increase is strengthening. The overall trading atmosphere of coking coal is strong. In the futures market, there is resonance in capital market sentiment and large fluctuations. In the off - season, industry data is weak, and it is necessary to pay attention to downstream replenishment. It is advisable to buy on dips, but be cautious due to volatile emotions [4][6] Iron Ore - Iron ore prices have fallen after reaching the previous pressure level due to the resonance decline of the commodity index and market rumors. The valuation is moderately high, and the port inventory is rising. It is not recommended to chase the long or short positions, so it is advisable to wait and see [5][9]

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - For steel, the market is expected to improve, but the industry is still weak. Unilateral strategies can adopt a volatile mindset, and hot-rolled coil cash-and-carry arbitrage can be rolled. [2] - For ferrosilicon and silicomanganese, the fundamentals continue to be under pressure, with high supply and weak demand. There is a high risk of a decline despite policy support. [3] - For coking coal and coke, the spot market may start restocking after the futures rebound. It is advisable to buy on dips. [5] - For iron ore, the price has fallen back after hitting a resistance level. It is recommended to stay on the sidelines. [6] 3. Summary by Relevant Categories Steel - Weekend spot prices fluctuated little with light trading volume. The macro liquidity is abundant, and the commodity capital rotation logic remains valid. The iron ore price rose first, causing the basis to weaken and attracting cash-and-carry arbitrage. The iron production is increasing, and the pressure on plate destocking persists. The price has support at low levels. [2] - Strategies include using a range-bound approach for unilateral trading, rolling hot-rolled coil cash-and-carry arbitrage, or using options to assist in spot procurement and sales. [7] Ferrosilicon and Silicomanganese - Market sentiment is changeable, leading to significant price fluctuations. The demand is affected by poor steel prices and low mill profits, and it is difficult to improve in the off-season. The supply is high despite low alloy plant profits. There are policy supports and cost pressures, but the outlook is uncertain. [3] - Industrial customers are advised to hedge at high prices. [7] Coking Coal and Coke - The spot market has shifted from a fifth-round price cut expectation to a 1 - 2 round price increase expectation. The futures market rose on Wednesday due to supply-side news. The long-term coal supply is expected to optimize. The industry data is weak in the off-season, and attention should be paid to downstream restocking. It is advisable to buy on dips. [5] - The recommended strategy is to buy on dips. [7] Iron Ore - The price fell after hitting a resistance level due to the resonance of the commodity index and market rumors. The valuation is moderately high, and there is inventory pressure. The steel demand has slightly declined, and the overall fluctuation is limited. It is recommended to stay on the sidelines. [6] - The recommended strategy is to stay on the sidelines. [7] Futures and Spot Market Data - Futures: On January 9th, the closing prices, price changes, and price change percentages of far-month and near-month contracts of various products (such as RB2610, HC2610) are provided, along with cross-month spreads, price differences, and profit margins. [1] - Spot: On January 9th, the spot prices and price changes of various products (such as Shanghai rebar, Tianjin rebar) in different regions are presented, as well as basis values. [1]