本网拉萨综合讯 春节、藏历新年期间，我区各地举行丰富多彩的活动，雪域高原处处洋溢着热闹、团 圆、喜庆的浓浓年味儿。 日前，自治区总工会组织开展了庆新年关爱新业态劳动者活动，把党和政府以及工会组织的关怀与牵 挂，送到一线新业态劳动者的心坎上。 "我们把民俗课堂搬进托管班，既是丰富青少年寒假生活的暖心安排，也是传承中华优秀传统文化、铸 牢中华民族共同体意识的生动实践，让孩子们在动手实践中亲近传统、认同文化，在交往交流中增进感 "太暖心了！平时奔波在外，累了能在工会驿站歇脚、喝口热水，今天还能吃上热腾腾的饺子，收到工 会的关怀和祝福，心里格外暖！"美团外卖负责人王梓龙手捧着饺子，眼里满是感动，"这份关怀让我们 感受到了家的温暖，也让我们更有干劲了，以后一定会继续坚守岗位，做好服务！" 日前，拉萨市市场监管局工作人员深入金星游乐园、柳梧万达广场及周边重点商超，开展在用特种设备 安全隐患专项排查整治，以"节日我在岗"的责任担当，全力守护群众节日安全。 此次检查聚焦大型游乐设施、电梯等关键设备，采取现场查验、功能测试、台账核查、隐患回头看等方 式，重点核查设备使用登记、定期检验、作业人员持证上岗、维保记录及应急演练落实情 ...

Group 1 - The core viewpoint of the article emphasizes the importance of safety inspections in various sectors, particularly in preparation for the upcoming festival season [1][2] - The safety inspection focused on key areas such as fireworks retail stores, driving schools, and crowded venues, ensuring compliance with safety regulations and emergency preparedness [1] - A total of 12 safety hazards were identified during the inspections, including non-compliant fire equipment and unclear safety signage, leading to immediate rectification orders for responsible units [1] Group 2 - The ongoing safety management and public education efforts will continue to target key areas and weaknesses, aiming to create a safe and stable environment for the upcoming New Year celebrations [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The overall sentiment in the commodity market was positive yesterday, and the prices of finished steel products continued to fluctuate within the bottom range. The supply and demand of hot-rolled coils both declined, and the inventory level gradually decreased and approached a relatively reasonable range. For rebar, the output showed an inverse seasonal increase, the apparent demand continued to weaken, and the inventory began to accumulate slightly, but the overall pressure remained limited [2]. - The overseas iron ore shipment volume increased slightly in the latest period. The supply pressure eased marginally as the overseas shipment entered the off - season. The inventory was at the highest level in the same period of the past five years, suppressing the absolute price. The iron ore price fluctuated in the short term, and the subsequent focus was on the steel mills' restocking and hot - metal production rhythm [5]. - The market sentiment for ferroalloys was affected by the Baogang explosion and other factors. In the future, the market sentiment and cost - push or supply - contraction factors would dominate the market. Attention should be paid to potential issues in manganese ore and the "dual - carbon" policy [9][10]. - The prices of coking coal and coke were affected by the Baogang incident and market sentiment. In the short term, the prices were expected to continue to show a wide - range oscillation, and attention should be paid to the short - term impact of market sentiment [14][15]. - For industrial silicon, there was an expectation of improved supply - demand, but the price was expected to oscillate due to the approaching Spring Festival. Attention should be paid to the production reduction of large factories and the production adjustment rhythm of downstream enterprises [18]. - The supply of polysilicon was expected to contract in the first quarter, and the supply - demand pattern was expected to improve. It was recommended to wait and see and operate cautiously [21]. - The float glass market lacked substantial positive drivers, and the short - term market was expected to continue to show a narrow - range oscillation [24]. - The soda ash market supply - demand pattern was generally loose, and the short - term market was expected to continue to operate weakly [26]. 3. Summary by Related Catalogs Steel Rebar - **Market Information**: The closing price of the rebar main contract in the afternoon was 3123 yuan/ton, down 3 yuan/ton (- 0.09%) from the previous trading day. The registered warehouse receipts were 17283 tons, with a month - on - month decrease of 0 tons. The main contract position was 1.7444 million lots, with a month - on - month increase of 29747 lots. The Tianjin aggregated price of rebar was 3160 yuan/ton, with a month - on - month decrease of 0 yuan/ton; the Shanghai aggregated price was 3240 yuan/ton, with a month - on - month decrease of 20 yuan/ton [1]. - **Strategy Viewpoint**: The output of rebar showed an inverse seasonal increase, the apparent demand continued to weaken, and the inventory began to accumulate slightly, but the overall pressure remained limited [2]. Hot - Rolled Coils - **Market Information**: The closing price of the hot - rolled coil main contract was 3280 yuan/ton, down 9 yuan/ton (- 0.27%) from the previous trading day. The registered warehouse receipts were 178826 tons, with a month - on - month decrease of 300 tons. The main contract position was 1.5177 million lots, with a month - on - month increase of 9222 lots. The Lecong aggregated price of hot - rolled coils was 3280 yuan/ton, with a month - on - month decrease of 0 yuan/ton; the Shanghai aggregated price was 3270 yuan/ton, with a month - on - month decrease of 10 yuan/ton [1]. - **Strategy Viewpoint**: The supply and demand of hot - rolled coils both declined, and the inventory level gradually decreased and approached a relatively reasonable range [2]. Iron Ore - **Market Information**: The main contract of iron ore (I2605) closed at 783.00 yuan/ton, with a change of - 0.63% (- 5.00). The position changed by - 6440 lots, reaching 564,600 lots. The weighted position was 920,000 lots. The spot price of PB fines at Qingdao Port was 790 yuan/wet ton, with a basis of 56.20 yuan/ton and a basis rate of 6.70% [4]. - **Strategy Viewpoint**: The overseas iron ore shipment volume increased slightly. The supply pressure eased marginally as the overseas shipment entered the off - season. The port inventory continued to accumulate, and the steel mills' imported ore inventory continued to rise. The iron ore price fluctuated in the short term, and the subsequent focus was on the steel mills' restocking and hot - metal production rhythm [5]. Manganese Silicon and Ferrosilicon - **Market Information**: On January 28th, the main contract of manganese silicon (SM605) rose 0.24% intraday, closing at 5832 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5720 yuan/ton, converted to 5910 yuan/ton on the futures market, with a premium of 78 yuan/ton over the futures price. The main contract of ferrosilicon (SF603) rose 0.50% intraday, closing at 5632 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 5750 yuan/ton, with a premium of 118 yuan/ton over the futures price [7][8]. - **Strategy Viewpoint**: The market sentiment for ferroalloys was affected by the Baogang explosion and other factors. In the future, the market sentiment and cost - push (manganese ore for manganese silicon) or supply - contraction (due to losses or "dual - carbon" policy for ferrosilicon) factors would dominate the market. Attention should be paid to potential issues in manganese ore and the "dual - carbon" policy [9][10]. Coking Coal and Coke - **Market Information**: On January 28th, coking coal main contract (JM2605) rose 1.61% intraday, closing at 1134.5 yuan/ton. The spot price of low - sulfur main coking coal in Shanxi was 1588.4 yuan/ton, with a converted futures price of 1398.5 yuan/ton, a premium of 264 yuan/ton over the futures price. Coke main contract (J2605) rose 0.96% intraday, closing at 1684.0 yuan/ton [12]. - **Strategy Viewpoint**: The prices of coking coal and coke were affected by the Baogang incident and market sentiment. In the short term, the prices were expected to continue to show a wide - range oscillation, and attention should be paid to the short - term impact of market sentiment [14][15]. Industrial Silicon and Polysilicon Industrial Silicon - **Market Information**: The closing price of the industrial silicon futures main contract (SI2605) was 8760 yuan/ton, with a change of - 1.13% (- 100). The weighted contract position changed by - 8748 lots, reaching 376349 lots. The spot price of non - oxygen - blown 553 in East China was 9200 yuan/ton, with a basis of 440 yuan/ton; the 421 was 9650 yuan/ton, with a basis of 90 yuan/ton [17]. - **Strategy Viewpoint**: There was an expectation of improved supply - demand, but the price was expected to oscillate due to the approaching Spring Festival. Attention should be paid to the production reduction of large factories and the production adjustment rhythm of downstream enterprises [18]. Polysilicon - **Market Information**: The closing price of the polysilicon futures main contract (PS2605) was 50805 yuan/ton, with a change of - 2.11% (- 1095). The weighted contract position changed by - 1108 lots, reaching 74886 lots. The average spot price of N - type granular silicon was 49.5 yuan/kg, N - type dense material was 51.5 yuan/kg, and N - type re - feed material was 52.5 yuan/kg, with a basis of 1695 yuan/ton [19]. - **Strategy Viewpoint**: The supply of polysilicon was expected to contract in the first quarter, and the supply - demand pattern was expected to improve. It was recommended to wait and see and operate cautiously [21]. Glass and Soda Ash Glass - **Market Information**: On Wednesday afternoon at 15:00, the glass main contract closed at 1067 yuan/ton, up 0.09% (+ 1). The North China large - plate price was 1010 yuan, unchanged from the previous day; the Central China price was 1090 yuan, unchanged from the previous day. On January 23rd, the weekly inventory of float glass sample enterprises was 53.2158 million cases, up 202,800 cases (+ 0.38%) [23]. - **Strategy Viewpoint**: The float glass market lacked substantial positive drivers, and the short - term market was expected to continue to show a narrow - range oscillation, with the main contract reference range of 1035 - 1130 yuan/ton [24]. Soda Ash - **Market Information**: On Wednesday afternoon at 15:00, the soda ash main contract closed at 1198 yuan/ton, up 0.34% (+ 4). The Shahe heavy - soda price was 1158 yuan, up 4 yuan from the previous day. On January 23rd, the weekly inventory of soda ash sample enterprises was 1.5212 million tons, down 53,800 tons (- 0.38%) [25]. - **Strategy Viewpoint**: The soda ash market supply - demand pattern was generally loose, and the short - term market was expected to continue to operate weakly, with the main contract reference range of 1160 - 1230 yuan/ton [26].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The report anticipates that the short - term prices of coking coal and coke will continue to show a slightly stronger oscillating trend, while also highlighting the short - term impact of market sentiment and the current high - volatility risks [19] Summary by Relevant Catalogs 1. Weekly Assessment and Strategy Recommendation - **Market Review**: Last week, coking coal futures prices generally showed a trend of reaching the bottom and then rebounding, with a wide - range oscillation, and a weekly decline of 12.5 yuan/ton or - 1.06% for the weighted index. Coking coal prices were affected by factors such as the explosion accident at Baogang's plate factory, weak market sentiment, and Trump's tariff statement. Coking coal is in a daily - level rebound cycle, with support around 1130 - 1150 yuan/ton and resistance around 1260 yuan/ton. Coke futures prices also showed a similar trend, with a weekly increase of 5.5 yuan/ton or + 0.32% for the weighted index. Coke prices are approaching the long - term downward trend line since October 2021. If it breaks upward, the resistance around 1850 yuan/ton will be focused on, and the support around 1650 - 1700 yuan/ton will be monitored in the short term [14][17] - **Weekly Key Points Summary**: In terms of spot prices and basis, coking coal and coke have different price and basis changes. The coking coal main contract position is at a high level in the same period of the past six years, and non - main contract positions in March and April are abnormally high, so the pressure of warehouse receipts after price increases needs to be watched out for. Domestic coking coal production has slightly increased, and the Mongolian coal customs clearance volume at Ganqimaodu Port has rebounded to a high level. Australian coal imports are still unprofitable. Coke production is basically stable, iron - making water production has increased slightly, and the steel mill profitability rate has also increased. The apparent consumption of five major steel products has decreased, and steel inventory is still higher than the same period last year but within an acceptable range [18] - **Supply - Demand Structure and Outlook**: The estimated daily supply of coking coal in the country has slightly increased, and the estimated demand has also increased slightly. The supply - demand structure of coking coal has changed little compared with last week. The estimated demand for coke converted from iron - making water is slightly lower than the daily coke production, and the supply - demand structure of coke has also become marginally looser. In terms of inventory, the total coking coal inventory has increased, and the total coke inventory has also increased. Looking forward, the report believes that commodity bulls will continue, but the black sector currently lacks capital interest. Short - term price increases may be limited due to factors such as the marginal loosening of supply - demand structure and low downstream replenishment willingness, but the recent rise in Australian coal prices and the power shortage in the US may have a positive impact on sentiment [19] 2. Futures and Spot Market - **Spot Prices**: As of January 23, 2026, different types of coking coal and coke have different price changes. For example, the price of low - sulfur main - coking coal in Shanxi has increased by 9.4 yuan/ton, and the price of Rizhao Port's quasi - first - grade wet - quenched coke has decreased by 20 yuan/ton [23][34] - **Basis and Calendar Spread**: The basis of coking coal such as Shanxi low - sulfur main - coking coal and Jinquan Mongolian No. 5 coal has increased, and the basis of coke such as Rizhao Port's quasi - first - grade wet - quenched coke and Lvliang's quasi - first - grade dry - quenched coke has decreased. The 5 - 9 calendar spreads of coking coal and coke are negative, and both maintain a Contango structure [41][50] 3. Positions and Variety Ratios - **Positions**: As of January 23, 2026, the total unilateral position of coking coal is 636,600 lots, an increase of 18,800 lots compared with the previous week, and it is still at a relatively high historical level. The unilateral position of coke is 39,800 lots, a decrease of 500 lots compared with the previous week. The position of the coking coal main contract is at a high level in the same period of the past six years, and non - main contract positions in March and April are abnormally high [59][60] - **Variety Ratios**: This week, JM/I has increased by 0.02, HC/JM has increased by 0.02, J/I has increased by 0.05, HC/J has decreased by 0.01, and JM/J has decreased by 0.01. Coking coal is slightly stronger than iron ore and slightly weaker than hot - rolled coils, and coke is slightly stronger than iron ore, hot - rolled coils, and coking coal. Currently, both JM/I and J/I are at relatively low historical levels, indicating that the valuations of coking coal and coke are relatively low compared with iron ore [64][68] 4. Supply and Demand - **Domestic Coking Coal Production**: As of January 23, 2026, the daily average production of clean coal from 523 sample mines is 77.01 tons, a week - on - week increase of 0.16 tons, but the cumulative production in the sample is about 560,000 tons less than the same period last year, a decrease of 1.88%. The daily average production of clean coal from 314 sample coal - washing plants is 27.63 tons, a week - on - week increase of 0.28 tons, and the cumulative production in the sample has increased by about 1.15 million tons compared with the same period last year, an increase of 18.22% [73][75] - **Imported Coking Coal**: As of January 17, 2026, the Mongolian coal customs clearance volume at Ganqimaodu Port has rebounded to 198,000 tons/day, at an absolute high level in the same period. In 2025, the cumulative import of Mongolian coking coal was 60.074 million tons, a year - on - year increase of 3.2819 million tons or 5.78%. The estimated import profit of Australian Peak View hard coking coal is - 88.6 yuan/ton, and the import window is still closed. In 2025, the cumulative import of Australian coking coal was 8.8562 million tons, a year - on - year decrease of 1.4458 million tons or 14.03%. In 2025, the imports of Russian and Canadian coking coal increased, while the import of US coking coal decreased significantly and remained stagnant [78][87] - **Coke Production**: As of January 23, 2026, the total daily average production of coke from 247 steel enterprises and independent coking plants is 1.1021 million tons, a week - on - week increase of 0.04 tons, and the cumulative production in the sample is about 460,000 tons less than the same period last year, a decrease of 1.48%. The coking profit of independent coking plants is - 66 yuan/ton, a week - on - week decrease of 1 yuan/ton. The daily average coke production of 247 steel enterprises is 469,000 tons, a week - on - week increase of 0.18 tons, and that of independent coking plants is 633,100 tons, a week - on - week decrease of 0.14 tons [90][93] - **Downstream Steel Industry**: As of January 23, 2026, the daily average iron - making water production of 247 steel enterprises is 2.281 million tons, a week - on - week increase of 0.09 tons, and the steel mill profitability rate is 40.69%, a week - on - week increase of 0.86%. The estimated disk profits of rebar and hot - rolled coils are - 155 yuan/ton and - 97 yuan/ton respectively, and the disk profits continue to recover. The apparent consumption of five major steel products is 8.0952 million tons, a week - on - week decrease of 166,000 tons, but a year - on - year increase of 997,400 tons. The available steel inventory is 23.0322 million tons, a week - on - week decrease of 73,400 tons, and a year - on - year increase of 2.1633 million tons, still higher than the same period last year but within an acceptable range [96][106] - **Supply - Demand Structure**: The estimated daily supply of coking coal in the country is 1.5333 million tons, with a slight week - on - week increase. The estimated daily demand for coking coal converted from coke production and iron - making water has also increased slightly. The supply - demand structure of coking coal has changed little compared with last week. The estimated daily demand for coke converted from iron - making water is about 1.0949 million tons, still slightly lower than the daily coke production, and the supply - demand structure of coke has also become marginally looser [108] 5. Inventory - **Inventory Overview**: As of January 23, 2026, the total coking coal inventory has increased by 383,600 tons compared with the previous week, and the total coke inventory has increased by 189,400 tons compared with the previous week. Different sectors such as mines, coking plants, steel mills, and ports have different inventory changes [112][113]

Core Viewpoint - The article highlights the comprehensive safety inspection conducted by a joint team from various departments in preparation for the New Year celebrations in 2026, emphasizing the importance of safety measures and the rectification of identified hazards [1] Group 1: Safety Inspection Overview - A joint inspection team was formed, consisting of the Security, Operations, Garden Appearance, Logistics, and Electrical teams to conduct a thorough safety check before the New Year [1] - The inspection focused on amusement areas, boat docks, key buildings, main roads, and various operating locations, particularly assessing fire safety management and food hygiene [1] Group 2: Findings and Actions - The inspection identified six safety hazards, with five being rectified on-site immediately [1] - One issue requires coordination for resolution, with a deadline set for December 29 to ensure the hazard is addressed [1] Group 3: Specific Area Checks - The inspection team also visited the Xiaocaiyuan Pump Station, confirming that the electrical usage was compliant and fire safety equipment was effective, with previous concerns about clutter being resolved [1] Group 4: Ongoing Safety Management - The inspection served as both a hazard assessment and a practical safety education session, urging all departments and operators to maintain a heightened awareness of safety [1] - Emphasis was placed on the proper management of fire equipment, ensuring visibility and accessibility, and keeping fire exits and safety passages clear of obstructions [1] - The park will continue to monitor and review safety measures to maintain a secure and orderly environment for visitors [1]

Report 1: Steel Industry Spot and Futures Daily Report 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The steel market has neutral supply - demand with no prominent contradictions. The future trend of the black market depends on the coking coal supply. With prices rising to the upper limit of the range, the game intensifies. For long positions, attention should be paid to the previous high - pressure levels (3200 yuan for rebar and 3400 yuan for hot - rolled coils) and appropriate reduction of positions can be considered. Also, pay attention to the coking coal supply. The long - coking coal and short - hot - rolled coil arbitrage can be held [2]. 3. Summary by Relevant Catalogs Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices generally increased. For example, rebar 01 contract rose from 3091 to 3133 yuan/ton, and hot - rolled coil 05 contract rose from 3316 to 3358 yuan/ton [2]. Cost and Profit - Steel billet price increased by 20 yuan to 3000 yuan, while plate billet price remained unchanged at 3730 yuan. Profits of rebar and hot - rolled coils in different regions showed different changes, with some decreasing [2]. Production - The daily average pig iron output decreased by 1.0 to 239.9, a decline of 0.4%. The output of five major steel products increased by 8.4 to 865.3, a rise of 1.0%. Rebar and hot - rolled coil production also increased, with rebar production rising by 5.9 to 207.1 (a 2.9% increase) [2]. Inventory - The inventory of five major steel products decreased by 27.4 to 1554.9, a decline of 1.7%. Rebar inventory decreased by 18.9 to 622.1 (a 3.0% decrease), and hot - rolled coil inventory decreased by 4.3 to 414.9 (a 1.0% decrease) [2]. Transaction and Demand - Building materials trading volume increased by 1.1 to 11.5, a rise of 10.7%. The apparent demand for five major steel products increased by 17.3 to 892.7, a rise of 2.0%. The apparent demand for rebar and hot - rolled coils also increased [2]. Report 2: Iron Ore Industry Spot and Futures Daily Report 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The iron ore futures reached the peak and then declined. Although the macro situation is slightly positive after the Sino - US leaders' meeting, the decline in pig iron output still suppresses iron ore. After several days of rebound, the driving force of iron ore weakens. Unilateral long positions should be closed and wait and see, with the reference range of 760 - 830. The iron ore 1 - 5 positive arbitrage is recommended [4]. 3. Summary by Relevant Catalogs Iron Ore - Related Prices and Spreads - The warehouse receipt costs of some iron ore varieties decreased, such as the warehouse receipt cost of Carajás fines decreased by 6.6 to 844.0, a decline of 0.8%. Some basis values and spreads also changed [4]. Spot Prices and Price Indexes - Spot prices of some iron ore varieties at Rizhao Port decreased, like Carajás fines decreased by 6.0 to 920.0, a decline of 0.6%. The Singapore Exchange 62% Fe swap and Jinshi 62% Fe increased slightly [4]. Supply - The weekly arrival volume at 45 ports decreased by 490.3 to 2029.1, a decline of 19.5%, while the global shipping volume increased by 54.9 to 3388.4, a rise of 1.6%. The national monthly import volume increased by 1111.6 to 11632.6, a rise of 10.6% [4]. Demand - The daily average pig iron output of 247 steel mills decreased by 3.5 to 236.4, a decline of 1.5%. The daily average port clearance volume at 45 ports decreased by 23.8 to 312.7, a decline of 7.1%. The national monthly pig iron and crude steel output decreased [4]. Inventory Changes - The inventory at 45 ports decreased by 12.4 to 14311.15, a decline of 0.8%. The imported ore inventory of 247 steel mills increased by 96.5 to 9079.2, a rise of 1.1% [4]. Report 3: Coke Industry Spot and Futures Daily Report 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The short - term fluctuations do not affect the bullish view in the fourth quarter. For speculation, it is recommended to go long on coke 2601 at low levels, with the reference range of 1700 - 1850. For coking coal, it is recommended to go long on coking coal 2601 at low levels, with the reference range of 1200 - 1350. The long - coking coal and short - coke arbitrage can be carried out, but pay attention to risks [7]. 3. Summary by Relevant Catalogs Coke - Related Prices and Spreads - Some coke prices showed different changes. For example, the 01 contract of coke decreased by 15 to 1787, a decline of 0.8%. The basis values also changed [7]. Coking Coal - Related Prices and Spreads - The price of some coking coal varieties increased, such as Mongolian 5 raw coal (warehouse receipt) increased by 36 to 1380, a rise of 2.7%. The 01 contract of coking coal decreased by 14 to 1288, a decline of 1.1% [7]. Supply - The daily average output of all - sample coking plants remained unchanged at 64.6, and the daily average output of 247 steel mills increased by 0.1 to 46.2, a rise of 0.2%. The output of some coking coal mines increased slightly [7]. Demand - The pig iron output of 247 steel mills decreased by 3.5 to 236.4, a decline of 1.5%. The demand for coke is affected by the decline in pig iron output [7]. Inventory Changes - Coke inventory: The total coke inventory increased by 8.1 to 900.0, a rise of 0.9%. Steel mills reduced inventory, while coking plants and ports increased inventory. Coking coal inventory: Some inventories increased, while some decreased, with the overall inventory slightly decreasing [7].

1. Report Industry Investment Ratings - The report provides investment ratings for multiple futures varieties, including "cautiously bullish" for rebar, hot-rolled coil, iron ore, manganese silicon, and ferrosilicon, and "bullish" for coke and coking coal [1]. 2. Core Views of the Report - **Steel Products**: Macro factors provide short - term support, and steel products are expected to be strong in the short term. Rebar's supply - demand is weak, but it may be boosted by new regulations and production control. Hot - rolled coil's supply is high, but it may be strengthened by policies [2][4][5]. - **Iron Ore**: Although the static fundamentals are neutral to weak, due to the easing of Sino - US relations and positive macro factors, the iron ore price is expected to be strong in the short term [8]. - **Coke**: After the second round of price increases is fully implemented and the third round is on the way, coke is expected to follow the coking coal price and be strong in the short term [11]. - **Coking Coal**: Supply is affected by safety inspections and other factors, and imports may be tightened. With high iron - water production, the price is expected to be strong in the short term, and long positions should be held [15]. - **Ferroalloys**: Manganese silicon's cost provides some support, and ferrosilicon is expected to follow the coal price. Both are cautiously bullish [19][20]. 3. Summary by Related Catalogs 3.1 Steel Products - **Rebar**: Weekly production and apparent demand have increased, and inventory has decreased. Supply and demand are lower than last year, inventory is slightly high, and the inventory reduction speed is average. The upward driving force is limited. New regulations on capacity replacement and regional production control may boost it, and it may fluctuate strongly in the short term [4][5]. - **Hot - rolled Coil**: Apparent demand has increased, production has remained flat with a slight increase, and inventory has decreased slightly but is still higher than in previous years. Steel supply is at a high level, but it may be strengthened by policies in the short term [4][5]. - **Price Data**: Futures prices such as rebar 01 are 3133 (up 42), and spot prices like Tangshan billet are 3000 (up 20). There are also details about basis, price differences, and profit margins [3]. 3.2 Iron Ore - **Market Situation**: Iron - water production has decreased, and steel mills and ports have increased inventory. Outer - mine shipments have increased, but arrivals have decreased significantly. Steel - enterprise profits have been rapidly compressed, and the static fundamentals are neutral to weak. - **Price Movement**: Affected by positive macro factors, the iron ore price is expected to be strong in the short term. Futures prices such as iron ore 01 are 802 (up 12), and there are also details about spot prices, price differences, and freight rates [6][8]. 3.3 Coke - **Market Dynamics**: The second round of price increases has been fully implemented, and the third round is in progress. Coke - steel game is obvious. Coke - enterprise profits have slightly improved but are still mostly in losses. Steel - mill inventory is low, and some steel mills are replenishing inventory. - **Price Outlook**: It is expected to follow the coking coal price and be strong in the short term. There are details about futures prices, basis, and weekly data such as production, inventory, and profit [10][11]. 3.4 Coking Coal - **Supply and Demand**: Coal - mine production has decreased month - on - month. Supply is affected by safety inspections and over - production verifications, and imports may be tightened. Iron - water production is high, and demand is guaranteed. The supply - demand pattern has become tight. - **Price Forecast**: The price is expected to be strong in the short term, and long positions should be held. There are details about futures prices, basis, and weekly data such as production, inventory, and utilization rates [14][15]. 3.5 Ferroalloys - **Manganese Silicon**: Production area supply is at a high level. After the new round of replenishment demand from downstream steel procurement is released, inventory reduction in production areas becomes more difficult. The cost provides some support in the short term, and it is cautiously bullish [19][20]. - **Ferrosilicon**: Supply and demand have weakened, enterprise inventory has decreased. It is expected to follow the coal price and be strong in the short term, and it is cautiously bullish. There are details about futures prices, spot prices, basis, and weekly data such as production and inventory [18][19][20].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The steel market is expected to remain volatile. Steel prices may face pressure before the holiday and could decline after the holiday, but there is a possibility of an increase if downstream demand recovers beyond expectations in October. The "15th Five - Year Plan" and other factors will also affect the market [3]. - The coking coal and coke markets are in a wide - range volatile state in the short term. In the medium term, due to policy disturbances on the supply side, a strategy of buying on dips is recommended, but caution is advised regarding the upside potential [8][10]. - The iron ore price may face pressure at high levels as the market may not have priced in the rapid weakening of terminal demand in the third quarter, and market expectations are fluctuating [11][13]. - The ferroalloy market is driven by overall commodity sentiment and cost in the short term, but the upside is limited by high supply [14][15]. 3. Summary by Directory Steel - **Related Information**: The US will impose new high - tariffs on multiple imported products from October 1, and Mexico plans to raise import tariffs on products from non - FTA partners. Shanghai's rebar price is 3290 yuan (+10), and Beijing's is 3190 yuan; Shanghai's hot - rolled coil price is 3400 yuan, and Tianjin's is 3330 yuan [2]. - **Logic Analysis**: The black - metal sector maintained a volatile trend at night. Construction steel sales on the 25th were 10820 tons. Five major steel products increased in production overall, with a decrease in hot - rolled coils. The apparent demand for hot - rolled coils weakened, while that for rebar continued to recover. Steel inventories have reached an inflection point and are starting to decline. However, there is still pressure on steel prices before the holiday, and there may be a risk of decline after the holiday, but there is also a chance of price increase if demand recovers beyond expectations [3]. - **Trading Strategies**: For the single - side strategy, steel is expected to maintain a volatile trend; for the arbitrage strategy, continue to hold the long 1 - 5 spread and the short hot - rolled coil - rebar spread; for the options strategy, it is recommended to wait and see [5]. Coking Coal and Coke - **Related Information**: The capacity utilization rate of 523 coking coal mines was 86.5%, a 1.8% increase. The daily output of raw coal and clean coal increased, and the inventory decreased. The blast furnace operating rate and iron - making capacity utilization rate of 247 steel mills increased. The prices of coke and coking coal warehouse receipts are provided [6][7]. - **Logic Analysis**: The market has digested the pre - holiday raw material replenishment logic. The spot market for coking coal is rising, and coke enterprises are proposing a price increase. Future coal production may be restricted by policies, but imported coal can provide some supply. The demand for steel restricts the upside of raw material prices [8][10]. - **Trading Strategies**: For the single - side strategy, it is a wide - range volatile market in the short term, and a long - on - dips strategy is recommended in the medium term; for the arbitrage strategy, try to enter the long coking coal 1 - 5 spread at low prices; for the options and spot - futures strategies, it is recommended to wait and see [10]. Iron Ore - **Related Information**: The US Q2 GDP final value increased by 3.8% annually, and the US will impose a 25% tariff on imported heavy - duty trucks from October 1. The real - estate bond financing in August decreased by 4.3% year - on - year. The prices of iron ore in Qingdao Port are provided [11]. - **Logic Analysis**: The iron ore price dropped slightly at night. The mainstream mines improved in the third quarter, and non - mainstream mines maintained high shipments. The terminal steel demand in China weakened in the third quarter, while overseas demand remained high. The iron ore price may face pressure at high levels [11][13]. - **Trading Strategies**: No specific trading strategies are clearly provided in the text, only a note that the views are for reference only [13]. Ferroalloy - **Related Information**: The November 2025 quotes of overseas manganese mines to China increased. On the 25th, the silicon - iron spot price was stable, and the manganese - silicon and manganese - ore spot prices were slightly weak [14]. - **Logic Analysis**: For silicon - iron, the supply is high, and the short - term negative feedback risk has eased. For manganese - silicon, the supply is high, and the demand is stable. The cost of manganese - ore is rising, but the upside is limited by high supply [14]. - **Trading Strategies**: For the single - side strategy, it is strong in the short term but limited by high supply; for the arbitrage strategy, it is recommended to wait and see; for the options strategy, sell the straddle option combination [15][18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall atmosphere in the commodity market cooled yesterday, and the prices of finished steel products declined slightly. The demand for finished steel products is clearly weak, the profits of steel mills are gradually shrinking, and the weak characteristics of the market are becoming more prominent. If the subsequent demand cannot be effectively improved, the prices may continue to decline. [3] - The supply and demand contradictions of iron ore are not prominent for the moment, and its price is expected to fluctuate in the short - term. Attention should be paid to the subsequent shipping progress and the impact of safety inspections and environmental protection restrictions. [6] - The prices of ferrous alloys have dropped rapidly. In the short - term, it is not recommended for speculative funds to participate excessively, while hedging funds can seize hedging opportunities. The fundamental problems of over - supply in the manganese - silicon and silicon - iron industries remain. [7][8][9] - Industrial silicon is expected to fluctuate between 8300 - 9300 yuan/ton. Polysilicon continues the pattern of "weak reality, strong expectation" and is expected to have high - volatility. [12][13][14] - The price of glass is expected to fluctuate weakly in the short - term, and the price of soda ash is expected to fluctuate. In the long - term, the price of soda ash may gradually rise, but the increase is limited. [16][17] 3. Summary by Related Catalogs Steel - **Price and Position Data**: The closing price of the rebar main contract was 3113 yuan/ton, down 25 yuan/ton (-0.79%) from the previous trading day. The closing price of the hot - rolled coil main contract was 3367 yuan/ton, down 22 yuan/ton (-0.64%) from the previous trading day. [2] - **Market Analysis**: The export volume of steel increased slightly this week but remained in a weak and volatile pattern. The output of rebar decreased significantly this week, demand improved slightly but remained weak, and inventory continued to accumulate. The demand for hot - rolled coils continued to rise, production increased rapidly, and inventory increased for six consecutive weeks. [3] Iron Ore - **Price and Position Data**: The main contract of iron ore (I2601) closed at 776.50 yuan/ton, with a change of -1.33% (-10.50), and the position changed to 45.29 million hands. The weighted position was 80.85 million hands. The spot price of PB fines at Qingdao Port was 770 yuan/wet ton, with a basis of 41.52 yuan/ton and a basis rate of 5.08%. [5] - **Market Analysis**: Overseas iron ore shipping was stable. Australian shipping increased, Brazilian shipping decreased, and non - mainstream shipping decreased slightly. The recent arrival volume decreased. The daily average pig iron output was basically flat, the steel mill profitability rate continued to decline, port inventory increased slightly, and steel mill imported ore inventory decreased slightly. [6] Manganese Silicon and Silicon Iron - **Price and Position Data**: On August 26, the main contract of manganese silicon (SM601) closed down 0.61% at 5862 yuan/ton, and the main contract of silicon iron (SF511) closed down 0.42% at 5656 yuan/ton. [7] - **Market Analysis**: The prices of ferrous alloys dropped rapidly due to the weakening of the "anti - involution" sentiment. The over - supply situation of manganese silicon remained unchanged, and production continued to rise. There were no obvious fundamental contradictions in silicon iron, and supply also continued to increase. [8][9] Industrial Silicon and Polysilicon - **Industrial Silicon** - **Price and Position Data**: The closing price of the main contract of industrial silicon (SI2511) was 8515 yuan/ton, with a change of -1.84% (-160). The weighted contract position changed to 526046 hands. [11] - **Market Analysis**: The problems of over - capacity, high inventory, and insufficient demand of industrial silicon remained. Production continued to rise, and the support from the demand side was limited. It was expected to fluctuate between 8300 - 9300 yuan/ton. [12] - **Polysilicon** - **Price and Position Data**: The closing price of the main contract of polysilicon (PS2511) was 50985 yuan/ton, with a change of -1.15% (-595). The weighted contract position changed to 320439 hands. [13] - **Market Analysis**: Polysilicon continued the "weak reality, strong expectation" pattern. Production continued to increase, and the number of warehouse receipts increased rapidly. It was expected to have high - volatility. [14] Glass and Soda Ash - **Glass** - **Price and Inventory Data**: The spot price in Shahe was 1138 yuan, unchanged from the previous day, and the spot price in Central China was 1070 yuan, up 10 yuan from the previous day. As of August 21, 2025, the total inventory of national float glass sample enterprises was 63.606 million heavy boxes, up 180,000 heavy boxes (0.28%) from the previous period. [16] - **Market Analysis**: The production of glass remained high, inventory pressure increased slightly, and downstream real - estate demand did not improve significantly. The price adjustment space was limited, and the market expected policy support. It was expected to fluctuate weakly in the short - term. [16] - **Soda Ash** - **Price and Inventory Data**: The spot price of soda ash was 1200 yuan, down 20 yuan from the previous day. As of August 25, 2025, the total inventory of domestic soda ash manufacturers was 1.8881 million tons, down 22,700 tons (1.19%) from last Thursday. [17] - **Market Analysis**: The price of soda ash fluctuated with the coal - chemical sector. The downstream demand was difficult to improve quickly, and the price was expected to fluctuate in the short - term and gradually rise in the long - term, but the increase was limited. [17]

Report Overview - The report is a daily report on coking coal and coke futures released by Dayue Futures on July 15, 2025, providing market analysis and price trends [1][2][6] Industry Investment Rating - No investment rating for the industry is provided in the report Core Viewpoints - **Coking Coal**: Some coal mines have reduced their production due to safety inspections. With positive expectations in the coke market, the demand for coking coal is strong, and coal mines are actively destocking. The prices of some scarce and high - cost - effective coal types are stable after the increase, and there may be a further price increase. The downstream steel and coke enterprises have low inventories and strong replenishment demand. In the short term, the coking coal price is expected to remain stable [2] - **Coke**: Currently, coke enterprises have thin profits, with some in losses and still in a production - restricted state. However, the demand from steel mills is strong, and intermediate speculative traders are actively purchasing. Coke enterprises are shipping smoothly, and their inventories are rapidly decreasing, resulting in a tight supply. In the short term, coke prices are expected to be stable with an upward trend [6] Summary by Directory 1. Daily Views - **Coking Coal** - **Fundamentals**: Some coal mines' production has declined due to safety inspections. The demand is good, and coal mines are destocking. There may be a price increase for some coal types [2] - **Basis**: The spot price is 940, and the basis is 20, indicating that the spot price is higher than the futures price [2] - **Inventory**: The total sample inventory is 1775.5 million tons, a decrease of 19.3 million tons from last week [2] - **Market**: The 20 - day line is upward, and the price is above the 20 - day line [2] - **Main Position**: The main position of coking coal is net short, and short positions are increasing [2] - **Expectation**: The short - term price is expected to remain stable [2] - **Coke** - **Fundamentals**: Coke enterprises have thin profits, some are in losses and restricting production. The demand from steel mills is good, and inventories are decreasing rapidly [6] - **Basis**: The spot price is 1420, and the basis is - 99.5, indicating that the spot price is lower than the futures price [6] - **Inventory**: The total sample inventory is 933.2 million tons, a decrease of 15.2 million tons from last week [6] - **Market**: The 20 - day line is upward, and the price is above the 20 - day line [6] - **Main Position**: The main position of coke is net short, and short positions are decreasing [6] - **Expectation**: The short - term price is expected to be stable with an upward trend [6] 2. Factors Affecting Prices - **Coking Coal** - **Positive**: The increase in hot metal production and the difficulty in increasing supply [4] - **Negative**: The slowdown in the procurement of raw coal by coke and steel enterprises and the weak steel prices [4] - **Coke** - **Positive**: The increase in hot metal production and the synchronous increase in blast furnace operating rate [8] - **Negative**: The squeeze on the profit margin of steel mills and the partial over - exhaustion of replenishment demand [8] 3. Price - The report provides the spot price quotes of imported Russian and Australian coking coal on July 14, 2025, including various coal types such as main coking coal, 1/3 coking coal, and fat coal, along with price changes [9] 4. Inventory - **Port Inventory**: The coking coal port inventory is 312 million tons, a decrease of 1 million tons from last week; the coke port inventory is 203.1 million tons, a decrease of 11.1 million tons from last week [18] - **Independent Coke Enterprise Inventory**: The coking coal inventory of independent coke enterprises is 669.5 million tons, a decrease of 21.4 million tons from last week; the coke inventory is 87.3 million tons, a decrease of 1.1 million tons from last week [21] - **Steel Mill Inventory**: The coking coal inventory of steel mills is 774 million tons, an increase of 3.1 million tons from last week; the coke inventory is 642.8 million tons, a decrease of 3 million tons from last week [24] 5. Other Data - **Coke Oven Capacity Utilization**: The capacity utilization rate of 230 independent coke enterprises nationwide is 74%, unchanged from last week [35] - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants nationwide is - 46 yuan, a decrease of 27 yuan from last week [39]