Group 1 - The core viewpoint of the article indicates that the domestic commodity futures market, particularly coking coal, is experiencing a downward trend due to weak fundamentals, with the main contract dropping over 3% to 1113.5 yuan/ton, marking a two-month low [1] - Supply expectations have increased following a meeting on heating supply, leading to a potential rise in coal mine supply, while demand is weakening due to seasonal factors, causing steel and coking enterprises to slow down raw coal procurement [1][4] - The market sentiment remains cautious, with traders observing the situation closely as the demand from downstream sectors has decreased, impacting procurement strategies [4][7] Group 2 - Analysts suggest that coking coal is currently in a trading range between 1300 and 1100, with short-term support around 1103; a break below 1100 could lead to further declines towards 1090-1060 [3] - The overall market sentiment is weak, with many products experiencing declines of over 1%, indicating a lack of clear signals for a bottoming out [5] - The supply side shows slight increases in coking coal production, but the overall supply remains cautious due to environmental and safety inspections in major coal-producing areas [4][7]

Report Industry Investment Ratings - Thread: ★★★, indicating a clear long trend and a relatively appropriate investment opportunity currently [1] - Hot Roll: ★★★, indicating a clear long trend and a relatively appropriate investment opportunity currently [1] - Iron Ore: ★★★, indicating a clear long trend and a relatively appropriate investment opportunity currently [1] - Coke: ★☆☆, suggesting a bullish bias but poor operability on the trading floor [1] - Coking Coal: ★☆☆, suggesting a bullish bias but poor operability on the trading floor [1] - Silicomanganese: ★☆☆, suggesting a bullish bias but poor operability on the trading floor [1] - Ferrosilicon: ★☆☆, suggesting a bullish bias but poor operability on the trading floor [1] Core Views - The overall demand for steel is still weak, with the expected demand remaining weak. The market sentiment has improved slightly, and the futures prices may fluctuate in the short - term. Iron ore is expected to fluctuate at a high level. Coke has a third - round price increase expectation, and coking coal prices are not expected to fall continuously. Silicomanganese and ferrosilicon prices are likely to rise in a fluctuating manner [2][3][4][6][7][8] Summary by Commodity Steel - Today's futures prices rebounded slightly. Thread demand and production both declined, and the inventory reduction slowed. Hot - roll demand dropped significantly, production decreased, and inventory rose slightly. Iron - water production declined from a high level, and the downstream's ability to absorb was insufficient. The negative feedback pressure in the industrial chain remains to be alleviated. The overall domestic demand is weak, while steel exports remain high. The demand expectation is weak, but the market sentiment has improved. The futures prices may still fluctuate in the short - term [2] Iron Ore - Today's futures prices showed a strong - side oscillation. The global shipment is at a high level for the same period, and there is room for seasonal improvement. The domestic arrival volume has increased significantly, and port inventories are accumulating. Terminal demand has entered the off - season, steel demand has dropped, and steel mills' profitability has shrunk. There is further pressure on iron - water production cuts. After the macro - level positive news was implemented, the market tends to cash in on the benefits and start to trade the fact of a marginally looser iron ore market. It is expected to oscillate at a high level [3] Coke - The price oscillated upwards during the day. There is an expectation of a third - round price increase in the coking industry. Coking profits are average, and daily production has decreased slightly. Coke inventories have hardly changed. Downstream enterprises are making small - scale on - demand purchases, and traders' purchasing intentions are average. The supply of carbon elements is abundant, and high - level iron - water production provides support, but steel mills' profit levels are average, and they have a strong intention to suppress raw material prices. The futures prices are at a premium [4] Coking Coal - The price oscillated upwards during the day. The market sentiment was affected by the resumption of production of a small number of coal mines in the Wuhai production area, but many coal mines facing resource integration have not resumed production, so prices are not expected to fall continuously. The production of coking coal mines has increased slightly, spot auction transactions have improved, and terminal inventories have increased. The total inventory of coking coal has increased slightly compared to the previous period, and producer - side inventories have decreased slightly. High - level iron - water production provides support, but steel mills' profit levels are average, and they have a strong intention to suppress raw material prices. The futures prices are at a discount to Mongolian coal [6] Silicomanganese - Today's futures prices showed a strong - side oscillation. On the demand side, iron - water production remains at a high level above 236. Weekly production of silicomanganese has decreased slightly but remains at a high level, and inventories are slowly accumulating. The forward quotation of manganese ore is flat month - on - month. The price is likely to rise in a fluctuating manner [7] Ferrosilicon - Today's futures prices showed a strong - side oscillation. On the demand side, iron - water production remains at a high level above 236, and export demand has risen to about 40,000 tons. The secondary demand has increased marginally, and overall demand is acceptable. Supply remains at a high level, and on - balance - sheet inventories are continuously decreasing. The price is likely to rise in a fluctuating manner [8]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - The medium - term downward risk of oil prices remains due to supply - demand surplus pressure and the uncertain impact of geopolitical factors [2]. - Precious metals are in a high - level shock platform and should be temporarily observed due to the uncertainty of the US economy and Fed policies [3]. - For most commodities, the market is affected by factors such as supply - demand balance, policy changes, and seasonal factors, showing different trends of shock, strength, or weakness [2 - 50]. Summary by Commodity Categories Energy - **Crude Oil**: After the unexpected increase in API and EIA crude oil inventories, the medium - term downward risk of oil prices exists. Geopolitical factors have an uncertain impact on supply [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: Low - sulfur fuel oil has limited upward momentum due to sufficient supply, while high - sulfur fuel oil's medium - term supply tends to be loose. The crack spread between high - and low - sulfur fuel oils is expected to widen [22]. - **Liquefied Petroleum Gas (LPG)**: With improved chemical profits and increased combustion demand, but weak international oil prices, the LPG main contract is expected to oscillate [24]. - **Bitumen**: With the decline of construction in the north, the fundamentals show multiple negative signals, and the market is under pressure [23]. Metals - **Precious Metals**: Precious metals are in a high - level shock platform, and it's advisable to wait and see due to the uncertainty of the US economy and Fed policies [3]. - **Base Metals**: - **Copper**: After hitting a record high, it needs new negative supply themes or strong demand signals. It's recommended to wait and see [4]. - **Aluminum**: The short - term trend is oscillating and slightly stronger, but the upward space is limited [5]. - **Zinc**: Supported by winter storage and refinery复产 expectations, it's expected to oscillate between 22,000 - 23,000 yuan/ton, and short - term long positions on dips are recommended [8]. - **Nickel**: Weakly operating with a downward - shifting center of gravity due to weak downstream demand [10]. - **Tin**: After a short - term sharp decline, it's close to the October low, and short - selling is suspended to wait for changes in social inventory [11]. - **Lead**: Oscillating between 17,300 - 17,500 yuan/ton due to the conflict between supply - demand fundamentals and market sentiment [9]. - **Manganese Silicon and Silicon Iron**: Both are expected to have narrow - range oscillations, with relatively stable supply and demand [19][20]. - **Coke and Coking Coal**: Both are oscillating strongly. Although downstream demand provides some support, steel mills' low profit levels lead to price - pressing sentiment. Attention should be paid to safety production assessment information [17][18]. - **Alumina**: With a surplus supply pattern, it's weakly operating with limited rebound space [7]. - **Cast Aluminum Alloy**: It follows the price of aluminum and has no independent market for the time being [6]. Chemicals - **Urea**: The market is oscillating strongly, with increasing production and some support from agricultural demand, but the supply - demand surplus situation persists, and the market is expected to oscillate within a range [25]. - **Methanol**: With high port inventory, high import supply, and weak downstream demand, the market is under pressure, and it's necessary to wait for supply reduction and demand improvement [26]. - **Pure Benzene**: It's oscillating at a low level. There are medium - term negatives of high imports and falling demand, and it's advisable to focus on the inventory accumulation rhythm [27]. - **Styrene**: New production capacity is increasing, and the price is expected to continue to be weak [28]. - **Polypropylene, Plastic, and Propylene**: The supply is relatively loose, downstream demand is weak, and the market performance is average [29]. - **PVC and Caustic Soda**: PVC is operating at a low level due to high supply and low demand, while caustic soda is expected to continue to decline due to high inventory and weak demand [30]. - **PX and PTA**: Supply is increasing, and there is a risk of inventory accumulation. The anti - arbitrage strategy is continued, and attention should be paid to oil price fluctuations [31]. - **Ethylene Glycol**: Supply is increasing, and there is an expectation of inventory accumulation. The anti - arbitrage strategy is adopted, and attention should be paid to the possibility of plant shutdowns [32]. - **Short - Fiber and Bottle - Chip**: Short - fiber is expected to accumulate inventory in the future, and bottle - chip is under pressure due to weak demand and over - capacity [33]. Building Materials - **Glass**: After the production line shutdown in Shahe, the inventory is expected to decline. With rising costs, the downward space is limited, and short - selling options can be held [34]. - **20 - Rubber, Natural Rubber, and Butadiene Rubber**: The supply pressure is easing, demand is slowly recovering, but inventory is increasing, and the market sentiment is pessimistic. It's advisable to wait and see and focus on cross - variety arbitrage opportunities [35]. - **Soda Ash**: It's oscillating. With increasing supply and high inventory, and reduced demand from float glass, it's under pressure, and attention should be paid to the strategy of going long on glass and short on soda ash [36]. Agricultural Products - **Soybean and Soybean Meal**: Affected by the tariff adjustment, the price of soybean meal may rise. Attention should be paid to the opportunity of going long on dips after the Sino - US trade eases [37]. - **Soybean Oil and Palm Oil**: The contradiction between soybean and palm oil is differentiated. It's expected that soybean meal will be stronger than oil, and there is a risk of oil price decline [38]. - **Rapeseed and Rapeseed Oil**: It's recommended to be bullish on rapeseed meal and bearish on rapeseed oil in the short term, with the risk of changes in trade relations [39]. - **Soybean No.1**: Driven by the rise of US soybeans, the price is strengthening, and attention should be paid to market sentiment and policy changes [40]. - **Corn**: The supply is abundant, and the price is expected to continue to be weak at the bottom. Attention should be paid to the Sino - US economic and trade agreement [41]. - **Hog**: The futures price rebounds, but the spot price continues to fall. There is a high probability of a second bottom - probing in the first half of next year [42]. - **Egg**: The futures price is strong, and it's advisable to wait for the opportunity to go short in the fourth quarter [43]. - **Cotton**: The short - term trend is oscillating, and it's advisable to wait and see. Attention should be paid to the impact of Sino - US negotiations on trade [44]. - **Sugar**: The international market supply is sufficient, and the domestic market focuses on the new - season output estimate. Attention should be paid to weather and crop growth [45]. - **Apple**: The market is trading the inventory pressure in advance, and a bearish strategy is maintained [46]. - **Timber**: With low inventory providing support, it's advisable to wait and see [47]. - **Pulp**: The supply is relatively loose, demand is average, and it's advisable to wait and see or conduct short - term operations [48]. Financial Products - **Stock Index**: The market is expected to oscillate in the short term. It's advisable to maintain a balanced layout and focus on technological innovation, industrial upgrading, and also consider cyclical and consumer sectors [49]. - **Treasury Bond**: The futures are oscillating, and the steepening of the yield curve is expected to end [50].

Report Industry Investment Ratings - Thread steel: Not clearly defined in the given star rating description [1] - Hot-rolled coil: ☆☆☆, indicating a relatively clear bearish trend with current appropriate short - selling opportunities [1] - Iron ore: ★☆★, suggesting a certain bullish drive but with poor operability on the trading floor [1] - Coke: ★☆☆, meaning a slightly bullish bias but with poor operability [1] - Coking coal: ★☆☆, a slightly bullish bias but poor operability [1] - Silicon manganese: ★☆★, a certain bullish drive but poor operability [1] - Ferrosilicon: ★☆★, a certain bullish drive but poor operability [1] Core Views - The steel market is under short - term pressure due to weak demand expectations and low market sentiment. The iron ore market is expected to be in a high - level weak oscillation. The coke and coking coal markets are showing a bullish oscillation, while the silicon manganese and ferrosilicon markets are likely to have narrow - range oscillations [2][3][4] Summary by Related Catalogs Steel - The thread steel's apparent demand faces downward pressure in the off - season, with production at a relatively low level and inventory continuing to decline. The hot - rolled coil's demand has declined, production is still high, and the de - stocking trend has slowed. The iron - making water production has dropped from a high level, and the downstream's carrying capacity is insufficient. The overall domestic demand is weak, and steel exports remain high. The market is short - term pressured, and attention should be paid to the support at the lower edge of the oscillation range and marginal changes in demand [2] Iron Ore - The global shipment of iron ore is at a high level in the same period, and the domestic arrival volume has increased significantly to a new high this year, with port inventory showing a cumulative trend. The iron - making water production has continuously declined from a high level, and the steel mills' profitability has shrunk. After the macro - level positive news is implemented, the market shows a tendency to cash in on the positive, and the market is starting to trade the reality of a marginally looser iron ore supply. It is expected to oscillate weakly at a high level [3] Coke - The coke price oscillated strongly during the day. There is an expectation of a third price increase. The coking profit is average, and the daily production has slightly decreased. The coke inventory has hardly changed, with downstream customers making small - scale on - demand purchases and inventory slightly increasing. The carbon element supply is abundant, and the high - level iron - making water production supports the raw materials, but the steel mills have a strong desire to lower the raw material prices. The coke futures are at a premium, and attention should be paid to the safety production assessment information in the main coking coal production areas [4] Coking Coal - The coking coal price oscillated strongly during the day. Although the price dropped rapidly due to the resumption of production of a small number of coal mines in the Wuhai production area after meeting environmental protection standards, many coal mines facing resource integration have not resumed production, so the price is unlikely to continue to decline. The coking coal production has slightly increased, the spot auction transactions have improved, and the terminal inventory has increased. The total coking coal inventory has slightly increased, and the production - end inventory has slightly decreased. Attention should be paid to the impact of safety inspections in the main coal - producing areas. The carbon element supply is abundant, and the high - level iron - making water production supports the raw materials, but the steel mills have a strong desire to lower the raw material prices. The coking coal futures are at a discount to Mongolian coal, and attention should be paid to the safety production assessment information in the main coking coal production areas [6] Silicon Manganese - The silicon manganese price oscillated strongly during the day. The iron - making water production remains at a high level above 236. The weekly production of silicon manganese has slightly declined but remains at a high level, and the inventory has slightly decreased. The forward quotation of manganese ore has slightly increased, and the spot ore has been boosted by the trading floor. The manganese ore inventory has slightly decreased, and the contradiction is not prominent. The price is likely to oscillate in a narrow range [7] Ferrosilicon - The ferrosilicon price oscillated strongly during the day. The iron - making water production remains at a high level above 236. The export demand has risen to about 40,000 tons, with a marginal impact. The metal magnesium production has slightly increased, and the secondary demand has marginally increased. The overall demand is acceptable. The ferrosilicon supply remains at a high level, and the on - balance - sheet inventory is continuously decreasing. The price is likely to oscillate in a narrow range [8]

1. Report Industry Investment Ratings - Thread steel: ☆☆☆, indicating the short - term long/short trend is in a relatively balanced state, and the current market is less operable, suggesting to wait and see [1] - Hot - rolled coil: ☆☆☆, same as thread steel [1] - Iron ore: ★★★, representing a clearer long - term trend and a relatively appropriate investment opportunity currently [1] - Coke: ☆☆☆, similar to the above balanced state [1] - Coking coal: ☆☆☆, also in a balanced state [1] - Silicon manganese: ☆☆☆, with low operability and a balanced trend [1] - Silicon iron: ☆☆☆, the same as the others [1] 2. Core Views of the Report - The steel market is under pressure in the short - term, with overall low - level range fluctuations. It is necessary to pay attention to demand changes and the progress of domestic demand stimulus policies as the off - season approaches [2] - The iron ore market is expected to fluctuate weakly at a high level, with the market starting to trade the reality of marginal relaxation of fundamentals [3] - The coke market has a third - round price increase expectation, but the steel's pressure on raw material prices is strong. Attention should be paid to safety production assessment information [4] - The coking coal market's price is not expected to decline continuously. Attention should be paid to the impact of safety supervision in major production areas [6] - The silicon manganese and silicon iron markets are likely to fluctuate within a narrow range [7][8] 3. Summary by Related Catalogs Steel - The steel futures market continued to decline. Thread steel's apparent demand improved, production increased, and inventory decreased. Hot - rolled coil demand remained good, production rose slightly, and inventory also decreased [2] - Iron - making water production declined from a high level, and the downstream's carrying capacity was insufficient. The negative feedback pressure in the industrial chain needs to be alleviated [2] - The real estate investment declined significantly, and the growth rates of infrastructure and manufacturing investment continued to fall. Domestic demand was weak, and the market sentiment was low [2] Iron Ore - The iron ore futures market weakened. Global shipments decreased, but were still at a high level. Domestic arrivals reached a new high this year, and port inventory continued to accumulate [3] - Last week, iron - making water production decreased significantly, and the steel mill profitability rate hit a new low this year. There is further production - cut pressure after entering the off - season [3] Coke - The coke price decreased during the day. There is an expectation of a third - round price increase, but the coking profit is average, and downstream demand is limited [4] Coking Coal - The coking coal price decreased. Some coal mines in Wuhai resumed production, but the price is not expected to decline continuously. The total inventory increased slightly [6] Silicon Manganese - The silicon manganese price fluctuated. Iron - making water production remained high, production decreased slightly, and inventory decreased slightly. The manganese ore price increased slightly [7] Silicon Iron - The silicon iron price fluctuated. Iron - making water production remained high, export demand increased to about 40,000 tons, and the supply was at a high level with inventory decreasing [8]

Report Industry Investment Ratings - Thread: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Hot Roll: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Iron Ore: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Coke: ☆☆☆ (indicating a relatively clear downward trend and a suitable investment opportunity currently) [1] - Coking Coal: The rating is not clearly interpretable from the given symbol [1] - Ferrosilicon Manganese: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Ferrosilicon: The rating is not clearly interpretable from the given symbol [1] Core Viewpoints - The steel market as a whole is under pressure, with the futures market in a low - level range - bound state. The real estate investment continues to decline significantly, and the growth rates of infrastructure and manufacturing investment continue to fall. The overall domestic demand is still weak, and the market sentiment is cautious [2]. - The iron ore market is expected to be in a high - level and weakly volatile state. Although the supply is still at a high level and the demand is under pressure due to the decline in iron - making water production and low steel - mill profitability [2]. - The coke and coking coal markets are likely to be prone to rising and difficult to fall. The carbon element supply is abundant, and the high - level iron - making water production supports the raw materials, but the steel profit is average, and there is a strong sentiment to suppress raw material prices [3][5]. - The ferrosilicon manganese and ferrosilicon markets are likely to have narrow - range fluctuations. The demand is relatively stable, and the supply is at a high level [6][7]. Summary by Related Catalogs Steel - The futures market continued to decline. The apparent demand for thread improved month - on - month, production increased simultaneously, and inventory continued to decline. The demand for hot roll remained good, production increased slightly, and inventory continued to decline [2]. - Iron - making water production declined from a high level, and the downstream's carrying capacity was insufficient. As steel - mill profits declined, the negative feedback pressure in the industrial chain still needed to be alleviated. Attention should be paid to the sustainability of environmental protection production restrictions in places like Tangshan [2]. - From the perspective of downstream industries, real estate investment continued to decline significantly, and the growth rates of infrastructure and manufacturing investment continued to fall. The overall domestic demand was still weak, steel exports remained high, the demand expectation was weak, the market sentiment was cautious, and the futures market was under pressure to decline [2]. Iron Ore - The futures market declined, and the basis fluctuated recently. On the supply side, the global shipments this period declined month - on - month but were still at a high level in the same period. Shipments from Australia and Brazil both decreased, with Brazilian shipments still at a high level in the same period and Australian shipments basically at the level of previous years [2]. - The domestic arrival volume increased significantly this period and reached a new high for the year. On the demand side, the iron - making water production decreased significantly last week, the steel - mill profitability rate reached a new low for the year, and there was further pressure to reduce production in the future [2]. - After the short - term continuous rebound of the iron ore futures market, there was a tendency to realize some positive factors in the market. It is expected that the iron ore will be in a high - level and weakly volatile state [2]. Coke - The price fluctuated downward during the day. There was an expectation of a third round of price increases in the coking industry. The coking profit was average, the daily production decreased slightly, and the coke inventory hardly changed. Currently, downstream customers made small - quantity purchases as needed, and the inventory increased slightly. Traders' purchasing willingness was average [3]. - Overall, the carbon element supply was abundant, the downstream iron - making water production remained at a high level, which supported the raw materials. However, the steel profit level was average, and there was a strong sentiment to suppress the raw material prices. The coke futures market was at a premium, and the market had certain expectations for the safety production assessment in the main coking coal production areas. The price was likely to be prone to rising and difficult to fall [3]. Coking Coal - The price fluctuated downward during the day. The market sentiment was affected by the resumption of production of a small number of coal mines in the Wuhai production area after meeting environmental protection standards, and the price dropped rapidly. However, more coal mines facing resource integration had not resumed production, so it was judged that the price was difficult to continue to decline [5]. - The production of coking coal mines increased slightly, the spot auction transactions improved, the transaction prices generally increased, and the terminal inventory increased. The total inventory of coking coal increased slightly month - on - month, and the production - end inventory decreased slightly. Attention should be paid to the relevant impacts as safety supervision teams were about to enter the main coal production areas [5]. - Overall, the carbon element supply was abundant, the downstream iron - making water production remained at a high level, which supported the raw materials. However, the steel profit level was average, and there was a strong sentiment to suppress the raw material prices. The coking coal futures market was at a discount to Mongolian coal, and the market had certain expectations for the safety production assessment in the main coking coal production areas. The price was likely to be prone to rising and difficult to fall [5]. Ferrosilicon Manganese - The price fluctuated mainly during the day. On the demand side, the iron - making water production remained at a high level above 236. The weekly production of ferrosilicon manganese decreased slightly, and the production remained at a high level. The ferrosilicon manganese inventory decreased slightly, and the spot and futures demand was still good [6]. - The forward quotation of manganese ore increased slightly month - on - month, and the spot ore was boosted following the futures market. The manganese ore inventory decreased slightly, and the contradiction was not prominent. The price was likely to have narrow - range fluctuations [6]. Ferrosilicon - The price fluctuated mainly during the day. On the demand side, the iron - making water production remained at a high level above 236. The export demand increased to about 40,000 tons, with a marginal impact. The production of magnesium metal increased slightly month - on - month, and the secondary demand increased marginally. The overall demand was acceptable [7]. - The ferrosilicon supply remained at a high level, and the on - balance - sheet inventory continued to be depleted. The price was likely to have narrow - range fluctuations [7].

Report Industry Investment Ratings - Thread steel: ☆☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ★☆☆ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Silicomanganese: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - The steel market is volatile in the short term, with macro sentiment providing support but weak demand expectations limiting the upside potential [2] - The iron ore market is expected to fluctuate at high levels [2] - The coke and coking coal markets are likely to be prone to rising and difficult to fall [3][5] - The silicomanganese and ferrosilicon markets follow the steel trend [6][7] Summary by Related Catalogs Steel - Thread steel's apparent demand continues to recover but is still weak year-on-year, production has rebounded, and inventory has continued to decline [2] - Hot-rolled coil demand continues to rise, production is basically flat, and inventory has declined [2] - Iron water production remains high overall, but downstream carrying capacity is insufficient, and the negative feedback pressure in the industrial chain remains to be alleviated [2] - Domestic demand is still weak overall, while steel exports remain high [2] Iron Ore - Global shipments are at a high level and stronger than the same period last year, while domestic arrivals have fallen below the annual average level, and port inventory is on an accumulating trend [2] - Iron water production has gradually declined from a high level, and steel mills' profitability has shrunk to a low level this year [2] - Policy benefits are expected, and market sentiment has improved [2] Coke - The second round of price increases for coking has been fully implemented [3] - Coking profits are average, and daily production has decreased slightly [3] - Coke inventory has hardly changed, and downstream procurement is mainly to consume inventory [3] - The market has certain expectations for the safety production assessment in the main coking coal producing areas, and prices may be prone to rising and difficult to fall [3] Coking Coal - Production at coking coal mines has decreased slightly, and spot auction transactions have improved [5] - Total coking coal inventory has increased slightly month-on-month, and production-end inventory has decreased slightly [5] - The market has certain expectations for the safety production assessment in the main coking coal producing areas, and prices may be prone to rising and difficult to fall [5] Silicomanganese - Iron water production remains at a high level, but this week's Tangshan production restrictions may lead to a further decline [6] - Weekly production of silicomanganese has declined slightly, and inventory has decreased slightly [6] - Manganese ore prices have increased slightly, and inventory has decreased slightly [6] Ferrosilicon - Iron water production remains at a high level, but this week's Tangshan production restrictions may lead to a further decline [7] - Export demand remains at around 30,000 tons, with a marginal impact [7] - Ferrosilicon supply remains at a high level, and on-balance sheet inventory has continued to decline [7]

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot Rolled Coil: ★☆☆ [1] - Iron Ore: ★☆☆ [1] - Coke: ★☆☆ [1] - Coking Coal: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - The steel market is affected by factors such as weak terminal demand, policy expectations, and cost support, with the price rebounding but limited by demand [1] - The iron ore market is expected to be volatile and strong in the short - term, due to factors like supply and demand changes and policy expectations [2] - The coke and coking coal markets are likely to be prone to rising and difficult to fall, supported by downstream demand and cost expectations [3][5] - The silicon manganese and ferrosilicon markets are driven by steel, with overall good demand and attention to external trade frictions [6][7] Summaries by Related Categories Steel - Today's steel futures rebounded with fluctuations. Thread demand recovered this week but was still weak year - on - year, production increased, and inventory decreased. Hot - rolled coil demand rose, production was flat, and inventory decreased. Iron - water production remained high, but downstream acceptance was insufficient. With the decline in steel mill profits, the negative feedback expectation in the industrial chain continued to ferment. From September data, domestic demand was weak, and steel exports remained high. The market rebounded due to policy expectations and cost increases, but the weak demand limited the rebound space [1] Iron Ore - Today's iron ore futures were volatile and strong. Supply was strong globally, domestic arrivals declined from a high level, and port inventory continued to accumulate. Demand - side iron - water production was gradually falling from a high level, and the pressure to cut production would increase in the future. With expectations of policy benefits, the market sentiment improved. It is expected to be volatile and strong in the short - term [2] Coke - Coke prices rose during the day. The second round of price hikes in the coking industry started. Coking profits were average, and daily production decreased slightly. Coke inventory continued to decline slightly. Downstream buyers purchased on demand, and traders' purchasing willingness was average. Overall, carbon supply was abundant, and the high - level iron - water production supported the price. The price was likely to be prone to rising and difficult to fall [3] Coking Coal - Coking coal prices rose during the day. Due to political unrest in Mongolia, the stability of Mongolian coal imports was a concern. Coking coal mine production increased slightly, spot auction transactions improved, and prices rose. Terminal inventory increased, and total inventory rose slightly. The price was likely to be prone to rising and difficult to fall [5] Silicon Manganese - Silicon manganese prices rose with fluctuations during the day, driven by steel. Iron - water production remained high on the demand side. Weekly production declined slightly, inventory decreased slightly, and both futures and spot demand were good. Manganese ore prices increased slightly, and inventory decreased slightly [6] Ferrosilicon - Ferrosilicon prices rose with fluctuations during the day, driven by steel. Iron - water production remained high on the demand side. Export demand was about 30,000 tons, with a marginal impact. Magnesium production increased slightly, and overall demand was okay. Supply remained high, and inventory continued to decline [7]