1. Report Industry Investment Ratings - The investment ratings for various black metal products are all ★☆☆, indicating a bias towards a bearish trend with limited operability on the trading floor [1]. 2. Core Viewpoints - The overall market sentiment for black metals is pessimistic, with weak demand expectations and a gloomy market atmosphere. Most product prices are under downward pressure, and the market is influenced by factors such as seasonal demand changes, supply - side capacity, and policy expectations [2][3]. 3. Summary by Categories Steel - Steel futures showed an inertial decline. In the off - season, the apparent demand for rebar decreased, production increased, and inventory continued to fall but at a slower pace. The supply pressure remained high, and the negative feedback expectation kept fermenting. The downstream industries had poor performance, and the demand outlook was pessimistic. The short - term downward trend may be followed by increased volatility [2]. Iron Ore - The iron ore futures oscillated. The global shipment was in normal fluctuation, and the domestic arrival volume was expected to rise. The terminal demand entered the off - season, and the molten iron production decreased slightly. The iron ore supply - demand relationship faced marginal weakening pressure, and the ore price was expected to show a weak oscillation [3]. Coke - Coke prices continued to decline, with the second - round price cut fully implemented. The molten iron production decreased slightly, and the overall coke inventory increased slightly. The carbon element supply was abundant, and the negative feedback needed to be observed. The coke futures were basically at par, and it was not advisable to be overly bearish [4]. Coking Coal - Coking coal prices also continued to fall. The coal mine production was still at a high level, and the spot auction market weakened. The total coking coal inventory increased slightly, and the production - end inventory pressure accumulated rapidly. The carbon element supply was abundant, and the negative feedback needed to be observed. The coking coal futures were at a significant discount, and it was not advisable to be overly bearish [6]. Silicomanganese - Silicomanganese prices oscillated at a low level. After the leading steel mill's tender, the price rebounded. Due to continuous production cuts, the weekly output increased slightly, and the inventory decreased. The manganese ore inventory started to accumulate, and the price was weak due to the overall black metal market [7]. Ferrosilicon - Ferrosilicon prices oscillated narrowly. The molten iron production decreased slightly, the export demand was stable, and the secondary demand remained high. The supply decreased, the market transaction was average, and the inventory decreased slightly. The price was weak due to the overall black metal market [8].