1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the reports [1][2][5][6] 2. Core Views of the Reports - **Steel Industry**: Steel prices continue the low - level rebound trend. The basis of rebar is slightly stronger, while that of hot - rolled coil is weaker. Coke and coking coal prices may affect steel price stability. Steel mills are reducing production and inventory, but the inventory of plates is rising year - on - year. It is expected that steel prices will continue to fluctuate, and attention should be paid to the impact of the steel export licensing system on export expectations. When the hot metal production drops to a low level, one can participate in the expansion of the rebar - iron ore ratio of the January and May contracts [2] - **Iron Ore Industry**: The iron ore futures rebounded in a volatile manner. The global shipment volume of iron ore increased, and the arrival volume at 45 ports rebounded. Steel mills continued to cut production, hot metal production decreased, and the profitability of steel mills declined. The iron ore port inventory increased, and the inventory of steel mills' equity ore decreased. It is recommended to go long on the 2605 contract of iron ore at low prices and conduct a positive spread arbitrage between the January and May contracts of iron ore [5] - **Coke Industry**: Coke futures rebounded after over - falling. The second round of price cuts for coke was implemented on December 12th, and there is still an expectation of further cuts in the short term. The supply side shows that the price reduction range of coking coal in the Shanxi market has expanded, and coking profits have been slightly repaired. The demand side indicates that steel mills are increasing maintenance due to losses, and the hot metal production has declined. The inventory of coke has increased in coking plants, ports, and steel mills, and the supply - demand situation has weakened. It is recommended to stop losses on short positions, bet on short - term rebound expectations, or conduct a reverse spread arbitrage between the January and May contracts of coke [6] - **Coking Coal Industry**: Coking coal futures rebounded after over - falling. The spot price in Shanxi continued to fall, and the Mongolian coal price decreased. The supply side shows that coal mine shipments have worsened, daily production has slightly declined, and coal mines are accumulating inventory again. The demand side indicates that steel mills are increasing maintenance due to losses, and the demand for replenishment is weak. The inventory has increased in steel mills, coal mines, washing plants, ports, coking enterprises, and ports. It is recommended to stop losses on short positions, bet on short - term rebound expectations, or conduct a reverse spread arbitrage between the January and May contracts of coking coal [6] 3. Summaries According to Relevant Catalogs Steel Industry - **Steel Prices and Spreads**: Rebar and hot - rolled coil spot and futures prices showed different trends, with some prices increasing and some remaining stable. The profit of steel products showed a downward trend, and the cost of some steel products decreased slightly [2] - **Supply**: The daily average hot metal production, the output of five major steel products, rebar production, and hot - rolled coil production all decreased. The output of electric - arc furnace rebar and converter rebar also declined [2] - **Inventory**: The inventory of five major steel products, rebar, and hot - rolled coil all decreased [2] - **Trading and Demand**: The trading volume of building materials increased, but the apparent demand for five major steel products, rebar, and hot - rolled coil decreased [2] Iron Ore Industry - **Iron Ore - Related Prices and Spreads**: The warehouse receipt cost of various iron ore powders increased slightly, and the basis and spreads of some contracts changed [5] - **Supply**: The weekly global shipment volume and the 45 - port arrival volume of iron ore increased, but the monthly national import volume decreased [5] - **Demand**: The weekly daily average hot metal production of 247 steel mills, the 45 - port daily average desilting volume, the monthly national pig iron production, and the monthly national crude steel production all decreased [5] - **Inventory Changes**: The 45 - port inventory decreased slightly, the 247 - steel - mill imported ore inventory decreased, and the inventory available days of 64 steel mills increased [5] Coke Industry - **Coke - Related Prices and Spreads**: The prices of some coke varieties remained stable, and the basis and spreads of some contracts changed. The coking profit decreased [6] - **Supply**: The weekly daily average output of all - sample coking plants decreased, while that of 247 steel mills remained unchanged [6] - **Demand**: The weekly hot metal production of 247 steel mills decreased [6] - **Inventory Changes**: The total coke inventory, the coke inventory of all - sample coking plants, and the 247 - steel - mill coke inventory increased, while the port inventory decreased slightly [6] - **Coke Supply - Demand Gap Changes**: The coke supply - demand gap increased [6] Coking Coal Industry - **Coking Coal - Related Prices and Spreads**: The prices of some coking coal varieties remained stable, and the basis and spreads of some contracts changed. The profit of sample coal mines decreased [6] - **Supply**: The weekly raw coal production and clean coal production of Fenwei sample coal mines decreased slightly [6] - **Demand**: The weekly daily average output of all - sample coking plants decreased, while that of 247 steel mills remained unchanged [6] - **Inventory Changes**: The clean coal inventory of Fenwei coal mines decreased, the coking coal inventory of all - sample coking plants increased, the 247 - steel - mill coking coal inventory decreased, and the port inventory increased [6]

国信期货指出，近期焦化行业利润好转，提振焦企开工积极性，高频数据显示焦企开工率周环比出现回 升，焦炭供应弹性较大，产量回升。需求方面，上周钢厂高炉开工率周环比继续下降，真实需求边际走 弱。产业链供需矛盾出现累积，焦企库存出现累积，盘面反弹后压力仍存，小幅回调，建议短线操作。 大越期货表示，钢厂当前接货积极性不高，且对焦炭有控制到货情况，继续打压原料价格意愿较强。叠 加原料端煤价持续下跌，对焦价支撑减弱，焦企挺价心态渐弱，悲观情绪渐起。短期看焦炭供应仍延续 宽松局面，预计短期焦炭偏弱运行。焦炭2601：1600-1650区间操作。 12月4日，国内期市煤炭板块多数飘红。其中，焦炭期货主力合约开盘报1615.0元/吨，今日盘中高位震 荡运行；截至发稿，焦炭主力最高触及1667.5元，下方探低1615.0元，涨幅达1.79%附近。 目前来看，焦炭行情呈现震荡上行走势，盘面表现偏强。对于焦炭后市行情将如何运行，相关机构观点 汇总如下： 中辉期货分析称，四轮提涨落地后焦企利润明显改善，多数维持正常生产，库存有所累积，钢厂发起首 轮提降，幅度为50-55元/吨。从需求来看，铁水产量环比再降，但整体维持一定韧性，多数钢厂存 ...

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports [1][4][6] 2. Core Views Steel - Steel supply and demand have increased month - on - month, with the apparent demand of five major steel products rising to 8.74 million tons and inventory starting to decline. The supply - demand gap has narrowed. Considering high steel exports, seasonal improvement in demand, and a positive macro - environment, steel prices are expected to remain in a high - level oscillatory range. The recommended operation is to try long positions with a light position and hold short positions on the January hot - rolled coil and rebar spread [1] Iron Ore - As of the previous day's close, the iron ore 2601 contract showed a strong oscillatory trend. Supply - side global shipments decreased week - on - week while port arrivals increased. Demand - side, steel mill profit margins slightly declined, but daily hot - metal production increased. The fundamentals improved slightly, but were still insufficient for the peak season. The port inventory increased, and the steel mill inventory also rose. Iron ore is in a tight - balance situation, with a recommended trading range of 780 - 850. The strategy is to go long on iron ore 2601 on dips and recommend an arbitrage of long iron ore and short coke [4][6] Coke - As of the previous day's close, the coke futures rebounded. Spot prices are expected to gradually rise, with a possible 2 - 3 round increase. Supply - side, rising coking coal prices led to some losses for coke enterprises and a decline in production. Demand - side, steel mills continued to resume production, and hot - metal production increased. Inventory - side, coke plants and ports reduced inventory, while steel mills increased inventory. The strategy is to go short on the coke 2601 contract at high levels in the range of 1650 - 1800 and recommend an arbitrage of long coking coal and short coke [6] 3. Summary by Directory Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in different regions showed little change, with some contract prices fluctuating slightly. For example, the spot price of rebar in East China increased by 10 yuan/ton to 3290 yuan/ton, and the 10 - contract price increased by 3 yuan/ton to 3074 yuan/ton [1] Cost and Profit - The cost of steel billets remained stable, while the cost of some steel products changed slightly. Profits of different steel products in various regions also changed, such as the East China hot - rolled coil profit increasing by 1 yuan to 143 yuan [1] Production - The daily average hot - metal production increased by 1.0 to 242.0, a 0.4% increase. The production of five major steel products increased by 1.1% to 864 tons. The production of rebar remained unchanged, while the production of hot - rolled coil decreased by 0.7% [1] Inventory - The inventory of five major steel products decreased by 0.6% to 15.106 million tons. Rebar inventory decreased by 2.1% to 6.363 million tons, and hot - rolled coil inventory increased by 0.7% to 3.805 million tons [1] Transaction and Demand - The building materials transaction volume increased by 12.9% to 104,000 tons. The apparent demand of five major steel products increased by 2.8% to 8.741 million tons, and the apparent demand of rebar increased by 5.0% to 2.204 million tons [1] Iron Ore Prices and Spreads - The warehouse - receipt costs and spot prices of different iron ore varieties increased slightly, with the 5 - 9 spread and 1 - 5 spread decreasing by 2.4%, and the 9 - 1 spread increasing by 2.4% [4] Supply - The 45 - port weekly arrivals increased by 13.2% to 26.75 million tons, while the global weekly shipments decreased by 6.9% to 33.248 million tons. The national monthly import volume increased by 0.6% to 105.225 million tons [4] Demand - The daily average hot - metal production of 247 steel mills increased by 0.6% to 242.4 tons, and the 45 - port daily average unloading volume increased by 2.4% to 339.2 tons. The national monthly pig iron and crude steel production decreased by 1.4% and 2.9% respectively [4] Inventory - The 45 - port inventory increased by 0.9% to 139.3097 million tons, the 247 - steel - mill imported ore inventory increased by 3.5% to 93.094 million tons, and the inventory - available days of 64 steel mills increased by 9.1% to 24 days [4] Coke and Coking Coal Prices and Spreads - Coke and coking coal contract prices increased, with the coking profit decreasing by 11 yuan/ton and the sample coal - mine profit increasing by 4.2% [6] Supply - Coke production decreased by 0.6%, while coking coal production increased, with raw coal production increasing by 1.3% and clean coal production increasing by 1.8% [6] Demand - The hot - metal production of 247 steel mills increased by 0.6%, and the demand for coke was supported [6] Inventory - Coke inventory increased slightly, with coke plants and ports reducing inventory and steel mills increasing inventory. Coking coal inventory also increased, with coal mines and ports reducing inventory and coke plants and steel mills increasing inventory [6]

1. Report Industry Investment Ratings - No information provided in the reports about industry investment ratings. 2. Core Views Steel Industry - Steel prices are expected to maintain a high - level oscillating trend considering high - level steel exports, seasonal improvement in demand, and a positive macro environment. Suggest light - position long - entry attempts and holding short positions on the January spread between hot - rolled coils and rebar [1]. Iron Ore Industry - The iron ore market is in a balanced and slightly tight pattern. Although the weak performance of finished steel drags down raw materials, it is still considered to oscillate upward. It is recommended to go long on the Iron Ore 2601 contract at low prices and conduct an arbitrage strategy of long iron ore and short hot - rolled coils [4]. Coke Industry - The spot price of coke is expected to gradually rebound. The market is trading the expectation of coal - coke production restrictions from September to October and the driving force of a bottom - building rebound. It is recommended to go long on the Coke 01 contract at low prices and conduct an arbitrage strategy of long coking coal and short coke [6]. Coking Coal Industry - The coking coal market is expected to be in a balanced and slightly tight state. It is recommended to go long on the Coking Coal 01 contract at low prices and conduct an arbitrage strategy of long coking coal and short coke [6]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices in different regions showed varying degrees of increase. For example, the spot price of rebar in East China increased by 10 yuan/ton, and the 05 contract of rebar increased by 15 yuan/ton [1]. Cost and Profit - The billet price decreased by 30 yuan/ton, while the slab price remained unchanged. The profits of hot - rolled coils in different regions decreased, with the East China hot - rolled coil profit decreasing by 30 yuan/ton [1]. Production and Inventory - The daily average pig iron output increased by 0.4 to 241.0, a 0.2% increase. The output of five major steel products decreased by 1.8 to 855.5, a 0.2% decrease. The inventory of five major steel products increased by 5.1 to 1519.7, a 0.3% increase [1]. Transaction and Demand - The daily average building materials trading volume increased by 1.2 to 10.4, a 12.9% increase. The apparent demand for five major steel products increased by 7.0 to 850.3, a 0.8% increase [1]. Iron Ore Industry Prices and Spreads - The warehouse - receipt costs of different iron ore powders showed small fluctuations. The 01 - contract basis of various iron ore powders decreased significantly, for example, the 01 - contract basis of PB powder decreased by 44.6, a 54.0% decrease [4]. Supply and Demand - The weekly global iron ore shipment volume decreased by 248.3 to 3324.8, a 6.9% decrease, while the 45 - port arrival volume increased by 312.7 to 2675.0, a 13.2% increase. The weekly average pig iron output of 247 steel mills increased by 0.5 to 241.0, a 0.2% increase [4]. Inventory - The 45 - port inventory increased by 129.9 to 13930.97, a 0.9% increase. The imported ore inventory of 247 steel mills increased by 316.4 to 9309.4, a 3.5% increase [4]. Coke Industry Prices and Spreads - The prices of coke in different regions and contracts showed varying degrees of increase. For example, the price of Rizhao Port's quasi - first - grade wet - quenched coke (warehouse - receipt) increased by 11 to 1603, a 0.7% increase [6]. Supply and Demand - The weekly average output of all - sample coking plants decreased slightly by 0.1% to 66.7. The weekly iron ore output of 247 steel mills increased by 0.5 to 241.0, a 0.2% increase [6]. Inventory - The total coke inventory increased by 8.9 to 915.2, a 1.0% increase. The coke inventory of all - sample coking plants decreased by 1.4 to 66.4, a 2.1% decrease [6]. Coking Coal Industry Prices and Spreads - The prices of coking coal in different regions and contracts showed varying degrees of increase. For example, the price of Mongolian 5 raw coal (warehouse - receipt) increased by 5 to 1185, a 0.4% increase [6]. Supply and Demand - The output of sample coal mines increased, with the raw coal output increasing by 11.4 to 872.5, a 1.3% increase. The demand for coking coal increased as the iron ore output continued to rise and the coking plant operation remained stable [6]. Inventory - The inventory of coal mines, ports, and steel mills decreased, while the inventory of coal - washing plants, coking plants, and ports increased [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For the steel industry, prices have fallen from their highs, with significant declines in steel profits. There are expectations of seasonal demand improvement from September to October, but high production levels still pose a challenge to the demand - absorbing capacity during the peak season. Attention should be paid to coal mine复产 after the September 3rd parade and steel demand during the peak season. Investment strategies include selling out - of - the - money put options and considering long positions in the steel - iron ore ratio [1]. - Regarding the iron ore industry, the current fundamentals lack a strong upward driver. Although the iron water output may decline slightly around the parade, it will remain at a relatively high level in September. The demand during the "Golden September and Silver October" period is uncertain. The strategy is to view it as a range - bound market, with the range reference of 750 - 810, and recommend the arbitrage strategy of long iron ore and short coking coal [3][4]. - In the coke industry, the futures market has shown volatile and downward trends. The supply will gradually become looser after the end of short - term production restrictions, and there is a possibility of price decline in the future. It is recommended to hold previous short positions and consider the arbitrage strategy of long iron ore and short coke [5]. - For the coking coal industry, the futures market is oscillating weakly. The supply - demand situation has eased, and prices may continue to fall in September. It is recommended to hold previous short positions and consider the arbitrage strategy of long iron ore and short coking coal [5]. Summary by Related Catalogs Steel Industry Steel Prices and Spreads - Most steel prices have declined, with the exception of some contracts and regions where prices remained unchanged. For example, the spot price of rebar in the East China region dropped by 10 yuan/ton, and the price of the rebar 10 - contract increased by 8 yuan/ton [1]. Cost and Profit - The cost of steel production has generally decreased, while profits have declined significantly. For instance, the cost of Jiangsu electric - arc furnace rebar decreased by 36 yuan/ton, and the profit of East China hot - rolled coils decreased by 33 yuan/ton [1]. Production and Inventory - The daily average iron water output decreased by 0.7 tons (- 0.3%), while the output of five major steel products increased by 0.7%. The inventory of five major steel products increased by 1.9%, with the rebar inventory rising by 2.7% [1]. Market Analysis - In August, the supply - demand gap widened, and inventory accumulation was obvious. Entering September - October, there are expectations of seasonal demand improvement. However, high production levels still test the demand - absorbing capacity during the peak season [1]. Iron Ore Industry Price and Spread - The basis of most iron ore varieties has increased significantly, and the 5 - 9 spread has widened. For example, the 01 - contract basis of PB powder increased by 32.2 yuan/ton (351.5%) [3]. Supply and Demand - The global iron ore shipment volume increased by 7.3% week - on - week, and the 45 - port arrival volume increased by 5.5%. The demand side saw a decline in iron water output and a decrease in the average daily port clearance volume [3]. Inventory - The 45 - port inventory increased slightly by 0.1%, while the inventory of imported iron ore in 247 steel mills decreased by 0.6% [3]. Market Analysis - The fundamentals currently lack a strong upward driver. Although the iron water output may decline slightly around the parade, it will remain at a relatively high level in September. The demand during the "Golden September and Silver October" period is uncertain [3]. Coke and Coking Coal Industry Price and Spread - Coke and coking coal prices have shown different trends. Coke futures prices have fluctuated and declined, while coking coal futures prices have oscillated weakly. The spreads between different contracts have also changed [5]. Profit - Coking profits and sample coal mine profits have both decreased. The weekly coking profit decreased by 11, and the weekly sample coal mine profit decreased by 4 [5]. Supply and Demand - Coke supply has decreased due to production restrictions, and demand has also declined with the decrease in iron water output. Coking coal supply has been affected by mine accidents and production suspension, and demand has decreased due to steel and coking production restrictions [5]. Inventory - Coke and coking coal inventories have shown different trends. Coke inventories have increased slightly overall, while coking coal inventories have decreased slightly in some sectors and increased in others [5]. Market Analysis - Coke supply will gradually become looser after the end of short - term production restrictions, and there is a possibility of price decline. Coking coal supply - demand has eased, and prices may continue to fall in September [5].

Core Viewpoint - The recent fluctuations in coking coal futures indicate a volatile market, with supply tightening and demand showing signs of decline, leading to potential price adjustments in the near future [6] Supply - As of August 28, the average daily coking coal production from independent coking plants was 645,000 tons, a week-on-week decrease of 0.9% [3] - The total daily coking coal production from 247 steel mills was 461,000 tons, down by 0.6% week-on-week, resulting in a total production of 1,106,000 tons, which is a 1.6% decrease from the previous week [3] Demand - The average daily pig iron production was 2,401,300 tons as of August 28, reflecting a decrease of 620 tons week-on-week [4] - The blast furnace operating rate was 83.20%, down by 0.16% week-on-week, while the iron-making capacity utilization rate was 90.02%, a decrease of 0.23% [4] - The profitability of steel mills was reported at 63.64%, down by 1.30% week-on-week [4] Inventory - As of August 28, the total coking coal inventory was 9.44 million tons, with a week-on-week increase of 15,000 tons [5] - The inventory at independent coking plants was 653,000 tons, up by 9,000 tons week-on-week, while the inventory at 247 steel mills was 6.101 million tons, an increase of 5,000 tons [5] - Port inventory stood at 2.687 million tons, with a slight increase of 1,000 tons week-on-week [5] Price Movements - The main coking coal futures contract closed at 1,596.5, up by 2.0 (+0.13%), while the far-month contract closed at 1,689.0, down by 2.0 (-0.12%) [1] - The seventh round of price increases for coking coal was implemented at 50/55 yuan/ton, with the price for premium coking coal in Shanxi at 1,340 yuan/ton [1][6] - The eighth round of price increases faced resistance, with a steel plant in Ningxia reducing prices [1][6] Market Outlook - The market is expected to experience price adjustments due to improved coking profits and the gradual easing of production restrictions, leading to a potential increase in supply [6] - The steel industry is implementing strategies to control total production, which may negatively impact coal and coking coal demand [6]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Steel Industry - Yesterday, black commodities declined significantly, with iron ore and coking coal showing signs of catch - up decline. In August, steel apparent demand decreased month - on - month, and the supply - demand gap widened, leading to obvious inventory accumulation. The rebar market weakened first, and the spread between hot - rolled coils and rebar widened. - Entering September - October, there is an expectation of seasonal strengthening in demand. If the apparent demand recovers, the supply - demand gap will narrow, and inventory accumulation will slow down. However, high production levels still test the ability to absorb demand during the peak season. - Currently, steel prices have fallen from their highs. Rebar and hot - rolled coils have dropped to around 3100 yuan/ton and 3300 yuan/ton respectively, and the profit per ton of steel has declined significantly. - In terms of operations, the space for unilateral short - selling is limited. One can sell out - of - the - money put options. Considering the significant contraction of steel mill profits and the expected reduction in coking coal production, one can consider going long on the ratio of steel to iron ore [1]. Iron Ore Industry - The global shipment volume of iron ore has increased significantly month - on - month to a high for the year, and the arrival volume at 45 ports has risen. Based on recent shipment data, the average arrival volume will continue to increase gradually in the short term. - During the military parade in Tangshan, production restrictions and maintenance increased slightly, and the molten iron output decreased slightly from its high but remained at around 2.4 million tons per day. The impact of production restrictions this week will be reflected in molten iron output. - In terms of inventory, port inventory decreased slightly, the outbound shipment volume decreased month - on - month, and steel mills' equity iron ore inventory decreased month - on - month. - After the military parade, molten iron output will decline slightly from its high, but the impact is not significant. Currently, there is no strong driving force for a significant increase in the fundamentals. Since steel mills' profitability is still relatively high, molten iron output will remain at a high level in September. - On the 28th, the work plan for stabilizing growth in the steel industry was released, proposing to strictly prohibit new production capacity and implement production reduction to control the total volume. The demand during the "Golden Nine and Silver Ten" period is questionable. - In terms of strategies, it is recommended to short - sell on rallies in the short - term for unilateral trading, and for arbitrage, it is recommended to go long on iron ore and short on coking coal [3]. Coke and Coking Coal Industry Coke - Coke futures have been fluctuating and falling recently, with sharp price fluctuations. After the spot price increase, it has temporarily stabilized, and the port trade quotation has slightly declined following the futures. - On the supply side, after the price increase was implemented, coking profits improved, but due to production restrictions in Hebei, Henan, Shandong and other places, coking enterprise operations decreased slightly. - On the demand side, the molten iron output from blast furnaces has declined from its high. This week, molten iron output may continue to decline, but the impact is limited due to the short duration. - In terms of inventory, coking plants, ports, and steel mills have all seen slight inventory increases. The overall inventory is at a medium level. - The steel industry's work plan for stabilizing growth is negative for coke demand. It is recommended to short - sell on rallies for speculation, and for arbitrage, it is recommended to go long on iron ore and short on coke [5]. Coking Coal - Coking coal futures have been fluctuating and falling recently, with sharp price fluctuations. The spot auction price is stable with a weak trend, and the Mongolian coal quotation is running weakly. - On the supply side, due to recent mine accidents and coal mine shutdowns for rectification, coal mine operations have decreased slightly month - on - month, sales have slowed down, and some coal mines have started to accumulate inventory. In terms of imported coal, the price of Mongolian coal has fallen following the futures, and downstream users are cautious about restocking. - On the demand side, due to production restrictions on Tangshan steel and coking in Shandong and Henan before the military parade, coking operations have decreased slightly, and the molten iron output from downstream blast furnaces has declined slightly from its high. This week, operations may continue to decline. - In terms of inventory, coal mines, ports, and borders have seen slight inventory increases, while coal washing plants, coking plants, and steel mills have seen slight inventory decreases. The overall inventory has decreased slightly from a medium level. - The production restrictions caused by the shutdown of individual coal mines in Inner Mongolia, Shanxi, and Shaanxi are not enough to reverse the downward trend of the spot price. The coal price may continue to decline in September. It is recommended to short - sell the coking coal 01 contract on rallies for speculation, and for arbitrage, it is recommended to go long on iron ore and short on coking coal [5]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil prices in various regions and futures contracts have all declined. For example, the spot price of rebar in East China decreased from 3270 yuan/ton to 3250 yuan/ton, and the 05 contract price of rebar decreased from 3208 yuan/ton to 3165 yuan/ton [1]. Cost and Profit - The price of steel billets decreased by 50 yuan/ton to 2950 yuan/ton. The cost of Jiangsu electric - arc furnace rebar decreased by 1 yuan/ton to 3347 yuan/ton, and the cost of Jiangsu converter rebar decreased by 26 yuan/ton to 3173 yuan/ton. - The profit of hot - rolled coils in East China decreased by 8 yuan/ton to 121 yuan/ton, while the profit of hot - rolled coils in North China increased by 22 yuan/ton to 101 yuan/ton [1]. Supply - The daily average molten iron output decreased by 0.7 tons to 240.1 tons, a decrease of 0.3%. The output of five major steel products increased by 65,000 tons to 8.846 million tons, an increase of 0.7%. Among them, the electric - arc furnace output increased by 15,000 tons to 313,000 tons, an increase of 5.0%, and the converter output increased by 44,000 tons to 1.893 million tons, an increase of 2.4%. The output of hot - rolled coils decreased by 5,000 tons to 3.247 million tons, a decrease of 0.2% [1]. Inventory - Rebar inventory increased by 164,000 tons to 6.234 million tons, an increase of 2.7%. Hot - rolled coil inventory increased by 40,000 tons to 3.655 million tons, an increase of 1.1%. The inventory of five major steel products increased by 268,000 tons to 14.679 million tons, an increase of 1.9% [1]. Transaction and Demand - The building materials trading volume increased by 0.6 to 8.9, an increase of 6.6%. The apparent demand for five major steel products increased by 48,000 tons to 8.578 million tons, an increase of 0.6%. The apparent demand for rebar increased by 94,000 tons to 2.042 million tons, an increase of 4.8%. The apparent demand for hot - rolled coils decreased by 5,000 tons to 3.207 million tons, a decrease of 0.2% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse receipt costs of various iron ore powders have decreased. For example, the warehouse receipt cost of Carajás fines decreased by 19.8 yuan/ton to 792.3 yuan/ton, a decrease of 2.4%. The 01 - contract basis of various iron ore powders has increased, and the 5 - 9 spread has decreased by 19.0 to - 58.5, a decrease of 48.1% [3]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port have decreased. For example, the price of Carajás fines at Rizhao Port decreased by 18 yuan/ton to 873 yuan/ton, a decrease of 2.0%. The prices of the Singapore Exchange 62% Fe swap and the Jinshi 62% Fe index have also slightly decreased [3]. Supply - The arrival volume at 45 ports (weekly) increased by 1.327 million tons to 25.26 million tons, an increase of 5.5%. The global shipment volume (weekly) increased by 2.41 million tons to 35.568 million tons, an increase of 7.3%. The national monthly import volume decreased by 1.315 million tons to 104.623 million tons, a decrease of 1.2% [3]. Demand - The daily average molten iron output of 247 steel mills (weekly) decreased by 0.6 tons to 240.1 tons, a decrease of 0.2%. The daily average outbound shipment volume at 45 ports (weekly) decreased by 71,000 tons to 318,600 tons, a decrease of 2.2%. The national monthly pig iron output decreased by 1.108 million tons to 70.797 million tons, a decrease of 1.5%, and the national monthly crude steel output decreased by 3.526 million tons to 79.658 million tons, a decrease of 4.2% [3]. Inventory Changes - The port inventory decreased by 357,000 tons to 137.6302 million tons, a decrease of 0.3%. The imported iron ore inventory of 247 steel mills (weekly) decreased by 58,300 tons to 90.072 million tons, a decrease of 0.6% [3]. Coke and Coking Coal Industry Coke Coke - Related Prices and Spreads - The prices of various coke products and futures contracts have declined. For example, the 09 contract price of coke decreased by 14 yuan/ton to 1467 yuan/ton, a decrease of 0.9%, and the 01 contract price of coke decreased by 49 yuan/ton to 1595 yuan/ton, a decrease of 3.0% [5]. Supply - The daily average output of all - sample coking plants decreased by 0.9 tons to 64.5 tons, a decrease of 1.4% [5]. Demand - The molten iron output of 247 steel mills decreased by 0.7 tons to 240.1 tons, a decrease of 0.3% [5]. Inventory - The total coke inventory decreased by 11,000 tons to 8.875 million tons, a decrease of 0.14%. The coke inventory of all - sample coking plants increased by 9,000 tons to 653,000 tons, an increase of 1.5%, and the coke inventory of 247 steel mills increased by 5,000 tons to 6.101 million tons, an increase of 0.1% [5]. Supply - Demand Gap - The estimated supply - demand gap of coke decreased by 13,000 tons to - 57,000 tons, a decrease of 22.4% [5]. Coking Coal Coking Coal - Related Prices and Spreads - The prices of various coking coal products and futures contracts have declined. For example, the 09 contract price of coking coal decreased by 44 yuan/ton to 943 yuan/ton, a decrease of 4.4%, and the 01 contract price of coking coal decreased by 33 yuan/ton to 1119 yuan/ton, a decrease of 2.8% [5]. Supply - The raw coal output of Fenwei sample coal mines remained unchanged at 860,500 tons, and the clean coal output increased by 18,000 tons to 444,500 tons, an increase of 0.4% [5]. Demand - The coke output (weekly) decreased, which affected the demand for coking coal [5]. Inventory - The clean coal inventory of Fenwei coal mines decreased by 9,000 tons to 116,700 tons, a decrease of 0.8%. The coking coal inventory of all - sample coking plants decreased by 51,000 tons to 9.613 million tons, a decrease of 0.5% [5].

1. Report Industry Investment Ratings - No investment ratings provided in the reports [1][3][5] 2. Core Views Steel Industry - In the first half of the year, steel supply and demand were both strong, with continuous inventory reduction, but prices were dragged down by coking coal costs and continued to fall. Currently, prices show signs of stabilizing and rebounding. Demand has weakened slightly month - on - month, mainly due to the high growth of steel exports. In June, supply and demand were close to balance, and inventory stopped falling and remained flat. From July to August, it is the off - season for demand. In the second half of the year, the main interference factor for demand is still China - US tariffs, and the overall demand expectation remains weak. In the medium term, steel maintains a pattern of weak cost support and poor demand expectations. Due to the resumption of production in coking coal producing areas, prices have weakened again. It is recommended to try shorting at the current position or selling out - of - the - money call options [1][3] Coke Industry - As of the previous day's close, coke futures showed a volatile downward trend, while spot prices remained stable. The fourth round of coke price cuts was implemented on June 23, with a cumulative reduction of 170/190 yuan/ton, and a phased bottom is gradually emerging, and market expectations are starting to improve. On the supply side, due to environmental inspections and maintenance, supply has tightened marginally, and independent coking plant开工 has declined. On the demand side, in June, molten iron production remained above 240,000 tons per day, with rigid demand support, but blast furnace开工 decreased slightly, and molten iron production continued to decline after reaching its peak. In terms of inventory, coking plant inventories decreased slightly, port inventories continued to decline, and steel mill inventories decreased. The overall inventory is at a medium level. For strategies, the spot fundamentals are still relatively loose, and the premium of coke futures over spot provides hedging space. It is recommended to hedge the Coke 2509 contract at high prices, stay on the sidelines for speculation, and consider a strategy of going long on coking coal and short on coke for arbitrage [5] Coking Coal Industry - As of the previous day's close, coking coal futures showed a volatile downward trend, while spot prices were stable with a slight upward bias. On the supply side, due to environmental protection and other factors, production in Inner Mongolia and Shanxi has decreased, and coal mines are starting to hold prices. Although the overall production has decreased slightly, it is still at a relatively high level. Imported coal prices have rebounded slightly, but there is still obvious inventory pressure. On the demand side, coking plant开工 has started to decline, and downstream blast furnace molten iron production continues to decline after reaching its peak. However, in June, molten iron production remained above 240,000 tons per day, and downstream demand still has resilience, and restocking demand shows signs of recovery. In terms of inventory, coal mine inventories are at a high level and are currently reducing inventory through production cuts. Ports are also reducing inventory from a high level, and downstream users are controlling inventory. The overall inventory is at a medium level. For strategies, the spot fundamentals have improved, and there is a hedging demand for spot merchants after basis repair. It is recommended to stay on the sidelines for single - sided trading and consider a strategy of going long on coking coal and short on coke for arbitrage [5] 3. Summaries by Relevant Catalogs Steel Industry Steel Prices and Spreads - **Rebar**: Spot prices in East China increased by 50 yuan/ton to 3130 yuan/ton, remained unchanged in North China at 3160 yuan/ton, and decreased by 10 yuan/ton in South China to 3180 yuan/ton. Futures contract prices also showed small increases [1][3] - **Hot - rolled Coil**: Spot prices in East China increased by 10 yuan/ton to 3200 yuan/ton, remained unchanged in North China at 3110 yuan/ton, and decreased by 10 yuan/ton in South China to 3180 yuan/ton. Futures contract prices also had small increases [1][3] Cost and Profit - **Cost**: The price of steel billets decreased by 10 yuan/ton to 2900 yuan/ton, and the cost of Jiangsu electric - arc furnace rebar increased by 1 yuan/ton to 3270 yuan/ton, while the cost of Jiangsu converter rebar increased by 10 yuan/ton to 2954 yuan/ton [1][3] - **Profit**: The profit of East China rebar increased by 18 yuan/ton to 87 yuan/ton, the profit of North China rebar decreased by 2 yuan/ton to 167 yuan/ton, and the profit of South China rebar increased by 8 yuan/ton to 157 yuan/ton. The profit of East China hot - rolled coil increased by 8 yuan/ton to 197 yuan/ton, the profit of North China hot - rolled coil increased by 8 yuan/ton to 117 yuan/ton, and the profit of South China hot - rolled coil increased by 18 yuan/ton to 197 yuan/ton [1][3] Production - **Daily Average Molten Iron Production**: It decreased slightly by 0.1 to 242.1 tons, with a decline rate of 0.0% [1][3] - **Five - major Steel Products Production**: It increased by 12.5 tons to 881.0 tons, with an increase rate of 1.4% [1][3] - **Rebar Production**: It increased by 5.7 tons to 217.8 tons, with an increase rate of 2.7%. Among them, electric - arc furnace production increased by 1.6 tons to 25.0 tons, with an increase rate of 6.8%, and converter production increased by 4.1 tons to 192.9 tons, with an increase rate of 2.2% [1][3] - **Hot - rolled Coil Production**: It increased by 1.8 tons to 327.2 tons, with an increase rate of 0.6% [1][3] Inventory - **Five - major Steel Products Inventory**: It increased slightly by 1.1 tons to 1340.0 tons, with an increase rate of 0.1% [1][3] - **Rebar Inventory**: It decreased by 2.1 tons to 549.0 tons, with a decline rate of - 0.4% [1][3] - **Hot - rolled Coil Inventory**: It increased by 1.0 tons to 341.2 tons, with an increase rate of 0.3% [1][3] Transaction and Demand - **Building Materials Transaction Volume**: It remained unchanged at 10.5, with an increase rate of 0.4% [1][3] - **Five - major Steel Products Apparent Demand**: It decreased by 4.3 tons to 879.9 tons, with a decline rate of - 0.5% [1][3] - **Rebar Apparent Demand**: It increased by 0.7 tons to 219.9 tons, with an increase rate of 0.3% [1][3] - **Hot - rolled Coil Apparent Demand**: It decreased by 4.4 tons to 326.3 tons, with a decline rate of - 1.3% [1][3] Coke Industry Coke - related Prices and Spreads - **Coke Spot Prices**: The price of Grade - A wet - quenched coke in Shanxi remained unchanged at 1094 yuan/ton, while the price of quasi - Grade - A wet - quenched coke at Rizhao Port decreased by 10 yuan/ton to 1160 yuan/ton [5] - **Coke Futures Prices**: The Coke 09 contract decreased by 18 yuan/ton to 1404 yuan/ton, and the Coke 01 contract decreased by 19 yuan/ton to 1443 yuan/ton [5] Supply - **Full - sample Coking Plant Daily Average Production**: It decreased by 0.2 tons to 64.5 tons, with a decline rate of - 0.3% [5] - **247 Steel Mills Daily Average Production**: It remained unchanged at 47.4 tons, with an increase rate of 0.1% [5] Demand - **247 Steel Mills Molten Iron Production**: It increased slightly by 0.1 tons to 242.3 tons, with an increase rate of 0.0% [5] Inventory - **Total Coke Inventory**: It decreased by 12.0 tons to 940.9 tons, with a decline rate of - 1.3% [5] - **Full - sample Coking Plant Coke Inventory**: It decreased by 2.6 tons to 113.0 tons, with a decline rate of - 2.2% [5] - **247 Steel Mills Coke Inventory**: It decreased by 6.5 tons to 627.8 tons, with a decline rate of - 1.04% [5] - **Port Inventory**: It decreased by 3.0 tons to 200.1 tons, with a decline rate of - 1.5% [5] Supply - Demand Gap - The coke supply - demand gap decreased by 0.2 tons to - 5.4 tons, with a decline rate of - 3.84% [5] Coking Coal Industry Coking Coal - related Prices and Spreads - **Coking Coal Spot Prices**: The price of coking coal (Shanxi warehouse receipt) increased by 10 yuan/ton, and the price of coking coal (Mongolian coal warehouse receipt) increased by 5 yuan/ton to 843 yuan/ton [5] - **Coking Coal Futures Prices**: The Coking Coal 09 contract decreased by 23 yuan/ton to 825 yuan/ton, and the Coking Coal 01 contract decreased by 29 yuan/ton to 861 yuan/ton [5] Supply - **Fenwei Sample Coal Mine Production**: Raw coal production decreased by 3.6 tons to 852.9 tons, with a decline rate of - 0.4%, and clean coal production decreased by 2.3 tons to 434.9 tons, with a decline rate of - 0.5% [5] Demand - **Full - sample Coking Plant Daily Average Production**: It decreased by 0.2 tons to 64.5 tons, with a decline rate of - 0.3% [5] - **247 Steel Mills Daily Average Production**: It remained unchanged at 47.4 tons, with an increase rate of 0.1% [5] Inventory - **Fenwei Coal Mine Clean Coal Inventory**: It decreased by 35.6 tons to 223.3 tons, with a decline rate of - 13.8% [5] - **Full - sample Coking Plant Coking Coal Inventory**: It increased by 13.2 tons to 809.0 tons, with an increase rate of 1.74% [5] - **247 Steel Mills Coking Coal Inventory**: It increased by 6.6 tons to 781.2 tons, with an increase rate of 0.8% [5] - **Port Inventory**: It decreased by 17.7 tons to 285.6 tons, with a decline rate of - 5.8% [5]

1. Report Industry Investment Ratings No information provided regarding industry investment ratings in the given reports. 2. Core Views of the Reports Steel Industry - The conflict between Iran and Israel has led to a slight strengthening of ferrous metals including steel, but it does not change the loose supply - demand pattern of Chinese steel. The short - term impact on market sentiment may be positive, but the downward trend remains. Steel prices are expected to rebound slightly but not reverse the downward trend. Suggested operations are to short on rebounds or sell out - of - the - money call options [1]. Iron Ore Industry - The 09 contract of iron ore oscillated, and the spot weakened slightly. In the medium - to - long - term, the 09 contract should be treated with a bearish view. The price range may shift down to 720 - 670 due to the risk of weakening demand in the off - season [4]. Coke Industry - The coke futures oscillated strongly, while the spot was weakly stable. The spot fundamentals are still loose. It is recommended to short the 2509 contract of coke at a rebound to 1380 - 1430 and consider a strategy of going long on coking coal and short on coke [6]. Coking Coal Industry - The coking coal futures oscillated strongly, and the spot was weakly stable. The spot fundamentals have improved slightly. It is suggested to short the 2509 contract of coking coal at a rebound to 800 - 850 and consider a strategy of going long on coking coal and short on coke [6]. Ferrosilicon Industry - The ferrosilicon futures declined. The supply - demand contradiction has increased. The price is expected to fluctuate at the bottom in the short - term, and attention should be paid to coal price changes [7]. Ferromanganese Industry - The ferromanganese futures oscillated. The supply pressure still exists, and the improvement in supply is insufficient due to weakening demand. The price is expected to fluctuate at the bottom in the short - term, and attention should be paid to coke price changes [7]. 3. Summaries by Relevant Catalogs Steel Industry - **Prices and Spreads**: Most steel prices and futures contracts declined slightly. For example, the spot price of rebar in South China decreased by 10 yuan/ton, and the 05 contract of rebar decreased by 15 yuan/ton [1]. - **Cost and Profit**: The cost of some steel products changed slightly, and the profit of hot - rolled coils in East China increased by 31 yuan/ton [1]. - **Production**: The daily average pig iron output remained unchanged, while the output of five major steel products decreased by 2.4%, and the rebar output decreased by 5.0% [1]. - **Inventory**: The inventory of five major steel products decreased by 0.7%, the rebar inventory decreased by 2.2%, and the hot - rolled coil inventory increased by 1.4% [1]. - **Demand**: The building materials trading volume decreased by 16.1%, and the apparent demand for five major steel products decreased by 1.6% [1]. Iron Ore Industry - **Prices and Spreads**: The warehouse - receipt cost and spot price of iron ore decreased slightly. For example, the warehouse - receipt cost of PB powder decreased by 7.7 yuan/ton, and the spot price of PB powder at Rizhao Port decreased by 7 yuan/ton [4]. - **Supply**: The global iron ore shipment volume increased by 2.3%, and the 45 - port arrival volume increased by 2.9%. However, the subsequent arrival volume is expected to remain at a relatively high level [4]. - **Demand**: The daily average pig iron output of 247 steel mills decreased by 0.1%, and the 45 - port daily average ore - removal volume decreased by 4.1% [4]. - **Inventory**: The 45 - port inventory decreased by 0.4%, and the imported ore inventory of 247 steel mills increased by 1.2% [4]. Coke Industry - **Prices and Spreads**: The price of coke futures decreased slightly, and the basis of the 09 contract increased by 6 yuan/ton [6]. - **Supply**: The daily average output of all - sample coking plants decreased by 2.2%, and the daily average output of 247 steel mills decreased by 0.1% [6]. - **Demand**: The pig iron output of 247 steel mills decreased by 0.1% [6]. - **Inventory**: The total coke inventory decreased by 1.6%, and the port inventory decreased by 5.2% [6]. Coking Coal Industry - **Prices and Spreads**: The price of coking coal futures decreased slightly, and the 09 basis increased by 11 yuan/ton [6]. - **Supply**: The raw coal output of Fenwei sample mines decreased by 0.8%, and the clean coal output decreased by 1.0% [6]. - **Demand**: The daily average output of all - sample coking plants decreased by 2.2%, and the daily average output of 247 steel mills decreased by 0.1% [6]. - **Inventory**: The coal mine inventory continued to increase, and the port inventory decreased slightly [6]. Ferrosilicon Industry - **Prices and Spreads**: The futures price of ferrosilicon decreased by 0.5%, and the spot price in some regions increased slightly [7]. - **Supply**: The ferrosilicon production decreased by 2.3%, and the operating rate decreased by 4.4% [7]. - **Demand**: The ferrosilicon demand decreased by 3.5%, and the daily average pig iron output decreased by 0.1% [7]. - **Inventory**: The inventory of 60 sample enterprises increased by 3.3% [7]. Ferromanganese Industry - **Prices and Spreads**: The futures price of ferromanganese decreased by 0.9%, and the spot price in some regions increased slightly [7]. - **Supply**: The ferromanganese production increased by 0.9%, and the operating rate increased by 0.8% [7]. - **Demand**: The ferromanganese demand decreased by 2.9%, and the procurement volume of Hebei Iron and Steel Group decreased by 100.0% [7]. - **Inventory**: The inventory of 63 sample enterprises increased by 5.04%, and the average available days of inventory decreased by 1.9% [7].

Group 1: Steel Industry Report Industry Investment Rating No relevant information provided. Report's Core View Yesterday's steel data showed that the apparent demand recovered but continued to decline after reaching a peak. The daily average pig iron output and the output of five major steel products decreased, while the inventory continued to be depleted. The apparent demand in May decreased slightly compared to April. After the tariff reduction, the export orders improved. The steel market is characterized by strong supply and demand at the industrial end, continuous inventory depletion, and support from export and re - export. With low inventory support, the improvement of macro - sentiment is expected to repair the valuation. Attention should be paid to the transmission of terminal restocking to the spot market. For the October contract, the pressure range for rebar is 3200 - 3250, and for hot - rolled coil is 3300 - 3400 [1]. Summary by Directory - **Steel Prices and Spreads**: The prices of rebar and hot - rolled coil in different regions and contracts showed various changes. For example, the rebar spot price in East China decreased by 10 yuan/ton to 3240 yuan/ton, while the hot - rolled coil spot price in North China remained unchanged at 3230 yuan/ton [1]. - **Cost and Profit**: The costs of steel billet, plate billet, and different steel production methods (such as Jiangsu electric - furnace rebar and converter rebar) had different changes. The profits of rebar and hot - rolled coil in different regions also showed fluctuations. For instance, the cost of Jiangsu electric - furnace rebar increased by 6 yuan/ton to 3323 yuan/ton, and the profit of East China hot - rolled coil increased by 15 yuan/ton to 113 yuan/ton [1]. - **Production and Inventory**: The daily average pig iron output remained unchanged at 245.6 tons, the output of five major steel products decreased by 5.8 tons to 868.4 tons, the rebar output increased by 3.0 tons to 226.5 tons, and the hot - rolled coil output decreased by 8.4 tons to 312.0 tons. The inventory of five major steel products decreased by 45.4 tons to 1430.7 tons, the rebar inventory decreased by 33.8 tons to 619 tons, and the hot - rolled coil inventory decreased by 17.6 tons to 347.6 tons [1]. - **Trading Volume and Demand**: The daily average trading volume of building materials decreased by 2.0 tons to 10.0 tons, the apparent demand of five major steel products increased by 68.6 tons to 913.8 tons, the apparent demand of rebar increased by 46.4 tons to 260.3 tons, and the apparent demand of hot - rolled coil increased by 20.0 tons to 329.5 tons [1]. Group 2: Iron Ore Industry Report Industry Investment Rating No relevant information provided. Report's Core View Yesterday, the iron ore 09 contract fluctuated, and the 5 - 9 spread continued to rise. Fundamentally, the daily average pig iron output reached a peak and then declined this week, and the port clearance volume increased slightly. It is expected that the pig iron output will remain at a high level in the short term. The finished steel data shows resilience, with the apparent demand of hot - rolled coil and rebar rebounding and the overall inventory depletion pattern continuing. The inventory of iron ore decreased slightly under the high - level pig iron output, and the steel mill inventory remained low. The terminal demand of finished steel determines the sustainability of the high - level pig iron output, and the marginal changes lie in exports and infrastructure. Currently, the steel billet export exceeds expectations. In the future, the supply - demand pressure of iron ore will increase as the overseas mine shipments peak in May - June and the arrival peak has not yet come. In addition, the improvement of macro - expectations may bring sentiment repair. It is expected that iron ore will mainly fluctuate in the short term [4]. Summary by Directory - **Iron Ore - Related Prices and Spreads**: The warehouse receipt costs of different iron ore powders (such as Carajás fines, PB fines) decreased slightly, while the 09 contract basis of various iron ore powders increased significantly. The 5 - 9 spread increased by 6.5 yuan/ton to 65.0 yuan/ton, and the 9 - 1 spread increased by 1.0 yuan/ton to 38.5 yuan/ton [4]. - **Spot Prices and Price Indexes**: The spot prices of different iron ore powders at Rizhao Port decreased slightly, the Singapore Exchange 62% Fe swap price decreased by 1.4 dollars/ton to 97.9 dollars/ton, and the Platts 62% Fe price increased by 1.6 dollars/ton to 102.8 dollars/ton [4]. - **Supply and Demand**: The weekly arrival volume at 45 ports decreased by 95.1 tons to 2354.6 tons, the global weekly shipment volume decreased by 21.5 tons to 3029.0 tons, and the monthly national import volume decreased by 22.4 tons to 9397.4 tons. The weekly daily average pig iron output of 247 steel mills increased by 0.2 tons to 245.6 tons, the weekly daily average port clearance volume at 45 ports decreased by 16.6 tons to 315.2 tons, the monthly national pig iron output increased by 859.5 tons to 7529.4 tons, and the monthly national crude steel output increased by 1687.2 tons to 9284.1 tons [4]. - **Inventory Changes**: The inventory at 45 ports increased by 102.2 tons to 14340.88 tons, the imported iron ore inventory of 247 steel mills decreased by 376.1 tons to 8959.0 tons, and the inventory available days of 64 steel mills remained unchanged at 22.0 days [4]. Group 3: Coke Industry Report Industry Investment Rating No relevant information provided. Report's Core View As of yesterday's close, the coke futures showed a weak and fluctuating trend. China's tariff reduction on the US since the 14th has driven a general rise in commodity prices due to macro - level benefits. On the spot side, the market proposed a price increase, but mainstream steel mills proposed a price cut for coke on the 13th, which is expected to be implemented on the 16th. After the May Day holiday, the ex - factory price of coke is temporarily stable, and the port trade price is weak. On the supply side, due to the increase in downstream pig iron output, coke enterprises have good orders and continuous improvement in production, and the coking profit has also been repaired. On the demand side, the pig iron output in May continued to be above 240 tons per day, and steel mills replenished inventory as needed. There is no obvious inventory accumulation downstream, but attention should be paid to the possibility of a decline in pig iron output in the future. In terms of inventory, the inventory of coking plants, ports, and steel mills is decreasing. Considering the steel mills' price cut for coke, the futures market is following the expected price - cut trend, and the fundamentals are still bearish. It is recommended to continue holding the strategy of going long on hot - rolled coil and short on coke (equal - value) and pay attention to the signal of the coke price reaching a phased bottom [5]. Summary by Directory - **Coke - Related Prices and Spreads**: The prices of Shanxi Grade 1 wet - quenched coke and Rizhao Port quasi - Grade 1 coke remained unchanged. The coke 09 contract decreased by 10 yuan/ton to 1472 yuan/ton, and the 01 contract decreased by 10 yuan/ton to 1499 yuan/ton. The 9 - 1 spread weakened to - 27. The weekly coking profit increased by 6 yuan/ton to 7 yuan/ton [5]. - **Upstream Coking Coal Prices and Spreads**: The prices of coking coal (Shanxi warehouse receipt and Mongolian coal warehouse receipt) remained unchanged. The coking coal 09 contract decreased by 12 yuan/ton to 883 yuan/ton, and the 01 contract decreased by 12 yuan/ton to 899 yuan/ton. The 9 - 1 spread strengthened to - 16. The weekly profit of sample coal mines decreased by 17 yuan/ton to 382 yuan/ton [5]. - **Supply**: The weekly daily average output of all - sample coking plants increased by 0.2 tons to 67.2 tons, and the weekly daily average output of 247 steel mills remained unchanged at 47.3 tons [5]. - **Demand**: The weekly pig iron output of 247 steel mills decreased by 0.9 tons to 244.8 tons [5]. - **Inventory Changes**: The total coke inventory decreased by 11.3 tons to 983.2 tons, the inventory of all - sample coking plants decreased by 0.1 tons to 94.3 tons, the inventory of 247 steel mills decreased by 7.2 tons to 663.8 tons, the available days of steel mills decreased by 0.1 days to 12.0 days, and the port inventory decreased by 4.0 tons to 225.1 tons [5]. - **Coke Supply - Demand Gap Changes**: The coke supply - demand gap increased by 0.1 tons to - 4.5 tons [5]. Group 4: Coking Coal Industry Report Industry Investment Rating No relevant information provided. Report's Core View As of yesterday's close, the coking coal futures showed a weak and fluctuating trend. China's tariff reduction on the US since the 14th has driven a general rise in commodity prices due to macro - level benefits. On the spot side, the market continued to decline slightly. The futures market, due to pessimistic market expectations, led the spot market in decline and showed a deep - discount structure, with large hedging pressure on the futures and weak willingness of long - position holders to support the price, remaining in a weak situation. The market auction was cold again, and the transaction prices of various coal types adjusted downward slightly. The supply - demand relaxation pattern is difficult to reverse in the short term. On the supply side, domestic coal mines continued to resume production, and the output was at a relatively high level. For imported coal, the Mongolian customs clearance volume increased from a low level, and the import profit of seaborne coal continued to be inverted, with prices stable or slightly decreasing. On the demand side, the downstream blast furnace and coking plant operations increased slightly, and downstream users still mainly replenished inventory as needed. The pig iron output in May continued to be above 240 tons per day. As the peak season of steel (March - April) is coming to an end, attention should be paid to the possibility of the pig iron output reaching a peak and then declining after the holiday. In terms of inventory, the coal mine inventory continued to accumulate at a high level, with pressure to reduce prices for sales. The port inventory decreased faster, and the downstream inventory was at a low level. It is recommended to continue holding the strategy of going long on hot - rolled coil and short on coking coal (equal - value) and pay attention to the signal of the coking coal price reaching a phased bottom [5]. Summary by Directory - **Coking Coal - Related Prices and Spreads**: The prices of coking coal (Shanxi warehouse receipt and Mongolian coal warehouse receipt) remained unchanged. The coking coal 09 contract decreased by 12 yuan/ton to 883 yuan/ton, and the 01 contract decreased by 12 yuan/ton to 899 yuan/ton. The 9 - 1 spread strengthened to - 16. The weekly profit of sample coal mines decreased by 17 yuan/ton to 382 yuan/ton [5]. - **Overseas Coal Prices**: The arrival price of Australian Peak Downs coal increased by 0.6 dollars/ton to 204 dollars/ton, the warehouse - pick - up price of Hong Kong - Macau main - coking coal at Jingtang Port remained unchanged at 1280 yuan/ton, and the warehouse - pick - up price of Hong Kong - Macau thermal coal at Guangzhou Port decreased by 2.0 yuan/ton to 719 yuan/ton [5]. - **Supply**: The weekly raw coal output increased by 2.8 tons to 895.8 tons, and the weekly clean coal output increased by 1.9 tons to 459.2 tons [5]. - **Demand**: The weekly daily average output of all - sample coking plants increased by 0.2 tons to 67.2 tons, and the weekly daily average output of 247 steel mills remained unchanged at 47.3 tons [5]. - **Inventory Changes**: The clean coal inventory of Fenwei coal mines increased by 19.4 tons to 230.3 tons, the coking coal inventory of all - sample coking plants decreased by 31.7 tons to 884.9 tons, the available days decreased by 0.4 days to 9.9 days, the coking coal inventory of 247 steel mills increased by 4.0 tons to 791.2 tons, the available days increased by 0.1 days to 12.6 days, and the port inventory increased by 8.3 tons to 306.1 tons [5]. Group 5: Ferrosilicon and Ferromanganese Industry Report Industry Investment Rating No relevant information provided. Report's Core View - **Ferrosilicon**: Yesterday, the ferrosilicon futures main contract showed a slight movement. Recently, environmental inspections have entered Inner Mongolia, and large - scale factories in Inner Mongolia may shut down furnaces, with an estimated daily output reduction of 800 tons. In addition, large - scale factories in the main production area of Ningxia have a cumulative daily output reduction of about 1400 tons this week. After the previous production reduction, the supply pressure has been relieved, and the factory inventory has continued to decrease, but the overall inventory is still at a medium - high level. On the demand side, the pig iron output remains at a high level, the steel mill profit is repaired, and the apparent demand of steel products shows resilience, and the low - inventory pattern continues. Attention should be paid to the marginal change in exports in the future. In terms of non - ferrous demand, the price of metallic iron remains strong due to raw material factors, but the downstream demand support is limited, and the procurement is cautious. Overseas orders are poor, and inquiries are few. In terms of cost, the price of blue carbon is stable. With low inventory and supply reduction, the supply - demand contradiction is limited. In terms of electricity price, Ningxia will no longer use the electricity spot market settlement in May, and the electricity price may increase. The short - term electricity price fluctuation has come to an end. In the future, the supply - demand contradiction of ferrosilicon has been alleviated. The price change still depends on the cost. The price has temporarily stabilized, and with the release of macro - level benefits, it is expected that the price will stabilize and rebound, but the rebound is more due to valuation repair and macro - factors, and there is a lack of momentum for a strong upward trend [6]. - **Ferromanganese**: Yesterday, the ferromanganese main contract rose slightly. Fundamentally, ferromanganese production continued to be reduced, and the scope of production reduction in Inner Mongolia and Chongqing factories has expanded recently, and the output has accelerated its decline. Currently, affected by the continuous decline in the futures price, the hedging profit on the futures market is gradually in a loss state, and the warehouse receipts and valid forecasts have begun to decline. On the demand side, the pig iron output remains at a high level, the steel mill profit is repaired, and the apparent demand of steel products shows resilience, and the low - inventory pattern continues. Attention should be paid to the marginal change in exports in the future. In terms of manganese ore, the global manganese ore shipment decreased this week. Affected by the increase in the arrival of South African ore, the port inventory decreased, but considering the future manganese ore shipment plan, the arrival of manganese ore will still remain at a high level. Affected by the overseas mines' reduction of forward - period quotes, the import profit of port traders is inverted, and manganese ore is under the pressure of negative feedback in smelting and potential supply release. In the future, the short - term ferromanganese price will continue to fluctuate. With the warehouse receipts stopping increasing and starting to decrease, the cost support on the futures market is weakened, the supply - demand gap is narrowing, and at the same time, the cost of manganese ore has gradually stabilized due to the traders' profit inversion. Coupled with the positive macro - level factors, it is expected that the price will fluctuate, stabilize, and rebound, but the rebound is more due to valuation repair and macro - factors, and there is a lack of momentum for a strong upward trend [6]. Summary by Directory - **Ferrosilicon Spot Prices and Spreads**: The closing price of the ferrosilicon main contract decreased by 18.0 yuan/ton to 5660.0 yuan/ton. The spot prices of ferrosilicon in different regions (such as Inner Mongolia, Qinghai) showed various changes. The difference between the Inner Mongolia spot price and the main contract price increased by 18.0 yuan/ton to - 260.0 yuan/ton [6]. - **Ferromanganese Spot Prices and Spreads**: The closing price of the ferromanganese main contract increased by 12.0 yuan/ton to 5876.0 yuan/ton. The spot prices of ferromanganese in different regions (such as Inner Mongolia, Guangxi) remained unchanged. The difference between the Guangxi spot price and the main contract price decreased by 12