机构观点 光大期货： 供应方面，部分原料煤价格下跌让利，焦企盈利水平有所修复，产地焦企开工情况稍有回升，下游对焦 炭的刚需采购，厂内出货情况较好，焦炭库存继续回落。需求端，近期期货盘面连续走弱，且钢材市场 表现难有明显改善，市场情绪一般，钢材利润修复不及预期，钢厂盈利能力不佳，成材出库一般，预计 短期焦炭盘面宽幅震荡运行。 消息面 据外媒报道，煤炭生产商哥伦比亚自然资源公司（CNR）向反垄断机构SIC提交的文件显示，该公司称 其收购哥伦比亚Puerto Nuevo（新港）煤炭码头的提议不会构成垄断，理由是其市场份额将保持在20% 以下。目前已经通过Puerto Nuevo港出口煤炭一段时间，去年通过该港口出口了245万吨煤炭。 截止至11月19日，秦唐沧三大港区煤炭库存2581.3万吨，较上周同期增加186.4万吨。 截至2025年11月18日，海运煤炭运价指数（OCFI）报收1072.85点，与11月11日相比下行144.58点，跌 幅为11.88%。 宝城期货： 整体来看，焦炭短期基本面好转，但持续性预计有限，需求担忧依然存在，且市场对前期的主要向上驱 动"成本端支撑"分歧增加，多空博弈渐增，焦炭期货震荡 ...

Core Viewpoint - The coking coal market is experiencing fluctuations with recent price adjustments and varying profitability among different regions, indicating a complex supply-demand dynamic in the industry [6]. Supply - As of November 13, the average daily production of coking coal from independent coking plants is 630,000 tons, showing a week-on-week decrease of 6,000 tons. The average daily production from 247 steel mills is 462,000 tons, with a slight increase of 1,000 tons week-on-week, leading to a total production of 1,092,000 tons per day, which is a decrease of 5,000 tons week-on-week [3]. Demand - The average daily pig iron production is 2.3688 million tons, reflecting an increase of 26,600 tons week-on-week. The blast furnace operating rate is 82.81%, down by 0.32% week-on-week, while the capacity utilization rate for ironmaking is 88.80%, up by 1.00% week-on-week. The profit margin for steel mills stands at 38.96%, a decrease of 0.87% week-on-week [4]. Inventory - As of November 13, the total inventory of coking coal is 9.4 million tons, with a week-on-week decrease of 74,000 tons. Independent coking plants hold 582,000 tons, down by 2,000 tons week-on-week, while steel mills have 6.224 million tons, decreasing by 42,000 tons week-on-week. Port inventories are at 2.595 million tons, down by 30,000 tons week-on-week [5]. Price Trends - As of November 17, coking coal futures are experiencing low volatility with a significant drop in night trading. The main contract for coking coal (2601) increased by 40.5 (+2.43%) to 1710.0, while the far-month contract (2605) rose by 35.5 (+1.96%) to 1847.5. The price gap between contracts has strengthened to -138.0 [1]. Profitability - The average profit per ton of coking coal across 30 independent coking plants is -34 yuan. In specific regions, the average profit for Shanxi's primary coking coal is -37 yuan, while Shandong's primary coking coal shows a profit of 26 yuan. Inner Mongolia's secondary coking coal has an average loss of 90 yuan, and Hebei's primary coking coal has a profit of 16 yuan [2]. Market Sentiment - The recent market sentiment indicates a divergence between futures and spot prices, with port trade quotes declining. The fourth round of price increases for coking coal has been implemented, but there are still plans for further increases. The supply side shows some price easing in Shanxi, while demand is pressured by low steel mill profits and environmental regulations affecting production [6]. Strategy Outlook - The market is viewed with a bearish bias, with a trading range reference of 1600-1750, suggesting a cautious approach in the current environment [6].

Report Information - Report Title: Coke Daily Report - Report Date: November 11, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Data Coke Prices - The latest price of Shanxi quasi - first wet quenching coke is 1591.62, with no daily change, a weekly increase of 54.61, a monthly increase of 109.23, and a year - on - year decrease of 15.71% [2] - The latest price of Hebei quasi - first dry quenching coke is 1845.00, with no daily change, a weekly increase of 55.00, a monthly increase of 110.00, and a year - on - year increase of 1.93% [2] - The latest price of Shandong quasi - first dry quenching coke is 1770.00, with no daily change, a weekly increase of 55.00, a monthly increase of 110.00, and a year - on - year decrease of 14.29% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1810.00, with no daily change, a weekly increase of 55.00, a monthly increase of 110.00, and a year - on - year decrease of 14.01% [2] - The latest price of Inner Mongolia second - grade coke is 1280.00, with no daily change, a weekly increase of 50.00, a monthly increase of 100.00, and a year - on - year decrease of 17.42% [2] Production and Utilization Rates - The blast furnace operating rate is 87.81, with a weekly decrease of 0.80, a monthly decrease of 2.74, and a year - on - year decrease of 0.67% [2] - The daily average iron water output is 234.22, with a weekly decrease of 2.14, a monthly decrease of 7.32, and a year - on - year increase of 0.07% [2] - The coking capacity utilization rate is 72.74, with a weekly decrease of 0.42, a monthly decrease of 2.26, and a year - on - year decrease of 0.49% [2] - The daily average coke output is 53.14, with a weekly decrease of 0.16, a monthly increase of 0.83, and a year - on - year increase of 5.19% [2] Inventory Data - The coking plant inventory is 36.50, with a weekly decrease of 1.02, a monthly decrease of 6.04, and a year - on - year decrease of 17.16% [2] - The port inventory is 202.11, with a weekly decrease of 8.99, a monthly increase of 7.02, and a year - on - year increase of 16.73% [2] - The steel mill inventory is 626.64, with a weekly decrease of 2.41, a monthly decrease of 24.18, and a year - on - year increase of 7.76% [2] - The steel mill inventory days are 11.07, with a weekly decrease of 0.50, a monthly decrease of 0.35, and a year - on - year decrease of 0.81% [2] Futures Market Data - The latest price of the 05 futures contract is 1875, with a daily decrease of 20.50, a weekly decrease of 10.00, a monthly increase of 61.50, and a year - on - year decrease of 11.05% [2] - The latest price of the 09 futures contract is 1953, with a daily decrease of 22.50, a weekly decrease of 9.50, a monthly increase of 48.00, and a year - on - year decrease of 8.80% [2] - The latest price of the 01 futures contract is 1748, with a daily decrease of 16.50, a weekly decrease of 5.50, a monthly increase of 86.50, and a year - on - year decrease of 13.81% [2] - The 05 basis is 29.97, with a daily increase of 20.50, a weekly increase of 68.72, a monthly increase of 72.08, and a year - on - year decrease of 13.21 [2] - The 09 basis is - 48.03, with a daily increase of 22.50, a weekly increase of 68.22, a monthly increase of 85.58, and a year - on - year decrease of 57.71 [2] - The 01 basis is 156.97, with a daily increase of 16.50, a weekly increase of 64.22, a monthly increase of 47.08, and a year - on - year increase of 33.79 [2] - The 5 - 9 spread is - 127.00, with a daily increase of 4.00, a weekly increase of 4.50, a monthly increase of 25.00, and a year - on - year decrease of 47.00 [2] - The 9 - 1 spread is - 78.00, with a daily increase of 2.00, a weekly decrease of 0.50, a monthly increase of 13.50, and a year - on - year decrease of 44.50 [2] - The 1 - 5 spread is 205.00, with a daily decrease of 6.00, a weekly decrease of 4.00, a monthly decrease of 38.50, and a year - on - year increase of 91.50 [2]

1. Report Industry Investment Ratings - No investment ratings are provided in the report. 2. Core Views Steel - Recently, the decline in iron ore prices has led to a rapid drop in steel prices. The supply of iron elements is relatively loose, and the decrease in molten iron production by steel mills has alleviated inventory pressure. The apparent demand for five major steel products is higher than production, and inventory continues to decline. However, the inventory of flat - rolled products is relatively high year - on - year, and the pressure for winter stockpiling is greater than last year. It is expected that steel mills will actively reduce production in winter. The 1 - month contract for rebar and hot - rolled coil is expected to test the support levels of 3000 and 3200 respectively. The strategy of going long on coking coal and short on hot - rolled coil can continue to be held [2]. Iron Ore - The iron ore futures showed a weak downward trend. On the supply side, the global iron ore shipment volume decreased last week, but the arrival volume at 45 ports increased significantly. On the demand side, the profit margin of steel mills has dropped significantly, molten iron production has declined from its peak, and the restocking demand of steel mills is weak. The inventory pressure has increased. The previous macro - positive factors have been digested, and the decline in iron ore prices, molten iron production, and the increase in port inventory still suppress iron ore. The strategy is to short iron ore 2601 on rallies, with a reference range of 760 - 810, and recommend the 1 - 5 positive spread arbitrage [4][6]. Coke - The coke futures showed a volatile downward trend. The spot market has a third - round price increase, and there is still an expectation of further increases. On the supply side, the rebound in coking coal prices provides cost support, and the loss of coke production has narrowed after the price increase. On the demand side, environmental restrictions and the decline in molten iron production have suppressed the price increase. The overall inventory is slightly increasing, and the supply is tight. The strategy is to go long on coke 2601 on dips, with a reference range of 1700 - 1850, and conduct the arbitrage of going long on coking coal and short on coke [7]. Coking Coal - The coking coal futures showed a volatile downward trend, with a divergence between futures and spot. The domestic coking coal market continues to be strong, but traders are becoming cautious. On the supply side, some coal mines are resuming production, and the supply is expected to increase, but the recovery is limited. On the demand side, the restocking demand is weakening. The overall inventory is slightly decreasing, and downstream is actively restocking. The strategy is to go long on coking coal 2601 on dips in the short - term, with a reference range of 1200 - 1350, and conduct the arbitrage of going long on coking coal and short on coke [7]. 3. Summary by Relevant Catalogs Steel Price and Spread - Rebar and hot - rolled coil spot and futures prices generally declined. For example, the spot price of rebar in East China decreased from 3220 to 3210 yuan/ton, and the 05 - contract price of hot - rolled coil decreased from 3304 to 3272 yuan/ton [2]. Cost and Profit - The billet price decreased by 20 yuan/ton to 2930 yuan/ton, and the cost of Jiangsu electric - arc furnace rebar decreased by 3 yuan/ton to 3305 yuan/ton. The profit of hot - rolled coil in East China decreased by 10 yuan/ton to 24 yuan/ton [2]. Production - The daily average molten iron production increased by 3.5 to 239.9 tons, a 1.5% increase. The production of five major steel products increased by 10.0 tons to 875.3 tons, a 1.2% increase [2]. Inventory - The inventory of five major steel products decreased by 41.1 tons to 1513.7 tons, a 2.6% decrease. The rebar inventory decreased by 19.6 tons to 602.5 tons, a 3.1% decrease [2]. Transaction and Demand - The building materials trading volume decreased by 0.5 to 9.3 (the value in the report is incomplete), a 5.4% decrease. The apparent demand for five major steel products increased by 23.7 tons to 916.4 tons, a 2.7% increase [2]. Iron Ore Price and Spread - The warehouse receipt costs of various iron ore powders decreased. For example, the warehouse receipt cost of PB powder decreased from 835.9 to 829.3 yuan/ton. The basis of the 01 - contract for various powders increased slightly [4]. Supply - The 45 - port arrival volume increased by 1189.3 tons to 3218.4 tons, a 58.6% increase. The global shipment volume decreased by 174.6 tons to 3213.8 tons, a 5.2% decrease [4]. Demand - The daily average molten iron production of 247 steel mills decreased by 3.5 tons to 236.4 tons, a 1.5% decrease. The monthly national pig iron production decreased by 374.7 tons to 6604.6 tons, a 5.4% decrease [4]. Inventory - The inventory at 45 ports increased by 171.6 tons to 14714.08 tons, a 1.2% increase. The imported ore inventory of 247 steel mills decreased by 229.3 tons to 8849.9 tons, a 2.5% decrease [4]. Coke Price and Spread - The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged at 1612 yuan/ton. The 01 - contract price of coke decreased by 43 to 1729 yuan/ton, a 2.4% decrease [7]. Supply - The daily average production of all - sample coking plants remained unchanged at 64.6 tons, and the daily average production of 247 steel mills increased by 0.1 tons to 46.2 tons, a 0.2% increase [7]. Demand - The molten iron production of 247 steel mills decreased by 3.5 tons to 236.4 tons, a 1.5% decrease [7]. Inventory - The total coke inventory increased by 8.1 tons to 900.0 tons, a 0.9% increase. The coke inventory of all - sample coking plants increased by 1.2 tons to 59.9 tons, a 2.1% increase [7]. Coking Coal Price and Spread - The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged at 1420 yuan/ton. The 01 - contract price of coking coal decreased by 32 to 1253 yuan/ton, a 2.5% decrease [7]. Supply - The raw coal production of Fenwei sample coal mines increased by 3.8 tons to 851.8 tons, a 0.4% increase. The clean coal production increased by 1.5 tons to 434.9 tons, a 0.3% increase [7]. Demand - The daily average production of all - sample coking plants remained unchanged at 64.6 tons, and the daily average production of 247 steel mills increased by 0.1 tons to 46.2 tons, a 0.2% increase [7]. Inventory - The clean coal inventory of Fenwei coal mines decreased by 9.2 tons to 81.1 tons, a 10.2% decrease. The coking coal inventory of all - sample coking plants increased by 22.8 tons to 1052.5 tons, a 2.2% increase [7].

Core Viewpoint - The recent fluctuations in coking coal and coke futures indicate a complex market environment, with price adjustments and inventory changes impacting profitability and production levels across the industry [6]. Supply - As of October 30, the average daily production of coke from independent coking plants was 646,000 tons, remaining stable week-on-week, while the average daily production from 247 steel mills was 462,000 tons, showing a slight increase of 100 tons [3]. Demand - The average daily pig iron production was 2.3636 million tons, reflecting a decrease of 35,400 tons week-on-week. The blast furnace operating rate was 81.75%, down by 2.96%, and the capacity utilization rate for ironmaking was 88.61%, down by 1.33%. The profitability of steel mills was at 45.02%, a decline of 2.60% [4]. Inventory - Total coke inventory reached 9.588 million tons as of October 30, an increase of 62,000 tons week-on-week. Independent coking plants held 599,000 tons, up by 12,000 tons, while steel mills had 6.291 million tons, down by 41,000 tons. Port inventory was at 2.699 million tons, increasing by 91,000 tons [5]. Profitability - The average profit per ton of coke for 30 independent coking plants was -41 yuan, with regional variations: Shanxi at -44 yuan, Shandong at 20 yuan, Inner Mongolia at -101 yuan, and Hebei at 5 yuan [2]. Market Dynamics - The recent third round of price increases for coke was implemented on November 5, with expectations for further price adjustments due to rising coking coal prices providing cost support. However, environmental restrictions in regions like Tangshan and Shanxi have led to reduced pig iron production, exerting pressure on coke prices [6].

Core Viewpoint - The recent fluctuations in coking coal futures and the second round of price increases by major coking enterprises indicate a complex market environment, with potential for further price adjustments despite current downward trends in spot prices [6] Supply - As of October 23, the average daily production of coking coal from independent coking plants was 646,000 tons, a decrease of 7,000 tons week-on-week, while the average daily production from 247 steel mills was 461,000 tons, an increase of 2,000 tons week-on-week, leading to a total production of 1.107 million tons per day, down 5,000 tons week-on-week [3] Demand - The average daily pig iron production was 2.399 million tons as of October 23, a decrease of 10,500 tons week-on-week, with a blast furnace operating rate of 84.71%, up 0.44% week-on-week, and a capacity utilization rate of 89.94%, down 0.39% week-on-week. The profitability of steel mills was reported at 47.62%, a decrease of 7.79% week-on-week [4] Inventory - Total coking coal inventory reached 9.526 million tons as of October 23, an increase of 32,000 tons week-on-week. Independent coking enterprises held 586,000 tons, up 13,000 tons week-on-week, while steel mills had 6.332 million tons, down 63,000 tons week-on-week, and port inventories were at 2.608 million tons, up 81,000 tons week-on-week [5] Profitability - The average profit per ton of coking coal across 30 independent coking plants was reported at a loss of 41 yuan per ton, with specific regional performances showing losses of 44 yuan per ton in Shanxi, profits of 20 yuan per ton in Shandong, losses of 101 yuan per ton in Inner Mongolia, and profits of 5 yuan per ton in Hebei [2] Market Strategy - Despite recent adjustments, the overall outlook for the fourth quarter remains bullish, with recommendations for speculative buying of coking coal futures at lower prices and potential arbitrage strategies between coking coal and coking coal futures [6]

Market Review - The main contract for coking coal futures closed at 1646.5 CNY/ton, a slight decrease of 0.90% [1] Fundamental Summary - The China Coastal Bulk Freight Index (CBFI) is reported at 1027.14 points, while the China Coastal Coal Freight Index (CBCFI) increased by 5.8% to 698.59 points [2] - Baotailong (601011) announced a comprehensive overhaul of its coke oven equipment scheduled for October 2024, which has been completed. The upgraded coke oven incorporates advanced environmental technology and intelligent equipment, aligning with national green and low-carbon development policies, enhancing product quality and market competitiveness. The company will assess economic benefits based on market conditions to determine the specific timing for resuming operations [2] - The capacity utilization rate for independent coking enterprises is 75.18%, an increase of 0.05%. The average daily output of coke is 66.12, up by 0.04, while coke inventory stands at 63.84, an increase of 1.53. The total inventory of coking coal is 959.06, down by 78.65, with available days of coking coal at 10.9 days, a decrease of 0.9 days [2] Institutional Perspectives - According to Everbright Futures, the supply side has stabilized as coking enterprises maintain normal production levels following the first round of price increases, alleviating profit pressures. However, demand has been affected by holiday logistics and rainfall in northern regions, leading to a decrease in inventory at steel mills and a general pressure on prices, resulting in limited replenishment of raw materials. Short-term expectations indicate wide fluctuations in coking coal prices [3] - Jinrui Futures notes that during the National Day holiday, pig iron production remained high, leading to a reduction in overall supply and an increase in demand for coking coal, accelerating inventory depletion and igniting expectations for replenishment post-holiday. However, due to significant inventory accumulation during the holiday and shrinking profits for steel mills, the outlook for steel demand in the fourth quarter appears weak, suggesting limited replenishment efforts and a pessimistic short-term price outlook for coking coal. Recommendations include short-selling strategies, with risks associated with unexpected growth in steel demand and tighter supply of dual coking coal [3]

Core Viewpoint - The coking coal futures market is experiencing fluctuations, with the main contract reaching 1729.0 CNY/ton, reflecting a 1.08% increase as of September 24 [1] Group 1: Market Updates - As of August, Indonesia's coal production reached 509 million tons, achieving 68.8% of the fiscal year's target [2] - On September 22, the coking coal price in Liupanshui market decreased by 50 CNY/ton, with the current price for secondary metallurgical coke at 1765 CNY/ton, effective from September 21 [2] - Indonesia has suspended 190 coal and mining exploration licenses due to non-compliance with land restoration obligations and production quotas [2] Group 2: Institutional Perspectives - Guoxin Guozheng Futures anticipates a third round of price reductions for coking coal, with some coking plants initiating the first round of price increases, leading to intensified market competition [3] - According to Guoxin Futures, coking coal prices have declined, resulting in reduced profits for coking enterprises, which has dampened operational enthusiasm, with a slight decrease in operating rates observed [3] - Demand remains stable as steel mills show operational enthusiasm, with daily pig iron production exceeding 2.4 million tons, indicating high real demand [3]

Industry Investment Rating - No industry investment rating information is provided in the reports. Core Views Steel Industry - Hot-rolled coil prices broke through the support level, and there is an expectation of inventory accumulation from August to September. It is recommended to try shorting the October hot-rolled coil contract at 3380 - 3400 [1]. - Currently, steel mill production remains at a high level. Seasonal decline in rebar demand in August has led to an increase in inventory, with production higher than apparent demand. After the previous price increase, funds are betting on a decline in demand in the second half of the year [1]. Iron Ore Industry - The global iron ore shipment volume has increased significantly on a week-on-week basis, and the arrival volume at 45 ports has decreased. Based on recent shipment data, the subsequent average arrival volume is expected to recover [3]. - Considering the production restrictions of Hebei steel mills in the second half of the month, the molten iron output in August will decline slightly from the high level, with an average expected to be maintained at around 2.36 million tons per day. Steel mill inventory is increasing, and the restocking demand has weakened. It is recommended to short on rallies [3]. Coking Coal and Coke Industry - For coke, due to tight supply and demand, downstream steel mills still have restocking demand. There is still an expectation of a seventh round of price increase for coke. The futures price of coke is at a premium to the spot price, providing a hedging opportunity. The cost support of coking coal has weakened, and the previous bullish expectations may have been fully overdrawn [5]. - For coking coal, the spot fundamentals have returned to stable operation. The previous futures price increase has already factored in the expectation of coal mine production restrictions. It is recommended to short on rallies for speculation and conduct a reverse spread trade for the 9 - 1 contract [5]. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar and hot-rolled coil prices generally declined. The spread between hot-rolled coil and rebar widened to around 290 [1]. Cost and Profit - Steel billet prices decreased, while slab prices remained unchanged. The costs of various steelmaking processes decreased, and the profits of different regions and varieties also declined [1]. Production - The daily average molten iron output and the output of five major steel products increased slightly, while the rebar output decreased slightly. The output of hot-rolled coils increased slightly [1]. Inventory - The inventory of five major steel products and rebar increased significantly, while the inventory of hot-rolled coils increased slightly [1]. Transaction and Demand - The transaction volume of building materials and the apparent demand of five major steel products and rebar decreased, while the apparent demand of hot-rolled coils increased [1]. Iron Ore Industry Prices and Spreads - The warehouse receipt costs of various iron ore varieties decreased slightly, and the basis of the 01 contract increased. The 5 - 9 spread increased slightly, the 9 - 1 spread remained unchanged, and the 1 - 5 spread decreased slightly [3]. Supply - The weekly arrival volume at 45 ports and the global weekly shipment volume increased significantly, and the monthly national import volume also increased [3]. Demand - The daily average molten iron output of 247 steel mills and the daily average port clearance volume increased slightly, while the monthly national pig iron and crude steel output decreased [3]. Inventory - The inventory at 45 ports increased slightly on a week-on-week basis, the inventory of imported ore in 247 steel mills increased, and the number of available days of inventory in 64 steel mills increased [3]. Coking Coal and Coke Industry Prices and Spreads - The prices of coking coal and coke futures fluctuated and declined. The prices of some coking coal varieties in the spot market decreased, while the prices of coke increased after the sixth round of price increase and the seventh round of price increase was initiated [5]. Supply - The coke production increased slightly on a week-on-week basis, and the production of Fenwei sample coal mines decreased slightly. The raw coal production decreased slightly, and the clean coal production increased slightly [5]. Demand - The molten iron output increased slightly, and the coke production increased slightly. The demand for coking coal and coke remains resilient, but the restocking demand has weakened [5]. Inventory - The total coke inventory decreased, with the inventory in coking plants, steel mills, and ports all decreasing. The coking coal inventory decreased in coking plants and steel mills, increased slightly in ports, and the inventory in coal mines decreased at a slower pace [5].

Group 1: Steel Industry Investment Rating No investment rating provided in the report. Core View The short - term steel inventory pressure is not significant, but the off - season demand has a low acceptance of high prices. The main contract is approaching the position transfer, and the price of the October contract is expected to fluctuate at high levels. It is recommended to operate on the long side during the callback, and pay attention to the support levels of 3400 and 3200 yuan for the October contract of hot - rolled coil and rebar respectively. Be cautious about chasing long positions. [1] Summary by Directory - **Price and Spread**: The prices of rebar and hot - rolled coil spot and futures contracts generally declined. The prices of steel billets decreased, while the prices of slab remained unchanged. The profits of hot - rolled coils in different regions increased, and the profits of rebar in some regions also increased. [1] - **Output**: The daily average pig iron output decreased slightly by 0.1%, the output of five major steel products increased by 0.2%, the rebar output increased by 4.8% (with the electric - furnace output increasing by 15.4% and the converter output increasing by 3.3%), and the hot - rolled coil output decreased by 2.4%. [1] - **Inventory**: The inventory of five major steel products increased by 1.7%, the rebar inventory increased by 1.9%, and the hot - rolled coil inventory increased by 2.5%. The increase in social steel inventory in the past two weeks was mainly due to the positive arbitrage of spot - futures traders. [1] - **Demand**: The building materials trading volume decreased by 16.2%, the apparent demand for five major steel products decreased by 0.7%, the apparent demand for rebar increased by 3.6%, and the apparent demand for hot - rolled coil decreased by 4.3%. [1] Group 2: Iron Ore Industry Investment Rating No investment rating provided in the report. Core View The iron ore 09 contract showed a volatile trend. In the future, the iron water output in August will remain high, and the improvement of steel mill profits will support the raw materials. However, due to the weakening of steel apparent demand in the off - season, the previous trading logic has been overdrawn. It is recommended to take profit and wait and see for both single - side and arbitrage operations. [4] Summary by Directory - **Price and Spread**: The prices of some iron ore varieties' warehouse receipt costs and spot prices changed slightly. The 5 - 9 spread decreased by 12.5%, the 9 - 1 spread increased by 61.5%, and the 1 - 5 spread decreased by 2.3%. [4] - **Supply**: The weekly arrival volume at 45 ports decreased by 5.0%, and the global weekly shipping volume decreased by 0.5%. The monthly national import volume increased by 8.0%. [4] - **Demand**: The weekly average daily pig iron output of 247 steel mills decreased by 0.2%, the weekly average daily port clearance volume at 45 ports increased by 6.3%, the monthly national pig iron output decreased by 3.0%, and the monthly national crude steel output decreased by 3.9%. [4] - **Inventory**: The 45 - port inventory increased by 0.7%, the imported ore inventory of 247 steel mills increased slightly by 0.0%, and the inventory available days of 64 steel mills decreased by 4.8%. [4] Group 3: Coke and Coking Coal Industry Investment Rating No investment rating provided in the report. Core View The coke futures showed a trend of reaching the peak and then falling back, with sharp price fluctuations recently. The sixth round of price increase of coke has been officially implemented, and there may be further price increases in the future. However, due to factors such as over - drawn bullish expectations and exchange intervention, the current long - side logic has changed. It is recommended to take profit and wait and see for both speculative and arbitrage operations. For coking coal, similar to iron ore, it is also recommended to take profit and wait and see for single - side and arbitrage operations. [6] Summary by Directory - **Price and Spread**: The prices of some coke and coking coal varieties and their spreads changed. The coking profit decreased, while the sample coal mine profit increased. The overseas coal prices of some varieties also changed. [6] - **Supply**: The weekly coke output of the full - sample coking plants increased slightly by 0.4%, and the weekly coke output of 247 steel mills decreased by 0.4%. The weekly raw coal output of Fenwei sample coal mines decreased by 1.1%, and the weekly clean coal output decreased by 1.1%. [6] - **Demand**: The weekly pig iron output of 247 steel mills decreased by 0.2%. The demand for coke is related to the pig iron output. [6] - **Inventory**: The total coke inventory decreased by 0.94%, the coke inventory of full - sample coking plants decreased by 5.3%, the coke inventory of 247 steel mills decreased by 1.24%, and the port coke inventory increased by 1.4%. The coking coal inventory of Fenwei coal mines decreased by 5.7%, the coking coal inventory of full - sample coking plants decreased by 0.5%, the coking coal inventory of 247 steel mills increased slightly, and the port coking coal inventory decreased by 1.7%. [6]