Group 1: Report Industry Investment Rating - No information provided regarding the report industry investment rating Group 2: Core Views Steel - The rebound of ferrous metals since June was due to the production cut of coking coal caused by environmental inspections, the resilient demand during the off - season, and the low inventory. In July, the "anti - involution" trading improved market sentiment, and with the marginal improvement of industrial supply - demand and market sentiment, ferrous metals rose strongly. High - frequency data shows that off - season demand is resilient, steel mill production remains high, and raw material inventories are in a destocking trend. Later, the inventory may weaken if coking coal production recovers or steel demand declines. Macroscopically, under the expectation of supply - side contraction, the sentiment of commodity buying is positive. The resistance levels of rebar and hot - rolled coil at around 3100 and 3270 yuan have been removed, and the next pressure levels are 3250 and 3400 yuan [1] Iron Ore - Last week, the 09 contract of iron ore rose strongly. Fundamentally, the global shipment volume of iron ore decreased slightly, the arrival volume at 45 ports increased slightly, and the subsequent arrival volume is expected to decline slightly. On the demand side, after the lifting of production restrictions in Tangshan on July 15, the iron - making water output rebounded significantly, and the short - term resilience of molten iron is maintained. The terminal demand shows a strong performance in the off - season. In terms of inventory, port inventory increased slightly, and the inventory of steel mills' equity ore decreased rapidly. In the future, the molten iron output in July will remain high, and the steel mill profit will support raw materials. The short - term iron ore will fluctuate strongly. The strategy is to go long on the 2509 contract on dips and conduct a 9 - 1 positive spread arbitrage [4] Coke - Last week, the coke futures fluctuated upward, and the first - round spot price increase was implemented. The supply side saw some coal mines resuming production, but the output was difficult to increase due to losses. The demand side witnessed the end of environmental protection restrictions in Tangshan, the resumption of blast furnaces, and a significant increase in molten iron. The inventory of coking plants and ports decreased, while the steel mill inventory increased. Due to the low price, cost push and the downstream steel mills' active replenishment demand are conducive to the future price increase of coke. The strategy is to conduct hedging operations in the spot - futures market, go long on the 09 contract on dips, and conduct a 9 - 1 positive spread arbitrage [6] Coking Coal - Last week, the coking coal futures fluctuated upward, and the spot price generally increased. The supply side has an expectation of increased supply, but the overall production recovery is slow, and the market is in short supply. The import coal price has a slight rebound, and the inventory pressure has decreased. The demand side shows a slight increase in coking plant operation, a rapid increase in molten iron output, and an increase in the replenishment efforts of steel mills and coking plants. The inventory of coal mines is decreasing, and the downstream inventory is increasing. The strategy is to conduct hedging operations in the spot - futures market, go long on the 09 contract on dips, and conduct a 9 - 1 positive spread arbitrage [6] Group 3: Summaries According to Related Catalogs Steel Price and Spread - Rebar and hot - rolled coil prices in different regions and contracts generally increased. For example, the spot price of rebar in East China increased from 3200 to 3220 yuan/ton, and the 05 contract price increased from 3162 to 3196 yuan/ton [1] Cost and Profit - The billet price increased by 10 yuan/ton to 2960 yuan/ton, and the slab price remained unchanged at 3730 yuan/ton. The profits of rebar and hot - rolled coil in different regions generally decreased, such as the East China rebar profit decreased by 41 to 91 [1] Production - The daily average molten iron output increased by 2.6 to 242.6, a 1.1% increase. The output of five major steel products decreased by 4.5 to 868.2, a 0.5% decrease. The rebar output decreased by 7.6 to 209.1, a 3.5% decrease [1] Inventory - The inventory of five major steel products decreased by 1.9 to 1337.7, a 0.1% decrease. The rebar inventory increased by 2.9 to 543.3, a 0.5% increase [1] Transaction and Demand - The building materials transaction volume increased by 0.7 to 9.4, an 8.6% increase. The apparent demand for rebar decreased by 15.3 to 206.2, a 6.9% decrease, while the apparent demand for hot - rolled coil increased by 1.3 to 323.8, a 0.4% increase [1] Iron Ore Price and Spread - The warehouse - receipt costs of various iron ore powders increased, and the 09 - contract basis of different iron ore powders also increased. For example, the 09 - contract basis of PB powder increased from 25.2 to 34.5 yuan/ton, a 36.9% increase [4] Supply - The 45 - port arrival volume (weekly) increased by 178.2 to 2662.1, a 7.2% increase, and the global shipment volume (weekly) decreased by 7.8 to 2987.1, a 0.3% decrease [4] Demand - The daily average molten iron output of 247 steel mills (weekly) increased by 2.6 to 242.4, a 1.1% increase. The daily average port clearance volume (weekly) increased by 3.2 to 322.7, a 1.0% increase [4] Inventory - The 45 - port inventory increased by 62.1 to 13785.21, a 0.5% increase, and the imported ore inventory of 247 steel mills decreased by 157.5 to 8822.2, a 1.8% decrease [4] Coke Price and Spread - The prices of Shanxi first - grade wet - quenched coke and Rizhao Port quasi - first - grade wet - quenched coke remained unchanged. The 09 - contract price of coke decreased by 1 to 1518, a 0.14% decrease, and the 01 - contract price increased by 4 to 1559, a 0.3% increase [6] Supply - The daily average output of all - sample coking plants increased by 0.1 to 64.2, a 0.2% increase, and the daily average output of 247 steel mills decreased by 0.1 to 47.1, a 0.2% decrease [6] Demand - The molten iron output of 247 steel mills increased by 2.6 to 242.4, a 1.1% increase [6] Inventory - The total coke inventory decreased by 5.3 to 925.7, a 0.64% decrease. The inventory of all - sample coking plants decreased by 5.5 to 87.6, a 5.94% decrease, and the inventory of 247 steel mills increased by 1.2 to 639.0, a 0.2% increase [6] Coking Coal Price and Spread - The prices of coking coal (Shanxi warehouse - receipt) and coking coal (Mongolian coal warehouse - receipt) remained unchanged. The 09 - contract price of coking coal increased by 8 to 926, a 0.8% increase, and the 01 - contract price increased by 8 to 976, a 0.84% increase [6] Supply - The raw coal output decreased by 1.6 to 866.6, a 0.2% decrease, and the clean coal output decreased by 1.1 to 442.4, a 0.2% decrease [6] Demand - The daily average output of all - sample coking plants increased by 0.1 to 64.2, a 0.2% increase, and the daily average output of 247 steel mills decreased by 0.1 to 47.1, a 0.2% decrease [6] Inventory - The clean coal inventory of Fenwei coal mines decreased by 18.3 to 158.1, a 10.3% decrease. The coking coal inventory of all - sample coking plants increased by 36.8 to 929.1, a 4.1% increase, and the coking coal inventory of 247 steel mills increased by 8.2 to 791.1, a 1.04% increase [6]