1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Steel: In Q3, influenced by coal production cuts, coking coal drove up the black - metal price center. However, steel prices were not strong due to weak demand. In August, domestic real - estate and infrastructure investment declined, and manufacturing investment growth weakened. Although coal supply interference persisted, steel and raw materials did not move in tandem, and Q4 had significant macro - policy disturbances. In September, steel apparent demand seasonally recovered, and high exports digested production, leading to inventory reduction. Steel prices are expected to fluctuate within a range, with rebar between 3100 - 3350 yuan and hot - rolled coil between 3300 - 3500 yuan. Consider selling out - of - the - money put options [1]. - Iron Ore: As of the previous day's close, the iron ore 2601 contract showed a downward - fluctuating trend. Supply - side: last week, global iron ore shipments decreased, and 45 - port arrivals increased. Future arrivals are expected to first rise and then fall. Demand - side: steel mill profit margins slightly declined, but molten iron production increased, and steel mills' restocking demand grew. The fundamentals improved slightly, but were still insufficient in the peak season, with raw materials stronger than finished products. Port inventories increased, and the dredging volume decreased, while steel mills' equity ore inventories rose. In the future, molten iron production will remain high in October, and low port inventories support iron ore prices, but beware of port inventory accumulation risks in Q4. Iron ore is in a balanced - to - tight situation, but weak finished products drag down raw materials. It is expected to fluctuate weakly, with a range of 750 - 830. Short the iron ore 2601 contract on rallies, and recommend the spread strategy of going long on iron ore and short on coking coal [4]. - Coke: As of the previous day's close, coke futures showed a weak downward trend, with a divergence between spot and futures prices. Mainstream coke enterprises started to raise prices, and port trade quotes fluctuated with futures. On the spot side, after the second price cut by mainstream steel mills on September 15, prices rebounded on September 25. It is expected that the spot price of coke will gradually rebound, with 2 - 3 rounds of increases possible. On the supply side, rising coking coal prices led to some coke enterprises' losses and reduced production. On the demand side, steel mills continued to resume production, and molten iron production increased slightly. In terms of inventory, coking plants and ports reduced inventory, while steel mills increased inventory. The market is mainly trading pre - holiday restocking progress and future supply - demand changes. Due to rising coking coal costs and high molten iron production, the futures price has already priced in potential price increases. Speculate by shorting the coke 2601 contract on rallies, with a range of 1550 - 1750, and recommend the spread strategy of going long on iron ore and short on coke [6]. - Coking Coal: Yesterday, coking coal futures showed a weak downward trend, with a divergence between spot and futures prices. Spot auction prices generally rose, and Mongolian coal quotes followed the futures up and then down. The domestic coking coal market is running strongly, with improved downstream procurement willingness and better market transactions. On the supply side, main - producing area coal mines continued to resume production this week, logistics improved, and coal mines sold at discounted prices. Imported Mongolian coal prices rose, and the border port will be closed for 7 days during the National Day holiday. On the demand side, molten iron production continued to rise, and coking plant operations were stable, with increased downstream restocking demand. In terms of inventory, mines and ports reduced inventory, while ports, coal - washing plants, coking plants, and steel mills increased inventory. After significant restocking, downstream restocking demand will decline, and coking coal prices may peak and fall. Short the coking coal 2601 contract on rallies, with a range of 1150 - 1300, and recommend the spread strategy of going long on iron ore and short on coking coal [6]. 3. Summary by Relevant Catalogs Steel Prices and Spreads - Rebar: Spot prices in East, North, and South China decreased by 10 yuan, and futures prices for 05, 10, and 01 contracts decreased by 16, 17, and 17 yuan respectively [1]. - Hot - rolled Coil: Spot prices in East, North, and South China decreased by 10 yuan, and futures prices for 05, 10, and 01 contracts decreased by 22, 3, and 24 yuan respectively [1]. Cost and Profit - Costs: Steel billet and slab prices remained unchanged. Jiangsu electric - furnace rebar cost increased by 1 yuan, and Jiangsu converter rebar cost decreased by 1 yuan [1]. - Profits: East China rebar profit increased by 1 yuan, North China rebar profit increased by 11 yuan, South China rebar profit increased by 11 yuan. East China hot - rolled coil profit increased by 1 yuan, North China hot - rolled coil profit increased by 1 yuan, and South China hot - rolled coil profit decreased by 1 yuan [1]. Production - Daily average molten iron production increased by 1.0 to 242.0, a 0.4% increase. Five - major steel product output increased by 9.4 to 864.9, a 1.1% increase. Rebar output remained unchanged at 206.5, with electric - furnace output decreasing by 4.0 to 22.7 (- 15.0%) and converter output increasing by 4.0 to 183.7 (2.2%). Hot - rolled coil output decreased by 2.3 to 324.2, a - 0.7% decrease [1]. Inventory - Five - major steel product inventory decreased by 9.1 to 1510.6, a - 0.6% decrease. Rebar inventory decreased by 14.0 to 636.3, a - 2.1% decrease. Hot - rolled coil inventory increased by 2.5 to 380.5, a 0.7% increase [1]. Transaction and Demand - Building material trading volume decreased by 0.4 to 11.0, a - 3.3% decrease. Five - major steel product apparent demand increased by 23.7 to 874.1, a 2.8% increase. Rebar apparent demand increased by 10.4 to 220.4, a 5.0% increase. Hot - rolled coil apparent demand decreased by 0.1 to 321.7, a 0.0% decrease [1]. Iron Ore Prices and Spreads - Warehouse receipt costs: Costs of Carajás fines, PB fines, Brazilian mixed fines, and Jinbuba fines decreased by 4.4, 7.7, 5.4, and 8.6 respectively, with decreases of - 0.5%, - 0.9%, - 0.6%, and - 1.0% [4]. - 01 contract basis: The basis of Carajás fines increased by 1.6 to 56.7 (2.9%), while the basis of PB fines, Brazilian mixed fines, and Jinbuba fines decreased by 1.7, 2.6, and 2.6 respectively, with decreases of - 4.0%, - 1.2%, and - 4.9% [4]. - Spread: 5 - 9 spread increased by 0.5 to 19.5 (2.6%), 9 - 1 spread decreased by 1.5 to - 41.0 (- 3.8%), and 1 - 5 spread increased by 1.0 to 21.5 (4.9%) [4]. Supply - 45 - port weekly arrivals decreased by 314.5 to 2360.5, a - 11.8% decrease. Weekly global shipments increased by 150.6 to 3475.4, a 4.5% increase. Monthly national imports increased by 61.5 to 10522.5, a 0.6% increase [4]. Demand - 247 steel mills' weekly average daily molten iron production increased by 1.4 to 242.4, a 0.6% increase. 45 - port weekly average daily dredging volume decreased by 2.8 to 336.4, a - 0.8% decrease. Monthly national pig iron output decreased by 100.5 to 6979.3, a - 1.4% decrease. Monthly national crude steel output decreased by 229.0 to 7736.9, a - 2.9% decrease [4]. Inventory - 45 - port weekly inventory increased by 69.3 to 14000.28, a 0.5% increase. 247 steel mills' weekly imported ore inventory increased by 427.0 to 9736.4, a 4.6% increase. 64 steel mills' weekly inventory available days increased by 2.0 to 24.0, a 9.1% increase [4]. Coke Prices and Spreads - Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained at 1200, and Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) remained at 1613. Coke 01 and 05 contracts decreased by 46, with decreases of - 2.7% and - 2.5% respectively. 01 and 05 basis increased by 46 [6]. - J01 - J05 spread remained at - 143. Steel - union coking profit decreased by 11 to - 64 [6]. Supply - Full - sample coking plant average daily output decreased by 0.4 to 66.3, a - 0.6% decrease. 247 steel mills' average daily output increased by 1.3 to 242.4, a 0.6% increase [6]. Demand - 247 steel mills' molten iron output increased by 1.4 to 242.4, a 0.6% increase [6]. Inventory - Total coke inventory increased by 5.2 to 920.4, a 0.6% increase. Full - sample coking plant coke inventory decreased by 3.4 to 63.0, a - 5.1% decrease. 247 steel mills' coke inventory increased by 16.6 to 661.3, a 2.6% increase. Steel mills' available days increased by 0.2 to 11.7, a 2.1% increase. Port inventory decreased by 8.0 to 196.1, a - 3.9% decrease [6]. Supply - Demand Gap - Coke supply - demand gap decreased by 1.2 to - 4.6, a - 27.1% decrease [6]. Coking Coal Prices and Spreads - Shanxi medium - sulfur primary coking coal (warehouse receipt) remained at 1270, and Mongolian No. 5 raw coal (warehouse receipt) decreased by 5 to 1160, a - 0.4% decrease. Coking coal 01 and 05 contracts decreased by 43 and 42 respectively, with decreases of - 3.6% and - 3.3% respectively. 01 and 05 basis increased by 38 and 37 respectively. JM01 - JM05 spread decreased by 1 [6]. - Sample coal mine profit increased by 31 to 452, a 7.4% increase [6]. Supply - Fenwei sample coal mine raw coal output increased by 4.1 to 876.6, a 0.5% increase. Clean coal output increased by 1.4 to 452.0, a 0.3% increase [6]. Demand - Full - sample coking plant average daily output decreased by 0.4 to 66.3, a - 0.6% decrease. 247 steel mills' average daily output increased by 1.3 to 242.4, a 0.6% increase [6]. Inventory - Fenwei coal mine clean coal inventory decreased by 10.0 to 104.7, a - 8.7% decrease. Full - sample coking plant coking coal inventory increased by 58.7 to 999.1, a 6.2% increase. 247 steel mills' coking coal inventory increased by 5.7 to 796.1, a 0.7% increase. Steel mills' available days increased by 0.2 to 12.9, a 1.2% increase. Port inventory decreased by 16.7 to 265.5, a - 5.9% decrease [6].

Group 1: Steel Industry Report Industry Investment Rating Not provided. Core View The steel price is expected to maintain a high - level oscillating trend. The reference range for rebar is 3100 - 3350 yuan, and for hot - rolled coils is 3300 - 3500 yuan. It is recommended to try long positions with a light position and pay attention to the seasonal repair of apparent demand. Hold short positions on the January hot - rolled coil - rebar price spread [1]. Summary by Directory - **Steel Prices and Spreads**: Rebar and hot - rolled coil prices in different regions and contracts 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 hot - rolled coil increased by 14 yuan/ton [1]. - **Cost and Profit**: The billet price decreased by 30 yuan, 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 [1]. - **Production**: The daily average hot - metal 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. Rebar production decreased by 5.5 to 206.5, a 2.6% decrease, while hot - rolled coil production increased by 1.4 to 326.5, a 0.4% increase [1]. - **Inventory**: The inventory of five major steel products increased by 5.1 to 1519.7, a 0.3% increase. Rebar inventory decreased by 3.6 to 650.3, a 0.5% decrease, and hot - rolled coil inventory increased by 4.7 to 378.0, a 1.3% increase [1]. - **Transaction and Demand**: The 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. The apparent demand for rebar increased by 12.0 to 210.0, a 6.0% increase, while the apparent demand for hot - rolled coils decreased by 4.3 to 321.8, a 1.3% decrease [1]. Group 2: Iron Ore Industry Report Industry Investment Rating Not provided. Core View The iron ore market is in a balanced and slightly tight pattern. The price is expected to oscillate with an upward bias, with a reference range of 780 - 850. It is recommended to go long on the 2601 contract of iron ore at low prices and conduct an arbitrage strategy of going long on iron ore and short on hot - rolled coils [4]. Summary by Directory - **Prices and Spreads**: The basis of different types of iron ore decreased, for example, the 01 contract basis of PB powder decreased by 44.6 to 37.9, a 54.0% decrease. The 5 - 9 spread increased by 1.0 to 21.0, a 5.0% increase [4]. - **Supply**: The weekly arrival volume at 45 ports increased by 312.7 to 2675.0, a 13.2% increase, while the global weekly shipping volume decreased by 248.3 to 3324.8, a 6.9% decrease. The monthly national import volume increased by 61.5 to 10522.5, a 0.6% increase [4]. - **Demand**: The weekly average hot - metal output of 247 steel mills increased by 0.5 to 241.0, a 0.2% increase. The weekly average port clearance volume at 45 ports increased by 7.9 to 339.2, a 2.4% increase. The monthly national pig - iron output decreased by 100.5 to 6979.3, a 1.4% decrease, and the monthly national crude - steel output decreased by 229.0 to 7736.9, a 2.9% decrease [4]. - **Inventory Changes**: The 45 - port inventory increased by 129.9 to 13930.97, a 0.9% increase. The inventory of imported ore in 247 steel mills increased by 316.4 to 9309.4, a 3.5% increase. The available days of inventory in 64 steel mills increased by 2.0 to 22.0, a 10.0% increase [4]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided. Core View - **Coke**: It is recommended to go long on the 2601 contract of coke at low prices, with a reference range of 1650 - 1800. Consider an arbitrage strategy of going long on coking coal and short on coke. - **Coking Coal**: It is recommended to go long on the 2601 contract of coking coal at low prices, with a reference range of 1150 - 1300. Consider an arbitrage strategy of going long on coking coal and short on coke [6]. Summary by Directory Coke - **Prices and Spreads**: The prices of coke contracts and spot in different regions increased to varying degrees. For example, the 01 contract of coke increased by 13 to 1730, a 0.7% increase. The coking profit decreased by 11 to - 54 [6]. - **Supply**: The daily average output of all - sample coking plants decreased slightly by 0.1% to 66.7 [6]. - **Demand**: The hot - metal output of 247 steel mills increased by 0.5 to 241.0, a 0.2% increase [6]. - **Inventory Changes**: The total coke inventory increased by 8.9 to 915.2, a 1.0% increase. The coking - plant inventory decreased, while the steel - mill and port inventories increased [6]. Coking Coal - **Prices and Spreads**: The prices of coking - coal contracts and spot in different regions changed. The 01 contract of coking coal increased by 7 to 1225, a 0.6% increase. The sample coal - mine profit increased by 17 to 421, a 4.2% increase [6]. - **Supply**: The main - producing - area coal mines continued to resume production, and the logistics improved. The coal - mine sales and prices increased. The imported Mongolian coal price increased, and the port will be closed for 7 days during the National Day holiday [6]. - **Demand**: The hot - metal output continued to rise, the coking - plant operation was stable, and the downstream restocking demand increased [6]. - **Inventory Changes**: The coal - mine, port, and steel - mill inventories decreased, while the coal - washing plant, coking - plant, and port inventories increased [6].

Group 1: Steel Industry Report Industry Investment Rating No specific investment rating is provided in the report. Core Viewpoint Steel prices are expected to maintain a high - level oscillating trend, with the reference range for rebar oscillations at 3100 - 3350 yuan/ton and for hot - rolled coils at 3300 - 3500 yuan/ton. It is recommended to try long positions with a light position and pay attention to the seasonal recovery of apparent demand. The spread between hot - rolled coils and rebar is expected to continue to converge, and shorting the January spread between hot - rolled coils and rebar is advisable [1]. Content Summary - **Price and Spread**: Rebar and hot - rolled coil spot and futures prices mostly declined. For example, rebar spot in East China dropped from 3280 yuan/ton to 3270 yuan/ton, and hot - rolled coil 01 contract dropped from 3380 yuan/ton to 3340 yuan/ton [1]. - **Cost and Profit**: Steel billet and slab prices remained unchanged. Profits of hot - rolled coils and rebar in different regions showed various changes, such as East China hot - rolled coil profit increasing by 16 yuan/ton [1]. - **Production**: The daily average pig iron output increased slightly by 0.2% to 241.0 tons. The output of five major steel products decreased by 0.2% to 855.5 tons, with rebar output dropping by 2.6% to 206.5 tons and hot - rolled coil output increasing by 0.4% to 326.5 tons [1]. - **Inventory**: The inventory of five major steel products increased by 0.3% to 1519.7 tons. Rebar inventory decreased by 0.5% to 650.3 tons, while hot - rolled coil inventory increased by 1.3% to 378.0 tons [1]. - **Demand**: The apparent demand for five major steel products increased by 0.8% to 850.3 tons, rebar apparent demand increased by 6.0% to 210.0 tons, and hot - rolled coil apparent demand decreased by 1.3% to 321.8 tons [1]. Group 2: Iron Ore Industry Report Industry Investment Rating No specific investment rating is provided in the report. Core Viewpoint The iron ore market is in a balanced and slightly tight pattern. It is recommended to view it with a long - biased outlook in a single - side trading, with the reference range of 780 - 850 yuan/ton. It is advisable to go long on the Iron Ore 2601 contract at low prices and recommend an arbitrage strategy of long iron ore and short hot - rolled coils [4]. Content Summary - **Price and Spread**: The inventory cost of various iron ore powders and spot prices mostly declined. For example, the inventory cost of PB powder dropped from 848.0 yuan/ton to 842.5 yuan/ton. The 01 contract basis of various iron ore powders decreased significantly, such as the 01 contract basis of PB powder dropping from 82.0 yuan/ton to 40.0 yuan/ton [4]. - **Supply**: The weekly global iron ore shipment volume decreased by 6.9% to 3324.8 tons, and the 45 - port arrival volume increased by 13.2% to 2675.0 tons. The subsequent average arrival volume is expected to first increase and then decrease [4]. - **Demand**: The daily average pig iron output of 247 steel mills increased by 0.2% to 241.0 tons, the 45 - port daily average desilting volume increased by 2.4% to 339.2 tons. The monthly national pig iron and crude steel output decreased by 1.4% and 2.9% respectively [4]. - **Inventory**: The 45 - port inventory increased by 0.9% to 13930.97 tons, the imported ore inventory of 247 steel mills increased by 3.5% to 9309.4 tons, and the inventory available days of 64 steel mills increased by 10.0% to 22.0 days [4]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating No specific investment rating is provided in the report. Core Viewpoint - **Coke**: It is recommended to go long on the Coke 2601 contract at low prices, with the reference range of 1650 - 1800 yuan/ton, and an arbitrage strategy of long coking coal and short coke. - **Coking Coal**: It is recommended to go long on the Coking Coal 2601 contract at low prices, with the reference range of 1150 - 1300 yuan/ton, and an arbitrage strategy of long coking coal and short coke [6]. Content Summary - **Price and Spread**: Coke and coking coal spot and futures prices showed different trends. For example, the price of Shanxi quasi - first - grade wet - quenched coke remained unchanged, and the Coking Coal 05 contract increased by 0.6% to 1314 yuan/ton. The basis of both decreased [6]. - **Supply**: Coke production remained stable, and the output of Fenwei sample coal mines increased. The daily average output of all - sample coking plants decreased slightly by 0.1% to 66.7 tons, and the daily average output of 247 steel mills increased by 0.2% to 241.0 tons [6]. - **Demand**: The pig iron output continued to increase, the coking plant operation remained stable, and the downstream restocking demand increased [6]. - **Inventory**: For coke, coking plants' inventory decreased, while steel mills' and ports' inventory increased. For coking coal, coal mines', ports', and steel mills' inventory decreased, while coal - washing plants', coking plants', and ports' inventory increased [6]. - **Profit**: The coking profit of Steel Union decreased by 11 yuan/ton to - 54 yuan/ton, and the sample coal mine profit increased by 4.2% to 404 yuan/ton [6].

Report on the Steel Industry Investment Rating No investment rating is provided in the report. Core View The demand side of steel remains weak in reality and expectation, but there is an expected contraction in the coal supply. The pricing is influenced by both weak steel demand and the expected contraction in coal supply. The price is expected to fluctuate within a range, with the reference range for rebar being 3100 - 3350 yuan/ton and for hot-rolled coil being 3300 - 3500 yuan/ton. Hold long positions at low levels and monitor the seasonal recovery of apparent demand [1]. Summary by Directory Steel Prices and Spreads - Rebar spot prices in East, North, and South China decreased by 10 - 20 yuan/ton, while futures contract prices mostly increased. - Hot-rolled coil spot prices in different regions decreased by 10 - 20 yuan/ton, and futures contract prices mostly decreased [1]. Cost and Profit - Steel billet price increased by 30 yuan/ton, and slab price remained unchanged. - Costs of Jiangsu electric furnace rebar and converter rebar increased, and profits of rebar and hot-rolled coil in different regions mostly increased [1]. Production - The daily average pig iron output increased by 11.6 to 240.6, a rise of 5.1%. - The output of five major steel products decreased by 3.4 to 857.2, a decline of 0.4%. Rebar output decreased by 6.8 to 211.9, a decrease of 3.1%, and hot-rolled coil output increased by 10.9 to 325.1, a rise of 3.5% [1]. Inventory - The inventory of five major steel products increased by 13.9 to 1514.6, a rise of 0.9%. Rebar inventory increased by 13.9 to 653, a rise of 2.2%, and hot-rolled coil inventory decreased by 1.0 to 373.3, a decline of 0.3% [1]. Transaction and Demand - The building materials trading volume decreased by 0.7 to 11.1, a decline of 6.0%. - The apparent demand for five major steel products increased by 15.5 to 843.3, a rise of 1.9%. Rebar apparent demand decreased by 4.0 to 198.1, a decline of 2.0%, and hot-rolled coil apparent demand increased by 20.8 to 326.2, a rise of 6.8% [1]. Report on the Iron Ore Industry Investment Rating No investment rating is provided in the report. Core View The iron ore market is in a balanced and slightly tight pattern. Unilaterally, it is considered to be in a slightly bullish trend, with the reference range being 780 - 850. It is recommended to go long on the iron ore 2601 contract on dips and engage in the arbitrage strategy of going long on iron ore and short on hot-rolled coil [4]. Summary by Directory Iron Ore Prices and Spreads - The warehouse receipt costs of different iron ore powders showed slight changes, and the basis of the 01 contract for various powders decreased significantly. - The 5 - 9 spread decreased by 0.5 to 19.0, a decline of 2.6%, the 9 - 1 spread remained unchanged, and the 1 - 5 spread increased by 0.5 to 22.0, a rise of 2.3% [4]. Spot Prices and Price Indexes - The spot prices of different iron ore powders in Rizhao Port showed slight changes, and the prices of the Singapore Exchange 62% Fe swap and Platts 62% Fe increased slightly [4]. Supply - The 45 - port arrival volume decreased by 85.7 to 2362.3, a decline of 3.5%, and the global shipment volume increased by 816.9 to 3573.1, a rise of 29.6%. The national monthly import volume decreased by 131.5 to 10462.3, a decline of 1.2% [4]. Demand - The daily average pig iron output of 247 steel mills increased by 11.7 to 240.6, a rise of 5.1%, the 45 - port daily average desilting volume increased by 13.5 to 337.3, a rise of 4.2%. The national monthly pig iron output decreased by 100.5 to 6979.3, a decline of 1.4%, and the national monthly crude steel output decreased by 229.0 to 7736.9, a decline of 2.9% [4]. Inventory Changes - The 45 - port inventory decreased by 45.1 to 13804.41, a decline of 0.3%, the imported ore inventory of 247 steel mills increased by 53.2 to 8993.1, a rise of 0.6%, and the inventory available days of 64 steel mills decreased by 1.0 to 20.0, a decline of 4.8% [4]. Report on the Coke Industry Investment Rating No investment rating is provided in the report. Core View After two rounds of coke price cuts, downstream users and traders are starting to replenish stocks in advance. The market generally expects limited downside, and there is a pre - National Day restocking demand. It is recommended to go long on the coke 2601 contract on dips, with the reference range being 1650 - 1800, and engage in the arbitrage strategy of going long on coking coal and short on coke [6]. Summary by Directory Coke and Coking Coal Prices and Spreads - The prices of Shanxi quasi - first - grade wet - quenched coke and Rizhao Port quasi - first - grade wet - quenched coke remained unchanged. The prices of coke and coking coal futures contracts mostly decreased. - The basis of coke and coking coal futures contracts showed some changes [6]. Supply - The daily average output of all - sample coking plants increased by 2.4 to 66.8, a rise of 3.8%. The output of Fenwei sample coal mines increased, with the raw coal output increasing by 43.8 to 817.3, a rise of 5.4%, and the clean coal output increasing by 23.3 to 442.5, a rise of 5.6% [6]. Demand - The pig iron output of 247 steel mills increased by 11.8 to 240.6, a rise of 5.14%. The daily average output of all - sample coking plants increased, indicating an increase in coke demand [6]. Inventory Changes - Coke total inventory increased by 11.0 to 906.2, a rise of 1.2%. The inventory of all - sample coking plants and steel mills increased slightly, while the port inventory decreased. - Coking coal inventory in different sectors showed different changes, with the overall inventory at a medium level and slightly decreasing [6].

1. Steel Industry Report Industry Investment Rating Not provided Core View The steel market is currently influenced by weak steel demand and expectations of a contraction in coal supply. The seasonal recovery of apparent demand in the later period will lead to a convergence of the supply - demand gap and a moderate inventory accumulation pressure. However, the apparent demand in the fourth quarter is not expected to exceed the current production level, and the demand outlook remains weak. Supported by the high - level production of steel mills from September to October and the supply - side expectations of coal, raw material prices are resilient, which supports steel prices. With the influence of coking coal and pre - National Day restocking, prices are expected to repair upwards, and short - term long positions can be attempted. Pay attention to the seasonal repair of apparent demand. The upper pressure levels for rebar are around 3350 yuan/ton, and for hot - rolled coils around 3500 yuan/ton [1]. Summary of Related Contents Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices in different regions showed varying degrees of increase. For example, rebar spot in the South China region increased by 40 yuan/ton, and the 05 contract of hot - rolled coils increased by 36 yuan/ton [1]. Cost and Profit - Steel billet and slab prices changed, with steel billet prices increasing by 20 yuan/ton. The cost of steel production fluctuated, and the profit of hot - rolled coils in different regions decreased, while the profit of rebar in the South China region increased by 11 yuan/ton [1]. Production and Inventory - The daily average pig iron output increased by 5.1% to 240.6 tons, and the production of the five major steel products decreased by 0.4% to 857.2 tons. The inventory of the five major steel products increased by 0.9% to 1514.6 tons [1]. Transaction and Demand - The building materials trading volume increased by 1.0%, and the apparent demand for the five major steel products increased by 1.9%. However, the apparent demand for rebar decreased by 2.0%, while that for hot - rolled coils increased by 6.8% [1]. 2. Iron Ore Industry Report Industry Investment Rating Not provided Core View As of the previous day's close, the iron ore 2601 contract showed a volatile upward trend. On the supply side, the global iron ore shipping volume rebounded significantly, while the arrival volume at 45 ports decreased. On the demand side, after the end of major events, the pig iron output rebounded significantly last week, and the restocking demand of steel mills increased. The fundamentals improved slightly, but were still insufficient in the peak season. The raw materials were stronger than the finished products. In terms of inventory, the port inventory increased slightly, the port clearance volume increased month - on - month, and the inventory of imported ores of 247 steel mills increased month - on - month. Looking ahead, due to the still high profitability of steel mills, the pig iron output in September will remain at a relatively high level, and the low port inventory year - on - year supports iron ore prices. The iron ore market is currently in a tight - balanced pattern. It is recommended to take a long position on the iron ore 2601 contract at low prices and engage in arbitrage by going long on iron ore and short on hot - rolled coils [4]. Summary of Related Contents Iron Ore Prices and Spreads - The warehouse receipt costs of different iron ore varieties increased, while the 01 contract basis of various varieties decreased significantly. The 5 - 9 spread increased by 11.4%, and the 9 - 1 spread decreased by 5.1% [4]. Supply and Demand - The 45 - port arrival volume decreased by 3.5%, and the global shipping volume increased by 29.6%. The daily average pig iron output of 247 steel mills increased by 5.1%, and the port clearance volume increased by 4.2%. The monthly production of pig iron and crude steel decreased [4]. Inventory - The 45 - port inventory decreased by 0.3%, the inventory of imported ores of 247 steel mills increased by 0.6%, and the available days of inventory of 64 steel mills decreased by 4.8% [4]. 3. Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core View As of the previous day's close, the coke and coking coal futures showed a strong rebound. For coke, the second - round price cut by steel mills on the spot market has been implemented, but the third - round price cut is difficult. The supply side has resumed production rapidly, and the demand side is still supported by the rebound of iron - making water. The overall inventory is slightly increasing. For coking coal, the spot auction price is stable with a weak trend, and the downstream purchase intention has recovered. The overall inventory is slightly decreasing. It is recommended to take a long position on the coke 2601 contract at low prices (range reference: 1650 - 1800), take a long position on the coking coal 2601 contract at low prices (range reference: 1070 - 1300), and engage in arbitrage by going long on coking coal and short on coke, while paying attention to risks due to large market fluctuations [6]. Summary of Related Contents Prices and Spreads - Coke and coking coal futures prices increased, with the 01 contract of coke increasing by 2.8% and the 01 contract of coking coal increasing by 4.5%. The basis and spreads of different contracts changed [6]. Supply and Demand - The daily average output of all - sample coking plants increased by 3.8%, and the daily average output of 247 steel mills increased by 5.1%. The iron - making water output increased, and the demand for coke and coking coal was supported [6]. Inventory - The total coke inventory increased by 1.2%, and the coking coal inventory of different sectors changed, with some sectors de - stocking and some sectors slightly increasing inventory [6].

#行情 周二下午，广期所多晶硅、大商所焦煤主力合约涨停。郑商所玻璃涨超7%。午间有消息称国家能源局综合司近日发布关于组织开展煤矿生产情况核查促进煤炭供应平稳有序的通知，超能力生产煤矿一律责令停产整改。 ...