1. Report Industry Investment Ratings - **Thread Steel**: The operation rating is not clearly defined by text, indicated by 'なな☆' [1] - **Hot - Rolled Coil**: The operation rating is not clearly defined by text, indicated by '女女女' [1] - **Iron Ore**: ★★★, suggesting a more definite long - term trend with a relatively appropriate investment opportunity currently [1] - **Coke**: ★★★, suggesting a more definite long - term trend with a relatively appropriate investment opportunity currently [1] - **Coking Coal**: The operation rating is not clearly defined by text, indicated by 'な女女' [1] - **Silicon Manganese**: ★★★, suggesting a more definite long - term trend with a relatively appropriate investment opportunity currently [1] - **Silicon Iron**: The operation rating is not clearly defined by text, indicated by '女女女' [1] 2. Report's Core Viewpoints - **Steel**: The steel market faces a negative feedback pressure, but the overall inventory level is low. The downstream demand is still weak, and the market remains under pressure in the shock. The improvement of building material demand in the peak season needs to be observed, and the market expectation is still pessimistic [2] - **Iron Ore**: The supply - demand of iron ore weakens marginally, and the reduction of hot metal production moves from expectation to reality. The market speculative sentiment fluctuates, and it is expected to oscillate at a high level [3] - **Coke**: The carbon element supply is abundant, the downstream hot metal remains at a high level in the off - season. The coke price is greatly affected by the "anti - involution" policy, with high short - term volatility [4] - **Coking Coal**: The carbon element supply is abundant, the downstream hot metal remains at a high level in the off - season. The coking coal price is greatly affected by the "anti - involution" policy, with high short - term volatility [5] - **Silicon Manganese**: The silicon manganese demand is good, the price has limited downward space, and it is expected to accumulate inventory in the second half of the year [6] - **Silicon Iron**: The silicon iron demand is acceptable, the supply rebounds significantly, and it mainly follows the trend of silicon manganese [7] 3. Summary by Related Catalogs Steel - This week, the apparent demand for thread steel improved, production increased, and inventory continued to accumulate. The demand and production of hot - rolled coil both declined slightly, and inventory continued to accumulate [2] - The hot metal production decreased slightly at a high level, and the market faced negative feedback pressure, but the overall inventory level was low [2] - The real estate investment continued to decline significantly, the growth rates of infrastructure and manufacturing gradually slowed down, and the overall domestic demand was still weak, while exports were expected to remain high [2] Iron Ore - Global iron ore shipments declined from a high level but were still stronger than last year. The domestic arrival volume decreased, and port inventory decreased slightly this week [3] - Terminal demand continued to improve seasonally. Steel mills' profits weakened, but the willingness to actively reduce production was insufficient, and hot metal production decreased slightly [3] - Overseas interest - rate cut expectations increased, and domestic policy rumors about production restrictions were repeated. Iron ore supply - demand weakened marginally, and it was expected to oscillate at a high level [3] Coke - The price was weakly volatile during the day. Due to the approaching major event, the production - restriction expectation of coking plants in East China rose again [4] - The daily hot metal output increased, and the steel - making profit remained high. The coking industry proposed an eighth - round price increase, and the daily production increased slightly [4] - The overall coke inventory increased slightly, and the purchasing willingness of traders decreased. The price was greatly affected by policies and had high short - term volatility [4] Coking Coal - The price was weakly volatile during the day. The production of coking coal mines increased slightly, the spot auction transactions weakened, and the terminal inventory decreased slightly [5] - The total coking coal inventory increased month - on - month, and the production - end inventory decreased slightly. It was likely to increase in the short term due to the resumption of production of previously shut - down mines [5] - The carbon element supply was abundant, and the price was greatly affected by policies and had high short - term volatility [5] Silicon Manganese - The price declined during the day and rebounded at the end of the session. Attention should be paid to the shipment of South32's Australian mine [6] - The hot metal output remained above 240, and the weekly production of silicon manganese continued to increase. The inventory did not accumulate, and the spot and futures demand was good [6] - The manganese ore price decreased slightly this week, but due to the approaching major event, manufacturers stocked up in advance, and the price had limited downward space [6] Silicon Iron - The price declined during the day and then rebounded. The hot metal output decreased slightly but remained above 240, and the export demand remained at about 30,000 tons [7] - The metal magnesium production decreased slightly month - on - month, and the secondary demand declined marginally. The overall demand was acceptable [7] - The silicon iron supply rebounded significantly, the market expected good demand, and the on - balance - sheet inventory decreased slightly. It mainly followed the trend of silicon manganese [7]

Report Investment Ratings - SDIC Futures gives a three-star rating (★★★) for Iron Ore, Coking Coal, indicating a clear long/short trend and a relatively appropriate current investment opportunity; a white-star rating for Steel, Coke, Manganese Silicon, and Ferrosilicon, suggesting that the short-term long/short trend is in a relatively balanced state, with poor current market operability and a need for observation [1]. Core Views - The steel market faces negative feedback pressure, but with low inventory levels and approaching peak season, the market may stabilize with cost support. Iron ore supply and demand are marginally weakening, and it is expected to fluctuate at high levels. Coke and coking coal prices are affected by "anti-involution" policy expectations and have high short-term volatility. Manganese silicon and ferrosilicon prices are following market trends, with relatively weak rebound strength [2][3][4]. Summary by Industry Steel - Today's steel futures strengthened. Rebar apparent demand improved, production increased, and inventory continued to accumulate. Hot-rolled coil demand and production declined slightly, with inventory also rising. Pig iron production remained high, facing negative feedback pressure, but low inventory limited the downside. With the approaching peak season, construction material demand is expected to pick up, and the market may stabilize [2]. Iron Ore - Iron ore futures rose today. Global shipments declined from the high but remained stronger than last year, and domestic arrivals decreased. Port inventory was volatile with no obvious accumulation pressure. Terminal demand improved seasonally, and although steel mill profitability weakened, there was no strong will to cut production. With the approaching parade, there were expectations of policy-driven production cuts. Overall, supply and demand are weakening, and the market is expected to fluctuate at high levels [3]. Coke - Coke prices rebounded today. With a major event approaching, coking plants in East China are expected to cut production. Pig iron production remained high, and steelmaking profits were good. After the eighth round of price increases, coking profits improved, and daily production increased slightly. Overall inventory increased slightly, and trader purchasing意愿 decreased. The market is affected by policy expectations and has high short-term volatility [4]. Coking Coal - Coking coal prices rebounded today. Coking coal mine production increased slightly, and spot auction results weakened. Terminal inventory decreased slightly, while total inventory increased. With the resumption of previously shut-down mines, production-side inventory is likely to increase in the short term. The market is affected by policy expectations and has high short-term volatility [6]. Manganese Silicon - Manganese silicon prices fluctuated upward with weak rebound strength. Attention is on the shipping of South32's Australian mines. Pig iron production remained above 240, and weekly production of manganese silicon increased. Inventory did not accumulate, and both futures and spot demand were good. Manganese ore prices decreased slightly, but due to pre-event stockpiling, prices are expected to have limited downside [7]. Ferrosilicon - Ferrosilicon prices fluctuated upward with weak rebound strength. Pig iron production decreased slightly but remained above 240. Export demand remained at around 30,000 tons, with a marginal impact. Metal magnesium production decreased slightly, and overall demand was okay. Supply increased significantly, and inventory decreased slightly. The market is following the trend of manganese silicon [8].

Report Industry Investment Ratings - Thread: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Hot-rolled coil: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Iron ore: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Coke: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Coking coal: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Manganese silicon: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Ferrosilicon: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] Core Views - The steel market is under pressure in the short term due to weak demand expectations and a weak macro - atmosphere. Iron ore is expected to oscillate weakly. Coke and coking coal prices are highly volatile in the short term, affected by policy expectations. Manganese silicon and ferrosilicon follow their own supply - demand situations and external factors [2][3][4] Summary by Related Catalogs Steel - The steel futures market is weakly oscillating. Thread demand shows a slight improvement, while hot - rolled coil demand remains resilient. However, overall demand is weak due to a significant decline in real estate investment and a slowdown in infrastructure and manufacturing growth. The market is under negative feedback pressure, but inventory levels are low. The short - term market is still under pressure, and attention should be paid to changes in the commodity market [2] Iron Ore - The iron ore futures market is oscillating. Global shipments are falling from a high level but are still stronger than last year. Domestic arrivals are decreasing, and port inventories are oscillating. The supply - demand situation is marginally weakening, and iron - water production cuts are becoming a reality. The market is expected to oscillate weakly [3] Coke - Coke prices are falling. Due to upcoming major events, there are expectations of production restrictions in East China. Iron - water production is high, and the seventh round of price increases for coke has been fully implemented. Coke inventories are slightly increasing, and traders' purchasing willingness is decreasing. The price is highly volatile in the short term, and attention should be paid to the support at previous lows [4] Coking Coal - Coking coal prices are falling. Coal mine production is decreasing, spot auction transactions are weakening, and terminal inventories are slightly decreasing. Total coking coal inventories are increasing, and production - end inventories are likely to continue to increase in the short term. The price is highly volatile in the short term, affected by policy expectations [6] Manganese Silicon - Manganese silicon prices are weakly oscillating. Attention should be paid to the shipping of Australian mines. Demand is high due to high iron - water production. Production is increasing, and inventories are not accumulating. Manganese ore prices have slightly decreased, but there is little room for further decline. In the long term, manganese ore inventories are expected to increase in the second half of the year [7] Ferrosilicon - Ferrosilicon prices are weakly oscillating. Iron - water production is slightly decreasing but remains above 240. Export demand is stable at around 30,000 tons. Supply is increasing significantly, and inventories are slightly decreasing. Ferrosilicon prices follow the trend of manganese silicon [8]

Report Industry Investment Ratings - Thread steel: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Hot-rolled coil: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Iron ore: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Coke: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Coking coal: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Silicomanganese: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Ferrosilicon: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] Core Viewpoints - The overall market is affected by factors such as weak downstream demand, high iron - water production, and policy expectations. The short - term sentiment is weak, and the disk is under pressure. The market is expected to change with the implementation of policies and the shift of fundamentals [2][3] Summary by Related Categories Steel - The thread steel market shows a weak shock. This week, the apparent demand has rebounded, production has continued to decline, and inventory has continued to rise. The demand for hot - rolled coils has continued to improve, production has increased, and inventory has continued to accumulate. The market faces negative feedback pressure, but the overall inventory level is low. The downstream industry demand is weak, and the "anti - buying order" action has affected exports. The short - term disk is under pressure [2] Iron Ore - The iron ore disk is in a weak shock. The global shipment is strong, the domestic arrival volume has increased, and the port inventory has continued to rise. Although the terminal demand is weak, the high iron - water production still supports the demand for iron ore, but there are expectations of production cuts around the parade. After the macro - sentiment cools down, the disk is expected to face greater downward pressure [3] Coke - The coke price fluctuates within the day. Due to the approaching major events, there are expectations of production restrictions in East China coking plants. The daily output of iron - water has increased, and the steel - making profit is at a high level. The seventh round of coking price increase has been fully implemented, and the inventory has increased slightly. The price is greatly affected by the "anti - involution" policy, with high short - term volatility and relatively small downward space [4] Coking Coal - The coking coal price fluctuates within the day. The production of coking coal mines has decreased, the spot auction transactions have weakened, and the terminal inventory has decreased slightly. The total inventory has increased, and the production - end inventory is likely to continue to increase in the short term. The price is greatly affected by the "anti - involution" policy, with high short - term volatility and relatively small downward space [6] Silicomanganese - The silicomanganese price shows a weak shock. Attention should be paid to the shipment of South32 Australian mines. The demand is supported by high iron - water production. The weekly production has continued to increase, and the inventory has not increased. The manganese ore price has been slightly reduced this week, but due to the approaching major events, the price has limited downward space. In the long - term, manganese ore is expected to accumulate inventory in the second half of the year [7] Ferrosilicon - The ferrosilicon price is in a weak shock. The iron - water production has slightly decreased but remains above 240. The export demand is about 30,000 tons, with a small marginal impact. The supply has increased significantly, and the inventory has decreased slightly. The price is greatly affected by the "anti - involution" policy and mainly follows the trend of silicomanganese [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Steel prices returned to weakness after touching the 20 - day moving average on Thursday, with both spot volume and price falling. After basis repair, prices may face pressure again if there is no better bullish story in the industry. For hot - rolled coils and rebar, pay attention to the 20 - day moving average on the disk as the resistance level and the re - entry hedging point range [5]. - The Sino - US talks disturbed market sentiment. Coking coal spot continued to weaken, with many auctions failing and the cost of coking coal decreasing. The futures market of coking coal and coke weakened due to the less - than - expected Sino - US negotiation results. Macro uncertainties are large, and the market has no stable expectation. In the industry, the demand for five major steel products is seasonally weakening, and the coking coal supply may increase in the future [6]. - For steel, focus on short - side trading. Prefer hot - rolled coils with better liquidity for hedging. Buy put options on steel at high prices [8]. - For coking coal and coke, based on the judgment that the medium - to - long - term bottom of coking coal has not been found, continue to take a bearish view on the single - side trading [9]. - For ferrosilicon and silicomanganese, their fundamentals are stable and follow the steel market. The prices of both are expected to be under pressure, and attention should be paid to subsequent steel tenders [9]. - For iron ore, the trend remains unchanged, and a high - short strategy should be maintained. The decline in the output of five major steel products did not lead to inventory accumulation. Iron ore shipments are expected to rise to a high level, and the market should consider the changes in inventory after the peak season and the stability of steel exports [9]. 3. Summary by Related Catalogs Futures Market - **Prices and Changes**: - On June 12, for far - month contracts, RB2601 closed at 2962 yuan/ton, down 20 yuan (- 0.67%); HC2601 at 3079 yuan/ton, down 22 yuan (- 0.71%); I2601 at 671 yuan/ton, up 0.5 yuan (0.07%); J2601 at 1348 yuan/ton, down 20 yuan (- 1.46%); JM2601 at 779 yuan/ton, down 15.5 yuan (- 1.95%). - For near - month contracts, RB2510 closed at 2968 yuan/ton, down 21 yuan (- 0.70%); HC2510 at 3080 yuan/ton, down 27 yuan (- 0.87%); I2509 at 704 yuan/ton, down 1.5 yuan (- 0.21%); J2509 at 1328.5 yuan/ton, down 24 yuan (- 1.77%); JM2509 at 766.5 yuan/ton, down 22 yuan (- 2.79%) [2]. - **Spreads and Ratios**: - On June 12, the spread between RB2510 and RB2601 was 6 yuan/ton, unchanged; between HC2510 and HC2601 was 1 yuan/ton, down 5 yuan. - The coil - to - rebar spread was 112 yuan/ton, down 5 yuan; the rebar - to - iron ore ratio was 4.22, down 0.01; the coal - to - coke ratio was 1.73, unchanged; the rebar disk profit was 184.4 yuan/ton, down 4.3 yuan; the coking disk profit was 309.06 yuan/ton, down 4.89 yuan [2]. Spot Market - Steel: On June 12, Shanghai rebar was 3070 yuan/ton, down 30 yuan; Tianjin rebar was 3220 yuan/ton, unchanged; Guangzhou rebar was 3230 yuan/ton, unchanged; Tangshan billet was 2890 yuan/ton, down 30 yuan. Shanghai hot - rolled coil was 3160 yuan/ton, down 50 yuan; Hangzhou hot - rolled coil was 3240 yuan/ton, unchanged; Guangzhou hot - rolled coil was 3190 yuan/ton, down 20 yuan [2]. - Coking Coal and Coke: Coking coal prices continued to weaken, with many auctions failing. The price index of coking coal was 951.7, down 6.1. Port - traded quasi - first - class coke was quoted at 1180 yuan/ton. For Mongolian coal, prices were under pressure, with downstream buyers having strong price - cutting intentions [6]. Different Product Analysis - **Steel**: After the basis repair, prices may face pressure again. For trading, focus on short - side trading, and prefer hot - rolled coils for hedging. Buy put options on steel at high prices [5][8]. - **Coking Coal and Coke**: The Sino - US talks disturbed market sentiment. Spot coking coal weakened, and the futures market also showed weakness. Continue to take a bearish view on the single - side trading based on the judgment that the medium - to - long - term bottom of coking coal has not been found [6][9]. - **Ferrosilicon and Silicomanganese**: Their fundamentals are stable and follow the steel market. Prices are expected to be under pressure due to factors such as weakening demand, approaching off - season, and decreasing costs [9]. - **Iron Ore**: The trend remains unchanged, and a high - short strategy should be maintained. Iron ore shipments are expected to rise, and pay attention to inventory changes and steel export stability [9].

| | 远月合约收盘价 | RB2601 | HC2601 | -12601 | J2601 | JM2601 | | --- | --- | --- | --- | --- | --- | --- | | | (元/吨) | | | | | | | | 6月5日 | 2951.00 | 3075.00 | 665. 00 | 1358. 50 | 773.00 | | | 涨跌值 | 10. 00 | 0.00 | 1.00 | 6.00 | 9.00 | | | 涨跌幅(%) | 0. 34 7 | 0. 00 | 0. 15 | 0.44 | 1.18 - | | | 近月合约收盘价 (主力合约元/吨) | RB2510 | HC2510 | 12509 | J2509 | JM2509 | | | 6月5日 | 2959.00 | 3077.00 | 701.00 | 1342.00 | 757. 00 | | 期货 | 涨跌值 | 4.00 | -6. 00 | -1.00 | 7.50 | 12. 50 | | 市场 | 涨跌幅(%) | 14.0088 | -0. 19 | -0. 14 | 0 ...