Report Industry Investment Ratings - **Thread Steel**: ☆☆☆ [1] - **Hot Rolled Coil**: ☆☆☆ [1] - **Iron Ore**: ★★★ [1] - **Coke**: ★☆☆ [1] - **Coking Coal**: ★☆☆ [1] - **Silicon Manganese**: ☆☆☆ [1] - **Silicon Ferrosilicon**: ★★★ [1] Core Views - The negative feedback pattern in the steel market continues, with weak demand and low profits for steel mills. The market sentiment is pessimistic, and the volatility may intensify in the weak market [2]. - The iron ore market has a relatively loose fundamental situation, with a downward pressure on the overall trend in the medium and long term due to the gradually surplus supply and demand [3]. - The coke and coking coal markets are affected by the decline in iron water production and the pressure on steel mill profits, and the prices may be weak and volatile [4][6]. - The silicon manganese and silicon ferrosilicon markets have different supply and demand situations, with the price movements affected by factors such as raw material prices and demand [7][8]. Summaries by Related Catalogs Steel - The steel futures market continued to decline. The demand and supply of both thread steel and hot rolled coil decreased, and the inventory pressure remained. The iron water production continued to decline, and the possibility of further blast furnace production cuts was high. The downstream demand was weak, and the export remained high. The market sentiment was pessimistic, and the coal and coke price drops put pressure on the market [2]. Iron Ore - The iron ore futures market fluctuated. The global shipment was strong, and the domestic port inventory reached a new high. The demand was weak in the off - season, and the iron water was in a seasonal production - cut trend. The macro - expectations were gradually realized, and the overall trend had a downward pressure in the medium and long term [3]. Coke - The coke price fluctuated downward. The second round of price cuts was fully implemented, and the coking profit was average. The inventory decreased slightly, and the downstream demand was weak. The price might be weak and volatile [4]. Coking Coal - The coking coal price fluctuated downward. The production of coking coal mines decreased slightly, and the inventory increased. The downstream demand was weak, and the price might be weak and volatile [6]. Silicon Manganese - The silicon manganese price fluctuated upward. The manganese ore price increased due to the futures market rebound. The port inventory had a structural problem, and the demand for some ores might change. The iron water production decreased seasonally, and the inventory increased slowly [7]. Silicon Ferrosilicon - The silicon ferrosilicon price fluctuated upward. The market expected a decrease in power cost and semi - coke price. The demand from metal magnesium production increased marginally, and the overall demand was still resilient. The supply decreased, and the inventory decreased slightly [8].

1. Report Industry Investment Ratings - **Thread Steel**: ☆☆☆, indicating a short - term balance in the long/short trend with poor operability on the current market, suggesting waiting and seeing [1] - **Hot - Rolled Coil**: ☆☆☆, same as thread steel [1] - **Iron Ore**: ★☆☆, indicating a bearish bias with a driving force for downward trend but poor operability on the market [1] - **Coke**: ★☆☆, same as iron ore [1] - **Coking Coal**: ★★☆, indicating a clear bearish trend and the market is developing [1] - **Silicon Manganese**: ☆☆☆, same as thread steel [1] - **Silicon Iron**: ☆☆☆, same as thread steel [1] 2. Core Views of the Report - The overall steel market is under pressure. With the decline of hot metal production, the furnace materials are under pressure in the negative feedback pattern. The steel market is mainly in a range - bound oscillation, and the subsequent policy changes need to be monitored [2] - The iron ore supply is abundant, and the demand is weak. In the medium - to - long - term, there is a downward pressure on the overall trend [3] - The coke and coking coal markets are affected by the seasonal decline of hot metal. The demand for raw materials has some resilience, but the steel mills have a strong willingness to reduce prices. The prices are likely to be weak and oscillating [4][6] - The silicon manganese and silicon iron markets have complex supply - demand situations. The silicon manganese inventory is slowly accumulating, and the silicon iron supply is decreasing with a small decline in inventory. The bottom - support strength needs to be observed [7][8] 3. Summary by Related Catalogs Steel - **Market Situation**: The futures market continued to fall. The apparent demand for thread steel decreased, production dropped significantly, and inventory continued to decline. The supply and demand of hot - rolled coil both decreased, and the inventory decreased slowly with pressure to be relieved [2] - **Supply - Demand Factors**: The hot metal production continued to decline, the supply pressure was gradually relieved, but the downstream's ability to absorb was insufficient, and the steel mills' profits were still poor. The real estate investment continued to decline sharply, the infrastructure growth rate continued to fall, the manufacturing PMI improved marginally, and the domestic demand was generally weak. The steel exports remained at a high level in November [2] - **Price Trend**: The steel prices were mainly in a range - bound oscillation, and the subsequent policy changes needed to be monitored [2] Iron Ore - **Supply**: The global shipment of iron ore increased compared with the previous period, much stronger than the same period last year. The shipments from Australia and non - mainstream countries increased significantly, and the shipment from Brazil decreased from the high level but was still stronger than last year. The domestic arrival volume continued to decline, slightly lower than the same period last year [3] - **Demand**: The terminal demand was at a low level in the off - season, and the steel mills' profitability was poor. The hot metal production continued to decrease last week [3] - **Price Trend**: The iron ore fundamentals were relatively loose. There were short - term liquidity disturbances in some ore types. In the medium - to - long - term, with the gradual oversupply, there was a downward pressure on the overall trend [3] Coke - **Market Situation**: The price oscillated downward. The market still expected the second round of price cuts for coke. The coking profit was average, and the daily production increased slightly [4] - **Supply - Demand Factors**: The coke inventory decreased slightly. The downstream purchased in small quantities as needed, and the inventory changed little. The traders' purchasing willingness was average. The carbon element supply was abundant, and the downstream hot metal decreased seasonally [4] - **Price Trend**: The coke futures price was at a premium, and the price was likely to be weak and oscillating [4] Coking Coal - **Market Situation**: The price oscillated downward. The production of coking coal mines decreased slightly, the spot auction transactions were average, and the transaction prices mainly decreased [6] - **Supply - Demand Factors**: The terminal inventory decreased slightly, the total coking coal inventory increased slightly, and the production - end inventory increased slightly. The carbon element supply was abundant, and the downstream hot metal decreased seasonally [6] - **Price Trend**: The coking coal futures price was at a discount, and the price was likely to be weak and oscillating [6] Silicon Manganese - **Market Situation**: The price oscillated. Driven by the rebound of the futures market, the spot price of manganese ore increased. The Comilog quotation increased slightly compared with the previous period, and the reported volume decreased [7] - **Supply - Demand Factors**: There was a structural problem in the manganese ore port inventory, and the balance was relatively fragile. The silicon manganese smelting end pursued the most cost - effective option and changed the manganese ore formula. The hot metal production decreased seasonally. The weekly production of silicon manganese decreased slightly, and the inventory increased slowly [7] - **Price Trend**: The bottom - support strength needed to be observed [7] Silicon Iron - **Market Situation**: The price oscillated. The market's expectation for coal mine supply guarantee increased, and there was an expectation of a decline in power cost and semi - coke price [8] - **Supply - Demand Factors**: The hot metal production rebounded to a high level. The export demand decreased to over 20,000 tons, with little marginal impact. The production of magnesium metal increased, and the secondary demand increased marginally. The overall demand still had some resilience. The silicon iron supply decreased, and the inventory decreased slightly [8] - **Price Trend**: The bottom - support strength needed to be observed [8]