Group 1: Report's Core Views - Observe the inflection point of the weakening of the steel market sentiment and gradually reduce the spot or long positions [2] - The prices of ferrosilicon and silicomanganese are expected to be under pressure and fluctuate, and future supply - demand changes should be monitored [2] - After the macro - positive factors are realized, the coal - coke market may see a supply - demand adjustment, and the 05 contract of coking coal tests the support at the previous high [4] - The short - term fundamentals of iron ore are marginally weakening, and short - term waiting and watching is recommended [5] Group 2: Market Conditions and Analysis Steel - On Thursday, the inventory data of steel was acceptable, with no effective inventory accumulation in the steel segment. However, the futures market fluctuated greatly, and the sentiment of positions became chaotic. After recent important events, the market sentiment may cool down. The basis between futures and spot has been repaired from a high level, but the production profit has not been effectively repaired, and it is recommended to pay attention to the inflection point of weakening sentiment [2] Ferrosilicon and Silicomanganese - Affected by external macro factors, market sentiment declined, and the prices of ferrosilicon and silicomanganese followed the adjustment of the black sector. Their fundamentals have problems such as high supply, large inventory reduction pressure, and weak downstream demand, and prices are likely to fluctuate under pressure [2] Coking Coal and Coke - In the spot market, the trading atmosphere of coking coal and coke is average. Coking coal prices are rising, but there are more failed auctions. The price of port - traded quasi - first - grade coke is 1660 (+10), and the coking coal price index is 1343.6 (+7.0). After the macro - positive factors are realized, the black sector has declined, and coking coal and coke are relatively strong. But considering the approaching off - season of steel demand, the supply - demand tightness may ease [4] Iron Ore - After the short - term conclusion of the Sino - US negotiation, commodities have significantly corrected. The supply of iron ore is within a reasonable range. This period has seen a significant decline in hot metal, and if the decline continues, the supply - demand surplus pressure of iron ore in the fourth quarter will increase. The expected increase in supply still limits the price ceiling [5] Group 3: Price and Data Information Futures Closing Prices - On October 30, for far - month contracts, RB2605 was 3327.00 (-3.00, -0.09%), HC2605 was 3170.00 (12.00, 0.39%), JM2605 was 779.50 (-18.50, -0.36%), J2605 was 1359.00 (3.00, 1.38%); for near - month contracts, RB2601 was 3106.00 (20.50, -0.38%), HC2601 was 3318.00 (12.00, -0.33%), J2601 was 802.50 (3.00, 0.59%), JM2601 was 1288.00 (10.50, 0.38%) [1] Spot Prices - On October 30, the price of Tianjin rebar was 3000.00 (-40.00), Tangshan billet was 3210.00 (20.00), Shanghai rebar was 3210.00 (0.00), Guangzhou rebar was 3350.00, and the Platts Index was 107.70 (-0.70). The price of Shanghai hot - rolled coil was 3310.00 (4.00), Hangzhou hot - rolled coil was 3360.00 (-50.00), Rizhao Port PB was 807.00 (-40.00), and Guangzhou hot - rolled coil was 3360.00 [1] Spreads, Ratios and Profits - On October 30, the rebar disk profit was 212.00 (-0.02), the coil - rebar spread was 1.39 (0.00), the coal - coke ratio was -169.13 (-16.45), the coking disk profit was 73.46, the rebar - ore ratio was 3.87 [1]

Group 1 - The recent Middle East conflict has disrupted global assets, raising questions about whether it presents pressure or opportunity [3] - A significant event was Israel's attack on Iran, which led to a surge in oil prices by approximately 10%, surpassing $70 per barrel, and a nearly 2% drop in the Dow Jones index [3][4] - Gold prices also saw a substantial increase, breaking through $3,450 per ounce, indicating a flight to safety among investors [3] Group 2 - The attack's impact is attributed to its precision, resulting in the elimination of several key Iranian military figures, which raises concerns about potential Iranian retaliation [4] - Iran's oil production accounts for 3% to 4% of global supply, making the region's stability crucial for energy markets [4] - Historical context suggests that Iran's military response capabilities may be limited, as previous retaliations have not escalated significantly despite earlier attacks [4]