1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The steel price is expected to maintain a bottom - side oscillation in the short term, with a downward trend in the medium - to - long term. The double - coking market is expected to be oscillating strongly in the near term, and the iron ore price is expected to be oscillating strongly at the bottom. The ferroalloy market is expected to be oscillating strongly [5][6][9][13][15]. 3. Summary by Relevant Catalogs Steel - **Related Information**: On June 26, the NDRC announced policies including issuing the third - batch of consumer goods trade - in funds in July, implementing equipment renewal loan interest subsidies, and having 200 billion yuan of ultra - long - term special treasury bond funds for equipment renewal. In mid - June, the average daily output of crude steel from key steel enterprises was 2.148 million tons, a 0.5% decrease from the previous period, and the estimated national daily output of crude steel was 2.77 million tons, a 1.2% increase [3]. - **Spot Price**: The rebar price in Shanghai is 3,060 yuan (- 10), in Beijing is 3,150 yuan (- 10); the hot - rolled coil price in Shanghai is 3,180 yuan (-), in Tianjin is 3,100 yuan (-) [4]. - **Logic Analysis**: The black sector rose last night, with coal and coke leading. Steel production increased this week, exports decreased, and the apparent demand is expected to weaken. Some blast furnaces started to reduce production, but the incentive for steel mills to cut production is low due to high profits. The steel price is oscillating at the bottom in the short term and may decline in the medium - to - long term [5][6]. - **Trading Strategy**: Unilateral - maintain bottom - side oscillation; Arbitrage - hold the 10 - 01 reverse spread; Option - wait and see [6]. Double - Coking - **Related Information**: From July 11 to July 15, Mongolian ports will be closed for the Naadam Festival, and the number of customs - cleared vehicles is expected to decrease. The blast furnace operating rate of 247 steel mills is 83.82%, unchanged from last week [7]. - **Logic Analysis**: The iron water output increased slightly this week, and the supply of coking coal is temporarily reduced. The spot market sentiment has improved, and the fourth - round price cut of coke has been implemented. The double - coking fundamentals have slightly improved, and the market is expected to be oscillating strongly in the near term [8][9]. - **Trading Strategy**: Unilateral - wait and see, and consider shorting at high levels in the medium term; Arbitrage - wait and see; Option - wait and see; Spot - futures - pay attention to spot - futures positive spread opportunities [10]. Iron Ore - **Related Information**: On June 26, the national main port iron ore trading volume was 872,000 tons, a 19% decrease from the previous day. The night - session iron ore price rose 1.2%, and the PB powder spot price in Qingdao Port is 701 yuan (- 1) [11]. - **Logic Analysis**: The supply of mainstream mines is stable, and the demand for iron ore remains high. The current market focuses on whether the weak reality in the off - season can be continuously traded. Considering the low valuation of the black sector and the positive spread structure, the iron ore price is expected to be oscillating strongly at the bottom [11][13]. - **Trading Strategy**: Unilateral - oscillating strongly; Arbitrage - hold the 9/1 inter - period positive spread; Option - wait and see [17]. Ferroalloy - **Related Information**: UMK announced the price of South African semi - carbonate lump manganese ore for China in July 2025 at $3.85 per ton - degree, a decrease of $0.05 [15]. - **Logic Analysis**: The silicon - iron spot price is slightly stronger, and the manganese - silicon market is also showing a strong trend. The cost of ferroalloys is rising, and the market is expected to be oscillating strongly [15]. - **Trading Strategy**: Unilateral - oscillating strongly; Arbitrage - hold the 9/1 inter - period positive spread; Option - sell call options at high levels [17][19].

Group 1 - The National Development and Reform Commission (NDRC) will issue the third batch of funds for the consumption goods replacement program in July, ensuring the policy is implemented in an orderly manner throughout the year [1] - The NDRC emphasizes the importance of "timeliness" and "balance" in the allocation of funds, with plans to develop monthly and weekly usage schedules for national subsidies [1] - A total of 200 billion yuan will be allocated to support equipment upgrades through special long-term government bonds, with the first batch of approximately 173 billion yuan already allocated to around 7,500 projects across 16 sectors [1]