Report Summary 1. Report Industry Investment Ratings - **Steel**: Unilateral observation; wait for the opportunity to enter the spot-futures positive spread [8] - **Silicon Ferrosilicon and Manganese Silicon**: Temporarily observe [8] - **Coking Coal and Coke**: Fluctuating, industrial customers should do appropriate selling hedging [8] - **Iron Ore**: Hold short positions [8] 2. Core Views of the Report - **Steel**: Prices temporarily stabilized, with small increases of 10 - 20 yuan on Thursday. Trade volume increased significantly. Future steel production is expected to decline, and in the early stage of production cuts, it may suppress furnace materials, while in the later stage, there may be a driving opportunity for the sector to rise in resonance. Due to the large basis, it is not advisable to short on the disk. It is recommended to reduce exposure through physical positions [2] - **Silicon Ferrosilicon and Manganese Silicon**: Affected by external macro factors, market sentiment declined, and the prices of the two silicons followed the adjustment. In the short term, they may trade based on fundamentals. Currently, there are still concerns in the fundamentals, with high supply, large inventory removal pressure, and weak downstream demand. Prices may fluctuate under pressure [2] - **Coking Coal and Coke**: Mongolian coal customs clearance returned to a high level, and coal mine destocking slowed down. Spot coking coal prices continued to rise due to tight supply. However, considering the approaching off - season of steel demand, falling steel mill profitability, and environmental protection restrictions, the tight supply - demand situation of coal and coke may ease. The market is expected to fluctuate. In the short term, it is recommended to observe unilaterally, and in the long term, go long at low prices. Industrial customers can consider selling hedging [4] - **Iron Ore**: There is obvious upward pressure and prices are falling. The supply is within a reasonable range. Affected by environmental protection restrictions in Hebei, molten iron production continued to decline this week. Iron ore port inventories will continue to rise. With weak supply - demand, shorting unilaterally is a good choice [5] 3. Summary by Related Catalogs Futures Market - **Prices and Fluctuations**: On November 6, for far - month contracts, RB2605 closed at 3102.00 yuan/ton with a gain of 11.00 yuan (0.36%); HC2605 closed at 3265.00 yuan/ton with a gain of 7.00 yuan (0.21%); etc. For near - month contracts, RB2601 closed at 3037.00 yuan/ton with a gain of 12.00 yuan (0.40%); HC2601 closed at 3256.00 yuan/ton with a gain of 7.00 yuan (0.22%) [1] - **Spreads and Ratios**: On November 6, the spread between RB2601 and RB2605 was - 65.00 yuan/ton; the coil - to - rebar spread was 219.00 yuan/ton; the rebar - to - ore ratio was 3.91; etc. [1] Spot Market - **Steel**: On November 6, the prices of Shanghai, Tianjin, and Guangzhou rebar were 3200.00 yuan/ton, 3210.00 yuan/ton, and 3260.00 yuan/ton respectively, with price changes of 30.00 yuan, 50.00 yuan, and 0.00 yuan [1] - **Coking Coal and Coke**: On the spot side, coking coal prices continued to rise due to tight supply. The port trade offer for coke was 1560 (-), and the coking coal price index was 1392.6 (+8.7). For Mongolian coal, the market was cold, with prices such as Ganqimaodu Port: Mongolian 5 raw coal at 1165 (-) [4] - **Iron Ore**: The supply was within a reasonable range. Affected by environmental protection restrictions in Hebei, molten iron production continued to decline, and port inventories were expected to rise [5]