Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The black metal sector maintained a weak and volatile trend today, with overall spot trading volume being generally weak and slightly weaker than yesterday [8]. - Affected by the military parade, building materials production decreased, but hot - rolled coil production increased. Steel inventories continued to accumulate, but the accumulation rate slowed down. The apparent demand for building materials and hot - rolled coils increased month - on - month [8]. - There is still support for steel exports recently, and the funds of downstream construction sites continue to improve, leading to a recovery in building materials demand. The current improvement in steel demand, the decline in molten iron output, and strong steel exports support steel prices. However, molten iron production may resume rapidly after the military parade. In September, coal daily consumption is expected to decline, blast furnaces will resume production, and the steel fundamentals will deteriorate. If coal mines resume production rapidly after the military parade, steel prices will still face pressure [8]. - It is expected that in the short term, capital will act first, and steel prices will maintain a weak and volatile trend. In September, attention should be paid to the peak - season demand for steel, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [8]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Thread Steel Futures** - Prices of RB05, RB10, and RB01 decreased by 10 yuan/ton, 13 yuan/ton, and 11 yuan/ton respectively compared to yesterday [3]. - The spreads between different contracts and the changes in the spreads were also presented, such as HC05 - RB05 increasing by 8 yuan/ton [3]. - The disk profits of the 05, 10, and 01 contracts decreased by 17 yuan/ton, 33 yuan/ton, and 19 yuan/ton respectively [3]. - **Thread Steel Spot** - The prices of Shanghai Zhongtian, Nanjing Xicheng, etc. showed different changes, with Shanghai Zhongtian decreasing by 10 yuan/ton and Shandong Shiheng increasing by 10 yuan/ton [3]. - The basis differences of different contracts and different regions were provided, and the spot profits in different regions also changed, such as the East China thread steel profit decreasing by 14 yuan/ton [3]. - **Hot - Rolled Coil Futures** - HC05 decreased by 2 yuan/ton, HC10 remained unchanged, and HC01 increased by 1 yuan/ton compared to yesterday [3]. - The spreads between different contracts and the changes in the spreads were also shown, and the disk profits of the 05, 10, and 01 contracts decreased by 9 yuan/ton, 20 yuan/ton, and 7 yuan/ton respectively [3]. - **Hot - Rolled Coil Spot** - The prices of Tianjin Hegang, Lecong Rigang, etc. had different performances, with Shanghai Angang increasing by 10 yuan/ton [3]. - The basis differences of different contracts and different regions were given, and the spot profits in different regions changed, such as the Tianjin hot - rolled coil profit decreasing by 3 yuan/ton [3]. 3.2 Market Judgement - **Related Prices** - The price of Shanghai Zhongtian thread steel was 3200 yuan (- 10), Beijing Jingye was 3170 yuan (- 10), Shanghai Angang hot - rolled coil was 3360 yuan (+ 10), and Tianjin Hegang hot - rolled coil was 3290 yuan (unchanged) [7]. - **Trading Strategies** - **Unilateral**: Maintain a weak and volatile trend [9]. - **Arbitrage**: Hold the short position of the coil - to - thread spread and enter the 1 - 5 positive spread [9]. - **Options**: It is recommended to wait and see [9]. - **Important Information** - As of September 2, the capital availability rate of sample construction sites was 59.4%, with a week - on - week increase of 0.18 percentage points. The capital availability rate of non - housing construction projects was 61.01%, with a week - on - week increase of 0.09 percentage points, and that of housing construction projects was 51.39%, with a week - on - week increase of 0.44 percentage points [9]. - The US ISM manufacturing index in August was 48.7, lower than the expected 49 and the previous value of 48, and it has been below the boom - bust line for six consecutive months [9]. 3.3 Related Attachments A series of charts were provided, including the basis differences of different contracts of thread steel and hot - rolled coil in Shanghai area, the spreads between different contracts, the disk profits of different contracts, the cash profits in different regions, and the price differences between different products, etc. [15][17][21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The steel price is expected to maintain a bottom - oscillating trend in the short - term. In September, attention should be paid to the peak - season demand, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [4][6]. - The prices of coking coal and coke are expected to continue wide - range oscillations in the near future [12]. - The iron ore price will mainly oscillate in the short - term, as the factors driving price increases are weakening [17]. - Silicon - iron and manganese - silicon are expected to have bottom - oscillating trends recently [22]. 3. Summary by Related Categories Steel - **Related Information**: As of August 26, the sample construction site fund availability rate was 59.22%, up 0.43 percentage points week - on - week. The national new local government bond issuance in the first seven months was 3315.9 billion yuan [2]. - **Spot Price**: Shanghai rebar was 3290 yuan, Beijing rebar was 3230 yuan, Shanghai hot - rolled coil was 3400 yuan (+20), and Tianjin hot - rolled coil was 3360 yuan [3]. - **Logic Analysis**: The black sector declined in the night session. Steel production resumed, with rebar increasing and hot - rolled coil slightly decreasing. Steel exports were resilient, and downstream construction site funds improved marginally. As the parade approaches, iron - water production is expected to decrease, putting short - term pressure on steel prices. After August, the coal daily consumption will decline, and the blast furnace may resume production rapidly, potentially worsening the steel fundamentals [4]. - **Trading Strategy**: Unilateral: Maintain a bottom - oscillating trend; Arbitrage: Short the hot - rolled coil to rebar spread; Option: Wait and see [7][8][9]. Coking Coal and Coke - **Related Information**: The average national profit per ton of coke was 55 yuan/ton. The blast furnace operating rate of 247 steel mills was 83.2%, down 0.16 percentage points week - on - week. The daily average iron - water output was 240.13 tons, down 0.62 tons week - on - week [10]. - **Logic Analysis**: The futures prices of coking coal and coke oscillated widely without a clear direction. The spot price of coking coal fluctuated, and the downstream procurement enthusiasm weakened. The eighth round of coke price increase was not responded to by steel mills. The coal mine safety work is expected to be stricter, and the iron - water output will decline, with little change in the overall supply - demand relationship of coking coal [11][12]. - **Trading Strategy**: Unilateral: Wide - range oscillation; Arbitrage: Wait and see; Option: Wait and see; Futures - cash: Wait and see [13]. Iron Ore - **Related Information**: The PB powder spot price at Qingdao Port was 781 (+13), and the basis of the 01 iron ore main contract was 33 [15][16]. - **Logic Analysis**: The iron ore price fell 0.7% in the night session. The shipments of mainstream mines increased year - on - year in the past month, and the non - mainstream ore shipments in August were at a high level year - on - year. The growth rate of manufacturing and infrastructure investment slowed down, suppressing the terminal steel demand [17]. - **Trading Strategy**: No specific trading strategy was clearly given for iron ore in the text, only a note that the views are for reference only [18]. Ferroalloys - **Related Information**: On the 28th, the semi - carbonate Mn36% at Tianjin Port was quoted at 34 yuan/ton degree, and the Gabon block Mn46% was quoted at 40 yuan/ton degree. Comilog's October 2025 quotation for Gabon blocks to China was 4.27 US dollars/ton degree, unchanged from last month [19][20]. - **Logic Analysis**: For silicon - iron, the spot price was stable to weak on the 28th. The supply growth slowed down, and the demand was supported by the increase in steel production and apparent consumption. For manganese - silicon, the manganese ore spot price was stable, and the manganese - silicon spot price decreased. The supply growth also slowed down, and the alloy demand was stable [21][22]. - **Trading Strategy**: Unilateral: Bottom - oscillating; Arbitrage: Gradually take profit on the long - futures short - cash spread; Option: Sell straddle option combinations at high prices [23].