1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views Steel Industry - Currently, the supply and demand of steel are seasonally recovering, with both production and demand on the rise but not yet peaking. Last week, the increase in production was relatively slow, with an increase of 30,000 tons in hot metal production and stable production of the five major steel products. The increase in the production of off - balance - sheet steel products was also not significant, and the production increment may have flowed more to steel billets. The apparent demand has increased, and the increase in apparent demand is greater than that in production, so the inventory continues to decline. Currently, the demand for hot - rolled coils is slightly better than that for rebar, and the domestic demand expectation is still weak, while the export orders remain stable. Affected by the environmental protection - related production cuts of steel mills in the first quarter, although the demand is weak, the inventory reduction is acceptable, and the supply - demand contradiction is not significant. From the perspective of the steel supply - demand situation, there is insufficient upward driving force, and the upward elasticity of steel prices mainly comes from the raw material side. Recently, crude oil has strengthened again, and the expected production cut of BHP has made raw materials stronger, which supports steel prices [1]. Iron Ore Industry - Yesterday, the main iron ore contract fluctuated weakly. Geopolitical conflicts have caused market sentiment to fluctuate. The sharp decline in energy products such as crude oil and coal has led to a weakening of commodities. Currently, geopolitical games continue, the BHP negotiation is undetermined, and the resumption of hot metal production is the focus of future iron ore trading. In terms of fundamentals, on the supply side, the global iron ore shipment volume has decreased significantly on a week - on - week basis, with the reduction concentrated in the three major Australian mines due to the impact of a super typhoon on the shipment of some Australian ports. On the demand side, the hot metal production has increased slightly on a week - on - week basis, slightly lower than expected. Some steel mills have carried out rational maintenance, and the profitability of steel mills has improved. Currently, the recovery of terminal demand is slow, domestic demand is relatively weak, and the situation of steel exports is acceptable, with the reduction in the Middle East being offset by the increase in Southeast Asia. In the inventory aspect, the inventories of steel mills and ports have both decreased slightly. With the recent decline in the arrival volume and the high - level continuous port clearance under the resumption of production of steel mills, the port inventory is expected to decrease slightly or remain unchanged. Looking forward to the future, under the influence of factors such as escalating geopolitical conflicts, changeable market sentiment, the resumption of production of steel mills, and the undetermined BHP negotiation, the main iron ore contract will oscillate at a high level in the short term, with the reference range of the main contract being 780 - 830 [3]. Coke and Coking Coal Industry - **Coke**: Yesterday, the coke futures showed a weak downward trend. In the spot market, the mainstream coke enterprises initiated the first - round price increase on March 23, which is expected to be implemented on April 1. The increase in coking coal prices provides cost support for the coke price increase, and the port price fluctuates with the futures. On the supply side, the coke price adjustment lags behind that of coking coal, the sharp increase in chemical product prices makes up for the coke losses, and the coking operation starts to increase. On the demand side, steel mills are actively resuming production, the hot metal production is increasing, the steel price has rebounded at a low level, and the restocking demand has recovered but resists high - priced raw materials. In the inventory aspect, coking plants are reducing inventory, while steel mills and ports are increasing inventory, and the overall inventory has increased slightly. The coke supply and demand are basically balanced in the short term. Trump's statement that the war will end soon has caused a sharp decline in energy, natural gas, and downstream chemical products at a high level. The continuous conflict affects the macro - sentiment. The coking coal spot has cooled down and declined, and the coke futures had fully anticipated the coke price increase before, and now there is an expectation of a peak - to - decline. It is recommended to wait and see on a single - side basis, and the reference range of the coke 2605 contract is 1600 - 1800 [5]. - **Coking Coal**: Yesterday, the coking coal futures showed a weak downward trend. In the spot market, the auction transactions of Shanxi spot have started to decline, and the Mongolian coal quotation has followed the futures down. After the price increase, the restocking demand has weakened, and downstream enterprises with low profits are more resistant to high - priced resources. On the supply side, coal mines are gradually resuming production, and the daily coal production is gradually increasing. In terms of imported coal, the port inventory continues to accumulate, and the customs clearance remains at a high level, with a slight decline recently. On the demand side, steel mills are actively resuming production, the hot metal production is increasing, and the restocking demand has recovered but resists high - priced raw materials. In the inventory aspect, washing plants, coke enterprises, steel mills, ports, and ports are all increasing inventory, while coal mines are reducing inventory, and the overall inventory has started to show a change of active restocking by downstream enterprises. Trump's statement that the war will end soon has caused a sharp decline in energy, natural gas, and downstream chemical products at a high level. The continuous conflict affects the macro - sentiment. The coking coal spot has cooled down and declined. It is necessary to focus on the macro - impact and industrial supply - demand changes. It is recommended to wait and see on a single - side basis, and the reference range of the coking coal 2605 contract is 1050 - 1250 [5]. Ferrosilicon and Silicomanganese Industry - **Ferrosilicon**: Yesterday, the main ferrosilicon contract declined significantly, mainly due to the repeated geopolitical conflicts and the sharp decline in energy costs such as crude oil and coal. In terms of fundamentals, last week, the ferrosilicon production decreased slightly on a week - on - week basis, and the production area's operating rate also declined. Only Inner Mongolia and Ningxia have better profits under the repair of manufacturers' profits, but Qinghai and Gansu still have serious losses. In terms of steel - making demand, the hot metal production increased slightly on a week - on - week basis, slightly lower than expected. Some steel mills carried out routine maintenance, and the profitability of steel mills has improved. Currently, the recovery of terminal demand is slow, and domestic demand is relatively weak. In terms of non - steel demand, the daily production of magnesium ingots is at a relatively high level, and the market sentiment has improved significantly compared with the previous period. The ferrosilicon export orders are not good, and the cancellation of orders has also weakened. In terms of cost, the price of semi - coke has been slightly adjusted upwards. Pay attention to the settlement electricity price changes in the production areas in March. The cost side of ferrosilicon has certain support. Looking forward to the future, in the short term, the market sentiment is changeable due to international geopolitical conflicts. The supply and demand of ferrosilicon both increase, and the cost is affected by coal. However, the current supply growth rate is relatively slow, and the supply and demand are still in a balanced state. Pay attention to the subsequent production and cost changes. The short - term price is expected to fluctuate widely, and it is recommended to operate within the range of 5800 - 6200 [6]. - **Silicomanganese**: Yesterday, the main silicomanganese contract declined significantly, mainly due to the repeated geopolitical conflicts and the sharp decline in energy costs such as crude oil and coal. In terms of fundamentals, last week, the silicomanganese supply continued to decline on a week - on - week basis, and the operating rate has declined for several consecutive weeks. The production pressure in the southern region is still relatively high, and the loss amplitude has decreased compared with the previous period. Only the immediate profit of Inner Mongolia in the northern production area is on the verge of profit and loss, but the manganese ore cost of manufacturers is mostly the ore at the previous low price, so the profit should be better than the calculation. Pay attention to the implementation of silicomanganese production cuts in the future. In terms of demand, the hot metal production increased slightly on a week - on - week basis, slightly lower than expected. Some steel mills carried out routine maintenance, and the profitability of steel mills has improved. Currently, the recovery of terminal demand is slow, and domestic demand is relatively weak. In terms of cost, the supply and demand of manganese ore may become marginally looser in the near future. With the increase in arrivals and the expected contraction in demand, the port inventory has started to increase. However, due to the continuous geopolitical conflicts, the impact of energy prices on the comprehensive costs of shipping and mining still exists, and the manganese ore price may run at a high level. In general, in the short term, the market sentiment is changeable due to international geopolitical conflicts. There is an expectation of silicomanganese production cuts, which may weaken the demand for manganese ore. Pay attention to the supply change of silicomanganese in April. It is expected that the price will oscillate strongly, with the reference range of 5700 - 6800 [6]. 3. Summaries According to Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China decreased by 10 yuan/ton compared with the previous value, and the prices of rebar 05, 10, and 01 contracts also decreased, with decreases of 18 yuan/ton, 22 yuan/ton, and 20 yuan/ton respectively. Hot - rolled coil spot prices in East China, North China, and South China decreased by 10 yuan/ton compared with the previous value, and the prices of hot - rolled coil 05, 10, and 01 contracts also decreased, with decreases of 14 yuan/ton, 13 yuan/ton, and 11 yuan/ton respectively [1]. Cost and Profit - The steel billet price remained unchanged at 2980 yuan/ton, and the slab price remained unchanged at 3730 yuan/ton. The cost of Jiangsu electric - furnace rebar increased by 2 yuan/ton, and the cost of Jiangsu converter rebar decreased by 1 yuan/ton. The profits of East China hot - rolled coils, North China hot - rolled coils, East China rebar, North China rebar, and South China rebar increased by 11 yuan/ton, 21 yuan/ton, 21 yuan/ton, 21 yuan/ton, and 11 yuan/ton respectively [1]. Production - The daily average hot metal production increased by 3.1 tons to 231.1 tons, with a growth rate of 1.4%. The production of the five major steel products decreased slightly by 0.2 tons to 839.6 tons, with a decrease rate of 0.0%. The rebar production decreased by 5.5 tons to 197.9 tons, with a decrease rate of 2.7%, among which the electric - furnace production decreased by 1.5 tons to 32.7 tons, with a decrease rate of 4.3%, and the converter production decreased by 4.0 tons to 165.2 tons, with a decrease rate of 2.4%. The hot - rolled coil production increased by 5.4 tons to 305.6 tons, with a growth rate of 1.8% [1]. Inventory - The inventory of the five major steel products decreased by 48.4 tons to 1897.8 tons, with a decrease rate of 2.5%. The rebar inventory decreased by 27.5 tons to 861.9 tons, with a decrease rate of 3.1%. The hot - rolled coil inventory decreased by 8.0 tons to 453.3 tons, with a decrease rate of 1.7% [1]. Transaction and Demand - The building materials trading volume increased by 1.0 to 10.4, with a growth rate of 10.4%. The apparent demand of the five major steel products increased by 19.5 to 888.0, with a growth rate of 2.2%. The apparent demand of rebar increased by 17.3 to 225.4, with a growth rate of 8.3%. The apparent demand of hot - rolled coils increased by 3.1 to 313.6, with a growth rate of 1.0% [1]. Iron Ore Industry Futures - The warehouse - receipt costs of various iron ore powders such as Coking Fine, PB Fine, etc. decreased to varying degrees, and the 05 - contract basis of some iron ore powders also changed. The 5 - 9 spread decreased by 0.5 to 21.5, with a decrease rate of 2.3%, and the 9 - 1 spread decreased by 2.0 to 17.5, with a decrease rate of 10.3% [3]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port decreased to varying degrees, and the price of the Singapore Exchange 62% Fe swap remained unchanged [3]. Supply - The 45 - port arrival volume increased by 154.7 tons to 2426.3 tons, with a growth rate of 6.8%. The global shipment volume decreased by 671.9 tons to 2472.4 tons, with a decrease rate of 21.4%. The national monthly import volume decreased by 2200.9 tons to 9763.8 tons, with a decrease rate of 18.4% [3]. Demand - The daily average hot metal production of 247 steel mills increased by 2.9 tons to 231.1 tons, with a growth rate of 1.3%. The 45 - port daily average port clearance volume decreased by 7.8 tons to 313.2 tons, with a decrease rate of 2.4%. The national monthly pig iron production decreased by 6072.2 tons to 0.0 tons, with a decrease rate of 100.0%, and the national monthly crude steel production decreased by 6817.7 tons to 0.0 tons, with a decrease rate of 100.0% [3]. Inventory Changes - The 45 - port inventory decreased by 98.1 tons to 17000.31 tons, with a decrease rate of 0.6%. The imported iron ore inventory of 247 steel mills decreased by 55.5 tons to 8978.6 tons, with a decrease rate of 0.6%. The inventory available days of 64 steel mills increased by 2.0 to 23.0, with a growth rate of 9.5% [3]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of Shanxi first - grade wet - quenched coke (warehouse - receipt) and Rizhao Port quasi - first - grade wet - quenched coke (warehouse - receipt) remained unchanged. The coke 05 and 09 contracts decreased by 52 yuan/ton and 55 yuan/ton respectively, with decrease rates of 3.0% and 3.0% respectively [5]. Coking Coal - Related Prices and Spreads - The prices of Shanxi medium - sulfur main coking coal (warehouse - receipt) and Mongolian 5 raw coal (warehouse - receipt) decreased by 0 yuan/ton and 19 yuan/ton respectively, with decrease rates of 0.0% and 1.5% respectively. The coking coal 05 and 09 contracts decreased by 66 yuan/ton and 75 yuan/ton respectively, with decrease rates of 5.4% and 5.5% respectively [5]. Supply - The daily average production of all - sample coking plants increased by 0.5 tons to 64.8 tons, with a growth rate of 0.8%. The daily average production of 247 steel mills remained unchanged at 47.3 tons, with a decrease rate of 0.1%. The production of raw coal decreased by 5.6 tons to 875.3 tons, with a decrease rate of 0.64%, and the production of clean coal decreased by 2.7 tons to 445.9 tons, with a decrease rate of 0.6% [5]. Demand - The hot metal production of 247 steel mills increased by 2.9 tons to 231.1 tons, with a growth rate of 1.3%. The daily average production of all - sample coking plants increased by 0.5 tons to 64.8 tons, with a growth rate of 0.8% [5]. Inventory Changes - The total coke inventory increased by 16.3 tons to 997.8 tons, with a growth rate of 1.7%. The coke inventory of all - sample coking plants decreased by 4.2 tons to 90.1 tons, with a decrease rate of 4.4%. The coke inventory of 247 steel mills increased by 3.5 tons to 691.7 tons, with a growth rate of 0.5%. The coking coal inventory of all - sample coking plants increased by 42.5 tons to 1047.5 tons, with a growth rate of 4.2%. The coking coal inventory of 247 steel mills increased by 8.5 tons to 782.4 tons, with a growth rate of 1.1%. The port inventory increased by 8.5 tons to 216.1 tons, with a growth rate of 4.2% [5]. Ferrosilicon and Silicomanganese Industry Futures and Spot - The closing price of the fer

Group 1: Steel Industry Report Industry Investment Rating No relevant information provided. Core Viewpoint Currently, the supply and demand of steel are seasonally recovering, with both production and demand on the rise but not peaking yet. The increase in production last week was relatively slow, and the increase in apparent demand was greater than that in production, leading to inventory depletion. The demand for hot-rolled coils is slightly better than that for rebar, but the domestic demand outlook remains weak, and export orders are stable. Due to the environmental protection production cuts in steel mills in the first quarter, although demand is weak, inventory depletion is acceptable, and the supply-demand contradiction is not significant. The upward drive for steel prices is insufficient, and the elasticity for upward breakthroughs mainly comes from the raw material side. Recently, crude oil has strengthened again, and the expected production cut by BHP has made raw materials stronger, providing support for steel prices [1]. Summary by Directory - **Steel Prices and Spreads**: The prices of rebar and hot-rolled coil spot and futures contracts all declined. For example, the rebar spot price in East China dropped from 3230 yuan/ton to 3220 yuan/ton, and the rebar 10 contract price fell from 3168 yuan/ton to 3146 yuan/ton [1]. - **Cost and Profit**: The steel billet price remained unchanged at 2980 yuan/ton. The profits of hot-rolled coils in different regions increased to varying degrees, while the profit of rebar in North China improved from -18 yuan/ton to 3 yuan/ton [1]. - **Production**: The daily average pig iron production increased by 3.1 tons to 231.1 tons, a rise of 1.4%. The production of five major steel products remained stable, with a slight decrease of 0.2 tons to 839.6 tons. Rebar production decreased by 5.5 tons to 197.9 tons, a decline of 2.7%, while hot-rolled coil production increased by 5.4 tons to 305.6 tons, a rise of 1.8% [1]. - **Inventory**: The inventory of five major steel products decreased by 48.4 tons to 1897.8 tons, a decline of 2.5%. Rebar inventory decreased by 27.5 tons to 861.9 tons, a decline of 3.1%, and hot-rolled coil inventory decreased by 8.0 tons to 453.3 tons, a decline of 1.7% [1]. - **Transaction and Demand**: The building materials transaction volume increased by 1.0 to 10.4, a rise of 10.4%. The apparent demand for five major steel products increased by 19.5 to 888.0, a rise of 2.2%. The apparent demand for rebar increased by 17.3 to 225.4, a rise of 8.3%, and the apparent demand for hot-rolled coils increased by 3.1 to 313.6, a rise of 1.0% [1]. Group 2: Iron Ore Industry Report Industry Investment Rating No relevant information provided. Core Viewpoint Yesterday, the main iron ore contract fluctuated weakly. Geopolitical conflicts have caused market sentiment to fluctuate. The sharp decline in energy products such as crude oil and coal has led to a weakening of commodities. Currently, geopolitical games continue, the BHP negotiation is undecided, and pig iron production is recovering. The global iron ore shipment volume decreased significantly this period, with the reduction concentrated in the three major Australian mines due to the impact of a super typhoon on some Australian ports. On the demand side, pig iron production increased slightly month-on-month, slightly lower than expected. Some steel mills carried out rational maintenance, and the profitability of steel mills improved. Currently, the recovery of terminal demand is slow, domestic demand is relatively weak, and steel export orders are acceptable, with the reduction in the Middle East offset by the increase in Southeast Asia. In the future, the focus of iron ore trading will be on the height and sustainability of pig iron production recovery. In terms of inventory, the inventory of steel mills and ports decreased slightly month-on-month. Recently, the central value of arrivals has declined, and the port inventory is expected to decrease slightly or remain stable. Looking ahead, affected by factors such as escalating geopolitical conflicts, changing market sentiment, steel mill复产, and the undecided BHP negotiation, the main iron ore contract is expected to fluctuate at a high level in the short term, with the contract range referring to 780 - 830 [3]. Summary by Directory - **Futures**: The warehouse receipt costs of various iron ore powders decreased, including a 0.4% decline in the warehouse receipt cost of Carajás fines to 916.6 yuan/ton. The 05 contract basis of some iron ore powders changed, with the 05 contract basis of Carajás fines increasing by 1.7 to 108.6 yuan/ton [3]. - **Spot Price and Price Index**: The spot prices of various iron ore powders in Rizhao Port decreased, such as a 0.9% decline in the price of PB fines to 777.0 yuan/wet ton. The price of the Singapore Exchange 62% Fe swap remained unchanged at 106.4 dollars/ton [3]. - **Supply**: The 45-port arrivals volume increased by 154.7 tons to 2426.3 tons, a rise of 6.8%. The global shipment volume decreased by 671.9 tons to 2472.4 tons, a decline of 21.4%. The national monthly import volume decreased by 2200.9 tons to 9763.8 tons, a decline of 18.4% [3]. - **Demand**: The daily average pig iron production of 247 steel mills increased by 2.9 tons to 231.1 tons, a rise of 1.3%. The 45-port daily average desilting volume decreased by 7.8 tons to 313.2 tons, a decline of 2.4%. The national monthly pig iron production and crude steel production both dropped to 0 [3]. - **Inventory Change**: The 45-port inventory decreased by 98.1 tons to 17000.31 tons, a decline of 0.6%. The imported iron ore inventory of 247 steel mills decreased by 55.5 tons to 8978.6 tons, a decline of 0.6%. The inventory available days of 64 steel mills increased by 2.0 to 23.0 days, a rise of 9.5% [3]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating No relevant information provided. Core Viewpoint Yesterday, both the coke and coking coal futures showed a weak downward trend. In terms of coke, the mainstream coke enterprises initiated the first round of price increases on March 23, which is expected to be implemented on April 1. The increase in coking coal prices provides cost support for coke price increases, and port prices fluctuate with futures. On the supply side, coke price adjustments lag behind coking coal, and with the significant increase in chemical product prices offsetting coke losses, coke oven operation has started to increase. On the demand side, steel mills are actively resuming production, pig iron production is increasing, steel prices are rebounding at a low level, and the demand for replenishment is improving but resistant to high-priced raw materials. In terms of inventory, coke plants are reducing inventory, while steel mills and ports are increasing inventory, and the overall inventory is slightly increasing, with the short-term supply and demand of coke basically balanced. In terms of coking coal, the spot coking coal market has cooled down and prices have declined. The demand for replenishment has weakened after price increases, and downstream enterprises with low profits are resistant to high-priced resources. On the supply side, coal mines are gradually resuming production, and coal daily production is gradually increasing. In terms of imports, port inventories continue to accumulate, and customs clearance remains at a high level, with a slight recent decline. On the demand side, steel mills are actively resuming production, pig iron production is increasing, and coke production is also increasing. In terms of inventory, coal washing plants, coke enterprises, steel mills, ports, and ports are all increasing inventory, while coal mines are reducing inventory, and the overall inventory is showing a change of downstream enterprises actively replenishing inventory. Strategically, due to Trump's statement that the war will end soon, which has caused a sharp decline in energy, natural gas, and downstream chemical products, and the continuous conflict affecting macro sentiment, the coking coal spot market has cooled down and prices have declined. The coke futures had fully anticipated the price increase in the early stage and are now expected to peak and decline. It is recommended to wait and see for unilateral trading. The reference range for the coke 2605 contract is 1600 - 1800, and the reference range for the coking coal 2605 contract is 1050 - 1250 [5]. Summary by Directory - **Coke - Related Prices and Spreads**: The prices of coke futures contracts decreased, such as a 3.0% decline in the coke 05 contract price to 1702 yuan/ton. The 05 basis of coke was 52 yuan/ton [5]. - **Coking Coal - Related Prices and Spreads**: The prices of coking coal futures contracts also decreased, with a 5.4% decline in the coking coal 05 contract price to 1149 yuan/ton. The 05 basis of coking coal was 47 yuan/ton [5]. - **Supply**: The daily average coke production of all - sample coking plants increased by 0.5 tons to 64.8 tons, a rise of 0.8%. The raw coal production of Fenwei sample coal mines decreased by 5.6 tons to 875.3 tons, a decline of 0.64%, and the clean coal production decreased by 2.7 tons to 445.9 tons, a decline of 0.6% [5]. - **Demand**: The pig iron production of 247 steel mills increased by 2.9 tons to 231.1 tons, a rise of 1.3%. The daily average coke production of all - sample coking plants increased by 0.5 tons to 64.8 tons, a rise of 0.8% [5]. - **Inventory Change**: The total coke inventory increased by 16.3 tons to 997.8 tons, a rise of 1.7%. The coking coal inventory of all - sample coking plants increased by 42.5 tons to 1047.5 tons, a rise of 4.2%, and the coking coal inventory of 247 steel mills increased by 8.5 tons to 782.4 tons, a rise of 1.1% [5]. Group 4: Silicon Manganese and Silicon Iron Industry Report Industry Investment Rating No relevant information provided. Core Viewpoint Yesterday, both the silicon manganese and silicon iron main contracts declined significantly, mainly due to the repeated geopolitical conflicts and the sharp decline in energy costs such as crude oil and coal. In terms of silicon manganese, the supply decreased continuously last week, and the operating rate has been declining for several weeks. The production pressure in the South is still relatively high, and the loss has decreased compared with the previous period. Only the immediate profit of Inner Mongolia in the northern region is at the break - even point, but the actual profit of manufacturers may be better than the calculation because of the lower - priced ore purchased earlier. In the future, attention should be paid to the implementation of silicon manganese production cuts. On the demand side, pig iron production increased slightly month - on - month, slightly lower than expected. Some steel mills carried out routine maintenance, and the profitability of steel mills improved. Currently, the recovery of terminal demand is slow, and domestic demand is relatively weak. In the future, attention should be paid to the height and sustainability of pig iron production recovery. In terms of cost, the supply and demand of manganese ore may be marginally relaxed in the near future, and the port inventory has begun to increase due to the expected increase in arrivals and contraction in demand. However, due to the continuous geopolitical conflicts, the impact of energy prices on comprehensive costs such as shipping and mining still exists, and the manganese ore price may remain at a high level. Overall, in the short term, the market sentiment is changeable due to international geopolitical conflicts, there is a production cut expectation for silicon manganese, which may reduce the demand for manganese ore. Attention should be paid to the supply change of silicon manganese in April, and the price is expected to fluctuate strongly, with the reference range of 5700 - 6800. In terms of silicon iron, the production decreased slightly last week, and the operating rate in the production areas also declined. Only Inner Mongolia and Ningxia have better profits under the profit recovery of manufacturers, but the losses in Qinghai and Gansu are still serious. On the demand side for steelmaking, pig iron production increased slightly month - on - month, slightly lower than expected. Some steel mills carried out routine maintenance, and the profitability of steel mills improved. Currently, the recovery of terminal demand is slow, and domestic demand is relatively weak. In the future, attention should be paid to the height and sustainability of pig iron production recovery. On the non - steel demand side, the daily production of magnesium ingots is at a relatively high level, and the market sentiment has improved significantly compared with the previous period, and it is not easy to inquire about goods at low prices. The silicon iron export orders are not good, and the cancellation of orders has also weakened. In terms of cost, the price of semi - coke has been slightly adjusted upwards, and attention should be paid to the settlement electricity price change in the production areas in March. There is certain support on the cost side of silicon iron. Looking ahead, in the short term, the market sentiment is changeable due to international geopolitical conflicts. The supply and demand of silicon iron are both increasing, and the cost is affected by coal. However, the current supply growth rate is relatively slow, and the supply and demand are still in balance. Attention should be paid to the subsequent production and cost changes. The short - term price is expected to fluctuate widely, and it is recommended to operate within the range, with the reference range of 5800 - 6200 [6]. Summary by Directory - **Futures and Spot**: The closing prices of the silicon manganese and silicon iron main contracts decreased, with the silicon manganese main contract closing price dropping from 6588 yuan/ton to 6444 yuan/ton, and the silicon iron main contract closing price dropping from 5874 yuan/ton to 5630 yuan/ton. The spot prices of silicon manganese and silicon iron in different regions also changed to varying degrees [6]. - **Cost and Profit**: The production cost of silicon manganese in Inner Mongolia increased slightly by 0.1%, and the production profit decreased by 770.6%. The production cost of silicon iron in Inner Mongolia decreased slightly by 0.1%, and the production profit increased [6]. - **Supply**: The silicon iron production decreased by 0.2 tons to 10.2 tons, a decline of 2.2%. The manganese ore shipment volume decreased by 30.9 tons to 63.8 tons, a decline of 32.6% [6]. - **Demand**: The silicon iron demand decreased by 0.6%, and the silicon manganese demand decreased slightly. The pig iron production of 247 steel mills increased by 2.9 tons to 231.1 tons, a rise of 1.3% [6]. - **Inventory Change**: The silicon iron inventory of 60 sample enterprises decreased by 0.4 tons to 5.5 tons, a decline of 7.5%. The inventory of 63 sample enterprises decreased by 1.2 tons to 37.3 tons, a decline of 3.1% [6].

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the reports. Group 2: Core Views of Reports Steel Industry - The steel industry's production has a seasonal rebound, but last week's rebound was slow. Iron - water production increased by 30,000 tons, the output of five major steel products remained stable, and the output of surface - free steel products did not increase significantly. The increase in production might have flowed more to steel billets. Apparent demand rebounded more than production, and inventory continued to decline. Currently, the demand for hot - rolled coils is slightly better than that for rebar, domestic demand expectations are still weak, and export orders are stable. Due to steel mills' production cuts in the first quarter, although demand is weak, inventory reduction is normal, and the supply - demand contradiction is not significant. The upward drive mainly comes from the raw material end. Recently, crude oil has strengthened again, and the expected production cut by BHP has made raw materials stronger, supporting steel prices [1]. Iron Ore Industry - The main iron ore contract oscillated at a high level. Geopolitical games, undecided BHP negotiations, and hot - metal复产 are the main trading focuses. On the supply side, the global iron ore shipment volume decreased significantly compared to the previous period, mainly due to the impact of a super typhoon on the shipments of some ports in Australia. On the demand side, hot - metal output increased slightly but was less than expected, some steel mills carried out rational maintenance, and the profitability rate of steel mills improved. Terminal demand recovery is slow, domestic demand is weak, and steel exports are uncertain. In terms of inventory, both steel mill and port inventories decreased slightly. It is expected that port inventories will either decrease slightly or remain unchanged under the background of a decline in the arrival volume and high - level port clearance [3]. Coke and Coking Coal Industry - Coke futures oscillated. Spot - end mainstream coke enterprises initiated the first price increase after the Chinese New Year on March 23, which is expected to be implemented soon. The increase in coking coal price provides cost support for coke, and port prices fluctuate with futures. On the supply side, coke price adjustment lags behind coking coal, and the sharp increase in chemical product prices makes up for coke losses, leading to an increase in coking plant operations. On the demand side, steel mills are resuming production rapidly, hot - metal output is increasing, steel prices are rebounding at a low level, and restocking demand will pick up in the near future. In terms of inventory, coking plants are reducing inventory, while steel mills and ports are increasing inventory, and the overall inventory is slightly increasing at a medium level, with short - term supply - demand basically balanced. - Coking coal futures oscillated downward. In the spot market, the auction of Shanxi coking coal has cooled down, and Mongolian coal prices fluctuate with futures. After the price increase, restocking demand has weakened. On the supply side, coal mines are resuming production, and daily coal production is gradually increasing; in terms of imported coal, port inventory accumulation has slowed down, and after the resumption of customs clearance, it has remained at a relatively high level, with a slight decline in customs clearance last week. On the demand side, steel mills are actively resuming production, hot - metal output is increasing, coking production is increasing synchronously, and the first - round price increase expectation for coke is expected to be implemented soon. In terms of inventory, coal washing plants, coke enterprises, steel mills, ports, and ports are all increasing inventory, while coal mines are reducing inventory, and the overall inventory is showing downstream active restocking changes [5]. Ferrosilicon and Ferromanganese Industry - Ferrosilicon futures oscillated moderately. The Shaanxi Shenmu ferrosilicon plant is overhauling a 40,500 kva ferrosilicon furnace, and the overhaul duration is uncertain. Last week, ferrosilicon production decreased slightly, and the operating rate also declined. Only Inner Mongolia and Ningxia have good profits, while Qinghai and Gansu still have serious losses. In terms of demand, hot - metal output increased slightly but was less than expected. Terminal demand recovery is slow, domestic demand is weak, and steel exports are uncertain. Ferrosilicon export orders are poor, and inquiries have weakened. The cost of ferrosilicon is supported to some extent. In the short term, affected by international geopolitical conflicts, market sentiment is changeable, ferrosilicon supply and demand both increase, and the cost is affected by coal, but the supply growth rate is slow, and the supply is still in a tight balance. The short - term price is expected to fluctuate widely, and it is recommended to operate within the range of 5,800 - 6,200. - Ferromanganese futures strengthened slightly, mainly boosted by production - cut news. In March, more manufacturers jointly cut production, and alloy plants in Inner Mongolia and other places began to implement production cuts. In the spot market, the steelmaking procurement price of East China steel plants is 6,670 yuan/ton. After the production cuts are implemented, the spot price increases, and traders are eager to follow the price increase. Last week, ferromanganese supply continued to decline, and the operating rate has declined for several consecutive weeks, with a joint production - cut expectation in April. The production pressure in the South is still high, and the loss has decreased. Only Inner Mongolia in the North is on the verge of profit and loss, but the manganese ore cost of manufacturers is mostly from previously low - priced ores, so the actual profit is better. In terms of demand, hot - metal output increased slightly but was less than expected. Terminal demand recovery is slow, domestic demand is weak, and steel exports are uncertain. Recently, the port inventory of manganese ore has increased, but due to the increase in overseas energy costs, the price of manganese ore is expected to remain high. In the short term, affected by international geopolitical conflicts, market sentiment is changeable, and there is a production - cut expectation for ferromanganese. It is expected that the price will oscillate strongly, and the range is 5,700 - 6,800 [6]. Group 3: Summaries by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East, North, and South China increased by 10 - 20 yuan/ton compared to the previous day. Rebar futures prices for 05, 10, and 01 contracts increased. Hot - rolled coil spot prices in East and North China increased by 0 - 10 yuan/ton, and in South China by 20 yuan/ton. Hot - rolled coil futures prices for 05, 10, and 01 contracts also increased [1]. Cost and Profit - Steel billet price increased by 20 yuan/ton, and slab price remained unchanged. The cost of Jiangsu electric - furnace rebar and converter rebar decreased by 15 yuan/ton. The profits of East and North China hot - rolled coils and rebar decreased, while the profit of South China rebar decreased by 12 yuan/ton [1]. Production - Daily average hot - metal output increased by 3.1 tons to 231.1 tons, a 1.4% increase. The output of five major steel products decreased slightly by 0.2 tons to 839.6 tons, a 0.0% change. Rebar output decreased by 5.5 tons to 197.9 tons, a 2.7% decrease, with electric - furnace output decreasing by 1.5 tons and converter output decreasing by 4.0 tons. Hot - rolled coil output increased by 5.4 tons to 305.6 tons, a 1.8% increase [1]. Inventory - The inventory of five major steel products decreased by 48.4 tons to 1,897.8 tons, a 2.5% decrease. Rebar inventory decreased by 27.5 tons to 861.9 tons, a 3.1% decrease. Hot - rolled coil inventory decreased by 8.0 tons to 453.3 tons, a 1.7% decrease [1]. Transaction and Demand - Building material trading volume increased by 1.0 tons to 10.4 tons, a 10.4% increase. The apparent demand for five major steel products increased by 19.5 tons to 888.0 tons, a 2.2% increase. The apparent demand for rebar increased by 17.3 tons to 225.4 tons, an 8.3% increase. The apparent demand for hot - rolled coils increased by 3.1 tons to 313.6 tons, a 1.0% increase [1]. Iron Ore Industry Futures - The warehouse - receipt costs of various iron ore powders increased slightly by 0.1%. The 05 - contract basis of various powders also increased slightly. The 5 - 9 spread decreased by 2.0 yuan/ton to 22.0 yuan/ton, a - 8.3% change, and the 9 - 1 spread increased by 1.0 yuan/ton to 19.5 yuan/ton, a 5.4% increase [3]. Spot Prices and Price Indexes - Spot prices of various iron ores in Rizhao Port increased slightly by about 0.1%. The Singapore Exchange 62% Fe swap price remained unchanged [3]. Supply - The global iron ore shipment volume decreased by 671.9 tons to 2,472.4 tons, a 21.4% decrease. The national monthly import volume decreased by 2,200.9 tons to 9,763.8 tons, an 18.4% decrease. The 45 - port arrival volume increased by 154.7 tons to 2,426.3 tons, a 6.8% increase, and the 45 - port daily average clearance volume decreased by 7.8 tons to 313.2 tons, a 2.4% decrease [3]. Demand - The daily average hot - metal output of 247 steel mills increased by 2.9 tons to 231.1 tons, a 1.3% increase [3]. Inventory - The inventory of 247 steel mills' imported iron ore decreased by 55.5 tons to 8,978.6 tons, a 0.6% decrease [3]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of Shanxi first - class wet - quenched coke and Rizhao Port quasi - first - class wet - quenched coke remained unchanged. Coke futures prices for 05 and 09 contracts increased slightly by 0.1%. The 05 and 09 basis decreased [5]. Coking Coal - Related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal remained unchanged, while the price of Mongolian 5 raw coal decreased by 19 yuan/ton, a 1.4% decrease. Coking coal futures prices for 05 and 09 contracts decreased slightly. The 05 and 09 basis decreased [5]. Supply - The daily average output of all - sample coking plants increased by 0.5 tons to 64.8 tons, a 0.8% increase, and the daily average output of 247 steel mills remained unchanged. The raw coal output of sample coal mines decreased by 5.6 tons to 875.3 tons, a 0.6% decrease, and the clean coal output decreased by 2.7 tons to 445.9 tons, a 0.6% decrease [5]. Demand - The hot - metal output of 247 steel mills increased by 2.9 tons to 231.1 tons, a 1.3% increase [5]. Inventory - Coke total inventory increased by 16.3 tons to 997.8 tons, a 1.7% increase. The inventory of all - sample coking plants decreased by 4.2 tons to 90.1 tons, a 4.4% decrease, and the inventory of 247 steel mills increased by 3.5 tons to 691.7 tons, a 0.5% increase. Coking coal inventory in Fenxi coal mines decreased by 11.0 tons to 97.2 tons, a 10.2% decrease, and the inventory of all - sample coking plants increased by 42.5 tons to 1,047.5 tons, a 4.2% increase [5]. Ferrosilicon and Ferromanganese Industry Futures and Spot - Ferrosilicon and ferromanganese futures prices increased. Spot prices of ferrosilicon and ferromanganese in various regions also increased to different degrees [6]. Cost and Profit - The production cost of ferrosilicon in Inner Mongolia, Qinghai, and Ningxia decreased slightly, and the production profit in Inner Mongolia and Ningxia increased. The production cost of ferromanganese in Inner Mongolia and Guangxi increased slightly [6]. Supply - Ferrosilicon production decreased by 0.2 tons to 10.2 tons, a 2.2% decrease, and the operating rate decreased by 1.0 to 27.3%. Ferromanganese production decreased by 0.5 tons to 19.2 tons, a 2.3% decrease, and the operating rate decreased by 4.1 to 32.0% [6]. Demand - Ferrosilicon demand remained unchanged at 1.9 tons, and ferromanganese demand decreased by 0.1 tons to 12.0 tons. The daily average hot - metal output of 247 steel mills increased by 2.9 tons to 231.1 tons, a 1.3% increase [6]. Inventory - The inventory of 60 sample ferrosilicon enterprises decreased by 0.4 tons to 5.5 tons, a 7.5% decrease, and the inventory of 63 sample ferromanganese enterprises decreased by 1.2 tons to 37.3 tons, a 3.1% decrease [6].

Report Industry Investment Ratings - No investment ratings are provided in the reports. Core Views Steel Industry - Steel prices have declined from their highs. After the holiday, the supply - demand situation in the steel industry has seasonally recovered. Supply in the first quarter decreased year - on - year, and production is expected to rise to a high by the end of April. Demand is rising but the peak has not been reached. Domestic demand is expected to decline year - on - year, and exports will remain flat. Although demand has decreased, production has also been cut, and the inventory drawdown rate after the holiday is acceptable. The key is to focus on the height of the recovery in apparent demand. If the hot metal output rises above 2.4 million tons, there may be inventory accumulation pressure in the off - season. Recently, supply and demand are basically balanced, and the price of steel is expected to fluctuate around 3150 for rebar and 3200 for hot - rolled coils [1]. Iron Ore Industry - Geopolitical games, the undetermined BHP - CMMC negotiation, and hot metal复产 are the key trading factors for iron ore. Supply has increased slightly, but Australian shipments may decline in the short term due to a typhoon. Demand has increased slightly, but it is slightly lower than expected. Steel mill profitability has improved. Terminal demand recovery is slow, and domestic demand is weak. Steel exports are uncertain. Inventories at steel mills and ports have decreased slightly. In the short term, the main iron ore contract is expected to oscillate between 780 - 830 [4]. Coke and Coking Coal Industry - Coke futures rose and then fell last week. Spot prices are expected to increase on April 1st. Supply has increased after the Two Sessions, and demand has recovered with the increase in hot metal output. Overall inventory is slightly above the middle level, and supply and demand are basically balanced in the short term. It is recommended to go long on coke 2605 contracts at low prices, with a reference range of 1650 - 1850, and the arbitrage strategy is to go long on coking coal and short on coke. Coking coal futures rose last week. Spot prices are rising. Supply has increased as mines resume production, and demand has recovered. Inventories in downstream sectors are increasing. It is recommended to go long on coking coal 2605 contracts at low prices, with a reference range of 1150 - 1350, and the arbitrage strategy is also to go long on coking coal and short on coke [6]. Ferrosilicon and Silicomanganese Industry - For ferrosilicon, production has decreased slightly, and the start - up rate has declined. Factory profits are recovering but vary. Steel demand is rising slightly, and non - steel demand is improving. Exports are weak. Cost is expected to rise. The price is expected to fluctuate widely, and it is recommended to operate within the range of 5800 - 6200. For silicomanganese, supply has continued to decline, and there is an expected joint production cut in April. Demand is rising slightly. Cost is pushing up the price. The price is expected to oscillate strongly, with a reference range of 5700 - 6800 [7]. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices in different regions have shown various changes, with some prices remaining stable, some decreasing slightly [1]. Cost and Profit - Steel billet prices have decreased by 20 yuan/ton, and some production costs have decreased. Profits in different regions and varieties have also changed, with some increasing and some still in the red [1]. Supply - Daily hot metal output has increased by 7.0 to 228.2 tons, a 3.1% increase. Total output of five major steel products has decreased slightly by 0.2 to 839.6 tons, a 0.0% change. Rebar production has decreased by 5.5 to 197.9 tons, a 2.7% decrease, while hot - rolled coil production has increased by 5.4 to 305.6 tons, a 1.8% increase [1]. Inventory - Total inventory of five major steel products has decreased by 48.4 to 1897.8 tons, a 2.5% decrease. Rebar inventory has decreased by 27.5 to 861.9 tons, a 3.1% decrease, and hot - rolled coil inventory has decreased by 8.0 to 453.3 tons, a 1.7% decrease [1]. Transaction and Demand - Building material trading volume has increased by 0.5 to 9.4 tons, a 5.9% increase. Apparent demand for five major steel products has increased by 19.5 to 888.0 tons, a 2.2% increase. Apparent demand for rebar has increased by 17.3 to 225.4 tons, an 8.3% increase, and for hot - rolled coil, it has increased by 3.1 to 313.6 tons, a 1.0% increase [1]. Iron Ore Industry Futures - Warehouse receipt costs of various iron ore powders have decreased, and basis and spreads have also changed [4]. Spot Prices and Price Indexes - Spot prices of iron ore at Rizhao Port have decreased slightly [4]. Supply - The 45 - port arrival volume has increased by 56.6 to 2271.6 tons, a 2.6% increase. Global shipments have increased by 95.5 to 3144.3 tons, a 3.1% increase. Monthly national imports have decreased by 2200.9 to 9763.8 tons, an 18.4% decrease [4]. Demand - The average daily hot metal output of 247 steel mills has increased by 2.9 to 231.1 tons, a 1.3% increase. The 45 - port average daily dispatch volume has decreased by 7.8 to 313.2 tons, a 2.4% decrease. Monthly national pig iron and crude steel production have both decreased to 0 [4]. Inventory - The 45 - port inventory has decreased by 98.1 to 17000.31 tons, a 0.6% decrease. The imported ore inventory of 247 steel mills has decreased by 55.5 to 8978.6 tons, a 0.6% decrease [4]. Coke and Coking Coal Industry Prices and Spreads - Coke and coking coal futures and spot prices have shown various changes, with some prices remaining stable and some decreasing slightly. Coking coal prices in some regions have decreased [6]. Supply - Coke production has increased slightly, and coking coal production has decreased slightly [6]. Demand - Hot metal output has increased by 2.9 to 231.1 tons, a 1.3% increase, driving the demand for coke [6]. Inventory - Coke inventory has increased slightly, with different changes in different sectors. Coking coal inventory in downstream sectors has increased [6]. Ferrosilicon and Silicomanganese Industry Futures and Spot - Ferrosilicon and silicomanganese futures prices have increased, while some spot prices have decreased [7]. Cost and Profit - Production costs in some regions have changed, and production profits have also shown different trends [7]. Supply - Ferrosilicon production and start - up rate have decreased, and silicomanganese supply has continued to decline [7]. Demand - Steel demand is rising slightly, and non - steel demand for ferrosilicon is improving [7]. Inventory - Ferrosilicon and silicomanganese inventories have decreased slightly [7].

Report Industry Investment Rating - The short - term investment rating for hot - rolled coils is "oscillating slightly stronger", while the medium - term rating requires further tracking of manufacturing demand recovery and steel mill resumption of production [7] Core Viewpoints - Hot - rolled coils showed an oscillating and slightly weaker trend on Thursday. Affected by the short - term weakness of raw materials, the lower support is near the 60 - day moving average. The medium - term is strengthening in terms of moving averages, and attention should be paid to the pressure near the previous pressure platform. This week, hot - rolled coils showed a pattern of increasing supply and demand and continuous inventory reduction. In the short term, hot - rolled coils are mainly oscillating and slightly stronger. In the medium term, it is necessary to focus on the recovery of manufacturing demand and the resumption of production of steel mills. If demand continues to pick up and production is controlled, hot - rolled coils are expected to start a trend - based rebound; if demand is weak and the resumption of production accelerates, the price will maintain an oscillating pattern [7] Summary by Relevant Catalogs Market行情回顾 - Futures price: On Thursday, the position of the main hot - rolled coil futures contract was reduced by 40,839 lots, with a trading volume of 214,049 lots, a decrease compared to the previous trading day. In terms of the daily moving average, it short - term broke below the 5 - day moving average near 3,313, was at the 30 - day moving average of 3,257 in the medium term, and was running above the medium - term pressure of the 60 - day moving average near 3,273 [1] - Spot price: The price of hot - rolled coils in the mainstream Shanghai area was reported at 3,290 yuan/ton [2] - Basis: The basis between futures and spot was - 15 yuan [3] Fundamental Data - Supply side: The actual weekly output was 3.0561 million tons, a week - on - week increase of 54,000 tons. The production resumed slightly, and the willingness of steel mills to resume production increased marginally. If the price of hot - rolled coils continues to rebound and the profits of steel mills are further repaired, the output may continue to rise; if the demand falls short of expectations, steel mills are likely to tighten production again, and the output is unlikely to increase significantly [4] - Demand side: The apparent consumption was 3.1363 million tons, a week - on - week increase of 31,200 tons. The demand recovered week - on - week, and the terminal procurement improved to some extent. However, the increase was weaker than the output, indicating that the demand repair was still insufficient. If the production and sales data of industries such as automobiles and home appliances are good, the apparent demand is expected to further rebound; if the overseas demand is weak and the domestic manufacturing start - up is lower than expected, the demand repair will be hindered [4] - Inventory side: The social inventory was 3.6942 million tons, a week - on - week decrease of 69,100 tons. The inventory of steel mills was 838,500 tons, a week - on - week decrease of 11,100 tons. The total inventory was 4.5327 million tons, a week - on - week decrease of 80,200 tons. The overall inventory pressure was marginally relieved [4] - Policy side: On March 5, 2026, the Two Sessions were held, and the government work report proposed to issue 1.3 trillion yuan of ultra - long - term special treasury bonds and arrange 4.4 trillion yuan of special bonds, which boosted market confidence in the medium and long term. However, the current manufacturing PMI is still in the contraction range, and the downstream orders have not improved substantially. It will take time for the policy to be transmitted to the hot - rolled coil demand side, and it is difficult to reverse the high - inventory pattern in the short term [5] Market Driving Factor Analysis - Bullish factors: The total inventory is continuously decreasing, the de - stocking rhythm of social inventory is accelerating, the apparent demand is recovering week - on - week, and the hot - rolled coil price has bottom support. The manufacturing demand has stronger resilience than construction steel and has fundamental support in the long term [6] - Bearish factors: The output has increased slightly, the supply side has expanded marginally, the demand repair amplitude is weaker than the output, the supply - demand pattern is weaker than that of rebar, and the total inventory is still at a high level, restricting the price rebound height [6]

1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Steel Industry - The steel industry is in a state of basic balance between supply and demand, with both supply and demand increasing. This week, the increase in apparent demand is greater than the increase in production, maintaining seasonal destocking. The steel price has risen to the upper limit of the range, and there is a probability of price increase in the short - term due to the influence of raw materials. The shock center of rebar will rise [1]. Iron Ore Industry - Short - term iron ore prices are supported by factors such as accelerated steel mill复产 and restricted liquidity of some spot varieties. The supply of iron ore has increased, and the demand for molten iron has rebounded significantly. The inventory of steel mills has increased, and the port inventory has decreased slightly. In the future, the main iron ore contract is expected to fluctuate strongly in the short - term [4]. Coke and Coking Coal Industry - Coke has an expectation of bottoming out and rebounding. The supply of coke and coking coal has increased, and the demand has also risen after the end of the two sessions. The inventory of coking plants has decreased, while the inventory of steel mills and ports has increased. It is recommended to go long on coke 2605 contract and long coking coal and short coke for arbitrage [6]. Silicon Iron and Manganese Silicon Industry - Silicon iron has a situation of both supply and demand increasing, and the cost is also supported. It is expected that the supply will continue to grow. The price is expected to fluctuate widely and run strongly. Manganese silicon has cost support, and the supply growth rate is lower than expected. The price has bottom - line support, and it is recommended to pay attention to the supply changes and cost changes [7]. 3. Summary According to Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil prices in different regions and contracts have different degrees of changes. For example, the spot price of rebar in East China decreased by 10 yuan/ton, and the 05 contract price decreased by 12 yuan/ton [1]. Cost and Profit - The prices of steel billets and slab decreased and remained unchanged respectively. The costs of Jiangsu electric - furnace rebar and converter rebar decreased by 4 yuan/ton. The profits of rebar and hot - rolled coil in different regions also changed to varying degrees [1]. Production - The daily average molten iron output increased by 7.0 to 228.2, with a growth rate of 3.1%. The output of five major steel products increased by 18.9 to 839.8, with a growth rate of 2.3% [1]. Inventory - The inventory of five major steel products decreased by 28.7 to 1946.2, with a decrease rate of 1.5%. The inventory of rebar and hot - rolled coil also decreased [1]. Transaction and Demand - The building materials trading volume increased by 0.9 to 9.9, with a growth rate of 10.2%. The apparent demand of five major steel products increased by 70.4 to 868.5, with a growth rate of 8.8% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse receipt costs of various iron ore varieties increased, and the basis of 05 contracts of some varieties decreased. The 5 - 9 and 9 - 1 spreads increased [4]. Spot Prices and Price Indexes - The spot prices of various iron ore varieties in Rizhao Port increased slightly, and the price of the Singapore Exchange 62% Fe swap also increased slightly [4]. Supply - The 45 - port arrival volume decreased by 394.9 to 2215.0, with a decrease rate of 15.1%. The global shipping volume increased by 151.0 to 3048.8, with a growth rate of 5.2% [4]. Demand - The daily average molten iron output of 247 steel mills increased by 7.0 to 228.2, with a growth rate of 3.1%. The 45 - port daily average desilting volume increased by 3.1 to 321.0, with a growth rate of 1.0% [4]. Inventory Changes - The 45 - port inventory decreased by 89.1 to 17098.4, with a decrease rate of 0.5%. The inventory of imported iron ore in 247 steel mills increased by 105.0 to 9034.1, with a growth rate of 1.2% [4]. Coke and Coking Coal Industry Prices and Spreads - The prices of coke and coking coal contracts increased to varying degrees. The basis of coke and coking coal contracts also changed [6]. Supply - The daily average output of all - sample coking plants increased by 0.3 to 64.2, with a growth rate of 0.5%. The daily average output of 247 steel mills increased by 0.3 to 47.3, with a growth rate of 0.7% [6]. Demand - The molten iron output of 247 steel mills increased by 7.0 to 228.2, with a growth rate of 3.1% [6]. Inventory Changes - The total coke inventory decreased by 2.8 to 981.5, with a decrease rate of 0.3%. The coking coal inventory of all - sample coking plants increased by 35.6 to 1005.0, with a growth rate of 3.7% [6]. Silicon Iron and Manganese Silicon Industry Futures and Spot - The closing prices of silicon iron and manganese silicon main contracts increased. The spot prices of silicon iron and manganese silicon in different regions also changed to varying degrees [7]. Cost and Profit - The production costs of silicon iron and manganese silicon in different regions changed slightly. The production profits of silicon iron and manganese silicon also changed [7]. Supply - The silicon iron output increased by 0.7 to 10.4, with a growth rate of 7.2%. The manganese silicon supply decreased slightly, and the operating rate has declined for several consecutive weeks [7]. Demand - The demand for silicon iron and manganese silicon increased. The molten iron output increased by 7.0 to 228.2, with a growth rate of 3.1% [7]. Inventory Changes - The silicon iron inventory of 60 sample enterprises decreased by 0.2 to 5.9, with a decrease rate of 2.9%. The inventory of 63 sample enterprises increased by 0.9 to 38.5, with a growth rate of 2.4% [7].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The trading strategy for iron ore is to expect a volatile market [2] - The short - term support for iron ore prices comes from factors such as improved demand after the Two Sessions, a significant rebound in hot metal production, and the expected increase in shipping costs due to the Iran conflict. However, the medium - to - long - term trend depends on the intensity of steel mill复产, the recovery rhythm of hot metal production, and the actual realization of terminal demand. The de - stocking pressure under the high - inventory background will restrict the upward movement of prices later. The positive spread runs strongly, and short - term attention should be paid to the negotiation progress and cautious operation is required [2] Group 3: Summary According to the Catalog 1. Basis Rate - For I2701 on March 19, 2026, the price was 756.5, down 1.5 from March 18; I01 - I05 was - 51.0, up 2.0 from March 18 [1] - For I2605 on March 19, 2026, the price was 807.5, down 3.5 from March 18; I05 - I09 was 31.5, down 0.5 from March 18 [1] - For I2609 on March 19, 2026, the price was 776.0, down 3.0 from March 18; I09 - I01 was - 1.5, up 2 from March 18 [1] 2. Spot - The prices of various iron ore varieties on March 19, 2026, generally decreased compared with March 18. For example, the price of Jinbuba powder decreased by 3.0 to 743, and the price of PB powder decreased by 3.0 to 790 [1] - The optimal delivery product is Newman powder, with a price of 784 on March 19, 2026, up 16 from March 18 [1] 3. Index - Mysteel 65% index for the current month decreased by 0.80 to 106.30 on March 19, 2026, compared with March 18 [1] - Mysteel 62% index for 1 - month decreased by 1.49 to 107.31 on March 19, 2026, compared with March 18 [1] - Mysteel 58% index for 2 - month decreased by 1.24 to 106.21 on March 19, 2026, compared with March 18 [1] 4. MS Inventory - The total inventory on March 13, 2026, was 17188, up 70 from March 6 [1] - Australian ore inventory was 8329 on March 13, 2026, up 245 from March 6; Brazilian ore inventory was 5105, down 215 from March 6 [1] - The inventory of traders was 11450 on March 13, 2026, up 90 from March 6 [1] 5. Strategy - Night - session review: The futures price of iron ore i2605 closed at 814.5 yuan/ton, and i2609 closed at 781 yuan/ton. The 5 - 9 spread of iron ore was 33.5 yuan. The price of PB powder at Qingdao Port was 790 (- 3) yuan/ton, and the standard - product price (factory warehouse) was 822 yuan. The optimal delivery product, Newman powder, had a warehouse - receipt price (factory warehouse) of 773 yuan [1] - Important information: - This week, the supply of five major steel products was 839.82 million tons, a week - on - week increase of 18.85 million tons, an increase of 2.3%; the total inventory was 1946.23 million tons, a week - on - week decrease of 28.66 million tons, a decrease of 1.5%; the apparent consumption was 868.28 million tons, a month - on - month increase of 8.8% [1] - As of March 18, the resumption rate of 10692 construction sites across the country was 62%, a month - on - month increase of 19.5 percentage points, and a year - on - year decrease of 2.62 percentage points [1] - On March 19, the trading volume of iron ore at major ports across the country was 61.30 million tons, a month - on - month increase of 18.3%; the trading volume of construction steel of 237 mainstream traders was 8.99 million tons, a month - on - month increase of 1.2% [1] - On March 19, the average cost of 76 independent electric - arc furnace construction steel mills was 3403 yuan/ton, remaining stable day - on - day. The average profit was a loss of 89 yuan/ton, and the valley - electricity profit was 22 yuan/ton [1] - From January to February 2026, China's rebar production was 2691.0 million tons, a year - on - year decrease of 9.1% [1]

1. Report Industry Investment Rating - The report gives an investment rating of "Oscillation" for the iron ore market [1] 2. Core View of the Report - The recent rise in iron ore prices is mainly driven by the strengthened supply control expectations, which restricts the liquidity of some spot varieties. In the short - term, the price volatility increases. The post - holiday market focuses on post - holiday resumption of work and demand realization. After the Two Sessions, the demand is expected to improve marginally, and the iron water output is expected to rise significantly. The Iran conflict will increase the shipping cost expectations, providing short - term support for ore prices. However, in the medium - to - long - term, the price trend depends on the intensity of steel mill复产, the recovery rhythm of iron water output, and the actual realization of terminal demand. The de - stocking pressure under the high - inventory background will restrict the upward movement of prices. The positive spread runs strongly, and short - term negotiation progress needs to be monitored [1] 3. Summary by Relevant Catalogs 3.1 Futures and Spot Market Data - **Futures**: The iron ore futures i2605 closed at 805 yuan/ton, and i2609 closed at 775.5 yuan/ton. The spread between i2605 and i2609 is 29.5 yuan [1] - **Spot**: The price of PB powder at Qingdao Port is 793 (-4) yuan/ton, and the price after converting to the standard product (factory warehouse) is 825 yuan. The optimal deliverable product, Newman powder, is 776 yuan after converting to the warehouse receipt (factory warehouse) [1] 3.2 Basis and Spread Data - **01 Basis**: For I2701, the basis is 758.0 on March 18, 2026, down 7.0 from March 17, 2026. The basis spread I01 - I05 is 18, and the basis rate is 2.34% [1] - **05 Basis**: For I2605, the basis is 811.0 on March 18, 2026, down 5.5 from March 17, 2026. The basis spread I05 - I09 is 32.0, and the basis rate is - 4.49% [1] - **09 Basis**: For I2609, the basis is 779.0 on March 18, 2026, down 6.5 from March 17, 2026. The basis spread I09 - I01 is 21.0, and the basis rate is - 0.37% [1] 3.3 Index and Import Profit Data - **Index**: Mysteel 65% index for the current month of Carajás fines increased by 0.68 to 107.10 on March 18, 2026; Mysteel 62% index for Newman powder one - month increased by 1.30 to 108.80; Mysteel 58% index for Jimbara powder two - month increased by 1.27 to 107.45 [1] - **Import Profit**: The import profit of Carajás fines decreased by 31 to - 22 on March 18, 2026; the import profit of Newman powder decreased by 20 to - 57; the import profit of Jimbara powder decreased by 24 to - 4 [1] 3.4 Inventory and Shipping Data - **Inventory**: The total iron ore inventory on March 13, 2026 is 17188, an increase of 70 compared to March 6, 2026. The Australian ore inventory is 8329, an increase of 245; the Brazilian ore inventory is 5105, a decrease of 215 [1] - **Shipping**: The Australian shipments to the world on March 13, 2026 is 2385, an increase of 115 compared to March 6, 2026; the Brazilian shipments is 572, a decrease of 3 [1] 3.5 Important News - In February 2026, China exported 463 million tons of steel sheets, a year - on - year decrease of 12.6%. From January to February, the cumulative export was 933 million tons, a year - on - year decrease of 14.5% [1] - On March 18, the transaction volume of iron ore at major ports in China was 51.80 million tons, a month - on - month decrease of 10.7%; the transaction volume of construction steel of 237 mainstream traders was 8.88 million tons, a month - on - month decrease of 4.5% [1] - On March 18, the average cost of 76 independent electric arc furnace construction steel mills was 3403 yuan/ton, a daily increase of 7 yuan/ton, and the average profit was a loss of 86 yuan/ton [1] - From March 1 to 15, the retail volume of the national passenger car market was 56.1 million vehicles, a year - on - year decrease of 21% and a month - on - month increase of 2%. Since the beginning of this year, the cumulative retail volume was 314 million vehicles, a year - on - year decrease of 19% [1] - In early March, the output of key monitored coal enterprises was 6444 million tons, with a daily average output of 644 million tons. The daily average output increased by 38 million tons compared to the late February, a growth of 6.3%, and increased by 9 million tons year - on - year, a growth of 1.4% [1]

Group 1: Report Industry Investment Ratings - No information provided in the given reports. Group 2: Core Views of the Reports Steel Industry - Affected by the high opening of coking coal, steel prices maintained a high - level volatile trend. Downstream demand is gradually picking up, and there is a premium for non - standard specifications of rebar. The steel market is in a state of seasonal de - stocking. The supply and demand of steel are seasonally increasing, and the inventory is seasonally decreasing, with the supply - demand basically balanced. However, the upward elasticity of demand is not large, domestic demand is slightly weak, but exports are acceptable. After the end of last week's production restrictions, production will rebound significantly this week, which will test the height of demand. Recently, due to supply - side disturbances of iron ore and coking coal, raw material prices have strengthened, pushing up steel prices. Pay attention to whether rebar and hot - rolled coils can effectively break through 3150 and 3300 respectively [1]. Iron Ore Industry - Yesterday, the main iron ore contract rose first and then fell. Geopolitical conflicts still have an impact, and commodities generally declined. Recently, the acceleration of steel mill复产 and the limited liquidity of some spot varieties have supported the futures price in the short term. The iron ore shipments from Guinea have increased significantly month - on - month, and attention should be paid to the sustainability of the shipment growth. Fundamentally, on the supply side, the global iron ore shipments have rebounded month - on - month, with significant increases in Australia and non - mainstream mines. Among the four major mines, FMG and BHP have significant month - on - month increases. The impact of rainfall in Brazil has weakened, and there is no subsequent rainfall in Western Australia. On the demand side, last week's hot metal production decreased month - on - month. The previously overhauled steel mills are concentrated in recent resumptions, and the impact of steel mill overhauls has declined significantly. It is expected that the hot metal production will increase rapidly from this week. In terms of inventory, the steel mill inventory has decreased slightly month - on - month, and the port inventory has increased slightly. Affected by the decline in arrivals and the restocking of downstream steel mills and the increase in port clearance, the port inventory has gradually changed from inventory accumulation to slight de - stocking, but the high absolute value of inventory will still restrict the price increase space. In the future, under the influence of geopolitical shocks, steel mill resumptions, and tightened spot liquidity, the main iron ore contract will fluctuate strongly in the short term, with the operating range referring to 780 - 840 yuan/ton [4]. Coke and Coking Coal Industry - **Coke**: Yesterday, the coke futures showed a high - level decline. On the spot side, the mainstream steel mills initiated the first round of price cuts on March 4, which was successfully implemented on March 6. With the rise of coking coal, coke has a bottom - building and rebound expectation, and the port price fluctuates with the futures. On the supply side, the coke price adjustment lags behind that of coking coal. After the price cut, the coking profit declined. During the Two Sessions, the coking enterprise's operation decreased slightly and will gradually recover after the sessions. The sharp rise in chemical product prices makes up for the coke loss. On the demand side, after the end of the Two Sessions, the steel mill production restrictions were lifted, the hot metal production increased, and the coking production increased synchronously. With the cost push, the coke price also has a bottom - building and rebound expectation. In terms of inventory, the coal mines and ports are accumulating inventory, while the coking enterprises, steel mills, coal washing plants, and ports are all reducing inventory. The overall inventory is seasonally decreasing, but the upstream inventory accumulation is bearish. The coke supply and demand are basically balanced in the short term. In terms of strategy, the conflict between the US and Iran drives the sharp rise of energy commodities, giving a rising drive to coal and coke as energy substitutes, but the sustainability still needs to pay attention to the improvement of domestic supply and demand. It is recommended to go long on the coke 2605 contract at low prices, with the range referring to 1650 - 1850, and the arbitrage suggestion is to go long on coking coal and short on coke [6]. - **Coking Coal**: Yesterday, the coking coal futures showed a high - level decline. On the spot side, the Mongolian coal quotation fluctuates with the futures, and the post - holiday restocking demand is gradually picking up. The conflict between the US and Iran continues to escalate, causing continuous surges in crude oil and natural gas. On the supply side, coal mines are gradually resuming production, and the daily coal production is gradually increasing. In terms of imported coal, the port inventory continues to accumulate and remains at a relatively high level after the resumption of customs clearance. On the demand side, after the end of the Two Sessions, the steel mill production restrictions were lifted, the hot metal production will increase, the steel price rebounded at a low level, and the restocking demand will gradually recover later. In terms of inventory, the steel mills are reducing inventory, while the coking plants and ports are accumulating inventory. The overall inventory is slightly increasing at a medium level. In terms of strategy, the geopolitical conflict causes significant fluctuations in energy, natural gas, and downstream chemical products. Energy inflation and substitution expectations will support coking coal. The spot reaction lags, and it is necessary to focus on macro - impacts and industrial supply - demand changes. It is recommended to go long on the coking coal 2605 contract at low prices, with the range referring to 1100 - 1300, and the arbitrage suggestion is to go long on coking coal and short on coke [6]. Ferrosilicon and Ferromanganese Industry - **Ferrosilicon**: Yesterday, the main ferrosilicon contract declined significantly, and commodities generally fell. On the spot side, the manufacturer's inventory pressure is limited, and production is mainly for order fulfillment. Fundamentally, last week's ferrosilicon production increased slightly month - on - month. In the production areas, Ningxia and Qinghai resumed production, and Shengjin reached full production after resuming production this week. Qinghai is mainly for order fulfillment. The hedging profit did not meet expectations, and the manufacturer's participation decreased. In the future, the ferrosilicon production will continue to increase, but the high electricity price in Qinghai will still suppress the operating rate, and the supply growth rate may be slow. In terms of steel - making demand, the hot metal production decreased month - on - month. The previously overhauled steel mills are concentrated in recent resumptions, and it is expected that the hot metal production will increase rapidly from this week. In terms of magnesium and aluminum production, the daily output is at a relatively low level but has decreased month - on - month, the demand support has weakened, the manufacturers are mainly for order fulfillment, and exports are affected and difficult to conclude transactions. In terms of cost, the Lan charcoal price is stable, the raw coal price and downstream demand are supported, and the electricity prices in the production areas are differentiated, but the profit levels have all been repaired. In the future, in the short term, affected by international geopolitical conflicts, the market sentiment is changeable. The supply and demand of ferrosilicon are both increasing, the supply - demand contradiction is limited, but there is no driving force for a trending market. It is expected that the price will fluctuate widely, with the range referring to 5700 - 6200 [7]. - **Ferromanganese**: Yesterday, the main ferromanganese contract declined. Commodities generally fell. Affected by energy costs and manganese ore support, ferromanganese has performed stronger than ferrosilicon recently, and the price difference between ferrosilicon and ferromanganese has widened. On the spot side, the mainstream steel tenders have not been priced yet, and the market sentiment is relatively cautious. Fundamentally, the ferromanganese supply has increased slightly month - on - month. The production in Inner Mongolia and Ningxia is stable, Yunnan has resumed production due to electricity price subsidies, and the valley - electricity costs in Guangxi, Guizhou and other places have increased. The manufacturers still have little enthusiasm to start production; it is expected that there will be new ferromanganese plant production capacity coming on - line in the second quarter, and the supply will continue to increase marginally. In terms of demand, last week's hot metal production decreased month - on - month. The previously overhauled steel mills are concentrated in recent resumptions, and it is expected that the hot metal production will increase rapidly from this week. In terms of cost, some manganese ore sources at the port are in a tight supply - demand balance, and the downstream short - term transactions are difficult. The overall demand is gradually weakening. The manganese ore price fluctuates due to factors such as the resumption of production in the production area. The conflict between the US and Iran has caused an increase in costs such as freight and mining. In the short term, affected by international geopolitical conflicts, the market sentiment is changeable. The supply and demand of ferromanganese are both increasing, and the cost is rising, but the supply growth still suppresses the price increase height, and there is also no driving force for a trending decline. It is expected that the price will fluctuate widely, with the range referring to 5800 - 6400 [7]. Group 3: Summaries According to Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China are 3260 yuan/ton, 3200 yuan/ton, and 3280 yuan/ton respectively, with changes of +10 yuan/ton, 0 yuan/ton, and 0 yuan/ton compared with the previous value. The 05, 10, and 01 contracts of rebar are 3140 yuan/ton, 3165 yuan/ton, and 3196 yuan/ton respectively, with changes of - 8 yuan/ton, - 3 yuan/ton, and - 1 yuan/ton compared with the previous value [1]. - Hot - rolled coil spot prices in East China, North China, and South China are 3290 yuan/ton, 3220 yuan/ton, and 3280 yuan/ton respectively, with no change compared with the previous value. The 05, 10, and 01 contracts of hot - rolled coil are 3310 yuan/ton, 3311 yuan/ton, and 3321 yuan/ton respectively, with changes of - 3 yuan/ton compared with the previous value [1]. Cost and Profit - The billet price is 2980 yuan/ton with no change, and the slab price is 3730 yuan/ton with no change. The cost of Jiangsu electric - furnace rebar is 3271 yuan/ton, a decrease of 1 yuan/ton; the cost of Jiangsu converter rebar is 3158 yuan/ton, an increase of 14 yuan/ton [1]. - The profit of East China hot - rolled coil is 30 yuan/ton, an increase of 10 yuan/ton; the profit of North China hot - rolled coil is - 40 yuan/ton with no change; the profit of South China hot - rolled coil is 20 yuan/ton with no change. The profit of East China rebar is - 10 yuan/ton with no change; the profit of North China rebar is - 60 yuan/ton, an increase of 20 yuan/ton; the profit of South China rebar is 160 yuan/ton with no change [1]. Production - The daily average hot metal production is 221.2 tons, a decrease of 6.3 tons or 2.8% compared with the previous value. The production of five major steel products is 821.0 tons, an increase of 23.7 tons or 3.0% compared with the previous value [1]. - The rebar production is 195.3 tons, an increase of 22.0 tons or 12.7% compared with the previous value. Among them, the electric - furnace production is 29.0 tons, an increase of 17.3 tons or 148.2% compared with the previous value; the converter production is 166.3 tons, an increase of 4.7 tons or 2.9% compared with the previous value [1]. - The hot - rolled coil production is 295.3 tons, a decrease of 5.9 tons or 1.9% compared with the previous value [1]. Inventory - The inventory of five major steel products is 1974.9 tons, an increase of 22.9 tons or 1.2% compared with the previous value. The rebar inventory is 894.2 tons, an increase of 18.5 tons or 2.1% compared with the previous value. The hot - rolled coil inventory is 471.6 tons, a decrease of 0.1 tons or 0.0% compared with the previous value [1]. Transaction and Demand - The building materials transaction volume is 9.3 tons, a decrease of 0.8 tons or 8.2% compared with the previous value. The apparent consumption of five major steel products is 798.1 tons, an increase of 106.7 tons or 15.4% compared with the previous value [1]. - The apparent consumption of rebar is 176.8 tons, an increase of 78.6 tons or 80.0% compared with the previous value. The apparent consumption of hot - rolled coil is 295.4 tons, an increase of 13.8 tons or 4.9% compared with the previous value [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of Karara Powder, PB Powder, Brazilian Mixed Powder, and Jinbuba Powder are 925.3 yuan/ton, 849.0 yuan/ton, 845.2 yuan/ton, and 886.2 yuan/ton respectively, with changes of - 2.2 yuan/ton, - 4.4 yuan/ton, - 4.3 yuan/ton, and - 4.3 yuan/ton compared with the previous value [4]. - The 05 - contract basis of Karara Powder, PB Powder, Brazilian Mixed Powder, and Jinbuba Powder is 114.3 yuan/ton, 38.0 yuan/ton, 34.2 yuan/ton, and 75.2 yuan/ton respectively, with changes of +3.3 yuan/ton, +1.1 yuan/ton, +1.2 yuan/ton, and +1.2 yuan/ton compared with the previous value [4]. - The 5 - 9 spread is 32.0 yuan/ton, an increase of 1.0 yuan/ton or 3.2% compared with the previous value; the 9 - 1 spread is 21.0 yuan/ton, an increase of 0.5 yuan/ton or 2.4% compared with the previous value [4]. Spot Prices and Price Indexes - The spot prices of Karara Powder, PB Powder, Brazilian Mixed Powder, and Jinbuba Powder at Rizhao Port are 951.0 yuan/ton, 793.0 yuan/ton, 823.0 yuan/ton, and 738.0 yuan/ton respectively, with changes of - 2.0 yuan/ton, - 4.0 yuan/ton, - 4.0 yuan/ton, and - 4.0 yuan/ton compared with the previous value [4]. - The Singapore Exchange 62% Fe swap price is 107.1 dollars/ton, an increase of 0.7 dollars/ton or 0.6% compared with the previous value [4]. Supply - The 45 - port arrival volume (weekly) is 2215.0 tons, a decrease of 394.9 tons or 15.1% compared with the previous value. The global shipment volume (weekly) is 3048.8 tons, an increase of 151.0 tons or 5.2% compared with the previous value [4]. - The national monthly import volume is 9763.8 tons, a decrease of 2200.9 tons or 18.4% compared with the previous value [4]. Demand - The daily average hot metal production of 247 steel mills (weekly) is 221.2 tons, a decrease of 6.4 tons or 2.8% compared with the previous value. The 45 - port daily average clearance volume (weekly) is 317.9 tons, an increase of 6.8 tons or 2.2% compared with the previous value [4]. - The national monthly pig iron production is 0.0 tons, a decrease of 6072.2 tons or 100.0% compared with the previous value. The national monthly crude steel production is 0.0 tons, a decrease of 6817.7 tons or 100.0% compared with the previous value [4]. Inventory Changes - The 45 - port inventory is 17187.52 tons, an increase of 69.7 tons or 0.4% compared with the previous value. The imported ore inventory of 247 steel mills (weekly) is 8929.1 tons, a decrease of 82.5 tons or 0.9% compared with the previous value [4]. - The inventory available days of 64 steel mills (weekly) is 23.0 days, with no change compared with the previous value [4]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The price of Shanxi Grade - 1 wet - quenched coke (warehouse - receipt) is 1681 yuan/ton with no change. The 05 and 09 contracts of coke are -

1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views of the Reports Steel Industry - This week, the steel price center has risen. The steel price fluctuated upward due to the impact of iron ore's upward - then - downward movement caused by port liquidity interference. Steel production and demand are in a seasonal recovery stage. Plate inventories decreased this week, while building material inventories increased. Total inventories increased slowly and are expected to turn to seasonal destocking next week. Production is expected to rise next week after being at a low level last week due to environmental protection restrictions. Demand is gradually recovering, and attention should be paid to the height of the recovery in apparent demand. Domestic demand expectations are weak, and exports remain high. Steel + billet exports are expected to be flat year - on - year. The Middle East issue has affected shipping and short - term steel shipments, but Chinese steel has replaced Iranian billet exports, and billet export orders are acceptable. Further price increases need to observe variables in the coking coal supply, and the upward driving force from the steel's own supply - demand fundamentals is not strong [1]. Iron Ore Industry - From a fundamental perspective, on the supply side, the global iron ore shipments decreased last week, with significant declines in Brazil and non - mainstream mines. Rainfall in southeastern Brazil affected some shipments, and although the impact of future rainfall will weaken, the iron ore arrivals in China may increase due to some ships originally bound for the Middle East diverting to China because of the US - Iran situation. On the demand side, the molten iron output continued to decline, but it is expected to gradually recover next week. In terms of inventory, the steel mill inventory decreased slightly, and the port inventory increased slightly. The inventory accumulation at ports has narrowed, and it is expected to turn into a destocking pattern. In the short term, the main iron ore contract may fluctuate within the range of 750 - 820 yuan/ton [4]. Coke and Coking Coal Industry - For coke, the futures price fluctuated upward last week. The first - round price cut by mainstream steel mills on March 4 was successfully implemented on March 6, and it is expected to bottom out and stabilize. On the supply side, coke price adjustments lag behind coking coal, and coking profits have declined. Coke production decreased slightly during the Two Sessions and will gradually recover after. On the demand side, after the end of the Two Sessions, steel mill production restrictions were lifted, molten iron output will rise, and steel prices rebounded from a low level, and restocking demand will gradually recover. In terms of inventory, steel mills reduced inventory, while coking plants and ports increased inventory, and the overall inventory increased slightly. The supply and demand of coke are basically balanced in the short term. It is recommended to go long on the coke 2605 contract at low prices, with a reference range of 1650 - 1850, and the arbitrage strategy is to go long on coking coal and short on coke. - For coking coal, the futures price fluctuated upward last week. Spot prices showed a mixed trend, and Mongolian coal prices fluctuated with the futures. On the supply side, coal mines are gradually resuming production, and coal daily output is increasing. Imported coal port inventories are accumulating. On the demand side, after the end of the Two Sessions, steel mill production restrictions were lifted, molten iron output increased, and coke production also increased. Steel mills cut coke prices on March 4. In terms of inventory, coal mines and ports are accumulating inventory, while coking plants, steel mills, coal washing plants, and ports are reducing inventory. The overall inventory is seasonally decreasing, but the upstream inventory accumulation is bearish. It is recommended to go long on the coking coal 2605 contract at low prices, with a reference range of 1100 - 1250, and the arbitrage strategy is to go long on coking coal and short on coke [7]. Silicon Manganese and Silicon Iron Industry - For silicon manganese, supply increased slightly as production in Inner Mongolia and Ningxia remained stable, and Yunnan复产 due to electricity price subsidies. Five new silicon manganese plants are expected to come on - stream in the second quarter, and supply will increase marginally. Demand was affected by environmental protection restrictions, causing a significant decline in molten iron output, but it will rise as terminal demand recovers and steel mills resume production. The short - term steel exports to the Middle East are blocked due to the US - Iran conflict, but there may be an export substitution effect in the long term. The manganese ore supply is in a tight - balance state, and the cost will increase due to the US - Iran conflict. It is expected that the price will fluctuate widely in the range of 5800 - 6400. - For silicon iron, supply increased slightly as some regions resumed production. The magnesium - aluminum daily output is at a relatively high level but decreased this week, and the demand support weakened. The cost is supported by stable semi - coke prices, and the profit levels in different regions have been repaired. Affected by the international geopolitical conflict, the market sentiment is changeable, and the price may fluctuate widely in the range of 5700 - 6200 [8]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - The spot prices of rebar and hot - rolled coils in different regions increased, and the prices of rebar and hot - rolled coil futures contracts also rose. The basis of rebar and hot - rolled coil contracts showed different changes [1]. Cost and Profit - Steel billet and slab prices remained unchanged. The cost of Jiangsu electric - furnace rebar increased by 2 yuan/ton, and the cost of Jiangsu converter rebar increased by 19 yuan/ton. The profits of rebar and hot - rolled coils in different regions showed different changes [1]. Supply - The daily average molten iron output decreased by 6.3 to 221.2 tons, a decrease of 2.8%. The output of five major steel products increased by 23.7 to 821.0 tons, an increase of 3.0%. Rebar output increased by 22.0 to 195.3 tons, an increase of 12.7%, with electric - furnace output increasing by 148.2% and converter output increasing by 2.9%. Hot - rolled coil output decreased by 5.9 to 295.3 tons, a decrease of 1.9% [1]. Inventory - The inventory of five major steel products increased by 22.9 to 1974.9 tons, an increase of 1.2%. Rebar inventory increased by 18.5 to 894.2 tons, an increase of 2.1%. Hot - rolled coil inventory decreased slightly by 0.1 to 471.6 tons, a decrease of 0.0% [1]. Transaction and Demand - The building material trading volume increased by 1.3 to 10.1 tons, an increase of 14.5%. The apparent demand for five major steel products increased by 106.7 to 798.1 tons, an increase of 15.4%. The apparent demand for rebar increased by 78.6 to 176.8 tons, an increase of 80.0%. The apparent demand for hot - rolled coils increased by 13.8 to 295.4 tons, an increase of 4.9% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of various iron ore powders increased, and the basis of the 05 contract for some iron ore powders decreased. The 5 - 9 and 9 - 1 spreads increased [4]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port increased, and the Singapore Exchange 62% Fe swap price also increased [4]. Supply - The 45 - port arrivals (weekly) increased by 463.0 to 2609.9 tons, an increase of 21.6%. The global shipments (weekly) decreased by 442.9 to 2897.8 tons, a decrease of 13.3%. The national monthly import volume decreased by 2200.9 to 9763.8 tons, a decrease of 18.4% [4]. Demand - The 247 - steel - mill daily average molten iron output (weekly) decreased by 6.4 to 221.2 tons, a decrease of 2.8%. The 45 - port daily average desilting volume (weekly) increased by 6.8 to 317.9 tons, an increase of 2.2%. The national monthly pig iron output decreased by 162.1 to 6072.2 tons, a decrease of 2.6%. The national monthly crude steel output decreased by 169.4 to 6817.7 tons, a decrease of 2.4% [4]. Inventory Changes - The 45 - port inventory increased by 69.7 to 17187.52 tons, an increase of 0.4%. The 247 - steel - mill imported ore inventory (weekly) decreased by 82.5 to 8929.1 tons, a decrease of 0.9%. The 64 - steel - mill inventory available days (weekly) remained unchanged at 23.0 days [4]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of some coke contracts increased, and the basis of some contracts changed. The steel - union coking profit (weekly) decreased by 17 [7]. Upstream Coking Coal Prices and Spreads - The prices of coking coal (Shanxi warehouse - receipt) and coking coal (Mongolian coal warehouse - receipt) increased [7]. Supply: Coke Production (Weekly) - The daily average output of all - sample coking plants and 247 - steel - mill coke production remained unchanged [7]. Demand: Molten Iron Output (Weekly) - The 247 - steel - mill molten iron output decreased by 6.4 to 221.2 tons, a decrease of 2.8% [7]. Coke Inventory Changes (Weekly) - The total coke inventory decreased slightly by 0.3 to 984.4 tons, a decrease of 0.0%. The inventory of all - sample coking plants decreased by 9.9 to 100.4 tons, a decrease of 8.9%. The 247 - steel - mill coke inventory increased by 16.3 to 687.6 tons, an increase of 2.4%. The port inventory decreased by 6.7 to 196.4 tons, a decrease of 3.3% [7]. Coking Coal - Related Prices and Spreads - The prices of some coking coal contracts increased, and the basis of some contracts changed. The sample coal mine profit (weekly) increased by 3 [7]. Overseas Coal Prices - The Australian Peak Downs FOB price decreased slightly, and the Jingtang Port Australian main - coking coal ex - warehouse price increased [7]. Supply: Fenwei Sample Coal Mine Production (Weekly) - The raw coal output increased by 12.6 to 873.9 tons, an increase of 1.5%, and the clean coal output increased by 2.7 to 445.9 tons, an increase of 0.6% [7]. Demand: Coke Production (Weekly) - The daily average output of all - sample coking plants and 247 - steel - mill coke production remained unchanged [7]. Coking Coal Inventory Changes (Weekly) - The Fenwei coal mine clean coal inventory decreased by 11.2 to 117.8 tons, a decrease of 8.7%. The all - sample coking plant coking coal inventory increased by 20.0 to 969.4 tons, an increase of 2.1%. The 247 - steel - mill coking coal inventory increased by 2.0 to 777.6 tons, an increase of 0.3%. The port inventory decreased slightly by 0.1 to 267.6 tons, a decrease of 0.1% [7]. Silicon Manganese and Silicon Iron Industry Futures and Spot - The closing price of the silicon manganese main contract decreased by 34.0 to 5888.0 yuan/ton, a decrease of 0.6%. The closing price of the silicon iron main contract increased by 14.0 to 6176.0 yuan/ton, an increase of 0.24%. The spot prices of silicon iron and silicon manganese in different regions showed different changes [8]. Cost and Profit - The production cost of Inner Mongolia silicon manganese decreased by 21.0 to 6058.3 yuan/ton, a decrease of 0.3%. The production cost of Guangxi silicon manganese increased by 18.7 to 6308.6 yuan/ton, an increase of 0.3%. The production profit of Inner Mongolia silicon iron increased by 21.0 to - 158.3 yuan/ton, an increase of - 11.7% [8]. Manganese Ore Supply - The manganese ore shipments (weekly) increased by 44.9 to 122.7 tons, an increase of 57.6%. The manganese ore arrivals (weekly) increased by 0.8 to 44.8 tons, an increase of 1.8%. The manganese ore desilting volume (weekly) increased by 53.7 to 129.0 tons, an increase of 50.7% [8]. Supply - The silicon iron output (weekly) increased by 0.1 to 9.7 tons, an increase of 0.9%. The silicon manganese output (weekly) increased by 0.2 to 19.8 tons, an increase of 0.94%. The silicon iron production enterprise's operating rate (weekly) increased by 1.3 to 27.9%, an increase of 4.94%. The silicon manganese operating rate increased by 1.2 to 36.1%, an increase of 0.4% [8]. Demand - The silicon iron demand (weekly) increased by 0.1 to 1.9 tons, an increase of 5.94%. The silicon manganese demand (Steel - Union calculation) increased by 0.5 to 11.7 tons, an increase of 4.9%. The 247 - steel - mill daily average molten iron output (weekly) decreased by 6.4 to 221.2 tons, a decrease of 2.8%. The blast - furnace operating rate (weekly) increased by 0.6 to 78.3%, an increase of 0.8%. The Steel - Union five - major steel products output (weekly) increased by 23.7 to 821.0 tons, an increase of 3.0% [8]. Inventory Changes - The silicon iron inventory of 60 sample enterprises (weekly) decreased by 0.5 to 6.1 tons, a decrease of 7.7%. The inventory of 63 sample enterprises (weekly) decreased by 1.2 to 37.6 tons, a decrease of 3.0% [8].