Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Views of the Report - **Steel**: Steel prices have reached the resistance level of the 20 - day moving average. After the basis repair, if the industry fails to find a better bullish story, prices may face pressure again. It is recommended to take a wait - and - see approach for single - side trading and choose hot - rolled coils with better liquidity for hedging and open - position management [4][5]. - **Coking Coal and Coke**: The price of coking coal and coke continues to fluctuate. With the long - term agreement price and quantity discounts from major mines in Shanxi, the cost of coking coal is decreasing. The market has expectations of price cuts. Considering the high uncertainty in the macro - environment and the approaching off - season for steel demand, it is advisable to take a short - side approach in the medium - to - long - term [4][5]. - **Silicon Ferroalloy and Manganese Silicon**: The market sentiment fluctuates, and the price elasticity increases. The cost support for silicon ferroalloy and manganese silicon is weakening, and the prices are expected to be under pressure. Attention should be paid to subsequent steel procurement [5]. - **Iron Ore**: The iron ore shipment is gradually recovering, and the port inventory is starting to accumulate. Considering the approaching off - season for steel demand, it is recommended to maintain a short - selling strategy [5]. 3) Summary by Relevant Catalogs Futures Market - **Prices and Changes**: On June 11, the closing prices of far - month and near - month contracts of various varieties showed different degrees of increase. For example, the far - month contract RB2601 closed at 2985 yuan/ton, up 16 yuan or 0.54%; the near - month contract RB2510 closed at 2991 yuan/ton, up 20 yuan or 0.67% [2]. - **Spreads**: The spreads between different contracts also changed. For instance, the spread between RB2510 and RB2601 was 6 yuan/ton on June 11, with a change of 2 yuan [2]. Spot Market - **Prices and Changes**: The spot prices of various products such as Shanghai's rebar, Tianjin's rebar, and Shanghai's hot - rolled coil also had different changes on June 11. For example, the price of Shanghai's rebar was 3100 yuan/ton, with no change; the price of Shanghai's hot - rolled coil was 3210 yuan/ton, up 30 yuan [2]. Market Analysis - **Steel**: The price has reached the resistance of the 20 - day moving average. After the basis repair, the price may face pressure again if there is no good bullish story. The resistance levels for the rebound of hot - rolled coils and rebar are around the 20 - day moving average on the disk [4]. - **Coking Coal and Coke**: On the spot side, major mines in Shanxi have increased long - term agreement price and quantity discounts, and the coking coal auction remains weak. On the futures side, the sector continues to fluctuate. After the news of the poor outcome of the China - US talks, the market sentiment turned bearish, and short - sellers started to increase their positions [4][5]. - **Silicon Ferroalloy and Manganese Silicon**: There are rumors of furnace shutdowns in Inner Mongolia's silicon ferroalloy plants. The direct demand is weakening, the cost support is weakening, and the prices are expected to be under pressure [5]. - **Iron Ore**: The iron ore shipment is gradually recovering, and the port inventory is starting to accumulate. Considering the approaching off - season for steel demand, the downstream pressure is increasing, and it is recommended to maintain a short - selling strategy [5].