1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Fed's interest rate cut has landed, and macro - disturbances have significantly decreased. It is expected that the market trading focus will shift to the real situation. In the short term, iron ore supply is steadily rising, the pre - holiday restocking on the demand side has ended but hot metal production has increased unexpectedly, and the pressure of continuous inventory accumulation is low. Iron ore is expected to maintain a high - level volatile trend [2]. - The price will fluctuate within a range. The reference range is 780 - 80 yuan/ton, corresponding to 103 - 105 US dollars/ton in the overseas market. The strategy is range operation and covered call options [2]. 3. Summary by Related Catalogs Logic - Recently, macro - disturbances have weakened. The Fed's interest rate cut is in line with market expectations and is defined as a preventive cut, with the expectation of continuous rate cuts weakening. Domestic policies are still in the reserve period. The black - series industrial chain is highly differentiated, with the raw material end generally stronger than the finished product end. The expectation of increasing iron ore supply remains unchanged. Steel mill复产 has driven up hot metal production. Although steel mill profits have fallen to the break - even line, the willingness of steel mills to actively cut production is still insufficient, but pre - holiday restocking is basically over, and the short - term upward driving force has weakened [2]. Supply - Overseas ore shipments have decreased month - on - month. Australia's shipments have decreased significantly, and Brazil's shipments have decreased slightly. The average shipments of Australia and Brazil in the past five weeks are slightly lower than the same period last year. The arrival volume has increased both month - on - month and year - on - year, and the five - week average is higher than the same period last year. Overall, the support from the supply side continues to weaken [2]. Demand - Domestic demand remains at a high level, supporting the iron ore price. This period has seen the continuation of steel mill复产 in blast furnaces, mainly due to the regular resumption of production after the end of blast furnace maintenance in Hebei and Xinjiang. Domestic demand is higher than the August average (240.5). The daily average hot metal production this period is 242.36 tons (month - on - month increase of 1.34). As steel mill production costs rise and finished product prices weaken, blast furnace profits have declined from a high level and are approaching the break - even level, and the steel mill profitability rate continues to decline. The pre - holiday restocking demand is basically over. Overall, high hot metal production supports the iron ore price [2]. Inventory - The daily consumption of steel mills has continued to increase with the resumption of production in multiple regions. The steel mill inventory level has increased both month - on - month and year - on - year, and the pre - holiday restocking intensity is higher than that of last year. It is expected that pre - holiday restocking is basically over. This year's restocking cycle has advanced. The port throughput has decreased month - on - month. Since the arrival volume this period is much higher than the same period last year, the port inventory has increased significantly. However, due to high domestic demand and insignificant increase in shipments, the pressure of inventory accumulation in the later period is expected to be low [2].

Report Industry Investment Rating - No information provided in the report Core Viewpoints of the Report - The HC2601 contract of hot-rolled coils can be traded in the range of 3300 - 3400 yuan/ton, considering the increasing expectations of loose monetary policies in China and the US, and the expected improvement in demand after the resumption of work in enterprises in the Beijing-Tianjin-Hebei region following the end of the military parade [9] Summary by Relevant Catalogs 1. Week - on - Week Summary 1.1 Market Review - As of September 5, the closing price of the main hot - rolled coil futures contract was 3340 yuan/ton, down 6 yuan/ton, and the spot price of Hangzhou Lianggang hot - rolled coils was 3400 yuan/ton, down 30 yuan/ton [7] - Hot - rolled coil production decreased to 314.24 million tons, down 10.5 million tons week - on - week but up 3.76 million tons year - on - year [7] - Apparent demand declined to 305.36 million tons, down 15.36 million tons week - on - week and 4.01 million tons year - on - year [7] - Total inventory of hot - rolled coils increased slightly to 374.34 million tons, up 8.88 million tons week - on - week but down 68.64 million tons year - on - year [7] - The profitability rate of steel mills was 61.04%, down 2.60 percentage points week - on - week but up 56.71 percentage points year - on - year [7] 1.2 Market Outlook - Macro aspect: Overseas, the US Court of Appeals ruled that most of the global tariff policies implemented by former President Trump were illegal; the market is focusing on the US non - farm payroll data on Friday, and weak data may trigger discussions on a 50 - basis - point interest rate cut. Domestically, the China Manufacturing Purchasing Managers' Index in August was 49.4%, up 0.1 percentage point from the previous month, and the central bank conducted a 100 - billion - yuan 3 - month outright reverse repurchase operation on September 5 [9] - Supply - demand aspect: Weekly production of hot - rolled coils decreased, with a capacity utilization rate of 80.27%; terminal demand was affected, inventory increased, and apparent demand declined [9] - Cost aspect: The port inventory of iron ore increased slightly, and the expected improvement in demand supported the firmness of iron ore prices. The capacity utilization rate of coking coal mines decreased to 75.8%, and the decline in clean coal inventory supported the rebound of coking coal prices [9] - Technical aspect: The HC2601 contract was consolidating in a range, with technical support around 3300 yuan/ton, and it was testing the pressure of the MA10/MA20 moving averages in the short term; the downward momentum of the DIFF and DEA in the MACD indicator weakened, and the green bars shrank [9] 2. Futures and Spot Market 2.1 Futures Price - The HC2601 contract first declined and then rebounded this week. The HC2510 contract was stronger than the HC2601 contract, and the price difference on September 5 was 26 yuan/ton, up 17 yuan/ton week - on - week [15] 2.2 Warehouse Receipts and Positions - On September 5, the warehouse receipt volume of hot - rolled coils on the Shanghai Futures Exchange was 25,059 tons, down 601 tons week - on - week. The net short position of the top 20 futures contracts of hot - rolled coils was 113,503 lots, an increase of 10,966 lots from the previous week [22] 2.3 Spot Price - On September 5, the spot price of 5.75mm Q235 hot - rolled coils in Shanghai was 3400 yuan/ton, down 30 yuan/ton week - on - week; the national average price was 3420 yuan/ton, down 38 yuan/ton week - on - week. This week, the spot price of hot - rolled coils was weaker than the futures price, and the basis on September 5 was 60 yuan/ton, down 44 yuan/ton week - on - week [26] 3. Upstream Market 3.1 Raw Material Prices - On September 5, the price of 61% Australian Macfarlane iron ore at Qingdao Port was 837 yuan/dry ton, up 9 yuan/dry ton week - on - week. The spot price of first - grade metallurgical coke at Tianjin Port was 1670 yuan/ton, unchanged week - on - week [33] 3.2 Iron Ore Arrival and Inventory - From August 25 - 31, 2025, the total arrival volume of 47 ports in China increased. The total arrival volume of 47 ports was 26.45 million tons, up 1.827 million tons week - on - week; the total arrival volume of 45 ports was 25.26 million tons, up 1.327 million tons week - on - week; the arrival volume of the six northern ports was 13.008 million tons, up 1.478 million tons week - on - week [38] - This week, the total inventory of imported iron ore in 47 ports in China was 144.2572 million tons, up 0.377 million tons week - on - week; the daily average port clearance volume was 3.3033 million tons, down 0.0381 million tons. In terms of components, the inventory of Australian ore was 60.1702 million tons, down 1.1329 million tons; the inventory of Brazilian ore was 54.9296 million tons, up 0.662 million tons; the inventory of traded ore was 91.6996 million tons, down 0.5806 million tons [42] 3.3 Coking Plant Conditions - This week, the capacity utilization rate of 230 independent coking enterprises in China was 72.61%, down 0.09 percentage points; the daily average coke output was 51.21, down 0.07; the coke inventory was 40.71, up 0.9; the total inventory of coking coal was 780.95, down 38.92; the available days of coking coal were 11.5 days, down 0.55 days [46] 4. Industry Conditions 4.1 Supply Side - In July 2025, the national crude steel output was 79.66 million tons, a year - on - year decrease of 4.0%; from January to July, the cumulative national crude steel output was 594.47 million tons, a year - on - year decrease of 3.1% [49] - In July 2025, China's steel exports were 9.836 million tons, an increase of 0.158 million tons from the previous month, a month - on - month increase of 1.6%; from January to July, the cumulative steel exports were 67.983 million tons, a year - on - year increase of 11.4%. In July, China's steel imports were 0.452 million tons, a decrease of 0.018 million tons from the previous month, a month - on - month decrease of 3.8%; from January to July, the cumulative steel imports were 3.476 million tons, a year - on - year decrease of 15.7% [49] - On September 5, the blast furnace operating rate of 247 steel mills was 80.4%, down 2.80 percentage points week - on - week but up 2.77 percentage points year - on - year; the blast furnace iron - making capacity utilization rate was 85.79%, down 4.23 percentage points week - on - week but up 2.19 percentage points year - on - year; the daily average hot metal output was 2.2884 million tons, down 0.1129 million tons week - on - week but up 0.0623 million tons year - on - year [52] - On September 4, the weekly output of hot - rolled coils of 37 hot - rolled coil production enterprises was 31.424 million tons, down 1.05 million tons from the previous week but up 0.376 million tons year - on - year [52] - On September 4, the in - plant inventory of hot - rolled coils of 37 hot - rolled coil production enterprises was 7.998 million tons, up 0.003 million tons from the previous week but down 1.447 million tons year - on - year. The social inventory of 33 major cities was 29.436 million tons, up 0.858 million tons week - on - week but down 5.417 million tons year - on - year. The total inventory of hot - rolled coils was 37.434 million tons, up 0.888 million tons week - on - week but down 6.864 million tons year - on - year [57] 4.2 Demand Side - In July 2025, the production and sales of automobiles were 2.593 million and 2.591 million respectively, with year - on - year increases of 14.7% and 13.3%. From January to July, the cumulative production and sales of automobiles were 18.235 million and 18.269 million respectively, with year - on - year increases of 12.7% and 12.0% [60] - From January to July 2025, the cumulative production of household air conditioners was 183.4554 million units, a year - on - year increase of 5.1%; the production of household refrigerators was 59.6315 million units, a year - on - year increase of 0.9%; the production of household washing machines was 68.1282 million units, a year - on - year increase of 9.4% [60]

1. Report Industry Investment Rating - There is no information provided regarding the report's industry investment rating in the given content. 2. Core Viewpoints of the Report - For the steel market, the focus has shifted to verifying downstream actual demand. Seasonally, demand should pick up and inventory decline during the peak season, but concerns remain due to the real - estate market's slow recovery. Technically, both rebar and hot - rolled coils have broken below the Bollinger Bands' lower support, possibly opening a downward space [2]. - For the iron ore market, although the iron ore trend is the strongest among the black series due to potential growth in steel mill's molten iron production after the parade, the upward space is limited as the molten iron output is already high and terminal demand is not optimistic. Supply is high, and there is a possibility of inventory increase during the peak season. Technically, the 01 contract shows a high probability of mid - term oscillation, and short - term upward space is limited [4]. 3. Summary by Relevant Catalogs 3.1 Rebar and Hot - Rolled Coils - **Market Focus**: The market is now focused on verifying downstream actual demand. Seasonal patterns suggest that demand should rise and inventory fall during the peak season, but the real - estate market's slow recovery may lead to lower - than - expected demand [2]. - **Supply and Demand**: Rebar production increased, apparent demand slightly rose, factory inventory decreased, and social inventory increased for the seventh consecutive week. Total production of the five major varieties increased, total inventory rose, and apparent demand also increased. After the parade, production is expected to further increase [2]. - **Technical Analysis**: On the daily K - line chart, rebar and hot - rolled coils have broken below the lower support of the Bollinger Bands, potentially opening a downward space [2]. - **Operation Suggestion**: Short - term short positions can be held [2]. - **Data Highlights**: - Rebar主力合约收盘价 was 3115 yuan/ton, down 45 yuan (-1.42%) from the previous day and 23 yuan (-0.73%) from last week [3]. - 247家钢厂高炉开工率 was 83.36%, down 0.23 percentage points from last week [3]. -全国建材钢厂螺纹钢产量 was 220.56 tons, up 5.91 tons (2.75%) from last week [3]. 3.2 Iron Ore - **Market Situation**: Steel mills' profitability is fair, but the profit margin has slightly decreased due to the sharp rise in coke prices. After the parade, there is potential for an increase in molten iron production, but the upward space is limited. Supply is high, and there is a possibility of inventory increase during the peak season [4]. - **Technical Analysis**: The 01 contract oscillates around the middle line of the Bollinger Bands on the daily K - line, with the overall Bollinger Bands' opening narrowing. It has a high probability of mid - term oscillation, and short - term upward space is limited [4]. - **Operation Suggestion**: Short positions can be held [4]. - **Data Highlights**: - 麦克粉（青岛港） was priced at 750 yuan/wet ton, down 16 yuan (-2.09%) from the previous day and the same from last week [4]. - 澳大利亚铁矿石发货量 was 1640.9 tons, down 78.1 tons (-4.54%) from last week [4]. - 北方六港到货量合计 was 1300.8 tons, up 147.8 tons (12.82%) from last week [4]. 3.3 Industry News - From August 25th to 31st, 2025, the total iron ore arrival at 45 ports in China was 2526.0 tons, a 132.7 - ton increase from the previous period. The arrival at the six northern ports was 1300.8 tons, up 147.8 tons [6]. - As of the week ending August 31st, the global iron ore shipment volume was 3556.8 tons, a 241.0 - ton increase from the previous period. The shipment volume from Australia and Brazil was 2902.1 tons, up 141.7 tons [7]. - Some coal mines in Changzhi Qinyuan area plan to stop production on September 2nd and resume on September 4th. The total approved production capacity of the affected mines is 790 tons, with an estimated impact on daily raw coal production of about 2.52 tons [7]. - A coal mine in Lvliang Zhongyang area resumed production on September 1st after a 5 - day shutdown. The approved production capacity of this mine is 240 tons, and the total affected raw coal production during the shutdown was 4 tons [8].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The short - term price fluctuations are large, and the market will operate weakly with oscillations [4] Group 3: Summary According to the Content Steel Production and Utilization Rates - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.25%, a 0.03 - percentage - point increase from the previous week; the steel mill profitability rate was 64.94%, a 0.86 - percentage - point decrease; the daily average pig iron output was 240.75 tons, a 0.09 - ton increase [3] - The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 56.67%, a 0.72 - percentage - point decrease from the previous week and a 22.48 - percentage - point increase year - on - year. The average operating rate was 75.69%, a 0.69 - percentage - point decrease from the previous week and a 24.72 - percentage - point increase year - on - year [3] - Among 87 section steel production lines in Tangshan, 15 were actually in operation, with an overall operating rate of 25.42%, a 27.12% decrease from the previous week; the capacity utilization rate was 49.23%, a 0.89% increase from the previous week [3] Steel Mill Maintenance Plans - According to the survey, 45% of steel mills in Tangshan, Hebei plan to conduct maintenance in the short - term but are waiting for notice, 32% have confirmed maintenance, and 23% will not conduct maintenance. The known daily average impact on pig iron output in Tangshan, Hebei is about 4.18 tons, with a total pig iron volume of 37 - 45 tons [3] Steel Price - Over the weekend, the ex - factory tax - included price of common billet resources in Qian'an, Tangshan increased by 20 yuan/ton to 3040 yuan/ton [3] Market Situation - Last week, the finished steel market mainly oscillated and corrected, returning to the fundamental trading logic. Although there were production restrictions on the supply side, downstream demand remained weak. As September approaches, construction sites in the Beijing - Tianjin - Hebei region will face stricter shutdowns, and short - term demand is difficult to improve [3] Factors to Watch - Macro policies, supply - side production reduction, and downstream demand [5]

Report Industry Investment Rating - Not provided Core Viewpoints - Market speculation sentiment has cooled, and with exchange rule restrictions, coal prices are gradually returning to rationality. Fundamentals have improved, but short - term price fluctuations have intensified. It is recommended to wait and see [3] Summary by Related Catalog Market Conditions - Yesterday, coal - coke futures prices fluctuated sharply and closed higher in the late session. The spot market price was lagging behind the futures and remained relatively strong, with the 5th round of coke price increase implemented yesterday [2] Supply - side - Last week, coal production in Shanxi mines decreased, with some mines reducing output due to underground problems and completion of monthly tasks. Regarding the tracking of over - production issues, regions in Shanxi (except Lvliang) received documents and started verifying production. The impact on short - term coking coal output may be limited, but the long - term impact on coal mine production should be noted. The Australian coal import window closed again, and Mongolian coal customs clearance declined after a brief surge [2] Demand - side - Last week, the raw material replenishment actions of coking plants and steel mills slowed down slightly. The available days of coking coal inventory in factories stabilized after rising from a low level. Last week, the profitability rate of steel mills was 65.37%, a 1.73 - percentage - point increase from the previous week and a 58.88 - percentage - point increase year - on - year. The daily average pig iron output was 2.4071 million tons, a decrease of 15,200 tons from the previous week but an increase of 40,900 tons year - on - year [2]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The upward momentum of the steel sector has slightly narrowed. In the off - season, there is still concern about a decline in demand, and the black - metal sector lacks a strong rebound driver. [4][5] - For coking coal and coke, although the fundamentals are improving, the futures prices lack upward drive after reaching certain levels. Attention should be paid to the resumption of coal mine production in July. [6][7] - The prices of ferrosilicon and silicomanganese mainly fluctuate following coal and steel prices. [7] - Iron ore prices have risen with the overall recovery of industrial products. The price is currently in a trading range, and it can be short - sold near the upper limit. [7] 3. Summary by Related Catalogs Steel - On Monday, the futures market rose slightly and then fell back, with weak upward - continuation momentum. Spot trading volume and prices improved slightly compared to the previous two weeks. The prices of coal and coke futures declined at the end of the session due to production - resumption news and capital outflows. The basis of black - metal varieties has been rapidly repaired. [5] - Suggestion: Wait and see for single - side trading. Focus on the opportunity of cash - and - carry arbitrage as the basis approaches the re - entry point. Short - term long the spread between hot - rolled coil and rebar. [7] Coking Coal and Coke - Spot: Coking coal auctions were fully completed with most prices rising, while port - traded coke was weak. Downstream enterprises replenished stocks moderately. Some previously shut - down coal mines have started to resume production. [6] - Futures: The prices of coking coal and coke futures declined rapidly after reaching 830 and 1430 respectively, lacking upward drive. The fundamentals are improving, but downstream replenishment motivation is limited. [7] - Suggestion: For speculators, set a stop - loss at the previous high and short on rebounds. Industrial customers can take advantage of the premium for selling hedging. [7] Ferrosilicon and Silicomanganese - Ferrosilicon: Supply has increased slightly. Demand has risen as steel tenders are settled, iron - making is at a high level, and the demand for metal magnesium has recovered. Short - term supply and demand are acceptable. The price mainly follows coal and steel. [7] - Manganese silicon: Supply has continued to rise, and the supply - demand structure is relatively loose with rising inventories. The price mainly fluctuates and follows steel, with attention on coal and manganese ore prices. [7] - Suggestion: Buy call options at low prices for their high price elasticity. [7] Iron Ore - The spot price has declined to narrow the basis, and the optimal deliverable is orbf. The steel mill's profit remains high, and iron - making is expected to stay above 240. The steel data has exceeded expectations, and the iron ore price is in a trading range. [7] - Suggestion: Short - sell near the upper limit of the trading range. [7]

Group 1: Report Industry Investment Rating - The report suggests a strategy of shorting on rebounds for both steel products and raw materials [3] Group 2: Report's Core View - Last week, steel products rebounded with little change in weekly fundamentals, showing a pattern of stronger supply and weaker demand. The recent strong performance of upstream raw materials has boosted steel products, but the hot and rainy weather still has a negative impact on building material demand [3] Group 3: Summary by Relevant Catalog Steel Product Production and Utilization - The average capacity utilization rate of 90 independent electric arc furnace steel mills in the country was 54.5%, a week - on - week decrease of 0.04 percentage points and a year - on - year increase of 3.13 percentage points [3] - The blast furnace iron - making capacity utilization rate of 247 steel mills was 90.83%, a week - on - week increase of 0.04 percentage points [3] - The steel mill profitability rate was 59.31%, unchanged from the previous week [3] - The daily average pig iron output was 2.4229 million tons, a week - on - week increase of 0.11 million tons [3] Downstream Appliance Production - In July, the production schedule of household air conditioners was 15.8 million units, a 1.9% decrease compared to the actual production in the same period last year [3] - The refrigerator production schedule was 7.35 million units, a 2.4% decrease compared to the actual production in the same period last year [3] - The washing machine production schedule was 6.445 million units, a 4.2% decrease compared to the actual production in the same period last year [3] Steel Product Market Situation - Last week, steel products rebounded with little change in weekly fundamentals. The inventory of the five major steel products slightly accumulated, production increased, and demand slightly decreased, still showing a pattern of stronger supply and weaker demand [3]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint The report suggests treating steel products with a strategy of short - selling on rebounds [3]. 3. Summary by Related Content - **Industry Event News**: The Australian Anti - Dumping Commission postponed the basic fact report of the anti - dumping investigation on Chinese hot - rolled steel coils to December 10, 2025, and the final arbitration report will be submitted to the minister by February 25, 2026. The consumer goods trade - in policy has no change, and the subsidy funds are being used as expected, with central funds to be issued in the third and fourth quarters [2]. - **Industry Data**: Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.79%, a 0.21 - percentage - point increase from the previous week; the steel mill profitability rate was 59.31%, a 0.87 - percentage - point increase; the daily average hot - metal output was 242.18 million tons, a 0.57 - million - ton increase. The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 54.54%, a 2.19 - percentage - point decrease from the previous week and a 0.81 - percentage - point increase year - on - year [2]. - **Market Situation**: Last week, steel products showed little change, consolidating at the bottom. Although the price center shifted up slightly, it was still a narrow - range adjustment at a low level. The macro and fundamental aspects were relatively calm, and the weekly fundamentals continued the previous situation of strong supply and weak demand. As it has entered the off - season of demand, there is a possibility of further decline in future demand, and the probability of effective improvement in terminal demand is low. Without macro - policy promotion, the industry fundamentals are more likely to lead to prices falling rather than rising [2].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - Demand side: Recently, the profitability rate of steel mills has rebounded, increasing the willingness to start steel production. The molten iron output has slightly increased, indicating strong resilience in iron ore demand. Last week, the blast furnace operating rate of 247 steel mills was 83.82%, a 0.41 - percentage - point increase from the previous week and a 1.01 - percentage - point increase year - on - year. The daily average molten iron output was 242.18 tons, a 0.57 - ton increase from the previous week and a 2.24 - ton increase year - on - year [1][4][5]. - Supply side: Last week, both overseas shipments and arrivals of iron ore decreased week - on - week, but the absolute volume was at the highest level in the same period of the past three years. The total global iron ore shipments were 3352.7 tons, a decrease of 157.7 tons from the previous week. The total shipments from Australia and Brazil were 2842.1 tons, a decrease of 77.3 tons from the previous week. The inventory of imported iron ore at 47 ports in China was 14433.56 tons, a decrease of 69.58 tons from the previous week, and the daily average port clearance volume increased by 12.21 tons to 327.46 tons [1][5]. - Overall: With the increase in steel mill procurement and a stable spot market, the iron ore is expected to show a volatile trend [1][5]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (lots) | Total Open Interest (lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 2992 | 23 | 0.77 | 7142023 | 3003707 | Yuan/ton | | SHFE Hot - Rolled Coil | 3116 | 34 | 1.10 | 2406634 | 1488632 | Yuan/ton | | DCE Iron Ore | 703.0 | 0.0 | 0.00 | 2099456 | 678221 | Yuan/ton | | DCE Coking Coal | 795.0 | 20.5 | 2.65 | 4896063 | 685871 | Yuan/ton | | DCE Coke | 1384.5 | 35.0 | 2.59 | 142071 | 54570 | Yuan/ton | [2] 3.2 Market Review - Last week, the iron ore futures showed a volatile trend, with a slight increase in demand, an increase in steel mill inventory, and stable spot transactions. In the spot market, the price of PB powder at Rizhao Port was 710 Yuan/ton, a decrease of 9 Yuan/ton from the previous week, and the price of Super Special powder was 604 Yuan/ton, also a decrease of 9 Yuan/ton from the previous week. The price difference between high - and low - grade PB powder and Super Special powder was 106 Yuan/ton [4]. 3.3 Industry News - From January to May, the national real estate development investment was 3623.4 billion Yuan, a year - on - year decrease of 10.7%. Residential investment was 2773.1 billion Yuan, a decrease of 10.0%. The housing construction area of real estate development enterprises was 6.2502 billion square meters, a year - on - year decrease of 9.2%. The new housing construction area was 231.84 million square meters, a decrease of 22.8%. The housing completion area was 183.85 million square meters, a decrease of 17.3% [9]. - In May 2025, China's crude steel output was 86.55 million tons, a year - on - year decrease of 6.9%. Pig iron output was 74.11 million tons, a year - on - year decrease of 3.3%. Steel output was 127.43 million tons, a year - on - year increase of 3.4%. From January to May, China's crude steel output was 431.63 million tons, a year - on - year decrease of 1.7%. Pig iron output was 362.74 million tons, a year - on - year decrease of 0.1%. Steel output was 605.82 million tons, a year - on - year increase of 5.2% [9]. - The Federal Reserve kept the benchmark interest rate unchanged at 4.25% - 4.50%, the fourth decision to keep the interest rate unchanged since January. The Fed's dot - plot shows that it is expected to cut interest rates twice in 2025, and 25 basis points each in 2026 and 2027 [9]. 3.4 Relevant Charts - The report includes multiple charts showing the trends of futures and spot prices, basis, production, inventory, and other aspects of steel and iron ore products, such as the trends of rebar and hot - rolled coil futures and spot prices, iron ore futures and spot prices, steel production, and port inventory [8][10][12].

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The financial data in May is reasonably matched with the real - economy operation. The growth rates of social financing scale, M2, and RMB loans are significantly higher than the nominal GDP growth rate, and the support for the real economy remains stable. Fiscal and industrial policies are more proactive, forming a stronger synergy with monetary policy to promote the continuous recovery of the economy [2]. - The CSRC has announced the "Regulations on the Administration of Programmed Trading in the Futures Market (Trial)", which will be implemented from October 9, 2025. The futures exchange will implement key management of high - frequency trading [2]. - Due to the complex international situation and large market fluctuations, the SHFE has reminded relevant units to take measures to prompt investors to prevent risks and invest rationally [2]. - The nuclear talks between Iran and the US that were originally scheduled to be held in Oman have been indefinitely postponed [3]. 3. Summary by Relevant Catalogs Hot News - **Financial Data**: In May, the year - on - year growth rate of the stock of social financing scale was 8.7%, the year - on - year growth rate of M2 balance was 7.9%, and the year - on - year growth rate of M1 balance was 2.3%. In the first five months, the incremental social financing scale was 18.63 trillion yuan, 3.83 trillion yuan more than the same period last year, and RMB loans increased by 10.68 trillion yuan [2]. - **Futures Regulations**: The CSRC announced the "Regulations on the Administration of Programmed Trading in the Futures Market (Trial)" to be implemented on October 9, 2025, with key management of high - frequency trading [2]. - **Market Risk Warning**: The SHFE reminded relevant units to prompt investors to prevent risks due to complex international situations and large market fluctuations [2]. - **Steel Mill Data**: The blast furnace operating rate of 247 steel mills was 83.41%, a decrease of 0.15 percentage points from last week and an increase of 1.36 percentage points from last year; the blast furnace iron - making capacity utilization rate was 90.58%, a decrease of 0.07 percentage points from last week and an increase of 1.05 percentage points from last year; the steel mill profitability rate was 58.44%, a decrease of 0.43 percentage points from last week and an increase of 8.66 percentage points from last year; the daily average pig iron output was 241.61 tons, a decrease of 0.19 tons from last week [3]. - **International Event**: Iran's nuclear talks with the US have been indefinitely postponed after Israel's air strikes on Iran's nuclear facilities and military bases [3]. Key Focus - **Focus Commodities**: Urea, crude oil, rebar, lithium carbonate, and PVC [4]. Night - Session Performance - **Sector Performance**: Non - metallic building materials increased by 2.51%, precious metals by 30.86%, energy by 2.86%, chemicals by 12.93%, grains by 1.40%, agricultural and sideline products by 2.56%, oilseeds and oils by 11.49%, soft commodities by 2.70%, non - ferrous metals by 19.66%, and coal - coking - steel - ore by 13.03% [4][5]. Major Asset Performance | Asset Category | Name | Daily Return (%) | Monthly Return (%) | Year - to - Date Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 0.75 | 0.88 | 0.75 | | | SSE 50 | - 0.55 | - 0.08 | - 0.31 | | | CSI 300 | - 0.72 | 0.62 | - 1.80 | | | CSI 500 | - 1.03 | 1.22 | 0.25 | | | S&P 500 | - 1.13 | 1.10 | 1.62 | | | Hang Seng Index | - 0.59 | 2.59 | 19.11 | | | German DAX | - 1.07 | - 2.01 | 18.12 | | | Nikkei 225 | - 0.89 | - 0.34 | - 5.16 | | | UK FTSE 100 | - 0.39 | 0.89 | 8.29 | | Fixed - Income | 10 - year Treasury Bond Futures | 0.02 | 0.27 | 0.09 | | | 5 - year Treasury Bond Futures | 0.04 | 0.15 | - 0.34 | | | 2 - year Treasury Bond Futures | 0.03 | 0.07 | - 0.50 | | Commodity | CRB Commodity Index | 0.00 | 4.25 | 2.04 | | | WTI Crude Oil | 8.39 | 21.44 | 2.54 | | | London Spot Gold | 1.40 | 4.40 | 30.84 | | | LME Copper | - 0.56 | 1.58 | 9.86 | | | Wind Commodity Index | 1.40 | 2.65 | 18.08 | | Other | US Dollar Index | 0.29 | - 1.30 | - 9.53 | | | CBOE Volatility Index | 15.54 | 12.12 | 20.00 | [7]