Report Industry Investment Ratings - No industry investment ratings are provided in the reports [1][3][7][8] Core Views Steel - Yesterday, steel prices remained weak, with coking coal and coke on the raw material side being weak and iron ore being slightly strong. Steel continued to reduce production and destock. Rebar maintained a large supply - demand gap and good destocking, while hot - rolled coil destocking was still slow. Apparent demand declined seasonally, and demand was weak. The weak demand expectation in 2026 restricted the upward price elasticity, but current production cuts supported steel prices. The rebar price is expected to fluctuate in the range of 3000 - 3200, and the hot - rolled coil price in the range of 3150 - 3350. Pay attention to the support levels of rebar at 3000 and hot - rolled coil at 3150 [1] Iron Ore - Yesterday, the main iron ore contract opened higher and then maintained a high - level shock. Fundamentally, the global iron ore shipment volume decreased this period, and the mine's fiscal year impulse ended. Future focus is on the weather in the Southern Hemisphere. On the demand side, the pig iron output remained flat, at a historically low level. Some steel mills resumed production, but many were still under annual overhauls. The steel mill profitability improved, but overall it was the off - season for demand, with high finished product inventory and many overhauls, so the subsequent resumption of production is expected to be limited. Iron ore inventory is at a high level in the same period, and it will continue to accumulate. It is expected that iron ore prices will fluctuate strongly. Consider short - term long positions, with the price range of 770 - 840 [3] Coke - Yesterday, the coke futures showed a weak downward trend. After the 4th round of price cuts in the spot market, there is still an expectation of further cuts. On the supply side, coke price adjustments lag behind those of coking coal, squeezing coking profits and reducing production. On the demand side, steel mills' losses increased, leading to more overhauls, a decline in pig iron output, and an intention to suppress coke prices. In terms of inventory, ports, steel mills, and coking plants all increased inventory, and the overall inventory increased slightly from the middle level. The coke supply - demand situation weakened. It is recommended to short the coke 2605 contract on rallies and consider the arbitrage strategy of going long on coking coal and short on coke [7] Coking Coal - Yesterday, coking coal futures showed a weak downward trend. The spot auction price in Shanxi was weak, and the Mongolian coal quotation fluctuated downward. The supply side saw a slight increase in daily coal mine output after the new year, but poor sales led to inventory accumulation. Imported coal at the port continued to accumulate, and the Mongolian coal quotation fluctuated downward. On the demand side, steel mill losses and overhauls decreased slightly, pig iron output was stable with a slight increase, coking profits declined, and production decreased slightly. The market's demand for inventory replenishment weakened. All sectors' inventories increased, and the overall inventory increased slightly from the middle level. It is recommended to short on rallies and consider the arbitrage strategy of going long on coking coal and short on coke [7] Ferrosilicon - Yesterday, the main ferrosilicon contract fluctuated downward. The supply side saw a halt in the decline of ferrosilicon production, with production cuts mainly in Shaanxi and Gansu, and a slight increase in Inner Mongolia and Qinghai. In terms of steelmaking demand, pig iron output was basically flat, and it is expected to remain stable in the short term. Non - steel demand from metal magnesium had some support, but the export profit weakened. The supply - demand contradiction of ferrosilicon has been alleviated, and the production cut expectation has been priced in. The future demand improvement expectation is insufficient, and prices lack upward momentum. Pay attention to the policy changes and raw material prices. It is expected that the price will fluctuate, with the range of 5700 - 6000 [8] Ferromanganese - Yesterday, ferromanganese fluctuated. The supply side had a slight increase in production last week, and there is still room for short - term production growth. In terms of demand, pig iron output increased slightly, and steelmaking demand was stable. Steel mills had a strong price - pressing sentiment in tenders. In terms of inventory, the steel mill inventory remained high. The manganese ore price was stable, and some mines' January outer - market quotes increased. Ferromanganese is in a state of slight over - supply but generally balanced. Manganese ore supports the price. It is expected that the price will fluctuate, with the key being the production cut amplitude and the end - of - year raw material replenishment by steel mills. Consider range - bound operations, with the range of 5500 - 5800 [8] Summary by Section Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices generally declined. For example, rebar spot prices in East, North, and South China decreased by 10 yuan/ton, and hot - rolled coil spot prices in East and North China decreased by 20 and 10 yuan/ton respectively [1] Cost and Profit - The billet price remained unchanged at 2930 yuan/ton, and the slab price at 3730 yuan/ton. The profit of hot - rolled coil and rebar in different regions had different changes, with most showing an increase of 3 yuan [1] Production - The daily average pig iron output remained at 226.5 tons. The output of five major steel products increased by 18.4 tons to 815.2 tons, with rebar output increasing by 3.8 tons to 188.2 tons and hot - rolled coil output increasing by 11.0 tons to 304.5 tons [1] Inventory - The inventory of five major steel products decreased by 25.8 tons to 1232.2 tons, rebar inventory decreased by 12.2 tons to 422.0 tons, and hot - rolled coil inventory decreased by 6.3 tons to 371.0 tons [1] Demand - The building materials trading volume decreased by 0.4 to 8.7, a decline of 4.6%. The apparent demand for five major steel products increased by 7.4 tons to 841.0 tons, the rebar apparent demand decreased by 2.2 tons to 202.7 tons, and the hot - rolled coil apparent demand increased by 3.7 tons to 310.8 tons [1] Iron Ore Prices and Spreads - The warehouse receipt costs of different iron ore powders mostly increased, and the basis of the 05 - contract for different powders had different changes, with some increasing and some decreasing. The 5 - 9 spread increased by 1.0 to 22.0, and the 1 - 5 spread increased by 2.0 to 17.5 [3] Supply - The 45 - port arrival volume increased by 155.0 tons to 2756.4 tons, the global shipment volume decreased by 463.4 tons to 3213.7 tons, and the national monthly import volume decreased by 74.7 tons to 11054.0 tons [3] Demand - The 247 - steel mill daily average pig iron output remained at 226.6 tons, the 45 - port daily average dispatching volume increased by 1.6 tons to 315.1 tons, the national monthly pig iron output decreased by 320.6 tons to 6234.3 tons, and the national monthly crude steel output decreased by 212.6 tons to 6987.1 tons [3] Inventory - The 45 - port inventory increased by 41.8 tons to 15970.89 tons, the 247 - steel mill imported ore inventory increased by 136.2 tons to 8860.2 tons, and the inventory available days of 64 steel mills decreased by 2.0 to 19.0 days [3] Coke Prices and Spreads - The prices of Shanxi and Rizhao port quasi - first - grade wet - quenched coke remained unchanged. The coke 01 and 05 contracts decreased by 56 and 45 respectively, with a decline of 3.7% and 2.6% respectively [7] Supply - The daily average output of full - sample coking plants and 247 - steel mill coking remained unchanged at 62.7 and 46.8 tons respectively [7] Demand - The 247 - steel mill pig iron output remained at 226.6 tons [7] Inventory - The total coke inventory increased by 3.0 tons to 915.7 tons, with the full - sample coking plant inventory decreasing by 0.6 tons to 91.6 tons, the 247 - steel mill inventory increasing by 1.8 tons to 644.0 tons, and the port inventory increasing by 1.9 tons to 180.1 tons [7] Coking Coal Prices and Spreads - The price of Shanxi medium - sulfur main coking coal remained unchanged, and the Mongolian No. 5 raw coal price decreased by 16, a decline of 1.4%. The coking coal 01 and 05 contracts decreased by 16 and 35 respectively, with a decline of 1.5% and 3.14% respectively [7] Supply - The raw coal output decreased by 2.7 tons to 853.4 tons, and the clean coal output decreased by 0.6 tons to 438.2 tons [7] Demand - The steel mill loss and overhaul decreased, pig iron output was stable with a slight increase, coking profit declined, and production decreased slightly [7] Inventory - The Fenwei coal mine clean coal inventory increased by 13.6 tons to 148.5 tons, the full - sample coking plant coking coal inventory increased by 12.8 tons to 1052.5 tons, and the 247 - steel mill coking coal inventory decreased by 4.5 tons to 802.3 tons [7] Ferrosilicon Prices and Spreads - The main ferrosilicon contract decreased by 48 to 5624, a decline of 0.8%. The spot prices of ferrosilicon in different regions mostly decreased [8] Cost and Profit - The production cost of ferrosilicon in Inner Mongolia increased slightly by 0.1, and the production profit decreased by 6.7 [8] Supply - The ferrosilicon production increased by 0.0 tons to 9.9 tons, and the production enterprise's operating rate remained at 29.5% [8] Demand - The 247 - steel mill daily average pig iron output increased by 0.8 tons to 227.4 tons, and the ferrosilicon demand increased slightly [8] Inventory - The inventory of 60 sample ferrosilicon enterprises increased by 0.1 tons to 6.4 tons [8] Ferromanganese Prices and Spreads - The main ferromanganese contract decreased by 46 to 5874, a decline of 0.8%. The spot prices of ferromanganese in different regions had different changes [8] Cost and Profit - The manganese ore price remained stable, and some mines' January outer - market quotes increased [8] Supply - The ferromanganese production increased slightly last week, and the operating rate increased by 0.1% to 36.9% [8] Demand - The 247 - steel mill daily average pig iron output increased by 0.8 tons to 227.4 tons, and the ferromanganese demand increased slightly [8] Inventory - The inventory of 63 sample ferromanganese enterprises increased by 0.8 tons to 39.4 tons [8]

1. Report Industry Investment Ratings - No information regarding industry investment ratings is provided in the reports [1][3][4] 2. Core Views Steel Industry - Steel prices are expected to continue range - bound oscillations. The current decline in steel apparent demand restrains the upward price drive, but steel mill production cuts and inventory reduction provide bottom - end support. It is recommended to wait and see for now [1] Iron Ore Industry - The iron ore market is gradually weakening, with the iron ore valuation under pressure. The strategy is to go long on the Iron Ore 2605 contract when the price is low and recommend the 1 - 5 positive spread arbitrage [3] Coke and Coking Coal Industries - Both the coke and coking coal futures markets have shown over - decline. The short - term strategy is to bet on a rebound and go long on the Coke 2605 and Coking Coal 2605 contracts when the price is low [4] 3. Summary by Directory Steel Industry Steel Prices and Spreads - Steel prices generally increased. For example, the spot price of rebar in East China rose from 3280 yuan/ton to 3300 yuan/ton, and the 05 contract of rebar increased from 3084 yuan/ton to 3125 yuan/ton. The basis of steel weakened [1] Cost and Profit - The cost of steel production increased, such as the cost of Jiangsu electric - arc furnace rebar rising by 5 yuan/ton. The profit of hot - rolled coils decreased, with the profit in East China dropping from - 24 yuan/ton to - 35 yuan/ton [1] Production - The daily average pig iron output slightly increased by 0.1%, while the output of five major steel products decreased by 1.0%. The rebar output increased by 1.6%, and the hot - rolled coil output decreased by 5.4% [1] Inventory - The inventory of five major steel products decreased by 2.8%, the rebar inventory decreased by 5.6%, and the hot - rolled coil inventory decreased by 1.6% [1] Transaction and Demand - The building materials trading volume increased by 2.8%, the apparent demand for five major steel products decreased by 0.5%, the apparent demand for rebar increased by 2.7%, and the apparent demand for hot - rolled coils decreased by 4.4% [1] Iron Ore Industry Iron Ore - related Prices and Spreads - The warehouse receipt costs of various iron ore types increased, such as the warehouse receipt cost of PB powder rising from 834.8 yuan/ton to 842.5 yuan/ton. The 01 contract basis of most iron ore types decreased [3] Supply - The global iron ore shipping volume increased by 6.6% week - on - week, and the arrival volume at 45 ports increased by 9.8%. However, the national monthly import volume decreased by 4.3% [3] Demand - The daily average pig iron output of 247 steel mills decreased by 1.2%, the daily average port clearance volume at 45 ports decreased by 2.4%, and the national monthly pig iron and crude steel output decreased by 4.9% and 3.0% respectively [3] Inventory Changes - The inventory at 45 ports decreased by 0.3%, the imported iron ore inventory of 247 steel mills decreased by 1.7%, and the available inventory days of 64 steel mills increased by 5.0% [3] Coke and Coking Coal Industries Coke - Coke futures showed a strong rebound during the day and oscillated at night. The second round of price cuts for coke was implemented on December 12, and there is still an expectation of further cuts in the short term. The supply side has a delayed adjustment in coke prices compared to coking coal, and the demand side is affected by steel mill losses and reduced pig iron output [4] Coking Coal - Coking coal futures had a strong rebound during the day and oscillated at night. The spot auction prices of coking coal became mixed, and the supply side faced issues such as poor coal mine shipments and a slight decrease in daily output. The demand side was affected by steel mill losses and reduced pig iron output [4]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Steel Industry - The steel market shows mixed trends. The daily average hot metal output increased, but the production of five major steel products decreased. The supply - demand of rebar is relatively balanced after production and inventory reduction, while the supply - demand of hot - rolled coils is basically balanced with high - level inventory. There is a negative feedback basis in the iron element chain, and it is not recommended to go long. The spread between hot - rolled coils and rebar will continue to converge. It is advisable to close the long - coking coal and short - hot - rolled coil arbitrage. A short - side attempt can be made on a single - side basis [2]. Iron Ore Industry - The iron ore futures continued to rebound. The global shipment volume increased this week, and the port arrival volume decreased, but the subsequent average arrival volume is expected to rise. The demand side shows a weakening trend. The port inventory is accumulating, but the inventory of deliverable products is low. It is expected that the iron ore will show a high - level oscillating trend, and a wait - and - see attitude is recommended for single - side trading [4]. Coke and Coking Coal Industry - The coke and coking coal markets are also complex. The coking coal futures showed a low - level oscillating trend and a sharp decline at night. The coke futures followed the coking coal to fall at night. The spot prices of coking coal and coke are still at a high level this year, but the futures are under pressure. It is recommended to take a bearish view on single - side trading with a wait - and - see approach [8]. 3. Summary by Related Catalogs Steel Industry Prices and Spreads - Rebar and hot - rolled coil spot and futures prices generally rose. For example, the spot price of rebar in East China increased from 3190 yuan/ton to 3220 yuan/ton, and the 05 - contract price of rebar increased from 3105 yuan/ton to 3147 yuan/ton. Meanwhile, the profit of hot - rolled coils in different regions decreased, with the East China hot - rolled coil profit dropping from - 68 to - 94 yuan/ton [2]. Production - The daily average hot metal output increased by 2.6 to 236.8, a 1.1% rise. The production of five major steel products decreased by 22.4 to 834.4, a 2.6% decline. The rebar production decreased by 8.2 to 200.0, a 4.1% decline, and the hot - rolled coil production decreased by 4.5 to 313.7, a 1.4% decline [2]. Inventory - The inventory of five major steel products decreased by 26.2 to 1477.4, a 1.7% decline. The rebar inventory decreased by 16.4 to 576.2, a 2.8% decline, while the hot - rolled coil inventory remained basically unchanged [2]. Demand - The building materials trading volume increased by 3.0 to 13.4, a 28.4% rise. The apparent demand of five major steel products decreased by 6.3 to 860.6, a 0.7% decline. The apparent demand of rebar decreased by 2.2 to 216.4, a 1.0% decline, and the apparent demand of hot - rolled coils decreased by 0.7 to 313.6, a 0.2% decline [2]. Iron Ore Industry Prices and Spreads - The spot prices of some iron ore varieties in Rizhao Port increased, such as the price of Carajás fines increasing from 882.0 yuan/ton to 892.0 yuan/ton. The basis of some varieties changed, and the spreads between different contracts also showed different trends, like the 1 - 5 spread increasing from 27.0 to 29.0 [4]. Supply - The 45 - port weekly arrival volume decreased by 472.3 to 2268.9, a 17.2% decline, while the global weekly shipment volume increased by 447.4 to 3516.4, a 14.6% rise. The monthly national import volume increased by 1111.6 to 11632.6, a 10.6% rise [4]. Demand - The daily average hot metal output of 247 steel mills increased by 2.7 to 236.9, a 1.1% rise. The daily average port ore - clearing volume increased by 6.0 to 327.0, a 1.9% rise. The monthly national pig iron output decreased by 49.6 to 6555.0, a 0.8% decline, and the monthly national crude steel output decreased by 149.0 to 7200.0, a 2.0% decline [4]. Inventory - The 45 - port inventory increased slightly by 1.5 to 15129.71, and the imported ore inventory of 247 steel mills increased by 66.1 to 9076.0, a 0.7% rise [4]. Coke and Coking Coal Industry Prices and Spreads - The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) increased by 51 to 1713, a 3.1% rise, while the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) decreased by 11 to 1689, a 0.6% decline. The price of coking coal in some regions remained stable [8]. Supply - The daily average output of all - sample coking plants decreased by 0.6 to 63.0, a 0.9% decline, and the daily average output of 247 steel mills increased slightly by 0.1 to 46.2, a 0.2% rise. The production of raw coal and clean coal in coal mines increased [8]. Demand - The hot metal output of 247 steel mills increased, which is the demand for coke. The demand for coking coal is related to the production of coke [8]. Inventory - The total coke inventory decreased slightly, and the coking coal inventory showed different trends in different sectors, with some increasing and some decreasing [8].

1. Report Industry Investment Rating - No information provided in the content. 2. Report's Core Viewpoints - For the steel industry, given the high steel inventories and winter storage pressure, the iron - water production of steel mills in the January contract is likely to decline. The iron element supply on the January contract is becoming looser, and it is expected to be weaker than the carbon element. It is recommended to hold the long - coking coal and short - hot - rolled coil arbitrage strategy, and pay attention to the support levels of 3000 and 3200 for rebar and hot - rolled coil respectively [2]. - For the iron ore industry, due to weakening steel prices and declining steel mill profits, the demand side will force iron ore to operate weakly. With the supply being relatively loose, it is advisable to short iron ore futures at high prices and consider the long - coking coal and short - iron ore arbitrage [5]. - For the coking coal and coke industries, the overall coal - coke market is in a tight pattern. It is recommended to go long on coking coal 2601 in the range of 1250 - 1350 and long on coke 2601 in the range of 1700 - 1850, and adopt the long - coking coal and short - coke arbitrage strategy while guarding against the negative feedback risk from falling steel prices [8]. 3. Summary by Related Catalogs Steel Industry Prices and Spreads - Rebar: Spot prices in East, North, and South China remained unchanged. Futures prices of 05, 10, and 01 contracts increased. The basis varied by region and contract [2]. - Hot - rolled coil: Spot prices in East China rose by 10 yuan/ton, while those in North and South China remained stable. Futures prices of 05, 10, and 01 contracts increased [2]. Cost and Profit - Steel billet and slab prices remained unchanged. The costs of Jiangsu electric - arc furnace and converter rebar decreased. The profits of hot - rolled coil and rebar in different regions declined [2]. Production and Inventory - The daily average pig iron output decreased by 2.1 to 234.2, a 0.9% decline. The output of five major steel products decreased by 18.5 to 856.7, a 2.1% decline. The inventory of five major steel products decreased by 10.2 to 1503.6, a 0.7% decline [2]. Demand - The building materials trading volume increased by 2.1 to 10.8, a 23.8% increase. The apparent demand of five major steel products decreased by 49.5 to 866.9, a 5.4% decline [2]. Iron Ore Industry Prices and Spreads - The warehouse - receipt costs of various iron ore types decreased. The basis of the 01 contract for some types changed, and the 5 - 9, 9 - 1, and 1 - 5 spreads also changed [5]. Supply - The 45 - port arrival volume decreased by 477.2 to 2741.2, a 14.8% decline. The global shipment volume decreased by 144.8 to 3069.0, a 4.5% decline [5]. Demand - The daily average pig iron output of 247 steel mills decreased by 2.1 to 234.2, a 0.9% decline. The national monthly pig iron and crude steel output decreased [5]. Inventory - The 45 - port inventory increased by 184.8 to 14898.83, a 1.3% increase. The imported ore inventory of 247 steel mills increased by 160.1 to 66006, a 1.8% increase [5]. Coking Coal and Coke Industries Prices and Spreads - For coking coal, the 01 and 05 contract prices decreased, and the basis and spreads changed. For coke, the 01 and 05 contract prices also decreased [8]. Supply - The coking coal production of Fenwei sample mines and the daily average output of the full - sample coking plants decreased. The coke production of 247 steel mills decreased [8]. Demand - The iron - water production of 247 steel mills decreased by 2.1 to 234.2, a 0.9% decline [8]. Inventory - The coking coal inventory of various entities changed, with some going into de - stocking and some increasing. The coke inventory also had different trends among different entities [8].

Group 1: Steel Industry Industry Investment Rating No investment rating information is provided in the steel industry report. Core Viewpoints - After the holiday, the apparent demand for steel has recovered, but there was significant inventory accumulation in the plate market. Steel mills need to cut production to ease inventory pressure, and the price decline has already factored in the expected supply surplus. The carbon element cost on the cost side is supported, while the iron element cost may decline due to the expected drop in molten iron. Steel prices have fallen significantly, compressing steel mill profits. It is recommended to wait and see on single - side trades. The January contracts for rebar and hot - rolled coils are expected to stabilize around 3000 and 3200 yuan respectively and enter a sideways consolidation trend. Given the expected reduction in coal mine production and the strengthening of thermal coal, the carbon element is stronger than the iron element. A long - carbon and short - iron arbitrage can be considered, such as a long - coking coal and short - hot - rolled coil operation. The spread between hot - rolled coils and rebar is expected to continue to narrow [1]. Summary by Directory - **Steel Prices and Spreads**: Rebar and hot - rolled coil prices showed mixed trends in different regions and contracts. For example, the spot price of rebar in East China increased by 10 yuan/ton to 3200 yuan/ton, while the 01 contract price decreased by 12 yuan/ton to 3037 yuan/ton. The spot price of hot - rolled coils in East China decreased by 10 yuan/ton to 3270 yuan/ton, and the 01 contract price decreased by 15 yuan/ton to 3204 yuan/ton [1]. - **Cost and Profit**: The billet price remained unchanged at 2920 yuan, and the slab price was stable at 3730 yuan. The cost of Jiangsu electric - arc furnace rebar decreased by 7 yuan to 3300 yuan, while the cost of Jiangsu converter rebar increased by 13 yuan to 3153 yuan. Profits in different regions and for different products showed varying degrees of decline [1]. - **Production and Inventory**: The daily average molten iron output decreased by 0.6 to 240.9, a decline of 0.3%. The output of five major steel products decreased by 6.4 to 857.0, a decline of 0.7%. The inventory of five major steel products decreased by 18.5 to 1582.3, a decline of 1.2%. The rebar inventory decreased by 18.6 to 641.1, a decline of 2.8%, while the hot - rolled coil inventory increased by 6.3 to 419.2, an increase of 1.5% [1]. - **Transaction and Demand**: The building materials trading volume decreased by 0.7 to 9.5, a decline of 6.7%. The apparent demand for five major steel products increased by 124.0 to 875.4, an increase of 16.5%. The apparent demand for rebar increased by 66.6 to 219.8, an increase of 43.5%, and the apparent demand for hot - rolled coils increased by 20.5 to 315.6, an increase of 7.0% [1]. Group 2: Iron Ore Industry Industry Investment Rating No investment rating information is provided in the iron ore industry report. Core Viewpoints - Last week, iron ore futures continued to decline in a sideways trend. On the supply side, the global iron ore shipment volume decreased, and the arrival volume at 45 ports increased. On the demand side, the steel mill profit margin declined slightly, the molten iron output decreased from a high level, and the steel mill replenishment demand weakened. In the future, due to the weak operation of steel prices, the steel mill profitability will continue to decline, and the weak demand will force iron ore to operate weakly. The iron ore market is shifting from a state of slightly tight balance to oversupply. It is recommended to wait and see on single - side trades, with a reference range of 730 - 800. An arbitrage strategy of long - coking coal and short - iron ore is recommended, and it is advisable to buy out - of - the - money put options on the 2601 iron ore contract at high prices [4]. Summary by Directory - **Prices and Spreads**: The warehouse receipt costs of some iron ore varieties decreased slightly, while the 01 - contract basis of some varieties increased. The 5 - 9 spread increased by 0.5 to 21.5, an increase of 2.4%, and the 1 - 5 spread decreased by 0.5 to 21.0, a decrease of 2.3% [4]. - **Supply and Demand**: The weekly arrival volume at 45 ports increased by 437.1 to 3045.8, an increase of 16.8%, and the global weekly shipment volume decreased by 71.5 to 3207.5, a decrease of 2.2%. The weekly average molten iron output of 247 steel mills decreased by 0.6 to 241.0, a decrease of 0.2%, and the weekly average port clearance volume at 45 ports decreased by 20.7 to 315.7, a decrease of 6.1% [4]. - **Inventory**: The 45 - port inventory increased by 192.1 to 14278.27, an increase of 1.4%, and the imported iron ore inventory of 247 steel mills decreased by 63.5 to 8982.7, a decrease of 0.7% [4]. Group 3: Coking Coal and Coke Industry Industry Investment Rating No investment rating information is provided in the coking coal and coke industry report. Core Viewpoints - **Coke**: Last week, coke futures showed a sideways upward trend. The spot market had a second - round price increase proposed by mainstream coking enterprises. On the supply side, coking production decreased due to losses. On the demand side, the molten iron output of steel mills decreased from a high level, steel prices weakened, and steel mill profits declined. In the inventory aspect, coking plants and steel mills reduced inventory, while ports accumulated inventory. Recently, production cuts at Mongolian coal mines, rising prices in Shanxi auctions, and the impact of mine accidents have led to concerns about supply, causing coal - coke prices to rebound from the bottom. Speculative investors are advised to go long on the 2601 coke contract at low prices, with a reference range of 1650 - 1800, and an arbitrage strategy of long - coking coal and short - coke can be considered [6]. - **Coking Coal**: Last week, coking coal futures also showed a sideways upward trend. The spot price in Shanxi recovered, and the prices of some coal types rebounded significantly. After the holiday, the domestic coking coal market began to rebound after a slight decline. On the supply side, although main - producing area coal mines resumed production after the holiday, recent mine accidents have led to expectations of supply reduction. On the demand side, the molten iron output decreased slightly, and coking plant operations decreased slightly but remained at a relatively high level. In the inventory aspect, coal mines, coal - washing plants, coking plants, and steel mills accumulated inventory, while ports and border crossings reduced inventory. It is recommended to go long on the 2601 coking coal contract at low prices in the short term, with a reference range of 1150 - 1300, and an arbitrage strategy of long - coking coal and short - coke can be considered [6]. Summary by Directory - **Prices and Spreads**: For coke, the price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged at 1561 yuan, and the 01 - contract price increased by 4 yuan to 1676 yuan. For coking coal, the price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged at 1300 yuan, and the 01 - contract price decreased by 7 yuan to 1179 yuan [6]. - **Supply**: The daily average output of all - sample coking plants decreased by 0.8 to 65.3, a decrease of 1.3%, and the daily average output of 247 steel mills decreased by 0.6 to 241.0, a decrease of 0.2%. The weekly output of Fenwei sample coal mines increased, with the raw coal output increasing by 18.2 to 854.9, an increase of 2.2%, and the clean coal output increasing by 11.8 to 438.2, an increase of 2.8% [6]. - **Demand**: The molten iron output of 247 steel mills decreased by 0.6 to 241.0, a decrease of 0.2%. The daily average output of all - sample coking plants decreased by 0.8 to 65.3, a decrease of 1.3%, and the daily average output of 247 steel mills decreased by 0.6 to 241.0, a decrease of 0.2% [6]. - **Inventory**: The total coke inventory decreased by 17.9 to 891.9, a decrease of 2.0%. The coking coal inventory of Fenwei coal mines decreased, while the coking coal inventory of all - sample coking plants, 247 steel mills, and the available days increased to varying degrees [6].