投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 钢材&铁矿石 | 日报 2026 年 2 月 4 日 钢材&铁矿石日报 专业研究·创造价值 黑色情绪回暖，钢矿震荡企稳 核心观点 螺纹钢：主力期价震荡走高，录得 0.13%日涨幅，量仓收缩。现阶段， 螺纹钢供应压力有所增加，而需求表现偏弱，基本面延续季节性弱势， 淡季钢价承压运行，相对利好的是成本支撑，预计走势延续低位震荡运 行，关注库存变化情况。 热轧卷板：主力期价震荡走高，录得 0.18%日涨幅，量缩仓增。目前来 看，热卷供需两端均维持高位，基本面弱势运行，相对利好则是成本支 撑，预计热卷价格延续震荡运行，且需谨防需求走弱引发产业矛盾易激 化，关注需求表现情况。 铁矿石：主力期价震荡运行，录得 0.32%日跌幅，量仓收缩。现阶 段，海外供应企稳，且库存高企，矿石供应压力偏大，相应的矿石需 求偏弱运行，矿市基本面表现不佳，预计矿价继续承压，偏弱震荡运 行，关注钢厂补库情况。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The steel market is expected to maintain a volatile trend before the Spring Festival, following macro - sentiment. Factors such as coal production, iron ore supply, and steel demand influence the market [5]. - The total inventory of steel products is accumulating, with the inventory of rebar accelerating and the inventory of hot - rolled coils still decreasing overall. The demand for rebar is decreasing, while the demand for hot - rolled coils, although slightly declining, is still better than the same period last year [5]. - The cost of steel has support due to coal production, imports, and the shortage of pb powder, but the resumption of hot metal production restricts the upward space of steel prices [5]. Group 3: Summary by Directory Market Information - Spot prices: Shanghai Zhongtian rebar is 3230 yuan (-20), Beijing Jingye rebar is 3140 yuan (-), Shanghai Angang hot - rolled coil is 3280 yuan (-10), and Tianjin Hegang hot - rolled coil is 3170 yuan (+ - 0) [4]. Market Judgement - **Transaction Strategy** - The unilateral trend of steel is expected to be volatile [6]. - For arbitrage, it is recommended to short the hot - rolled coil to coking coal ratio at high prices and continue to hold the short position of the hot - rolled coil to rebar spread [6]. - For options, it is recommended to wait and see [7]. - **Important Information** - In 2025, the total profit of industrial enterprises above designated size in China was 73982.0 billion yuan, a year - on - year increase of 0.6% [8]. - Five steel mills have announced maintenance plans, with an estimated total impact on production of about 45.5 tons [9][10]. Relevant Attachments - Multiple figures are provided, including the basis of rebar and hot - rolled coil contracts (01, 05, 10), the spread between different contracts (01 - 05, 05 - 10, 10 - 01), the spread between hot - rolled coil and rebar, the disk profit of rebar and hot - rolled coil contracts, the cash profit of different steel products in different regions, and the cost of electric furnaces [15][17][20] etc.

Group 1: Report Core View - The prices of both rebar and hot-rolled coil futures and spot have declined, affected by sudden events and raw materials [2][3] - The trend strength of both rebar and hot-rolled coil is neutral [4][5] Group 2: Futures and Spot Data Futures - RB2605 closed at 3,140 yuan/ton, down 33 yuan (-1.04%), with a trading volume of 1,056,242 lots and a position of 1,727,955 lots, a decrease of 27,384 lots [2] - HC2605 closed at 3,299 yuan/ton, down 25 yuan (-0.75%), with a trading volume of 486,769 lots and a position of 1,502,009 lots, a decrease of 12,645 lots [2] Spot - Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou decreased by 10 - 20 yuan/ton [2] - Hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou decreased by 10 - 20 yuan/ton [2] - Tangshan billet price decreased by 10 yuan/ton to 2,960 yuan/ton [2] Basis and Spread - The basis of RB2605 increased by 7 yuan to 137 yuan [2] - The basis of HC2605 increased by 12 yuan to -15 yuan [2] - RB2601 - RB2605 spread decreased by 4 yuan to 75 yuan [2] - HC2601 - HC2605 spread decreased by 9 yuan to -45 yuan [2] - HC2601 - RB2601 spread increased by 20 yuan to 129 yuan [2] - HC2605 - RB2605 spread increased by 7 yuan to 159 yuan [2] - Spot coil - rebar spread decreased by 10 yuan to -109 yuan [2] Group 3: Macro and Industry News - On January 19th, an explosion occurred in a 650m³ saturated water and steam spherical tank in the steel - making department of Baotou Plate Factory, which will affect the production of the plate factory and surrounding production lines [2] - January 15th steel union weekly data: rebar production decreased by 0.74 tons, hot - rolled coil production increased by 2.85 tons, and the total production of five major varieties increased by 0.62 tons [3] - Total inventory: rebar decreased by 0.04 tons, hot - rolled coil decreased by 5.8 tons, and the total of five major varieties decreased by 6.91 tons [4] - Apparent demand: rebar increased by 14.44 tons, hot - rolled coil increased by 5.55 tons, and the total increased by 27.5 tons [4] - In December 2025, China imported 51.7 million tons of steel, a month - on - month increase of 2.1 million tons (4.2%); the average price was 1,810.3 US dollars/ton, a month - on - month increase of 179.0 US dollars/ton (11.0%). From January to December, the cumulative imported steel was 605.9 million tons, a year - on - year decrease of 75.6 million tons (11.1%) [4] - In late December 2025, key steel enterprises produced 1,807 million tons of crude steel, with an average daily output of 164.3 million tons, a daily output decrease of 11.0% month - on - month; 1,837 million tons of pig iron, with an average daily output of 167.0 million tons, a daily output decrease of 0.6% month - on - month; 2,081 million tons of steel, with an average daily output of 189.2 million tons, a daily output increase of 4.9% month - on - month [4] - In late December 2025, the social inventory of five major varieties of steel in 21 cities was 721 million tons, a month - on - month decrease of 27 million tons (3.6%); a decrease of 112 million tons (13.4%) compared with late November; an increase of 62 million tons (9.4%) compared with the same period last year [4] - In late December 2025, the steel inventory of key steel enterprises was 1,414 million tons, a decrease of 187 million tons (11.7%) compared with the previous ten - day period; an increase of 177 million tons (14.3%) compared with the beginning of the year; a decrease of 14 million tons (1.0%) compared with the same ten - day period of the previous month; an increase of 177 million tons (14.3%) compared with the same period last year; an increase of 178 million tons (14.4%) compared with the same period the year before last [4] - The Ministry of Commerce and the General Administration of Customs will implement export license management for some steel products [4] - In October 2025, China imported 50.3 million tons of steel, a month - on - month decrease of 4.5 million tons (8.2%); the average price was 1,593.0 US dollars/ton, a month - on - month decrease of 31.1 US dollars/ton (1.9%). From January to October, the cumulative imported steel was 504.1 million tons, a year - on - year decrease of 68.0 million tons (11.9%) [4]

Report Industry Investment Ratings - Thread steel: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Hot-rolled coil: ☆☆☆, suggesting that the short-term long/short trend is in a relatively balanced state, and the current market is not very operable, so it's advisable to wait and see [1] - Iron ore: ★☆☆, meaning it is bullish, with a driving force for an upward trend, but the market is not very operable [1] - Coke: ★★★, showing a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Coking coal: ☆☆☆, indicating that the short-term long/short trend is in a relatively balanced state, and the current market is not very operable, so it's advisable to wait and see [1] - Silicon manganese: ★☆☆, suggesting it is bullish, with a driving force for an upward trend, but the market is not very operable [1] - Silicon iron: ★☆★, the specific meaning is not clearly defined in the given content [1] Report's Core View - The overall market sentiment is cautious, and the supply-demand contradictions in various sectors are not significant. Different products are expected to have different trends, mainly including interval oscillations, weak oscillations, etc., and it is necessary to pay attention to market trends, policy expectations, and cost support [2][3][4] Summary by Related Catalogs Steel - Today's market rose first and then fell. This week, the apparent demand for thread steel increased slightly, production decreased slightly, and the inventory accumulation rhythm slowed down. The demand for hot-rolled coil improved, production increased slightly, and inventory continued to decline, but the pressure still needs to be relieved. Steel mill profits have marginally recovered, but due to insufficient downstream carrying capacity, blast furnace复产 has slowed down, and molten iron production has declined. From the perspective of downstream industries, the decline in real estate investment has continued to widen, and the growth rates of infrastructure and manufacturing investment have continued to decline. Overall domestic demand remains weak, while steel exports reached a new high in December. The supply-demand contradiction is not significant, and the market sentiment is cautious. The market is expected to oscillate within an interval in the short term [2] Iron Ore - Today's market oscillated weakly. On the supply side, global shipments have seasonally declined month-on-month, and the phased supply peak has passed. The domestic arrival volume remains high in the short term, and port inventory continues to show an accumulation trend. The structural contradiction still exists but is expected to ease. On the demand side, the terminal demand in the off-season has improved month-on-month. This week, molten iron production stopped increasing and started to decline, and it is expected to oscillate at a low level in the short term. Steel mills' imported ore inventory has increased but is still at a low level, and the expectation of winter storage replenishment demand still exists. The sentiment in the commodity market is fluctuating, and the fundamental situation of iron ore itself is relatively loose. It is expected to oscillate in the short term, and attention should be paid to the risk of intensified high-level fluctuations [3] Coke - The price oscillated downward during the day. The first round of price increase for coke has been proposed and is expected to be implemented next week. Coking profits are average, daily production has slightly decreased, and coke inventory has slightly increased. The purchasing intention of traders has improved. Overall, the supply of carbon elements is abundant, and downstream molten iron production remains at an off-season level. It is necessary to observe whether winter storage will continue. The profit level of steel is average, and the sentiment of suppressing raw material prices is still strong. The coke market is at a premium, and the market has certain expectations for coal-related policies. However, under the influence of the increase in total coking coal inventory and high Mongolian coal customs clearance data, coke is likely to follow a weak oscillation trend [4] Coking Coal - The price oscillated downward during the day. Yesterday, the customs clearance volume of Mongolian coal was 1,440 trucks. The production of coking coal mines has increased significantly, and the spot auction transactions have improved. Driven by the increase in the market price, the transaction price has also increased, and the terminal inventory has increased significantly. The total coking coal inventory has slightly increased, and the production-side inventory has slightly decreased, reflecting the market's winter storage actions. Overall, the supply of carbon elements is abundant, and downstream molten iron production remains at an off-season level. It is necessary to observe whether winter storage will continue. The profit level of steel is average, and the sentiment of suppressing raw material prices is still strong. The coking coal market is at a premium to Mongolian coal, and the market has certain expectations for coal-related policies. However, under the influence of the increase in total inventory and high Mongolian coal customs clearance data, the price is likely to oscillate weakly [6] Silicon Manganese - The price oscillated downward during the day. Driven by the rebound in the market, the spot price of manganese ore has increased. Currently, there are structural problems in the manganese ore port inventory, and the balance is relatively fragile. The silicon manganese smelting end pursues the most cost-effective option and changes the manganese ore formula for the furnace. If the reduction of oxidized ore is large, the demand for cheaper semi-carbonate ore is likely to increase. The spot transaction prices of manganese ore have all increased last week. On the demand side, molten iron production has decreased seasonally. The weekly production of silicon manganese has slightly decreased, and the silicon manganese inventory has slightly decreased. Attention should be paid to the impact of "anti-involution" and observe the cost support strength [7] Silicon Iron - The price oscillated downward during the day. Affected by relevant policy documents, the price is relatively strong. The market's expectation of coal supply guarantee has increased, and there are certain expectations for a decline in electricity costs and blue carbon prices. On the demand side, molten iron production has rebounded to a high-level range. The export demand has decreased to over 20,000 tons, and the marginal impact is not significant. The production of magnesium metal has increased month-on-month, and the secondary demand has marginally increased. Overall, the demand still has resilience. The supply of silicon iron has decreased significantly, and the inventory has slightly decreased. Attention should be paid to the impact of "anti-involution" and observe the cost support strength [8]

Group 1: Market Information - Shanghai Zhongtian rebar price is 3270 yuan (-10), Beijing Jingye rebar price is 3170 yuan (-), Shanghai Angang hot-rolled coil price is 3290 yuan (+10), Tianjin Hegang hot-rolled coil price is 3190 yuan (-) [4] Group 2: Market Analysis - The steel futures market maintained a volatile trend today, with a slight increase in the morning and a correction in the afternoon. The volatility further decreased. The overall spot steel trading volume was generally weak, mainly driven by rigid demand at low prices, with less speculative and futures-spot trading [5] - Last week, the output of the five major steel products increased, and the molten iron output continued to rise due to the recovery of profit levels. The total steel inventory started to accumulate, marking an inflection point. However, the hot-rolled coil inventory continued to decline, with inventory shifting from factory warehouses to social warehouses. The rebar inventory accumulated overall [5] - Affected by seasonality, the apparent demand for building materials further weakened, and the funds available to downstream construction sites decreased. The demand for hot-rolled coils slightly declined, but there was a pre-holiday restocking demand in the manufacturing industry. Steel exports in January remained strong [5] - On the raw material side, the coal mine inventory decreased. Driven by market news, the commodity market recently experienced a significant increase, which led to a rise in steel prices. The structural shortage of PB fines has not been resolved, and the first quarter is also the traditional off-season for iron ore shipments. Steel mills have a rigid demand for restocking, providing cost support [5] - The continuous resumption of molten iron production has also limited the further upward space for steel prices. Affected by the increasing overseas macro risks, market sentiment is relatively strong. In the short term, steel prices will maintain a volatile and slightly upward trend, but the upward space is limited. Continued attention should be paid to the impact of macro news on the market. Future attention should also be paid to coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [5] Group 3: Trading Strategies - Unilateral trading: Steel prices will maintain a volatile and slightly upward trend, but the upward space is limited, and the overall trend will follow macro sentiment [6] - Arbitrage trading: It is recommended to short the hot-rolled coil to coking coal ratio at high levels and continue to hold the short position on the hot-rolled coil to rebar spread [6] - Options trading: It is recommended to wait and see [6] Group 4: Important Information - From January 5th to January 11th, the total transaction (signing) area of newly built commercial housing in 10 key cities was 1.1 million square meters, a month-on-month decrease of 53% and a year-on-year decrease of 41.4% [7] - The Ministry of Industry and Information Technology held the 18th symposium for manufacturing enterprises. Representatives from 12 key industries and industry associations participated in the meeting. The meeting emphasized strengthening self-discipline, creating a healthy ecosystem, and contributing to the development of new industrialization and the construction of a manufacturing powerhouse [8][9]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - For both rebar and hot-rolled coil, raw materials are stronger than finished products, and steel mill profits continue to be compressed [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Rebar (RB2605): Yesterday's closing price was 3,165 yuan/ton, up 19 yuan/ton (0.60%); trading volume was 957,432 lots, open interest was 1,726,703 lots, with an increase of 11,840 lots [1] - Hot-rolled coil (HC2605): Yesterday's closing price was 3,311 yuan/ton, up 18 yuan/ton (0.55%); trading volume was 408,729 lots, open interest was 1,427,498 lots, with an increase of 10,408 lots [1] - **Spot Price Data**: - Rebar: Prices in Shanghai, Hangzhou, and Beijing increased by 20 yuan/ton, 10 yuan/ton, and 10 yuan/ton respectively, while the price in Guangzhou remained unchanged [1] - Hot-rolled coil: Prices in Shanghai, Hangzhou, and Guangzhou increased by 20 yuan/ton, 20 yuan/ton, and 10 yuan/ton respectively, while the prices in Tianjin and Tangshan billet remained unchanged [1] - **Basis and Spread Data**: - The basis of RB2605 decreased by 1 yuan/ton, and the basis of HC2605 increased by 3 yuan/ton [1] - The spreads of RB2601 - RB2605, HC2601 - HC2605, HC2601 - RB2601, HC2605 - RB2605, and spot coil - rebar spread changed by 23 yuan/ton, -28 yuan/ton, 1 yuan/ton, -4 yuan/ton, and -1 yuan/ton respectively [1] 3.2 Macro and Industry News - **Steel Union Weekly Data (January 8)**: Rebar production increased by 2.82 million tons, hot-rolled coil production increased by 1 million tons, and the total production of five major varieties increased by 3.41 million tons; rebar inventory increased by 16.08 million tons, hot-rolled coil inventory decreased by 2.83 million tons, and the total inventory of five major varieties increased by 21.77 million tons; rebar apparent demand decreased by 25.48 million tons, hot-rolled coil apparent demand decreased by 2.43 million tons, and the total apparent demand decreased by 44.2 million tons [2] - **December 2025 Data of Key Steel Enterprises**: - Production: Crude steel production was 18.07 million tons, with an average daily output of 1.643 million tons (a 11.0% decrease in daily output compared to the previous period); pig iron production was 18.37 million tons, with an average daily output of 1.67 million tons (a 0.6% decrease in daily output compared to the previous period); steel production was 20.81 million tons, with an average daily output of 1.892 million tons (a 4.9% increase in daily output compared to the previous period) [2][4] - Inventory: The social inventory of five major steel products in 21 cities was 7.21 million tons, a decrease of 270,000 tons (3.6%) compared to the previous period, a decrease of 1.12 million tons (13.4%) compared to late November, and an increase of 620,000 tons (9.4%) compared to the same period last year; the steel inventory of key enterprises was 14.14 million tons, a decrease of 1.87 million tons (11.7%) compared to the previous ten - day period, an increase of 1.77 million tons (14.3%) compared to the beginning of the year, a decrease of 140,000 tons (1.0%) compared to the same ten - day period last month, an increase of 1.77 million tons (14.3%) compared to the same ten - day period last year, and an increase of 1.78 million tons (14.4%) compared to the same ten - day period the year before last [4] - **Policy News**: The Ministry of Commerce and the General Administration of Customs will implement export license management for some steel products [4] - **Import Data**: In October 2025, China imported 503,000 tons of steel, a decrease of 45,000 tons (8.2%) compared to the previous month, with an average price of $1,593.0 per ton, a decrease of $31.1 per ton (1.9%) compared to the previous month; from January to October, the cumulative import of steel was 5.041 million tons, a decrease of 680,000 tons (11.9%) compared to the same period last year [4] 3.3 Trend Intensity - The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral trend. The trend intensity ranges from -2 (most bearish) to 2 (most bullish) [5]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The black metal market is in a state of shock and stability, waiting for new drivers. The steel market shows a pattern of weak supply and demand, with potential iron - water production stabilization in January. The coking coal and coke market is still weak, with increased game for the fourth round of price cuts. The iron ore market has a stable iron - water production and rising port inventory, and the price range is expected to be limited [3][5][68][119] 3. Summary by Relevant Catalogs 3.1 Steel - **Supply**: Iron - water production decline narrows, with a weekly increase of 0.03 to 226.58wt. Scrap steel daily consumption decreases slightly. Steel mill production profits improve slightly in December compared to November. There may be some resumptions of production in January, but the scale will not be large [5] - **Demand**: From an industrial data perspective, the supply - demand structure is weak. From a market perception perspective, speculative demand is light. After January, the apparent demand for hot - rolled coils improves slightly, medium - and cold - rolled plates are stable, and building material demand is weaker than the same period [5] - **Inventory**: The inventory of five major steel products continues to decline, mainly due to the stable decline in steel production. The inventory - to - sales ratio of rebar and wire rod is stable, hot - rolled coils improve, and medium - and cold - rolled plates remain stable. The inventory of plate products is slow to decline [5] - **Basis/Spread**: The basis of hot - rolled coils shrinks, and that of rebar remains the same. As of Friday, the basis of rb2605 in the East China region (Hangzhou) is 122; the basis of hc2605 in the East China region (Shanghai) is - 13, a weekly decrease of 14 [5] - **Profit**: Steel mill profits rise slightly, but the profitability is still low. The profitability rate of steel mills is 37.23%, a weekly increase of 1.3% [5] - **Valuation**: The basis of hot - rolled coils is slightly better than that of rebar, suitable for rolling cash - and - carry arbitrage. The industrial relative valuation is neutral [5] - **Macro and Risk Preference**: Commodities have shown good performance recently. The black metal market has signs of stabilization [5] - **Investment View**: Adopt a wait - and - see strategy. Unilateral trading can follow a shock - based approach. After January, the market capital is expected to be more abundant, and the cash - and - carry arbitrage of hot - rolled coils can be rolled [5] - **Trading Strategy**: Unilateral trading: Use a range - based approach. Arbitrage: Consider widening the spread between hot - rolled coils and rebar when it is below 150. Cash - and - carry: Roll the cash - and - carry arbitrage of hot - rolled coils [5] 3.2 Coking Coal and Coke - **Demand**: The steel market has weak supply and demand, which is unfavorable to furnace materials. However, the weakening trend slows down, and inventory is still being depleted. The profitability rate of steel mills rises, and iron - water production shows signs of stabilization [68] - **Coking Coal Supply**: Some coal mines reduce production after completing their annual plans in mid - December. Mongolian coal customs clearance remains high, and port inventory exceeds 3.8 million tons. Seaborne coal prices continue to rise, and the price gap between domestic and foreign markets widens [68] - **Coke Supply**: Coking production is stable, and profits are around the break - even point. There is still a game for the fourth round of price cuts [68] - **Inventory**: All links of coking coal and coke have inventory accumulation. Downstream procurement is cautious [68] - **Basis/Spread**: The third - round price increase of coke has been implemented, and there is an expectation for the fourth round. The Mongolian coal basis cost is around 1100 [68] - **Profit**: The profitability rate of steel mills is 37.23% (a weekly increase of 1.30%), and coking profit is - 18 (a weekly decrease of 34) [68] - **Summary**: The black metal sector is in shock, and coking coal and coke are still weak. The market is expected to be in shock, and the willingness of funds to participate is weak. Pay attention to the resumption of production of domestic coal mines in January [68] - **Trading Strategy**: Unilateral trading: Wait and see. Arbitrage: Wait and see [68] 3.3 Iron Ore - **Supply**: The shipping volume rebounds by 39.5 tons per day to 5.13 million tons per day. The arrival volume in China rebounds by 18,000 tons per day [119] - **Demand**: Steel mill iron - water production remains stable, and the profitability ratio rises slightly. According to the maintenance plan, iron - water production is expected to be stable, with a demand for increase in January [119] - **Inventory**: The daily average port - clearing volume of 47 ports decreases slightly, but the arrival pressure is large, and port inventory rises by 1.1406 million tons, hitting a new high for the year [119] - **Profit**: Steel mill profits are at a low level [119] - **Valuation**: The short - term valuation is neutral [119] - **Summary**: Iron - water production shows signs of bottoming out and stabilizing. Under the influence of supply and demand, port inventory will continue to rise, and the upward pressure on price is obvious. The price range is expected to be limited [119] - **Investment View**: Neutral [119] - **Trading Strategy**: Unilateral trading: Wait and see. Arbitrage: Wait and see [119]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Terminal demand continues to be weak, with real estate investment declining, and new construction and construction data undergoing significant adjustments. Infrastructure investment also shows a weakening trend on a month - on - month basis. The fundamentals of the industry are average, with minor adjustments in the production and apparent demand of the five major steel products, and inventory continuing to decline. The de - stocking trend of rebar is good, while hot - rolled coils face greater inventory pressure due to adjusted apparent demand. Affected by policies, coal and coke futures have rebounded significantly, driving up the black - metal sector. Steel prices will follow the short - term rebound but remain in a volatile pattern [1][4][5] 3. Summary According to Relevant Catalogs Trading Data | Contract | Closing Price | Change | Change Percentage | Total Trading Volume (lots) | Total Open Interest (lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3125 | 41 | 1.33% | 838111 | 2374085 | Yuan/ton | | SHFE Hot - Rolled Coil | 3277 | 32 | 0.99% | 279994 | 1191178 | Yuan/ton | | DCE Iron Ore | 777.5 | 9.5 | 1.24% | 187722 | 534905 | Yuan/ton | | DCE Coking Coal | 1126.5 | 64.5 | 6.07% | 1379629 | 697473 | Yuan/ton | | DCE Coke | 1603.5 | 73.0 | 4.77% | 23737 | 36859 | Yuan/ton | [2] Market Review - Last week, steel futures oscillated and rebounded. Steel inventory continued to decline, and there was cost support. However, the terminal market remained weak, and there was significant upward pressure. In the spot market, the price of Tangshan billet was 2950 (+10) yuan/ton, Shanghai rebar was quoted at 3300 (+30) yuan/ton, and Shanghai hot - rolled coil was 3270 (+30) yuan/ton [4] - From January to November, the national real estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The floor area under construction of real estate development enterprises was 6.56066 billion square meters, a year - on - year decrease of 9.6%. The newly started floor area was 534.57 million square meters, a decrease of 20.5%. The completed floor area was 394.54 million square meters, a decrease of 18.0%. The sales area of newly built commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8%. Infrastructure investment (excluding electricity, heat, gas, and water production and supply industries) decreased by 1.1% year - on - year. Among them, investment in pipeline transportation increased by 16.8%, investment in water transportation increased by 8.9%, and investment in railway transportation increased by 2.7% [4] - In terms of the industry, last week, rebar production was 1.82 million tons, a month - on - month increase of 30,000 tons; apparent demand was 2.09 million tons, an increase of 60,000 tons; factory inventory was 1.4 million tons, a decrease of 10,000 tons; social inventory was 3.13 million tons, a decrease of 260,000 tons; and total inventory was 4.53 million tons, a decrease of 270,000 tons. Hot - rolled coil production was 2.92 million tons, a decrease of 170,000 tons; factory inventory was 830,000 tons, a decrease of 6,000 tons; social inventory was 3.07 million tons, a decrease of 60,000 tons; total inventory was 3.91 million tons, a decrease of 60,000 tons; and apparent demand was 2.98 million tons, a decrease of 140,000 tons [5] Industry News - Recently, multiple departments such as the National Development and Reform Commission, the Ministry of Finance, the Ministry of Commerce, the People's Bank of China, and the State - owned Assets Supervision and Administration Commission of the State Council have intensively carried out deployments to implement the spirit of the Central Economic Work Conference and list key tasks for 2026. More incremental policies will be introduced according to the situation to boost consumption, stabilize investment, and cultivate new growth drivers. The scale of central budgetary investment will be appropriately increased, and major projects of the 15th Five - Year Plan will be implemented in advance. At the same time, risks in key areas will be actively and steadily resolved, "involution - style" competition will be rectified, and market order will be regulated [6] - The magazine Qiushi published an important article by General Secretary Xi Jinping, "Expanding Domestic Demand is a Strategic Move," emphasizing that expanding domestic demand is related to both economic stability and security and is a long - term strategic measure [6] - On December 17, Ministry of Finance data showed that from January to November, the national general public budget revenue was 2.00516 trillion yuan, a year - on - year increase of 0.8%. Among them, national tax revenue was 1.64814 trillion yuan, a year - on - year increase of 1.8%; non - tax revenue was 357.02 billion yuan, a year - on - year decrease of 3.7%. In terms of central and local levels, central general public budget revenue was 884.64 billion yuan, a year - on - year decrease of 1%; local general public budget revenue at the provincial - level was 1.12052 trillion yuan, a year - on - year increase of 2.2% [6] - The Ministry of Commerce responded to China's re - implementation of export license management for steel, stating that the main purpose is to strengthen the monitoring, statistical analysis of steel product exports, and track product quality. The management complies with WTO rules and does not involve restrictions on export volume or business qualifications of enterprises [6] - From January to November, the national real estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The floor area under construction of real estate development enterprises was 6.56066 billion square meters, a year - on - year decrease of 9.6%. The newly started floor area was 534.57 million square meters, a decrease of 20.5%. The completed floor area was 394.54 million square meters, a decrease of 18.0%. The sales area of newly built commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8% [6] - From January to November 2025, the national fixed - asset investment (excluding rural households) was 4.44035 trillion yuan, a year - on - year decrease of 2.6%. In the secondary industry, industrial investment increased by 4.0% year - on - year. Among them, investment in mining increased by 4.0%, investment in manufacturing increased by 1.9%, and investment in electricity, heat, gas, and water production and supply industries increased by 10.7%. In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply industries) decreased by 1.1% year - on - year. Among them, investment in pipeline transportation increased by 16.8%, investment in water transportation increased by 8.9%, and investment in railway transportation increased by 2.7% [6] Relevant Charts - The report provides multiple charts, including the trend of rebar futures and monthly spreads, the trend of hot - rolled coil futures and monthly spreads, the trend of rebar basis, the trend of hot - rolled coil basis, the regional price difference trend of rebar and hot - rolled coil spot, the smelting profit of long - process steel mills, the production of rebar and hot - rolled coil, the daily average pig iron output of 247 steel mills, the blast furnace operating rate of 247 steel mills nationwide, the social inventory, factory inventory, and total inventory of rebar and hot - rolled coil, and the apparent consumption of rebar and hot - rolled coil [9][10][11][13][14][15][16][18][21][25][26][28][31][34][35][36]

Report Overview - Report Type: Steel Daily Review [1] - Date: December 3, 2025 [2] - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - On December 2, most rebar spot markets and a few hot-rolled coil spot markets saw price increases. Rebar prices in Shanghai, Nanchang, Guangzhou, Changsha, Nanning, and Chengdu rose by 30 - 40 yuan/ton, while those in Nanjing, Zhengzhou, Tianjin, Wuxi, Hefei, Wuhan, Taiyuan, Shenyang, Chongqing, Kunming, Guiyang, and Lanzhou increased by 10 - 20 yuan/ton. Hot-rolled coil prices in Fuzhou, Jinan, Nanchang, and Nanning went up by 10 - 20 yuan/ton [8]. - The daily KDJ indicator of the rebar 2605 contract continued to rise after a golden cross the previous day. The daily KDJ indicator of the hot-rolled coil 2601 contract showed a divergent trend, with the J value slightly falling back and the K and D values continuing to rise. The daily MACD red bar of the rebar 2605 contract expanded for three consecutive trading days, and that of the hot-rolled coil 2601 contract for two consecutive trading days [8]. 1.2 Future Outlook - News: With high-level dialogues between China and the US, and the US and Japan, geopolitical risks have eased, investors' risk appetite has significantly recovered, and the prices of risk assets have been restored. The prices of steel and ore, which were previously resilient, have strengthened. The main January contracts of rebar, hot-rolled coil, and iron ore reached new highs since September 29, October 31, and October 31 respectively. Coke and coking coal futures also rebounded significantly in the past two days [9]. - Fundamentals: In the week of November 28, the demand for the five major steel products declined slightly compared to the previous week but remained at the level of late October. Although production has rebounded slightly in the past two weeks, the inventory continued to decline rapidly, further alleviating supply pressure [9]. - Raw Materials: The first round of spot price cuts for coke was implemented. The prices of major primary coking coal in the spot market decreased by 50 - 140 yuan/ton in the past week. After the spot prices of coal and coke followed the futures prices down, the risk release of coal and coke futures brought a certain degree of confidence recovery. The concern about increased supply in the iron ore market eased. With coking coal and coke giving profits to steel mills, the price support for iron ore was relatively strong, driving up the cost of steel [9]. - Overall: The steel futures market is expected to consolidate with an upward bias due to the warming macro - environment and favorable fundamental factors. Attention should be paid to the pace of the warming macro - environment and the resonance differences between various commodity market sectors and the stock market [9]. 2. Industry News - Environmental Protection Inspection: The third round and fifth batch of the central ecological and environmental protection inspection teams reported typical environmental problems in Tianjin and Hebei. Tianjin had serious problems in volatile organic compound treatment and vehicle inspections, with sub - standard air quality and many enterprises found to be illegally discharging pollutants. Tangshan, Hebei, was criticized for illegally launching steel projects and increasing production capacity, with obvious shortcomings in air pollution prevention and control [10]. - Steel Consumption and Production: Since the "14th Five - Year Plan", China's apparent steel consumption has declined for four consecutive years, and steel production has generally shown a downward trend. The domestic apparent consumption decreased from a peak of 1.04 billion tons in 2020 to 890 million tons in 2024, a decrease of 150 million tons, with an average annual decline of 3.8%. In the first three quarters of 2025, the domestic apparent consumption was 649 million tons, a decrease of 5.7%, with the decline further intensifying [10]. - Iron Ore Development: On November 28, the China Iron and Steel Industry Association held a symposium on domestic iron ore resource development. Relevant officials from national ministries and commissions introduced the work at the ministry level, interpreted the newly revised "Mineral Resources Law of the People's Republic of China" implemented on July 1, 2025, and briefly answered relevant questions. They stated that China has a high dependence on imported iron ore and large potential for increasing iron ore reserves and production, and efforts should be made to increase the conversion from exploration to mining to improve the domestic production capacity of iron ore [10]. - Corporate Repurchase: Baotou Steel Co., Ltd. announced a share repurchase plan from May 22, 2025, to May 21, 2026, with an expected repurchase of 100 - 200 million yuan worth of shares for reducing the registered capital. In November 2025, the company repurchased 7.0732 million shares, accounting for 0.016% of the total share capital, and paid 18.000483 million yuan. As of November 30, the cumulative repurchase was 29.3387 million shares, accounting for 0.065% of the total share capital, with a cumulative payment of 70.000827 million yuan and a repurchase price ranging from 1.79 - 2.72 yuan/share [11]. - Mining Project: Pangang Group Mining Co., Ltd. recently launched the project of green and intelligent mining of vanadium - titanium magnetite in Zhulan Iron Mine, aiming to start the project officially by the end of June 2027. The project plans a total investment of about 5 billion yuan. After completion, the Zhulan Iron Mine will shift from open - pit to underground mining, ensuring effective capacity connection and extending the mine's service life by more than 40 years. The underground mining scale for deep resources is 15 - 20 million tons/year, using the stage open - stoping and full - tailings backfill mining method to minimize solid waste generation [11]. - Stock Repurchase: On December 1, Yongtai Energy announced a plan to repurchase a portion of its issued A - share common stocks using its own funds and self - raised funds for cancellation to reduce the company's registered capital. The proposed repurchase amount is not less than 300 million yuan and not more than 500 million yuan, with a repurchase price not exceeding 2.50 yuan/share. The repurchase period is within 12 months after the shareholders' meeting's approval, and it will be implemented through centralized bidding transactions. The company also disclosed that its directors, supervisors, senior management, controlling shareholders, actual controllers, and shareholders with more than 5% of the shares have no plans to reduce their holdings in the next six months [11]. - Coal Resources: As of now, Anhui Province holds coal resource reserves of over 7.6 billion tons in Xinjiang, Gansu, Shanxi, Inner Mongolia and other regions, with an approved (designed) annual coal production capacity of over 70 million tons, ensuring the province's energy security while achieving long - term corporate development [11]. - Coal Contracts: The 2026 coal - steel - coke long - term contract negotiation meeting of the China Coking Coal Brand Cluster was successfully concluded. Shanxi Coking Coal signed contracts with 28 customer units, including 25 long - term agreement customers, 2 key customers, and 1 internal customer, achieving the goals of the meeting. The signing and performance work of Shanxi's 2026 coal long - term contracts has officially started. All coal long - term contracts for power supply and those in metallurgy, chemical, building materials and other industries will be uniformly operated online, marking a new stage in the standardized management of coal trading in Shanxi. The power coal supply contracts use the national unified contract model text and are signed following a standardized process. The signing process for non - power industries such as metallurgy, chemical, and building materials will be appropriately simplified. All contract signing work must be completed by December 13, 2025 [11][12]. - Coal Transportation: As of now, the China Railway Urumqi Bureau Group Co., Ltd. has cumulatively completed 85.1801 million tons of coal transportation from Xinjiang this year, a year - on - year increase of 6.4%. From December 1, 2025, Russia increased railway freight rates by 10%, including coal transportation on all routes [12]. - Coal Production and Sales: In November 2025, Coal India Ltd. (CIL) produced 68 million tons of coal, a year - on - year increase of 1.19% and a month - on - month increase of 20.57%. Coal sales were 62.7 million tons, a year - on - year decrease of 0.32% and a month - on - month increase of 7.55% [12]. - Coal Price: On December 1, the Indonesian Ministry of Energy and Mineral Resources released the reference prices for Indonesian thermal coal for the first half of December 2025, with most prices higher than those in the second half of November. The reference price for HBA (high - grade 6322 kcal) thermal coal was 98.26 US dollars/ton, HBA I (high - grade 5300 kcal) was 67.99 US dollars/ton, HBA II (high - grade 4100 kcal) was 44.37 US dollars/ton, and HBA III (high - grade 3400 kcal) was 34.15 US dollars/ton [12]. - Trade Investigations: On December 1, the US Department of Commerce announced a second anti - dumping sunset review investigation on non - oriented electrical steel imported from China, Germany, Japan, South Korea, Sweden, and Taiwan (China), and a second counter -vailing sunset review investigation on non - oriented electrical steel imported from China and Taiwan (China). The US International Trade Commission (USITC) also launched a second anti - dumping and counter -vailing sunset review industrial injury investigation. Interested parties should register for应诉 with the US Department of Commerce within 10 days of the announcement, submit responses to the USITC by December 31, 2025, and submit comments on the sufficiency of the responses to the USITC by February 6, 2026 at the latest. On the same day, the US Department of Commerce announced a first anti - dumping sunset review investigation on forged steel fittings imported from India and South Korea, and a first counter -vailing sunset review investigation on forged steel fittings imported from India. The US ITC launched a first anti - dumping and counter -vailing sunset review industrial injury investigation. Interested parties should register for应诉 with the US Department of Commerce within 10 days of the announcement, submit responses to the USITC by December 31, 2025, and submit comments on the sufficiency of the responses to the USITC by February 10, 2026 at the latest [12][13] 3. Data Overview - The report provides multiple data charts, including the spot prices of rebar and hot - rolled coils in major markets, the social inventories of rebar and hot - rolled coils in major cities, the weekly production of the five major steel products, the steel mill inventories of the five major steel products, blast furnace and electric furnace operating rates and capacity utilization rates, national daily average molten iron production, the apparent consumption of the five major steel products, and the basis between Shanghai rebar/hot - rolled coil spot and January contracts [15][16][23]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Report's Core View - **Steel**: The demand for five major steel products remains at a relatively high level, improving compared to October, but the overall demand intensity in November is weaker than the same period last year. Due to significant production cuts, the supply - demand gap for rebar is favorable with good de - stocking. However, for hot - rolled coils, production cuts are limited, with supply and demand basically balanced and slow de - stocking of high inventories. The spread between hot - rolled coils and rebar for the January contract is expected to converge. Considering the seasonal weakening of future demand and high plate inventories, the upward price drive is not obvious, but production cuts support steel prices, so prices are expected to fluctuate. The rebar is expected to fluctuate between 3000 - 3200 yuan/ton, and hot - rolled coils between 3200 - 3350 yuan/ton. The basis of rebar will strengthen, while that of hot - rolled coils is weak, and the spread between them will continue to converge. There is an arbitrage opportunity of going long on rebar and short on iron ore for the January contract [2]. - **Iron Ore**: Last week, iron ore futures fluctuated at a high level. The global iron ore shipment decreased week - on - week, while the arrival volume at 45 ports increased. On the demand side, the steel mill's profit margin declined slightly, iron water production decreased, and the restocking demand of steel mills increased slightly. The production of five major steel products continued to rise, inventories continued to decline seasonally, and the apparent demand declined. Port inventories increased, the port clearance volume increased slightly, and the steel mill's equity ore inventory decreased. Looking forward, iron water production will decline seasonally this week, and the inventory contradiction of steel mills has improved significantly. With the current profit margin and inventory level of steel mills, it is not enough to trigger a negative feedback. Without new macro - drivers, it is difficult for iron ore to have an independent unilateral market. It is recommended to wait and see when the discount is repaired [4]. - **Coke**: Last week, coke futures fluctuated and declined. After mainstream coke enterprises proposed a fourth - round price increase, steel mills proposed a first - round price cut. On the supply side, the price cut range of coking coal in the Shanxi market expanded, coking profits were repaired, coke price adjustments lagged behind coking coal, coke enterprises increased prices, and coke production increased after price cuts. On the demand side, steel mills increased maintenance due to losses, iron water production declined, steel prices fluctuated weakly, steel mill profits decreased, and there was a willingness to suppress coke prices. In terms of inventory, coke - making plants and steel mills increased inventories, ports decreased inventories, and the overall inventory increased slightly in the middle position, with the supply - demand situation of coke weakening. Coke futures were dragged down by the sharp decline of coking coal futures. Strategically, it is recommended to take a bearish view on the unilateral market, with the range of 1500 - 1650 yuan/ton, and recommend the arbitrage strategy of going long on coke and short on coking coal [7]. - **Coking Coal**: Last week, coking coal futures showed a weak downward trend, and the spot market accelerated its decline, showing a pattern of futures - spot resonance decline. On the supply side, coal mine shipments worsened, some coal mines stopped production, the import of Mongolian coal increased, and the port inventory continued to rise. On the demand side, steel mills increased losses and maintenance, iron water production declined, coke production increased slightly after the recovery of coking profits, and the restocking demand weakened. In terms of inventory, coal washing plants, ports, and coke enterprises reduced inventories, while coal mines, ports of entry, and steel mills increased inventories, and the overall inventory increased slightly in the middle position. Strategically, it is recommended to take a bearish view on the unilateral market, with the range of 1000 - 1120 yuan/ton, and recommend the arbitrage strategy of going long on coke and short on coking coal [7]. 3. Summary by Relevant Catalogs Steel Steel Prices and Spreads - **Rebar**: Spot prices in East, North, and South China increased by 10 yuan/ton. The 05, 10, and 01 contracts also rose, with the 01 contract increasing by 17 yuan/ton to 3110 yuan/ton [2]. - **Hot - rolled Coils**: Spot prices in East and South China remained unchanged or increased by 10 yuan/ton, while in North China it decreased by 10 yuan/ton. The 05, 10, and 01 contracts all rose, with the 01 contract increasing by 9 yuan/ton to 3302 yuan/ton [2]. Cost and Profit - **Cost**: The steel billet price increased by 10 yuan/ton to 2980 yuan/ton, the slab price remained unchanged at 3730 yuan/ton. The cost of Jiangsu electric - furnace rebar remained unchanged at 3231 yuan/ton, and the cost of Jiangsu converter rebar decreased by 7 yuan/ton to 3171 yuan/ton [2]. - **Profit**: The profit of East China hot - rolled coils increased by 10 yuan/ton to - 64 yuan/ton, the profit of South China rebar increased by 10 yuan/ton to 116 yuan/ton, and other regional profits remained unchanged [2]. Production - The daily average iron water production decreased by 1.6 tons to 234.7 tons, a decrease of 0.7%. The production of five major steel products increased by 5.8 tons to 855.7 tons, an increase of 0.7%. Rebar production decreased by 1.9 tons to 206.1 tons, a decrease of 0.9%, among which electric - furnace production increased by 2.6 tons to 29.3 tons, an increase of 9.5%, and converter production decreased by 4.4 tons to 176.7 tons, a decrease of 2.4%. Hot - rolled coil production increased by 3.0 tons to 319.0 tons, an increase of 0.9% [2]. Inventory - The inventory of five major steel products decreased by 32.3 tons to 1400.8 tons, a decrease of 2.3%. Rebar inventory decreased by 21.9 tons to 531.5 tons, a decrease of 4.0%. Hot - rolled coil inventory decreased by 1.2 tons to 400.9 tons, a decrease of 0.3% [2]. Transaction and Demand - The building materials transaction volume increased by 1.2 tons to 10.4 tons, an increase of 12.7%. The apparent demand of five major steel products decreased by 6.2 tons to 888.0 tons, a decrease of 0.7%. The apparent demand of rebar decreased by 2.8 tons to 227.9 tons, a decrease of 1.2%. The apparent demand of hot - rolled coils decreased by 4.2 tons to 320.2 tons, a decrease of 1.3% [2]. Iron Ore Iron Ore - related Prices and Spreads - **Warehouse Receipt Cost**: The warehouse receipt costs of various iron ore powders decreased, with the largest decrease of 1.2% for Carajás fines and Brazilian blended fines [4]. - **01 Contract Basis**: The basis of various iron ore powders decreased, with the largest decrease of 38.1% for Carajás fines [4]. - **Spread**: The 5 - 9 spread decreased by 0.5 to 24.5, a decrease of 2.0%; the 9 - 1 spread increased by 1.0 to - 50.5, an increase of 1.9%; the 1 - 5 spread decreased by 0.5 to 26.0, a decrease of 1.9% [4]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port decreased, with the largest decrease of 1.2% for Brazilian blended fines. The Singapore Exchange 62% Fe swap price decreased slightly, while the Platts 62% Fe increased slightly [4]. Supply - The 45 - port arrival volume (weekly) increased by 548.2 tons to 2817.1 tons, an increase of 24.2%. The global shipment volume (weekly) decreased by 238.0 tons to 3278.4 tons, a decrease of 6.8%. The national monthly import volume decreased by 500.6 tons to 11130.9 tons, a decrease of 4.3% [4]. Demand - The daily average iron water production of 247 steel mills (weekly) decreased by 1.6 tons to 234.7 tons, a decrease of 0.7%. The 45 - port daily average port clearance volume (weekly) increased by 3.6 tons to 330.6 tons, an increase of 1.1%. The national monthly pig iron production decreased by 49.7 tons to 6554.9 tons, a decrease of 0.8%. The national monthly crude steel production decreased by 149.3 tons to 7199.7 tons, a decrease of 2.0% [4]. Inventory Changes - The 45 - port inventory increased by 108.6 tons to 15210.12 tons, an increase of 0.7%. The imported iron ore inventory of 247 steel mills (weekly) decreased by 58.8 tons to 8942.5 tons, a decrease of 0.7%. The inventory available days of 64 steel mills (weekly) remained unchanged at 20.0 days [4]. Coke Coke - related Prices and Spreads - The prices of Shanxi and Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipts) remained unchanged. The coke 01 contract decreased by 33 yuan/ton to 1575 yuan/ton, and the 05 contract decreased by 20 yuan/ton to 1731 yuan/ton. The coking profit (weekly) decreased by 11 yuan/ton to - 54 yuan/ton [7]. Supply - The daily average coke production of all - sample coking plants increased by 1.1 tons to 63.8 tons, an increase of 1.7%. The daily average coke production of 247 steel mills increased by 0.1 tons to 46.3 tons, an increase of 0.2% [7]. Demand - The iron water production of 247 steel mills decreased by 1.6 tons to 234.7 tons, a decrease of 0.7% [7]. Inventory Changes - The total coke inventory increased by 4.0 tons to 884.7 tons, an increase of 0.5%. The coke inventory of all - sample coking plants increased by 6.5 tons to 71.8 tons, an increase of 9.9%. The coke inventory of 247 steel mills increased by 3.2 tons to 625.5 tons, an increase of 0.5%. The port inventory decreased by 5.6 tons to 187.4 tons, a decrease of 2.94% [7]. Supply - Demand Gap Changes - The coke supply - demand gap increased by 2.0 tons to - 3.6 tons, an increase of 55.34% [7]. Coking Coal Coking Coal - related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged, while the price of Mongolian No. 5 raw coal (warehouse receipt) decreased by 5 yuan/ton to 1190 yuan/ton. The coking coal 01 contract decreased by 4 yuan/ton to 1067 yuan/ton, and the 05 contract decreased by 13 yuan/ton to 1152 yuan/ton. The sample coal mine profit (weekly) decreased by 28 yuan/ton to 559 yuan/ton, a decrease of 4.8% [7]. Supply - The raw coal production increased by 4.6 tons to 856.1 tons, an increase of 0.5%. The clean coal production increased by 4.9 tons to 438.8 tons, an increase of 1.1% [7]. Demand - The demand for coking coal is mainly reflected in the coke production. The daily average coke production of all - sample coking plants increased by 1.1 tons to 63.8 tons, an increase of 1.7%. The daily average coke production of 247 steel mills increased by 0.1 tons to 46.3 tons, an increase of 0.2% [7]. Inventory Changes - The clean coal inventory of Fenwei coal mines increased by 9.6 tons to 107.6 tons, an increase of 9.8%. The coking coal inventory of all - sample coking plants decreased by 27.9 tons to 1010.3 tons, a decrease of 2.7%. The coking coal inventory of 247 steel mills increased by 4.2 tons to 801.3 tons, an increase of 0.5%. The port inventory increased by 3.0 tons to 294.5 tons, an increase of 1.0% [7].