Group 1: Steel Industry Report Industry Investment Rating - Not provided Core View - Steel prices are expected to maintain a high - level oscillating trend. The reference range for rebar is 3100 - 3350 yuan/ton, and for hot - rolled coils is 3300 - 3500 yuan/ton. It is recommended to try long positions with light positions and pay attention to the seasonal recovery of apparent demand. The spread between hot - rolled coils and rebar is expected to continue to converge [1]. Summary by Directory - **Prices and Spreads**: Rebar and hot - rolled coil spot and futures prices mostly declined. For example, rebar 05 contract decreased from 3244 to 3212 yuan/ton, and hot - rolled coil 01 contract decreased from 3380 to 3340 yuan/ton [1]. - **Cost and Profit**: The cost of billets and slabs remained unchanged. The profit of hot - rolled coils in different regions and the profit of rebar in different regions showed various changes, such as the profit of hot - rolled coils in East China increasing by 16 [1]. - **Output**: The daily average molten iron output increased slightly by 0.2% to 241.0 tons. The output of five major steel products decreased by 0.2% to 855.5 tons, with rebar output decreasing by 2.6% to 206.5 tons and hot - rolled coil output increasing by 0.4% to 326.5 tons [1]. - **Inventory**: The inventory of five major steel products increased by 0.3% to 1519.7 tons. Rebar inventory decreased by 0.5% to 650.3 tons, and hot - rolled coil inventory increased by 1.3% to 378.0 tons [1]. - **Transaction and Demand**: The building materials trading volume increased by 0.8% to 11.5 tons. The apparent demand for five major steel products increased by 0.8% to 850.3 tons, the apparent demand for rebar increased by 6.0% to 210.0 tons, and the apparent demand for hot - rolled coils decreased by 1.3% to 321.8 tons [1]. Group 2: Iron Ore Industry Report Industry Investment Rating - Not provided Core View - Iron ore is currently in a tight - balance pattern. It is recommended to view it as oscillating upward. The reference range is 780 - 850. It is suggested to go long on the iron ore 2601 contract on dips, and the arbitrage strategy is to go long on iron ore and short on hot - rolled coils [4]. Summary by Directory - **Prices and Spreads**: The warehouse receipt costs of various iron ore powders decreased slightly, such as the warehouse receipt cost of PB powder decreasing from 848.0 to 842.5 yuan/ton. The basis of the 01 contract for various powders decreased significantly, for example, the 01 contract basis of PB powder decreased from 82.0 to 40.0 yuan/ton [4]. - **Supply**: The weekly arrival volume at 45 ports increased by 13.2% to 2675.0 tons, and the global weekly shipping volume decreased by 6.9% to 3324.8 tons. The monthly national import volume increased by 0.6% to 10522.5 tons [4]. - **Demand**: The weekly average daily molten iron output of 247 steel mills increased by 0.2% to 241.0 tons, the weekly average daily port clearance volume at 45 ports increased by 2.4% to 339.2 tons. The monthly national pig iron output decreased by 1.4% to 6979.3 tons, and the monthly national crude steel output decreased by 2.9% to 7736.9 tons [4]. - **Inventory**: The inventory at 45 ports increased by 0.9% to 13930.97 tons, the imported ore inventory of 247 steel mills increased by 3.5% to 9309.4 tons, and the available days of inventory for 64 steel mills increased by 10.0% to 22.0 days [4]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating - Not provided Core View - **Coke**: It is recommended to go long on the coke 2601 contract on dips, with a reference range of 1650 - 1800. The arbitrage strategy is to go long on coking coal and short on coke. - **Coking Coal**: It is recommended to go long on the coking coal 2601 contract on dips, with a reference range of 1150 - 1300. The arbitrage strategy is to go long on coking coal and short on coke [6]. Summary by Directory - **Prices and Spreads**: For coke, the price of Shanxi quasi - first - grade wet - quenched coke remained unchanged, and the price of Rizhao Port quasi - first - grade wet - quenched coke decreased by 1.3%. For coking coal, the price of Shanxi medium - sulfur main coking coal increased by 3.3%, and the price of Mongolian 5 raw coal increased by 2.6% [6]. - **Supply**: The weekly coke output remained unchanged at 762 tons. The daily average output of full - sample coking plants decreased by 0.1% to 66.7 tons, and the daily average output of 247 steel mills increased by 0.2% to 241.0 tons. The weekly output of Fenwei sample coal mines increased by 1.3% to 872.5 tons, and the clean coal output increased by 1.8% to 450.6 tons [6]. - **Demand**: The weekly molten iron output increased by 0.2% to 241.0 tons, and the weekly coke output remained unchanged at 762 tons [6]. - **Inventory**: The total coke inventory increased by 1.0% to 915.2 tons. The coke inventory of full - sample coking plants decreased by 2.1% to 66.4 tons, and the coke inventory of 247 steel mills increased by 1.8% to 644.7 tons. The coking coal inventory of full - sample coking plants increased by 6.4% to 940.4 tons, and the coking coal inventory of 247 steel mills decreased by 0.4% to 790.3 tons [6]. - **Supply - Demand Gap**: The coke supply - demand gap decreased by 6.5% to - 3.3 tons [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The supply of iron ore has recovered, the demand remains high, and although the downstream profits have weakened slightly, they are still at a high level. Iron ore may continue to fluctuate. The monthly spread may remain volatile in the short - term, and the basis of the 09 contract has declined slightly with a weaker basis rate. The short - term demand for iron ore still shows resilience, and the inventory has increased overall. [6] 3. Summary by Relevant Catalogs 3.1 Variety Differences - The premium of Jinbuba powder has declined; the premiums of mainstream medium - and low - grade ores are stable; the price difference between domestic and foreign ores is stable. [5] 3.2 Weekly Review Supply - Globally, the shipping volume has declined again. The shipments from Australia and Brazil have weakened significantly, while the shipments from non - mainstream regions have stabilized and rebounded. The arrival volume has generally increased. According to Reuters, on August 4, 2025, the 7 - day moving average shipping volume of global iron ore (excluding mainland China) was 5760 thousand tons, with a week - on - week increase of 25% and a year - on - year increase of 2.75%. The 7 - day moving average shipping volume from Australia was 2235 thousand tons, with a week - on - week decrease of 12% and a year - on - year increase of 2.05%. The 7 - day moving average shipping volume from Brazil was 1408 thousand tons, with a week - on - week increase of 40.6% and a year - on - year increase of 15.9%. [6][27] Demand - The iron water production has decreased slightly, with the 247 - sample daily average iron water production decreasing by 0.49 tons week - on - week to 240.32 tons, and the average daily iron water production in August being about 241 tons. The profitability rate of steel mills has increased. The weekly production of five major steel products has slightly increased, the profit of finished products has slightly decreased, the demand for rebar has rebounded, and the consumption of hot - rolled coils has declined. [6][106][132] Inventory - The inventory of 45 ports has increased by 620 thousand tons, and the proportion of traded ores is 65.48%. The total inventory of imported ores in steel mills has increased by 1.24 thousand tons, the on - site inventory has increased by 23.8 thousand tons, and the sum of sea - floating and port inventories has decreased by 22.7 thousand tons. The available days of imported ores have decreased by 1 day to 20 days. The inventory of rebar has slightly increased, the inventory of billets has continued to rise, and the inventory of hot - rolled coils has rebounded. [6][150][159] Price - The spot trading volume of iron ore has increased slightly, while the trading volume of forward contracts has declined from a high level. The basis rate of the 09 contract is about 0.4%, the basis has decreased slightly, and the basis rate has weakened. The prices of various iron ore varieties have shown different trends, and the import profits of mainstream varieties have declined oscillatingly. [6][125][181] 3.3 Weather - The precipitation in Brazil is scarce, and the overall precipitation has increased slightly. [7][8] 3.4 Balance Sheet - According to the recent shipping and arrival situation of iron ore, the supply forecast of iron ore has been slightly lowered. The total supply, consumption, surplus volume, and cumulative year - on - year changes of iron ore from September 2024 to December 2025 are presented in the balance sheet. For example, in August 2025, the total supply is 13167, the total consumption is 12261, and the surplus volume is 906. [186][187]

Supply Side - Global shipping volume has declined again, with noticeable decreases in shipments from Australia and Brazil, while non-mainstream regions have stabilized and rebounded [1][18][25] - The average daily iron water output from 247 samples is 240.32 million tons, down by 0.49 million tons compared to the previous period, with August's average at approximately 241 million tons [4][75] - Port inventory increased by 620,000 tons, with a slight decrease in the amount of cargo waiting to be shipped [1][114] Demand Side - Demand for iron water has slightly decreased, but the overall demand remains resilient, with construction material demand not experiencing a typical seasonal decline [1][93] - Steel mill profits have weakened slightly, but remain at a relatively high level [1][75] Inventory - Total inventory of the five major materials has slightly increased, with rebar inventory showing a small rise and hot-rolled coil inventory also increasing [1][104] - The total inventory of imported iron ore at steel mills increased by 12,400 tons, while the available days of imported ore decreased by one day to 20 days [122] Pricing and Cost - The average MA index for August is 100, corresponding to a market valuation of approximately 788 [148] - The price difference for various iron ore types shows a decline in the premium for Brazilian iron ore, while the premiums for mainstream mid-low grade ores remain stable [138][140] Shipping and Logistics - The shipping costs for maritime transport continue to show a strengthening trend [142] - The overall shipping volume from Australia’s major ports has shown mixed results, while Brazilian ports have remained stable [61][56]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Supply has weakened again and demand has declined slightly, but downstream profits remain good. Before the downward trend in demand is established, iron ore may continue to maintain a relatively strong and volatile trend [5]. - The monthly spread may remain volatile in the short term [6]. - The premium of Jinbabu powder has increased slightly; the premiums of mainstream medium and low-grade ores are stable; the price difference between domestic and foreign ores has increased [8]. Summary by Directory Supply - Reuters: On August 4, 2025, the 7-day moving average shipping volume of global iron ore (excluding mainland China) was 3,881 thousand tons, a week-on-week decrease of 11.4% and a year-on-year decrease of 8.5%. The 7-day moving average shipping volume of Australia was 2,243 thousand tons, a week-on-week decrease of 8% and a year-on-year decrease of 9.4%. The 7-day moving average shipping volume of Brazil was 943.1 thousand tons, a week-on-week decrease of 24.5% and a year-on-year decrease of 4.96% [31]. - Steel Union: Global shipments decreased slightly last week, and the arrivals at 45 ports increased by 266.5 thousand tons [58][97]. - Domestic ore: The total output of domestic ore continued to increase [103]. Demand - Steel mills: The profitability rate of steel mills continued to increase, and the molten iron output was 2.4071 million tons, a week-on-week decrease of 15,200 tons [107]. - Port clearance: The average daily port clearance volume at 45 ports last week was 302,710 tons, a week-on-week decrease of 12,440 tons [118]. - Transactions: The spot trading volume of iron ore declined from a high level, and the trading volume of forward contracts increased significantly [123]. - Consumption: The weekly output of the five major steel products was stable, the profits of finished products weakened, the demand for rebar decreased slightly, and the consumption of hot-rolled coils increased [128]. Inventory - Ports: The inventory at 45 ports decreased by 1.4 million tons, and the proportion of traded ore was 65.35%, a slight decrease compared to the previous period [144]. - Steel mills: The total inventory of imported ore in steel mills increased by 1.269 million tons, the inventory in factories decreased by 460,000 tons, and the inventory in sea - floating and ports increased by 1.73 million tons. The available days of imported ore remained at 21 days [153]. Price - Spot: The spot trading volume of iron ore decreased, and the trading volume of forward contracts continued to increase. The basis rate of the 09 contract was about 0.6%, with a small change in the basis, close to parity, and a relatively low basis rate [9]. - Futures: The prices of futures and spot increased slightly, the basis was weak, and the 9 - 1 monthly spread was volatile and strong [158]. - Premium: The premiums of mainstream medium and low - grade ores were stable, and the price difference between domestic and foreign ores increased [166]. - Sea - floating cost: The cost of mainstream powders decreased [172]. - Import profit: The import profits of mainstream varieties were volatile and strong [175]. - August MA index average: The average value of the MA index in July was 100, corresponding to a disk valuation of about 791 [7]. Balance Sheet - According to the recent iron ore shipment and arrival situation, the supply forecast of iron ore has been slightly lowered [180].

Report Title - The report is titled "Hualian Futures Iron Ore Weekly Report: Demand Resilience Remains, Iron Ore Ranges Sideways" [1] Report Industry Investment Rating - Not provided in the report Core Viewpoint - The current overseas mines are in the shipping off - season, and the demand side has strong resilience, which supports the iron ore price. It is expected that the iron ore price will maintain a range - bound oscillation in the short term [4] Summary by Directory 1. Supply - **Global Shipping Volume**: From July 28 to August 3, 2025, the global iron ore shipping volume decreased by 139,100 tons week - on - week to 3.0618 million tons. The shipping volume from non - mainstream regions increased by 74,800 tons week - on - week to 597,900 tons [4][50] - **Australia and Brazil Shipping**: Australia's 19 ports shipped 1.7212 million tons, a week - on - week decrease of 72,300 tons; Brazil's 19 ports shipped 742,700 tons, a week - on - week decrease of 141,600 tons [4][47] - **Arrival Volume in China**: From July 28 to August 3, 2025, the arrival volume at China's 45 ports increased by 267,300 tons week - on - week to 2.5078 million tons; the total arrival volume at the six northern ports was 1.2531 million tons, a week - on - week increase of 95,800 tons [4][59] - **Domestic Mine Supply**: As of August 8, 2025, the capacity utilization rate of 126 mine enterprises was 62.06%, a week - on - week decrease of 0.36%; the daily output of iron concentrate powder was 39,160 tons per day, a decrease of 2,200 tons from the previous week [75] 2. Demand - **Steel Mill Indicators**: As of August 8, 2025, the profitability rate of 247 steel mills was 68.4%, a week - on - week increase of 3.03%; the blast furnace operating rate was 83.75%, a week - on - week increase of 0.29%; the daily average hot metal output decreased by 3,900 tons week - on - week to 240,320 tons, but the demand resilience remained [4][78][95] - **Transaction Volume**: The daily average trading volume of iron ore forward spot and the total trading volume at major Chinese ports are presented in the report, but specific data trends are not described in detail [80] - **Steel Product Output and Consumption**: The output and consumption of rebar and hot - rolled coils are shown in the report, but specific data trends are not described in detail [83][85] 3. Inventory - **Port Inventory**: As of August 8, 2025, the inventory of imported iron ore at 45 ports in China was 13.71227 million tons, a week - on - week increase of 54,370 tons. The inventory of Australian ore was 6.1381 million tons, a week - on - week increase of 141,250 tons; the inventory of Brazilian ore was 4.87207 million tons, a week - on - week increase of 29,000 tons [4][25][29] - **Steel Mill Inventory**: The steel mill's imported iron ore inventory was 9.01334 million tons, a week - on - week increase of 1,250 tons. The average available days of imported ore inventory for a small sample of steel mills was 20 days, a decrease of 1 day from the previous week [4][43] 4. Strategy - Go long on the Iron Ore 2601 contract on dips, with a reference support level of 750 yuan/ton [4]