Group 1: Steel Industry Report Industry Investment Rating - Not provided Core View - After the holiday, the demand for steel is expected to seasonally recover, and the inventory is expected to maintain a seasonal destocking trend. The short - term supply and demand are basically balanced, and the inventory pressure is not large. The steel price is expected to stabilize. For trading strategies, the unilateral driving force is not obvious. In terms of arbitrage, the monthly spread should be mainly reverse arbitrage at high levels, and the spread between hot - rolled coils and rebar should converge. [1] Summary by Directory - **Steel Prices and Spreads**: The prices of rebar and hot - rolled coil spot and futures contracts generally declined. For example, the rebar 05 contract decreased from 3155 to 3128 yuan/ton, and the hot - rolled coil 01 contract decreased from 3289 to 3253 yuan/ton. [1] - **Cost and Profit**: The steel billet price decreased by 20 yuan/ton, and the profits of various steel products generally declined. For example, the East China hot - rolled coil profit decreased by 35. [1] - **Production**: The daily average pig iron output increased by 0.4% to 242.0 tons, and the output of five major steel products increased by 0.2% to 867.1 tons. The electric - furnace output of rebar increased by 13.6%, while the converter output decreased by 1.4%. [1] - **Inventory**: The inventory of five major steel products decreased by 2.5% to 1472.9 tons, and the rebar inventory decreased by 5.4% to 602.3 tons. [1] - **Transaction and Demand**: The building materials transaction volume decreased by 26.5% to 8.0 tons, while the apparent demand for five major steel products increased by 3.5% to 904.8 tons, and the apparent demand for rebar increased by 9.4% to 241.1 tons. [1] Group 2: Iron Ore Industry Report Industry Investment Rating - Not provided Core View - There are many disturbances on the supply side of iron ore, but the upward space is limited. It is necessary to pay attention to the actual arrival situation of BHP's shipments. The trading strategies include short - term long - position trading of iron ore 2601 in the price range of 760 - 830, long - iron - ore and short - hot - rolled coil, and buying out - of - the - money call options of iron ore 2601. [4] Summary by Directory - **Prices and Spreads**: The basis of some iron ore varieties for the 01 contract increased, such as the 01 contract basis of PB powder increased from 40.9 to 44.4 yuan/ton. The 5 - 9 spread decreased by 2.6% to 19.0. [4] - **Supply**: The 45 - port arrival volume increased by 10.5% to 2608.7 tons, the global shipment volume decreased by 5.7% to 3279.0 tons, and the national monthly import volume increased by 0.6% to 10522.5 tons. [4] - **Demand**: The daily average pig iron output of 247 steel mills decreased by 0.2% to 241.8 tons, the 45 - port daily average unloading volume decreased by 100.0% to 0.0 tons, the national monthly pig iron output decreased by 1.4% to 6979.3 tons, and the national monthly crude steel output decreased by 2.9% to 7736.9 tons. [4] - **Inventory**: The 45 - port inventory decreased by 0.2% to 13977.79 tons, the imported ore inventory of 247 steel mills increased by 3.1% to 10036.8 tons, and the inventory available days of 64 steel mills increased by 4.2% to 25.0 days. [4] Group 3: Coke and Coking Coal Industry Report Industry Investment Rating - Not provided Core View - For coke, after the festival, there is still an expectation of a price increase, but it may face downward pressure due to the decline in steel prices. The downward space is limited, and it is regarded as a volatile market. For coking coal, due to the impact of imports and the pre - holiday market, it is also regarded as a volatile market. [8] Summary by Directory - **Prices and Spreads**: The prices of coke and coking coal futures contracts generally declined. For example, the coke 01 contract decreased from 1647 to 1623 yuan/ton, and the coking coal 01 contract decreased from 1154 to 1126 yuan/ton. [8] - **Supply**: The daily average output of all - sample coking plants decreased by 0.4% to 66.1 tons, and the daily average output of 247 steel mills decreased by 0.2% to 241.8 tons. The raw coal output of Fenwei sample coal mines increased by 0.5% to 876.6 tons. [8] - **Demand**: The pig iron output of 247 steel mills decreased by 0.2% to 241.8 tons, and the daily average output of all - sample coking plants decreased by 0.4% to 66.1 tons. [8] - **Inventory**: The total coke inventory decreased by 0.1% to 919.8 tons, the coking coal inventory of all - sample coking plants increased by 3.9% to 1037.7 tons, and the coking coal inventory of 247 steel mills decreased by 1.0% to 788.1 tons. [8] - **Supply - Demand Gap**: The calculated supply - demand gap of coke increased slightly from - 4.6 to - 4.5 tons. [8]