Group 1: Report Summary - The report includes three industry period - spot daily reports on steel, iron ore, and coke & coking coal, dated October 10 - 13, 2025 [1][5][10] Group 2: Steel Industry Investment Rating - Not provided Core View - Short - term macro sentiment is bearish due to escalating Sino - US friction; industry supply - demand is balanced with low inventory pressure, but poor peak - season demand expectations suppress valuation; there is no trending market in the real - world industry; short - term weak macro sentiment will push black metals down; focus on the support levels of 3000 for rebar and 3200 for hot - rolled coils in the January contract [2] Section Summaries - **Prices and Spreads**: Rebar and hot - rolled coil spot prices mostly declined; some contract prices had small changes; steel billet prices decreased, while slab prices were stable; production costs and profits varied by region and production method [2] - **Production**: Daily average pig iron output decreased by 0.1% to 241.5 tons; five major steel product output decreased by 0.4% to 863.3 tons; rebar output decreased by 1.7% to 203.4 tons; hot - rolled coil output decreased by 0.4% to 323.3 tons [2] - **Inventory**: Five major steel product inventory increased by 8.7% to 1600.7 tons; rebar inventory increased by 9.5% to 659.6 tons; hot - rolled coil inventory increased by 8.5% to 412.9 tons [2] - **Trading and Demand**: Building material trading volume decreased by 7.1% to 9.1 tons; five major steel product apparent demand decreased by 17.0% to 751.4 tons; rebar apparent demand decreased by 36.5% to 153.2 tons; hot - rolled coil apparent demand decreased by 9.1% to 295.0 tons [2] Group 3: Iron Ore Industry Investment Rating - Not provided Core View - Last week, iron ore futures fluctuated upwards; supply concerns have weakened; demand from steel mills is weakening; the market will fluctuate within a range due to weak steel prices and falling mill profitability; pay attention to production control policies, Sino - Australian negotiations, and Sino - US tariff wars; consider going long on the 2601 contract at low prices and the spread trade of long iron ore and short hot - rolled coils [5][6] Section Summaries - **Prices and Spreads**: Warehouse receipt costs of various iron ore types increased slightly; spot prices at Rizhao Port rose slightly; price indices also increased; some spreads changed [5] - **Supply**: 45 - port weekly arrivals increased by 10.5% to 2608.7 tons; global weekly shipments decreased by 5.7% to 3279.0 tons; monthly national imports increased by 0.6% to 10522.5 tons [5] - **Demand**: 247 steel mills' weekly average pig iron output decreased by 0.1% to 241.5 tons; 45 - port weekly average ore - removal volume decreased by 2.8% to 327.0 tons; monthly national pig iron output decreased by 1.4% to 6979.3 tons; monthly national crude steel output decreased by 2.9% to 7736.9 tons [5] - **Inventory**: 45 - port inventory increased by 0.3% to 14024.5 tons; 247 steel mills' imported ore inventory decreased by 9.9% to 9046.2 tons; 64 steel mills' available inventory days decreased by 16.0% to 21.0 days [5] Group 4: Coke and Coking Coal Industry Investment Rating - Not provided Core View Coke - Last week, coke futures rebounded; spot prices are showing signs of weakness; there is a possibility of the coke futures price falling again; pay attention to production reduction policies in Shanxi and the steel market; consider shorting the 2601 contract at high prices and the spread trade of long iron ore and short coke [10] Coking Coal - Last week, coking coal futures rebounded; spot prices are weakening; the futures price may fall after rising; consider shorting the 2601 contract at high prices and the spread trade of long iron ore and short coking coal [10] Section Summaries Coke - **Prices and Spreads**: Some coke spot prices decreased; contract prices increased slightly; basis and spreads changed [10] - **Supply**: Total coke output was stable, with a slight decrease in 247 steel mills' output [10] - **Demand**: 247 steel mills' pig iron output decreased slightly [10] - **Inventory**: Total coke inventory decreased slightly; coking plants' inventory increased, while steel mills' and port inventories decreased [10] Coking Coal - **Prices and Spreads**: Some coking coal spot prices changed; contract prices decreased slightly; basis and spreads changed [10] - **Supply**: Coal mine output decreased after the holiday and will gradually recover; imported Mongolian coal prices weakened [10] - **Demand**: Pig iron output and coking plant operation decreased slightly; downstream replenishment demand weakened [10] - **Inventory**: Coal mines' inventory increased, while other sectors' inventories decreased [10]

Group 1: Steel Industry Report Industry Investment Rating Not provided Core View The current pricing of steel is affected by weak steel demand and the expected contraction of coal supply. With the impact of the contraction in coking coal supply and restocking before the National Day, the downside space is expected to be limited, and the price will maintain a range - bound trend. The reference range for rebar is 3100 - 3350 yuan, and for hot - rolled coils is 3300 - 3500 yuan. Hold long positions at low levels and monitor the seasonal recovery of apparent demand [1]. Summary by Directory - **Steel Prices and Spreads**: Rebar and hot - rolled coil spot and futures prices generally declined. For example, the spot price of rebar in East China dropped from 3260 to 3240 yuan/ton, and the 05 - contract price of hot - rolled coils decreased from 3399 to 3367 yuan/ton [1]. - **Cost and Profit**: The cost of some steel products changed slightly, and the profit of most steel products decreased. For instance, the profit of East China hot - rolled coils decreased from 173 to 168 yuan/ton [1]. - **Production and Inventory**: The daily average pig iron output increased by 0.4 to 241.0 (0.2%), while the output of five major steel products decreased by 1.8 to 855.5 (- 0.2%). The inventory of five major steel products increased by 5.1 to 1519.7 (0.3%) [1]. - **Demand**: The apparent demand for five major steel products increased by 7.0 to 850.3 (0.8%), and the apparent demand for rebar increased by 12.0 to 210.0 (6.0%) [1]. Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core View The iron ore market is in a balanced and slightly tight pattern. It is recommended to view it with a slightly bullish bias in a range - bound manner, with a reference range of 780 - 850. It is suggested to go long on the iron ore 2601 contract at low levels and recommend the arbitrage strategy of going long on iron ore and short on hot - rolled coils [4]. Summary by Directory - **Prices and Spreads**: The prices of some iron ore varieties decreased slightly, and the basis of the 01 - contract for multiple varieties decreased significantly. For example, the basis of the 01 - contract for PB powder decreased from 80.1 to 40.3 (- 49.7%) [4]. - **Supply**: The global shipment volume of iron ore last week increased significantly by 816.9 to 3573.1 (29.6%), and the arrival volume at 45 ports decreased by 85.7 to 2362.3 (- 3.5%) [4]. - **Demand**: The daily average pig iron output of 247 steel mills increased by 0.4 to 241.0 (0.2%), and the daily average port clearance volume at 45 ports increased by 13.5 to 337.3 (4.2%) [4]. - **Inventory**: The port inventory decreased by 45.1 to 13804.41 (- 0.3%), and the imported ore inventory of 247 steel mills increased by 53.2 to 8993.1 (0.6%) [4]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core View For coke, it is recommended to go long on the coke 2601 contract at low levels, with a reference range of 1650 - 1800, and use the arbitrage strategy of going long on coking coal and short on coke. For coking coal, it is recommended to go long on the coking coal 2601 contract at low levels, with a reference range of 1150 - 1300 [6]. Summary by Directory - **Prices and Spreads**: The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged, while the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) increased by 22 to 1657 (1.3%). The price of the coking coal 01 - contract decreased by 30 to 1204 (- 2.4%) [6]. - **Supply**: The daily average output of all - sample coking plants decreased slightly by 0.1% to 66.7, and the daily average output of 247 steel mills increased by 11.7 to 240.6 (5.1%). The output of raw coal in main producing areas increased by 11.4 to 872.5 (1.3%) [6]. - **Demand**: The pig iron output of 247 steel mills increased by 0.4 to 241.0 (0.2%), and the daily average output of all - sample coking plants decreased slightly by 0.1% to 66.7 [6]. - **Inventory**: The total coke inventory increased by 8.9 to 915.2 (1.0%), with coking plants reducing inventory and steel mills and ports increasing inventory. The total coking coal inventory increased slightly, with coal mines, ports, and steel mills reducing inventory and washing plants, coking plants, and ports increasing inventory [6].