Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The price of iron ore has dropped significantly, and short - term fluctuations have intensified. Although recent policy disturbances have increased, the supply - demand contradiction of iron ore itself is weak. The pressure of shrinking industrial chain profits and the structural contradiction of finished product inventory limit the upside of prices, but high domestic hot - metal production supports the price. The price will run in a range, and the inventory accumulation pressure at ports in October is not large [2][3][4] Group 3: Summary by Related Catalogs Reasons for price decline - The sharp drop in iron ore price is mainly due to the escalation of Sino - US trade frictions, which reduces market risk appetite and causes a collective decline in the black series. Also, the market has over - expected the impact of the US ship "special port fee" policy, while the proportion of US ship iron ore transportation is low and the increase in transportation cost is limited [3] Supply - The overseas ore shipment has decreased slightly month - on - month. The shipment of Rio Tinto in Australia has decreased significantly, while that of Brazil is relatively stable. The arrival volume has reached a new high this year, and the support from the supply side continues to weaken [3] Demand - Domestic demand has decreased month - on - month but remains at a high level. The daily average hot - metal output this period is 241.54 tons (month - on - month - 0.27), higher than the average level in August (240.5). Although the blast furnace steel mills have continued a slight decline, high hot - metal production supports the iron ore price [4] Price - The price will run in a range. The main contract of Dalian iron ore futures will be in the range of 780 - 805 yuan/ton, corresponding to an external market price of about 104 - 107 US dollars/ton [4] Strategy - Adopt range operation and covered call options [4]

Report Industry Investment Rating No information provided. Core Viewpoints - The steel market sentiment has weakened, with steel prices oscillating downward. The iron ore market is expected to be volatile, and the supply - demand pattern is generally loose. The coking coal and coke markets are also in a state of oscillation, with the supply of coke expected to tighten. The power coal market shows a weakening demand, and the pit - mouth coal prices have slightly declined [1][3][5][8]. Summary by Related Catalogs Steel - **Market Analysis**: The rebar futures contract closed at 3126 yuan/ton, and the hot - rolled coil futures contract closed at 3416 yuan/ton. The spot steel trading was generally weak, with speculative trading being poor. The production and sales of building materials continued to decline, and inventory increased. The production and sales of plates rebounded, but high steel prices affected export orders [1]. - **Supply - Demand and Logic**: The market needs to control steel supply by compressing profits to re - balance supply and demand. However, due to the relatively healthy raw material supply - demand situation, the cost support for steel is strong, so the steel price adjustment space is limited [1]. - **Strategy**: The unilateral strategy is to be oscillating and weak [2]. Iron Ore - **Market Analysis**: The iron ore futures prices oscillated. The prices of mainstream imported iron ore varieties remained stable. The trading volume of port iron ore increased by 14.66% to 115.>. .1 . . . . .. . .1. .. - **Supply - Demand and Logic**: The supply increased, while the trading volume of forward - spot iron ore decreased by 7.88. The supply of iron ore increased this week, and the inventory decreased. The supply - demand contradiction has increased in the short - term, and the supply - demand pattern is generally loose in the long - term [3]. - **Strategy**: The unilateral strategy is to be oscillating [4]. Coking Coal and Coke - **Market Analysis**: The coking coal and coke futures contracts oscillated. Some coking enterprises received environmental protection requirements for 30 - 40% production cuts from August 20th to September 3rd, and steel mills were required to cut production by 20 - 40% from August 30. to September 3rd. The coking coal price was generally stable with a weak trend, and the price of imported Mongolian coal decreased [5][6]. - **Supply - Demand and Logic**: The supply of coke is expected to tighten at the end of the month, and the coking plants started the seventh round of price hikes. The supply of coking coal is tight, and some coal mines have inventory accumulation, but the inventory is still at a low level [6]. - **Strategy**: Both coking coal and coke strategies are to be oscillating [7]. Power Coal - **Market Analysis**: The pit - mouth coal prices started to decline, and the demand for thermal coal decreased. The port market sentiment declined, and the import coal had a price advantage [8]. - **Demand and Logic**: The supply in the production area is slowly recovering. In the short - term, the price will oscillate, and in the long - term, the supply pattern is loose. Attention should be paid to non - power coal consumption and inventory replenishment [8]. - **Strategy**: No strategy provided [8].