Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - Short - term domestic expected drivers are realized as expected, the supply - demand contradiction of iron ore continues to accumulate, supply maintains high growth year - on - year, iron ore demand is still restricted by industrial chain profits, the futures market trades on the logic of Iranian supply disturbances and rising shipping costs, resulting in a continuous weakening of the basis. Coupled with the continuous weakening of the steel industry chain, there is great upward pressure. It is recommended to participate in the positive spread. The expected price range is 100 - 104 US dollars/ton (61% index), corresponding to 760 - 790 yuan/ton for Dalian iron ore futures. The strategy is to conduct range operations and sell call options [3] Group 3: Summary by Relevant Catalogs Supply - Current overseas ore shipments have emerged from the off - season, with off - season shipments showing above - seasonal growth and being at the highest level in the same period in the past five years. Short - term shipments from Australia and Brazil have decreased to some extent due to maintenance. There are concerns about the impact of US - Iran geopolitical factors on Iran's global iron ore supply, and there are also transfer pressures from other countries. Domestic ore supply is expected to enter a seasonal recovery cycle. Overall, short - term supply pressure remains high, providing downward drivers [1] Demand - Domestic iron ore demand mainly depends on steel mill profit levels and the degree of steel inventory reduction. The probability of super - expected growth in terminal demand is low. Later, attention should be paid to the nodes of steel inventory reduction and the intensity of resumption of work. Environmental protection restrictions in North China are about to be lifted, with replenishment demand, but considering the current low profit levels of steel mills and weak demand expectations, the upward driving force for demand is weak [1][2] Inventory - Steel mills maintain a low - inventory operation mode, with cautious procurement and short - term replenishment demand. Current port inventories are still in the process of accumulation, and short - term port inventories remain under high pressure, with inventory drivers tending to be downward [2]

Report Industry Investment Rating - Not provided Core Viewpoint - The short - term domestic expected drivers are realized as expected, the supply - demand contradiction of iron ore continues to accumulate, the supply keeps increasing year - on - year, the iron ore demand is still restricted by the industrial chain profit, and the basis keeps weakening. It is recommended to short - allocate mainly [2] Summary by Directory Logic - Domestic macro - policies meet expectations. The Two Sessions set the economic growth target at 4.5% - 5.0%, the monetary policy is more active, and the fiscal deficit is planned to be about 4%. Geopolitical impacts are escalating, energy supply risks are rising, causing concerns about the increase in international iron ore transportation costs. Domestic port spot prices have strengthened, but are still restricted by the weak reality [2] Supply - The current overseas ore shipments have emerged from the off - season. The weekly shipment volume has significantly rebounded this period, with off - season shipments showing above - seasonal growth. Overseas ore shipments are at the highest level in the same period of the past five years. The supply of domestic ore is also expected to enter a seasonal recovery cycle. Overall, the supply side has entered a high - shipment stage, providing a downward driving force [2] Demand - Domestic iron ore demand mainly depends on the profit level of steel mills and the degree of steel inventory reduction. The probability of super - expected growth in terminal demand is low. Attention should be paid to the steel inventory reduction node and the resumption intensity in the later stage. Short - term environmental protection restrictions have led to a significant decline in hot metal. There is a certain restocking expectation after the meeting, but from the current profit level of steel mills and demand expectation, the recovery speed is relatively gentle, and the upward driving force of demand is weak [2] Inventory - Steel mills maintain a low - inventory operation mode and are cautious in procurement. The current port inventory is still in an accumulation state, and the short - term port inventory accumulation pressure is expected to remain high. At the same time, pay attention to the potential selling risk of trade - restricted inventory. The inventory driving force is downward [2] Price - The expected price range is 93 - 100 US dollars/ton (61% index), corresponding to the Dalian iron ore futures at 710 - 760 yuan/ton [3] Strategy - Conduct range operations and sell call options [3]

1. Report Industry Investment Rating - The report suggests short - term under - allocation of iron ore [2][3] 2. Core Viewpoint of the Report - Short - term macro expectations are weak, the supply - demand contradiction of iron ore continues to accumulate, supply remains high year - on - year, and iron ore demand is still restricted by industrial chain profits. It is recommended to mainly under - allocate [3] 3. Summary by Relevant Catalogs Supply - Current foreign ore shipments have emerged from the shipping off - season, with a significant increase in the weekly shipment volume this period. The off - season shipments this year have shown above - seasonal growth, and foreign ore shipments are at the highest level in the same period in the past five years. Domestic ore supply is also expected to enter a seasonal recovery cycle. Overall, the supply side has entered a high - shipping stage, providing a downward driving force [2] Demand - Domestic iron ore demand mainly depends on steel mill profits and the degree of steel inventory reduction. Due to the relatively high temperature this year, construction site starts may be advanced, and the market still has some optimistic expectations for demand. In the short term, the probability of super - expected growth in terminal demand is low. Later, attention should be paid to the steel inventory reduction node and the intensity of resumption of work. Seasonally, molten iron has entered a recovery cycle, and later attention should be paid to the recovery speed and height. From the current steel mill profit level and demand expectations, the recovery speed is relatively gentle, and the upward driving force of demand is weak [2] Inventory - Steel mills still have restocking needs after the Spring Festival, but the intensity and sustainability of restocking still depend on the recovery of terminal demand. From the current port clearance level, port inventories will still be in an accumulation state. Coupled with the weakening of spot prices, it is expected that the pressure of short - term port inventory accumulation will remain high. At the same time, attention should be paid to the potential selling risk of restricted - trade inventories. The inventory driving force is downward [2] Price - The expected price range is 93 - 100 US dollars per ton (61% index), corresponding to Dalian iron ore futures at 710 - 760 yuan per ton [4] Strategy - Conduct range operations and sell call options [4]

1. Report Industry Investment Rating - Not provided in the text 2. Core View of the Report - Short - term iron ore supply - demand contradictions continue to accumulate, the support of restocking demand for prices weakens, supply is in the off - season but with high year - on - year growth, price height is restricted by industrial chain profits, the short - term price peak has appeared, and it is recommended to short on rebounds. [3] - The operation strategy is range trading and covered call options. [3] 3. Summary by Relevant Catalogs Logic - Recently, the off - season characteristics of the black series are obvious and the macro - expectations are weak. Iron ore is affected by the expected increase in supply and the decrease in demand due to sudden safety incidents. Coupled with the weakening of restocking demand, the price has fallen from a high level. [2] Supply - Current overseas ore shipments have entered the off - season. Weekly shipments have declined for three consecutive weeks, and before mid - February, they will continue to weaken month - on - month but be higher than the same period last year due to the low base last year. Domestic ore supply is also in the off - season. The supply side is in a seasonally contracting phase, but the supply support needs to decline more than expected to increase. As of January 19, the global iron ore shipment volume was 29.298 million tons, a month - on - month decrease of 2.511 million tons and a year - on - year increase of 7 million tons. The shipment volume of 19 ports in Australia and Brazil was 21.64 million tons, a month - on - month decrease of 3.692 million tons and a year - on - year increase of 4.28 million tons. [2] Demand - Domestic demand has declined slightly but is still at the highest level in the same period of the past five years. The profitability of steel mills has stabilized after the decline in carbon element prices, and steel inventories have not shown a more - than - seasonal accumulation. Overall, domestic steel mill demand is stable in the short term, and restocking demand is in the middle stage with a weakening marginal support. The Baotou Steel accident has a substantial impact on demand, and there is an expectation of further strengthening safety supervision. [2] Inventory - Steel mill - end imported ore inventory has risen for four consecutive weeks. The pre - Spring Festival seasonal restocking of steel mills is in the second half, and the restocking support is weakening. Port inventory is still accumulating due to the relatively high arrival volume. It is expected that with the decline in arrival volume and the increase in restocking demand, the pressure of port inventory accumulation will ease. [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - Short - term iron ore supply - demand contradictions still need to accumulate. The restocking demand supports the spot price, and supply enters the off - season. However, the price increase is limited by industrial chain profits, and the restocking demand drive has entered the realization period. It is expected to fluctuate at a high level in the short term [1] - The recommended strategy is range operation and covered call options [1] 3. Summary by Relevant Catalogs Supply - Current overseas ore shipments have entered the off - season, with weekly shipments declining for three consecutive weeks. According to seasonal patterns, before mid - February, overseas ore shipments will continue to weaken month - on - month but be higher than last year due to the low base caused by the hurricane in Australia last year. Domestic ore supply is also in the off - season. Overall, the supply side is in a seasonally shrinking phase, but a more significant supply - side support requires an unexpected decline. As of January 19, Mysteel's global iron ore shipments totaled 29.298 million tons, a month - on - month decrease of 2.511 million tons and a year - on - year increase of 7.004 million tons. The total iron ore shipments from 19 ports in Australia and Brazil were 21.64 million tons, a month - on - month decrease of 3.692 million tons and a year - on - year increase of 4.28 million tons [1] Demand - Domestic demand has slightly declined but remains at the highest level in the same period of the past five years. The profitability of steel mills has stabilized after the decline in carbon element prices, and steel inventories have not shown an over - seasonal accumulation. Overall, domestic steel mill demand remains stable in the short term, the restocking demand is in the middle stage, and its marginal support is weakening [1] Inventory - Steel mill's imported ore inventory has increased for four consecutive weeks, and the pre - Spring Festival seasonal restocking by steel mills is in the second half, with the restocking support weakening. Port inventories continue to accumulate mainly due to the relatively high arrival volume. It is expected that as the arrival volume declines and restocking demand increases, the pressure on port inventory accumulation will ease [1]

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].