Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The steel price is expected to maintain a bottom - oscillating trend in the short - term. In September, attention should be paid to the peak - season demand, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [4][6]. - The prices of coking coal and coke are expected to continue wide - range oscillations in the near future [12]. - The iron ore price will mainly oscillate in the short - term, as the factors driving price increases are weakening [17]. - Silicon - iron and manganese - silicon are expected to have bottom - oscillating trends recently [22]. 3. Summary by Related Categories Steel - **Related Information**: As of August 26, the sample construction site fund availability rate was 59.22%, up 0.43 percentage points week - on - week. The national new local government bond issuance in the first seven months was 3315.9 billion yuan [2]. - **Spot Price**: Shanghai rebar was 3290 yuan, Beijing rebar was 3230 yuan, Shanghai hot - rolled coil was 3400 yuan (+20), and Tianjin hot - rolled coil was 3360 yuan [3]. - **Logic Analysis**: The black sector declined in the night session. Steel production resumed, with rebar increasing and hot - rolled coil slightly decreasing. Steel exports were resilient, and downstream construction site funds improved marginally. As the parade approaches, iron - water production is expected to decrease, putting short - term pressure on steel prices. After August, the coal daily consumption will decline, and the blast furnace may resume production rapidly, potentially worsening the steel fundamentals [4]. - **Trading Strategy**: Unilateral: Maintain a bottom - oscillating trend; Arbitrage: Short the hot - rolled coil to rebar spread; Option: Wait and see [7][8][9]. Coking Coal and Coke - **Related Information**: The average national profit per ton of coke was 55 yuan/ton. The blast furnace operating rate of 247 steel mills was 83.2%, down 0.16 percentage points week - on - week. The daily average iron - water output was 240.13 tons, down 0.62 tons week - on - week [10]. - **Logic Analysis**: The futures prices of coking coal and coke oscillated widely without a clear direction. The spot price of coking coal fluctuated, and the downstream procurement enthusiasm weakened. The eighth round of coke price increase was not responded to by steel mills. The coal mine safety work is expected to be stricter, and the iron - water output will decline, with little change in the overall supply - demand relationship of coking coal [11][12]. - **Trading Strategy**: Unilateral: Wide - range oscillation; Arbitrage: Wait and see; Option: Wait and see; Futures - cash: Wait and see [13]. Iron Ore - **Related Information**: The PB powder spot price at Qingdao Port was 781 (+13), and the basis of the 01 iron ore main contract was 33 [15][16]. - **Logic Analysis**: The iron ore price fell 0.7% in the night session. The shipments of mainstream mines increased year - on - year in the past month, and the non - mainstream ore shipments in August were at a high level year - on - year. The growth rate of manufacturing and infrastructure investment slowed down, suppressing the terminal steel demand [17]. - **Trading Strategy**: No specific trading strategy was clearly given for iron ore in the text, only a note that the views are for reference only [18]. Ferroalloys - **Related Information**: On the 28th, the semi - carbonate Mn36% at Tianjin Port was quoted at 34 yuan/ton degree, and the Gabon block Mn46% was quoted at 40 yuan/ton degree. Comilog's October 2025 quotation for Gabon blocks to China was 4.27 US dollars/ton degree, unchanged from last month [19][20]. - **Logic Analysis**: For silicon - iron, the spot price was stable to weak on the 28th. The supply growth slowed down, and the demand was supported by the increase in steel production and apparent consumption. For manganese - silicon, the manganese ore spot price was stable, and the manganese - silicon spot price decreased. The supply growth also slowed down, and the alloy demand was stable [21][22]. - **Trading Strategy**: Unilateral: Bottom - oscillating; Arbitrage: Gradually take profit on the long - futures short - cash spread; Option: Sell straddle option combinations at high prices [23].