1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Steel Industry - Steel prices are expected to maintain a volatile pattern, waiting for the strength of peak - season demand. Consider buying on dips due to low spot inventory. Focus on 3230 yuan for rebar and 3380 yuan for hot - rolled coils [1]. Iron Ore Industry - Unilateral trading suggests cautious long positions, and arbitrage recommends going long on hot - rolled coils and short on iron ore. The iron - making water output in July will remain high, and steel mill profits will support raw materials, but there is a seesaw effect between coking coal, coke, and iron ore [3]. Coke and Coking Coal Industry - For coke, speculative trading advises cautious long - chasing, and arbitrage suggests going long on coke and short on iron ore. For coking coal, speculative trading also advises cautious long - chasing, and arbitrage recommends going long on coking coal and short on iron ore [4]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot prices generally declined. For example, rebar spot prices in East China dropped from 3430 yuan/ton to 3390 yuan/ton, and hot - rolled coil spot prices in East China fell from 3500 yuan/ton to 3440 yuan/ton [1]. Cost and Profit - Steel billet prices decreased by 80 yuan/ton to 3080 yuan/ton, while plate billet prices remained unchanged at 3730 yuan/ton. Profits from hot - rolled coils in East China increased by 48 yuan/ton to 333 yuan/ton [1]. Production and Inventory - Daily average iron - making water output increased by 2.6 to 242.6, a 1.1% increase. Five major steel products' production decreased by 1.2 to 867.0, a 0.1% decrease. Five major steel products' inventory decreased by 1.2 to 1336.5, a 0.1% decrease [1]. Transaction and Demand - Building materials trading volume decreased by 1.6 to 10.1, a 13.6% decrease. The apparent demand for five major steel products decreased by 2.0 to 868.1, a 0.2% decrease [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt cost of some iron ore varieties changed. For example, the warehouse - receipt cost of PB powder decreased by 2.2 to 818.4 yuan/ton, a 0.3% decrease [3]. Supply - The 45 - port arrival volume (weekly) decreased by 130.7 to 2240.5 tons, a 5.5% decrease, while the global shipping volume (weekly) increased by 91.8 to 3200.9 tons, a 3.0% increase [3]. Demand - The daily average iron - making water output of 247 steel mills (weekly) decreased by 0.2 to 242.2 tons, a 0.1% decrease. The 45 - port daily average desilting volume (weekly) decreased by 7.6 to 315.2 tons, a 2.4% decrease [3]. Inventory Changes - The 45 - port inventory decreased by 104.2 to 13686.23 tons, a 0.8% decrease, and the imported ore inventory of 247 steel mills (weekly) increased by 63.1 to 8885.2 tons, a 0.7% increase [3]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The price of quasi - first - class wet - quenched coke at Rizhao Port increased by 30 yuan/ton to 1420 yuan/ton, a 2.2% increase. The 09 - contract price of coke increased by 44 yuan/ton to 1677 yuan/ton, a 2.7% increase [4]. Coking Coal - Related Prices and Spreads - The price of coking coal (Mongolian coal warehouse - receipt) decreased by 20 yuan/ton to 1155 yuan/ton, a 1.7% decrease. The 09 - contract price of coking coal decreased by 4 yuan/ton to 1117 yuan/ton, a 0.3% decrease [4]. Supply - The daily average output of all - sample coking plants increased by 0.4 to 64.6 tons, a 0.6% increase. The raw coal output of Fenwei sample coal mines decreased by 4.3 to 862.3 tons, a 0.5% decrease [4]. Demand - The iron - making water output of 247 steel mills decreased by 0.2 to 242.2 tons, a 0.1% decrease. The daily average output of all - sample coking plants increased by 0.4 to 64.6 tons, a 0.6% increase [4]. Inventory Changes - The total coke inventory decreased by 7.4 to 918.2 tons, a 0.8% decrease. The coking coal inventory of all - sample coking plants increased by 56.3 to 985.4 tons, a 6.1% increase [4]. Coke Supply - Demand Gap Changes - The coke supply - demand gap increased by 0.6 to - 5.5 tons, a 10.2% increase [4].