1. Report Industry Investment Ratings - Steel: Narrow - range oscillation [1] - Iron ore: High - level oscillation [1] - Coking coal: Oscillation with a weakening trend [1] - Coke: Oscillation with a weakening trend [1] - Manganese silicon: Oscillation [1] - Ferrosilicon: Oscillation [2][4] 2. Core Views of the Report - The steel market is affected by factors such as the decline in coal - coke prices and the recovery of manufacturing PMI. The fundamentals of rebar have no prominent contradictions and weak driving forces, so it is expected to oscillate in the short term. The iron ore market is influenced by supply - demand changes and geopolitical factors, with a high - level oscillation trend. The coking coal and coke markets are affected by factors like production, demand, and macro - disturbances, showing an oscillating and weakening trend. The manganese silicon and ferrosilicon markets are affected by cost, production, and external factors, and are expected to oscillate in the short term [1][2] 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures price fell, the spot price decreased slightly, and the trading volume declined. The manufacturing PMI in March rose, but the coal - coke price drop affected the black commodity sentiment. The rebar fundamentals have no obvious contradictions, and it is expected to oscillate narrowly in the short term. The iron ore futures price dropped, the supply was affected by the hurricane in Australia and the increase in Brazil's shipments, the demand (hot metal output) increased, and the inventory decreased. It is expected to oscillate at a high level in the short term [1] - **Coking Coal**: The coking coal futures price dropped, the spot price decreased, the supply was basically normal with improved shipments, and the demand was supported by the increase in hot metal output. However, the delay in coke price increase and limited profit space made the procurement more cautious. It is expected to oscillate weakly in the short term [1] - **Coke**: The coke futures price dropped, the spot price was stable, the supply was relatively stable, and the demand was rigid but the procurement willingness was average. It is expected to oscillate weakly in the short term [1] - **Manganese Silicon**: The manganese silicon futures price weakened, the spot price in some areas decreased, and many production enterprises planned to reduce production due to cost issues. The supply is expected to decrease, and the cost provides support, but the inventory is still high. It is expected to oscillate in the short term [1] - **Ferrosilicon**: The ferrosilicon futures price weakened, the spot price in some areas decreased, the production in March increased compared to the previous month but decreased compared to the same period last year, the demand had a purchase price from a steel mill, the cost increased, and the inventory decreased. It is expected to oscillate in the short term, and the Middle East situation and cost changes need to be continuously monitored [2] 3.2 Daily Data Monitoring - **Contract Spreads**: Different contracts of various varieties have different spread values and changes, such as the 5 - 10 and 10 - 1 spreads of rebar, hot - rolled coil, etc. [3] - **Basis**: The basis values and their changes of different contracts of various varieties are presented, for example, the basis of the 05 and 10 contracts of rebar [3] - **Spot Prices**: The latest spot prices and their changes in different regions of various varieties are shown, like the spot prices of rebar in Shanghai, Beijing, and Guangzhou [3] - **Profits and Spreads**: Information on the profits (such as rebar's disk profit, long - process profit, and short - process profit) and spreads (such as coil - rebar spread, rebar - iron ore ratio, etc.) of different varieties is provided [3] 3.3 Chart Analysis - **Main Contract Prices**: Charts show the closing prices of main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [6][7][9][13] - **Main Contract Basis**: Charts display the basis of main contracts of various varieties over different contract periods [16][17][20][22] - **Inter - period Contract Spreads**: Charts present the spreads of different inter - period contracts of various varieties, such as the 05 - 10 and 10 - 01 spreads of rebar and hot - rolled coil [25][26][30][31][32][34][36] - **Inter - variety Contract Spreads**: Charts show the spreads between different varieties, like the coil - rebar spread, rebar - iron ore ratio, etc. [37][39][41] - **Rebar Profits**: Charts illustrate the disk profit, long - process profit, and short - process profit of rebar from 2021 to 2026 [42][46] 3.4 Black Research Team Members - Qiu Yuecheng: Current Assistant Director of Everbright Futures Research Institute and Director of Black Research, with nearly 20 years of experience in the steel industry [48] - Zhang Xiaojin: Current Director of Resource Product Research at Everbright Futures Research Institute, with rich experience in the futures field [48] - Liu Xi: Current Black Researcher at Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [48] - Zhang Chunjie: Current Black Researcher at Everbright Futures Research Institute, with experience in investment trading strategies and spot - futures operations [49]

1. Report Industry Investment Rating - Not provided in the report 2. Core Views - **Steel**: The steel market is expected to experience narrow - range fluctuations. Although the supply - demand data is neutral to bullish, with a decline in production, an increase in the inventory decline, and a rise in apparent demand, the current low - level demand and high inventory pressure in some areas are suppressing steel prices [1]. - **Iron Ore**: The iron ore market is likely to continue its high - level volatile trend. The supply side shows an increase in Australian shipments and a slight decrease in Brazilian shipments, while the demand side sees an increase in iron - water production. Geopolitical factors are also affecting the cost [1]. - **Coking Coal**: The coking coal market is predicted to operate in a volatile manner. The supply is stable, and the demand is increasing, but macro - level uncertainties are significant [1]. - **Coke**: The coke market is expected to operate in a volatile way. The downstream replenishment demand is good, and the terminal demand is recovering, but macro - level disturbances are complex [1]. - **Manganese Silicon**: The manganese silicon futures price is likely to remain firm and volatile. The cost provides support, and although there are "production - cut" rumors, the overall start - up is stable, and the demand and inventory situation are mixed [1][3]. - **Ferrosilicon**: The ferrosilicon futures price is expected to maintain a volatile trend. The production profit has improved, and the production has increased, but the upward driving force is limited [3]. 3. Summary by Directory 3.1 Research Views - **Steel**: The closing price of the rebar 2605 contract on the previous trading day was 3128 yuan/ton, a decrease of 0.13%. The spot price was stable, and the trading volume was low. The national rebar production decreased by 5.46 tons week - on - week, social inventory decreased by 10.46 tons, factory inventory decreased by 17.04 tons, and apparent demand increased by 17.28 tons [1]. - **Iron Ore**: The closing price of the iron ore futures main contract i2605 was 817 yuan/ton, an increase of 1.3%. Australian shipments continued to increase, Brazilian shipments decreased slightly, and the port inventory decreased by 147.35 tons [1]. - **Coking Coal**: The closing price of the coking coal 2605 contract was 1230 yuan/ton, a decrease of 0.89%. The supply was stable, and the demand was increasing [1]. - **Coke**: The closing price of the coke 2605 contract was 1761 yuan/ton, a decrease of 0.84%. The downstream replenishment demand was good, and the factory inventory was low [1]. - **Manganese Silicon**: The manganese silicon futures price rose slightly. The cost was supported by the increase in manganese ore prices. The production decreased by 0.74% last week, and the demand and inventory situation were mixed [1][3]. - **Ferrosilicon**: The ferrosilicon futures price declined slightly. The production profit improved, and the production increased by 7.19% last week. The inventory decreased, and the upward driving force was limited [3]. 3.2 Daily Data Monitoring - **Contract Spread**: The 5 - 10 spread of rebar was - 30.0, the 10 - 1 spread was - 21.0; for hot - rolled coil, the 5 - 10 spread was - 8.0, the 10 - 1 spread was - 4.0; for iron ore, the 5 - 9 spread was 29.5, the 9 - 1 spread was 20.0; for coke, the 5 - 9 spread was - 85.0, the 9 - 1 spread was - 85.0; for coking coal, the 5 - 9 spread was - 138.5, the 9 - 1 spread was - 193.5; for manganese silicon, the 5 - 9 spread was - 58.0, the 9 - 1 spread was - 10.0; for ferrosilicon, the 5 - 9 spread was - 100.0, the 9 - 1 spread was - 40.0 [4]. - **Basis**: The basis of rebar 05 contract was 92.0, the 10 contract was 62.0; for hot - rolled coil, the 05 contract was - 15.0, the 10 contract was - 23.0; for iron ore, the 05 contract was 23.0, the 09 contract was 52.5; for coke, the 05 contract was - 95.6, the 09 contract was - 180.6; for coking coal, the 05 contract was 28.0, the 09 contract was - 110.5; for manganese silicon, the 05 contract was - 204.0, the 09 contract was - 262.0; for ferrosilicon, the 05 contract was - 262.0, the 09 contract was - 362.0 [4]. - **Spot Price**: The spot price of Shanghai rebar was 3220.0 yuan/ton, Beijing was 3160.0 yuan/ton, Guangzhou was 3450.0 yuan/ton; for hot - rolled coil, Shanghai was 3290.0 yuan/ton, Tianjin was 3280.0 yuan/ton, Guangzhou was 3320.0 yuan/ton; for PB powder, it was 791.0 yuan/ton, super - special powder was 674.0 yuan/ton; for Rizhao quasi - first - grade metallurgical coke, it was 1500.0 yuan/ton; for Shanxi medium - sulfur main - coking coal, it was 1450.0 yuan/ton; for Ningxia manganese silicon, it was 6120.0 yuan/ton, Inner Mongolia was 6230.0 yuan/ton, Guangxi was 6300.0 yuan/ton; for Ningxia ferrosilicon, it was 5620.0 yuan/ton, Inner Mongolia was 5650.0 yuan/ton, Qinghai was 5650.0 yuan/ton [4]. - **Profit and Spread**: The rebar disk profit was - 143.6, the long - process profit was - 28.4, the short - process profit was - 120.9; the hot - rolled coil - rebar spread was 177.0, the rebar - iron ore ratio was 3.8, the coking coal - iron ore ratio was 2.2, the rebar - coke ratio was 1.8, the double - silicon spread was 452.0 [4]. 3.3 Chart Analysis - **Main Contract Price**: The report provides historical price charts of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [6][7][9][13]. - **Main Contract Basis**: The report shows historical basis charts of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [16][17][21][23]. - **Inter - period Contract Spread**: The report presents historical spread charts of inter - period contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [25][27][31][33][36][37][39]. - **Inter - variety Contract Spread**: The report includes historical spread charts of inter - variety contracts such as hot - rolled coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, coking coal - iron ore ratio, and double - silicon spread [40][41][42][44]. - **Rebar Profit**: The report offers historical profit charts of rebar main contracts, including disk profit, long - process profit, and short - process profit [45][46][47][49]. 3.4 Black Research Team Members Introduction - Qiu Yuecheng, the assistant director of Everbright Futures Research Institute and the director of black research, has nearly 20 years of experience in the steel industry [51]. - Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, has rich experience in the futures industry [51]. - Liu Xi, a black researcher at Everbright Futures Research Institute, is good at fundamental supply - demand analysis based on industrial chain data [51]. - Zhang Chunjie, a black researcher at Everbright Futures Research Institute, has experience in investment trading strategies and spot - futures operations [52].

Report Industry Investment Rating No relevant content found. Core View of the Report - The steel market is expected to have a narrow - range shock. The cost support for steel has weakened due to the decline in iron ore and coking coal prices, and the weak demand, especially in the real estate sector, keeps the inventory at a relatively high level, suppressing steel prices [1]. - The iron ore market is expected to continue a high - level shock. The supply shows a mixed trend with increasing Australian shipments and slightly decreasing Brazilian shipments, and the demand is affected by the resumption of production of steel mills. Geopolitical factors also influence the cost [1]. - The coking coal and coke markets are expected to operate in a shock. For coking coal, the supply is stable, and the demand is affected by the cost and the price increase of coke. For coke, the supply and demand are both improving, but macro - disturbances are complex [1]. - The manganese silicon and silicon iron markets are expected to maintain a shock trend. For manganese silicon, the cost has support, and the supply and demand are in a state of change. For silicon iron, the production profit has recovered, but the upward driving force is limited [1][3]. Summary by Directory Research Views - **Steel**: The closing price of the rebar 2605 contract was 3132 yuan/ton, a decrease of 0.41% from the previous trading day, with a decrease of 56,200 lots in positions. The spot price slightly decreased, and the transaction volume declined. The cost support weakened, and the demand was weak, so it is expected to have a narrow - range shock [1]. - **Iron Ore**: The closing price of the iron ore futures main contract i2605 was 806.5 yuan/ton, a decrease of 2.1% from the previous trading day, with 380,000 lots in trading volume and a decrease of 32,000 lots in positions. The supply and demand are in a complex situation, and it is expected to continue a high - level shock [1]. - **Coking Coal**: The closing price of the coking coal 2605 contract was 1241 yuan/ton, a decrease of 0.68% from the previous trading day, with a decrease of 8252 lots in positions. The supply is stable, and the demand is affected by cost and price increase, so it is expected to operate in a shock [1]. - **Coke**: The closing price of the coke 2605 contract was 1776 yuan/ton, a decrease of 1.22% from the previous trading day, with a decrease of 2550 lots in positions. The supply and demand are both improving, but macro - disturbances are complex, so it is expected to operate in a shock [1]. - **Manganese Silicon**: The main contract of manganese silicon closed at 6492 yuan/ton, a decrease of 1.04% from the previous trading day, with a decrease of 14,171 lots in positions. The cost has support, and the supply and demand are in a state of change, so it is expected to have a firm shock [1]. - **Silicon Iron**: The main contract of silicon iron closed at 6088 yuan/ton, a decrease of 0.36% from the previous trading day, with a decrease of 3247 lots in positions. The production profit has recovered, but the upward driving force is limited, so it is expected to maintain a shock trend [3]. Daily Data Monitoring - **Contract Spreads**: The 5 - 10 month spreads for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron are - 30.0, - 9.0, 29.0, - 88.5, - 136.5, - 68.0, - 78.0 respectively, with corresponding changes of - 2.0, - 2.0, - 4.5, - 13.0, - 14.5, - 8.0, 2.0 [3]. - **Basis**: The basis of the 05 contract for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron are 98.0, - 23.0, 25.8, - 121.4, 17.0, - 342.0, - 388.0 respectively, with corresponding changes of 3.0, 1.0, 2.1, 11.1, 8.5, - 62.0, - 38.0 [3]. - **Spot Prices**: The spot prices of rebar in Shanghai, Beijing, and Guangzhou are 3230.0, 3160.0, 3450.0 respectively, with changes of - 10.0, - 10.0, 0.0. The spot prices of hot - rolled coil in Shanghai, Tianjin, and Guangzhou are 3290.0, 3290.0, 3320.0 respectively, with changes of - 10.0, 0.0, 0.0 [3]. - **Profits and Spreads**: The rebar disk profit is - 129.7, with a change of 26.9. The long - process profit is - 5.9, with a change of 15.1. The short - process profit is - 118.9, with a change of - 7.0. The hot - rolled coil to rebar spread is 181.0, with a change of 2.0. The rebar to iron ore ratio is 3.9, with a change of 0.07. The rebar to coke ratio is 1.8, with a change of 0.01. The coking coal to iron ore ratio is 2.2, with a change of 0.02. The double - silicon spread is 404.0, with a change of 22.0 [3]. Chart Analysis - **3.1 Main Contract Prices**: There are charts showing the closing prices of the main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron from 2021 to 2026 [5][6][8][12]. - **3.2 Main Contract Basis**: There are charts showing the basis of the main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron [15][16][19][21]. - **3.3 Inter - period Contract Spreads**: There are charts showing the inter - period contract spreads of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron [24][25][28][29][31][33][35]. - **3.4 Inter - variety Contract Spreads**: There are charts showing the inter - variety contract spreads such as the hot - rolled coil to rebar spread, rebar to iron ore ratio, rebar to coke ratio, coking coal to iron ore ratio, coking coal to coke ratio, and double - silicon spread [36][37][38][39]. - **3.5 Rebar Profits**: There are charts showing the disk profit, long - process calculated profit, and short - process calculated profit of the rebar main contract [41][44]. Black Research Team Members Introduction - Qiu Yuecheng is the assistant director of the Everbright Futures Research Institute and the director of black research, with nearly 20 years of experience in the steel industry [46]. - Zhang Xiaojin is the director of resource product research at the Everbright Futures Research Institute, with rich experience in the futures field [46]. - Liu Xi is a black researcher at the Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [46]. - Zhang Chunjie is a black researcher at the Everbright Futures Research Institute, with experience in investment trading strategies and spot - futures operations [47].

Group 1: Report Industry Investment Ratings - The report does not provide an overall industry investment rating. However, it gives short - term views for different black commodities: steel (including rebar) - oscillating; iron ore - high - level oscillation; coking coal - oscillating operation; coke - oscillating operation; manganese silicon - oscillating; ferrosilicon - oscillating [1][3] Group 2: Core Views of the Report - For steel, the cost is pushed up by the Middle - East geopolitical conflict and the strengthening of coking coal price, but the weak demand, especially from the real - estate sector, leads to high inventory and suppresses the price. The short - term rebar futures is expected to oscillate narrowly [1]. - For iron ore, the supply from Australia is increasing while that from Brazil is slightly decreasing. After the lifting of environmental restrictions, steel mills are resuming production. With geopolitical factors raising cost expectations, the short - term iron ore futures is expected to continue high - level oscillation [1]. - For coking coal, the production of origin mines is stable, the upstream shipment is improving, and the terminal demand is rising. However, due to complex macro disturbances, the short - term coking coal futures is expected to oscillate [1]. - For coke, the strong coking coal price supports the coke price, and steel mills' increasing demand leads to a rise in coke price expectations. But considering complex macro factors, the short - term coke futures is expected to oscillate [1]. - For manganese silicon, the cost is the main support, with rising port manganese ore prices. There are "production - cut" rumors, and the demand and supply have a price gap. The short - term manganese silicon futures is expected to oscillate firmly [1]. - For ferrosilicon, the production profit is recovering, and the production is increasing. The demand from steel mills is rising, but the narrowing basis affects sales willingness. The short - term ferrosilicon futures is expected to oscillate [3]. Group 3: Summary According to the Directory 1. Research Views - **Steel**: The rebar futures 2605 closed at 3145 yuan/ton, down 9 yuan/ton (0.29%) with a decrease of 87,900 lots in positions. Spot prices were stable, and the national building materials trading volume was 93,500 tons. Cost increased, but demand was weak, and inventory was high [1]. - **Iron Ore**: The iron ore futures i2605 closed at 824 yuan/ton, up 5 yuan/ton (0.6%) with an increase of 4,000 lots in positions. The 47 - port arrival volume was 23.831 million tons, up 661,000 tons. Supply and demand factors were mixed [1]. - **Coking Coal**: The coking coal futures 2605 closed at 1249.5 yuan/ton, down 40 yuan/ton (3.1%) with a decrease of 45,887 lots in positions. Spot prices in some areas increased. Production was stable, and demand was rising [1]. - **Coke**: The coke futures 2605 closed at 1798 yuan/ton, down 49 yuan/ton (2.65%) with a decrease of 2,320 lots in positions. Spot prices were stable. The cost was rising, and demand from steel mills was increasing [1]. - **Manganese Silicon**: The manganese silicon futures closed at 6556 yuan/ton, down 0.43% with an increase of 1,558 lots in positions. The price of port manganese ore increased. The weekly production decreased by 0.74% to 196,200 tons [1]. - **Ferrosilicon**: The ferrosilicon futures closed at 6100 yuan/ton, up 0.2% with a decrease of 3,897 lots in positions. The production profit was recovering, and the weekly production increased by 7.19% to 104,400 tons. The inventory of 60 sample enterprises decreased by 1,770 tons to 59,400 tons [3]. 2. Daily Data Monitoring - **Contract Spreads and Basis**: The report provides the latest contract spreads (such as 5 - 10, 10 - 1) and basis data for various commodities, including rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon, along with their环比 changes [4]. - **Profits and Spreads**: It also shows the latest profit data (such as rebar's disk profit, long - process profit, short - process profit) and cross - commodity spreads (such as coil - rebar spread, rebar - iron ore ratio, etc.) and their环比 changes [4]. 3. Chart Analysis - **3.1 Main Contract Prices**: There are charts showing the closing prices of main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [6][7][9][13]. - **3.2 Main Contract Basis**: Charts display the basis of main contracts of various commodities over different contract periods from 2021 to 2026 [16][17][20][22]. - **3.3 Inter - period Contract Spreads**: There are charts presenting the spreads of different inter - period contracts (e.g., 05 - 10, 10 - 01) for various commodities from 2021 to 2026 [25][26][29][30][32][34][36]. - **3.4 Cross - commodity Contract Spreads**: Charts show cross - commodity spreads such as coil - rebar spread, rebar - iron ore ratio, etc., from 2021 to 2026 [37][38][39][40]. - **3.5 Rebar Profits**: There are charts showing the disk profit, long - process profit, and short - process profit of rebar from 2021 to 2026 [42][43][45]. 4. Black Research Team Members Introduction - Qiu Yuecheng, the assistant director of Everbright Futures Research Institute and the director of black research, has nearly 20 years of experience in the steel industry [47]. - Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, has rich experience in the field of power coal [47]. - Liu Xi, a black researcher at Everbright Futures Research Institute, is good at fundamental supply - demand analysis based on industrial chain data [47]. - Zhang Chunjie, a black researcher at Everbright Futures Research Institute, has experience in investment trading strategies and spot - futures trading [48].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The steel market shows a narrow - range consolidation trend. The supply - demand fundamentals of rebar remain weak, with limited unilateral driving forces, and market sentiment is significantly affected by Middle - East geopolitical changes [1]. - The iron ore market is expected to continue a high - level oscillation trend, with supply and demand factors and geopolitical disturbances affecting the price [1]. - The coking coal and coke markets are expected to oscillate in the short term. The coking coal supply is sufficient, and the demand side is cautious; the coke supply and demand are both increasing [1]. - The manganese silicon and ferrosilicon markets are expected to oscillate. The cost of manganese silicon has support, and the supply - demand contradiction is limited; the ferrosilicon has some demand support, but the upward driving force is limited due to geopolitical conflicts [1][3]. 3. Summary by Relevant Catalogs 3.1 Research Views Steel - Rebar: The rebar futures price decreased slightly, the spot price also declined, and the trading volume remained low. The production increased, the inventory decreased, and the apparent demand rose. The supply - demand data is neutral to positive, but the overall fundamentals are still weak, and the short - term trend is narrow - range consolidation [1]. Iron Ore - The iron ore futures price decreased. The Australian shipment increased, the Brazilian shipment was stable, and the Chinese port arrivals decreased. The iron - making production increased, the port inventory decreased, and the steel - mill inventory increased. The short - term trend is high - level oscillation [1]. Coking Coal - The coking coal futures price increased. The supply is sufficient, the downstream inquiry and trading improved, and the inventory pressure at the mine end eased. The demand side is cautious, and the short - term trend is oscillation [1]. Coke - The coke futures price decreased slightly. The cost support of coke enterprises is obvious, the production rate increased, and the demand from steel mills is rising. The short - term trend is oscillation [1]. Manganese Silicon - The manganese silicon futures price showed a narrow - range oscillation. The cost has support, the production rate is relatively stable, the demand from steel mills increased, and the inventory decreased. The short - term trend is oscillation, and attention should be paid to the Middle - East situation [1][3]. Ferrosilicon - The ferrosilicon futures price declined slightly. The production increased slightly, the demand from steel mills increased, the cost is relatively stable, and the inventory is at a low level. The short - term trend is oscillation, and attention should be paid to geopolitical conflicts [3]. 3.2 Daily Data Monitoring - The report provides data on contract spreads, basis, and spot prices of various black commodities, including rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon, as well as profit and spread data such as rebar's on - paper profit, long - process profit, short - process profit, and various inter - commodity spreads [4]. 3.3 Chart Analysis - **3.3.1 Main Contract Prices**: The report presents historical price charts of main contracts of various black commodities, including rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [6][7][9][13]. - **3.3.2 Main Contract Basis**: It shows the historical basis charts of main contracts of various black commodities [16][17][20][22]. - **3.3.3 Inter - period Contract Spreads**: The report provides historical inter - period contract spread charts of various black commodities [25][26][28][32][33][35][37]. - **3.3.4 Inter - commodity Contract Spreads**: It presents historical inter - commodity contract spread charts of various black commodities, such as the spread between hot - rolled coils and rebar, the ratio of rebar to iron ore, etc. [38][40][41]. - **3.3.5 Rebar Profits**: The report shows historical profit charts of rebar, including on - paper profit, long - process profit, and short - process profit [43][47]. 3.4 Black Research Team Members Introduction - The report introduces the members of the black research team, including their positions, work experience, and relevant qualifications [49][50].

1. Report Industry Investment Ratings - Steel: Oscillating strongly [1] - Iron Ore: Oscillating strongly [1] - Coking Coal: Oscillating [1] - Coke: Oscillating [1] - Manganese Silicon: Oscillating [1] - Ferrosilicon: Oscillating [2][4] 2. Core Views of the Report - Steel: The market confidence is boosted by the positive growth of fixed - asset investment, and the raw material prices support the cost. The short - term steel futures is expected to oscillate strongly [1]. - Iron Ore: With the supply and demand factors intertwined and the geopolitical situation raising cost expectations, the short - term iron ore futures is expected to oscillate strongly [1]. - Coking Coal: The production is rising steadily, and the downstream demand is picking up. The short - term coking coal futures is expected to oscillate [1]. - Coke: The cost and demand factors are both present, and the short - term coke futures is expected to oscillate [1]. - Manganese Silicon: The cost has support, the supply and demand are relatively stable, and the short - term manganese silicon futures is expected to oscillate [1]. - Ferrosilicon: The demand has support, the cost is stable, and the inventory is low. Affected by the geopolitical conflict, the short - term ferrosilicon futures is expected to oscillate [2]. 3. Summary by Directory 3.1 Research Views - **Steel**: The closing price of rebar 2605 contract was 3148 yuan/ton, up 8 yuan/ton or 0.25% from the previous trading day, with a decrease of 24,500 lots in positions. Spot prices rose steadily, and the trading volume declined. The fixed - asset investment growth rate turned positive, and raw material prices were strong, which is expected to support the short - term strong oscillation of the rebar futures [1]. - **Iron Ore**: The closing price of the main iron ore futures contract i2605 was 816.5 yuan/ton, up 7.5 yuan/ton or 0.9% from the previous trading day, with an increase of 3,000 lots in positions. The supply and demand were intertwined, and the geopolitical situation affected the cost. The short - term iron ore futures is expected to oscillate strongly [1]. - **Coking Coal**: The closing price of coking coal 2605 contract was 1176 yuan/ton, down 5 yuan/ton or 0.42%, with a decrease of 10,167 lots in positions. The production was rising, and the downstream demand was picking up. The short - term coking coal futures is expected to oscillate [1]. - **Coke**: The closing price of coke 2605 contract was 1732 yuan/ton, down 14 yuan/ton or 0.8%, with a decrease of 821 lots in positions. The cost and demand factors coexisted, and the short - term coke futures is expected to oscillate [1]. - **Manganese Silicon**: The manganese silicon futures price oscillated strongly, with the main contract closing at 6240 yuan/ton, up 0.84% from the previous day, and the positions decreased by 646 lots to 364,100 lots. The cost had support, and the supply and demand were relatively stable. The short - term manganese silicon futures is expected to oscillate [1]. - **Ferrosilicon**: The ferrosilicon futures price oscillated strongly, with the main contract closing at 5928 yuan/ton, up 0.51% from the previous day, and the positions increased by 8393 lots to 180,500 lots. The demand had support, the cost was stable, and the inventory was low. The short - term ferrosilicon futures is expected to oscillate [2]. 3.2 Daily Data Monitoring - **Contract Spreads and Basis**: The data shows the latest values and changes of contract spreads (such as 5 - 10 months, 10 - 1 months) and basis for various commodities including steel, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [3]. - **Profit and Spread**: The data presents the latest values and changes of profits (such as rebar disk profit, long - process profit, short - process profit) and spreads (such as coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio) for different commodities [3]. 3.3 Chart Analysis - **Main Contract Prices**: There are charts showing the closing prices of main contracts for steel, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [6][7][8][10][11][13]. - **Main Contract Basis**: There are charts presenting the basis of main contracts for steel, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [15][16][20][22]. - **Inter - period Contract Spreads**: There are charts showing the spreads of inter - period contracts (such as 05 - 10, 10 - 01, 05 - 09, 09 - 01) for steel, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [24][25][26][31][33][34][36]. - **Inter - variety Contract Spreads**: There are charts presenting the spreads of inter - variety contracts (such as coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, coking coal - coke ratio, double - silicon spread) for different commodities [37][38][39][40]. - **Rebar Profit**: There are charts showing the disk profit, long - process calculated profit, and short - process calculated profit of rebar from 2021 to 2026 [42][43][44][46]. 3.4 Black Research Team Members - Qiu Yuecheng: Assistant Director of Everbright Futures Research Institute and Director of Black Research, with nearly 20 years of experience in the steel industry [48]. - Zhang Xiaojin: Director of Resource Product Research at Everbright Futures Research Institute, with rich experience in the futures industry [48]. - Liu Xi: Black researcher at Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [48]. - Zhang Chunjie: Black researcher at Everbright Futures Research Institute, with experience in investment trading strategies and spot - futures operations [49].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The steel market is in a situation of weak supply and demand, with the short - term rebar futures expected to oscillate strongly. The iron ore market is influenced by multiple factors, and the short - term price is expected to oscillate. The coking coal and coke markets are expected to oscillate in the short term. The manganese silicon and ferrosilicon markets are also expected to oscillate, with attention to the impact of the Middle East situation [1][3]. 3. Summary by Directory 3.1 Research Views - **Steel**: The rebar futures fluctuated narrowly. The spot price was stable with some increases, and the trading volume recovered. The investment growth rate rebounded at a low level, and the crude steel output remained low. The short - term rebar futures are expected to oscillate strongly [1]. - **Iron Ore**: The iron ore futures price declined. The supply from Australia increased, and that from Brazil remained stable. The demand is expected to recover. The short - term price is expected to oscillate [1]. - **Coking Coal**: The coking coal futures price rose. The supply side maintained normal production, and the demand side had a warming market sentiment. The short - term price is expected to oscillate [1]. - **Coke**: The coke futures price rose. The cost of coking coal decreased slightly, and the demand from steel mills was weak. The short - term price is expected to oscillate [1]. - **Manganese Silicon**: The manganese silicon futures price weakened. The cost was supported, the supply and demand were relatively stable, and the inventory decreased. The short - term price is expected to oscillate, with attention to the Middle East situation [1][3]. - **Ferrosilicon**: The ferrosilicon futures price weakened. The cost was stable, the supply increased slightly, the demand improved, and the inventory was at a low level. The short - term price is expected to oscillate, with attention to the geopolitical conflict [3]. 3.2 Daily Data Monitoring - It shows the contract spreads, basis, and spot prices of various commodities such as rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon, as well as the profit and spreads between different commodities [4]. 3.3 Chart Analysis - **3.3.1 Main Contract Prices**: It presents the historical closing prices of the main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [6][7][10][11][13]. - **3.3.2 Main Contract Basis**: It shows the historical basis of the main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [15][16][20][22]. - **3.3.3 Inter - period Contract Spreads**: It presents the historical spreads of different inter - period contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [24][25][26][30][31][33][34][36]. - **3.3.4 Inter - variety Contract Spreads**: It shows the historical spreads between different varieties such as the volume - rebar spread, rebar - ore ratio, rebar - coke ratio, coke - ore ratio, coal - coke ratio, and double - silicon spread [37][38][39][40]. - **3.3.5 Rebar Profits**: It presents the historical profits of the rebar main contract on the disk, long - process calculation, and short - process calculation [42][44][46]. 3.4 Black Research Team Members Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional experience and qualifications [48][49].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The steel market is expected to be volatile and bullish in the short - term. The supply - demand data of rebar is neutral, and the geopolitical situation in the Middle East boosts the cost of black commodities [1]. - The iron ore market is expected to be volatile and bullish in the short - term. There are both bullish and bearish factors, with supply and demand in a state of intertwining [1]. - The coking coal market is expected to run in a volatile manner in the short - term. The supply is relatively loose, while the downstream demand is unstable [1]. - The coke market is expected to run in a volatile manner in the short - term. The production enthusiasm of coking enterprises is not high, and the steel mills' attitude towards coke is still cautious [1]. - The manganese silicon market is expected to have a supported and volatile trend in the short - term. The cost side has support, and the geopolitical conflict still disturbs the market sentiment [1][3]. - The ferrosilicon market is expected to run in a wide - range volatile manner in the short - term. The fundamental contradictions are limited, and attention should be paid to the disturbance of the Middle East situation [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures closed at 3120 yuan/ton, up 0.05 yuan/ton (0.16%) from the previous trading day, with a decrease of 46,200 lots in positions. The spot price rose slightly, and the trading volume was low. The national rebar production increased by 219,900 tons week - on - week to 1.953 million tons, the social inventory increased by 168,000 tons to 6.5455 million tons, the factory inventory increased by 16,900 tons to 2.3962 million tons, and the apparent demand increased by 785,800 tons to 1.7681 million tons [1]. - **Iron Ore**: The main contract of iron ore futures i2605 closed at 795.5 yuan/ton, up 8.5 yuan/ton (1.08%) from the previous trading day, with a trading volume of 240,000 lots and an increase of 6,000 lots in positions. The supply from Australia and Brazil decreased, and the iron - making water output decreased by 63,900 tons week - on - week to 2.212 million tons. The inventory of 47 ports increased by 524,900 tons to 179.4732 million tons [1]. - **Coking Coal**: The coking coal futures closed at 1153 yuan/ton, up 8.5 yuan/ton (0.74%) from the previous trading day, with a decrease of 13,407 lots in positions. The price of 1/3 coking coal in Linfen, Shanxi decreased by 40 yuan/ton. The overall supply is relatively loose, and the trading activity has increased [1]. - **Coke**: The coke futures closed at 1727 yuan/ton, up 9 yuan/ton (0.52%) from the previous trading day, with an increase of 379 lots in positions. The spot price at the port remained stable. The production enthusiasm of coking enterprises is not high, and there is an expectation of increased demand due to the resumption of production of steel mills [1]. - **Manganese Silicon**: The manganese silicon futures closed at 6162 yuan/ton, up 0.82% from the previous trading day, with a decrease of 2309 lots in positions. The market price of 6517 manganese silicon in various regions is about 5850 - 6000 yuan/ton. The cost side has support, and the production enterprises' start - up rate is relatively stable [1][3]. - **Ferrosilicon**: The ferrosilicon futures closed at 5922 yuan/ton, up 0.71% from the previous trading day, with a decrease of 11,557 lots in positions. The aggregated price of 72 ferrosilicon in various regions is 5480 - 5580 yuan/ton. The supply and demand are in a state of co - existence of production resumption and maintenance, and the inventory is at a relatively low level in the same period in recent years [3]. 3.2 Daily Data Monitoring - **Contract Spreads**: The 5 - 10 spread of rebar is - 29.0, the 10 - 1 spread is - 25.0; the 5 - 10 spread of hot - rolled coil is - 9.0, the 10 - 1 spread is - 15.0; the 5 - 9 spread of iron ore is 29.0, the 9 - 1 spread is 17.0; the 5 - 9 spread of coke is - 74.5, the 9 - 1 spread is - 94.5; the 5 - 9 spread of coking coal is - 101.5, the 9 - 1 spread is - 211.5; the 5 - 9 spread of manganese silicon is - 56.0, the 9 - 1 spread is - 26.0; the 5 - 9 spread of ferrosilicon is - 80.0, the 9 - 1 spread is - 14.0 [4]. - **Basis**: The basis of rebar 05 contract is 100.0, the 10 contract is 71.0; the basis of hot - rolled coil 05 contract is - 15.0, the 10 contract is - 24.0; the basis of iron ore 05 contract is 41.2, the 09 contract is 70.2; the basis of coke 05 contract is - 94.2, the 09 contract is - 168.7; the basis of coking coal 05 contract is 45.0, the 09 contract is - 56.5; the basis of manganese silicon 05 contract is - 262.0, the 09 contract is - 318.0; the basis of ferrosilicon 05 contract is - 272.0, the 09 contract is - 352.0 [4]. - **Spot Prices**: The spot price of rebar in Shanghai is 3220.0, in Beijing is 3140.0, in Guangzhou is 3400.0; the spot price of hot - rolled coil in Shanghai is 3260.0, in Tianjin is 3240.0, in Guangzhou is 3280.0; the spot price of PB powder is 788.0, super - special powder is 675.0; the spot price of Rizhao quasi - first - grade coke is 1470.0; the spot price of medium - sulfur coking coal in Shanxi is 1390.0; the spot price of manganese silicon in Ningxia is 5850.0, in Inner Mongolia is 5900.0, in Guangxi is 6000.0; the spot price of ferrosilicon in Ningxia is 5500.0, in Inner Mongolia is 5580.0, in Qinghai is 5500.0 [4]. - **Profits and Spreads**: The rebar futures profit is - 99.1, the long - process profit is - 23.1, the short - process profit is - 117.0; the hot - rolled coil - rebar spread is 155.0, the rebar - iron ore ratio is 3.9, the rebar - coke ratio is 1.8, the coking coal - coke ratio is 1.5, the coking coal - iron ore ratio is 2.2, the double - silicon spread is 240.0 [4]. 3.3 Chart Analysis - **Main Contract Prices**: The report provides price trend charts of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [6][7][9][13]. - **Main Contract Basis**: The report provides basis trend charts of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [16][17][19][21]. - **Inter - period Contract Spreads**: The report provides spread trend charts of inter - period contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [24][25][26][31][32][34][36]. - **Inter - variety Contract Spreads**: The report provides spread trend charts of inter - variety contracts for hot - rolled coil - rebar, rebar - iron ore, rebar - coke, coking coal - coke, coking coal - iron ore, and double - silicon [37][38][39][40]. - **Rebar Profits**: The report provides profit trend charts for rebar futures, long - process calculation, and short - process calculation from 2021 to 2026 [42][46].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The steel market is expected to be moderately strong in the short - term. The demand for domestic steel remains low, but there are strong expectations of inflation recovery and stable market sentiment [1]. - The iron ore market is expected to experience high - level oscillations. The supply and demand pattern is still loose, with reduced shipments from Australia and Brazil and a decline in iron - making water production due to environmental restrictions, but subsequent production resumption is expected [1]. - The coking coal and coke markets are expected to operate in an oscillatory manner. The supply of coking coal is relatively abundant, while the production enthusiasm of coking enterprises is not high. The start - up rate of steel mills is affected, and the raw material replenishment enthusiasm is not good [1]. - The manganese silicon and ferrosilicon markets are expected to oscillate. The cost of manganese silicon has support, and the geopolitical conflict disturbs the market sentiment. The fundamental contradictions of ferrosilicon are limited, and attention should be paid to the disturbance of the Middle East situation [1][3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The closing price of the rebar 2605 contract was 3115 yuan/ton, up 11 yuan/ton (0.35%) from the previous trading day, with a decrease of 0.89 million lots in positions. Spot prices were stable with a slight increase, and trading volume recovered from a low level. The production and sales of automobiles were weak, and domestic steel demand remained low. It is expected to be moderately strong in the short - term [1]. - **Iron Ore**: The closing price of the iron ore futures main contract i2605 was 787 yuan/ton, up 3 yuan/ton (0.4%) from the previous trading day, with 190,000 lots traded and an increase of 7,000 lots in positions. The supply from Australia and Brazil decreased, and iron - making water production decreased significantly due to environmental restrictions but will resume. It is expected to oscillate at a high level in the short - term [1]. - **Coking Coal**: The closing price of the coking coal 2605 contract was 1144.5 yuan/ton, up 23 yuan/ton (2.05%), with a decrease of 17,889 lots in positions. The supply of the main producing areas is relatively abundant, and the demand from coking enterprises is not high, but some enterprises have increased their purchases slightly. It is expected to operate in an oscillatory manner in the short - term [1]. - **Coke**: The closing price of the coke 2605 contract was 1718 yuan/ton, up 37.5 yuan/ton (2.23%), with a decrease of 510 lots in positions. The production enthusiasm of coking enterprises is not high, and the start - up rate of steel mills is affected, with poor raw material replenishment enthusiasm. It is expected to operate in an oscillatory manner in the short - term [1]. - **Manganese Silicon**: The main contract of manganese silicon closed at 6116 yuan/ton, up 0.46% from the previous day, with an increase of 1946 lots in positions to 369,300 lots. The cost has support, the production start - up rate is relatively stable, and the inventory has decreased. It is expected to oscillate with support in the short - term [1]. - **Ferrosilicon**: The main contract of ferrosilicon closed at 5884 yuan/ton, up 0.34% from the previous day, with a decrease of 5122 lots in positions to 192,000 lots. The supply may increase, the demand for hedging by manufacturers has increased, and the inventory is at a relatively low level in the same period in recent years. It is expected to operate in an oscillatory manner in the short - term [3]. 3.2 Daily Data Monitoring - **Contract Spreads**: The spreads of different contracts for various commodities such as rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon are provided, along with their latest values and环比 changes [3]. - **Basis**: The basis of different contracts for various commodities and the latest spot prices in different regions are provided, along with their环比 changes [3]. - **Profit and Spread**: The profits and spreads of different commodities such as rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon are provided, along with their latest values and环比 changes [3]. 3.3 Chart Analysis - **Main Contract Prices**: Charts show the closing prices of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [5][7][9][11][13]. - **Main Contract Basis**: Charts show the basis of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [15][16][20][22]. - **Inter - period Contract Spreads**: Charts show the spreads of different inter - period contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [24][25][30][31][34][35][37]. - **Inter - commodity Contract Spreads**: Charts show the spreads between different commodities such as the spread between hot - rolled coil and rebar, the ratio of rebar to iron ore, the ratio of rebar to coke, the ratio of coking coal to coke, and the difference between manganese silicon and ferrosilicon [38][39][40][41]. - **Rebar Profit**: Charts show the disk profit, long - process profit, and short - process profit of rebar from 2021 to 2026 [43][44][45][46][47].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The short - term steel rebar futures market is expected to trade in a narrow range. The export volume of steel products has declined, increasing domestic supply pressure, and the cost support of black commodities has weakened due to the drop in crude oil prices [1]. - The short - term iron ore futures market is expected to fluctuate at a high level. Although the supply and demand pattern is loose, the increase in shipping costs due to geopolitical factors has raised the cost [1]. - The short - term coking coal and coke futures markets are expected to move in a volatile manner. The supply of coking coal is sufficient, while the demand from coking enterprises has decreased. The profit of coking enterprises has shrunk, and the demand from steel mills for raw materials is mainly based on rigid needs [1]. - The short - term manganese silicon and ferrosilicon futures markets are expected to have wide - range fluctuations. The cost side provides certain support, but geopolitical conflicts continue to disrupt market sentiment [1][3]. 3. Summary by Directory 3.1 Research Views - **Steel Rebar**: The rebar 2605 contract closed at 3104 yuan/ton, down 15 yuan/ton or 0.48% from the previous trading day, with a decrease of 0.95 million lots in positions. Spot prices were stable with a slight decline, and the trading volume decreased. From January to February 2026, China's cumulative steel exports were 15.591 million tons, a year - on - year decrease of 8.1% [1]. - **Iron Ore**: The main iron ore futures contract i2605 closed at 784 yuan/ton, down 0.5 yuan/ton or 0.06% from the previous trading day, with a trading volume of 300,000 lots and a decrease of 50,000 lots in positions. The supply from Australia and Brazil decreased, and the imports from January to February increased by 18.662 million tons year - on - year. The iron - making water output decreased last week due to environmental protection restrictions but will resume production later [1]. - **Coking Coal**: The coking coal 2605 contract closed at 1121.5 yuan/ton, down 46.5 yuan/ton or 3.98%, with an increase of 3653 lots in positions. The supply of coking coal is sufficient, and some coal mines have inventory pressure. The loss of coking enterprises has expanded, and the actual demand for coking coal has decreased [1]. - **Coke**: The coke 2605 contract closed at 1680.5 yuan/ton, down 59.5 yuan/ton or 3.42%, with a decrease of 3437 lots in positions. After the first round of price cuts for coke, the profit of coking enterprises has further shrunk, and the demand from steel mills is mainly based on rigid needs [1]. - **Manganese Silicon**: On Tuesday, the manganese silicon futures price weakened in a volatile manner, with the main contract closing at 6088 yuan/ton, a month - on - month decrease of 2.56%, and the positions of the main contract decreased by 28,956 lots to 367,400 lots. The cost side has certain support, and the supply and demand are relatively stable [1]. - **Ferrosilicon**: On Tuesday, the ferrosilicon futures price weakened in a volatile manner, with the main contract closing at 5876 yuan/ton, a month - on - month decrease of 2.59%, and the positions of the main contract decreased by 1411 lots to 197,100 lots. The production cost has increased, and the inventory has decreased slightly [3]. 3.2 Daily Data Monitoring - **Contract Spreads**: For steel rebar, the 5 - 10 spread is - 28.0, and the 10 - 1 spread is - 30.0. For hot - rolled coils, the 5 - 10 spread is - 12.0, and the 10 - 1 spread is - 18.0. For iron ore, the 5 - 9 spread is 27.0, and the 9 - 1 spread is 18.0. For coke, the 5 - 9 spread is - 76.0, and the 9 - 1 spread is - 93.5. For coking coal, the 5 - 9 spread is - 97.0, and the 9 - 1 spread is - 218.5. For manganese silicon, the 5 - 9 spread is - 58.0, and the 9 - 1 spread is - 40.0. For ferrosilicon, the 5 - 9 spread is - 52.0, and the 9 - 1 spread is - 6.0 [4]. - **Basis**: For steel rebar, the 05 contract basis is 116.0, and the 10 contract basis is 88.0. For hot - rolled coils, the 05 contract basis is - 6.0, and the 10 contract basis is - 18.0. For iron ore, the 05 contract basis is 35.2, and the 09 contract basis is 62.2. For coke, the 05 contract basis is - 47.7, and the 09 contract basis is - 123.7. For coking coal, the 05 contract basis is 76.5, and the 09 contract basis is - 20.5. For manganese silicon, the 05 contract basis is - 238.0, and the 09 contract basis is - 296.0. For ferrosilicon, the 05 contract basis is - 276.0, and the 09 contract basis is - 328.0 [4]. - **Spot Prices**: For steel rebar, the Shanghai price is 3220.0, the Beijing price is 3130.0, and the Guangzhou price is 3400.0. For hot - rolled coils, the Shanghai price is 3250.0, the Tianjin price is 3220.0, and the Guangzhou price is 3280.0. For iron ore, the PB powder price is 772.0, and the super - special powder price is 655.0. For coke, the Rizhao quasi - first - grade metallurgical coke price is 1470.0. For coking coal, the Shanxi medium - sulfur main coking coal price is 1390.0. For manganese silicon, the Ningxia price is 5800.0, the Inner Mongolia price is 5850.0, and the Guangxi price is 6000.0. For ferrosilicon, the Ningxia price is 5530.0, the Inner Mongolia price is 5530.0, and the Qinghai price is 5550.0 [4]. - **Profits and Spreads**: The steel rebar futures profit is - 72.8, the long - process profit is 5.6, and the short - process profit is - 114.5. The hot - rolled coil - steel rebar spread is 152.0, the steel rebar - iron ore ratio is 4.0, the steel rebar - coke ratio is 1.8, the coking coal - iron ore ratio is 2.1, and the double - silicon spread is 212.0 [4]. 3.3 Chart Analysis - **Main Contract Prices**: Charts show the closing prices of main contracts for steel rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [6][7][9][13]. - **Main Contract Basis**: Charts show the basis of main contracts for steel rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [16][17][20][22]. - **Inter - period Contract Spreads**: Charts show the spreads of inter - period contracts for steel rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [25][26][31][34][36][38]. - **Inter - variety Contract Spreads**: Charts show the spreads of inter - variety contracts such as the hot - rolled coil - steel rebar spread, steel rebar - iron ore ratio, steel rebar - coke ratio, coking coal - iron ore ratio, and double - silicon spread [39][41][43]. - **Steel Rebar Profits**: Charts show the futures profit, long - process profit, and short - process profit of steel rebar from 2021 to 2026 [44][46][47]. 3.4 Black Research Team Members - Qiu Yuecheng, the assistant director of the Everbright Futures Research Institute and the director of the black research department, has nearly 20 years of experience in the steel industry [49]. - Zhang Xiaojin, the director of the resource product research department of the Everbright Futures Research Institute, has rich experience in the futures industry [49]. - Liu Xi, a black researcher at the Everbright Futures Research Institute, is good at fundamental supply - demand analysis based on industrial chain data [49]. - Zhang Chunjie, a black researcher at the Everbright Futures Research Institute, has experience in investment trading strategies and spot - futures operations [50].