1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - The macro - expectation has improved, leading to a bottom - up rebound in the black commodity market. The steel market is in a situation where the off - season expectation and the real consumption resilience are in a game, and the price fluctuates at the bottom. Iron ore shows a relatively strong short - term price due to high demand and inventory reduction, but the long - term supply is expected to be loose. For coking coal and coke, the third round of price cuts for coke has started, and the overall supply - demand pressure of coking coal is large. The price increase of thermal coal is limited due to weak demand and high inventory, but the price decline slows down as the peak season approaches [1][3][5][6]. 3. Summary by Relevant Catalogs Steel Market Analysis - Futures and spot: Yesterday, rebar and hot - rolled coil futures rebounded from the bottom following the black commodity sector. In the spot market, national rebar production, consumption, and inventory all decreased; hot - rolled coil production increased, inventory rose month - on - month, and consumption declined. The production, sales, and inventory of the five major steel products all decreased month - on - month [1]. - Supply and demand and logic: Currently, the plate market maintains a pattern of strong supply and demand, while the production and sales of building materials are weakening. Steel inventory is continuously decreasing, and export resilience persists. The off - season expectation of steel and the real consumption resilience are in a game, and the price fluctuates at the bottom. Later, attention should be paid to the performance of finished product demand in the off - season, inventory accumulation, and cost support caused by macro - disturbances [1]. Strategy - Unilateral: Oscillation; Cross - period: None; Cross - variety: None; Futures - spot: None; Options: None [2]. Iron Ore Market Analysis - Futures and spot: Yesterday, the iron ore futures price oscillated. In the spot market, the prices of mainstream imported iron ore varieties fluctuated slightly. Traders' enthusiasm for quoting was average, and steel mills mainly replenished inventory on demand. There were no transactions in the market yesterday. The cumulative transaction volume of iron ore at major ports across the country was 962,000 tons, a month - on - month decrease of 9.76%; the cumulative transaction volume of forward - looking spot was 1.96 million tons, a month - on - month increase of 75.31%. According to Steel Union data, the average daily hot metal output of 247 steel mills this week was 2.418 million tons, a month - on - month decrease of 100,000 tons, and the profitability rate of steel mills remained unchanged [3]. - Supply and demand and logic: Iron ore demand remains at a high level, and inventory maintains a slight reduction without further accumulation in the short term, so the price is relatively strong. In the long run, the iron ore market still shows a pattern of relatively loose supply and demand, and steel mills have an expectation of further production cuts. However, when the reality turns to a loose situation depends on the weakening of future consumption. Later, attention should be paid to the impact of supply - side changes on the industrial chain [3]. Strategy - Unilateral: Oscillation; Cross - period: None; Cross - variety: None; Futures - spot: None; Options: None [4]. Coking Coal and Coke (Double - Coking) Market Analysis - Futures and spot: Yesterday, the double - coking futures continued to rise. In some areas, the third round of price cuts for coke started. The sentiment in the domestic market was dull. For imported Mongolian coal, the customs clearance of Mongolian coal has maintained around 700 vehicles recently, and the port transactions are cold. The current quotation of Mongolian No. 5 raw coal is about 715 - 740 yuan/ton. The double - coking inventory decreased month - on - month, and the inventory reduction of coking coal was considerable [5]. - Supply and demand and logic: For coke, the third round of price cuts in the spot market has started, the coking profit has shrunk, and the supply has decreased month - on - month due to production cuts. Based on the expectation of a decline in iron ore production, the short - term demand for coke is under pressure. For coking coal, as it enters the off - season of consumption, the market is worried about the later consumption intensity. The hot metal output continues to decline, and the market has a strong willingness to suppress raw material prices. The price rebounds after reaching the phased bottom. The full - caliber coking coal inventory continues to increase, some coal mines have top - bin pressure, the production reduction is less than expected, and the overall supply - demand pressure is still large. In June, the origin enters the safety month, and the supply disturbance in the origin increases [5][6]. Strategy - Coking coal: Oscillation; Coke: Oscillation; Cross - period: None; Cross - variety: None; Futures - spot: None; Options: None [6]. Thermal Coal Market Analysis - Futures and spot: In the origin, the coal prices in the main producing areas were slightly adjusted. June is the safety production month, and the safety inspection intensity in the origin is strict, resulting in a slight contraction in production. Downstream metallurgical and chemical industries replenished inventory in small quantities, and the number of coal - pulling trucks in operating coal mines increased, with an obvious willingness to support prices. At the port, as the shipping volume declined, the port inventory continued to decrease but was still at a high level in the same period. The daily consumption of power plants decreased compared with the previous period, the demand was weak, the purchase of market coal was small, and the driving force for price increase was insufficient [6]. - Supply and demand and logic: In the short term, the support for coal demand is limited, but as the peak season approaches, the price decline slows down. In the long - term, the pattern of loose supply remains unchanged. Attention should be paid to the consumption of non - power coal and the inventory replenishment for peak - summer power consumption [6]. Strategy No strategy information provided.