Group 1: Report Industry Investment Ratings - There is no information provided regarding the report industry investment ratings in the given content. Group 2: Report Core Views - The steel market's trading volume has weakened, and steel prices are fluctuating downward. The fundamentals of building materials are improving, while those of plates are not improving enough. The arrival of the off - season for building materials demand should be monitored [1]. - Iron ore prices have slightly declined due to a drop in hot metal production. The supply - demand contradiction is accumulating, and the release of inventory in the future may put pressure on prices. Attention should be paid to the progress of iron ore negotiations [3]. - A new round of price cuts for coking coal and coke has begun, and their prices are fluctuating downward. The bearish sentiment for coke is strong, and the price of coking coal is still under pressure [4][5]. - The price of thermal coal at ports and in production areas has been continuously falling. In the long - term, the supply remains loose, and attention should be paid to non - power coal consumption and restocking [6]. Group 3: Summary by Related Catalogs Steel - **Market Analysis**: The main contract of rebar futures closed at 3069 yuan/ton, and the main contract of hot - rolled coil futures closed at 3238 yuan/ton. The production, inventory, and demand of the five major steel products have all decreased. The spot trading of steel was weak, and prices in mainstream areas followed the decline of the futures market [1]. - **Supply - Demand and Logic**: The supply - demand fundamentals of building materials are improving, with both consumption and production declining, and inventory pressure easing. The fundamentals of plates are not improving enough, and high inventory is suppressing prices, requiring appropriate production cuts. The impact of off - season demand on the fundamentals should be monitored [1]. - **Strategy**: The strategy for steel is a unilateral oscillation, with no strategies for inter - period, inter - variety, spot - futures, or options [2]. Iron Ore - **Market Analysis**: Iron ore futures prices fluctuated weakly. The prices of mainstream imported iron ore varieties at Tangshan ports were weak. The trading volume at major ports was 99.1 million tons, a 38.60% increase from the previous period. The average daily hot metal production of 247 steel mills was 229.20 million tons, a decrease of 3.10 million tons from the previous period [3]. - **Supply - Demand and Logic**: Iron ore shipments increased slightly this period, and the average daily hot metal production continued to decline. The supply - demand contradiction is still accumulating, and inventory is rising. If external factors are removed, inventory release may put pressure on prices. Attention should be paid to the progress of iron ore negotiations [3]. - **Strategy**: The strategy for iron ore is a unilateral oscillation, with no strategies for inter - period, inter - variety, spot - futures, or options [3]. Coking Coal and Coke (Double - Coking) - **Market Analysis**: The main contracts of coking coal and coke futures fluctuated downward. Some steel mills initiated a new round of price cuts for coke, with a reduction of 50 - 55 yuan/ton. The price of coking coal in the main production areas continued to decline, and the price of imported Mongolian coal also decreased [4]. - **Supply - Demand and Logic**: The bearish sentiment for coke is strong, the support for raw material demand is weak, and the demand for coke is weakening due to the decline in hot metal production. Attention should be paid to the price of raw coal and changes in hot metal production. The sentiment for coking coal is still weak, downstream demand is limited, and coal prices are still under pressure [4][5]. - **Strategy**: The strategy for coking coal and coke is an oscillation, with no strategies for inter - period, inter - variety, spot - futures, or options [5]. Thermal Coal - **Market Analysis**: The price of coal in the main production areas continued to decline, and there was a wait - and - see sentiment in the market. The supply in the production areas was slightly tightened due to the maintenance of some coal mines. The price at ports continued to fall, demand was weak, and trading was cold. The price of imported coal also fell rapidly and maintained a cost - performance advantage [6]. - **Demand and Logic**: Pessimistic sentiment has spread in the market recently, and coal prices are fluctuating. In the long - term, the supply remains loose, and attention should be paid to non - power coal consumption and restocking [6]. - **Strategy**: There is no strategy provided for thermal coal [7].