| 投资咨询业务资格:证监许可 【2011】1292号 | 材产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 2026年3月4日 | | | 問敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现信 | 前值 | 张跌 | 某差 | 单位 | | 螺纹钢现货 (华东) | 3190 | 3190 | 0 | క్‌8 | | | 螺纹钢现货(华北) | 3120 | 3120 | 0 | -12 | | | 螺纹钢现货(华南) | 3240 | 3240 | 0 | 108 | | | 螺纹钢05合约 | 3074 | 3067 | 7 | 116 | | | 螺纹钢10合约 | 3105 | 3105 | 0 | 85 | | | 螺纹钢01合约 | 3132 | 3131 | 1 | 58 | | | 热卷现货(华东) | 3240 | 3240 | 0 | -5 | 元/吨 | | 热卷现货 (华北) | 3140 | 3140 | 0 | -105 | | | 热卷现货(华南) | 3240 ...

| 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | 螺纹钢 | | 螺纹需求同比仍然较弱，铁水产量环比回升，较往年同期偏高，钢材整体供需偏宽松。 | | | 谨慎看空 | 同时原料端供应较高，弱现实带来压制。美伊战事对黑色影响有限，国内政策预期不强， | | ★ | | 供需压力下中期或区间偏弱运行。 | | 热卷 | | 热卷产量及表需相对平稳，库存绝对水平偏高，供需变化符合季节性特征，基差在平水 | | ★ | 谨慎看空 | 附近窄幅波动。钢材整体弱现实的状态在中期仍对行情形成压制，美伊战事对钢材影响 | | | | 有限，供需压力下中期偏弱运行。 | | 铁矿石 | 谨慎看多 | 外矿发货高位回落，铁水继续增加，港口库存积累，钢厂消耗库存，短期可能会有钢厂 | | ★ | | 补库，价格受到支撑。国内重要会议期间，情绪偏积极。 | | 焦炭 | | 受焦炉限产解除影响，近期焦企开工持稳。从需求来看，两会期间，钢厂部分高炉限产，预 | | ★ | 谨慎看多 | 计短期铁水恢复缓慢，下游维持去库状态，补库意愿不足，价格跟随市场情绪反弹为主。 | | 焦煤 | | 国内煤矿集 ...

| 铁矿石产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2026年3月3日 | | | | 徐艺丹 Z0020017 | | | 铁矿石相关价格及价差 | | | | | | | 品和 | 我值 | 前值 | 演跌 | 涨跌幅 | 单位 | | 仓单成本:下粉 | 854.4 | 847.9 | 6.5 | 0.8% | | | 合里成本:PB粉 | 806.2 | 805.1 | 1.1 | 0.1% | | | 仓单成本:巴混粉 | 796.6 | 799.8 | -3.2 | -0.4% | | | 仓单成本:金布巴粉 | 843.8 | 842.7 | 1.1 | 0.1% | | | 05合约基差:卡粉 | 99.9 | 97.4 | 2.5 | 2.6% | | | 05合约基差:PB粉 | 51.7 | 54.6 | -2.9 | -5.3% | 元/肥 | | 05合约基差:巴混粉 | 42.1 | 49.3 | -7.2 | -14.7% | | | 05合约基差:金布 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The steel market's futures price rally lacks sustainability, and the spot market has weak drivers. The inventory is still accumulating, but the apparent demand has improved seasonally. The key is to observe the post - Lantern Festival demand and policy signals from the Two Sessions [2] - Due to the rumor of South Africa imposing a 15% ecological export tax on manganese ore, the prices of ferrosilicon and silicomanganese have strengthened. The direct demand is expected to improve with the recovery of hot metal production, but the medium - term supply surplus pressure remains [3] - After a pulse - like rebound, coking coal and coke prices have fallen again. The supply side will recover first, while the recovery of the demand side is expected to be weaker. The market is pessimistic about the coking coal 05 contract, and it is recommended that the industry build positions on rallies and that unilateral traders wait and see [5] - Driven by real - estate利好 news, blast furnace restrictions during the Two Sessions, and potential impacts of heavy rain in Brazil on iron ore shipments, the iron ore price has rebounded slightly, but the upward drive is insufficient, and the overall upside is limited by port inventory pressure [6] Summary by Related Catalogs Futures Market - On February 26, for far - month contracts, RB2610 closed at 3097.00 yuan/ton with a 0.06% increase, HC2610 at 3239.00 yuan/ton with a 0.22% increase. For near - month contracts, RB2605 closed at 3063.00 yuan/ton with a 0.20% increase, HC2605 at 3218.00 yuan/ton with a 0.09% increase [1] - The cross - month spreads, such as RB2605 - 2610 at - 34.00 yuan/ton with a 3.00 yuan increase on February 26. The spreads/price ratios/profits, like the coil - to - rebar spread at 155.00 yuan/ton with a - 5.00 yuan change [1] Spot Market - On February 26, Shanghai rebar was at 3200.00 yuan/ton with no price change, Shanghai hot - rolled coil at 3210.00 yuan/ton with a - 60.00 yuan decrease. The prices of other spot products also had corresponding changes [1] Steel - The futures price rally lacks continuity, and the spot market has entered an adjustment phase. The inventory is still accumulating, and the apparent demand has improved seasonally. The post - Lantern Festival demand and policy signals from the Two Sessions are key factors [2] Ferrosilicon and Silicomanganese - Affected by the rumor of South Africa imposing a 15% ecological export tax on manganese ore, the prices have strengthened. The direct demand is expected to improve with the recovery of hot metal production, but the medium - term supply surplus pressure remains. The cost support has strengthened, and industrial policies may affect supply [3] Coking Coal and Coke - After a pulse - like rebound, the prices have fallen again. The supply side will recover first, while the demand side's recovery is expected to be weaker. The market is pessimistic about the coking coal 05 contract, and it is recommended that the industry build positions on rallies and that unilateral traders wait and see [5] Iron Ore - Driven by real - estate利好 news, blast furnace restrictions during the Two Sessions, and potential impacts of heavy rain in Brazil on iron ore shipments, the price has rebounded slightly, but the upward drive is insufficient, and the overall upside is limited by port inventory pressure [6] Investment Recommendations - For ferrosilicon and silicomanganese, short - term long positions can be considered at low prices. For coking coal and coke, unilateral traders should wait and see, and cash - and - carry arbitrage positions can be established on rallies [7]

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - For steel, the spot market is closed during the holiday, and the futures price fluctuates weakly. The market's expectation for the post - holiday period is not ideal. It is recommended to wait and see for unilateral trading and conduct rolling operations for hot - rolled coil positive spreads. For large spot exposures, selling hedging or options can be used to reduce risks [2] - For ferrosilicon and silicomanganese, the supply - demand situation is weak. Policy and cost factors are favorable. It is recommended to hold an empty or light position during the long holiday due to many uncertainties [3] - For coking coal and coke, the market continues to weaken. It is recommended to cash in spot positions before the holiday and wait for opportunities to short on the futures market after the price rises [5] - For iron ore, the restocking is basically over, and the price will fluctuate before the holiday. It is recommended that long - term investors short at the pressure level [6] 3. Summary by Related Catalogs Steel - The spot market is closed during the approaching holiday, and the futures price fluctuates weakly, indicating a not - so - optimistic market expectation for the post - holiday period. The black market is less affected by the cooling of the commodity market. Traders are not willing to take open positions for winter storage and are more suitable to participate through basis trading. Before the holiday, it is recommended to wait and see for unilateral trading and conduct rolling operations for hot - rolled coil positive spreads. For large spot exposures, selling hedging or options can be used to reduce risks [2] Ferrosilicon and Silicomanganese - The downstream terminal demand is seasonally weak, and the direct demand is weak and stable. The alloy factory's profit is under pressure, and the production and start - up rate have decreased compared with the same period last year. The medium - term supply surplus pressure remains. Policy and cost factors are favorable, such as the increase in manganese ore prices and electricity price disturbances. It is recommended to hold an empty or light position during the long holiday [3] Coking Coal and Coke - The spot market trading is cold during the approaching holiday. The futures market of the black sector fluctuates weakly. The market is in the off - season, and the industrial data is weak. The downstream restocking is near the end. There is news about Indonesian production cuts, but the probability of substantial cuts is low, and it provides an opportunity for spot - futures positive spreads. It is recommended to cash in spot positions before the holiday and wait for opportunities to short on the futures market after the price rises [5] Iron Ore - The steel mill's restocking is basically over, and the restocking strength is not as strong as expected. The price will fluctuate before the holiday. After the holiday, the Australian weather may affect the supply rhythm, and the price impact is more likely to be a rebound followed by a better short - selling point. It is recommended that long - term investors short at the pressure level [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The black metal sector currently has no prominent contradictions, with both valuation and driving factors lacking significant trading opportunities. As the Spring Festival approaches, the spot market is gradually entering a holiday state, while the futures prices are still fluctuating, indicating a less - than - optimistic market expectation for the future or the post - holiday period [7]. - For steel, it's advisable to wait and see in the short term. For hot - rolled coils, positive spreads can be rolled for operations. For coal and coke, it's recommended to cash in spot positions opportunistically before the holiday and wait for opportunities to short on the futures when prices rise. For iron ore, it's suggested that long - term investors short at resistance levels [7][66][112]. 3. Summary by Relevant Catalogs 3.1 Steel 3.1.1 Influencing Factors - **Supply**: Bullish. Hot metal production has a slight fluctuation, with this week's output increasing by 0.6 to 228.56 wt. The daily consumption of scrap steel has declined. As the Spring Festival approaches, the EAF operating rate is steadily decreasing, but there is still room for production resumption after the festival [7]. - **Demand**: Bearish. Building material demand shows more obvious seasonality, with significantly reduced transactions, and the spot market is gradually closing for the holiday. Plate demand remains stable, and the demand for medium and heavy plates is relatively strong, related to downstream shipbuilding and wind power steel demand. Overall, the market is mainly driven by rigid demand, and speculative demand has almost stalled [7]. - **Inventory**: Neutral. The social inventory of the five major steel products is between the levels of 2025. Seasonal inventory accumulation continues, with the amplitude and rhythm in line with the same - period levels. Building material - related varieties have an increased inventory accumulation amplitude, while the plate inventory accumulation rhythm is relatively neutral [7]. - **Basis/Spread**: Neutral. The basis of hot - rolled coils and rebar has strengthened, and the return on cash - and - carry arbitrage has turned positive. As of Friday, the basis of rb2605 in the East China region (Hangzhou) is 103, with a week - on - week increase of 21; the basis of hc2605 in the East China region (Shanghai) is - 1, with a week - on - week increase of 17 [7]. - **Profit**: Bullish. The profitability of steel mills is moderately low, with actual production profits slightly higher than statistical profits. Rebar profits are slightly better than plate profits. The profitability rate of steel mills, as reported by Steelhome, is 39.39%, with no week - on - week change [7]. - **Valuation**: Neutral. The basis of hot - rolled coils is weaker than that of rebar, making it more suitable for rolling cash - and - carry arbitrage operations. From an industrial perspective, the production profit corresponding to the futures price is meager, and the relative valuation is neutral [7]. - **Macro and Risk Appetite**: Neutral. Commodity price fluctuations have increased. As the long holiday approaches, funds have turned cautious, and the speculative atmosphere has cooled down [7]. 3.1.2 Investment and Trading Strategies - **Investment Viewpoint**: Wait and see. The black metal sector currently has no prominent contradictions, and due to increasing seasonal factors, the market is showing typical seasonal weakening characteristics. It is necessary to pay attention to the post - holiday demand start - up situation [7]. - **Trading Strategy**: Unilateral trading can be in a range - bound or wait - and - see state. For arbitrage, roll to widen the spread between hot - rolled coils and rebar. For cash - and - carry arbitrage, roll operations on hot - rolled coils [8]. 3.2 Coking Coal and Coke 3.2.1 Influencing Factors - **Demand**: Neutral. The steel market has entered the off - season. This week, the apparent demand for the five major steel products is 801.74 (+7.78), and the production is 823.17 (+3.58). The industry data is generally weak, with relatively stable supply, seasonal weakening of demand, and some inventory accumulation. The daily average hot metal production of 247 steel mills this week is 228.58 (-0.12), and the steel mill profitability rate remains at 39.39% [66]. - **Coking Coal Supply**: Neutral. Next week, coal mines will gradually start their holidays. Fenwei's coking coal production has increased, but production will gradually decline in the future. Mongolian coal port clearance has slowed down due to port storage capacity pressure. The offshore market for Australian coking coal is in a state of continued game - playing, with limited market liquidity and strong downstream wait - and - see sentiment [66]. - **Coke Supply**: Neutral. This week, the daily average coke production is 110.4 (+0.5), and the coking profit is - 55 (+11). After the first round of price increases was finally implemented, coke enterprise operations have increased [66]. - **Inventory**: Bearish. The winter stockpiling is almost over. This week, the market is still in the winter stockpiling cycle, and the upstream inventory is continuing to transfer to the downstream. After the first - round price increase of coke was implemented, coke enterprise operations increased, and the number of available days of steel mill inventory also increased rapidly. With only one week left before the holiday, upstream coal mines will also gradually start their holidays, and the stockpiling is basically over [66]. - **Basis/Spread**: Neutral. After the first - round price increase of coke was implemented, there is no expectation of the next round. The cost of the first - round price increase warehouse receipts for wet - quenched and dry - quenched coke for the 05 contract is 1729/1756, and the port trade quotation is around 1728. The cost of Mongolian coal warehouse receipts is around 1130 [66]. - **Profit**: Neutral. The steel mill profitability rate is 39.39% (-1.30%), and the coking profit is - 55 (-11) [66]. 3.2.2 Investment and Trading Strategies - **Investment Viewpoint**: Bearish. The bullish sentiment in the commodity market has gradually faded, and the black metal market has weakened in a volatile manner. Fundamentally, the market has entered the off - season, with overall weak industrial data. It is recommended to cash in spot positions opportunistically before the holiday and wait for opportunities to short on the futures when prices rise [66]. - **Trading Strategy**: Unilateral trading should cash in spot positions opportunistically and wait for opportunities to short on the futures when prices rise. For arbitrage, temporarily wait and see [66]. 3.3 Iron Ore 3.3.1 Influencing Factors - **Supply**: Neutral. This period's Reuters shipping data shows a week - on - week increase of 22.2 tons per day to 440 tons per day, with Australia's shipping increasing by 19.5 tons per day, Brazil's by 6.2 tons per day, and non - mainstream mines' shipping decreasing by 3.4 tons per day to 85.5 tons per day. The total arrival volume in China has decreased by 21.2 tons per day week - on - week, with Australia's arrival increasing by 7.6 tons per day, Brazil's decreasing by 8.9 tons per day, and non - mainstream arrivals decreasing by 19.9 tons per day [112]. - **Demand**: Neutral. This period's steel mill hot metal production has slightly increased to 228.58 tons (+0.6). The steel mill profitability rate remains stable at 39.39%. According to the maintenance plan, hot metal production will continue to increase significantly in February. The daily average port ore removal volume has increased significantly by 9.88 tons to 357.58 tons, but the port inventory has increased by 156.42 tons, remaining higher than the same period last year and continuously reaching new highs for the year. Affected by the steel mills' low - inventory operation strategy, the in - plant inventory is still at a relatively low level in recent years [112]. - **Inventory**: Bearish. The daily average ore removal volume of 47 ports has increased significantly by 9.88 tons to 357.58 tons, at a relatively high seasonal level. However, due to the high arrival volume, the port inventory has increased again by 156.42 tons, remaining higher than the same period last year and reaching a new high for the year [112]. - **Profit**: Neutral. Steel mill profits are at a low level [112]. - **Valuation**: Neutral. The short - term valuation is moderate. As the holiday approaches, steel mill stockpiling is basically over, and the iron ore price is expected to fluctuate in a narrow range before the holiday. After the holiday, attention should be paid to whether Australian weather will affect the supply rhythm [112]. 3.3.2 Investment and Trading Strategies - **Investment Viewpoint**: Neutral. In the long - term, the upward pressure on iron ore is obvious [112]. - **Trading Strategy**: Unilateral trading should short at resistance levels in the long - term. For arbitrage, temporarily wait and see [112].

Report Industry Investment Ratings - No investment ratings are provided in the reports. Core Views Steel - Steel prices are stabilizing. The night trading prices of rebar and hot-rolled coils closed at 3,105 yuan and 3,271 yuan respectively. Supply and demand are both weak, with seasonal inventory accumulation. The off-season characteristics are obvious. Near the Spring Festival, the industry's supply and demand are weak, and the black market valuation is not high, close to the lower edge of the oscillation range, with limited further downward space. The price of coking coal strengthened due to the expected reduction in Indonesian coal production, and it is expected that the supply side of coking coal will affect the black market fluctuations in the near future. Steel prices will maintain an oscillating trend, and the upward elasticity depends on the supply-side policies of coking coal and market sentiment. Consider holding a long position in the spread between hot-rolled coils and rebar. Short-term long positions in hot-rolled coils can be attempted at the 3,250 level [1]. Iron Ore - The main iron ore contract was weak, and the night trading continued to show weakness. The raw material side showed continuous differentiation. Affected by the Indonesian coal export restrictions, the price of coking coal soared, and the coking coal ratio strengthened. The supply side of iron ore had a slight increase in global shipments this period, and the shipment center decreased marginally but was still at a relatively high level compared to the historical average. On the demand side, SMM predicted that the impact of blast furnace maintenance would decline this week, and the molten iron output might increase slightly. After the festival, the resumption of production is expected to accelerate. Currently, the supply and demand of finished products are still healthy, and the inventories of plates and cold-rolled products continue to decline. The terminal demand for steel exports has decreased, but it still has some resilience. Pay attention to the demand recovery after the festival. In terms of inventory, port inventories continued to accumulate, and the high absolute inventory had a strong suppression on iron ore prices; while steel mill inventories increased significantly, and the port clearance volume increased month-on-month, and the replenishment was gradually realized. In the future, the demand for iron ore before the festival is weak, and the high inventory and high off-season supply continue to put pressure on prices. It is expected that the price will oscillate weakly in the short term. Short positions can be attempted, but beware of macro and market sentiment disturbances [3]. Coke - The coke futures oscillated upward. On the spot side, on January 28, steel mills officially accepted the coke price increase and started implementing it on the 30th. The port price remained stable, and the coke market rebounded slightly. On the supply side, the coke price adjustment lags behind that of coking coal, and the coking profit is under pressure, with a slight decline in production. On the demand side, steel mills resumed production slightly after New Year's Day, the molten iron output was low, and the steel price rebounded from a low level. In terms of inventory, both coking plants and steel mills accumulated inventory, and the port inventory decreased. The overall inventory increased slightly at a medium level. The short-term supply and demand of coke are in a slightly tight balance. In terms of strategy, the implementation of the price increase drives the market to rebound, but the implementation time of the price increase by mainstream coking enterprises lags, which suppresses the expectation of future price increases. There is still an expectation of loosening after the festival. The rebound of the coking coal futures price provides cost support. The single-sided view is oscillating, with a reference range of 1,600 - 1,800. The recommended arbitrage strategy is to go long on coking coal and short on coke [6]. Coking Coal - The coking coal futures oscillated upward. On the spot side, the auction price of Shanxi spot showed a downward trend, with the price of low-sulfur main coking coal in some coal mines decreasing. The Mongolian coal quotation fluctuated with the futures. Recently, the auction failure rate has decreased, and the winter storage replenishment is approaching the end. The thermal coal market has started to stabilize recently. On the supply side, after the New Year, the daily output of coal mines continued to recover, entering the resumption of production stage, with good shipments and accelerated inventory reduction. In terms of imported coal, the port inventory is at a historical high, and the Mongolian coal quotation has rebounded and then declined. After New Year's Day, the customs clearance has quickly recovered to a relatively high level. On the demand side, the molten iron output of steel mills remained low, the coking profit declined, and the production declined. The downstream replenishment demand before the Spring Festival has limited growth. In terms of inventory, with the progress of downstream replenishment, coking enterprises, steel mills, and ports have all accumulated inventory, while coal mines, coal washing plants, and ports have reduced inventory. The overall inventory has increased slightly at a medium level. In terms of strategy, the short-term implementation of the coke price increase drives the market to rebound. India classifies coking coal as a strategic resource, and the Indonesian government's reduction of the annual coal production plan has led to coal mine production cuts, and overseas market disturbances have driven the rebound of coking coal. However, the domestic supply and demand are generally balanced. The single-sided view is oscillating, with a reference range of 1,050 - 1,250. The recommended arbitrage strategy is to go long on coking coal and short on coke [6]. Silicon Iron - The main silicon iron contract oscillated, and the contract was shifted to 05. The Indonesian coal export restrictions led to an expected increase in the cost of silicon iron. On the spot side, the price in the Ningxia production area weakened slightly yesterday, and the rest remained stable. Near the holiday, the transaction was cold. On the supply side, the silicon iron output increased slightly month-on-month, basically the same as the previous period, with limited changes, and the absolute value was still at a historically low level in the same period. The output in most production areas was basically the same as last week, and the output in Ningxia increased slightly. It is expected that the silicon iron output will remain stable before the festival. In terms of steelmaking demand, the molten iron output is expected to remain stable before the festival, and the contradiction on the finished product side is relatively limited. The slow resumption of molten iron production can effectively suppress the increase in the inventory contradiction of finished products. The subsequent resumption of molten iron production is limited by the off-season demand, but negative feedback is difficult to see. In terms of magnesium metal demand, the daily output is still at a relatively high level, the downstream purchasing enthusiasm has weakened compared with the previous period, and the price has declined; the silicon iron export is also affected by many factors, and the overall steel demand has weakened marginally. In terms of cost, the price of semi-coke remained stable, and the settlement electricity prices in Ningxia and Qinghai increased slightly. Pay attention to the changes in the settlement electricity prices in other production areas. The cost side still has support. In the future, the short-term supply and demand contradiction of silicon iron is limited, the fundamentals are relatively healthy, and the cost side has support. Pay attention to macro sentiment disturbances. It is expected that the price will oscillate widely, with a reference range of 5,500 - 5,800 [7]. Manganese Silicon - The main manganese silicon contract oscillated, and the position was reduced before the festival. On the spot side, the downstream steel mills have basically completed the replenishment, and at the same time, the transportation has gradually stagnated, and the spot transaction is cold. Fundamentally, the manganese silicon supply has declined slightly, and the recent output has basically remained stable, with the manufacturer's operating rate increasing. The absolute output is at a historically low level. Affected by the new production capacity in Inner Mongolia, the output has steadily increased; the output in Ningxia has continued to decline; the southern region is affected by the power grid policy adjustment, and there is an expected significant increase in electricity prices in the future. Most manufacturers maintain production suspension, and the output in Guangxi continues to shrink. It is expected that the share of the southern manganese silicon production area will continue to shrink, and the manganese silicon output will remain stable before the festival. In terms of steelmaking demand, the molten iron output is expected to remain stable before the festival, and the contradiction on the finished product side is relatively limited. The slow resumption of molten iron production can effectively suppress the increase in the inventory contradiction of finished products. The subsequent resumption of molten iron production is limited by the off-season demand, but negative feedback is difficult to see. In terms of inventory, the factory inventory remains high, and the pressure is concentrated in Ningxia, but the order level is relatively low, and the total inventory is moderately high. In terms of cost, the alloy manufacturers' manganese ore procurement is basically over, and the inventory replenishment is weak. The first-round quotation of the outer disk continues to rise, and the maintenance of some mines in Africa has a short-term impact on the supply. The cost support of manganese ore still exists. Affected by the Indonesian coal production restrictions, the price of coking coal soared, driving up the price of coke. Recently, this factor may have an impact on the manganese silicon price, but the sustainability is expected to be limited. Overall, manganese silicon is in a situation of weak supply and demand. There is still an expectation of resumption of production after the festival, and the fundamentals lack driving force. In the short term, pay attention to macro sentiment disturbances. It is expected that the manganese silicon price will oscillate widely, with a reference range of 5,600 - 6,000 [7]. Summary by Directory Steel Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China remained unchanged at 3,230 yuan/ton, 3,160 yuan/ton, and 3,270 yuan/ton respectively. The 05, 10, and 01 contracts of rebar increased by 12 yuan, 15 yuan, and 11 yuan respectively. - Hot-rolled coil spot prices in East China, North China, and South China remained unchanged at 3,260 yuan/ton, 3,160 yuan/ton, and 3,270 yuan/ton respectively. The 05, 10, and 01 contracts of hot-rolled coils increased by 13 yuan, 20 yuan, and 23 yuan respectively [1]. Cost and Profit - The steel billet price increased by 10 yuan to 2,930 yuan/ton, and the slab price remained unchanged at 3,730 yuan/ton. - The cost of electric furnace rebar in Jiangsu decreased by 12 yuan to 3,236 yuan/ton, and the cost of converter rebar decreased by 16 yuan to 3,170 yuan/ton. - The profit of rebar in East China decreased by 6 yuan to -30 yuan/ton, the profit of rebar in North China decreased by 16 yuan to -100 yuan/ton, and the profit of rebar in South China decreased by 6 yuan to 160 yuan/ton. - The profit of hot-rolled coils in East China decreased by 6 yuan to 0 yuan/ton, the profit of hot-rolled coils in North China decreased by 6 yuan to -100 yuan/ton, and the profit of hot-rolled coils in South China increased by 4 yuan to 10 yuan/ton [1]. Production - The daily average molten iron output decreased by 0.1 to 228.0 tons, a decrease of 0.0%. - The output of the five major steel products increased by 3.6 tons to 823.2 tons, an increase of 0.4%. - The rebar output increased by 0.3 tons to 199.8 tons, an increase of 0.1%. Among them, the electric furnace output decreased by 1.1 tons to 32.2 tons, a decrease of 3.2%, and the converter output increased by 1.4 tons to 167.6 tons, an increase of 0.8%. - The hot-rolled coil output increased by 3.8 tons to 309.2 tons, an increase of 1.2% [1]. Inventory - The inventory of the five major steel products increased by 21.4 tons to 1,278.5 tons, an increase of 1.7%. - The rebar inventory increased by 23.4 tons to 475.5 tons, an increase of 5.2%. - The hot-rolled coil inventory decreased by 2.2 tons to 355.6 tons, a decrease of 0.6% [1]. Transaction and Demand - The building materials trading volume decreased by 0.5 to 3.6 tons, a decrease of 12.6%. - The demand for the five major steel products decreased by 7.8 tons to 801.7 tons, a decrease of 1.0%. - The demand for rebar decreased by 9.1 tons to 176.4 tons, a decrease of 4.9%. - The demand for hot-rolled coils increased by 1.5 tons to 311.4 tons, an increase of 0.5% [1]. Iron Ore Iron Ore Prices and Spreads - The warehouse receipt costs of Karara fines, PB fines, Brazilian blended fines, and Jinbuba fines increased by 4.4 yuan, 4.4 yuan, 4.3 yuan, and 4.3 yuan respectively, with an increase of 0.5%. - The 05 contract basis of Karara fines, PB fines, Brazilian blended fines, and Jinbuba fines increased by 0.4 yuan, 0.4 yuan, 0.3 yuan, and 0.3 yuan respectively, with an increase of 0.5%, 0.7%, 0.6%, and 0.4%. - The 5 - 9 spread decreased by 0.5 to 17.0, a decrease of 2.9%, and the 9 - 1 spread remained unchanged at 11.0 [3]. Supply - The 45 - port arrival volume decreased by 45.3 tons to 2,484.7 tons, a decrease of 1.8%. - The global shipment volume increased by 116.3 tons to 3,094.6 tons, an increase of 3.9%. - The national monthly import volume increased by 910.7 tons to 11,964.7 tons, an increase of 8.2% [3]. Demand - The daily average molten iron output of 247 steel mills decreased by 0.1 to 228.0 tons, a decrease of 0.1%. - The 45 - port daily average clearance volume increased by 21.6 tons to 332.3 tons, an increase of 6.9%. - The national monthly pig iron output decreased by 162.1 tons to 6,072.2 tons, a decrease of 2.6%. - The national monthly crude steel output decreased by 169.4 tons to 6,817.7 tons, a decrease of 2.4% [3]. Inventory - The 45 - port inventory increased by 255.7 tons to 17,022.26 tons, an increase of 1.5%. - The imported iron ore inventory of 247 steel mills increased by 579.8 tons to 9,968.6 tons, an increase of 6.2%. - The inventory available days of 64 steel mills increased by 4.0 days to 27.0 days, an increase of 17.4% [3]. Coke Coke and Coking Coal Prices and Spreads - The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged at 1,671 yuan/ton, and the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) increased by 11 yuan to 1,745 yuan/ton. - The 05 contract of coke increased by 55 yuan to 1,770 yuan/ton, and the 09 contract increased by 48 yuan to 1,832 yuan/ton. - The price of Shanxi medium - sulfur main coking coal (warehouse receipt) remained unchanged at 1,260 yuan/ton, and the price of Mongolian No. 5 raw coal (warehouse receipt) increased by 29 yuan to 1,209 yuan/ton. - The 05 contract of coking coal increased by 42 yuan to 1,209 yuan/ton, and the 09 contract increased by 36 yuan to 1,282 yuan/ton [6]. Supply - The daily average output of all - sample coking plants decreased by 0.5 tons to 62.8 tons, a decrease of 0.7%. - The daily average output of 247 steel mills increased by 0.1 tons to 47.0 tons, an increase of 0.2% [6]. Demand - The molten iron output of 247 steel mills decreased by 0.1 tons to 228.0 tons, a decrease of 0.1% [6]. Inventory - The total coke inventory increased by 21.5 tons to 960.6 tons, an increase of 2.3%. - The coke inventory of all - sample coking plants increased by 2.9 tons to 84.4 tons, an increase of 3.6%. - The coke inventory of 247 steel mills increased by 16.6 tons to 678.2 tons, an increase of 2.5%. - The port inventory increased by 2.0 tons to 198.1 tons, an increase of 1.0% [6]. Supply - Demand Gap - The

1. Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. 2. Core Views of the Reports Steel Industry - Steel prices are expected to maintain a volatile trend. The upward potential depends on coking coal supply - side policies and market sentiment. It is recommended to hold the long position of the spread between hot - rolled coil and rebar and look for short - term long opportunities for hot - rolled coil at the 3250 level [1]. Iron Ore Industry - Before the Spring Festival, iron ore demand is weak. High inventory and high - level supply during the off - season continue to put pressure on prices. It is expected that the price will fluctuate weakly in the short term, and short - selling can be attempted, but be vigilant about macro and market sentiment disturbances [3]. Coke and Coking Coal Industry - For coke, the price increase has been implemented, which drives the market to rebound. However, the lag in the implementation time of price increases by mainstream coke enterprises dampens the expectation of future price increases. After the Spring Festival, there is still an expectation of supply loosening. It is recommended to view it as a unilateral volatility with a reference range of 1600 - 1800, and the arbitrage strategy is to go long on coking coal and short on coke. - For coking coal, the market has a re - evaluation of its value, but the domestic supply - demand is generally balanced. It is also recommended to view it as a unilateral volatility with a reference range of 1050 - 1250, and the arbitrage strategy is to go long on coking coal and short on coke [6]. Ferrosilicon and Ferromanganese Industry - For ferrosilicon, the short - term supply - demand contradiction is limited, the fundamentals are relatively healthy, and there is cost support. It is expected that the price will fluctuate widely in the range of 5500 - 5800, taking into account macro - sentiment fluctuations. - For ferromanganese, it is in a situation of weak supply and demand. After the Spring Festival, there is still an expectation of production resumption, and the fundamentals lack strength. It is expected that the price will fluctuate widely in the range of 5600 - 6000, paying attention to macro - sentiment fluctuations [7]. 3. Summary According to Relevant Catalogs Steel Industry Prices and Spreads - Rebar and hot - rolled coil prices: Rebar spot prices in different regions (East China, North China, South China) and futures contract prices (05, 10, 01) have different changes. Hot - rolled coil spot and futures prices also show various trends. For example, rebar spot in North China decreased by 10 yuan/ton, and hot - rolled coil 05 contract decreased by 25 yuan/ton [1]. Cost and Profit - Steel billet price is 2920 yuan/ton with no change. Plate billet price is 3730 yuan/ton with no change. Profits of different steel products in different regions vary, such as the East China hot - rolled coil profit increased by 7 yuan/ton [1]. Production and Inventory - The daily average pig iron output is 228.0 tons with a decrease of 0.1 tons (- 0.1%). The output of five major steel products is 823.2 tons, an increase of 3.6 tons (0.4%). The inventory of five major steel products is 1278.5 tons, an increase of 21.4 tons (1.7%). Rebar inventory continued to accumulate, while hot - rolled coil inventory decreased [1]. Demand - Building materials trading volume decreased by 0.5 tons (- 11.6%). The apparent consumption of five major steel products decreased by 7.8 tons (- 1.0%) [1]. Iron Ore Industry Prices and Spreads - The warehouse - receipt costs of different iron ore powders (e.g., lower powder, PB powder) decreased, with a decline of about 0.6% - 0.7%. The 5 - 9 spread increased by 0.5 (2.9%), and the 9 - 1 spread decreased by 1.5 (- 12.0%) [3]. Supply - The 45 - port arrival volume decreased by 45.3 tons (- 1.8%), and the global shipping volume increased by 116.3 tons (3.9%). The national monthly import volume increased by 910.7 tons (8.2%) [3]. Demand - The daily average pig iron output of 247 steel mills decreased by 0.1 tons (- 0.1%), and the 45 - port daily average desilting volume increased by 21.6 tons (6.9%) [3]. Inventory - The 45 - port inventory increased by 255.7 tons (1.5%), and the imported ore inventory of 247 steel mills increased by 579.8 tons (6.2%) [3]. Coke and Coking Coal Industry Prices and Spreads - Coke and coking coal futures prices fluctuated. Coke 05 contract increased by 35 yuan/ton (2.1%), and coking coal 05 contract increased by 26 yuan/ton (2.3%). The basis and spreads of different contracts also changed [6]. Supply - Coke production: The daily average output of all - sample coking plants decreased by 0.5 tons (- 0.7%), and the daily average output of 247 steel mills increased by 0.1 tons (0.2%). Coking coal production: The raw coal output decreased by 2.7 tons (- 0.34%), and the clean coal output decreased by 0.6 tons (- 0.14%) [6]. Demand - The pig iron output of 247 steel mills decreased by 0.1 tons (- 0.1%) [6]. Inventory - Coke total inventory increased by 21.5 tons (2.3%), and coking coal inventory in different sectors (e.g., coking plants, steel mills, ports) also had different changes [6]. Ferrosilicon and Ferromanganese Industry Prices and Spreads - Ferrosilicon and ferromanganese futures prices changed slightly. Ferrosilicon主力合约 decreased by 4.0 yuan/ton (- 0.1%), and ferromanganese主力合约 increased by 2.0 yuan/ton (0.04%). The spreads between different regions and contracts also changed [7]. Cost and Profit - Ferrosilicon production costs in different regions (e.g., Inner Mongolia, Qinghai) increased slightly, and production profits changed. Ferromanganese production costs in some regions remained stable [7]. Supply - Ferrosilicon weekly output was 9.8 tons, with a slight increase of 0.0 tons (0.1%). Ferromanganese weekly output decreased by 0.1 tons (- 0.4%) [7]. Demand - Ferrosilicon and ferromanganese demand remained relatively stable. The daily average pig iron output of 247 steel mills decreased by 0.1 tons (- 0.1%) [7]. Inventory - Ferrosilicon inventory of 60 sample enterprises increased by 0.1 tons (1.0%), and ferromanganese inventory of 63 sample enterprises increased by 0.1 tons (0.3%) [7].

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Viewpoints of the Report - The black metal market is currently in a state where contradictions are not prominent, with unclear valuations and drivers. The market is affected by seasonal factors, and the trading opportunities are limited. Different sub - sectors (steel, coking coal and coke, iron ore) have their own characteristics and trends, and corresponding trading strategies are proposed based on these [8][67][118] 3. Summary by Directory 3.1 Steel - **Supply**: Iron and steel production shows a narrow - range fluctuation. This week, the molten iron output decreased by 0.12 to 228wt, and the daily consumption of scrap steel increased slightly month - on - month, higher than the same period in 2025 but slightly lower than that in 2024. It is basically certain that the molten iron output has bottomed out in the range of 225 - 226. The electric furnace operation will decline after the end of the month to balance the total crude steel output [8] - **Demand**: Building material demand shows obvious seasonality, with a significant decline in transactions. Plate demand remains stable, and the apparent demand for cold - rolled products is slightly better than that for hot - rolled products, but the price difference between cold - rolled and hot - rolled products has not strengthened. The market sentiment index fluctuates around rigid demand, and speculative demand is relatively weak [8] - **Inventory**: The social inventory level of the five major steel products is between 2025 and 2025, and the weekly inventory has shifted from destocking to seasonal inventory accumulation. The inventory accumulation of building materials has increased, while the inventory accumulation rhythm of plates is relatively neutral [8] - **Basis/Spread**: The basis of hot - rolled coils and rebar has slightly decreased. As of Friday, the basis of rb2605 in the East China region (Hangzhou) is 82, a month - on - month decrease of 16; the basis of hc2605 in the East China region (Shanghai) is - 18, a month - on - month decrease of 3 [8] - **Profit**: The profitability of steel mills is moderately low, and the actual production profit is slightly higher than the statistical profit. The profit of rebar is slightly better than that of plates. The profitability rate of steel mills is 39.39%, a weekly change of - 1.3% [8] - **Valuation**: The basis of hot - rolled coils is weaker than that of rebar, which is more suitable for rolling spot - futures positive arbitrage. From an industrial perspective, the production profit corresponding to the futures price is meager, and the relative valuation is neutral [8] - **Macro and Risk Preference**: Commodity fluctuations have increased, and leading varieties have experienced large - scale historical fluctuations [8] - **Investment Viewpoint**: It is recommended to wait and see. The black metal sector currently has no prominent contradictions, and there are no obvious trading opportunities. It is recommended to adopt a range - bound trading strategy for single - side trading, and continue to roll the spot - futures positive arbitrage of hot - rolled coils [8][9] 3.2 Coking Coal and Coke - **Demand**: The steel market has entered the off - season. This week, the apparent demand for the five major steel products is 801.74 (+7.78), and the output is 823.17 (+3.58). The industry data is generally weak, with relatively stable supply, seasonal weakening of demand, and inventory accumulation. The daily average molten iron output of 247 steel mills is 227.98 (-0.12), and the profitability rate of steel mills is 39.39% (-1.30%) [68][82][86] - **Coking Coal Supply**: Although safety production cuts have been tightened in some areas, the Fenwei output has increased this week. Next week, some coal mines will start to take holidays, and the output will gradually decline. The customs clearance of Mongolian coal remains at a high level, but due to port storage capacity pressure, the high - level customs clearance has slowed down. The market trading is cold. The high - price overseas coal has faced increasing resistance from terminal users [68][94] - **Coke Supply**: The daily average coke output this week is 109.8 (-0.4), and the coking profit is - 55 (-11). Affected by production restrictions and cuts, the coking enterprise operation continues to decline [68][95] - **Inventory**: The downstream inventory replenishment has slowed down. The market is still in the winter inventory replenishment cycle, and the upstream inventory is being transferred to the downstream. The coking enterprises' replenishment of raw coal is basically coming to an end, while the steel mills still have inventory replenishment needs. The first round of coke price increase has finally been implemented, but the coking coal price has gradually declined, and the driving force of inventory replenishment on price is weakening [68][98] - **Basis/Spread**: The first round of coke price increase has been implemented, but the market sentiment has not been boosted. The cost of the first - round price - increased warehouse receipts for wet - quenched and dry - quenched coke in the 05 contract is 1729/1756, and the port trading quotation is around 1728. The cost of Mongolian coal warehouse receipts is around 1130 [68] - **Profit**: The profitability rate of steel mills is 39.39% (-1.30%), and the coking profit is - 55 (-11) [68] - **Investment Viewpoint**: It is recommended to cash in the spot at an appropriate time and wait for the opportunity to short the futures after the price rises. It is recommended to wait and see for arbitrage [68] 3.3 Iron Ore - **Supply**: The Reuters shipping data this period shows a month - on - month decline of 4.2 tons per day to 418 tons per day. Among them, the shipping volume from Australia decreased by 13.3 tons per day, that from Brazil increased by 3.8 tons per day, and that from non - mainstream mines increased by 5.2 tons per day to 89.8 tons per day. The total arrival volume in China has increased by 47.9 tons per day month - on - month, with a decrease of 13.2 tons per day from Australia, an increase of 63.4 tons per day from Brazil, and a decrease of 2.4 tons per day from non - mainstream sources [118] - **Demand**: The molten iron output of steel mills this period is basically stable at 227.98 tons (-0.12). The maintenance and resumption of production of steel mills in various regions are routine operations. The profitability rate of steel mills has slightly declined, with a month - on - month decrease of 1.3% to 39.39%. According to the maintenance plan, the molten iron output will continue to increase significantly in February. The daily average port clearance volume of 47 ports has increased significantly by 27.19 tons to 347.71 tons. Therefore, with the decrease in the number of ships waiting at the port, the port inventory has increased by 261.73 tons, continuously higher than the same period last year and reaching a new high for the year [118] - **Inventory**: The daily average port clearance volume of 47 ports has increased significantly to a relatively high seasonal level, but the number of ships waiting at the port has decreased, so the port inventory has increased again, continuously higher than the same period last year and reaching a new high for the year [118] - **Profit**: The profit of steel mills is at a low level [118] - **Valuation**: The short - term valuation is relatively high. From a fundamental perspective, the in - plant inventory of steel mills is still at a relatively low level in recent years. However, the expectation of accelerated resumption of production by steel mills in February and the inventory replenishment before the Spring Festival have a significant impact on the transfer of iron ore inventory, which is one of the reasons for the relatively high iron ore price in the short term [118] - **Investment Viewpoint**: It is recommended to consider going long in the short term and shorting at the pressure level in the long term. It is recommended to wait and see for arbitrage [118]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Steel Industry - Steel prices remained stable. The night - trading prices of rebar and hot - rolled coils closed at 3144 yuan and 3304 yuan respectively. The spot price difference between hot - rolled coils and rebar widened, and the rebar futures strengthened. The industry is in a situation of weak supply and demand. Rebar demand declined seasonally, with a significant increase in inventory, while hot - rolled coil demand declined slightly and inventory continued to decrease. It is expected that steel prices will maintain a range - bound trend. The reference range for the May rebar contract is 3050 - 3250 yuan, and for hot - rolled coils is 3200 - 3350 yuan. The strategy of long hot - rolled coil and short rebar can be continued [1]. Iron Ore Industry - The main iron ore contract oscillated weakly, and the position decreased. The supply side saw a slight increase in global shipments, but the shipment center decreased marginally and was still at a relatively high level compared to the historical average. The demand side showed that the previous period's molten iron production was flat, and the port clearance volume decreased seasonally, indicating that the resumption of molten iron production before the Spring Festival was limited. The inventory at ports continued to increase, and the increase in steel mill inventory slowed down. Iron ore is facing a situation of weak supply and demand, and prices are under pressure. Be vigilant about macro - level disturbances [3]. Coke and Coking Coal Industry - Coke futures oscillated. After the fourth round of price cuts on January 1st, the coke market was temporarily stable. The supply side had pressure on coking profits, and the start - up rate decreased slightly. The demand side saw a slight increase in molten iron production after the New Year, and steel prices rebounded from a low level. The inventory at ports and steel mills increased, while the coking plant inventory decreased. It is expected that the proposed price increase of coke can be implemented, but the market will be loose again after the Spring Festival. The price is expected to be range - bound and bearish, with a reference range of 1600 - 1800 yuan. - Coking coal futures oscillated. The supply side saw an increase in daily coal production, and the import volume increased after the New Year. The demand side had limited downstream restocking demand before the Spring Festival due to factors such as steel mill losses and safety accidents. The inventory of coal mines, coking enterprises, and steel mills increased. The price is expected to be range - bound and bearish, with a reference range of 1000 - 1200 yuan. The strategy of long coking coal and short coke is recommended [6]. Silicon Iron and Silicon Manganese Industry - Silicon iron futures oscillated weakly. The supply side had stable production, with most regions' production remaining flat compared to the previous week, and only Gansu seeing a slight decline. The demand side had less - than - expected resumption of molten iron production, and the profitability of steel mills declined. The inventory in factories remained high, and the overall non - steel demand weakened. The cost side had a downward expectation of the settlement electricity price in Inner Mongolia. It is expected that the price will be range - bound, with a reference range of 5500 - 5900 yuan. - Silicon manganese futures oscillated weakly. The supply side had stable supply, with new production capacity in Inner Mongolia and some factories having shutdown and maintenance plans at the end of the month. The demand side also had less - than - expected resumption of molten iron production, and the profitability of steel mills declined. The inventory was at a relatively high level, and the manganese ore price was supported. It is expected that the price will be range - bound, with a reference range of 5600 - 6000 yuan [7]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil prices in different regions and contracts showed various changes. For example, the spot price of rebar in East China increased by 10 yuan to 3280 yuan, and the 05 contract price increased by 19 yuan to 3143 yuan. The hot - rolled coil 05 contract price increased by 15 yuan to 3302 yuan [1]. Cost and Profit - The billet price increased by 10 yuan to 2950 yuan, and the plate billet price remained unchanged at 3730 yuan. The profit of hot - rolled coils in East China increased by 24 yuan to 36 yuan, while the profit of rebar in North China increased by 24 yuan but was still at - 84 yuan [1]. Supply - The daily average molten iron production decreased slightly by 0.1 to 228.1, and the output of five major steel products increased slightly by 0.4 to 819.6. The rebar output increased by 9.3 to 199.6, with a growth rate of 4.9%, and the hot - rolled coil output decreased by 2.9 to 305.4, with a decline rate of 1.0% [1]. Inventory - The inventory of five major steel products increased by 10.1 to 1257.1, with a growth rate of 0.8%. The rebar inventory increased by 14.0 to 452.1, with a growth rate of 3.2%, and the hot - rolled coil inventory decreased by 4.6 to 357.8, with a decline rate of 1.3% [1]. Transaction and Demand - The building materials transaction volume decreased by 0.2 to 7.6, with a decline rate of 2.4%. The apparent consumption of five major steel products decreased by 16.6 to 809.5, with a decline rate of 2.0%. The apparent consumption of rebar decreased by 4.8 to 185.5, with a decline rate of 2.5%, and the apparent consumption of hot - rolled coils decreased by 4.2 to 310.0, with a decline rate of 1.3% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of various iron ore types such as Carajás fines, PB fines, etc. decreased. For example, the warehouse - receipt cost of Carajás fines decreased by 9.8 to 845.7, with a decline rate of 1.1%. The 05 - contract basis of various iron ore types increased slightly, and the 5 - 9 spread and 1 - 5 spread also changed [3]. Supply - The arrival volume at 45 ports decreased by 129.7 to 2530.0, with a decline rate of 4.9%. The global shipment volume increased by 48.4 to 2978.3, with a growth rate of 1.7%. The national monthly import volume increased by 910.7 to 11964.7, with a growth rate of 8.2% [3]. Demand - The daily average molten iron production of 247 steel mills increased slightly by 0.1 to 228.1. The daily average port clearance volume of 45 ports decreased by 9.2 to 310.7, with a decline rate of 2.9%. The national monthly pig iron production decreased by 162.1 to 6072.2, with a decline rate of 2.6%, and the national monthly crude steel production decreased by 169.4 to 6817.7, with a decline rate of 2.4% [3]. Inventory Changes - The inventory at 45 ports increased by 211.4 to 16766.53, with a growth rate of 1.3%. The imported iron ore inventory of 247 steel mills increased by 126.6 to 9388.8, with a growth rate of 1.4%. The inventory available days of 64 steel mills increased by 2.0 to 23.0, with a growth rate of 9.5% [3]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of Shanxi quasi - first - grade wet - quenched coke (warehouse - receipt) and other coke products remained unchanged or changed slightly. The coke 05 contract price decreased by 3 to 1160, with a decline rate of 0.2% [6]. Coking Coal - Related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal (warehouse - receipt) remained unchanged, and the price of Mongolian No. 5 raw coal (warehouse - receipt) increased by 9 to 1207, with a growth rate of 0.8%. The coking coal 05 contract price increased by 3 to 1160, with a growth rate of 0.2% [6]. Supply - The daily average output of all - sample coking plants decreased by 0.1 to 63.3, with a decline rate of 0.2%. The daily average output of 247 steel mills increased by 0.2 to 46.9, with a growth rate of 0.4% [6]. Demand - The molten iron production of 247 steel mills increased slightly by 0.1 to 228.1 [6]. Inventory Changes - The total coke inventory increased by 18.9 to 939.2, with a growth rate of 2.1%. The coking coal inventory of all - sample coking plants increased by 44.9 to 1177.7, with a growth rate of 4.0% [6]. Silicon Iron and Silicon Manganese Industry Spot Prices and Spreads - The spot prices of silicon iron and silicon manganese in different regions remained stable. The silicon iron 72% FeSi in Inner Mongolia remained at 5330 yuan, and the silicon manganese FeMn65Si17 in Inner Mongolia remained at 5680 yuan [7]. Cost and Profit - The production cost of silicon iron in Inner Mongolia remained at 5867.8 yuan, and the production profit increased by 18 to - 104. The production cost of silicon manganese in Inner Mongolia decreased by 18 to 5434.0, and the production profit increased by 18 to - 115 [7]. Supply - The weekly output of silicon iron remained at 19.3, and the weekly output of silicon manganese was relatively stable. The manganese ore shipment volume increased by 5.2 to 77.7, with a growth rate of 7.2% [7]. Demand - The demand for silicon iron and silicon manganese calculated by Steel Union showed slight changes. The demand for silicon iron was 0.0, and the demand for silicon manganese increased by 0.1 to 11.6 [7]. Inventory Changes - The inventory of 60 sample silicon iron enterprises increased by 0.3 to 6.7, with a growth rate of 5.4%. The inventory of 63 sample silicon manganese enterprises remained at 37.3 [7].