Report Industry Investment Ratings - Thread: ☆☆☆ [1] - Hot Rolled Coil: ☆☆☆ [1] - Iron Ore: ☆☆☆ [1] - Coke: ☆☆☆ [1] - Coking Coal: ☆☆☆ [1] - Silicomanganese: ☆☆☆ [1] - Ferrosilicon: ☆☆☆ [1] Core Views - The short - term trends of various steel - related products are mainly oscillatory, affected by factors such as supply - demand relationships, profit margins of steel mills, and macro - political and economic situations [2][3][4][6] Summary by Related Catalogs Steel - Today's steel futures rebounded after a decline. Thread demand is short - term stable, production is rising, and inventory depletion is slowing. Hot - rolled coil demand is falling, production remains high, and inventory is slightly accumulating. Blast furnaces still have profits, and hot - metal production is relatively high, alleviating the negative feedback expectation. The downstream industries have problems such as lack of infrastructure recovery sustainability and poor real - estate indicators. The demand expectation is pessimistic, and the production - restriction expectation during the September event supports the futures. It will be mainly oscillatory in the short term [2] Iron Ore - Iron ore futures fell today, and the basis has narrowed recently. The global iron - ore shipment has declined, and there is an expectation of further decline in the future. The domestic arrival volume has decreased but will remain relatively high in the short term, and port inventory has stabilized and increased. Terminal demand in the off - season is as expected, steel mills' profitability is okay, and hot - metal production is high with low willingness to cut production. Geopolitical risks have decreased, and Sino - US trade has shown signs of further relaxation. The fundamentals have little change, and it will be mainly oscillatory in the short term [3] Coke - Coke prices declined during the day. There is an expectation of price increase, but production profits are meager, and daily production is falling from the annual high. Overall inventory has decreased, and traders' purchasing willingness is still low. The carbon - element supply is abundant, and hot - metal production in the off - season has not declined, bringing some optimistic expectations. The futures price has rebounded and is at a premium. It will be mainly oscillatory under inventory pressure [4] Coking Coal - Coking coal prices declined during the day. Policy may strengthen the control of over - production, affecting production. Coking - coal mine production has been falling, and some mines have reduced production due to environmental inspections. The spot auction market has slightly improved, and terminal inventory has continued to decline. The carbon - element supply is abundant, and hot - metal production in the off - season has not declined, bringing some optimistic expectations. The futures price is at a premium. It will be mainly oscillatory under inventory pressure [6] Silicomanganese - Silicomanganese prices declined. Due to previous production cuts, inventory has decreased, but weekly production is rising, and inventory is increasing again. The long - term manganese - ore inventory is increasing, and currently, the inventory level is low, increasing the price - holding intention of manganese mines. The spot resources of Comilog oxidized ore are scarce, and the price has slightly increased. It is recommended to try short - selling on rebounds [7] Ferrosilicon - Ferrosilicon prices declined. Hot - metal production remains above 242. Export demand is about 30,000 tons, with a marginal impact. The production of magnesium metal has increased, and secondary demand remains high. Supply is decreasing, market transactions are average, and on - balance - sheet inventory is decreasing, but production - end inventory is increasing. Some producers may adopt a trading model to help destock. It is recommended to try short - selling on rebounds [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The central bank's second - quarter monetary policy committee meeting removed "opportunistically cut reserve requirements and interest rates" and made changes in policy tone, monetary policy thinking, and exchange - rate statements [6]. - Copper prices are expected to remain firm due to the resonance of micro and macro factors. It is recommended to pay attention to internal - external reverse arbitrage and hold domestic copper term positive arbitrage [7][8]. - Glass is in a short - term shock market, with limited short - term upside and caution needed for short - selling at low levels [9]. Summary by Related Catalogs Central Bank Policy - The central bank's second - quarter monetary policy committee meeting removed "combine the implementation of the strategy of expanding domestic demand with deepening supply - side structural reform" and added "put strengthening the domestic large - cycle in a more prominent position and coordinate the relationship between total supply and total demand". It also removed "opportunistically cut reserve requirements and interest rates" and added "flexibly grasp the intensity and rhythm of policy implementation". The exchange - rate statement was also adjusted [6]. Copper - The price of copper has risen due to the resonance of micro and macro factors. The spot is tight, with low domestic and rapidly falling LME inventories and continuous spot premiums. The overseas logic has a more obvious pulling effect on prices. It is expected that the price will remain firm, and it is recommended to pay attention to internal - external reverse arbitrage and hold domestic copper term positive arbitrage [7][8]. Glass - Glass has been in a downward trend in the first half of the year due to weak real - estate demand, insufficient supply contraction, high factory inventories, and large warrant pressures. After reaching a low - valuation level in early June, it rebounded. Currently, it is in a shock market, with limited short - term upside and caution needed for short - selling at low levels [9]. Other Commodities - For other commodities such as zinc, lead, nickel, etc., the report provides their price trends, fundamental data, and trend intensities. For example, zinc is at a short - term high, and attention should be paid to volume and price; lead has support from peak - season expectations [12][15][18].

Group 1: Commodity Market Performance - On June 27, the domestic commodity futures market saw more gains than losses, with polysilicon leading with over a 3% increase, followed by焦煤 and industrial silicon with over 4% gains [1] - The China Securities Commodity Futures Price Index closed at 1377.97 points, up 5.01 points or 0.36% from the previous trading day, while the China Securities Commodity Futures Index closed at 1910.45 points, up 6.95 points or 0.37% [1] Group 2: Polysilicon and Industrial Silicon - Polysilicon surged over 6% on June 27, driven by positive market sentiment and news of production cuts from major manufacturers in Xinjiang, impacting daily output by approximately 1500 to 1700 tons [2] - Industrial silicon also experienced a price rebound, closing above 8000 yuan per ton, but faces potential supply increases due to the resumption of production in the southwestern region [3] Group 3: Coking Coal and Coke - Coking coal and coke continued their upward trend, with coking coal reaching a new high in over a month, supported by improved supply-demand dynamics due to production cuts amid safety inspections [3] - Despite the rebound, the overall supply-demand balance for coking coal and coke remains tilted towards oversupply, limiting the potential for further price increases [3] Group 4: Oil and Gold Market Trends - SC crude oil contracts fell for the fourth consecutive day, with a decline of 1.37%, influenced by improved market risk appetite and a weaker dollar [4] - Gold prices also decreased, with the Shanghai gold main contract dropping by 0.87%, although expectations of potential interest rate cuts by the Federal Reserve provide some support [5]

1. Report Industry Investment Ratings - **Macro Finance**: - A-shares: Bullish in the short term [1] - Treasury bonds: Limited upside in the short term [1] - Gold: Volatile [1] - Silver: Volatile [1] - **Non-ferrous Metals**: - Copper: Bullish in the short term [1] - Aluminum: Volatile [1] - Alumina: Volatile [1] - Nickel: Volatile, limited upside in the short term, bearish in the long term [1] - Stainless steel: Bullish in the short term, bearish in the long term [1] - Tin: Bearish in the short term, potential upside from oil price increase [1] - Industrial silicon: Bearish [1] - Polysilicon: Bearish [1] - Lithium carbonate: Bearish [1] - **Black Metals**: - Rebar: No upward momentum [1] - Hot-rolled coil: No upward momentum [1] - Iron ore: Volatile [1] - Coking coal: Bearish [1] - Coke: Bearish [1] - Glass: Bearish [1] - Soda ash: Bearish [1] - **Agricultural Products**: - Palm oil: Bearish [1] - Soybean oil: Bearish [1] - Cotton: Bearish [1] - Sugar: Potential for higher production [1] - Corn: Bullish in the medium term [1] - Pulp: Bearish [1] - Raw silk: Neutral [1] - Live pigs: Stable [1] - **Energy and Chemicals**: - Crude oil: Bearish [1] - Fuel oil: Bearish [1] - Asphalt: Bearish [1] - BR rubber: Bearish in the short term [1] - PTA: Bearish [1] - Ethylene glycol: Bearish [1] - Short fiber: Bearish [1] - Pure benzene: Volatile [1] - Styrene: Volatile [1] - PVC: Bearish [1] - Caustic soda: Volatile [1] - LPG: Bearish [1] 2. Core Views of the Report - In the short term, the A-share market has good liquidity, geopolitical conflicts have significantly eased, and overseas disturbances have weakened, so the stock index is expected to fluctuate strongly [1] - The weak economy is beneficial for bond futures, but the central bank's warning on interest rate risks restricts the upward space in the short term [1] - The improvement in market risk appetite may put short-term pressure on gold prices, but uncertainties such as geopolitics and tariffs remain high, so gold prices are expected to fluctuate [1] - The Fed's dovish remarks and the opening of the re-export window may lead to a further decline in copper inventories, so copper prices are expected to fluctuate strongly in the short term [1] - The low inventory of domestic electrolytic aluminum and the off-season demand result in volatile aluminum prices [1] - The supply of some non-ferrous metals is expected to recover, and demand shows signs of weakening, so attention should be paid to shorting opportunities at high levels [1] - The improvement in macro sentiment requires attention to tariff progress and economic data at home and abroad [1] - The supply of some agricultural products is affected by various factors, and the market shows different trends, such as the potential decline in Brazilian sugar production due to the change in the sugar-to-ethanol ratio [1] - The geopolitical situation in the Middle East has cooled down, Trump's energy policy is negative for crude oil, and the long-term supply and demand tend to be loose [1] 3. Summary by Related Catalogs Macro Finance - **A-shares**: Short-term liquidity is good, geopolitical conflicts ease, and overseas disturbances weaken, so the stock index is expected to fluctuate strongly [1] - **Treasury bonds**: The weak economy is beneficial for bond futures, but the central bank's warning on interest rate risks restricts the upward space in the short term [1] - **Gold**: Market risk appetite improves, putting short-term pressure on gold prices, but uncertainties keep prices volatile [1] - **Silver**: Silver prices are expected to fluctuate in the short term [1] Non-ferrous Metals - **Copper**: Fed's dovish remarks and re-export window may lead to lower inventories, so copper prices are expected to fluctuate strongly in the short term [1] - **Aluminum**: Low inventory and off-season demand result in volatile aluminum prices [1] - **Alumina**: Spot price decline and production increase put pressure on the futures price, but the discount limits the downside [1] - **Nickel**: High nickel ore premium and inventory increase limit the short-term upside, and long-term oversupply remains a concern [1] - **Stainless steel**: Short-term futures may rebound, but the sustainability is uncertain, and long-term supply pressure exists [1] - **Tin**: Short-term pressure from photovoltaic production cuts, potential upside from oil price increase [1] - **Industrial silicon**: Supply resumes, demand is low, and inventory pressure is huge [1] - **Polysilicon**: Downstream production declines, and supply reduction is not obvious [1] - **Lithium carbonate**: Falling ore prices and high downstream inventory lead to weak buying [1] Black Metals - **Rebar and Hot-rolled coil**: In the transition from peak to off-season, cost weakens, and supply-demand is loose, with no upward momentum [1] - **Iron ore**: Iron water may peak, and supply may increase in June, so attention should be paid to steel pressure [1] - **Coking coal and Coke**: Supply surplus exists, and the rebound space is limited [1] - **Glass**: Supply and demand are weak, and prices continue to decline [1] - **Soda ash**: Maintenance resumes, supply surplus is a concern, and demand is weak, so prices are under pressure [1] Agricultural Products - **Palm oil and Soybean oil**: After the decline of crude oil, the supply-demand is weak, and prices are expected to fall [1] - **Cotton**: Domestic cotton prices are expected to fluctuate weakly due to consumption off-season and inventory accumulation [1] - **Sugar**: Brazilian sugar production is expected to increase, and the change in the sugar-to-ethanol ratio may affect production [1] - **Corn**: Short-term price is affected by auction news, but the medium-term outlook is bullish [1] - **Pulp**: In the demand off-season, it is bearish after the positive news fades [1] - **Raw silk**: High持仓 and intense capital game lead to large fluctuations, so it is recommended to wait and see [1] - **Live pigs**: Inventory is abundant, and futures prices are stable [1] Energy and Chemicals - **Crude oil and Fuel oil**: Geopolitical cooling, Trump's energy policy, and long-term supply-demand loosening are negative factors [1] - **Asphalt**: Cost drag, potential tax refund increase, and slow demand recovery [1] - **BR rubber**: Temporary stability due to geopolitical cooling, but weak fundamentals in the short term [1] - **PTA, Ethylene glycol, and Short fiber**: Affected by the decline of crude oil and other factors, prices are bearish [1] - **Pure benzene and Styrene**: Volatile due to market sentiment and supply-demand changes [1] - **PVC**: Supply pressure increases due to the end of maintenance and the entry of new devices, so prices are bearish [1] - **Caustic soda**: Maintenance is almost over, and attention should be paid to the change in liquid chlorine [1] - **LPG**: Geopolitical relief, seasonal off-season, and inflow of low-cost foreign goods lead to downward pressure [1]

1. Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. 2. Core Views Steel Industry - The steel market is in the off - season with high production and potential inventory accumulation pressure. The upward elasticity of steel prices is limited, and the volatility has decreased. It is suggested to try short positions, focus on the support levels of 3000 yuan for hot - rolled coils and 2900 yuan for rebar, or sell out - of - the - money call options. The cost drags down the market, and the demand expectation is weak. Although the decline in off - season demand is better than expected, the terminal demand may weaken in the future [1]. Iron Ore Industry - The 09 contract of iron ore oscillated. The global iron ore shipments increased this week, and the arrival volume at ports continued to rise. The demand side may maintain a relatively high level of hot - metal production in the short term, but the terminal demand faces the risk of weakening in the off - season. The port inventory and steel mills' equity ore inventory have increased. In the short term, there is obvious resistance above the iron ore price, and the 09 contract should be considered bearish in the medium - to - long term. The price range may shift down to 670 - 720 yuan [4]. Coke Industry - The coke futures showed an oscillating upward trend, while the spot was weak. The fourth round of price cuts for coke was implemented on June 23, and there may be further cuts, but the phased bottom is gradually emerging. The supply is tightening marginally due to environmental protection and other factors, and the demand has rigid support with hot - metal production remaining above 240,000 tons per day. The inventory is at a medium level. It is recommended to hedge the 2509 contract on rallies for spot traders, stay on the sidelines for speculators, and consider the strategy of going long on coking coal and short on coke [7]. Coking Coal Industry - The coking coal futures oscillated upward, and the spot was stable with a slight upward trend. The domestic coking coal showed signs of stabilization, and the supply decreased in some regions due to environmental protection and other factors. The import coal had different situations, with Mongolian coal prices rebounding slightly and seaborne coal imports having a profit inversion. The demand had some resilience with hot - metal production remaining above 240,000 tons per day in June, and the inventory was at a medium level. It is recommended to go long on the 2509 contract of coking coal on dips for short - term trading and consider the strategy of going long on coking coal and short on coke [7]. 3. Summaries by Relevant Catalogs Steel Industry Prices and Spreads - Rebar and hot - rolled coil spot prices in most regions decreased slightly, while some futures contracts had small fluctuations. The cost of steel production had different changes, and the profit of various regions and varieties decreased by 8 yuan/ton [1]. Production - The output of five major steel products increased by 9.7 thousand tons (1.1%), rebar production increased by 4.6 thousand tons (2.2%), with electric - furnace production decreasing by 1.6 thousand tons (- 6.4%) and converter production increasing by 6.2 thousand tons (3.4%). Hot - rolled coil production increased by 0.8 thousand tons (0.2%) [1]. Inventory - The inventory of five major steel products decreased by 15.7 thousand tons (- 1.2%), hot - rolled coil inventory decreased by 5.2 thousand tons (- 1.5%), and rebar inventory decreased by 7.0 thousand tons (- 1.3%) [1]. Demand - The apparent demand for five major steel products increased by 16.1 thousand tons (1.9%), rebar apparent demand decreased by 0.8 thousand tons (- 0.4%), and hot - rolled coil apparent demand increased by 10.8 thousand tons (3.4%) [1]. Iron Ore Industry Prices and Spreads - The warehouse - receipt costs of various iron ore powders decreased slightly. The 09 - contract basis of most powders decreased significantly. The 5 - 9 spread increased by 1.0 yuan/ton (2.3%), the 9 - 1 spread decreased by 0.5 yuan/ton (- 1.9%), and the 1 - 5 spread decreased by 0.5 yuan/ton (- 2.9%) [4]. Supply - The 45 - port arrival volume (weekly) increased by 178.2 thousand tons (7.5%), the global shipments (weekly) increased by 154.0 thousand tons (4.6%), and the national monthly import volume decreased by 500.3 thousand tons (- 4.9%) [4]. Demand - The average daily hot - metal production of 247 steel mills (weekly) increased by 0.6 thousand tons (0.2%), the average daily port clearance volume at 45 ports (weekly) increased by 12.3 thousand tons (4.1%), the national monthly pig - iron production increased by 153.1 thousand tons (2.1%), and the national monthly crude - steel production increased by 52.6 thousand tons (0.6%) [4]. Inventory - The 45 - port inventory (weekly) increased by 73.9 thousand tons (0.5%), the imported ore inventory of 247 steel mills (weekly) increased by 137.6 thousand tons (1.6%), and the inventory - available days of 64 steel mills remained unchanged [4]. Coke Industry Prices and Spreads - The spot prices of coke in some regions remained unchanged, the 09 - contract price increased by 2.7%, and the 01 - contract price increased by 2.0%. The coking profit (weekly) increased by 23 yuan/ton, with a 100% increase [7]. Supply - The daily average output of all - sample coking plants decreased by 0.3 thousand tons (- 0.5%), and the daily average output of 247 steel mills increased by 0.1 thousand tons (0.3%) [7]. Demand - The hot - metal production of 247 steel mills increased by 0.6 thousand tons (0.2%) [7]. Inventory - The total coke inventory decreased by 18.8 thousand tons (- 1.9%), the inventory of all - sample coking plants decreased by 10.1 thousand tons (- 8.1%), the inventory of 247 steel mills decreased by 8.6 thousand tons (- 1.34%), and the port inventory remained unchanged [7]. Supply - Demand Gap - The coke supply - demand gap decreased by 0.5 thousand tons (- 9.0%) [7]. Coking Coal Industry Prices and Spreads - The spot prices of coking coal in some regions remained unchanged, the 09 - contract price increased by 2.6%, and the 01 - contract price increased by 2.4%. The sample coal - mine profit (weekly) decreased by 24 yuan/ton (- 7.5%) [7]. Supply - The raw - coal production decreased by 9.8 thousand tons (- 1.1%), and the clean - coal production decreased by 3.4 thousand tons (- 0.8%) [7]. Demand - The daily average output of all - sample coking plants decreased by 0.3 thousand tons (- 0.5%), and the daily average output of 247 steel mills increased by 0.1 thousand tons (0.3%) [7]. Inventory - The clean - coal inventory of Fenwei coal mines decreased by 25.1 thousand tons (- 8.84%), the coking - coal inventory of all - sample coking plants decreased by 2.3 thousand tons (- 0.3%), the inventory of 247 steel mills increased by 0.7 thousand tons (0.14%), and the port inventory decreased by 8.7 thousand tons (- 2.8%) [7].

Macro and Market Overview - Fixed asset investment growth rate continued to decline in May, with infrastructure investment at 10.42%, manufacturing at 8.50%, and real estate investment down by 10.70% year-on-year, indicating a lack of significant improvement in the real estate sector [4][5] - The A-share market experienced a downward trend from June 16 to June 20, with major indices such as the Shanghai Composite Index down by 0.51% and the ChiNext Index down by 1.66% [5][6] - The food and beverage sector saw a slight decline of 0.12%, with beer and liquor showing positive growth while dairy products faced a downturn [17][18] Industry Analysis Machinery Industry - The company "迪威尔" reported a revenue of approximately 1.12 billion yuan in 2024, a decrease of 7.1% year-on-year, with net profit down by 39.9% [11] - The main revenue source is oil and gas production system components, with over 60% of revenue coming from international markets [12] - Global oil and gas production is expected to grow steadily, with deep-sea and unconventional oil and gas becoming increasingly significant [13][14] - Investment recommendation suggests a stable growth in demand for deep-sea and unconventional oil and gas equipment, projecting revenues of 1.415 billion yuan in 2025, growing at 25.9% [15] Food and Beverage Industry - The liquor market is currently at a policy bottom, with opportunities for valuation recovery as recent policies clarify the distinction between legitimate dining and wasteful practices [19] - The food and beverage sector is advised to focus on stable demand leaders and companies innovating in new products and channels [20][21] Coal Industry - The coal sector saw a decline of 0.77%, with the PE ratio at 11.7 times, indicating a relatively low valuation [22] - Domestic coal prices have stabilized, while overseas prices are on the rise, suggesting a potential recovery in demand as summer approaches [23] - Investment advice emphasizes focusing on coal companies with high long-term contracts and stable dividends [25] Pharmaceutical Industry - The innovative drug sector is expected to transition from capital-driven to profit-driven, with significant opportunities for performance and valuation recovery [31] - The market is witnessing a surge in clinical data and commercialization of innovative drugs, with a focus on companies with strong pipelines and proven commercial viability [35]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Steel - Steel prices rebounded, but the basis weakened. It is still the off - season for steel, with better - than - expected decline in off - season demand. High production has not been reduced, leading to inventory accumulation pressure. Weekly SMM data shows a decline in weekly steel exports. Steel is in a pattern of cost drag and weak demand expectations. Recent raw material rebounds support the upward shift of the finished product price center. Rebound - biased short operations or selling out - of - the - money call options are recommended [1]. Iron Ore - The 09 contract of iron ore oscillated. Global iron ore shipments increased week - on - week, and the arrival volume at 45 ports is expected to remain at a high level. The demand for hot metal increased slightly last week, and the profitability of steel mills remained stable. However, terminal demand may weaken in the off - season, and there are uncertainties in export and overseas economic changes. Port and steel mill inventories increased. In the short term, there is obvious suppression on the iron ore price, and the 09 contract should be considered bearish in the medium - to - long term. The price range may shift down to 670 - 720 [3]. Coke - Coke futures oscillated, and the spot was weak. The fourth round of price cuts for coke was implemented on June 23, and there may be further cuts, but a phased bottom is emerging. Supply tightened marginally due to environmental protection and maintenance. Demand has rigid support from hot metal, but the hot metal output is on a downward trend. Inventories are at a medium level. It is recommended to hedge the 2509 contract on rebounds, and consider the strategy of going long on coking coal and short on coke [6]. Coking Coal - Coking coal futures oscillated strongly, and the spot was stable. Domestic coking coal showed signs of stabilizing, with some coal types having price rebounds. Supply decreased in some regions due to environmental protection and accidents. Imported coal has different situations, with Mongolian coal prices rebounding slightly and seaborne coal import profits inverting. Demand from coking and downstream industries has some resilience, and there are signs of recovery in restocking demand. Inventories are at a medium level. It is recommended to go long on the 2509 contract on dips and consider the strategy of going long on coking coal and short on coke [6]. Ferrosilicon - The ferrosilicon futures oscillated. Supply increased slightly last week, mainly in Ningxia and Shaanxi. Demand continued to weaken, and spot prices were weak. Factory inventories decreased but were still high. Iron water demand increased slightly, and there are uncertainties in terminal demand. Non - steel demand has some short - term improvement, and exports may maintain some resilience. It is recommended to short on rebounds [7]. Ferromanganese - The ferromanganese futures oscillated. Supply increased slightly last week, with restarts mainly in Inner Mongolia and Yunnan. Demand is weak in the off - season. Manganese ore shipments were basically flat globally, and domestic arrivals decreased. Port inventories decreased slightly. It is recommended to short on rebounds [7]. 3. Summary by Relevant Catalogs Steel Prices and Spreads - Thread steel spot prices in East, North, and South China remained unchanged, while futures prices increased slightly. Hot - rolled coil spot prices in East China decreased by 10 yuan/ton, and futures prices showed mixed changes [1]. Cost and Profit - Steel billet and slab prices remained unchanged. The cost of electric - arc furnace and converter - produced thread steel in Jiangsu increased, and the profit of hot - rolled coil and thread steel in different regions increased [1]. Production - The daily average hot metal output increased by 0.2% to 242.2 tons. The output of five major steel products increased by 1.1% to 868.5 tons, with thread steel production increasing by 2.2% and hot - rolled coil production increasing by 0.2% [1]. Inventory - The inventory of five major steel products decreased by 1.2% to 1338.9 tons, with thread steel inventory decreasing by 1.3% and hot - rolled coil inventory decreasing by 1.5% [1]. Transaction and Demand - Building material trading volume increased by 5.6%, and the apparent demand for five major steel products increased by 1.9%. The apparent demand for thread steel decreased by 0.4%, and the apparent demand for hot - rolled coil increased by 3.4% [1]. Iron Ore Prices and Spreads - The warehouse - receipt costs of various iron ore powders decreased slightly, and the 09 - contract basis of most powders decreased significantly. The 5 - 9 spread increased by 2.2%, and the 9 - 1 spread decreased by 3.4% [3]. Spot Prices and Price Indexes - Spot prices of various iron ore powders at Rizhao Port decreased slightly, and the price indexes of new - exchange 62% Fe and Platts 62% Fe increased slightly [3]. Supply - The 45 - port arrival volume decreased by 8.6% week - on - week, and the global shipment volume decreased by 4.5%. The national monthly import volume decreased by 4.9% [3]. Demand - The daily average hot metal output of 247 steel mills increased by 0.2%, the 45 - port daily average ore - removal volume increased by 4.1%, and the national monthly hot metal and crude steel output increased [3]. Inventory - The 45 - port inventory increased by 0.1%, the imported ore inventory of 247 steel mills increased by 1.6%, and the inventory - available days of 64 steel mills decreased by 9.5% [3]. Coke Prices and Spreads - Spot prices of Shanxi first - grade wet - quenched coke and Rizhao Port quasi - first - grade wet - quenched coke remained unchanged. The 09 - contract price of coke remained unchanged, and the 01 - contract price increased by 0.9%. The 09 - contract basis and the J09 - J01 spread decreased [6]. Upstream Coking Coal Prices and Spreads - The prices of coking coal (Shanxi warehouse receipt) and coking coal (Mongolian coal warehouse receipt) remained unchanged [6]. Supply - The daily average output of all - sample coking plants decreased by 0.5%, and the daily average output of 247 steel mills increased by 0.3% [6]. Demand - The hot metal output of 247 steel mills increased by 0.2% [6]. Inventory - Total coke inventory decreased by 1.9%, with coking plant and steel mill inventories decreasing [6]. Supply - Demand Gap - The coke supply - demand gap decreased by 9.0% [6]. Coking Coal Prices and Spreads - The prices of coking coal (Shanxi warehouse receipt) and coking coal (Mongolian coal warehouse receipt) remained unchanged. The 09 - contract price of coking coal increased by 1.5%, and the 01 - contract price increased by 2.7%. The 09 - contract basis and the JM09 - JM01 spread decreased [6]. Overseas Coal Prices - The arrival price of Australian Peak Downs decreased by 0.1%, and the warehouse - pick - up prices of some domestic coal types remained unchanged [6]. Supply - The raw coal and clean coal output of Fenwei sample coal mines decreased [6]. Demand - The daily average output of all - sample coking plants decreased by 0.5%, and the daily average output of 247 steel mills increased by 0.3% [6]. Inventory - The clean coal inventory of Fenwei coal mines decreased by 8.8%, and the coking coal inventories of coking plants and steel mills had different changes [6]. Ferrosilicon Prices and Spreads - The closing price of the ferrosilicon main contract increased by 0.8%. Spot prices in some regions remained unchanged, and some regions had price increases. The SF - SM main contract spread was 22.0 [7]. Cost and Profit - The production cost in some regions remained unchanged, and the production profit in some regions had different changes. The export price remained unchanged [7]. Supply - The production enterprise's operating rate increased by 4.3%, and the weekly output increased by 1.9% [7]. Demand - The weekly demand for ferrosilicon remained unchanged [7]. Inventory - The inventory of 60 sample enterprises decreased by 2.7% [7]. Ferromanganese Prices and Spreads - The closing price of the ferromanganese main contract decreased by 0.1%. Spot prices in some regions remained unchanged, and some regions had price decreases [7]. Cost and Profit - The production cost in some regions remained unchanged, and the production profit in some regions had different changes [7]. Manganese Ore - The global manganese ore shipment was basically flat, domestic arrivals decreased, and the port inventory decreased slightly [7]. Supply - The weekly output of ferromanganese increased by 1.9% [7]. Demand - The demand for ferromanganese from steel - making and non - steel industries has uncertainties [7]. Inventory - The inventory of 63 sample enterprises increased, and the number of warehouse receipts decreased [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Steel - Black metal prices have stabilized with a rising central level. Futures prices strengthened on Friday, and the basis remained weak. Hot - rolled coil production has rebounded, with high apparent demand and a small decline. However, the supply and demand of rebar are both weak, and the apparent demand has declined. Steel and billet exports remain high, absorbing production. It is still the off - season for steel, and demand is difficult to improve marginally. Steel maintains a pattern of cost drag and weak demand expectations. Operate with a bearish bias on rebounds or sell out - of - the - money call options. Pay attention to the pressure levels of 3150 and 3050 yuan for hot - rolled coil and rebar respectively[1]. Iron Ore - In the short term, iron ore is under obvious upward pressure due to the expected decline in hot metal, supply increase, and administrative production cuts. However, the short - term decline in hot metal is limited. In the medium - to - long - term, a bearish view on the 09 contract remains unchanged. During the off - season when demand weakens, the price range of iron ore may shift downwards, with a reference range of 670 - 720 yuan[3]. Coke - Last week, coke futures showed a volatile and slightly stronger trend, while the spot market was weakly stable. On the supply side, environmental protection inspections have led to production cuts in northern regions, and independent coking operations have declined. On the demand side, hot metal production has continued to decline after reaching a peak. In terms of inventory, coking plants and ports have reduced inventories, and steel mills are actively reducing inventories. Strategically, consider short - term shorting of the coke 2509 contract on rebounds and a long - coking coal and short - coke arbitrage strategy[5]. Coking Coal - Last week, coking coal futures showed a volatile and slightly stronger trend, and the spot market was weakly stable. On the supply side, domestic production has decreased due to various factors, and imported coal has different situations. On the demand side, coking operations have declined, and downstream users are cautious in restocking. In terms of inventory, overall inventory is at a medium level. Strategically, consider short - term long - coking coal 2509 contract on dips and a long - coking coal and short - coke arbitrage strategy[5]. Ferrosilicon and Ferromanganese - Ferrosilicon: Last week, ferrosilicon production increased slightly, mainly in Ningxia and Shaanxi. Due to weakening demand, prices are weak, and manufacturers' losses are intensifying. Although inventories have decreased, they are still relatively high. In terms of demand, hot metal production has increased slightly, but there are risks of off - season demand decline. Strategically, it is recommended to short on rebounds[7]. - Ferromanganese: Last week, ferromanganese production increased slightly, with restarts mainly in Inner Mongolia and Yunnan. Supply pressure persists during the off - season. Inventories of manufacturers have increased, and the number of warehouse receipts has continued to decline. Although the overall supply - demand situation has improved, it is still insufficient. Strategically, it is recommended to short on rebounds[7]. 3. Summary by Relevant Catalogs Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in different regions showed small changes, with some increases. Futures prices of rebar and hot - rolled coil also rose slightly. The basis of rebar and hot - rolled coil showed different trends[1]. Cost and Profit - The price of steel billets increased by 10 yuan, and the price of slab remained unchanged. The costs of Jiangsu electric - arc furnace rebar and converter rebar decreased, while the profits of hot - rolled coil in different regions decreased to varying degrees[1]. Production - The daily average hot metal output increased by 0.6 to 242.2 tons, a 0.2% increase. The output of five major steel products increased by 9.7 tons to 868.5 tons, a 1.1% increase. Rebar output increased by 4.6 tons to 212.2 tons, a 2.2% increase, with converter output increasing and electric - arc furnace output decreasing. Hot - rolled coil output increased by 0.8 tons to 325.5 tons, a 0.2% increase[1]. Inventory - The inventory of five major steel products decreased by 15.7 tons to 1338.9 tons, a 1.2% decrease. Rebar inventory decreased by 7.0 tons to 551.1 tons, a 1.3% decrease. Hot - rolled coil inventory decreased by 5.2 tons to 340.2 tons, a 1.5% decrease[1]. Transaction and Demand - Building materials trading volume increased by 0.7 to 9.7 tons, an 8.2% increase. The apparent demand of five major steel products increased by 16.1 tons to 884.2 tons, a 1.9% increase. The apparent demand of rebar decreased by 0.8 tons to 219.2 tons, a 0.4% decrease. The apparent demand of hot - rolled coil increased by 10.8 tons to 330.7 tons, a 3.4% increase[1]. Iron Ore Prices and Spreads - The warehouse receipt costs of various iron ore varieties increased slightly. The basis of 09 contracts for different varieties decreased significantly. The 5 - 9 spread decreased, the 9 - 1 spread increased, and the 1 - 5 spread decreased slightly[3]. Supply - The global weekly shipment volume decreased by 157.7 tons to 3352.7 tons, a 4.5% decrease, mainly due to a decrease in Australian shipments. The weekly arrival volume at 45 ports decreased by 224.8 tons to 2384.5 tons, an 8.6% decrease, mainly due to the decrease in Brazilian ore arrivals[3]. Demand - The daily average hot metal output of 247 steel mills increased by 0.6 to 242.2 tons, a 0.2% increase. The daily average ore removal volume at 45 ports increased by 12.3 to 313.6 tons, a 4.1% increase. National monthly pig iron and crude steel production increased[3]. Inventory - The inventory at 45 ports increased by 13.5 to 13894.16 tons, a 0.1% increase. The imported ore inventory of 247 steel mills increased by 137.6 to 8936.2 tons, a 1.6% increase. The inventory available days of 64 steel mills decreased by 2 to 19 days, a 9.5% decrease[3]. Coke Prices and Spreads - The prices of Shanxi first - grade wet - quenched coke and Rizhao Port quasi - first - grade wet - quenched coke remained unchanged. Coke futures prices increased slightly, and the basis decreased. The J09 - J01 spread increased slightly. Coking profits decreased[5]. Supply - The daily average output of all - sample coking plants decreased by 0.3 to 64.7 tons, a 0.5% decrease. The daily average output of 247 steel mills increased by 0.1 to 47.4 tons, a 0.3% increase[5]. Demand - The hot metal output of 247 steel mills increased by 0.6 to 242.2 tons, a 0.2% increase[5]. Inventory - The total coke inventory decreased by 18.8 to 952.9 tons, a 1.9% decrease. Coking plant inventories, steel mill inventories, and port inventories all decreased to varying degrees[5]. Supply - Demand Gap - The coke supply - demand gap decreased by 0.5 to - 5.2 tons, a 9.04% decrease[5]. Coking Coal Prices and Spreads - The prices of Shanxi and Mongolian coking coal warehouse receipts remained unchanged. Coking coal futures prices increased slightly, and the basis decreased. The JM09 - JM01 spread decreased. Sample coal mine profits decreased by 24, a 7.5% decrease[5]. Supply - The weekly production of raw coal decreased by 9.8 to 856.4 tons, a 1.1% decrease, and the production of clean coal decreased by 3.4 to 437.2 tons, a 0.8% decrease[5]. Demand - The daily average output of all - sample coking plants decreased by 0.3 to 64.7 tons, a 0.5% decrease. The daily average output of 247 steel mills increased by 0.1 to 47.4 tons, a 0.3% increase[5]. Inventory - The clean coal inventory of Fenwei mines decreased by 25.1 to 258.9 tons, an 8.84% decrease. The coking coal inventory of all - sample coking plants decreased by 2.3 to 795.8 tons, a 0.3% decrease. The coking coal inventory of 247 steel mills increased by 0.7 to 774.7 tons, a 0.14% increase. Port inventories decreased by 8.7 to 303.3 tons, a 2.8% decrease[5]. Ferrosilicon and Ferromanganese Prices and Spreads - The closing price of the ferrosilicon main contract decreased by 10 to 5300 yuan. The closing price of the ferromanganese main contract increased by 32 to 5616 yuan. The prices of ferrosilicon and ferromanganese in different regions showed different changes[7]. Cost and Profit - The production costs of ferrosilicon in different regions decreased slightly, and the production profits in Inner Mongolia and Ningxia increased slightly. The prices of manganese ore in Tianjin Port showed small changes, and the production costs and profits of ferromanganese in different regions also changed[7]. Supply - Ferrosilicon production increased by 3 to 98 tons, a 2.9% increase, and the production enterprise's operating rate increased by 1.3 to 32.7%, a 4.3% increase. Ferromanganese production increased slightly, and the operating rate increased by 1.1 to 36.4%, a 3.14% increase. Manganese ore shipments increased by 9 to 70.7 tons, a 14.6% increase, and arrivals decreased by 14 to 53.8 tons, a 20.6% decrease. Manganese ore port inventories increased by 19.9 to 440.1 tons, a 4.7% increase[7]. Demand - The ferrosilicon demand calculated by the Steel Union remained unchanged at 2 tons. The ferromanganese demand calculated by the Steel Union increased by 0.2 to 124 tons. The hot metal output of 247 steel mills increased by 0.6 to 242.2 tons, a 0.2% increase[7]. Inventory - The inventory of 60 sample ferrosilicon enterprises decreased by 0.2 to 68 tons, a 2.7% decrease. The inventory of 63 sample ferromanganese enterprises increased by 1.0 to 20.6 tons, a 5.14% increase. The average available days of ferrosilicon inventory for downstream users increased by 0.2 to 15.4 days, a 1.2% increase. The average available days of ferromanganese inventory decreased by 0.3 to 15 days, a 1.9% decrease[7].

1. Report Industry Investment Ratings No industry investment ratings were provided in the reports. 2. Core Views Steel - Black metal prices have stabilized with a rising central level. Currently, hot-rolled coil production has rebounded, and apparent demand remains high with a small decline. However, both supply and demand of rebar are weak, and apparent demand has declined. Steel and billet exports remain high, digesting production. It is still the off - season for steel, and demand is difficult to improve marginally. Steel maintains a pattern of cost drag and weak demand expectations. In the short term, inventory remains low, and the pressure on steel mills to cut production is small. Iron element costs are supported, but carbon elements are still weak. Later, steel prices will follow the fluctuations of coking coal and coke. Operationally, consider short - selling on rebounds or selling out - of - the - money call options. Pay attention to the pressure levels of 3150 yuan for hot - rolled coil and 3050 yuan for rebar [1]. Iron Ore - In the short term, iron ore has obvious upside pressure due to the expected decline in molten iron, supply increase, and administrative reduction. However, the short - term decline in molten iron is limited. In the medium - to - long - term, a bearish view on the 09 contract remains unchanged. During the off - season when demand weakens, the iron ore price range may shift downward, with a reference range of 670 - 720 yuan. Although the terminal demand for finished products faces the risk of weakening in the off - season, it still has some short - term resilience. The average molten iron output in June is expected to remain above 2.4 million tons. Pay attention to the change in molten iron output in July [3]. Coke - The spot fundamentals of coke are still relatively loose. With the sharp rise in crude oil driving the expectation of an energy crisis and the news of production restrictions in the production areas, the coal - coke futures are at a premium to the spot, providing an opportunity for hedging short positions. Unilaterally, it is recommended to short the coke 2509 contract on short - term rebounds. For arbitrage, consider a strategy of going long on coking coal and short on coke [6]. Coking Coal - The spot fundamentals of coking coal have improved. Affected by the risk of geopolitical conflicts and the sharp rise in crude oil, coking coal has followed the upward trend, and the basis has been repaired. Unilaterally, it is recommended to go long on the coking coal 2509 contract on short - term dips. For arbitrage, consider a strategy of going long on coking coal and short on coke [6]. Ferrosilicon - The supply of ferrosilicon increased slightly last week, mainly in Ningxia and Shaanxi. Affected by the continuous weakening of demand, prices remained weak, and manufacturers' losses continued to intensify. Although manufacturers' inventories decreased, the absolute value was still high. In terms of demand, molten iron increased slightly, and steel mills' profitability remained stable. Steel billet exports remained strong, and short - term molten iron is expected to remain at a high level. However, terminal demand faces the risk of weakening in the off - season. The overall supply - demand situation has improved, but the improvement is insufficient. In the future, the supply - demand contradiction of ferrosilicon still needs to be resolved. In the short term, the stabilization of costs gives some room for price increases, but the sustainability is questionable. It is recommended to short on rebounds [7]. Ferromanganese - Ferromanganese continued its rebound trend last week. Although its absolute valuation is low, its supply is still relatively loose. Supply increased slightly, with restarts concentrated in Inner Mongolia and Yunnan. Under the off - season demand, supply pressure still exists. Manufacturers' inventories increased, and the number of warehouse receipts continued to decline. In terms of demand, molten iron increased slightly, and steel mills' profitability remained stable. Steel billet exports remained strong, and short - term molten iron is expected to remain at a high level. However, terminal demand faces the risk of weakening in the off - season. The overall supply - demand situation has improved, but the improvement is insufficient. It is recommended to short on rebounds [7]. 3. Summary by Relevant Catalogs Steel - **Prices and Spreads**: Rebar and hot - rolled coil spot and futures prices showed different changes. Some regions' spot prices increased slightly, and futures prices also rose. For example, the rebar spot price in South China increased by 10 yuan/ton, and the 05 contract price increased by 8 yuan/ton [1]. - **Cost and Profit**: Steel billet prices increased by 10 yuan/ton, while some steelmaking costs decreased. The profits of hot - rolled coil and rebar in different regions decreased to varying degrees. For example, the profit of East China hot - rolled coil decreased by 13 yuan/ton [1]. - **Production**: The daily average molten iron output increased by 0.6 to 242.2 tons, a 0.2% increase. The production of five major steel products increased by 9.7 tons to 868.5 tons, a 1.1% increase. Rebar production increased by 4.6 tons to 212.2 tons, a 2.2% increase, with converter production increasing by 6.2 tons and electric furnace production decreasing by 1.6 tons [1]. - **Inventory**: The inventory of five major steel products decreased by 15.7 tons to 1338.9 tons, a 1.2% decrease. Rebar inventory decreased by 7.0 tons to 551.1 tons, a 1.3% decrease, and hot - rolled coil inventory decreased by 5.2 tons to 340.2 tons, a 1.5% decrease [1]. - **Transaction and Demand**: Building material trading volume increased by 0.7 to 9.7 tons, an 8.2% increase. The apparent demand for five major steel products increased by 16.1 tons to 884.2 tons, a 1.9% increase. The apparent demand for rebar decreased by 0.8 tons to 219.2 tons, a 0.4% decrease, and the apparent demand for hot - rolled coil increased by 10.8 tons to 330.7 tons, a 3.4% increase [1]. Iron Ore - **Prices and Spreads**: The warehouse - receipt costs of various iron ore varieties increased slightly, and the basis of the 09 contract for some varieties decreased significantly. For example, the basis of PB powder for the 09 contract decreased by 46.8 yuan/ton, a 49.8% decrease [3]. - **Supply**: The global iron ore shipment volume decreased slightly on a week - on - week basis, mainly due to a decrease in shipments from Australia. The arrival volume at ports decreased slightly, mainly due to a decrease in the arrival of Brazilian ore. Based on shipment data, the average future arrival volume is expected to remain at a relatively high level [3]. - **Demand**: The daily average molten iron output of 247 steel mills increased by 0.6 to 242.2 tons, a 0.2% increase. The average daily ore - removal volume at 45 ports increased by 12.3 to 313.6 tons, a 4.1% increase [3]. - **Inventory**: The inventory at 45 ports increased by 13.5 to 13894.16 tons, a 0.1% increase. The imported ore inventory of 247 steel mills increased by 137.6 to 8936.2 tons, a 1.6% increase. The inventory available days of 64 steel mills decreased by 2 to 19 days, a 9.5% decrease [3]. Coke - **Prices and Spreads**: Coke futures showed a volatile and slightly upward trend, while the spot market was weakly stable. The third - round spot price cut of coke was implemented on June 6, with a reduction of 70/75 yuan/ton, and the cumulative reduction was 120/135 yuan/ton. The mainstream steel mills proposed a fourth - round price cut on the 20th, which is expected to be implemented on the 23rd [6]. - **Supply**: Recently, environmental protection inspection teams have entered multiple northern provinces. Affected by environmental protection and other factors such as maintenance, the supply of coking in the northern region has tightened, and the operation rate of independent coking plants has declined [6]. - **Demand**: In June, molten iron production continued to remain above 2.4 million tons per day, but the blast furnace operation rate decreased slightly, and molten iron production continued the trend of peaking and falling [6]. - **Inventory**: Coking plant inventories decreased slightly, port inventories continued to decrease, and steel mill inventories also decreased. Downstream steel mills continued the rhythm of active de - stocking, and overall inventories were at a medium level [6]. Coking Coal - **Prices and Spreads**: Coking coal futures showed a volatile and slightly upward trend, and the spot market was weakly stable. The decline of domestic coking coal prices slowed down, and the prices of some coal mines rebounded slightly, but the overall market was still weak [6]. - **Supply**: In the Inner Mongolia region, many coal mines stopped production due to environmental protection and other factors. In the Shanxi region, supply decreased significantly due to accidents and other factors, and coal mines began to hold prices. Overall, the production of coal mines decreased slightly but remained at a relatively high level. For imported coal, the price of Mongolian coal rebounded slightly, and the port inventory pressure was still obvious. The import profit of seaborne coal continued to be inverted, and there was a recent price correction [6]. - **Demand**: The operation rate of coking plants began to decline, and the molten iron production of blast furnaces continued the trend of peaking and falling. Downstream users mainly replenished their inventories on - demand. Although the downstream demand still had some resilience, the overall demand was weakening [6]. - **Inventory**: Coal mine inventories continued to accumulate at a high level, and there was pressure to reduce prices for sales. Port inventories began to decline from a high level, and downstream users controlled their inventories. The overall inventory was at a medium level [6]. Ferrosilicon - **Prices and Spreads**: The closing price of the ferrosilicon main contract decreased, and the spot prices in some regions increased slightly. The cost of production in some regions decreased, and the production profit increased slightly [7]. - **Supply**: Ferrosilicon production increased slightly on a week - on - week basis, mainly concentrated in Ningxia and Shaanxi. The operation rate of production enterprises increased [7]. - **Demand**: Molten iron production increased slightly, and steel mills' profitability remained stable. The export of ferrosilicon may still maintain some resilience, but the marginal growth space is limited [7]. - **Inventory**: The inventory of ferrosilicon manufacturers decreased, but the absolute value was still high. The average available days of downstream ferrosilicon increased slightly [7]. Ferromanganese - **Prices and Spreads**: The closing price of the ferromanganese main contract increased, and the spot prices in some regions increased slightly. The manganese ore supply and demand situation changed, with an increase in the shipment volume and a decrease in the arrival volume at ports [7]. - **Supply**: Ferromanganese production increased slightly, with restarts concentrated in Inner Mongolia and Yunnan. The operation rate of production enterprises increased [7]. - **Demand**: Molten iron production increased slightly, and steel mills' profitability remained stable. The demand for ferromanganese from metal iron has not improved significantly [7]. - **Inventory**: The inventory of ferromanganese manufacturers increased, and the average available days of downstream ferromanganese decreased slightly [7].

Report Industry Investment Rating No relevant information provided. Core Viewpoints Steel - The steel market follows the fluctuations of coking coal and coke. Rebound short - selling operations or selling out - of - the - money call options are recommended. Pay attention to the pressure levels of 3150 yuan for hot - rolled coils and 3050 yuan for rebar [1]. Iron Ore - In the short term, there is obvious suppression on the iron ore price due to the expected decline in hot - metal production, supply increase, and administrative reduction. In the medium - to - long - term, a bearish view on the 09 contract remains unchanged. The price range may shift down to 720 - 670 [4]. Coke - There are still expectations of 1 - 2 rounds of price cuts in the future. For the 2509 contract, short - selling at high levels around 1380 - 1430 is recommended. A strategy of going long on coking coal and short on coke can be considered [6]. Coking Coal - Spot fundamentals have improved slightly. Short - selling at high levels around 800 - 850 for the 2509 contract is recommended. A strategy of going long on coking coal and short on coke can be considered [6]. Ferrosilicon - The supply - demand contradiction is rising. In the short term, the price is expected to be weak. Attention should be paid to the change in coal prices [7]. Silicomanganese - Supply pressure still exists. In the short term, the price is expected to decline. Attention should be paid to the change in coke prices [7]. Summary by Directory Steel Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in some regions increased slightly, and futures prices also rose. The basis of steel showed a weak trend [1]. Cost and Profit - Steel billet and slab prices remained unchanged. Some steel production costs changed, and the profits of some regions increased [1]. Production and Inventory - The daily average hot - metal output remained unchanged, and the output of five major steel products decreased by 2.4%. Steel inventories decreased slightly [1]. Viewpoint - The steel market is affected by the raw material market and seasonal factors. Production is expected to remain high, and exports rebounded from a low level [1]. Iron Ore Prices and Spreads - The warehouse - receipt costs and spot prices of various iron ore varieties decreased, and the basis of the 09 contract declined significantly [4]. Supply and Demand - Global shipments decreased slightly, mainly from Australia. The arrival volume decreased slightly, and demand is expected to remain stable in the short term [4]. Inventory - Port inventories increased, and steel mills' equity ore inventories also rose [4]. Viewpoint - There are risks of weakening demand in the off - season, and supply pressure will increase. The price is expected to decline [4]. Coke Prices and Spreads - Futures prices rose slightly, while spot prices were weakly stable. There are still expectations of price cuts in the future [6]. Supply and Demand - Supply decreased due to environmental protection, and demand showed a downward trend [6]. Inventory - Inventories at coking plants, ports, and steel mills all decreased [6]. Viewpoint - There are expectations of further price cuts. Short - selling at high levels is recommended [6]. Coking Coal Prices and Spreads - Futures prices rose slightly, and spot prices were weakly stable. The basis was repaired [6]. Supply and Demand - Domestic production decreased slightly, and imported coal prices continued to decline. Demand showed a downward trend [6]. Inventory - Coal mine inventories and port inventories increased, and downstream inventories were at a medium level [6]. Viewpoint - Spot fundamentals improved slightly. Short - selling at high levels is recommended [6]. Ferrosilicon Prices and Spreads - Futures prices rose slightly, and some spot prices increased. The basis changed [7]. Cost and Profit - Production costs decreased slightly, and losses decreased [7]. Supply and Demand - Production and demand both decreased [7]. Inventory - Inventories increased slightly [7]. Viewpoint - The supply - demand contradiction is rising, and the price is expected to be weak [7]. Silicomanganese Prices and Spreads - Futures prices rose slightly, and spot prices increased. The basis changed [7]. Cost and Profit - Production costs changed slightly, and profits improved [7]. Supply and Demand - Supply increased slightly, and demand decreased [7]. Inventory - Manganese ore inventories increased, and silicomanganese inventories increased [7]. Viewpoint - Supply pressure still exists, and the price is expected to decline [7].