Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The current market shows that the spot market transactions decreased compared to the previous day, and spot prices dropped slightly by 10 - 20 yuan. The production and sales of the five major steel products are both increasing, and the total inventory has reached an inflection point, slightly higher than the same period last year. After the Two Sessions, the production of hot - rolled coil has rebounded slightly, and the total inventory is being depleted at an accelerated pace. The production of rebar continues to rise, mainly from short - process enterprises. With the recovery of demand, the current inventory pressure is relatively limited. In terms of valuation, the cost of long - process steel production has risen and is approaching the valley - electricity cost, which has a significant impact on the marginal supply of rebar. Currently, the supply and demand are in a weak balance. The recent rebound is mainly driven by the increasing expectation of rising raw material costs. In the short term, the market will be in a state of shock consolidation, and participation should be cautious [4]. 3. Summary by Relevant Content Futures Market - **Futures Prices and Changes**: On March 25, 2026, RB2605 was at 3132 (down 13 from the previous day), RB2610 was at 3162 (down 11), RB2701 was at 3184 (down 12); HC2605 was at 3313 (down 11), HC2610 was at 3322 (down 9), HC2701 was at 3321 (down 12). The night - session closing prices were RB2605 at 3131, RB2610 at 3159, HC2605 at 3311, HC2610 at 3317 [1][2]. - **Spreads**: The RB10 - RB01 spread was - 22 (up 1), RB05 - RB10 was - 30 (down 2); HC10 - HC01 was 1 (up 3), HC05 - HC10 was - 9 (down 2). The 5 - 10 spread of rebar was - 28 yuan, and that of hot - rolled coil was - 6 yuan. The 5 - month contract spread between hot - rolled coil and rebar was 180 yuan, and the 10 - month contract spread was 158 yuan [1][2]. - **Disk Profits**: The 05 - contract rebar disk profit was - 290 (up 26), 10 - contract was - 252 (up 14), 01 - contract was - 239 (up 4); the 05 - contract hot - rolled coil disk profit was - 159 (up 28), 10 - contract was - 142 (up 16), 01 - contract was - 152 (up 4) [1]. Spot Market - **Spot Prices and Changes**: On March 25, 2026, Shanghai Zhongtian rebar was 3200 yuan (down 10), Shanghai Bengang hot - rolled coil was 3290 yuan (down 10). Other spot prices also had corresponding changes, such as Nanjing Xicheng rebar at 3340 yuan (down 10), Tianjin Hegang hot - rolled coil at 3240 yuan (unchanged) [1][2]. - **Regional Price Differences**: The price difference between Shanghai rebar and Beijing rebar was 70 yuan (unchanged), between Shanghai rebar and Jinan rebar was - 80 yuan (unchanged), etc. The price difference between Shanghai hot - rolled coil and Tianjin hot - rolled coil was 50 yuan (down 10) [1]. - **Spot Profits**: The profit of adjusting billet to roll materials was 70 yuan (up 10), the profit of East - China rebar was 60 yuan (up 9), etc. [1]. Important News - **Logistics Freight Adjustment**: In the south - west steel logistics market, the freight for direct delivery and self - pick - up from warehouses of some steel mills in Sichuan and Chongqing has been slightly increased, with a rise of 4% - 11%, while the situation in Yunnan and Guizhou is stable [2]. - **Steel Production and Inventory**: In mid - March, the average daily output of crude steel of key steel enterprises was 2.027 million tons, a 0.8% increase from the previous period. The steel inventory was 17.91 million tons, a 0.6% increase from the previous ten - day period, a 1.2% decrease from the same period last month, and a 5.9% increase from the same period last year [2]. - **Export Tax Policy**: The Indonesian President has approved the specific tax rates for coal and nickel export taxes, and an inter - departmental coordination meeting will be held on March 26 [2]. - **Commodity Transactions**: On March 25, the iron ore transactions at major ports across the country were 855,000 tons, a 13.2% increase from the previous day; the construction steel transactions of 237 mainstream traders were 85,700 tons, an 8.4% decrease from the previous day [2]. - **Environmental Emergency Response**: Tangshan launched a Level - II emergency response for heavy pollution weather on March 25, 2026. The entry of scrap - steel vehicles into steel mills in Tangshan is restricted [3]. Trading Strategy - The market is expected to be in a state of shock [4].

1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports. 2. Core Views Steel Industry - The short - term contradiction in the steel industry is not significant, but it lacks upward driving force on its own. The upward driving force mainly comes from the raw material end. The steel price has risen to the upper edge of the range, with rebar and hot - rolled coil rising to 3131 yuan and 3311 yuan respectively. It is necessary to pay attention to the conduction of crude oil and natural gas to coking coal prices, which affects the price fluctuations of ferrous metals. The year - on - year comparison shows that due to the environmental protection production restrictions in March, the production from January to March decreased year - on - year, and the supply and demand were basically balanced, with the demand for hot - rolled coil better than that for rebar. The raw materials support the steel price [1]. Iron Ore Industry - The main iron ore contract fluctuated at a high level in the short term. The geopolitical conflict game intensified, the negotiation between BHP and Chinese mines, and the resumption of iron - making production are the trading focuses. The supply side shows that the global iron ore shipment volume increased slightly, the Australian shipment volume continued to rise, and the BHP shipment volume decreased to a historically low level. The demand side shows that the iron - making production increased significantly, but the terminal demand recovery is slow, and the domestic demand is relatively weak. The inventory of steel mills increased, and the port inventory decreased slightly [3]. Coke and Coking Coal Industry - For coke, the price has a bottom - building and rebound expectation. The supply side shows that the coke price adjustment lags behind coking coal, and the coking production starts to increase after the two sessions. The demand side shows that the iron - making production increases, and the restocking demand will gradually recover. The inventory is slightly increased at a medium level, and the supply and demand are basically balanced in the short term. For coking coal, the geopolitical conflict supports the coking coal price, and the spot reaction lags. It is recommended to go long on the coke 2605 contract at a low price, with the range of 1700 - 1900, and the arbitrage strategy is to go long on coking coal and short on coke. It is also recommended to go long on the coking coal 2605 contract at a low price, with the range of 1150 - 1350 [5]. Ferrosilicon and Ferromanganese Industry - For ferrosilicon, the production increased slightly, the profit of manufacturers improved, and the supply is expected to continue to grow. The iron - making demand increased significantly, and the non - steel demand is also at a relatively high level. The cost is supported by coal prices. The price is expected to fluctuate widely in the short term, and it is recommended to wait and see, or try to long ferrosilicon and short ferromanganese to repair the price difference. For ferromanganese, the supply decreased slightly, the manganese ore spot is strong, and the cost is pushed up. The price is expected to fluctuate widely in the range of 5700 - 6800 [6]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China are 3230 yuan/ton, 3200 yuan/ton, and 3300 yuan/ton respectively. The 05, 10, and 01 contracts are 3132 yuan/ton, 3162 yuan/ton, and 3184 yuan/ton respectively. Hot - rolled coil spot prices in East China, North China, and South China are 3290 yuan/ton, 3240 yuan/ton, and 3300 yuan/ton respectively. The 05, 10, and 01 contracts are 3313 yuan/ton, 3322 yuan/ton, and 3321 yuan/ton respectively [1]. Cost and Profit - The cost of Jiangsu electric - furnace rebar is 3264 yuan/ton, and the cost of Jiangsu converter rebar is 3184 yuan/ton. The profit of East China hot - rolled coil is 61 yuan/ton, and the profit of North China hot - rolled coil is 1 yuan/ton [1]. Production and Inventory - The daily average iron - making production is 228.2 tons, a 3.1% increase. The production of five major steel products is 839.8 tons, a 2.3% increase. The rebar production is 203.3 tons, a 4.1% increase. The inventory of five major steel products is 1946.2 tons, a 1.5% decrease. The rebar inventory is 894.2 tons, a 0.5% decrease. The hot - rolled coil inventory is 461.3 tons, a 2.2% decrease [1]. Transaction and Demand - The building materials trading volume is 8.6 tons, an 8.4% decrease. The apparent demand for five major steel products is 798.1 tons, an 8.8% increase. The apparent demand for rebar is 208.1 tons, a 17.7% increase. The apparent demand for hot - rolled coil is 310.5 tons, a 5.1% increase [1]. Iron Ore Industry Iron Ore Prices and Spreads - The warehouse - receipt costs of Karara powder, PB powder, Brazilian mixed powder, and Jinbuba powder are 861.6 yuan/ton, 854.5 yuan/ton, 858.2 yuan/ton, and 891.6 yuan/ton respectively. The 05 - contract basis of these four types of iron ore is 113.3 yuan/ton, 32.6 yuan/ton, 33.3 yuan/ton, and 69.9 yuan/ton respectively. The 5 - 9 spread is 29.0 yuan/ton, and the 9 - 1 spread is 20.5 yuan/ton [3]. Supply - The 45 - port arrival volume is 2271.6 tons, a 2.6% increase. The global shipment volume is 3144.3 tons, a 3.1% increase. The national monthly import volume is 9763.8 tons, an 18.4% decrease [3]. Demand - The daily average iron - making production of 247 steel mills is 228.2 tons, a 3.1% increase. The 45 - port daily average desilting volume is 321.0 tons, a 1.0% increase. The national monthly pig - iron production is 0.0 tons, a 100.0% decrease. The national monthly crude - steel production is 0.0 tons, a 100.0% decrease [3]. Inventory - The 45 - port inventory is 17098.40 tons, a 0.5% decrease. The imported iron - ore inventory of 247 steel mills is 9034.1 tons, a 1.2% increase. The inventory available days of 64 steel mills is 21.0 days, an 8.7% decrease [3]. Coke and Coking Coal Industry Coke and Coking Coal Prices and Spreads - The price of Shanxi first - grade wet - quenched coke (warehouse - receipt) is 1681 yuan/ton, and the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse - receipt) is 1756 yuan/ton. The 05 - contract price of coke is 1776 yuan/ton, and the 09 - contract price is 1865 yuan/ton. The price of Shanxi medium - sulfur primary coking coal (warehouse - receipt) is 1330 yuan/ton, and the price of Mongolian No. 5 raw coal (warehouse - receipt) is 1333 yuan/ton. The 05 - contract price of coking coal is 1241 yuan/ton, and the 09 - contract price is 1378 yuan/ton [5]. Supply - The daily average production of all - sample coking plants is 64.2 tons, a 0.5% increase. The daily average production of 247 steel mills is 47.3 tons, a 0.7% increase. The raw - coal production is 6088 tons, a 0.8% increase [5]. Demand - The iron - making production of 247 steel mills is 228.2 tons, a 3.1% increase. The daily average production of all - sample coking plants is 64.2 tons, a 0.5% increase [5]. Inventory - The total coke inventory is 981.5 tons, a 0.3% decrease. The coke inventory of all - sample coking plants is 94.2 tons, a 6.2% decrease. The coke inventory of 247 steel mills is 688.2 tons, a 0.1% increase. The coking - coal inventory of all - sample coking plants is 1005.0 tons, a 3.7% increase. The coking - coal inventory of 247 steel mills is 773.9 tons, a 0.5% decrease [5]. Ferrosilicon and Ferromanganese Industry Futures and Spot Prices - The closing price of the ferrosilicon main contract is 6088.0 yuan/ton, and the closing price of the ferromanganese main contract is 6492.0 yuan/ton. The spot prices of ferrosilicon in Inner Mongolia, Qinghai, Ningxia, and Gansu are 5630.0 yuan/ton, 5600.0 yuan/ton, 5600.0 yuan/ton, and 5600.0 yuan/ton respectively. The spot prices of ferromanganese in Inner Mongolia, Guangxi, Ningxia, and Guizhou are 6150.0 yuan/ton, 6200.0 yuan/ton, 6050.0 yuan/ton, and 6150.0 yuan/ton respectively [6]. Cost and Profit - The production cost of ferrosilicon in Inner Mongolia is 6336.8 yuan/ton, and the production profit is - 39.9 yuan/ton. The production cost of ferromanganese in Inner Mongolia is 5494.0 yuan/ton, and the production profit is 136.0 yuan/ton [6]. Supply - The ferrosilicon production is 10.4 tons, a 7.2% increase. The ferromanganese production decreased slightly, and the manganese - ore shipment volume is 94.7 tons, a 54.5% increase [6]. Demand - The ferrosilicon demand is 1.9 tons, a 2.94% increase. The iron - making production of 247 steel mills is 228.2 tons, a 3.14% increase [6]. Inventory - The ferrosilicon inventory of 60 sample enterprises is 5.9 tons, a 2.9% decrease. The inventory of 63 sample enterprises is 38.5 tons, a 2.4% increase [6].

Group 1: Industry Investment Rating - The report gives a "long" rating for the black building materials - steel and ore sector [1] Group 2: Core Viewpoints - It is expected that the steel and ore markets will show a volatile trend, and neither has broken through the resistance levels. The trading strategy includes short - term operations for single - side trades, continuing to hold the strategy of going long on the hot - rolled coil and rebar spread with an adjusted stop - loss and take - profit, and seizing opportunities to go long on the rebar - to - iron ore ratio [2] Group 3: Summary by Related Catalogs 1. Market Review - On Wednesday, rebar, hot - rolled coil, and iron ore all rose and then fell. They all closed down at night [1] 2. Important News - By the end of February, the cumulative installed power generation capacity nationwide was 3.95 billion kilowatts, a year - on - year increase of 15.9% [1] - In February 2026, China's stainless steel imports were 122,600 tons, a month - on - month decrease of 22,200 tons (15.32%) and a year - on - year decrease of 37,400 tons (23.39%). From January to February 2026, the total stainless steel imports were 267,300 tons, a year - on - year decrease of 54,600 tons (16.93%). In February 2026, the domestic stainless steel exports were 260,000 tons, a month - on - month increase of 27,400 tons (11.78%) and a year - on - year decrease of 15,200 tons (5.53%). From January to February 2026, the total stainless steel exports were 492,700 tons, a year - on - year decrease of 262,700 tons (34.78%). In February 2026, the net export volume was 137,400 tons, a month - on - month increase of 49,600 tons (56.49%). From January to February 2026, the net export volume was 225,400 tons, a year - on - year decrease of 208,000 tons (48.00%) [1] - Iran refused to accept US President's special envoy Witkoff and Trump's son - in - law Kushner as US negotiators, accusing them of "perfidy" [1] - Since March 25, the atmospheric diffusion conditions in Handan City have deteriorated, and the heavy - pollution weather emergency command center decided to launch a level - II emergency response from 14:00 on March 25, 2026 [1] - Iran's permanent mission to the United Nations stated that non - belligerent countries' ships can pass through the Strait of Hormuz safely after coordination [1] - Iran rejected the US - proposed cease - fire plan and put forward five conditions for a cease - fire [1] 3. Market Logic - On the 25th, the price of Shanghai Zhongtian rebar was 3,240 yuan, down 10 yuan; the price of Shanghai Angang/Benxi Steel hot - rolled coil was 3,300 yuan, unchanged [1] - On the 25th, the market prices of major imported iron ore varieties at Qingdao Port fell by 3 yuan per wet ton [1] - On the 25th, the spot market of port coke remained stable, the trading atmosphere in the domestic spot market improved, the total inventory of the two ports increased compared to the previous working day, with Rizhao Port's inventory increasing by 1 to 46, Qingdao Port's inventory increasing by 1.5 to 80, and the total inventory reaching 126, an increase of 11 compared to last week [1][2] 4. Trading Strategy - For single - side trades, short - term operations are recommended [2] - For the spread trading, continue to hold the strategy of going long on the hot - rolled coil and rebar spread, with the stop - loss level of the spread raised to 140 and the take - profit level around 200 [2] - For the rebar - to - iron ore ratio, seize opportunities to go long on the rebar - to - iron ore ratio (go long on rebar and short on iron ore), with the target ratio above 4, while also paying attention to the impact of the later main contract roll - over [2]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The report provides investment outlooks and strategies for various commodities in the black series, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, thermal coal, and logs. Each commodity has its own market situation and price trend, with most showing wide - range fluctuations or price adjustments [2]. 3. Summary by Commodity Iron Ore - **Price Trend**: Negotiations have a缓和 expectation, and the price is in a回调 state. The futures price of I2605 is 806.5 yuan/ton, down 17.5 yuan/ton or 2.12% from the previous day. The spot prices of various types of iron ore have also declined to varying degrees [2][4]. - **Fundamentals**: The price increase is driven by cost and inventory structural contradictions, including rising energy costs and freight, low available port inventory, and restricted deliverable products. The 247 steel enterprises' daily average hot metal output is 228.18 million tons, a 6.95 - million - ton increase from the previous period [4][5]. - **Trend Intensity**: 0, indicating a neutral trend [6]. Rebar and Hot - Rolled Coil - **Price Trend**: Both are in a wide - range fluctuation state. The closing prices of RB2605 and HC2605 are 3,132 yuan/ton and 3,313 yuan/ton respectively, with decreases of 13 yuan/ton and 8 yuan/ton [8]. - **Fundamentals**: In March 2026, the steel inventory of key steel enterprises increased. The daily output of steel products decreased. The production and sales data of steel products in January - February 2026 also showed a downward trend. The real estate investment decreased, while the industrial added value and fixed - asset investment increased. The import and export volumes of steel and iron ore also changed [8][10]. - **Trend Intensity**: 0 for both, indicating a neutral trend [10]. Ferrosilicon and Silicomanganese - **Price Trend**: Ferrosilicon is affected by sector sentiment and shows wide - range fluctuations. Silicomanganese has a firm manganese ore market, and its intraday fluctuations intensify. The prices of futures contracts have changed slightly, and the spot prices of ferrosilicon and silicomanganese have decreased [12]. - **Fundamentals**: There are industry news about price changes and production adjustments. Some silicon - manganese plants plan to start production cuts on April 1, but as of now, they are still in a high - production state. Some silicon - iron furnaces have resumed production [12][14]. - **Trend Intensity**: 0 for both, indicating a neutral trend [14]. Coke and Coking Coal - **Price Trend**: Both are in a wide - range fluctuation state due to Indonesia's levy of windfall taxes on coal exports. The futures prices of JM2605 and J2605 have decreased, and the spot prices of some types of coking coal and coke have changed [15][16]. - **Fundamentals**: The CCI metallurgical coal index has changed. The price difference between Australian coking coal and domestic coking coal has narrowed, and the Australian coking coal price is still inverted. The domestic market has a good trading atmosphere, and most coal prices have increased [16]. - **Trend Intensity**: 0 for both, indicating a neutral trend [18]. Thermal Coal - **Price Trend**: The market sentiment is strong, and port transactions have moved up. The prices of coal in different regions and ports have increased to varying degrees [19]. - **Fundamentals**: The port market sentiment is average, with more upstream offers and weak downstream demand. The cost - side support is strong, and the short - term price increase may slow down or stabilize. The national raw coal output from January - February 2026 decreased slightly [19][20]. - **Trend Intensity**: 1, indicating a relatively strong trend [20]. Logs - **Price Trend**: The cost expectation is weakening, and the price is in a回调 state. The prices of futures contracts and spot logs have changed, with some showing price decreases and some showing small increases or no changes [21]. - **Fundamentals**: The government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms, with a more pragmatic GDP growth target and an increase in the scale of policy - based financial instruments [23]. - **Trend Intensity**: 0, indicating a neutral trend [24].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from March 19 to March 25, 2026, including Beijing, Shanghai, Chengdu, etc. for rebar and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. The price changes of different steel products in different regions are also shown. For example, Beijing rebar decreased by 40, Shanghai hot - rolled coil decreased by 40, and Shanghai cold - rolled coil decreased by 90 [1] Production and Inventory - Not provided in the given content Basis and Spread - Not provided in the given content

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report The report analyzes the market conditions of various futures products, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping and carbon emissions, and energy chemicals. It is affected by multiple factors such as geopolitical conflicts (especially the US - Iran conflict), supply and demand relationships, and policy changes. The market trends of different products are diverse, with some showing upward trends, some in a volatile state, and others facing downward pressure[5][7][9]. 3. Summary by Catalog Financial Derivatives - **Stock Index Futures**: The rebound momentum of ultra - oversold stocks weakened. The market continued to rise widely, but the trading volume did not increase, indicating limited incremental funds. Future stock index trends are still likely to fluctuate. Suggested strategies include grid operation for single - side trading, and IM/IC long 2609 + short ETF for arbitrage[19][20]. - **Treasury Bond Futures**: There is still external uncertainty, and the bond market fluctuated in a narrow range. In the short term, there is a lack of substantial bullish drivers for the bond market to strengthen unilaterally, but there is also certain support. It is recommended to wait and see for single - side trading, and to hold a short position in the 30Y - 7Y term spread after partial profit - taking[23][24]. Agricultural Products - **Protein Meal**: The supply pressure is large, and the market is under pressure. The overseas market has fluctuations, and the domestic fundamentals suggest caution due to the impact of macro and supply factors. It is recommended to place a small number of long positions in the far - month contracts and narrow the MRM09 spread[26][27]. - **Sugar**: International sugar prices are expected to be strong, while domestic sugar prices are expected to follow slightly. It is recommended to go long at low prices and short at high prices for Zhengzhou sugar, and to go long on international sugar and short on Zhengzhou sugar for arbitrage[28][30][31]. - **Edible Oils**: The market is in a high - level shock. The inventory situation is neutral to slightly high, and it is affected by factors such as geopolitical conflicts. It is recommended to wait and see for short - term shocks and consider anti - arbitrage opportunities for p59[33][35][36]. - **Corn/Corn Starch**: The wheat auction price has fallen, and the market is in a weak shock. The external market for corn is expected to be strong in the short term, and the domestic market is expected to be stable in the short term. It is recommended to go long on the callback of the external 05 corn and hold a high - level shock view for the 05 corn, and to narrow the 07 corn - starch spread[36][37][38]. - **Hogs**: The slaughter pressure has increased, and the price has declined. It is recommended to take a short - term bearish view on the near - month contracts and conduct LH79 anti - arbitrage[39][40][41]. - **Peanuts**: The spot is strong, and the market is in a strong shock. It is recommended to go long on the 05 peanuts at low prices and sell the pk605 - P - 7700 option[42][43][44]. - **Eggs**: The demand has recovered, and the price is stable. It is recommended to short the June contract[44][45][46]. - **Apples**: The demand is good, and the price is firm. It is recommended to wait and see for the May contract[47][48][49]. - **Cotton - Cotton Yarn**: The cotton price has strong support at the bottom and is in a shock - upward trend. It is recommended to go long on Zhengzhou cotton at low prices[50][53]. Black Metals - **Steel**: Overseas sentiment affects the futures price, and there is no clear trend. It is recommended to wait and see for single - side trading and short the coil - coal ratio for arbitrage[55][56]. - **Coking Coal and Coke**: The price fluctuates greatly, and the trend is not obvious. It is recommended to wait and see and be cautious about short - term trading[57][58][59]. - **Iron Ore**: The supply is disturbed, and the price is at a high level. It is recommended for spot enterprises to hedge at high prices and conduct 5/9 month - spread anti - arbitrage[60][61]. - **Ferroalloys**: Affected by the sharp fluctuations in crude oil, the price is in a high - level shock. It is recommended to wait and see for arbitrage and sell out - of - the - money put options[62][63]. Non - Ferrous Metals - **Gold and Silver**: The US - Iran negotiation conditions are difficult to reconcile, and the market's optimistic sentiment has declined. It is recommended to consider a range - shock strategy if Shanghai gold and silver can stand above the 120 - day moving average[65][66][68]. - **Platinum and Palladium**: The negotiation is at a stalemate, and the precious metals are in a sideways direction. It is recommended for high - risk - tolerance investors to go long on platinum cautiously and conduct long - platinum and short - palladium arbitrage[71][72]. - **Copper**: Pay attention to the progress of the US - Iran negotiation. The price is in a low - level shock, and it is recommended to wait and see[75][76]. - **Alumina**: Pay attention to the mining policy in Guinea and the Middle East geopolitical conflict. The price is affected by supply and geopolitical factors and is in a shock - weakening trend[78][80]. - **Electrolytic Aluminum**: There is uncertainty in the geopolitical conflict, and the price is in a shock - weakening trend. It is recommended to wait and see[82][85]. - **Cast Aluminum Alloy**: There is uncertainty in the geopolitical conflict. The price is expected to rebound with aluminum prices. It is recommended to wait and see[87][88]. - **Zinc**: Pay attention to the macro and capital sentiment. The price is expected to be in a low - level shock in the short term. It is recommended to wait and see[93]. - **Lead**: The price is in a low - level shock. It is recommended to wait and see[95][96]. - **Nickel**: The short - term price is dominated by the macro. It is recommended to be bullish[97]. - **Stainless Steel**: Supported by cost, it follows the nickel price. It is recommended to be bullish[100][101]. - **Industrial Silicon**: The price reaches the upper limit of the range. It is recommended to short lightly[102][103]. - **Polysilicon**: The demand is weak. It is recommended to take a bearish view[104]. - **Lithium Carbonate**: The low price attracts downstream buyers. It is recommended to be bullish[105][106]. - **Tin**: The price is boosted by the cease - fire expectation. It is recommended to pay attention to the negative impact on tin consumption from the helium blockade[108][112]. Shipping and Carbon Emissions - **Container Shipping**: COSCO resumes bookings to the Middle East, avoiding the Strait of Hormuz. The US - Iran negotiation is still in a game. It is recommended to wait and see[113][115][116]. - **Dry Bulk Freight**: The Middle East geopolitical conflict still exists, and the market is waiting for the result of the US - Iran negotiation. The freight market is affected by multiple factors such as supply and demand and geopolitical situation[116][119]. - **Carbon Emissions**: The Chinese carbon market has dull trading, and the EU carbon market has the March contract delivery. The carbon price in the EU is expected to be in a shock - upward trend in the medium - long term, while the Chinese carbon market is affected by factors such as quota pre - distribution and new - industry inclusion[120][123][125]. Energy Chemicals - **Crude Oil**: The negotiation prospect is unclear, and there is still a supply gap. It is recommended to be bullish at a high level[128][129]. - **Asphalt**: The supply contraction is a reality, and it is necessary to pay attention to the near - term oil price fluctuation risk. It is recommended to hold long positions in the BU2606 contract[130][131]. - **Fuel Oil**: Pay attention to the low - sulfur production reduction and the start - up rhythm of high - sulfur peak - season demand. It is recommended to be in a high - level shock - upward trend and pay attention to the spread between high - and low - sulfur fuel oils[131][133]. - **LPG**: The decline in the external market drives the internal market to weaken. It is recommended to be in a high - level shock - upward trend[135]. - **Natural Gas**: The geopolitical risk is repeated, and the upward trend remains unchanged. It is recommended to sell deep out - of - the - money put options on TTF[138][139][141]. - **PX & PTA**: There is an expected unplanned reduction in supply, and PTA enterprises may be forced to reduce production. It is recommended to wait and see[142][143][144]. - **BZ & EB**: The reduction in refinery load affects the supply of pure benzene, and the benzene import volume has decreased year - on - year. It is recommended to wait and see[147][148]. - **Ethylene Glycol**: The import volume is revised downward. It is recommended to wait and see[149][150]. - **Short - Fiber**: The processing margin fluctuates within a range. It is recommended to wait and see[152]. - **Bottle Chips**: The inventory is continuously decreasing. It is recommended to wait and see[155]. - **Propylene**: The supply is tight. It is recommended to wait and see[157][159]. - **Plastic PP**: The apparent demand for domestic PP has decreased for two consecutive months. It is recommended to wait and see for the L and PP contracts[160][161][162]. - **Caustic Soda**: The price is weakening. It is recommended to wait and see[163][164]. - **PVC**: It is in a strong - shock trend. It is recommended to wait and see[166]. - **Soda Ash**: It is in a high - level shock. It is recommended to short at high levels and sell call options[168][170]. - **Glass**: It is in a shock - downward trend. It is recommended to short at high levels and sell call options[171][173]. - **Methanol**: It is mainly in a rebound trend. It is recommended to wait and see[175]. - **Urea**: It is mainly in a shock trend. It is recommended to wait and see and sell put options on callbacks[179][180]. - **Pulp**: The inventory suppresses the price, and the rebound height is limited. It is recommended to go long at low prices and sell the SP2605 - P - 5100 option[181][183][184]. - **Offset Printing Paper**: The inventory is high, and the upward momentum is weak. It is recommended to short at high prices and sell the OP2604 - C - 4250 option[186][187]. - **Logs**: The price shows mixed trends, with obvious structural differentiation, and the market is generally strong. It is recommended to go long at low prices[187][188][189]. - **Natural Rubber and No. 20 Rubber**: The rainfall in Thailand continues to reduce production. It is recommended to hold long positions in the RU and NR contracts and conduct NR2605 - RU2605 arbitrage[191][192][193]. - **Butadiene Rubber**: The apparent demand for butadiene rubber has decreased. It is recommended to hold long positions in the BR contract and conduct BR2505 - RU2505 arbitrage[195][197].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The overall supply and demand in the market are recovering, with both production and demand increasing. However, the market has relatively weak demand expectations for this year and a pessimistic outlook on the fundamentals. The significant increase in crude oil prices has pushed up costs, providing some support for futures prices. In the short term, the futures prices are likely to maintain a strong and volatile trend [2]. - The market is gradually entering the consumption peak season. With the arrival of the consumption peak season, the molten iron production will gradually recover. The recent sharp rise in crude oil prices has increased the production cost of iron ore. As the weather improves, shipments are gradually recovering to a high level. The arrival volume has increased, and the port inventory has decreased month - on - month. The futures price has rebounded rapidly, breaking through the important resistance level above, and an upward trend is unfolding on the medium - term [3]. 3. Summary by Directory 3.1 Threaded Steel and Hot - Rolled Coil - **Supply and Demand**: Last week, the total output of five major varieties of 247 sample steel mills increased, inventory decreased, and apparent demand continued to rebound. The market has entered the seasonal de - stocking state. The overall supply and demand in the market are recovering, but the market has relatively weak demand expectations for this year [2]. - **Technical Analysis**: Currently, the futures price is running between the middle and upper tracks of the Bollinger Bands, and it is more likely to maintain a strong and volatile trend in the short term [2]. - **Operation Suggestion**: Hold long positions with a light position and adopt a strong and volatile trading strategy [2]. - **Data Summary**: - **Prices**: The closing price of the threaded steel main contract is 3132 yuan/ton, down 0.41% from the previous day and 0.25% from last week; the closing price of the hot - rolled coil main contract is 3313 yuan/ton, down 0.33% from the previous day and up 0.09% from last week [2]. - **Production**: The national building materials steel mill's threaded steel output is 203.33 million tons, up 4.11% from last week; the hot - rolled coil output is 300.21 million tons, up 1.68% from last week [2]. - **Inventory**: The social inventory of five major varieties is 1411.02 million tons, down 0.86% from last week; the threaded steel social inventory is 653.21 million tons, down 0.20% from last week; the hot - rolled coil social inventory is 376.33 million tons, down 1.56% from last week [2]. - **Apparent Demand**: The apparent demand of five major varieties is 868.48 million tons, up 8.82% from last week; the apparent demand of threaded steel is 208.09 million tons, up 17.69% from last week; the apparent demand of hot - rolled coil is 310.51 million tons, up 5.13% from last week [2]. 3.2 Iron Ore - **Supply and Demand**: The market is gradually entering the consumption peak season. Last week, the output of five major steel products of 247 sample steel mills rebounded, and the daily average molten iron production increased by 6.95 million tons to 228.2 million tons. As the weather improves, shipments are gradually recovering to a high level. The arrival volume has increased, and the port inventory has decreased month - on - month [3]. - **Technical Analysis**: The futures price has rebounded rapidly, breaking through the important resistance level above, and an upward trend is unfolding on the medium - term [3]. - **Operation Suggestion**: Hold long positions with a light position and adopt a strong and volatile trading strategy [3]. - **Data Summary**: - **Prices**: The settlement price of the DCE iron ore main contract is 806.5 yuan/dry ton, down 2.12% from the previous day and 0.55% from last week; the settlement price of the SGX iron ore continuous contract is 105.19 US dollars/dry ton, down 2.30% from the previous day and 2.15% from last week [3]. - **Shipments**: The Australian iron ore shipments are 1701.2 million tons, up 4.44% from last week; the Brazilian iron ore shipments are 495.2 million tons, down 5.24% from last week [3]. - **Arrival and Inventory**: The total arrival volume of six northern ports is 1050.4 million tons, down 14.62% from last week; the port inventory is 17098.4 million tons, down 0.52% from last week [3]. 3.3 Industry News - As of the week ending March 25, according to data from Zhaogang.com, the national building materials output was 473.36 million tons, an increase of 28.35 million tons from last week; the factory inventory was 630.92 million tons, a decrease of 51.97 million tons from last week; the social inventory was 808.95 million tons, an increase of 5.32 million tons from last week; the total inventory was 1439.87 million tons, a decrease of 46.65 million tons from last week; the apparent demand was 520.01 million tons, an increase of 37.42 million tons from last week [5]. - On March 25, the launch ceremony of the Simandou bonded crushing project at Liaoning Port (Dalian Port) and the arrival ceremony of the first ship of iron ore from SimFer were held at the ore terminal of Dalian Port of Liaoning Port Group. The 201,500 - ton iron ore loaded on the Rio Tinto shipping vessel "RTM Cartier" that arrived at the port all came from the 3rd and 4th mining areas of the Simandou project and was the first ship of iron ore independently shipped by SimFer [5]. - According to the China Iron and Steel Association, in mid - March 2026, the steel inventory of key steel enterprises was 1791 million tons, a 0.6% increase from the previous ten - day period, a 26.7% increase from the beginning of the year, a 1.2% decrease from the same ten - day period of last month, a 5.9% increase from the same ten - day period of last year, and an 8.3% decrease from the same ten - day period of the year before last [5].

1. Report Industry Investment Rating - The mid - term outlook for the industry is "oscillation" [7] 2. Core View of the Report - Cost - end disturbances are frequent, and the high - level prices on the futures market are loosening. The prices of coking coal and coke have fallen following the high - level decline of crude oil due to repeated geopolitical conflicts. The futures market of iron ore has weakened as the market expects the liquidity restrictions on some iron ore spot varieties to loosen. The alloy prices have first declined and then risen. Currently, steel inventories are at a high level, and the expectation for the peak season is still cautious. The futures market is under pressure due to the loosening cost support. The cost - end disturbances may recur, and it is necessary to continue to monitor the geopolitical and iron ore supply - end disturbances [3] 3. Summary by Relevant Catalogs 3.1 Iron Element - **Iron Ore**: The ongoing US - Iran conflict and the tight liquidity of some spot varieties support the futures and spot prices of iron ore. However, the overall de - stocking is difficult to achieve due to the loose supply - demand situation, which suppresses the upside valuation of prices. Iron ore is expected to show an oscillatory performance. In the short term, the arrival of scrap steel is generally stable, but the recovery of long - process demand is slow, and the fundamentals continue to be in a weak balance, so it is expected to operate oscillatory in the short term [3] - **Scrap Steel**: In the short term, the arrival of scrap steel is generally stable, but the recovery of long - process demand is slow, and the fundamentals continue to be in a weak balance. It is expected to operate oscillatory in the short term. The actual recovery progress of terminal demand needs to be focused on in the future [11] 3.2 Carbon Element - **Coke**: In the short term, the supply and demand of coke both increase, and the resumption speed of hot metal may be faster. The price of the spot cost - end continues to rise, and the expectation of the spot price increase of coke is strong. The futures market is expected to still follow the coking coal at the cost - end. Under continuous geopolitical disturbances, the energy substitution logic will still be the focus of trading in the coking coal futures market. In the short term, coking coal and coke are prone to rise and difficult to fall. However, if the geopolitical conflict eases and trading returns to the fundamentals, there will still be callback pressure on the coking coal and coke futures market [4] - **Coking Coal**: Under continuous geopolitical disturbances, the energy substitution logic will still be the focus of trading in the coking coal futures market. In the short term, coking coal and coke are prone to rise and difficult to fall. However, if the geopolitical conflict eases and trading returns to the fundamentals, there will still be callback pressure on the coking coal and coke futures market [14] 3.3 Alloys - **Manganese Silicon**: Under the current geopolitical environment, the logic of pushing up the import cost of manganese ore and the expectation of rising electricity costs for high - energy - consuming varieties are difficult to disprove. However, based on the fundamentals of loose supply - demand, high inventories, and difficult cost transmission of manganese silicon, in the medium - to - long term, there is still a callback risk for the valuation level above the cost on the futures market [4] - **Silicon Iron**: Under the current geopolitical environment, the expectation of rising electricity costs for high - energy - consuming varieties in the future is difficult to disprove. However, the problem of over - capacity in silicon iron is still relatively serious. The continuous repair of industry profits may accelerate the resumption of production by manufacturers, gradually shifting the supply - demand relationship to a loose state. In the medium - to - long term, there is still a callback risk when the valuation on the futures market is significantly higher than the cost [4] 3.4 Glass and Soda Ash - **Glass**: The supply of glass still has disturbance expectations, but the inventories of the middle and downstream are moderately high. From a fundamental perspective, the current supply - demand is still in surplus. If the production and sales cannot continue to improve, the high inventory will always suppress the price [4] - **Soda Ash**: The supply of soda ash is stable at a high level in the short term, and the overall supply - demand is still in surplus. It is expected to oscillate in the short term. In the long term, the surplus pattern of supply will further intensify, the price center will continue to decline, and capacity reduction will be promoted [4] 3.5 Specific Product Analysis - **Steel**: The cost support is loosening, and the futures market is under pressure. The spot trading volume has weakened. After the weakening of the impact of environmental protection restrictions, the hot metal output has rebounded rapidly, and the electric furnace output has gradually recovered to the pre - holiday level. The overall supply of the five major steel products has rebounded from a low level, mainly in the building materials category. The demand for steel products has shown resilience, and the inventory has started to decline, but the overall inventory level is still moderately high, and there are limited bright spots in the fundamentals [9] - **Iron Ore**: The market expects the liquidity restrictions on some spot varieties to loosen, and the futures market has weakened. Overseas mine shipments have increased month - on - month, and the arrivals this period have recovered month - on - month. The rhythm of shipments and arrivals is still fluctuating. The demand side has some room for recovery, and the port inventory has decreased slightly. The US - Iran conflict and the tight liquidity of some varieties support the futures and spot prices, but the loose supply - demand suppresses the upside valuation, and it is expected to oscillate [9][10] - **Scrap Steel**: The fundamentals continue to be in a weak balance, and the spot market operates oscillatory. The supply is generally stable, the short - process demand has recovered rapidly, but the long - process demand has recovered slowly. The inventory is still at a relatively low level. It is expected to operate oscillatory in the short term, and the actual recovery progress of terminal demand needs to be focused on [11] - **Coke**: The cost continues to rise, and the expectation of price increase is strong. The supply has increased slightly, the demand has good support, and the upstream inventory has continued to decline slightly. The futures market is expected to follow the coking coal at the cost - end [13] - **Coking Coal**: The auction price continues to rise, and the futures market oscillates at a high level. The domestic supply has room for a small increase, the import supply pressure is high, the demand has increased, and the upstream inventory has continued to decline slightly. Under the energy substitution logic, the futures market is strong, and the spot price continues to rise. There is callback pressure if the geopolitical conflict eases [14] - **Glass**: The middle - stream inventory is high, and the price operates oscillatory. The supply may decline in the long term, the downstream demand has not recovered, the middle - and downstream inventories are high, and the high inventory suppresses the price. It is expected to oscillate, and if the production and sales cannot improve, the price will be under pressure [15] - **Soda Ash**: The inventory in the delivery warehouse has accumulated, and the price operates oscillatory. The supply is stable at a high level in the short term, the demand is relatively stable, the overall supply - demand is in surplus, and it is expected to oscillate in the short term. In the long term, the surplus pattern will intensify, and the price center will decline [15][18] - **Manganese Silicon**: It follows the energy to bottom out and rebound, and attention should be paid to the evolution of the geopolitical situation. The cost is expected to rise, the demand is expected to pick up, the supply may increase, the current supply - demand surplus pattern is difficult to reverse, and there is a callback risk for the valuation above the cost in the medium - to - long term [17][19] - **Silicon Iron**: The energy valuation bottoms out and rebounds, and the high - level support on the futures market is insufficient. The cost support is strong, the demand is expected to improve, the supply may increase, the supply - demand relationship may become looser, and there is a callback risk for the valuation above the cost in the medium - to - long term [20] 3.6 Index Information - **Comprehensive Index**: The comprehensive index is 2505.87, down 0.37%; the commodity 20 index is 2799.49, up 0.16%; the industrial products index is 2541.47, down 1.12% [105] - **Steel Industry Chain Index**: On March 25, 2026, the daily decline was 0.75%, the increase in the past 5 days was 1.99%, the increase in the past month was 6.85%, and the increase since the beginning of the year was 3.34% [107]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The negotiation between the US and Iran is in a state of "talking and fighting", with unclear negotiation expectations, leading to high - level fluctuations in the US dollar index [1][11]. - A - shares opened higher and closed higher, but the sustainability of the short - term rebound of the stock index remains to be observed [2][15]. - The bond market has no trend - like market and is more concerned about geopolitical situations [3][16]. - The prices of various commodities are affected by factors such as geopolitical situations, supply - demand relationships, and cost changes, showing different trends [4][20][26] Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - A private credit fund managed by Ares Management had a record - breaking monthly loss in February, indicating the deterioration of the $1.8 trillion private credit market [10]. - Milan believes that the current monetary policy is suppressing the economy and advocates a 1 - percentage - point interest rate cut this year [11]. - The negotiation between the US and Iran is in a state of "talking and fighting", with unclear negotiation expectations, and the US dollar is fluctuating at a high level. It is recommended to expect the US dollar index to fluctuate at a high level [11][12]. 1.2 Macro Strategy (Stock Index Futures) - A - shares opened higher and closed higher, with the Shanghai Composite Index regaining 3900 points, and the market had more than 4800 rising stocks [13]. - Iran stated that non - hostile ships meeting certain conditions can pass through the Strait of Hormuz, reducing the market's concern about crude oil supply shortages and causing a significant rise in risk assets. However, the sustainability of the short - term rebound of the stock index remains to be observed. It is recommended to wait for the situation to become clear before making right - side trades [15]. 1.3 Macro Strategy (Treasury Bond Futures) - The central bank conducted 78.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 58 billion yuan on the day, and will also conduct 500 billion yuan of MLF operations [16]. - The bond market has no trend - like market and is more concerned about geopolitical situations. It is recommended to closely monitor the war situation and take a wait - and - see approach [16][17]. 2. Commodity News and Comments 2.1 Black Metal (Rebar/Hot - Rolled Coil) - The sintering machine renovation project of Henan Iron and Steel's Zhoukou Base was successfully put into operation [18]. - Steel prices are oscillating weakly. The progress of the iron ore negotiation has led to a decline in ore prices and steel prices. The steel product fundamentals lack clear drivers, and the downstream terminal demand is limited. It is recommended to hold a small - position wait - and - see attitude [18][19]. 2.2 Black Metal (Coking Coal/Coke) - The price of coking coal in the northern Shanxi market has increased. The short - term price is affected by international crude oil prices, and in the long - term, the upward movement of coking coal prices is still restricted. It is necessary to focus on the resumption of molten iron production, terminal demand fulfillment, and coal mine resumption progress [20][21]. 2.3 Agricultural Products (Corn) - As of March 20, 2026, the domestic and foreign trade corn inventories in Guangdong Port decreased, while the inventories of imported sorghum and barley increased [22]. - The supply of corn is expected to increase, and the downstream demand has support. Policy auctions also provide bottom - line support for the corn market. It is expected that corn will maintain a high - level oscillation pattern, and it is recommended to pay attention to the opportunity of selling call options [23][25]. 2.4 Non - ferrous Metals (Platinum) - The average price of platinum and palladium rebounded slightly. The fundamentals lack a clear trading theme, and they mainly follow macro - level fluctuations. It is recommended to pay attention to the opportunity of platinum's oversold rebound, use option positions, and wait and see for palladium. Also, pay attention to the opportunity of going long on platinum and short on palladium in the medium term [26][27]. 2.5 Non - ferrous Metals (Lead) - The LME lead showed a discount of $35.03 per ton on March 24. The lead price is oscillating at a low level. The downstream consumption is facing the off - season, but there is cost support at the bottom. It is recommended to pay attention to the mid - line opportunity of buying on dips, preferably on the right - hand side, and wait and see for arbitrage [28]. 2.6 Non - ferrous Metals (Zinc) - The CZSPT released the import zinc concentrate TC price guidance range for the end of the second quarter of 2026. The zinc price is oscillating at a low level. It is recommended to wait for the price to stabilize and the volatility to decline, and then pay attention to the mid - line opportunity of buying on dips. For arbitrage, maintain a long - short position in the domestic - foreign market in the mid - line [30][31]. 2.7 Non - ferrous Metals (Lithium Carbonate) - Zijin Mining plans to put the Manono lithium mine in the Congo into production in June this year, and Yahua Group signed a five - year lithium spodumene concentrate purchase agreement [32]. - The supply of lithium carbonate is expected to be in a tight balance in the short - term, and it is recommended to pay attention to the opportunity of buying on dips after the price correction [34][35]. 2.8 Non - ferrous Metals (Copper) - Luoyang钼业 released the production guidance for its main products in 2026. The copper price is affected by the Middle East war situation and is expected to continue to oscillate and build a bottom. It is recommended to wait and see in the short - term and pay attention to the domestic - foreign long - short arbitrage [36][39]. 2.9 Non - ferrous Metals (Tin) - Indonesia's tin ingot exports increased in February. The supply and demand of tin are both weak, and the short - term price decline was blocked by inventory reduction. It is necessary to pay attention to the evolution of the macro - trend [39][42]. 2.10 Energy Chemicals (Liquefied Petroleum Gas) - According to EIA weekly data, the US propane/propylene inventory increased. The price of LPG is expected to fluctuate widely due to the complex geopolitical situation [43][45]. 2.11 Energy Chemicals (Styrene) - The inventory of styrene in the East China main port decreased. After the geopolitical risk premium is gradually squeezed out, there may still be opportunities for low - buying in the future [45][46]. 2.12 Energy Chemicals (Asphalt) - The capacity utilization rate of domestic heavy - traffic asphalt decreased. The asphalt price is expected to oscillate in the short - term due to supply risks [47][48]. 2.13 Shipping Index (Container Freight Rate) - COSCO Shipping resumed booking services for some countries in the Middle East, but it does not mean that the Strait of Hormuz has resumed navigation. The market's focus is still on the navigation situation of the Strait of Hormuz [49][51].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 海外監管公告 財務報表及審計報告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「 公 司 」）在 上 海 證 券 交 易 所 網 頁 (www.sse.com.cn)刊 登 的《財 務 報 表 及 審 計 報 告》，以 供 參 閱。 馬鞍山鋼鐵股份有限公司 董事會 2026年3月25日 中國安徽省馬鞍山市 於 本 公 告 日 期，本 公 司 董 事 包 括：執 行 董 事 蔣 育 翔；職 工 董 事 唐 琪 明； 獨 立 非 執 行 董 事 管 炳 春、何 安 瑞、仇 聖 桃 及 曾 ...