1. Report Industry Investment Rating - No relevant information provided 2. Core Views - For steel products, profit margins have improved, reducing the incentive for production cuts. Iron ore production has stopped declining and stabilized, with a slight increase in output. However, downstream demand is expected to weaken gradually after the festival. Currently, inventory is being depleted, but there may be inventory accumulation due to supply - demand mismatches in the future, leading to a price return to a volatile pattern [3] - For iron ore, the current fundamentals are neutral. The shipping end is slightly positive, but there is significant pressure on floating ore at sea and subsequent port - arrival pressure. On the demand side, steel mill profits have rebounded, and inventory has been continuously depleted, providing room for increased production. It is expected that iron production has bottomed out and will rebound. Inventory is high, but there is a structural shortage. Attention should be paid to policy risks. Steel mills have pre - festival inventory replenishment demand for support. Overall, the current spot market is not short of iron ore, and the fundamentals are difficult to support continuous price increases. In the short - term, prices are overbought technically, and attention should be paid to policy risks related to inventory release [22] - For coking coal and coke, the market has been affected by the "anti - monopoly" news, and the previous hype of the "anti - involution" concept has cooled down. The coking coal and coke futures have shown signs of correction. The rebound of coking coal and coke is mainly driven by the resonance of macro and industrial logic. Macro - level events have intensified concerns about the supply stability of key mineral resources, affecting multiple sectors. On the industrial side, the stabilization and rebound of downstream iron production, the strengthening of winter storage replenishment expectations, and low inventory in the spot - futures trading link support the demand side. The impact of macro sentiment on coking coal and coke prices is significantly stronger than that of industrial logic. If the macro sentiment cools down, it will be difficult to support a significant upward movement of the futures market relying solely on the improvement of demand in the black industry chain. The subsequent trend may turn into a small - range volatile pattern [32] - For ferroalloys, with the increase in production and continuous inventory accumulation, the upward momentum of price fluctuations may be suppressed, leading to a price correction. However, the downward space is limited due to cost support [48] - For soda ash, the sentiment in the commodity market has heated up, driving up low - valued varieties. Fundamentally, as the expectation of new production capacity comes into play, the expectation of oversupply in soda ash is intensifying. Recently, the cold repair of glass production lines has accelerated, further weakening the expected rigid demand for soda ash. The medium - to - long - term high - level supply expectation of soda ash remains unchanged. Photovoltaic glass has started to accumulate inventory at a low level, and the daily melting volume is relatively stable. The balance of heavy soda ash remains in surplus. In November, soda ash exports were close to 190,000 tons, remaining at a high level, which continued to alleviate domestic pressure to some extent. High inventory in the upstream and mid - stream restricts soda ash prices [62] - For glass, there are still some glass production line cold repairs to be implemented before the Spring Festival, which may affect long - term pricing and market expectations. Policy disturbances to supply cannot be ruled out. In reality, regardless of supply expectations, the high inventory in the mid - stream of glass needs to be digested, and with the terminal market entering the off - season, there is still pressure on the spot market [84] 3. Summary by Related Catalogs Steel Products - **Price Data**: On January 9, 2026, the closing price of the rebar 01 contract was 3,089 yuan/ton, down from 3,127 yuan/ton on January 8; the closing price of the hot - rolled coil 01 contract was 3,255 yuan/ton, down from 3,300 yuan/ton on January 8. The rebar and hot - rolled coil spot prices also showed slight declines in some regions [4][9] - **Spread Data**: The rebar 01 - 05 monthly spread was - 55 yuan/ton on January 9, compared to - 41 yuan/ton on January 8; the hot - rolled coil 01 - 05 monthly spread was - 39 yuan/ton on January 9, compared to - 17 yuan/ton on January 8. The rebar - hot - rolled coil spread also showed some changes [4][16] Iron Ore - **Price Data**: On January 9, 2026, the closing price of the 01 contract was 852 yuan/ton, down 6 yuan from the previous day; the closing price of the 05 contract was 814.5 yuan/ton, up 1.5 yuan from the previous day. The basis also showed corresponding changes [23] - **Fundamental Data**: The average daily iron production on January 9 was 229.5 tons, up 2.07 tons from the previous week; the 45 - port inventory was 16,275,260 tons, up 304,370 tons from the previous week [26] Coking Coal and Coke - **Futures Spread Data**: On January 9, 2026, the coking coal 09 - 01 spread was 83 yuan/ton, down 27.5 yuan from the previous day; the coke 09 - 01 spread was 328 yuan/ton, down 10 yuan from the previous day [35] - **Spot Price Data**: The ex - factory price of Anze low - sulfur primary coking coal remained at 1,500 yuan/ton; the self - pick - up price of Mongolian 5 raw coal at the 288 port was 1,034 yuan/ton, up 74 yuan from the previous week [36] Ferroalloys - **Silicon Iron**: On January 9, 2026, the silicon iron basis in Ningxia was 38 yuan/ton, down 14 yuan from the previous day; the silicon iron spot price in Ningxia was 5,420 yuan/ton, down 50 yuan from the previous day [49] - **Silicon Manganese**: The silicon manganese basis in Inner Mongolia was 146 yuan/ton on January 9, down 62 yuan from the previous day; the silicon manganese spot price in Inner Mongolia was 5,700 yuan/ton, down 50 yuan from the previous day [50] Soda Ash - **Price Data**: On January 9, 2026, the closing price of the soda ash 05 contract was 1,228 yuan/ton, down 11 yuan from the previous day; the closing price of the 09 contract was 1,295 yuan/ton, down 10 yuan from the previous day [63] - **Inventory and Market Data**: The overall inventory of the upstream and mid - stream remains high, restricting price increases. In November, exports were close to 190,000 tons, alleviating domestic pressure to some extent [62] Glass - **Price Data**: On January 9, 2026, the closing price of the glass 05 contract was 1,144 yuan/ton, down 19 yuan from the previous day; the closing price of the 09 contract was 1,238 yuan/ton, down 11 yuan from the previous day [85] - **Sales and Production Data**: The sales - to - production ratio in different regions showed certain fluctuations. For example, the sales - to - production ratio in Shahe on January 4 was 137, compared to 130 on January 3 [86]

硅锰产区出厂价 硅锰贸易商价 供应 需求 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：72%FeSi：出口价格：天津港 （美元/吨） 2022 2023 2024 2025 2026 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：75%FeSi：出口价格：天津港 （美元/吨） 2022 2023 2024 2025 2026 -2500 -1500 -500 500 1500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁-硅锰主力合约价差（元/吨） 2022 2023 2024 2025 2026 2000 3000 4000 5000 6000 7000 8000 01/01 02/01 03/01 04/01 05/01 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall sentiment in the commodity market has significantly cooled, and the prices of finished steel products have slightly declined. The black - series is still in a bottom - range oscillation pattern and is sensitive to news changes. The actual terminal demand for steel is still weak, and in the short - term, the macro level is in a policy window period. Attention should be paid to the destocking of hot - rolled coils and the impact of "dual - carbon" policies on the supply - demand pattern of the steel industry [3]. - The iron ore price is expected to fluctuate. The upper space is restricted by high inventory and the expectation of loose supply, while the lower space is supported by restocking expectations. Follow - up attention should be paid to the steel mills' restocking and hot - metal production rhythm [6]. - The bullish sentiment in the commodity market may continue, but attention should be paid to the short - term impact and high - volatility risk of previous "sentiment leaders" such as silver, platinum, and lithium carbonate on the market sentiment. For manganese silicon and ferrosilicon, the future market is mainly affected by the overall market sentiment, cost - push factors of manganese ore, and supply - contraction issues due to losses [10][11]. - The fundamentals of industrial silicon are still weak, and the price is expected to be under pressure. For polysilicon, the demand is weak, and there is still inventory accumulation pressure. The price is affected by the price increase of the industrial chain and the antitrust news [15][17]. - The glass price has risen recently due to cost support and supply - contraction expectations, but the short - term upward space is limited due to weak terminal demand. The soda ash market is in a stage of intense game between weak fundamentals and external positive factors, and the disk volatility has increased significantly [20][22]. 3. Summary by Related Catalogs Steel Market Quotes - The closing price of the rebar main contract was 3168 yuan/ton, down 19 yuan/ton (-0.59%) from the previous trading day. The registered warehouse receipts decreased by 1211 tons to 55633 tons, and the position increased by 40419 hands to 1.7818 million hands. The Tianjin aggregated price of rebar increased by 30 yuan/ton to 3210 yuan/ton, and the Shanghai aggregated price remained unchanged at 3320 yuan/ton [2]. - The closing price of the hot - rolled coil main contract was 3317 yuan/ton, down 15 yuan/ton (-0.45%) from the previous trading day. The registered warehouse receipts increased by 4706 tons to 108701 tons, and the position increased by 63008 hands to 1.4409 million hands. The Lecong aggregated price of hot - rolled coils remained unchanged at 3300 yuan/ton, and the Shanghai aggregated price decreased by 10 yuan/ton to 3290 yuan/ton [2]. Strategy Views - The production of hot - rolled coils has increased slightly, demand has continued to weaken, and inventory has continued to decline slightly; the production of rebar has increased counter - seasonally, demand has declined, and inventory has slightly accumulated. The black - series is still in a bottom - range oscillation pattern, and attention should be paid to market rumors and information screening. Focus on the destocking of hot - rolled coils, the strengthening of "dual - carbon" policies, and their marginal impact on the supply - demand pattern of the steel industry [3]. Iron Ore Market Quotes - The main contract of iron ore (I2605) closed at 813.00 yuan/ton, with a change of - 1.81% (-15.00). The position decreased by 29907 hands to 636700 hands, and the weighted position was 962000 hands. The PB powder at Qingdao Port was 821 yuan/wet ton, with a basis of 59.89 yuan/ton and a basis rate of 6.86% [5]. Strategy Views - Supply: The year - end shipping rush of mines has ended, and the overseas iron ore shipping volume has decreased. Demand: The daily average hot - metal output has continued to rise, and the steel mill profitability has slightly declined. Inventory: The port inventory has continued to accumulate, and the steel mills' imported ore inventory has increased but is still at a low level. The iron ore price is expected to fluctuate, and attention should be paid to the steel mills' restocking and hot - metal production rhythm [6]. Manganese Silicon and Ferrosilicon Market Quotes - On January 8, the main contract of manganese silicon (SM603) closed down 1.80% at 5892 yuan/ton. The spot price of Tianjin 6517 manganese silicon was 5780 yuan/ton, with a basis of 78 yuan/ton. The main contract of ferrosilicon (SF603) closed down 3.28% at 5668 yuan/ton. The spot price of Tianjin 72 ferrosilicon was 5850 yuan/ton, with a basis of 182 yuan/ton [9]. Strategy Views - The bullish sentiment in the commodity market may continue, but attention should be paid to the short - term impact of previous "sentiment leaders" on the market sentiment. The supply - demand pattern of manganese silicon is still not ideal, but most factors have been priced in. The supply - demand structure of ferrosilicon is basically balanced. The future market is mainly affected by the overall market sentiment, cost - push factors of manganese ore, and supply - contraction issues due to losses [10][11]. Industrial Silicon and Polysilicon Market Quotes - The main contract of industrial silicon (SI2605) closed at 8535 yuan/ton, with a change of - 4.96% (-445). The weighted position increased by 13815 hands to 379966 hands. The spot price of East China non - oxygen 553 was 9200 yuan/ton, with a basis of 665 yuan/ton [13]. - The main contract of polysilicon (PS2605) closed at 53610 yuan/ton, with a change of - 8.04% (-4690). The weighted position decreased by 12083 hands to 116672 hands. The average price of SMM - caliber N - type granular silicon increased by 4 yuan/kg to 54.5 yuan/kg, and the basis was 1890 yuan/ton [16]. Strategy Views - Industrial silicon: The fundamentals are weak, and the price is expected to be under pressure. Attention should be paid to new supply - side disturbances in the northwest [15]. - Polysilicon: The demand is weak, and there is still inventory accumulation pressure. The price is affected by the price increase of the industrial chain and the antitrust news. Attention should be paid to the actual production reduction of enterprises and the actual spot transactions [17]. Glass and Soda Ash Market Quotes - The glass main contract closed at 1163 yuan/ton, up 1.31% (+15). The weekly inventory of float glass sample enterprises decreased by 1348000 boxes (-2.37%) to 55.518 million boxes. The top 20 long - position holders increased their positions by 75448 hands, and the top 20 short - position holders increased their positions by 28120 hands [19]. - The soda ash main contract closed at 1239 yuan/ton, down 2.52% (-32). The weekly inventory of soda ash sample enterprises increased by 164400 tons to 1.5727 million tons. The top 20 long - position holders increased their positions by 54910 hands, and the top 20 short - position holders increased their positions by 86643 hands [21]. Strategy Views - Glass: The price has risen recently due to cost support and supply - contraction expectations, but the short - term upward space is limited due to weak terminal demand [20]. - Soda ash: The market is in a stage of intense game between weak fundamentals and external positive factors, and the disk volatility has increased significantly [22].

Group 1: Report Overview - Issue date: January 8, 2026 [1] - Report type: Black Metal Daily, Ferroalloy Daily Group 2: Investment Rating - No investment rating provided Group 3: Core View - The overall market sentiment has cooled down, and both silicon ferroalloy and manganese ferroalloy are expected to fluctuate in the short term [5] - For trading strategies, it is recommended to take a wait - and - see approach for arbitrage, sell out - of - the - money straddle options, and expect short - term fluctuations for unilateral trading [6] Group 4: Market Information Futures - SF主力合约 closed at 5668, down 192 for the day and 82 for the week, with a trading volume of 276442 (down 52657) and an open interest of 245565 (down 12151) [3] - SM主力合约 closed at 5892, down 108 for the day and 50 for the week, with a trading volume of 275888 (down 41199) and an open interest of 264806 (down 19518) [3] Spot - Silicon ferroalloy spot prices in some regions increased by up to 20 yuan/ton, while manganese ferroalloy spot prices increased by 30 - 100 yuan/ton [3][5] Basis/Spread - Silicon ferroalloy basis and manganese ferroalloy basis showed different daily and weekly changes in different regions [3] - The SF - SM spread was - 224, down 84 for the day and 32 for the week [3] Raw Materials - Manganese ore prices in Tianjin Port showed a slight increase, while the prices of semi - coke small materials remained stable [3][5] Group 5: Market Judgement Silicon Ferroalloy - Supply: There is an expectation of supply contraction in the future due to the rumored differential electricity price policy in Shaanxi [5] - Demand: Steel production has increased, but inventory accumulation may limit future blast furnace复产 [5] - Cost: The electricity price in the main production areas has been stable recently [5] - Outlook: Short - term fluctuations are expected as the event - driven factor has ended [5] Manganese Ferroalloy - Supply: Some new production capacities were put into operation at the end of the year, leading to a slight increase in supply [5] - Demand: Blast furnace复产 in January and pre - Spring Festival restocking demand will support raw material demand [5] - Cost: Manganese ore port inventory remains low, and port spot prices are strong [5] - Outlook: Short - term fluctuations are expected due to cost support [5] Group 6: Important Information - On the 8th, the prices of manganese ore in Tianjin Port were reported, such as semi - carbonate Mn36.6%Fe4.6% at 36, Gabon block Mn47% at 43.5, etc [7] - US private sector employment increased by 41,000 in December, but was lower than expected [7] Group 7: Related Attachments - There are multiple charts showing the price trends, spreads, basis, costs, and profits of ferroalloys [8][11][14][16][17][20][22][25] - The production costs and profits of silicon ferroalloy and manganese ferroalloy in different regions are presented [19][25]

Core Viewpoint - Ulanqab City is implementing a series of strategic measures to enhance employment, aiming to create 6,577 new urban jobs in 2025, with a focus on improving job quality and efficiency [1] Group 1: Employment Initiatives - Ulanqab City Human Resources and Social Security Bureau has launched a "six-in-one" initiative to promote stable employment, which includes a comprehensive policy list, industry job expansion, service optimization, collaborative efforts, skill empowerment, and income growth branding [1] - The city has published 40+ policy services and over 2,000 job postings, utilizing both online and offline channels to ensure policy implementation reaches businesses and workers effectively [1] Group 2: Job Creation and Industry Focus - The city has identified 114,700 job opportunities across various sectors, with a particular emphasis on modern agricultural development, creating 750 family farms and 96 agricultural leading enterprises [2] - New job positions in key industries such as ferroalloys and renewable energy have reached 7,016, contributing to stable employment for industrial workers [2] - Seasonal tourism projects have generated over 100,000 temporary jobs, enhancing local employment opportunities [2] Group 3: Skills Development - The "Skills Ulanqab Action" program has been implemented, resulting in 19,500 training sessions across various industries, with 6,824 new skilled workers and 2,257 high-skilled workers added [3] - A new evaluation method for vocational skills has been introduced, benefiting 259 farmers and enhancing their income and professional pride [3] Group 4: Labor Brand Development - Ulanqab City is cultivating 23 labor brands with regional and industry characteristics, which have created an average of 86,000 jobs annually, increasing individual income by 10,400 yuan [4] - The city aims to establish new labor training brands and enhance the dual-brand strategy for vocational training and labor services by 2025 [4]

Report Industry Investment Rating - Not provided Core Viewpoints - In the medium to long - term bullish process, it is more appropriate to allocate varieties with relatively low volatility, and it is recommended to buy silicon manganese and silicon iron on dips [2][6] - The recent price increases of silicon manganese (2.07%) and silicon iron (2.56%) are relatively large intraday increases [2] Summary by Related Content Price Performance - Today, the silicon manganese price rose 2.07% and the silicon iron price rose 2.56%, which are relatively large intraday increases [2] Policy Impact - The upcoming policy in Shaanxi to charge additional electricity fees for restricted and eliminated production capacities in the ferroalloy industry from July 1, 2026, may be driven by market sentiment and bring some upward momentum [3] - "Price recovery" or "anti - involution" information has a relatively large impact on commodity prices, and currently, there is more of an emotional positive effect on the ferroalloy industry [3] Fundamental Analysis - The main contradiction of silicon manganese lies in the structural problem of manganese ore inventory. The reduction in shipments from Gabon and Ghana will gradually manifest before the Spring Festival, with port inventory difficult to continuously accumulate and likely to gradually decline. Manganese ore prices are likely to rise, and semi - carbonate ore may rise faster than manganese oxide ore [4] - Silicon iron has relatively fewer fundamental contradictions, with a healthy oversupply in supply. Due to the reduction of electricity fees, its price and fundamentals are weaker than those of silicon manganese, but its upward momentum is more reliable from a technical analysis perspective [6]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The market sentiment has pushed up the prices of ferrosilicon and silicomanganese, and their futures prices are oscillating upwards [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The price of FeSi75 - B in Inner Mongolia is 5350 yuan/ton, up 70 yuan/ton from the previous trading day; the price of FeMn65Si17 in Inner Mongolia is 5650 yuan/ton, up 20 yuan/ton; the price of Mn44 lump ore is 43 yuan/ton - degree; the price of small - sized semi - coke in Shenmu is 760 yuan/ton [2]. - **Price Spreads**: The spot - 03 futures price spread of ferrosilicon is - 510 yuan/ton, down 14 yuan/ton; that of silicomanganese is - 350 yuan/ton, down 62 yuan/ton. The 2603 - 2605 spread of ferrosilicon is 28 yuan/ton, down 10 yuan/ton; that of silicomanganese is - 20 yuan/ton, down 4 yuan/ton. The 2603 spread between silicomanganese and ferrosilicon is 140 yuan/ton, down 2 yuan/ton; the 2605 spread is 188 yuan/ton, down 8 yuan/ton [2]. 3.2 Futures Data - **Futures Contracts**: The closing price of ferrosilicon 2603 is 5860 yuan/ton, up 84 yuan; the trading volume is 329,099, and the open interest is 245,565. The closing price of ferrosilicon 2605 is 5832 yuan/ton, up 94 yuan; the trading volume is 68,763, and the open interest is 60,892. The closing price of silicomanganese 2603 is 6000 yuan/ton, up 82 yuan; the trading volume is 317,087, and the open interest is 284,324. The closing price of silicomanganese 2605 is 6020 yuan/ton, up 86 yuan; the trading volume is 242,633, and the open interest is 253,950 [3]. 3.3 Macro and Industry News - **Price Information**: On January 6, the price range of 72 ferrosilicon in different regions was 5200 - 5350 yuan/ton; the price range of 75 ferrosilicon increased, with the range in different regions being 5600 - 5800 yuan/ton. The FOB prices of 72 and 75 ferrosilicon also increased by 10 dollars/ton. The northern quotation of 6517 silicomanganese is 5700 - 5750 yuan/ton, and the southern quotation is 5800 - 5850 yuan/ton, both up 25 yuan/ton. An East - China steel mill set the price of silicomanganese at 5900 yuan/ton (acceptance, tax - included, delivered to the factory), with a purchase volume of 2000 tons. Hegang set the purchase price of 75B ferrosilicon in January at 5760 yuan/ton, up 100 yuan/ton from December, and the purchase volume was 3313 tons, an increase of 563 tons from December [3]. - **Policy News**: From July 1, 2026, restricted ferroalloy enterprises in Shaanxi will be charged an additional 0.1 yuan/kWh of electricity. Among the ferroalloy enterprises in Yulin, Shaanxi, 7 restricted - type ferrosilicon enterprises in Fugu and 2 in Shenmu are in operation. The current total daily output of ferrosilicon in Shaanxi is 2535 tons, of which the daily output of restricted - type enterprises is 845 tons, accounting for 5.72% of the national total daily output [4]. 3.4 Trend Intensity - The trend intensity of ferrosilicon is 1, and that of silicomanganese is also 1 [4].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Views of the Report - The steel market is in a state of oscillation, waiting for new driving forces. The black - sector needs new drivers and capital inflow. The iron and steel industry shows weak supply - demand, but iron - water production is stabilizing and rising, which weakens the negative impact on furnace materials. There is a de - stocking pressure in the plate market, but price support exists at low levels. Unilateral trading can adopt an oscillatory approach, and after January, it is more favorable for spot - futures positions [2]. - The sentiment of silicon - iron and manganese - silicon has turned positive, but the fundamentals are under pressure. The cost of silicon - iron is expected to rise due to differential electricity prices, but the impact is limited. Demand is poor and at a yearly low, while supply remains high, leading to a risk of price decline despite policy support [3][5]. - The coking coal and coke markets are oscillating. The spot market has a fifth - round price cut expectation, but the futures market rebounded after pricing in the cut. The market will continue to oscillate, and attention should be paid to the pre - festival restocking next week [9]. - The iron ore market is rising in resonance with other commodities. The price fluctuates greatly at high levels and should not be short - sold in the short term. The port inventory will continue to rise, and the price has an upper limit. Iron - water production is expected to stabilize and rise in January [9]. 3. Summary by Related Catalogs Futures Market - **Futures Prices and Changes**: On January 7th, the far - month contract closing prices and their changes were as follows: RB2610 was 3235 yuan/ton, up 93 yuan (2.96%); HC2610 was 3353 yuan/ton, up 90 yuan (2.76%); I2609 was 804.5 yuan/ton, up 30.5 yuan (3.94%); J2609 was 1851.5 yuan/ton, up 137 yuan (7.99%); JM2609 was 1246.5 yuan/ton, up 92 yuan (7.97%). The near - month contract closing prices and their changes were also provided, such as RB2605 at 3187 yuan/ton, up 89 yuan (2.87%) [1]. - **Spread and Ratio**: The cross - month spreads, such as RB2605 - 2610 at - 48 yuan/ton (down 3 yuan), and the spreads/ratios like the coil - rebar spread at 145 yuan/ton (down 7 yuan), were also presented [1]. Spot Market - **Steel Spot Prices**: On January 7th, the Shanghai rebar price was 3340 yuan/ton, up 70 yuan; the Tianjin rebar price was 3190 yuan/ton, up 60 yuan; the Guangzhou rebar price was 3540 yuan/ton, up 70 yuan; the Tangshan billet price was 2980 yuan/ton, up 30 yuan. The Shanghai hot - rolled coil price was 3320 yuan/ton, up 40 yuan; the Hangzhou hot - rolled coil price was 3370 yuan/ton, up 60 yuan; the Guangzhou hot - rolled coil price was 3310 yuan/ton, up 70 yuan [1]. - **Other Spot Prices**: The prices of other products such as coking coal, coke, and iron ore were also given, along with their price changes [1]. Market Analysis by Product Steel - The steel market is in an oscillatory state. Macroscopically, there is a lack of new drivers, and the black - sector needs new impetus. Industrially, the supply - demand of five major steel products is weak, but iron - water production is rising, weakening the negative impact on furnace materials. The plate market has de - stocking pressure, but price support exists at low levels [2]. Silicon - Iron and Manganese - Silicon - The sentiment has turned positive, but the fundamentals are under pressure. The cost of silicon - iron is expected to rise, but the impact is limited. Demand is poor, and supply remains high, leading to a risk of price decline despite policy support [3][5]. Coking Coal and Coke - The spot market has a fifth - round price cut expectation, and the futures market rebounded after pricing in the cut. The market will continue to oscillate, and attention should be paid to the pre - festival restocking next week [9]. Iron Ore - The iron ore market is rising in resonance with other commodities. The price fluctuates greatly at high levels and should not be short - sold in the short term. The port inventory will continue to rise, and the price has an upper limit. Iron - water production is expected to stabilize and rise in January [9].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoint - No information provided 3. Summary by Related Catalogs Price - For silicon iron, on January 8, 2026, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5370 and 5350 respectively, with daily changes of 100 and 70 and weekly changes of 70 and 30. The export price of Tianjin 72 was 1025 (USD), with a weekly change of 5 [2]. - For silicon manganese, on January 8, 2026, the latest prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5650, 5600, 5720, 5700, and 5680 respectively, with daily changes of 20, 40, 20, 20, and 0, and weekly changes of 0, 30, -30, 0, and -20 [2]. Supply - The monthly production of 136 silicon iron enterprises in China from 2022 - 2026 is presented, and the weekly production of 136 silicon iron enterprises in China (with a capacity - share of 95%) from 2022 - 2026 is also shown. The monthly capacity utilization rates of 136 silicon iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi from 2022 - 2026 are provided [5]. - The weekly production of silicon manganese in China from 2022 - 2026 is presented, and the monthly procurement volume and price of silicon manganese 6517 by Hebei Iron and Steel Group from 2022 - 2026 are also shown [7]. Demand - The monthly estimated and revised production of crude steel in China from 2022 - 2026, the monthly production of stainless - steel crude steel in China from 2022 - 2026, and the monthly procurement volume of FeSi75 - B by Hebei Iron and Steel Group from 2022 - 2026 are presented. The monthly demand for silicon manganese in China from 2022 - 2026 is also shown [5][8]. Inventory - The weekly inventory of 60 silicon iron sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2022 - 2026 is presented. Also, the daily warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts of silicon iron from 2022 - 2026 are provided. The monthly average available days of silicon iron inventory in East China, South China, North China, and China from 2022 - 2026 are shown [6]. - The daily warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts of silicon manganese from 2022 - 2026 are presented. The weekly inventory of 63 silicon manganese sample enterprises in China from 2022 - 2026 and the monthly average available days of silicon manganese inventory in China from 2022 - 2026 are also provided [8]. Cost - Profit - The electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi from 2022 - 2026, the market mainstream price of small - sized blue coke in Shaanxi from 2022 - 2026, the production cost and profit of silicon iron in Ningxia and Inner Mongolia from 2022 - 2026, and the export profit of 75 - grade silicon iron from 2022 - 2026 are presented [6]. - The profits of silicon manganese in Inner Mongolia, Guangxi, the North Region, and the South Region from 2022 - 2026, the prices of chemical coke, manganese ore, and other raw materials from 2022 - 2026, and the profit of Guangxi silicon manganese converted to the main contract from 2022 - 2026 are shown [7][8].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Report's Core View - The overall sentiment in the commodity market is bullish, but the black - series is still in a bottom - range oscillation phase and is sensitive to marginal news. Traders need to be vigilant against rumor disturbances and strengthen information screening. In the short term, the macro - level is in a policy window period, and attention should be paid to the "dual - carbon" policy and its impact on the steel industry's supply - demand pattern [3]. - The bullish sentiment in the commodity market may continue, but there is a risk of short - term shocks and high volatility from previous "sentiment leaders" such as silver, platinum, and lithium carbonate. For manganese silicon and ferrosilicon, the future market will be influenced by the direction of the black sector and cost - push and supply - contraction factors [10][11]. - For industrial silicon and polysilicon, the demand side is weak, and the supply - demand situation is loose with inventory accumulation pressure. The price increase in the industrial chain has an emotional support for raw material prices, and the market should pay attention to terminal demand feedback and trading liquidity [14][16]. - For glass and soda ash, glass prices are rising due to cost support and supply contraction expectations, but the demand is weak in the off - season, and the price increase space is limited. Soda ash is strongly affected by market sentiment, and the market is in a game between weak fundamentals and external positive factors, with high volatility [19][22]. 3. Summary by Related Catalogs Steel Market Quotes - The closing price of the rebar main contract was 3187 yuan/ton, up 76 yuan/ton (2.442%) from the previous trading day. The registered warehouse receipts were 56,844 tons, unchanged from the previous day. The main contract's open interest was 1.7414 million lots, up 178,435 lots. The spot rebar price in Tianjin was 3180 yuan/ton, up 30 yuan/ton; in Shanghai, it was 3320 yuan/ton, up 40 yuan/ton [2]. - The closing price of the hot - rolled coil main contract was 3332 yuan/ton, up 69 yuan/ton (2.114%) from the previous trading day. The registered warehouse receipts were 103,995 tons, down 593 tons. The main contract's open interest was 1.3779 million lots, up 103,802 lots. The spot hot - rolled coil price in Lecong was 3300 yuan/ton, up 50 yuan/ton; in Shanghai, it was 3300 yuan/ton, up 40 yuan/ton [2]. Strategy View - The price of finished products has risen significantly driven by the strong raw material prices. The supply - demand contradiction of hot - rolled coils has been marginally alleviated, while the rebar inventory continues to decline. The winter storage participation is still cautious, and it is difficult to form a concentrated replenishment market. The black - series is in a bottom - range oscillation and is sensitive to news [3]. Iron Ore Market Quotes - The main iron ore contract (I2605) closed at 828.00 yuan/ton, with a change of +3.37% (+27.00), and the open interest increased by 25,713 lots to 666,600 lots. The weighted open interest was 999,700 lots. The spot price of PB fines at Qingdao Port was 832 yuan/wet ton, with a basis of 56.85 yuan/ton and a basis ratio of 6.42% [4]. Strategy View - The price of iron ore continued to rise. The overseas iron ore shipments decreased, and the near - end arrivals increased. The daily hot - metal output rebounded slightly, and the steel mills' profitability improved. The port inventory continued to accumulate, and the steel mills' imported ore inventory was still at a low level in the same period of the past five years, with some replenishment demand [5]. Manganese Silicon and Ferrosilicon Market Quotes - On January 7, the main manganese silicon contract (SM603) rose 1.39% to close at 6000 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5750 yuan/ton, with a basis of 60 yuan/ton. The main ferrosilicon contract (SF603) rose 1.45% to close at 5860 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 5950 yuan/ton, with a basis of 90 yuan/ton [8]. Strategy View - The market's bullish sentiment may continue, but there is a risk of short - term shocks. The supply - demand pattern of manganese silicon is still loose, and that of ferrosilicon is basically balanced. The future market will be affected by the black sector's direction and cost - push and supply - contraction factors. Attention should be paid to the manganese ore supply and "dual - carbon" policy [10][11]. Industrial Silicon and Polysilicon Market Quotes - The main industrial silicon contract (SI2605) closed at 8980 yuan/ton, with a change of +0.90% (+80). The weighted contract's open interest increased by 18,796 lots to 379,966 lots. The spot price of non - oxygen - permeable 553 industrial silicon in East China was 9200 yuan/ton, unchanged from the previous day, with a basis of 220 yuan/ton; the price of 421 was 9650 yuan/ton, unchanged, with a basis of - 130 yuan/ton [13]. - The main polysilicon contract (PS2605) closed at 58,300 yuan/ton, with a change of - 1.79% (- 1065). The weighted contract's open interest decreased by 8838 lots to 116,672 lots. The average spot price of N - type granular silicon was 50.5 yuan/kg, unchanged; the average price of N - type dense material was 52.5 yuan/kg, unchanged; the average price of N - type re - feeding material was 53.5 yuan/kg, unchanged, with a basis of - 4800 yuan/ton [15]. Strategy View - The price of industrial silicon is affected by market sentiment, but its own supply - demand is weak, and inventory accumulation may continue. The demand for polysilicon is weak, and the supply - demand is loose with inventory accumulation pressure. The price increase in the industrial chain has an emotional support for raw material prices, and attention should be paid to terminal demand and trading liquidity [14][16]. Glass and Soda Ash Market Quotes - The glass main contract closed at 1148 yuan/ton on Wednesday, up 5.13% (+56). The price of large - size glass in North China was 1010 yuan, up 10 yuan from the previous day; in Central China, it was 1060 yuan, unchanged. The weekly inventory of float glass sample enterprises was 56.866 million cases, down 1.757 million cases (- 3.00%). The top 20 long - position holders increased 566 lots, and the top 20 short - position holders increased 633 lots [18]. - The soda ash main contract closed at 1271 yuan/ton on Wednesday, up 6.81% (+81). The price of heavy soda ash in Shahe was 1231 yuan, up 81 yuan from the previous day. The weekly inventory of soda ash sample enterprises was 1.4083 million tons, down 30,200 tons (- 3.00%), including 676,100 tons of heavy soda ash, down 26,900 tons, and 732,200 tons of light soda ash, down 3300 tons. The top 20 long - position holders reduced 7939 lots, and the top 20 short - position holders increased 32,712 lots [20]. Strategy View - Glass prices are rising due to cost support and supply contraction expectations, but the demand is weak in the off - season, and the price increase space is limited. Soda ash is strongly affected by market sentiment, and the market is in a game between weak fundamentals and external positive factors, with high volatility [19][22].