Market Overview - A-shares experienced narrow fluctuations with overall weak performance, while the TMT sector showed strength [1][4] - The Hang Seng Index and Hang Seng Tech Index both saw intraday declines exceeding 1%, with notable drops in stocks like BYD and Geely [1][15][16] A-share Performance - Major indices showed mixed results at the close, with the Shanghai Composite Index down 0.30%, Shenzhen Component down 0.71%, and ChiNext Index down 1.28% [4][5] - The TMT sector saw a rise, with the Wind TMT Index increasing over 1.5% during the session, and more than 10 stocks hitting the daily limit or rising over 10% [5][6] Sector Performance - The media sector led gains, with intraday increases exceeding 2%, driven by stocks like Glacier Network and China Science Publishing [7][9] - The pharmaceutical and biotechnology sector faced declines, with stocks like Haichen Pharmaceutical and Keyuan Pharmaceutical dropping over 10% [9] Futures Market - Domestic coking coal futures saw intraday declines exceeding 1%, with a cumulative drop of over 30% year-to-date [2][25] - The pressure on coking coal prices is attributed to increased supply from Shanxi and Xinjiang, while demand growth remains limited [27] Company Specifics - Miniso reported a 18.9% year-on-year increase in revenue for Q1, but adjusted net profit decreased to RMB 587.2 million from RMB 616.9 million in the previous year [22][28] - The total number of Miniso stores reached 7,768 as of March 31, 2025, with a net increase of 978 stores [23]

数据来源：Wind、Mystee、富宝资讯、广发期货发展研究中心。请仔细阅读报告尾端免责声明。 免责声明 | 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年5月22日 | | | 問數波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 某差 | 单位 | | 螺纹钢现货(华东) | 3190 | 3190 | O | 105 | | | 螺纹钢现货(华北) | 3220 | 3220 | O | 135 | | | 螺纹钢现货(华南) | 3350 | 3350 | 0 | 265 | | | 螺纹钢05合约 | 3101 | 3095 | 6 | 8d | | | 螺纹钢10合约 | 3061 | 3058 | 3 | 129 | | | 螺纹钢01合约 | 3085 | 3083 | 2 | 105 | 元/吨 | | 热卷现货(华东) | 3280 | 3280 | 0 | 57 | | | 热卷现 ...

Industry Investment Ratings No investment ratings for the industries are provided in the reports. Core Views - **Steel Industry**: The steel industry shows a structure of high production, low inventory, weak cost support, and expected demand recovery. Despite potential seasonal and export - related demand weaknesses, with the reduction of tariffs in May, terminal orders have improved, and steel exports remain high. Steel prices are expected to fluctuate at low levels, with attention on support at previous lows. It is advisable to wait and see for now [1]. - **Iron Ore Industry**: The iron ore market is expected to oscillate in the short term. Although the high iron - water production keeps the inventory slightly decreasing, the expected increase in overseas mine shipments from May to June will intensify supply - demand pressure. However, improved macro - expectations may repair market sentiment [4]. - **Coke Industry**: The coke market is bearish. With steel mills reducing coke prices, the fundamental situation is unfavorable. It is recommended to short the coke 2509 contract when the price is high and continue to hold the strategy of going long on hot - rolled coils and short on coke [6]. - **Coking Coal Industry**: The coking coal market remains weak. Given the downward trend of coal prices and better fundamentals of finished products compared to coking coal, it is advisable to short the coking coal 2509 contract when the price is high and continue the strategy of going long on hot - rolled coils and short on coking coal [6]. - **Silicon Iron Industry**: The silicon iron price is expected to oscillate. After previous production cuts, the supply pressure has eased, and factory inventories are decreasing. However, overall inventory is still at a medium - high level. Demand is limited, and it is necessary to focus on subsequent export changes [7]. - **Silicon Manganese Industry**: The silicon manganese market maintains production cuts. Supply pressure is concentrated in certain regions, and the price is expected to oscillate [7]. Summary by Directory Steel Industry - **Prices and Spreads**: Most steel spot prices remained unchanged, while futures prices showed small increases. For example, the price of the rebar 05 contract rose by 6 yuan/ton to 3101 yuan/ton [1]. - **Cost and Profit**: The cost of steel billets and slabs remained stable. The profit of hot - rolled coils in South China increased by 8 yuan/ton, while the profit of rebar in South China decreased by 22 yuan/ton [1]. - **Production**: The daily average iron - water production remained unchanged at 245.6 tons, while the production of five major steel products decreased by 5.8 tons to 868.4 tons, a decline of 0.7% [1]. - **Inventory**: The inventory of five major steel products decreased by 45.4 tons to 1430.7 tons, a decline of 3.1%. Rebar and hot - rolled coil inventories also decreased [1]. - **Demand**: The apparent demand for five major steel products increased by 68.6 tons to 913.8 tons, an increase of 8.1%. The apparent demand for rebar increased by 46.4 tons to 260.3 tons, an increase of 21.7% [1]. Iron Ore Industry - **Prices and Spreads**: The prices of iron ore spot and futures showed small changes. For example, the price of PB powder at Rizhao Port increased by 1 yuan/ton to 765 yuan/ton, and the 09 - contract basis of PB powder decreased by 59.9 yuan/ton to 82.2 yuan/ton [4]. - **Supply**: The weekly global iron ore shipment volume increased by 318.8 tons to 3347.8 tons, an increase of 10.5%, while the weekly domestic arrival volume decreased by 83.3 tons to 2271.3 tons, a decline of 3.5% [4]. - **Demand**: The weekly average daily iron - water production of 247 steel mills decreased by 0.9 tons to 244.8 tons, a decline of 0.4% [4]. - **Inventory**: The 45 - port iron ore inventory decreased by 110.5 tons to 14055.63 tons, a decline of 0.8% [4]. Coke Industry - **Prices and Spreads**: The price of the coke 09 contract increased by 10 yuan/ton to 1418 yuan/ton, and the 09 - contract basis decreased by 10 yuan/ton to - 2 yuan/ton [6]. - **Supply**: The daily average coke production of all - sample coking plants increased by 0.2 tons to 67.2 tons, an increase of 0.3% [6]. - **Demand**: The weekly iron - water production decreased by 0.9 tons to 244.8 tons, a decline of 0.4% [6]. - **Inventory**: The total coke inventory decreased by 11.3 tons to 983.2 tons, a decline of 1.1% [6]. Coking Coal Industry - **Prices and Spreads**: The price of the coking coal 09 contract increased by 4 yuan/ton to 842 yuan/ton, and the 09 - contract basis decreased by 9 yuan/ton to 108 yuan/ton [6]. - **Supply**: The weekly raw coal production increased by 2.8 tons to 895.8 tons, an increase of 0.3% [6]. - **Demand**: The daily average coke production of all - sample coking plants increased by 0.2 tons to 67.2 tons, an increase of 0.3% [6]. - **Inventory**: The inventory of clean coal in Fenwei mines increased by 19.4 tons to 230.3 tons, an increase of 9.2% [6]. Silicon Iron Industry - **Prices and Spreads**: The closing price of the silicon iron main contract decreased by 18 yuan/ton to 5620 yuan/ton. The price of silicon iron in Tianjin decreased by 50 yuan/ton to 5750 yuan/ton [7]. - **Cost and Profit**: The production cost and profit in Inner Mongolia remained unchanged, with a production profit of - 118 yuan/ton [7]. - **Supply**: The weekly silicon iron production decreased by 0.9 tons to 9.4 tons, a decline of 9.1% [7]. - **Demand**: The weekly silicon iron demand remained unchanged at 2.0 tons [7]. - **Inventory**: The inventory of 60 sample enterprises decreased by 1.0 tons to 74 tons, a decline of 11.8% [7]. Silicon Manganese Industry - **Prices and Spreads**: The closing price of the silicon manganese main contract increased by 14 yuan/ton to 5792 yuan/ton. The price of silicon manganese in Inner Mongolia decreased by 20 yuan/ton to 5580 yuan/ton [7]. - **Cost and Profit**: The production cost in Inner Mongolia decreased by 9.6 yuan/ton to 5768.5 yuan/ton, and the production profit decreased by 10.4 yuan/ton to - 188.5 yuan/ton [7]. - **Supply**: The weekly silicon manganese production decreased by 0.9 tons to 16.3 tons, a decline of 5.4% [7]. - **Demand**: The silicon manganese demand remained unchanged at 12.6 tons [7]. - **Inventory**: The inventory of 63 sample enterprises increased by 2.5 tons to 20.7 tons, an increase of 13.9% [7].

2025年05月22日 国泰君安期货商品研究晨报 观点与策略 | 黄金：夜盘大幅反弹 | 3 | | --- | --- | | 白银：跟随上涨 | 3 | | 铜：避险情绪升温，限制价格上涨 | 5 | | 铝：区间震荡 | 7 | | 氧化铝：偏强运行 | 7 | | 锌：承压运行 | 9 | | 铅：供需双弱，区间调整 | 10 | | 锡：窄幅震荡 | 11 | | 镍：镍矿矛盾托底，转产经济性或限制上方估值 | 13 | | 不锈钢：成本底部空间清晰，上行缺乏实质驱动 | 13 | | 碳酸锂：锂盐厂减产，并未影响资源端，上方仍然承压 | 15 | | 工业硅：弱势格局依旧 | 17 | | 多晶硅：仓单累库，关注市场情绪变动 | 17 | | 铁矿石：短期利多兑现，上涨驱动放缓 | 19 | | 螺纹钢：宽幅震荡 | 20 | | 热轧卷板：宽幅震荡 | 20 | | 硅铁：黑色板块共振，硅铁宽幅震荡 | 22 | | 锰硅：钢招价格落地，锰硅宽幅震荡 | 22 | | 焦炭：底部震荡 | 24 | | 焦煤：底部震荡 | 24 | | 动力煤：煤矿库存增加，震荡偏弱 | 26 | | 原木：弱势 ...

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1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the reports. 2. Core Views of the Reports Steel Industry - The steel industry shows a structure of high production, low inventory, weak cost support, and improved demand expectations. It is approaching the seasonal off - season, and there is a possibility of weakening manufacturing demand (exports). The price is expected to oscillate at a low level, with attention paid to whether there is support at the previous low. It is advisable to wait and see for now [1]. Iron Ore Industry - The iron ore market is expected to be mainly in a state of oscillation in the short term. Although the iron ore inventory is slightly decreasing under high pig iron production, the supply is expected to increase in the future, and the macro - expectation improvement may bring sentiment repair [3]. Coke Industry - The coke market is in a weak state. The supply side has improved production due to good orders, and the demand side shows a sign of peaking and falling. It is recommended to short the coke 2509 contract opportunistically and continue to hold the strategy of longing hot - rolled coils and shorting coke [5]. Coking Coal Industry - The coking coal market is in a weak pattern, with the supply being relatively high and the demand likely to decline. It is recommended to short the coking coal 2509 contract opportunistically and continue to hold the strategy of longing hot - rolled coils and shorting coking coal [5]. Ferrosilicon Industry - The supply - demand contradiction of ferrosilicon has been significantly alleviated, and it is expected that the price will oscillate in the short term. Attention should be paid to the marginal change in exports [6]. Ferromanganese Industry - The ferromanganese price is expected to continue to oscillate and decline. Although the supply - demand gap is narrowing under production cuts, the cost and supply pressure still exist [6]. 3. Summary According to Relevant Catalogs Steel Industry Steel Prices and Spreads - The prices of most steel products show minor changes. For example, the spot price of rebar in South China increased by 10 yuan/ton, while the 05 - contract price of rebar decreased by 20 yuan/ton [1]. Cost and Profit - The cost of steel billets decreased by 10 yuan/ton, and the profit of hot - rolled coils in East China decreased by 13 yuan/ton. The profit of rebar in different regions also showed varying degrees of decline [1]. Production and Inventory - The daily average pig iron production remained unchanged at 245.6 tons, and the production of five major steel products decreased by 5.8 tons. The inventory of five major steel products decreased by 3.1%, with rebar and hot - rolled coils having a better de - stocking situation [1]. Transaction and Demand - The building materials trading volume increased by 3.1%, and the apparent demand for five major steel products increased by 8.1%. The apparent demand for rebar increased by 21.7% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The basis of the 09 - contract for various iron ore types increased significantly. For example, the basis of the 09 - contract for PB powder increased by 57.2 yuan/ton, with a growth rate of 209.0% [3]. Supply and Demand - The global iron ore shipment volume increased by 10.5% week - on - week, and the domestic arrival volume decreased by 3.5%. The pig iron production may decline slightly, but it is still expected to remain at a high level [3]. Inventory Change - The inventory of 45 ports decreased by 0.8% week - on - week, and the inventory of 247 steel mills increased slightly by 0.0% [3]. Coke Industry Coke - Related Prices and Spreads - The price of the coke 09 - contract decreased by 1.4%, and the 09 - basis increased by 21 yuan/ton. The coking profit increased by 85.7% week - on - week [5]. Supply and Demand - The daily average production of all - sample coking plants increased by 0.3%, and the pig iron production of 247 steel mills decreased by 0.4% [5]. Inventory Change - The total coke inventory decreased by 1.1%, with the inventory of coking plants, steel mills, and ports all showing a downward trend [5]. Coking Coal Industry Coking Coal - Related Prices and Spreads - The price of the coking coal 09 - contract decreased by 0.8%, and the 09 - basis decreased by 30 yuan/ton. The sample coal mine profit decreased by 4.3% week - on - week [5]. Supply and Demand - The production of raw coal and clean coal increased slightly, and the daily average production of all - sample coking plants increased by 0.3% [5]. Inventory Change - The clean coal inventory of Fenwei sample mines increased by 9.2%, the inventory of coking plants decreased by 3.5%, and the port inventory increased by 2.8% [5]. Ferrosilicon Industry Ferrosilicon Spot Prices and Spreads - The price of the ferrosilicon 72%FeSi in some regions decreased slightly, and the SF - SM main - contract spread increased by 14 yuan/ton [6]. Cost and Profit - The production cost in some regions decreased slightly, and the production profit in Inner Mongolia increased by 2.5% [6]. Supply and Demand - The ferrosilicon production decreased by 9.15%, and the demand remained stable [6]. Inventory Change - The inventory of 60 sample enterprises decreased by 11.8% [6]. Ferromanganese Industry Ferromanganese Spot Prices and Spreads - The price of the ferromanganese main - contract decreased by 1.1%, and the spread between Inner Mongolia and the main - contract increased by 66 yuan/ton [6]. Cost and Profit - The production cost remained unchanged, and the production profit in Inner Mongolia remained the same [6]. Supply and Demand - The ferromanganese production decreased by 5.4%, and the demand decreased slightly by 0.2% [6]. Inventory Change - The inventory of 63 sample enterprises increased by 13.9%, and the average available days decreased by 7.0% [6].

| 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年5月20日 | | | 問數波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 即值 | 张跃 | 基产 | 单位 | | 螺纹钢现货(华东) | 3190 | 3210 | -20 | ਰੇਤੋ | | | 螺纹钢现货(华北) | 3220 | 3220 | O | 123 | | | 螺纹钢现货(华南) | 3340 | 3360 | -20 | 243 | | | 螺纹钢05合约 | 3115 | 3126 | -11 | 75 | | | 螺纹钢10合约 | 3069 | 3082 | -13 | 121 | | | 螺纹钢01合约 | 3097 | 3107 | -10 | ਰੇਤੋ | | | | | | | | 元/吨 | | 热卷现货(华东) | 3280 | 3290 | -10 | ટેર | | | 热卷现货(华北) | 3200 | 3210 | - ...

Report Summary 1. Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views - **Financial Products**: A-share index has stable lower support and high upper breakthrough pressure; short - term treasury bonds may oscillate; precious metals show certain price patterns and trends; the rally of the container shipping index may slow down [2]. - **Industrial Products**: Industrial materials demand and inventory are deteriorating; iron ore, coke, and other black commodities have different price trends and market situations; various energy and chemical products have different supply - demand and price characteristics [2]. - **Agricultural Products**: Different agricultural products such as soybeans, hogs, and sugar have their own market trends and influencing factors [2]. - **Special and New Energy Commodities**: Glass market sentiment is pessimistic; rubber prices are affected by news; new energy products like lithium carbonate are in a downward trend [2]. 3. Summary by Categories Financial - **Stock Index Futures**: Index has stable lower support and high upper breakthrough pressure. A - shares open lower and oscillate with trading volume maintaining at the trillion - level. Suggest selling put options on the support level of IF2506 to earn premiums, or going long on September IM contracts on pullbacks and selling call options with an exercise price of 6400 on September contracts for covered strategies [2]. - **Treasury Bonds**: Short - term treasury bonds may oscillate, waiting for fundamental guidance. The 10 - year treasury bond yield may fluctuate between 1.6% - 1.7%, and the 30 - year treasury bond yield may fluctuate between 1.85% - 1.95%. It is recommended to wait and see and focus on high - frequency economic data and liquidity dynamics [2]. - **Precious Metals**: Gold forms a "double - top" pattern and oscillates narrowly between 3200 - 3300 US dollars (750 - 770 yuan); silver fluctuates between 32 - 33.5 US dollars (8000 - 8350 yuan). The sold out - of - the - money gold call options can be held; Moody's downgrades the US credit rating, causing declines in the US stock, bond, and foreign exchange markets and a slight increase in precious metals [2]. - **Container Shipping Index (European Line)**: The emotional release is sufficient, and the upward momentum may slow down. Consider 8 - 10, 6 - 10 positive spreads, and wait and see for unilateral operations [2]. Industrial - **Steel**: Industrial materials demand and inventory are deteriorating. Pay attention to the decline in apparent demand. Iron ore oscillates between 700 - 745. Coke and coking coal prices are in a downward phase. Suggest long - hot - rolled steel and short - coke or short - coking coal strategies [2]. - **Energy and Chemicals**: Different products have different trends. For example, PX continues to have limited upward momentum; PTA oscillates at a high level between 4600 - 5000; short - fiber prices follow raw materials; ethanol's supply - demand structure improves; styrene has short - term oscillation and medium - term bearishness [2]. Agricultural - Different agricultural products have various market situations. For example, US soybeans oscillate, hogs' futures and spot prices oscillate weakly in the short term, and sugar has positive data from Brazil in late April [2]. Special and New Energy - **Special Commodities**: Glass market sentiment is pessimistic, and attention is paid to whether it can break through the 1000 - point level; rubber prices rise slightly due to storage news and can be lightly shorted at the upper end of the 14500 - 15500 range [2]. - **New Energy Commodities**: Lithium carbonate maintains a downward trend, with the main contract referring to 60,000 - 63,000 yuan; polysilicon futures oscillate with near - term strength and long - term weakness [2].

Group 1: Report Industry Investment Ratings - There is no explicit overall industry investment rating provided in the report. However, investment suggestions are given for different sectors, including "long - position reduction", "short - selling opportunities", "interval trading", etc. [1] Group 2: Core Views of the Report - The market shows complex trends due to various factors such as economic data, policy changes, and supply - demand relationships across different commodity sectors. The overall market sentiment is affected by factors like the US consumer confidence index, inflation expectations, and geopolitical events. [1] Group 3: Summaries by Related Catalogs Macro - Financial - For stock index futures, it is recommended to consider reducing long positions and be vigilant about further adjustment risks [1]. - The bond futures are supported by asset shortage and weak economy in the long - term, but the short - term rise is suppressed by the central bank's interest - rate risk reminder [1]. - Gold prices may enter a consolidation phase in the short - term, while the long - term upward logic remains unchanged. Silver prices may be more resilient than gold in the short - term due to potential tariff impacts [1]. Non - Ferrous Metals - Copper prices are expected to be weak in the short - term due to lower downstream demand and other factors [1]. - Aluminum prices will remain strong in the short - term supported by low inventory and alumina price rebounds. Alumina prices continue to rise due to supply disruptions [1]. - Zinc fundamentals are weak, and it is recommended to look for short - selling opportunities [1]. - Nickel prices will oscillate in the short - term and face long - term oversupply pressure. Short - term interval trading is suggested [1]. - Stainless steel futures will oscillate in the short - term with long - term supply pressure. Interval trading is recommended [1]. - Tin prices have strong fundamental support before the复产 of Wa State [1]. Chemicals - Silicon presents a situation of strong supply, weak demand, and low - valuation, with no improvement in demand and high inventory pressure [1]. - Lithium carbonate has no further supply contraction, increasing inventory, and downstream rigid - demand purchasing [1]. - For methanol, the short - term spot market will trade in a range, and the long - term market may turn from strong to weak and oscillate [1]. - PVC has weak fundamentals but is boosted by macro - factors, and its price will oscillate [1]. - LPG prices are expected to decline in the short - term due to tariff easing and demand off - season [1]. Black Metals - Rebar is in a window of switching from peak to off - season, with cost loosening and a supply - demand surplus, lacking upward momentum [1]. - Iron ore prices will oscillate, and manganese ore prices are expected to decline due to oversupply [1]. - Coke and coking coal are in a relatively oversupplied situation, and it is recommended to take advantage of price rebounds for hedging [1]. Agricultural Products - Brazilian sugar production in the 2025/26 season is expected to reach a record high, but it may be affected by crude oil prices [1]. - Grains are expected to oscillate, and a strategy of buying on dips is recommended considering the tight annual supply - demand situation [1]. - Soybean prices are expected to oscillate due to lack of speculation and market pressure [1]. - Cotton prices are expected to oscillate weakly as the domestic cotton - spinning industry enters the off - season [1]. - Pulp prices will oscillate due to lack of upward momentum after the tariff - related boost [1]. - Livestock prices will oscillate as the pig inventory recovers and the market is in a state of abundant supply expectation [1]. Energy - Crude oil and fuel oil prices are affected by the progress of the Iran nuclear deal and the end of the Sino - US trade negotiation drive [1]. - Asphalt prices will oscillate as cost drags, inventory returns to normal, and demand slowly recovers [1]. - Natural rubber prices are affected by rainfall, cost support, and the end of the trade negotiation drive [1].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Steel Industry - The steel industry presents a structure of high production, low inventory, weak cost support, and expected demand recovery. It is about to face the seasonal off - season and the possibility of weakening manufacturing demand (exports). The price is expected to oscillate at a low level, and it is recommended to wait and see for now [1]. Iron Ore Industry - This week, the daily average iron ore production has peaked and declined, while the port clearance volume has slightly increased. It is expected that the iron ore production will remain at a high level in the short term. The iron ore is slightly de - stocked under high iron ore production, and the steel mill inventory remains low. The terminal demand of finished products determines the sustainability of high - level iron ore production. It is expected that the iron ore will oscillate in the short term [4]. Silicon and Manganese Industry - For silicon iron, the daily production has declined, the supply pressure has been gradually relieved, and the factory inventory has gradually decreased, but the overall inventory is still at a medium - high level. For silicon manganese, the production is accelerating to decline, the supply and demand contradiction is limited, and the price is expected to oscillate, stabilize, and rebound [5]. Coke and Coking Coal Industry - The coke and coking coal futures showed a weak oscillating trend last week. The supply - demand pattern is still loose in the short term. It is recommended to short the 2509 contracts of coke and coking coal at high prices and continue to hold the arbitrage strategy of long hot - rolled coils and short coke/coking coal [6]. 3. Summary by Directory Steel Industry - **Prices and Spreads**: The prices of most steel products decreased. For example, the spot price of rebar in East China decreased by 30 yuan/ton, and the 10 - contract price decreased by 36 yuan/ton. The cost of some steel products decreased, and the profit of most steel products increased [1]. - **Production**: The daily average iron ore production remained unchanged at 245.6 tons, the production of five major steel products decreased by 5.8 tons (- 0.7%), the rebar production increased by 3.0 tons (1.3%), and the hot - rolled coil production decreased by 8.4 tons (- 2.6%) [1]. - **Inventory**: The inventory of five major steel products decreased by 45.4 tons (- 3.1%), the rebar inventory decreased by 33.8 tons (- 5.2%), and the hot - rolled coil inventory decreased by 17.6 tons (- 4.8%) [1]. - **Demand**: The daily average construction material trading volume decreased by 0.3 tons (- 3.1%), the apparent demand for five major steel products increased by 68.6 tons (8.1%), the apparent demand for rebar increased by 46.4 tons (21.7%), and the apparent demand for hot - rolled coils increased by 20.0 tons (6.5%) [1]. Iron Ore Industry - **Prices and Spreads**: The prices of most iron ore varieties decreased. For example, the warehouse - receipt cost of PB powder decreased by 8.8 yuan/ton (- 1.1%), and the spot price of PB powder at Rizhao Port decreased by 8.0 yuan/ton (- 1.0%). The basis of some varieties increased significantly [4]. - **Supply**: The 45 - port arrival volume decreased by 95.1 tons (- 3.9%), and the global shipment volume decreased by 21.5 tons (- 0.7%) [4]. - **Demand**: The daily average iron ore production of 247 steel mills decreased by 0.9 tons (- 0.4%), and the 45 - port daily average port clearance volume increased by 8.7 tons (2.8%) [4]. - **Inventory**: The 45 - port inventory decreased by 174.8 tons (- 1.2%), and the inventory of imported iron ore in 247 steel mills increased by 2.2 tons (0.0%) [4]. Silicon and Manganese Industry - **Prices and Spreads**: The prices of silicon iron and silicon manganese increased slightly. The closing price of the silicon iron main contract increased by 26.0 yuan/ton (0.5%), and the closing price of the silicon manganese main contract increased by 12.0 yuan/ton (0.2%) [5]. - **Cost and Profit**: The production cost of some regions remained stable, and the production profit of some regions increased or remained unchanged [5]. - **Supply**: The production of silicon iron decreased by 0.9 tons (- 5.4%), and the production of silicon manganese decreased by 0.9 tons (- 5.4%). The start - up rates of both decreased [5]. - **Demand**: The demand for silicon iron and silicon manganese remained relatively stable [5]. - **Inventory**: The inventory of 60 sample silicon iron enterprises decreased by 1.0 tons (- 11.8%), and the inventory of 63 sample silicon manganese enterprises increased by 2.5 tons (13.9%) [5]. Coke and Coking Coal Industry - **Prices and Spreads**: The prices of coke and coking coal decreased. For example, the price of first - class wet - quenched coke in Shanxi decreased by 50 yuan/ton (- 3.84%), and the price of coking coal (Shanxi warehouse - receipt) decreased by 20 yuan/ton (- 1.9%) [6]. - **Supply**: The coke production increased slightly, and the coking coal production remained at a relatively high level. The domestic coal mines continued to resume production, and the Mongolian customs clearance volume increased from a low level [6]. - **Demand**: The iron ore production showed signs of peaking and declining, and the downstream users' replenishment was mainly on - demand [6]. - **Inventory**: The coke inventory in coking plants continued to decline, the port inventory decreased slightly, and the steel mill inventory was low. The coking coal inventory in mines continued to accumulate, and the downstream inventory was at a low level [6].