Core Viewpoint - China Shenhua announced that its 2025 annual report will be disclosed on March 31, and an interactive online performance briefing will be held on April 2 to facilitate investor understanding of the company's operational and financial status [1] Group 1 - The annual performance briefing will take place from 16:00 to 17:00 at the Shanghai Stock Exchange's online roadshow center [1] - Company directors and senior management will participate in the briefing [1] - Investors can submit questions from March 26 to April 1, 16:00, either through the roadshow center or via email by 17:00 on March 31, and the company will address these questions during the meeting [1]

Market Overview - A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 1.30% to close at 3931.84 points, the Shenzhen Component Index rising by 1.95% to 13801.00 points, and the ChiNext Index up by 2.01% to 3316.97 points [3] - The trading volume in the Shanghai and Shenzhen markets reached 2.19 trillion yuan, an increase of 968 billion yuan compared to the previous day [3] Investor Sentiment - Global investor sentiment has been fluctuating due to concerns surrounding geopolitical tensions, particularly influenced by former President Trump's actions [4] - Recent developments indicate that both parties involved in the conflict have proposed agreement terms, suggesting a potential de-escalation, which positively impacted global markets, including A-shares [4] Sector Performance - Most sectors are undergoing a valuation recovery, with the exception of the energy (oil and gas, coal) and photovoltaic sectors, which experienced declines [5] - The military and power sectors continued their strong performance, contributing significantly to market gains, with approximately 4800 stocks rising and only about 580 declining [5] Financial Sector - The three major financial sectors—banking, insurance, and securities—recorded around 1% gains without any significant sell-off [6] - The banking sector showed initial adjustments but stabilized in the afternoon, providing crucial support for the index [6] Hong Kong Market Dynamics - The Hang Seng Index experienced volatility, initially declining before recovering due to positive news from Alibaba and Meituan, which saw stock price increases of up to 15% and 6% respectively [6] - The article highlighted the impact of low-price competition in the food delivery sector on the Consumer Price Index (CPI), which is a critical macroeconomic indicator [6] Company-Specific News - Pop Mart experienced a significant drop of approximately 23% in its stock price, attributed to market reactions to its underwhelming performance expectations and over-reliance on a single intellectual property [7]

Core Viewpoint - Morgan Stanley has added China Shenhua (01088) to its focus list for mainland China/Hong Kong with a rating of "Overweight" [1] Group 1: Company Overview - China Shenhua is the largest coal producer in China [1] - The company is projected to reach a coal production of 330 million tons and sales of 430 million tons by 2025 [1] Group 2: Market Dynamics - Despite the continuous increase in domestic coal supply, the stock has experienced a sustained revaluation due to China's energy transition [1] - Coal prices have risen year-on-year, leading to higher profit contributions from Shenhua's coal segment [1] Group 3: Investment Appeal - The stock currently offers an attractive dividend yield of approximately 7%, making it appealing in volatile market conditions [1]

Market Overview - On March 25, the A-share market experienced a rebound, with all four major indices rising, the Shanghai Composite Index increasing by over 1% to surpass 3900 points, and the ChiNext Index rising by over 2% [1] - More than 4800 stocks in the market rose, with 105 stocks hitting the daily limit, marking the second consecutive trading day with over a hundred stocks reaching the limit [1] Sector Performance - The optical communication sector saw a collective surge, with Tongding Interconnection and Changfei Fiber both hitting the daily limit, while Tianfu Communication rose over 6% and Zhongji Xuchuang increased by over 4% [4] - The aerospace and military sector strengthened in the afternoon, with Changcheng Military Industry hitting the daily limit, Hunan Tianyan achieving two consecutive limit-ups, and several other stocks like Beifang Changlong and Hongdu Aviation rising over 8% [4] - Local stocks in Fujian experienced significant gains, with Pingtan Development hitting the daily limit and several others following suit, driven by a recent government initiative to promote the development of state-owned enterprises [4] - The electric power sector exploded, led by green energy concepts, with over ten constituent stocks hitting the daily limit, including Huadian Liao Energy with eight consecutive limit-ups and Shaoneng Shares with five limit-ups in six days [4] - The computing power leasing concept also gained strength, with stocks like Erli San and Aorui De hitting the daily limit [4] Declines - The oil and gas, as well as coal sectors, faced the largest declines, with stocks like Intercontinental Oil and Blue Flame Holdings dropping over 5%, and China National Offshore Oil Corporation falling over 3% [5] Hong Kong Market - In the Hong Kong market, the Hang Seng Technology Index saw an afternoon increase of up to 2%, with tech stocks collectively rising, including Meituan increasing nearly 12% and Alibaba rising over 5% [5] Company-Specific News - Pop Mart's stock price plummeted by 22% following the release of its 2025 financial report, which indicated that sales of non-Labubu IP products did not meet expectations [7]

Group 1 - The core point of the article is that Jiutai Bonda Energy (02798) reported a significant decline in revenue and a net loss for the fiscal year ending December 31, 2025, primarily due to falling coal product prices [2]. Group 2 - The company's revenue for the year was approximately 1.206 billion RMB, representing a year-on-year decrease of about 29.3% [2]. - Jiutai Bonda Energy experienced a net loss of 198 million RMB, marking a shift from profit to loss compared to the previous year [2]. - The basic loss per share was reported at 12.36 cents [2].

1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the content. 2. Core Viewpoints of the Report - Geopolitical factors remain the core concern of the market. After the Trump administration released more signals of easing the situation, most global equity markets rebounded. The domestic market also showed a shrinking - volume rebound. Attention should be paid to potential positive factors from domestic policies. If the market trading volume effectively increases in the future, it is expected to drive the market to form a trend - upward [1][3]. 3. Summary According to Related Catalogs 3.1 Market Analysis - **Macro - aspect**: The State Administration for Market Regulation held a symposium on price supervision and anti - unfair competition work, emphasizing efforts in various aspects such as deepening price supervision, rectifying "involution - style" competition, and strengthening anti - unfair competition law enforcement [1]. - **Geopolitical - aspect**: Trump stated that the US had "won" in the action against Iran, and the US proposed a 15 - condition conflict - ending plan to Iran through Pakistan, including requirements on nuclear plans, missile capabilities, and regional issues [1]. 3.2 Index Performance - **Spot Market**: A - share major indices rebounded. The Shanghai Composite Index rose 1.78% to 3881.28 points, and the ChiNext Index rose 0.5%. Most sector indices rose, with only the petroleum and petrochemical, and coal industries closing down. The environmental protection, textile and apparel, building materials, and non - ferrous metal industries led the gains. The trading volume on that day was 2.1 trillion yuan. As of the end of February, the scale of existing private equity funds reached 22.6 trillion yuan, an increase of 160 billion yuan from the end of the previous month, hitting a new high. Overseas, the preliminary value of the US S&P Global Composite PMI in March dropped to 51.4, a new low in 11 months. The manufacturing and service sectors showed different trends: the manufacturing PMI rose to 52.4, exceeding expectations, while the service PMI dropped to 51.1, also a new low in 11 months. The three major US stock indices closed down, with the Nasdaq falling 0.84% to 21761.89 points [2]. - **Futures Market**: In the futures market, the basis of IF, IH, and IM decreased. In terms of trading volume and open interest, both the trading volume and open interest of index futures decreased [2]. 3.3 Strategy - Geopolitical factors are still the core focus of the market. After the Trump administration released more signals of easing the situation, most global equity markets rebounded. The domestic market showed a shrinking - volume rebound. Attention should be paid to potential positive factors from domestic policies. If the market trading volume effectively increases in the future, it is expected to drive the market to form a trend - upward [3]. 3.4 Chart Information - **Macro - economic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][8][10]. - **Spot Market Tracking Charts**: Table 1 shows the daily performance of major domestic stock indices on March 24, 2026, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [13]. - **Stock Index Futures Tracking Charts**: Table 2 shows the trading volume and open interest of IF, IH, IC, and IM index futures, including the current values and changes. Table 3 shows the basis of index futures (futures - spot). Table 4 shows the inter - period spreads of index futures. There are also multiple charts related to the open interest, net open interest of foreign capital, basis, and inter - period spreads of different index futures contracts [17][39][45].

Group 1: Market Positioning - The Shanghai Composite Index has returned to 3800 points after a recent geopolitical conflict-induced pullback, indicating a potential phase bottom with limited downside space[3] - Strong sectors at the beginning of the year have mostly retreated to the 3800-4000 point range, including cyclical products (non-ferrous metals, steel) and technology themes (electronics, media, military, machinery)[4] - Some real estate and consumer sectors have returned to the 3300-3600 point range, while food and personal care sectors have dropped to around 3000 points, reflecting significant declines[4] Group 2: Valuation Insights - The current PE ratio of the Shanghai Composite Index has decreased from 17.2x in early March to 16.3x, with the 20-year percentile dropping from 77% to 68%[7] - Technology manufacturing sectors remain overvalued, with communication at a PE of 53x (85th percentile), electronics at 64x (77th percentile), and machinery at 39x (76th percentile)[7] - Cyclical products have seen a significant drop in valuation, with non-ferrous metals at a PB of 3.4x (67th percentile), coal at 1.6x (54th percentile), and steel at 1.2x (47th percentile)[7] Group 3: Investment Focus - Emphasis on high dividend yield stocks for safety, with banks at 4.6%, coal at 4.4%, home appliances at 4.1%, and food and beverage at 3.8%[7] - Investment opportunities identified in sectors with low valuations and strong earnings potential, such as agriculture, cyclical products, and electronics[10] - Attention to sectors with low PB-ROE ratios and strong profitability, including food and beverage, home appliances, non-bank financials, and basic chemicals[10]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - Overseas, the US March S&P Global Manufacturing PMI reached 52.4, higher than the expected 51.3 and the previous value of 51.6; the March S&P Global Services PMI was 51.1, lower than the expected 51.5 and the previous value of 51.7, indicating a recovery in the US manufacturing industry and a decline in the service industry. The conflicting signals of Middle - East conflict easing and escalation continue to influence the capital market, and the market is still driven by crude oil [2]. - In the domestic market, on Tuesday, the broader market rose 1.78%, the Shenzhen Component Index rose 1.43%, and the ChiNext Index rose 0.5%, showing a trend of bottom - hunting and recovery. There was obvious capital inflow at 10 am and 2 pm. Sectors such as environmental protection, textile and apparel, building materials, non - ferrous metals, and social services led the gains, while petroleum and petrochemicals and coal declined. A total of 5,135 stocks rose and 328 stocks fell. The "Token" economy may become the core pricing logic, and domestic computing power and data centers should be focused on. The domestic A - share market shows characteristics of a stock game under external uncertainties, and although there was capital inflow, the subsequent uncertainty is still high [3]. 3. Summary by Directory 3.1 Important Information - Trump's support rate dropped to the lowest since his return to the White House [5]. - The US Department of Justice admitted that the investigation of Powell lacked evidence [6]. - The Trump administration is expected to relax summer gasoline regulations as early as Wednesday to suppress energy prices [6]. - The EU postponed the proposal to permanently ban the import of Russian oil originally scheduled for April 15 [7]. - Regarding the Iranian situation, there are various news including the US intention to cease fire for a month to discuss a 15 - point agreement with Iran, the possible high - level talks between the US and Iran as early as Thursday, Saudi Crown Prince urging Trump to continue the war against Iran, the appointment of Bagher Zolghadr as the secretary of Iran's Supreme National Security Council, Trump's statement about ongoing negotiations and Iran's agreement on "never having nuclear weapons" and offering a gift related to oil and gas, the 15 - point peace plan put forward by the US, Iran being reported to demand a "toll" of $200,000 each time, Trump forwarding a post from the Prime Minister of Pakistan willing to act as a mediator, the US continuing to deploy the 82nd Airborne Division to the Middle East, and Iran preferring Vance to lead the negotiations and accusing Kushner and Witkoff of "breach of trust" [8][9][10]. - Wang Yi had a phone call with Iranian Foreign Minister Amir - Abdollahian [15]. - The State Administration for Market Regulation held a symposium on price supervision, inspection, and anti - unfair competition work in 2026 [16]. 3.2 Futures Market Tracking - The report provides data on the performance, trading volume, and positions of various index futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000, including details like closing prices, settlement prices, price changes, trading volume changes, and position changes [18][19]. 3.3 Spot Market Tracking - It shows the performance of various spot market indexes, including the current points, daily, weekly, monthly, and annual price changes, trading volumes, and historical quantiles of indexes such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, etc. It also analyzes the influence of market styles on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes, and presents the valuation and historical quantiles of important indexes and Shenwan sectors [43][44][46]. - It also includes various charts related to the spot market, such as the relationship between market style and index fluctuations, market trading volume, turnover rate, the number of rising and falling stocks, and index trading volume changes [53]. 3.4 Liquidity Tracking - The report shows the central bank's open - market operations and the Shibor interest rate level [58].

Group 1: Report Information - Report date: March 25, 2026 [1] - Report type: Coking Coal Daily Report - Research team: Black Team of the Research Center Group 2: Price Information Spot Prices - Liulin Main Coking Coal: Latest price is 1603.00, with a daily change of 135.00, weekly change of 120.00, monthly change of 120.00, and annual change of 26.72% [2] - Raw Coal Port Delivery Price: Latest price is 1171.00, with a daily change of 6.00, weekly change of 71.00, monthly change of 161.00, and annual change of 39.40% [2] - Shaheyi Mongolian No. 5: Latest price is 1450.00, with a daily change of 30.00, weekly change of 80.00, monthly change of 50.00, and annual change of 16.47% [2] - Anze Main Coking Coal: Latest price is 1490.00, with a daily change of 0.00, weekly change of 40.00, monthly change of -80.00, and annual change of 17.32% [2] Futures Prices - Futures Contract 05: Latest price is 1263.50, with a daily change of 13.00, weekly change of 90.50, monthly change of 163.00, and annual change of 24.05% [2] - Futures Contract 09: Latest price is 1381.50, with a daily change of 20.50, weekly change of 106.00, monthly change of 198.00, and annual change of 27.62% [2] - Futures Contract 01: Latest price is 1580.50, with a daily change of 7.50, weekly change of 103.00, monthly change of 216.50, and annual change of 39.19% [2] Group 3: Inventory Information - Total Inventory: Latest inventory is 3754.41, with a weekly change of -169.44 and an annual change of -10.70% [2] - Coal Mine Inventory: Latest inventory is 254.09, with a weekly change of -23.59, monthly change of 2.47, and annual change of -31.82% [2] - Port Inventory: Latest inventory is 267.55, with a weekly change of -0.15, monthly change of 9.14, and annual change of -32.03% [2] - Steel Mill Coking Coal Inventory: Latest inventory is 777.63, with a weekly change of 1.99, monthly change of -60.62, and annual change of 2.01% [2] - Coking Plant Coking Coal Inventory: Latest inventory is 969.43, with a weekly change of 19.98, monthly change of -360.56, and annual change of 24.20% [2] Group 4: Other Information - Coking Capacity Utilization: Latest utilization rate is 74.31, with a weekly change of 0.40, monthly change of 1.42, and annual change of 3.87% [2] - Coking Coke Inventory: Latest inventory is 86.46, with a weekly change of 0.57, monthly change of 0.13, and annual change of -1.14% [2] - 05 Basis: Latest basis is -122.35, with a daily change of -13.00, weekly change of -56.02, monthly change of -148.06, and annual change of -66.84% [2] - 09 Basis: Latest basis is -240.35, with a daily change of -20.50, weekly change of -71.52, monthly change of -183.06, and annual change of 1.01% [2] - 01 Basis: Latest basis is -439.35, with a daily change of -7.50, weekly change of -68.52, monthly change of -201.56, and annual change of 1.55% [2] - 5 - 9 Spread: Latest spread is -118.00, with a daily change of -7.50, weekly change of -15.50, monthly change of -35.00, and annual change of 0.84% [2] - 9 - 1 Spread: Latest spread is -199.00, with a daily change of 13.00, weekly change of 3.00, monthly change of -18.50, and annual change of 2.75% [2] - 1 - 5 Spread: Latest spread is 317.00, with a daily change of -5.50, weekly change of 12.50, monthly change of 53.50, and annual change of 1.71% [2]

1. Investment Rating of the Report - The provided reports do not mention any industry investment ratings. 2. Core Views of the Reports Steel Industry - The black metal market is in a high - level volatile trend. Affected by the decline in the futures market, the basis has strengthened. The supply - demand of the steel industry is basically balanced with few contradictions. Currently, both supply and demand are increasing, and last week's apparent demand increased more than production. The industry is in the seasonal de - stocking phase. Later, the height of the recovery of apparent demand needs to be monitored. Raw materials support steel prices due to iron ore supply disruptions and the energy substitution logic of coking coal. Steel prices have risen to the upper limit of the range, and the short - term industry contradictions are not significant. The steel price center may rise due to raw material promotion, but attention should be paid to the interference of natural gas fluctuations on black metals including coking coal [1]. Iron Ore Industry - The iron ore main contract maintained a high - level volatile trend. Affected by a super typhoon, Rio Tinto's Dampier Port was closed until Saturday, and short - term Australian shipments are expected to decline but will be replenished later. On the supply side, the global iron ore shipments increased slightly week - on - week, with Australian shipments continuing to rise and BHP's shipments falling to a historical low. The impact of the Australian typhoon on shipments needs to be monitored. On the demand side, last week's hot metal production increased significantly week - on - week as previously - overhauled steel mills resumed production. Currently, terminal demand recovery is slow, domestic demand is relatively weak, and steel exports are uncertain. Attention should be paid to the height and sustainability of hot metal production recovery. In terms of inventory, steel mill inventories increased week - on - week, and port inventories decreased slightly. It is expected that port inventories will either slightly decrease or remain flat as arrivals return to a low level and resumption of production drives an increase in port clearance. In the short term, the iron ore main contract will operate in a high - level volatile range [4]. Coke and Coking Coal Industry - **Coking Coal**: The coking coal futures showed a high - level decline. Spot auction prices in Shanxi turned to more increases than decreases, and Mongolian coal prices fluctuated with the futures. After the holiday, restocking demand gradually recovered. The US - Iran conflict caused high - level fluctuations in crude oil and natural gas. On the supply side, coal mines gradually resumed production, and daily coal production increased. Imported coal port inventories accumulated at a slower pace and remained at a relatively high level after customs clearance. On the demand side, after the Two Sessions, steel mill production restrictions were lifted, hot metal production increased, and coking production also increased. With cost increases, coking coal prices are expected to bottom out and rebound. In terms of inventory, coal washing plants, coking enterprises, and ports accumulated inventory, while coal mines, steel mills, and ports reduced inventory, with overall inventory starting to accumulate downstream. It is recommended to go long on the coking coal 2605 contract in the range of 1150 - 1350 and conduct an arbitrage strategy of going long on coking coal and short on coke [6]. - **Coke**: The coke futures showed a high - level decline. Mainstream coking enterprises initiated the first round of price increases on March 23, which are expected to be successfully implemented. The increase in coking coal prices provides cost support for coke price increases. Port prices fluctuate with the futures. On the supply side, coke price adjustments lag behind coking coal, and coking production prices have increased significantly to make up for coke losses. After the Two Sessions, coking plant operations began to increase. On the demand side, after the Two Sessions, steel mill production restrictions were lifted, hot metal production increased, steel prices rebounded from a low level, and restocking demand will gradually recover later. In terms of inventory, coking plants reduced inventory, while steel mills and ports accumulated inventory, with overall inventory slightly increasing at a medium level. The short - term supply - demand of coke is basically balanced. It is recommended to go long on the coke 2605 contract in the range of 1700 - 1900 and conduct an arbitrage strategy of going long on coking coal and short on coke [6]. Ferrosilicon and Ferromanganese Industry - **Ferrosilicon**: The ferrosilicon main contract rose slightly, with the price rising on the futures market and then falling back. Geopolitical conflicts affected coal price expectations, and market sentiment was volatile. A ferrosilicon plant in Ningxia started a 33000kva ferrosilicon furnace and produced iron. This week, ferrosilicon production increased slightly week - on - week, with production increasing in Ningxia, Inner Mongolia, and Gansu. Due to recent price increases, manufacturers' profits have improved, and it is expected that supply will continue to grow. In terms of demand, hot metal production increased significantly week - on - week, and steel mill overhaul impacts continued to decline. Non - steel demand, such as magnesium ingot daily production, was at a relatively high level and increased. Ferrosilicon exports weakened, but export profits improved. Lanthanum prices remained stable, but rising coal prices may drive up lanthanum prices, providing cost support for ferrosilicon. In the short term, affected by international geopolitical conflicts, market sentiment is volatile, supply and demand of ferrosilicon both increase, and costs are affected by coal. Attention should be paid to the resumption of production rhythm and cost changes. It is expected that prices will fluctuate widely in the range of 5700 - 6800, and it is recommended to wait and see, or try to go long on ferrosilicon and short on ferromanganese for price repair [7]. - **Ferromanganese**: The ferromanganese main contract rose and then fell, closing slightly lower. The Global Manganese Industry Association announced energy - saving and emission - reduction measures, with a total reduction of 30%. Spot manganese - silicon sentiment was high, with no low - price sales in the market, and increased participation in hedging on the futures market. Manganese ore spot was strong. Last week, ferromanganese supply decreased slightly week - on - week, with consecutive weeks of declining operating rates. Inner Mongolia's production decreased slightly, and southern production pressure remained high. Yunnan's power price subsidies led to some resumption of production. New production capacity will be launched in the second quarter, and attention should be paid to changes in ferromanganese supply. In terms of demand, hot metal production increased significantly week - on - week, and steel mill overhaul impacts continued to decline. In terms of cost, some manganese ore port supplies were in tight balance, and factors such as the resumption of manganese - silicon production and rising shipping costs pushed up prices. Coking coal price increases also drove up chemical coke prices, pushing up ferromanganese costs. In the short term, affected by international geopolitical conflicts, market sentiment is volatile, supply and demand of ferromanganese both increase, and costs are pushed up. It is expected that prices will fluctuate widely [7]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - **Threaded Steel**: Spot prices in East China, North China, and South China were 3240 yuan/ton, 3210 yuan/ton, and 3300 yuan/ton respectively. The 05, 10, and 01 contracts were 3145 yuan/ton, 3173 yuan/ton, and 3196 yuan/ton respectively, all showing declines [1]. - **Hot - Rolled Coil**: Spot prices in East China, North China, and South China were 3300 yuan/ton, 3240 yuan/ton, and 3300 yuan/ton respectively. The 05, 10, and 01 contracts were 3324 yuan/ton, 3331 yuan/ton, and 3333 yuan/ton respectively, all showing declines [1]. Cost and Profit - **Cost**: Steel billet price was 2990 yuan/ton, and slab price was 3730 yuan/ton, both unchanged. Jiangsu electric - furnace threaded steel cost was 3264 yuan/ton, up 1 yuan/ton; Jiangsu converter threaded steel cost was 3184 yuan/ton, up 2 yuan/ton [1]. - **Profit**: East China hot - rolled coil profit was 38 yuan/ton, up 18 yuan/ton; North China hot - rolled coil profit was - 32 yuan/ton, up 18 yuan/ton; East China threaded steel profit was - 12 yuan/ton, up 18 yuan/ton; North China threaded steel profit was - 52 yuan/ton, up 18 yuan/ton; South China threaded steel profit was 188 yuan/ton, up 38 yuan/ton [1]. Production - **Daily Average Hot Metal Production**: It was 228.2 tons, up 7.0 tons or 3.1% from the previous value [1]. - **Five - Variety Steel Production**: It was 839.8 tons, up 18.9 tons or 2.3% from the previous value. Threaded steel production was 203.3 tons, up 8.0 tons or 4.1%, including an increase of 5.1 tons or 17.6% in electric - furnace production and 2.9 tons or 1.8% in converter production. Hot - rolled coil production was 300.2 tons, up 4.9 tons or 1.7% [1]. Inventory - **Five - Variety Steel Inventory**: It was 1946.2 tons, down 28.7 tons or - 1.5% from the previous value. Threaded steel inventory was 889.4 tons, down 4.8 tons or - 0.5%; hot - rolled coil inventory was 461.3 tons, down 10.3 tons or - 2.2% [1]. Transaction and Demand - **Building Materials Transaction Volume**: It was 9.4 tons, down 1.6 tons or - 14.9% from the previous value. The apparent demand for five - variety steel was 868.5 tons, up 70.4 tons or 8.8%; the apparent demand for threaded steel was 208.1 tons, up 31.3 tons or 17.7%; the apparent demand for hot - rolled coil was 310.5 tons, up 15.2 tons or 5.1% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - **Warehouse Receipt Cost**: The warehouse receipt cost of Karara fines was 1956 yuan/ton, up 2.2 yuan/ton or 0.2%; the warehouse receipt cost of PB fines was 854.5 yuan/ton, up 1.1 yuan/ton or 0.1%; the warehouse receipt cost of Brazilian mixed fines was 858.2 yuan/ton, up 1.1 yuan/ton or 0.1%; the warehouse receipt cost of Jinbuba fines was 891.6 yuan/ton, up 1.1 yuan/ton or 0.1% [4]. - **05 Contract Basis**: The 05 contract basis of Karara fines was 111.1 yuan/ton, down 2.8 yuan/ton or - 2.5%; the 05 contract basis of PB fines was 30.5 yuan/ton, down 3.9 yuan/ton or - 11.3%; the 05 contract basis of Brazilian mixed fines was 34.2 yuan/ton, down 3.9 yuan/ton or - 10.3%; the 05 contract basis of Jinbuba fines was 67.6 yuan/ton, down 3.9 yuan/ton or - 5.5% [4]. - **5 - 9 Spread**: It was 33.5 yuan/ton, up 1.0 yuan/ton or 3.1%; the 9 - 1 spread was 24.0 yuan/ton, unchanged [4]. Spot Prices and Price Indexes - **Rizhao Port Spot Prices**: The price of Karara fines was 960.0 yuan/wet ton, up 2.0 yuan/ton or 0.2%; the price of PB fines was 797.0 yuan/wet ton, down 1.0 yuan/ton or 0.1%; the price of Brazilian mixed fines was 835.0 yuan/wet ton, up 1.0 yuan/ton or 0.1%; the price of Jinbuba fines was 743.0 yuan/wet ton, up 1.0 yuan/ton or 0.1% [4]. - **Singapore Exchange 62% Fe Swap**: It was 106.7 dollars/ton, unchanged [4]. Supply - **45 - Port Arrivals (Weekly)**: It was 2271.6 tons, up 56.6 tons or 2.6% from the previous value. Global shipments (weekly) were 3144.3 tons, up 3048.8 tons or 3.1% from the previous value. The national monthly import volume was 9763.8 tons, down 2200.9 tons or - 18.4% from the previous value [4]. Demand - **247 Steel Mills' Daily Average Hot Metal (Weekly)**: It was 228.2 tons, up 7.0 tons or 3.1% from the previous value. The 45 - port daily average port clearance (weekly) was 321.0 tons, up 3.1 tons or 1.0% from the previous value. The national monthly pig iron production was 6072.2 tons, down 6072.2 tons or - 100.0% from the previous value; the national monthly crude steel production was 0.0 tons, down 6817.7 tons or - 100.0% from the previous value [4]. Inventory Changes - **45 - Port Inventory**: It was 17187.52 tons, down 89.1 tons or - 0.5% from the previous value. The 247 steel mills' imported ore inventory (weekly) was 9034.1 tons, up 105.0 tons or 1.2% from the previous value. The 64 steel mills' inventory available days (weekly) were 21.0 days, down 2.0 days or - 8.7% from the previous value [4]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - **Coke Spot Prices**: The price of Shanxi first - grade wet - quenched coke (warehouse receipt) was 1681 yuan/ton, unchanged; the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) was 1767 yuan/ton, unchanged [6]. - **Coke Futures Contracts**: The 05 contract was 1798 yuan/ton, down 49 yuan/ton or - 2.7%; the 09 contract was 1874 yuan/ton, down 42 yuan/ton or - 2.2% [6]. - **Basis and Spread**: The 05 basis was - 31 yuan/ton, up 49 yuan/ton; the 09 basis was - 107 yuan/ton, up 42 yuan/ton; the 05 - 09 spread was - 76 yuan/ton, down 8 yuan/ton [6]. - **Coking Profit**: The Steel Union's coking profit (weekly) was 0 yuan/ton, down 17 yuan/ton [6]. Coking Coal - Related Prices and Spreads - **Coking Coal Spot Prices**: The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) was 1330 yuan/ton, up 30 yuan/ton or 2.3%; the price of Mongolian 5 raw coal (warehouse receipt) was 1337 yuan/ton, down 10 yuan/ton or - 0.7% [6]. - **Coking Coal Futures Contracts**: The 05 contract was 1250 yuan/ton, down 40 yuan/ton or - 3.1%; the 09 contract was 1372 yuan/ton, down 7 yuan/ton or - 0.5% [6]. - **Basis and Spread**: The 05 basis was 88 yuan/ton, up 30 yuan/ton; the 09 basis was - 35 yuan/ton, down 3 yuan/ton; the JM05 - JM09 spread was - 122 yuan/ton, down 33 yuan/ton [6]. - **Sample Coal Mine Profit**: It was 495 yuan/ton, up 13 yuan/ton or 2.7% [6]. Supply - **Coke Production (Weekly)**: The daily average production of all - sample coking plants was 64.2 tons, up 0.3 tons or 0.5% from the previous value; the daily average production of 247 steel mills was 47.3 tons, up 0.3 tons or 0.7% from the previous value [6]. - **Coking Coal Production (Weekly)**: The raw coal production of Fenwei sample coal mines was 6088 tons, up 7.0 tons or 0.8% from the previous value; the clean coal production was 448.5 tons, up 2.6 tons or 0.64% from the previous value [6]. Demand - **Hot Metal Production (Weekly)**: The 247 steel mills' hot metal