1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Overall**: The black - series market has entered a high - level consolidation period due to the disappointment of policy increment expectations from important domestic meetings. The market trading focus has returned to the industrial fundamentals [12]. - **Steel Products**: The short - term market fluctuations are large, and it is recommended to wait and see. Attention should be paid to macro - policies and downstream demand [9]. - **Iron Ore**: In the short term, it will operate within a range. After the disappointment of policy expectations, the market will enter a policy vacuum period, and the price will fluctuate at a high level. The i2601 contract price is expected to be in the range of 745 yuan/ton - 780 yuan/ton, and the outer - market FE09 contract price is in the range of 98.5 - 103 US dollars/ton [12]. - **Coking Coal and Coke**: The market speculation sentiment has cooled down, and the short - term price fluctuations have intensified. It is recommended to wait and see. Attention should be paid to coal production data, the sustainability of high daily iron - water production of steel mills, and changes in imported coal clearance [13]. - **Ferroalloys**: After important meetings, the market sentiment has cooled down. The alloy price is expected to follow the black - metal market trend, and the short - term fluctuation range may increase. Attention should be paid to steel procurement and supply - side policy implementation [14]. 3. Summary by Directory 3.1 Week - on - Week Market Review - **Futures Prices**: The prices of most varieties in the black - series futures market declined last week. For example, the price of rebar RB2510 dropped from 3356 yuan/ton on July 25th to 3203 yuan/ton on August 1st, a decrease of 4.56%. The price of coking coal JM2601 dropped from 1318.5 yuan/ton to 1092.5 yuan/ton, a decrease of 17.14% [7]. - **Spot Prices**: The spot prices of most varieties also showed a downward trend. For example, the price of HRB400E Φ20 rebar in Shanghai dropped from 3430 yuan/ton to 3360 yuan/ton, a decrease of 2.04%. The price of Rizhao Port's quasi - first - grade coke dropped from 1430 yuan/ton to 1380 yuan/ton, a decrease of 3.50% [7]. 3.2 This Week's Black - Series Market Forecast - **Steel Products** - **Logic**: The macro - sentiment has a greater impact on the market. The blast - furnace utilization rate and daily iron - water output of 247 steel mills decreased slightly, while the average capacity utilization rate and operating rate of 90 independent electric - arc furnace steel mills increased. The fundamentals of steel products are neutral to bearish, and the market is mainly influenced by macro and market sentiment [9]. - **View**: Wait and see due to large short - term fluctuations [9]. - **Attention Points**: Macro - policies and downstream demand [9]. - **Iron Ore** - **Logic**: The policy expectations have failed to materialize. On the supply side, the support from external mines is gradually weakening, and the supply may increase in the medium term. On the demand side, the daily iron - water output has declined, but the demand still has some resilience. The inventory is expected to be stable or increase slightly in the short term [12]. - **View**: It will operate within a range in the short term, and the price will fluctuate at a high level [12]. - **Attention Points**: Military parade production - restriction policies, the Fed's interest - rate cut expectations, and the supply recovery speed [11]. - **Coking Coal and Coke** - **Logic**: The market speculation sentiment has cooled down. The coal - coke futures prices have oscillated and declined. The production of some Shanxi coal mines has decreased, and the demand for coking coal still has some resilience. The inventory is affected by factors such as production and demand [13]. - **View**: Wait and see due to intensified short - term price fluctuations [13]. - **Attention Points**: Coal production data, the sustainability of high daily iron - water production of steel mills, and changes in imported coal clearance [13]. - **Ferroalloys** - **Logic**: The market sentiment has cooled down. On the supply side, the production of silicon - manganese and silicon - iron has increased. On the demand side, the demand for silicon - manganese has increased slightly, while the demand for silicon - iron has decreased. The inventory situation of the two is different. The cost side has certain support [14]. - **View**: The price will follow the black - metal market trend, and the short - term fluctuation range may increase [14]. - **Attention Points**: Tariff policy changes, domestic macro - policies, terminal demand, steel mill profits and production, and domestic production - restriction policies [14]. 3.3 Product Data - **Steel Products** - **Rebar**: Last week, the output was 211.06 tons (a week - on - week decrease of 0.9 tons), the apparent demand was 203.41 tons (a week - on - week decrease of 13.17 tons), and the total inventory increased by 7.65 tons [16]. - **Hot - Rolled Coil**: Last week, the output was 322.79 tons (a week - on - week increase of 5.3 tons), the apparent demand was 320 tons (a week - on - week increase of 4.76 tons), and the total inventory increased by 2.79 tons [33]. - **Iron Ore** - **Port Inventory**: The total inventory of imported ore at 45 ports was 13657.90 tons last week, a week - on - week decrease of 132.48 tons [47]. - **Steel Mill Inventory and Consumption**: The inventory of 247 steel mills was 9012.09 tons, a week - on - week increase of 126.87 tons, and the daily consumption was 299.46 tons/ day, a week - on - week decrease of 1.64 tons [55]. - **Global Shipment**: The global total shipment was 3200.9 tons last week, a week - on - week increase of 91.8 tons [69]. - **Coking Coal and Coke** - **Inventory**: The total inventory of coke was 915.4 tons last week, a week - on - week decrease of 2.83 tons; the total inventory of coking coal was 2493.29 tons, a week - on - week decrease of 37.96 tons [98][106]. - **Profit and Utilization Rate**: The average profit per ton of coke for independent coking enterprises was - 45 yuan last week, a week - on - week increase of 9 yuan, and the capacity utilization rate was 73.7%, a week - on - week increase of 0.2% [115]. - **Ferroalloys** - **Spot Price**: The price of semi - carbonate manganese ore in Tianjin Port was 35 yuan/dry ton - degree last week, a week - on - week increase of 0.5 yuan; the price of silicon - manganese was 5720 yuan/ton, a week - on - week increase of 20 yuan; the price of silicon - iron was 5500 yuan/ton, unchanged from the previous week [131]. - **Production and Demand**: The output of silicon - manganese was 190820 tons last week, a week - on - week increase of 4340 tons; the demand for silicon - manganese was 123715 tons, a week - on - week increase of 45 tons [137][144]. - **Inventory**: The inventory of silicon - manganese was 164000 tons on August 1st, a week - on - week decrease of 41000 tons; the inventory of silicon - iron was 65590 tons, a week - on - week increase of 3460 tons [148].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall atmosphere in the commodity market is positive, and the prices of finished products are showing a volatile and upward - trending pattern. The upcoming release of the stable - growth work plans for ten key industries and the construction of the Medog Hydropower Station are expected to boost the demand for building materials, and the market is expected to strengthen due to the low inventory level [3]. - In the short term, with the support of fundamentals and positive market sentiment, iron ore prices may remain strong, but risk control is needed after increased volatility [6]. - For manganese - silicon and silicon - iron, in the context of high volatility and no obvious trend, it is recommended to wait and see. The fundamental logic still points downward, but the current positive market sentiment may affect prices [9][10]. - For industrial silicon, the short - term upward trend continues, but it still faces the problems of over - supply and insufficient demand. It is recommended that speculators be rational and industrial players consider hedging [14][15]. - For glass, in the short term, it is boosted by macro - policies and inventory reduction. Long - term price trends depend on real estate policies and supply - side adjustments. It is recommended to avoid short positions [17]. - For soda ash, it is temporarily strong due to market sentiment, but there are still supply - demand contradictions in the medium - to - long term. It is recommended to avoid short positions in the short term and wait for opportunities to go short after the sentiment cools down [18]. Group 3: Summary by Related Catalogs Steel - **Prices and Positions**: The closing price of the rebar main contract was 3,224 yuan/ton, up 77 yuan/ton (2.446%) from the previous trading day. The registered warehouse receipts decreased by 897 tons, and the main - contract positions increased by 20,122 lots. The closing price of the hot - rolled coil main contract was 3,394 yuan/ton, up 84 yuan/ton (2.537%), with a decrease of 293 tons in registered warehouse receipts and an increase of 4,222 lots in main - contract positions [2]. - **Market Analysis**: The supply - demand of rebar both decreased, and inventory slightly accumulated. The output of hot - rolled coils decreased, demand slightly increased, and inventory decreased. Both rebar and hot - rolled coil inventories are at a five - year low. The market is affected by policies and terminal demand, and attention should be paid to policy signals and demand recovery [3]. Iron Ore - **Prices and Positions**: The main contract (I2509) closed at 809.00 yuan/ton, up 3.06% (+24.00), with a decrease of 29,220 lots in positions to 663,400 lots. The weighted positions were 1,120,900 lots. The spot price of PB powder at Qingdao Port was 785 yuan/wet ton, with a basis of 25.54 yuan/ton and a basis rate of 3.06% [5]. - **Supply - Demand Analysis**: Overseas iron - ore shipments increased overall, with a decline in Australia and an increase in Brazil and non - mainstream countries. The near - end arrivals decreased. The daily average pig - iron output increased, and port inventories slightly increased while steel - mill inventories decreased [6]. Manganese - Silicon and Silicon - Iron - **Prices and Trends**: The manganese - silicon main contract (SM509) closed up 1.90% at 5,914 yuan/ton, and the silicon - iron main contract (SF509) closed up 2.90% at 5,668 yuan/ton. The manganese - silicon is still in a rebound trend, and the silicon - iron shows a wide - range shock [9][10]. - **Operation Suggestions**: It is recommended to wait and see due to high volatility and no obvious trend. The fundamental logic still points downward, with over - supply, weakening demand, and potential cost reduction [9][10]. Industrial Silicon - **Prices and Trends**: The main contract (SI2509) closed up 6.50% at 9,260 yuan/ton. The short - term upward trend continues, and attention should be paid to the resistance at 9,700 yuan/ton [14]. - **Fundamental Analysis**: It still faces over - supply and insufficient demand. It is recommended that speculators be rational and industrial players consider hedging [15]. Glass and Soda Ash - **Glass**: The spot prices in Shahe and Central China increased. The total inventory of national float - glass sample enterprises decreased. It is boosted by policies and inventory reduction in the short term. Long - term trends depend on real estate policies and supply - side adjustments. It is recommended to avoid short positions [17]. - **Soda Ash**: The spot price increased, and the total inventory decreased slightly. The demand is still weak, and the supply is relatively loose in the medium term. It is temporarily strong due to market sentiment, and it is recommended to avoid short positions in the short term and wait for opportunities to go short after the sentiment cools down [18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The steel market is driven by the expectation of supply contraction and demand expansion. The steel price is expected to remain strong before the Politburo meeting in July, but there is a risk of a pullback due to a decline in sentiment [3]. - The iron ore market remains strong, with both fundamentals and expectations improving. The short - term outlook for industrial products is positive, but there are concerns about increased shipments [17]. - The coking coal and coke market is supported by speculative and rigid demand in the short term, but the high price of furnace materials may pose a threat to steel mill profits in the long term [31]. - The ferroalloy market is expected to have an optimistic price trend in the short term, but the fundamental driving force is not strong, and attention should be paid to the implementation of policy expectations [48]. - The soda ash market is in a situation of strong supply and weak demand, and the market is in a long - term oversupply expectation. Attention should be paid to unexpected or policy - related disturbances [62]. - The glass market remains strong, and the supply is in a state of co - existence of ignition and cold repair. The market is in a weak balance, and attention should be paid to the feedback of industrial behavior on the spot side [85]. 3. Summary by Relevant Catalogs Steel - **Price and Market Situation**: Influenced by policies and project news, steel prices rose. The current supply - demand of steel has no significant contradiction, and the "off - season is not off" effect is generated. Before the Politburo meeting in July, the steel price is expected to remain strong, but there is a risk of a pullback [3]. - **Price Data**: Provided the closing prices of rebar and hot - rolled coil contracts on different dates, as well as spot prices, basis, and spread data [3][6][10]. Iron Ore - **Market Situation**: The iron ore market remains strong, with iron water production increasing unexpectedly. The inventory accumulation is not smooth, and the spot is in a tight balance. However, there are concerns about increased shipments [17]. - **Price and Fundamental Data**: Provided price data of iron ore contracts, basis, and spot prices, as well as fundamental data such as iron water production, port throughput, and inventory [18][25]. Coking Coal and Coke - **Market Situation**: The coking coal and coke market is supported by speculative and rigid demand in the short term, and the second round of price increases by coking plants is likely to be implemented. In the long term, the high price of furnace materials may pose a threat to steel mill profits [31]. - **Price Data**: Provided coking coal and coke contract prices, basis, and spot prices, as well as profit and ratio data [31][33]. Ferroalloy - **Market Situation**: Driven by the anti - involution sentiment and the strengthening of coal prices, the ferroalloy price is expected to be optimistic in the short term. The supply - demand contradiction is not significant, and attention should be paid to the implementation of policy expectations [48]. - **Price Data**: Provided price data of ferrosilicon and ferromanganese, including basis, spread, and spot prices [49][50]. Soda Ash - **Market Situation**: The anti - involution and elimination of backward production capacity expectations are fermenting, but the actual impact needs further policy guidance. The supply is in a narrow - range fluctuation, and the demand is weak. The market is in a long - term oversupply expectation [62]. - **Price Data**: Provided soda ash contract prices, basis, and spot prices, as well as price difference data [63][64]. Glass - **Market Situation**: Driven by the anti - involution expectation, the glass market remains strong. The supply is in a state of co - existence of ignition and cold repair, and the market is in a weak balance. Attention should be paid to the feedback of industrial behavior on the spot side [85]. - **Price and Sales Data**: Provided glass contract prices, basis, and daily sales data in different regions [87][88].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the steel market, with optimistic domestic and overseas macro - environments and coking coal price concessions as a supporting factor, the steel futures market is rising. The downstream's enthusiasm for covering short positions and spot - futures trading has increased, and steel mills' orders are good. The market is expected to remain strong in the short term [3]. - For iron ore, its short - term fundamentals are strengthening. Although there may be a slight weakening in the long - term, the contradictions are not significant. With high inventory, potential for increased shipments, and stable steel mill demand, it is still considered strong in the short term [20]. - Regarding coal and coke, the short - term market may continue to be strong due to the current good profitability of downstream steel mills. However, in the long - term, the supply - demand gap of coking coal will narrow, and the high iron - making rate may not be sustainable [29]. - In the ferroalloy market, driven by anti - cut - throat competition sentiment, it has been rising slowly. But considering the weakening cost and downstream demand in the off - season, it is expected to be weak in the long - term, with possible fluctuations [46]. - For soda ash, due to the expected disturbances and fundamental limitations, it is rising in a volatile manner. The supply - demand pattern of strong supply and weak demand remains unchanged, and attention should be paid to unexpected or policy - related factors [58]. - In the glass market, the price has moved up. The supply side has a co - existence of ignition and cold - repair, and the market needs to observe the improvement of market sentiment and the real downstream demand [89]. Summary by Directory Steel - **Futures Prices**: On July 18, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3191, 3207, and 3147 yuan/ton respectively, and those of hot - rolled coil 01, 05, and 10 contracts were 3320, 3327, and 3310 yuan/ton respectively [4]. - **Spot Prices**: On July 18, 2025, the aggregated rebar price in China was 3319 yuan/ton, and the aggregated hot - rolled coil price in Shanghai was 3340 yuan/ton [6][8]. - **Spread**: The 01 - 05 spread of rebar was - 16 yuan/ton, and that of hot - rolled coil was - 7 yuan/ton on July 18, 2025 [4]. Iron Ore - **Futures Prices**: On July 18, 2025, the closing prices of 01, 05, and 09 contracts were 753, 730, and 785 yuan/ton respectively [21]. - **Spot Prices**: On July 18, 2025, the price of Rizhao PB powder was 773 yuan/ton [21]. - **Fundamentals**: The daily average pig iron output on July 18, 2025, was 242.44 tons, and the 45 - port inventory was 13785.21 tons [24]. Coal and Coke - **Futures Prices**: On July 18, 2025, the coking coal 09 - 01 spread was - 49.5 yuan/ton, and the coke 09 - 01 spread was - 45 yuan/ton [30]. - **Spot Prices**: On July 18, 2025, the ex - factory price of Anze low - sulfur primary coking coal was 1300 yuan/ton, and the ex - factory price of Lvliang quasi - first - grade wet coke was 1030 yuan/ton [31]. - **Profit and Spread**: The on - site coking profit on July 18, 2025, was 73 yuan/ton, and the main ore - coke ratio was 0.517 [30]. Ferroalloy - **Silicon Iron**: On July 18, 2025, the silicon iron basis in Ningxia was 72 yuan/ton, and the 01 - 05 spread was - 60 yuan/ton [49]. - **Silicon Manganese**: On July 18, 2025, the silicon manganese basis in Inner Mongolia was 176 yuan/ton, and the 01 - 05 spread was - 28 yuan/ton [50]. Soda Ash - **Futures Prices**: On July 18, 2025, the closing prices of soda ash 05, 09, and 01 contracts were 1306, 1216, and 1265 yuan/ton respectively [60]. - **Spot Prices**: On July 18, 2025, the market price of heavy soda ash in North China was 1300 yuan/ton [61]. Glass - **Futures Prices**: On July 18, 2025, the closing prices of glass 05, 09, and 01 contracts were 1240, 1081, and 1165 yuan/ton respectively [90]. - **Spot Prices**: On July 18, 2025, the 05 - contract basis in Shahe was - 74 yuan/ton [90]. - **Production and Sales**: From July 8 - 13, 2025, the production - sales ratio in Shahe ranged from 91% to 120%, and in Hubei from 92% to 163% [92].

Report Date - The report is dated July 14, 2025 [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Views - **Steel Market**: Last week, the steel market was driven by supply - side "anti - involution" and production restrictions in Tangshan and Shanxi. With the expectation of a central urban work conference, the market speculated on policy dividends. The overall sentiment was optimistic, pushing up prices. In the short - term, the market may continue to rise due to strong macro - optimism and speculative inventory locking, but export orders and production in the home appliance and auto industries are declining [3] - **Iron Ore Market**: The recent sharp rise in iron ore prices is driven by rumors, low valuation, improved fundamentals, and policy catalysts. Currently, prices are mainly driven by expectations, and the short - term fundamentals are favorable, but there is high short - term uncertainty [18] - **Coal and Coke Market**: Recently, the macro - environment has been warm, leading to a strong rebound in the coal and coke market. In the short - term, the market may continue to be strong, but in the long - term, the supply - demand gap for coking coal will narrow, and the high iron - making volume may not be sustainable [32] - **Ferroalloy Market**: Driven by "anti - involution" sentiment, ferroalloys have been rising slowly, but the long - term trend is weak due to steel mills' price - pressing and cost reduction. The market may oscillate between sentiment - driven factors and real - world constraints [52] - **Soda Ash Market**: Affected by expectations and fundamental limitations, soda ash prices are rising. The supply is in a narrow - range fluctuation, and the demand is weak, with an overall supply - surplus situation. Attention should be paid to unexpected or policy - related disturbances [63] - **Glass Market**: Driven by "anti - involution" expectations, the glass market is strong. The supply side has a combination of ignition and cold repair, and the inventory situation varies by region. Attention should be paid to cold - repair expectations and speculative demand [86] Summary by Directory Steel - **Prices**: On July 14, 2025, the closing price of the rebar 01 contract was 3170 yuan/ton, and the hot - rolled coil 01 contract was 3288 yuan/ton. The spot price of rebar in China was 3292 yuan/ton, and the hot - rolled coil in Shanghai was 3300 yuan/ton [4][7] - **Market Analysis**: The market was driven by supply - side policies and demand - side policy expectations. The inventory was low, and the speculative demand was rising, but export orders were decreasing [3] Iron Ore - **Prices**: On July 14, 2025, the closing price of the 01 contract was 736.5 yuan/ton, and the 09 contract was 766.5 yuan/ton. The price of Rizhao PB powder was 750 yuan/ton [19] - **Fundamentals**: The daily average pig iron output was 239.81 tons, the 45 - port inventory was 13765.89 tons, and the global shipping volume was 2987.1 tons [26] - **Market Analysis**: The price increase was driven by multiple factors, and the short - term fundamentals were favorable, but there was high uncertainty [18] Coal and Coke - **Prices**: On July 14, 2025, the coking coal 09 - 01 spread was - 43.5 yuan/ton, and the coke 09 - 01 spread was - 44 yuan/ton. The spot price of Anze low - sulfur coking coal was 1200 yuan/ton, and the Rizhao quasi - first - grade wet coke was 1270 yuan/ton [33][34] - **Market Analysis**: In the short - term, the market may be strong due to good downstream profits, but in the long - term, the supply - demand gap will narrow, and the high iron - making volume may not be sustainable [32] Ferroalloy - **Prices**: On July 14, 2025, the silicon - iron basis in Ningxia was 90 yuan/ton, and the silicon - manganese basis in Inner Mongolia was 204 yuan/ton. The spot price of silicon - iron in Ningxia was 5300 yuan/ton, and the silicon - manganese in Inner Mongolia was 5600 yuan/ton [53][54] - **Market Analysis**: Driven by "anti - involution" sentiment, the market rose slowly, but the long - term trend was weak due to price - pressing and cost reduction. The market may oscillate [52] Soda Ash - **Prices**: On July 14, 2025, the closing price of the soda ash 05 contract was 1311 yuan/ton, and the 09 contract was 1241 yuan/ton. The spot price of heavy soda ash in North China was 1300 yuan/ton [64][65] - **Market Analysis**: Affected by expectations and fundamentals, the price was rising. The supply was stable, and the demand was weak, with an overall supply - surplus situation [63] Glass - **Prices**: On July 14, 2025, the closing price of the glass 05 contract was 1232 yuan/ton, and the 09 contract was 1086 yuan/ton. The 09 contract basis in Shahe was 79.4 yuan/ton [88] - **Market Analysis**: Driven by "anti - involution" expectations, the market was strong. The supply side had ignition and cold repair, and the inventory situation varied by region [86]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The overall atmosphere in the commodity market rebounded yesterday, with the prices of finished steel products showing a volatile and upward trend. The "anti - involution and capacity reduction" proposal and the expected production restrictions in the Beijing - Tianjin - Hebei region have pushed up the prices of steel products. However, the actual implementation of these policies needs further verification. The static fundamentals of steel have no obvious contradictions, and future attention should be paid to policy trends, terminal demand recovery, and cost support [3]. - The price of iron ore is in a wide - range volatile state in the short term. The supply of iron ore has decreased, and the demand has also declined due to factors such as seasonal maintenance of blast furnaces and production cuts by some steel mills. The impact of macro - expectations on the market has increased, and attention should be paid to the interference of production restrictions in Tangshan and the reduction of pellet production expectations by Vale [6]. - For manganese silicon and silicon iron, the prices are expected to maintain a volatile or slightly rebound state in the short term. The market is optimistic about the "capacity reduction" policy, but there are still uncertainties. Enterprises with hedging profit margins are recommended to conduct appropriate hedging operations [9][10]. - The price of industrial silicon is still in a downward trend. The market is optimistic about the "capacity reduction" policy, but the comparison with the 2015 supply - side reform is questionable. Short - term speculative short positions are recommended to wait and see [12][13]. - For glass, the policy expectation has a strong impact on the price, and short positions are recommended to avoid and wait. For soda ash, the supply is still abundant, and the inventory pressure is large. It is expected to rebound following glass, but the sustainability of the rebound is limited [15][17]. 3. Summary by Category Steel - **Futures and Spot Prices**: The closing price of the rebar main contract was 3076 yuan/ton, up 11 yuan/ton (0.358%) from the previous trading day. The spot prices in Tianjin and Shanghai remained flat. The closing price of the hot - rolled coil main contract was 3208 yuan/ton, up 17 yuan/ton (0.532%) from the previous trading day. The spot price in Lecong increased by 10 yuan/ton, while that in Shanghai remained flat [2]. - **Fundamentals**: This week, the apparent supply and demand of rebar both increased, and the inventory depletion speed slowed down. The output of hot - rolled coils slightly increased, the demand declined, and the inventory slightly accumulated, but it was still at a five - year low [3]. Iron Ore - **Futures and Spot Prices**: The main contract of iron ore (I2509) closed at 733.00 yuan/ton, up 1.45% (+10.50). The spot price of PB powder at Qingdao Port was 725 yuan/wet ton, with a basis of 35.46 yuan/ton and a basis rate of 4.61% [5]. - **Supply and Demand**: The latest iron ore shipments decreased, and the near - end arrivals also declined. The daily average pig iron output decreased, and the terminal demand was neutral. The port inventory changed little, and the steel mill's imported ore inventory increased [6]. Manganese Silicon and Silicon Iron - **Futures and Spot Prices**: On July 3, the main contract of manganese silicon (SM509) closed down 0.24% at 5712 yuan/ton, and the spot price in Tianjin was at a premium to the futures. The main contract of silicon iron (SF509) closed down 0.85% at 5390 yuan/ton, and the spot price in Tianjin was also at a premium to the futures [8]. - **Market Outlook**: The prices are expected to be volatile or slightly rebound in the short term. The market is optimistic about the "capacity reduction" policy, but there are uncertainties [9][10]. Industrial Silicon - **Futures and Spot Prices**: On July 3, the main contract of industrial silicon (SI2509) closed down 2.44% at 8010 yuan/ton. The spot prices of 553 and 421 in East China increased, and both were at a premium to the futures [12]. - **Market Outlook**: The price is still in a downward trend. The market's optimism about the "capacity reduction" policy needs further verification [12][13]. Glass and Soda Ash - **Glass**: The spot price in Shahe increased by 21 yuan, and that in Central China remained flat. The national inventory decreased slightly. The policy expectation pushed up the futures price, and short positions are recommended to avoid and wait [15]. - **Soda Ash**: The spot price decreased by 20 yuan. The domestic inventory increased by 2.30%. The demand continued to decline, and the supply was still abundant. It is expected to rebound following glass, but the rebound sustainability is limited [15][17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Steel: Affected by the decline in crude oil and the weakening of the previous bullish sentiment in industrial products, the steel market is under downward pressure. However, due to the high level of hot metal production, the downward movement of the market is blocked, and it is expected to be in a volatile consolidation in the short term [3]. - Iron Ore: The fundamentals of iron ore are acceptable, with a situation of both supply and demand being strong, but slightly weakening at the margin. The price may be range - bound, and attention should be paid to macro - turning points [20][21]. - Coking Coal and Coke: The coking coal market is facing inventory pressure, and the probability of coke price increase is low. The overall market is affected by the change in the situation in the Middle East [40]. - Ferroalloy: Although there is a certain rebound sentiment in the ferroalloy market, the long - term trend is still weak due to factors such as steel mill price pressure and cost decline [56]. - Soda Ash: The supply of soda ash is expected to remain high, and the demand is weak. The market is in a long - term oversupply situation, and the price may continue to decline [69][70]. - Glass: The glass market has weak fundamentals and cost support in the short term, and there is no obvious driving force. Attention should be paid to the increase in cold - repair expectations if the low - price situation persists [98]. 3. Summary by Directory Steel - **Price Movement**: On June 25, 2025, the closing prices of some steel contracts changed slightly compared with the previous day. For example, the closing price of the rebar 01 contract was 2978 yuan/ton, up 1 yuan from the previous day [4]. - **Market Analysis**: Affected by the decline in coal prices and the weakening of the previous bullish sentiment in industrial products, the steel market is under downward pressure. However, due to the high level of hot metal production and the support of raw material costs, the downward movement is blocked. In the off - season, the demand for steel is weak, and some varieties are facing inventory pressure. The export price also restricts the rise of steel prices [3]. Iron Ore - **Fundamentals**: The overall fundamentals of iron ore are in a state of both supply and demand being strong, but slightly weakening at the margin. The global iron ore shipment volume has increased year - on - year, and China's iron ore imports in June are expected to reach the highest value this year. The demand side is supported by high hot metal production, and the inventory in ports is slightly decreasing, but the rate of decrease is slowing down [20]. - **Price Outlook**: The price of iron ore may be range - bound, and attention should be paid to macro - turning points [21]. Coking Coal and Coke - **Market Situation**: The coking coal market is facing inventory pressure, and the downstream demand is lack of confidence. The probability of coke price increase is low, and the market is affected by the change in the situation in the Middle East [40]. - **Price Data**: On June 25, 2025, the coking coal and coke contract prices and basis had certain changes compared with the previous day. For example, the coking coal 09 - 01 spread was - 43 yuan/ton, up 0.5 yuan from the previous day [41]. Ferroalloy - **Market Trend**: Although there is a certain rebound sentiment in the ferroalloy market, the long - term trend is still weak due to factors such as steel mill price pressure and cost decline. The supply side is under low pressure, and the inventory is in a downward trend, but the rate of decline is slowing down [56]. - **Price Data**: On June 25, 2025, the ferroalloy contract prices and basis had certain changes compared with the previous day. For example, the silicon - iron basis in Ningxia was 76 yuan/ton, down 86 yuan from the previous day [59]. Soda Ash - **Supply and Demand**: The supply of soda ash is expected to remain high, and the demand is weak. The market is in a long - term oversupply situation, and the inventory is at a historical high. The photovoltaic glass industry is in a loss state, and the demand for soda ash is expected to decline [69]. - **Price Movement**: On June 25, 2025, the soda ash contract prices and spreads had certain changes compared with the previous day. For example, the soda ash 05 contract closed at 1200 yuan/ton, up 1 yuan from the previous day [71]. Glass - **Market Situation**: The glass market has weak fundamentals and cost support in the short term, and there is no obvious driving force. The cumulative apparent demand for glass has declined by nearly 10%. If the market is to achieve supply - demand balance in the second half of the year, the daily melting volume needs to decline to below 154,000 tons [98]. - **Price Data**: On June 25, 2025, the glass contract prices and spreads had certain changes compared with the previous day. For example, the glass 05 contract closed at 1107 yuan/ton, up 1 yuan from the previous day [99].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Report's Core View - The steel market in 2025 differs significantly from 2023. Current demand support is weakening, and future demand may be over - drawn. Although short - term fundamentals have limited pressure, the upward space of the steel futures market is restricted [3]. - The iron ore market is in a state of high supply and demand, slightly weakening at the margin. Considering the approaching off - season, the current state is acceptable. Prices may fluctuate, and macro - changes need attention [23][24]. - The coking coal market has short - term upward potential in the futures market, but the spot market remains under pressure. The probability of coking plants raising prices is low [40]. - The ferroalloy market has a weak long - term trend. Although the negative factors of high inventory and high supply are weakening, cost reduction expectations and the off - season demand may lead to a weak operation [57]. - The soda ash market is in a long - term oversupply situation. Production is expected to remain high, and demand is weak. The futures price may continue to decline [69][70]. - The glass market's supply may increase, and the cumulative apparent demand has declined. The futures price has limited support and lacks obvious driving factors [98]. 3. Summary by Related Catalogs Steel - **Price Data**: On June 23, 2025, the closing prices of steel futures contracts such as rebar and hot - rolled coil showed minor fluctuations compared to June 20. The basis of rebar and hot - rolled coil decreased, and the spread between rebar and hot - rolled coil remained relatively stable [4][9]. - **Market Analysis**: The current steel market has limited short - term fundamental pressure, but the upward space of the futures market is restricted due to factors such as the approaching off - season and potential over - drawn future demand [3]. Iron Ore - **Price Data**: On June 23, 2025, the closing prices of iron ore futures contracts increased slightly compared to June 20, while the basis decreased. The prices of iron ore varieties in Rizhao also showed minor changes [25]. - **Market Analysis**: The iron ore market is in a state of high supply and demand, slightly weakening at the margin. With the approaching off - season, prices may fluctuate, and macro - changes need attention [23][24]. Coking Coal and Coke - **Price Data**: On June 23, 2025, the coking coal and coke futures prices, basis, and spreads showed different degrees of change compared to June 20. The coking profit decreased slightly [41]. - **Market Analysis**: The coking coal market has short - term upward potential in the futures market, but the spot market remains under pressure. The probability of coking plants raising prices is low [40]. Ferroalloy - **Price Data**: On June 23, 2025, the ferroalloy (silicon - iron and silicon - manganese) futures prices, basis, and spreads showed different degrees of change compared to June 20. The spot prices of silicon - iron and silicon - manganese also changed [59][60]. - **Market Analysis**: The ferroalloy market has a weak long - term trend. Although the negative factors of high inventory and high supply are weakening, cost reduction expectations and the off - season demand may lead to a weak operation [57]. Soda Ash - **Price Data**: On June 23, 2025, the soda ash futures prices and spreads showed minor changes compared to June 20. The spot prices of heavy and light soda ash in different regions also changed [71][72]. - **Market Analysis**: The soda ash market is in a long - term oversupply situation. Production is expected to remain high, and demand is weak. The futures price may continue to decline [69][70]. Glass - **Price Data**: On June 23, 2025, the glass futures prices and spreads showed different degrees of change compared to June 20. The daily sales - to - production ratios in different regions also changed [99][101]. - **Market Analysis**: The glass market's supply may increase, and the cumulative apparent demand has declined. The futures price has limited support and lacks obvious driving factors [98].

Group 1: Geopolitical Situation - The U.S. President Trump announced that Iran's nuclear facilities have been "completely destroyed," aiming to eliminate Iran's uranium enrichment capabilities to curb nuclear threats [1] - Iran's Islamic Revolutionary Guard Corps warned of severe retaliation against U.S. interests in the Middle East, and there are discussions in Iran's parliament about potentially closing the Strait of Hormuz [1][5] - The market is concerned about escalating tensions in the Middle East due to U.S. involvement, leading to a bullish opening in Middle Eastern stock markets on June 22 [1] Group 2: Financial Market Overview - U.S. stock indices predominantly declined, with small-cap stocks weakening, while China's major indices remain at low valuation levels, suggesting a favorable long-term investment environment [2][9] - The financing balance in China decreased by 7.479 billion yuan to 1.80918 trillion yuan as of June 19 [2] Group 3: Oil Market Insights - Oil prices rose approximately 2.5% following U.S. attacks on Iran's nuclear facilities, with Iran's parliament agreeing to potentially block the Strait of Hormuz [3][11] - The number of active oil drilling rigs in the U.S. fell to 438, the lowest since October 2021, down by one from the previous week and down by 47 year-on-year [3][11] Group 4: Precious Metals Analysis - Gold and silver prices continued to retreat amid escalating Middle Eastern tensions and a hawkish stance from the Federal Reserve, which has not yet made significant moves despite ongoing inflation concerns [4][17] - The market is currently anticipating a potential easing of trade conflicts, but the ongoing geopolitical situation in the Middle East continues to provide long-term support for gold prices [4][17] Group 5: Industry-Specific News - The domestic gold jewelry processing industry faces long-term challenges due to declining marriage and birth rates, which are expected to reduce the rigid demand for gold jewelry [8] - The overall demand for gold jewelry, driven by weddings and childbirth, accounts for over 30% of the domestic gold jewelry market, and a continued decline in this demand could lead to overcapacity in the industry [8]

Group 1: Steel and Coal Industry - Hebei Steel Group's silicon manganese production in June is 11,700 tons, slightly up from 11,600 tons in May [1] - Rebar production decreased to 2.0757 million tons, down by 108,900 tons or 4.98% from the previous week, with inventory levels also declining for the third consecutive week [1] - Average profit per ton of coke across 30 independent coking plants in China is -46 yuan, with regional variations in profitability [1] Group 2: Agricultural Products - China's cotton import forecast for the 2024/2025 season has been revised down to 1.2 million tons, a decrease of 300,000 tons from the previous month due to U.S. tariffs [1] - Brazil's soybean export forecast for June 8-14 is 3.5645 million tons, down from 4.4739 million tons the previous week, while soybean meal exports increased significantly [2] - The USDA reports that U.S. soybean production for the 2025/2026 season is expected to be 4.34 billion bushels, with ending stocks projected at 295 million bushels [3] Group 3: Chemical Industry - Domestic soda ash manufacturers' total inventory reached 1.6863 million tons, increasing by 59,300 tons or 3.64% week-on-week [3] - The theoretical profit for ammonia-soda method soda ash has decreased by 29.20 yuan per ton [3] Group 4: Lead Industry - A major recycled lead smelter in North China has temporarily halted production due to raw material shortages, with plans to increase procurement prices [3] - A primary lead smelting company in East China has postponed its scheduled maintenance from June to August due to satisfactory equipment performance [3]