Report Summary 1. Industry Investment Rating - The investment rating for the steel and ore industry is "Oscillating, Slightly Bullish" [1] 2. Core Viewpoints - The steel and ore market is expected to oscillate. For specific varieties, the support and pressure levels are as follows: the support level for rebar is 3000, and the pressure level is 3200; for hot - rolled coils, the support level is 3180, and the pressure level is 3350; for iron ore, the support level is 750, and the pressure level is 840 [1] 3. Summary by Directory 3.1 Market Review - On Wednesday, rebar and hot - rolled coils rose first and then fell. Both steel and ore closed down at night [1] 3.2 Important News - The National Development and Reform Commission has launched a new batch of 13 landmark major foreign - funded projects with a planned investment of $13.4 billion, focusing on manufacturing and increasing support for the service industry [1] - In January - February 2026, China's cumulative steel exports were 15.591 million tons, a year - on - year decrease of 8.1%; cumulative steel imports were 0.827 million tons, a year - on - year decrease of 21.7%; cumulative imports of iron ore and its concentrates were 210.023 million tons, a year - on - year increase of 10.0%; cumulative imports of coal and lignite were 77.222 million tons, a year - on - year increase of 1.5% [1] - In February 2026, China's steel plate exports were 4.63 million tons, a year - on - year decrease of 12.6%; cumulative exports from January - February were 9.33 million tons, a year - on - year decrease of 14.5%. In February, China's steel bar exports were 1.19 million tons, a year - on - year decrease of 7.7%; cumulative exports from January - February were 2.32 million tons, a year - on - year decrease of 5.9% [1] - Iran's largest natural gas field and some petrochemical facilities were attacked by the US and Israel, and Iran vowed to retaliate by attacking oil facilities in three Middle - Eastern countries. Qatar reported that an Iranian missile hit a natural gas hub, causing serious damage, and Iran also attacked a US - exclusive area of a refinery in Riyadh, causing a fire [1] - The Federal Reserve announced that it would maintain the federal funds rate target range between 3.5% and 3.75%, holding steady for the second consecutive time, in line with market expectations [1] 3.3 Market Logic - On the 18th, the market prices of mainstream imported iron ore varieties at Qingdao Port remained stable. For example, 60.8% PB powder was 794 (unchanged), Super Special powder was 675 (unchanged), 61.6% PB lump was 905 (unchanged), Carajas powder was 953 (unchanged), and SPGF mixed powder was 764 (unchanged) [1] - On the 17th, Shanghai Zhongtian rebar was 3260, up 10; Shanghai Angang/Benxi hot - rolled coils were 3310, up 20 [1] - On the 18th, the spot market for port coke remained stable. The trading atmosphere in the domestic spot market was average. The volume of trade shipments at the two ports was stable compared to the previous working day, and the total inventory at the two ports was stable compared to the previous working day. Rizhao Port had 43 (unchanged), Qingdao Port had 69 (unchanged), and the total inventory was 112, a decrease of 2.3 compared to last week [1] 3.4 Trading Strategies - Unilateral trading: Gradually reduce long positions in steel and ore [1] - Arbitrage trading: Continue to hold the strategy of going long on the spread between hot - rolled coils and rebar. As of the night session on Wednesday, the spread was 173. It is recommended to raise the stop - loss level to a spread of 130 and set the take - profit level at around 200 [2] - For the ratio of rebar to iron ore, which was 3.87, it is recommended to opportunistically go long on the ratio (go long on rebar and short on iron ore), with the target of raising the ratio above 4. At the same time, pay attention to the possible impact of the later main contract roll - over [2]

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core View of the Report - The iron ore market shows a pattern of near - term strength and long - term weakness, and the 5 - 9 positive spread position should continue to be held [1] - Near - term factors such as the escalation of the US - Iran conflict, a significant increase in energy costs, and the possible restriction of BHP iron ore purchases drive the price rebound of near - term iron ore contracts, while the long - term impact is relatively small [1] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: The closing price of futures decreased by 5.5 yuan/ton, a decline of 0.67%. The closing price of I2605 was 811.0 yuan/ton, with a yesterday's position of 455,521 hands and a position change of - 6,207 hands [1] - **Spot Price**: Among imported ores, the price of Carajás fines (65%) decreased by 2.0 yuan/ton to 951.0 yuan/ton, PB (61.5%) decreased by 4.0 yuan/ton to 794.0 yuan/ton, Jimbour (61%) decreased by 4.0 yuan/ton to 746.0 yuan/ton, and Super Special (56.5%) decreased by 5.0 yuan/ton to 670.0 yuan/ton. Among domestic ores, the prices of Hanxing (66%) and Laiwu (65%) remained unchanged at 964.0 yuan/ton and 882.0 yuan/ton respectively [1] - **Basis and Spread**: The basis of I2605 against Super Special increased by 0.1 yuan/ton to 64.0 yuan/ton, and against Jimbour increased by 1.2 yuan/ton to 54.4 yuan/ton. The spread of I2605 - I2609 increased by 1.0 yuan/ton to 32.0 yuan/ton, and I2609 - I2701 increased by 0.5 yuan/ton to 21.0 yuan/ton. The spread of Carajás fines - PB increased by 2.0 yuan/ton to 157.0 yuan/ton, PB - Jimbour remained unchanged at 48.0 yuan/ton, and PB - Super Special increased by 1.0 yuan/ton to 124.0 yuan/ton [1] 2. Macro and Industry News - The US - Iran conflict escalation and energy cost increase, along with potential restrictions on BHP iron ore purchases, drive the near - term iron ore contract price rebound, while the long - term impact is small [1] - In 2026, the government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target is adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments is increased [1] - The daily average pig iron output of 247 steel enterprises is 221.2 million tons, a decrease of 6.39 million tons compared with the previous period [2] 3. Trend Intensity - The trend intensity of iron ore is 1, indicating a relatively neutral view on the market [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall market is affected by multiple factors such as geopolitical conflicts, Fed policies, and supply - demand relationships. Different sectors show various trends, with some being affected by cost, supply disruptions, and demand changes. For example, energy - related products are strongly influenced by the escalating Middle - East conflict, while some agricultural products are affected by planting area forecasts and supply - demand fundamentals [20][60][120]. 3. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: The market is still volatile. Although there were short - term rebounds, trading volume did not increase significantly. It is recommended to use grid operations for single - side trading, conduct IM/IC long 2609 + short ETF cash - and - carry arbitrage, and adopt a double - buy strategy for options [20][21]. - **Treasury Bond Futures**: The safe - haven property of the bond market has increased. With the central bank's net withdrawal of short - term liquidity, the bond market continued to recover on Wednesday. It is recommended to wait and see for both single - side trading and arbitrage [23]. Agricultural Products - **Protein Meal**: The macro - environment has increased disturbances, and the market is in a wide - range shock. It is recommended to be cautious due to the large fundamental pressure. For single - side trading, there may be pressure but also potential for phased increases. MRM09 spread narrowing positions should be exited, and seagull put options should be exited [26][27]. - **Sugar**: International sugar prices are expected to be slightly stronger in the short term, while domestic sugar prices are expected to have limited downward space. It is recommended to be long on the single - side, wait and see for arbitrage, and sell put options [30][31]. - **Oilseeds and Oils**: Oils may be in a high - level shock in the short term due to geopolitical disturbances. It is recommended to wait and see for both arbitrage and options [34][35]. - **Corn/Corn Starch**: The outer - market 05 corn is expected to be bullish on dips, and the 05 corn is expected to be in a high - level shock. It is recommended to widen the 05 corn - starch spread on dips and wait and see for options [38][39]. - **Hogs**: The supply pressure is increasing, and the price is generally declining. It is recommended to short the near - month contracts on the single - side, wait and see for arbitrage, and use seagull put options [40][41]. - **Peanuts**: The spot price is strong, and the futures price is in a strong shock. It is recommended to go long on the 05 peanuts on dips, wait and see for arbitrage, and sell pk605 - P - 7700 options [43][44]. - **Eggs**: The enthusiasm for culling hens has decreased, and the egg price is mainly stable. It is recommended to short the June contracts on the single - side, wait and see for arbitrage and options [46][47]. - **Apples**: The inventory reduction speed is acceptable, and the price of high - quality apples is firm. It is recommended to exit and wait and see for the May contracts on the single - side, and wait and see for arbitrage and options [49][50]. - **Cotton - Cotton Yarn**: The cotton price has strong support at the bottom and is expected to be in a slightly strong shock. It is recommended to go long on dips for the single - side, wait and see for arbitrage and options [53][54]. Ferrous Metals - **Steel**: The raw materials provide support, and the steel price is in a shock. It is recommended to maintain a slightly strong shock on the single - side, short the coil - coal ratio and hold the short position of the coil - rebar spread for arbitrage, and wait and see for options [56][57]. - **Coking Coal and Coke**: The price fluctuates greatly, and it is necessary to pay attention to the development of geopolitical conflicts. It is recommended to go long on dips on the single - side, wait and see for arbitrage and options [58][59]. - **Iron Ore**: The supply disturbances have increased, and it is recommended that spot enterprises conduct hedging at high prices. For arbitrage, enter the 5/9 spread reverse arbitrage at high levels, and wait and see for options [61][62]. - **Ferroalloys**: The price is in a high - level shock affected by the crude oil price. It is recommended to be in a high - level shock on the single - side, wait and see for arbitrage, and sell out - of - the - money put options [64][65]. Non - Ferrous Metals - **Gold and Silver**: Geopolitical escalation and the Fed's hawkish stance have put double pressure on gold and silver. It is recommended that conservative investors wait and see, and aggressive investors short cautiously with a shock - bearish idea. Wait and see for arbitrage and options [67][69]. - **Platinum and Palladium**: The rise in oil prices has broken the Fed's bottom - support expectation, and the precious metal prices are under pressure. It is recommended to wait and see for platinum and palladium, and wait for low - buying opportunities for platinum. Wait for the low - level long - position opportunity of the platinum - palladium spread for arbitrage, and wait and see for options [70][71]. - **Copper**: The price has broken through the key support, and the center of gravity has moved down. It is recommended to be bearish on the single - side, wait and see for arbitrage and options [73][74]. - **Alumina**: Concerns about the supply of bauxite in Guinea have increased the price volatility. It is recommended to be in a high - level shock on the single - side, buy spot delivery products and short futures for arbitrage, and wait and see for options [76][78]. - **Electrolytic Aluminum**: Geopolitical risks and macro - concerns have jointly increased the price shock. It is recommended to be in a shock on the single - side, wait and see for arbitrage and options [80][81]. - **Cast Aluminum Alloy**: The macro and micro factors have not resonated, and it fluctuates with the aluminum price. It is recommended to fluctuate with the aluminum price on the single - side, wait and see for arbitrage and options [84]. - **Zinc**: It is necessary to pay attention to the macro and capital sentiment. The price may be in a low - level shock in the short term. It is recommended to go long on dips after stabilization, wait and see for arbitrage and options [85][86]. - **Lead**: It is recommended to wait and see for now [89][90]. - **Nickel**: The short - term price is dominated by the macro - environment. It is recommended to wait for the macro - environment to stabilize before considering going long lightly [91][92]. - **Stainless Steel**: It is supported by cost and follows the nickel price. It is recommended to wait for the macro - environment to stabilize on the single - side, wait and see for arbitrage [94][95]. - **Industrial Silicon**: It is in a range shock. It is recommended to conduct range operations on the single - side, and there is no suggestion for arbitrage and options [96]. - **Polysilicon**: It is in a short - term shock and waiting for policy guidance. It is recommended to wait and see on the single - side, and there is no suggestion for arbitrage and options [98][100]. - **Lithium Carbonate**: Domestic and foreign problems have led to a weakening of the lithium price. It is recommended to be in a downward - moving shock range on the single - side, wait and see for arbitrage and options [101][103]. - **Tin**: The geopolitical conflict has escalated, and the tin price remains weak. It is recommended to be bearish on the single - side, wait and see for options [104][105]. Shipping and Carbon Emissions - **Container Shipping**: The Iran conflict has escalated, and both sides have started to attack oil and gas facilities. It is recommended to wait and see on the single - side, and wait and see for arbitrage [106][108]. - **Dry Bulk Freight**: The situation between the US and Iran is still unclear, and it is necessary to pay attention to the weather in Western Australia. The long - term impact of the conflict on the dry - bulk shipping chain needs to be observed. There is no specific trading strategy provided [109][112]. - **Carbon Emissions**: The Chinese carbon market is still in the off - season, and the EU carbon price has fallen to an 11 - month low. The short - term carbon price in the EU is expected to be in a weak shock, and the long - term trend depends on official policies, geopolitical events, and the global energy supply recovery progress. For the Chinese carbon market, the second - batch quota transfer mechanism is expected to boost market activity. There is no specific trading strategy provided [113][116]. Energy and Chemicals - **Crude Oil**: The Middle - East situation has escalated again. It is recommended to be bullish on the single - side, wait and see for arbitrage and options [120][121]. - **Asphalt**: The main refineries have increased production cuts, and concerns about raw materials continue. It is recommended to be in a strong shock on the single - side, wait and see for arbitrage and options [124][125]. - **Fuel Oil**: Geopolitical drivers continue, and the cost is in a high - level shock. It is recommended to be in a high - level shock on the single - side, wait and see for arbitrage and options [127][128]. - **LPG**: It has risen sharply following oil and gas. It is recommended to be in a high - level shock on the single - side, wait and see for arbitrage and options [129][130]. - **Natural Gas**: Geopolitical risks continue, and the upward trend remains unchanged. For international LNG, it is recommended to wait and see; for US HH, the short - term market is relatively loose, and the subsequent trend needs to be observed. There is no specific trading strategy provided [132][134]. - **PX & PTA**: There is an expected unplanned reduction in supply, and PTA enterprises may be forced to cut production. It is recommended to be in a slightly strong shock on the single - side, wait and see for arbitrage and options [135][136]. - **BZ & EB**: The raw material supply is short, and the fundamentals are good. It is recommended to be in a slightly strong shock on the single - side, wait and see for arbitrage and options [140][141]. - **Ethylene Glycol**: The Middle - East conflict has intensified. It is recommended to be in a slightly strong shock on the single - side, wait and see for arbitrage and options [142][144]. - **Short - Fiber**: The sales are light. It is recommended to be in a slightly strong shock on the single - side, wait and see for arbitrage and options [145][146]. - **Bottle Chips**: The inventory is continuously decreasing. It is recommended to be in a slightly strong shock on the single - side, wait and see for arbitrage and options [148][149]. - **Propylene**: The supply is tight. It is recommended to be in a slightly strong shock on the single - side, wait and see for arbitrage and options [150][151]. - **Plastic PP**: The inventory of PP enterprises has increased month - on - month, and the year - on - year decline has narrowed. It is recommended to hold long positions in the L 2605 and PP 2605 contracts on the single - side, hold short positions in the SPC L2605&PP2605 spread, and wait and see for options [152][153]. - **Caustic Soda**: It is weak. It is recommended to be in a shock on the single - side, wait and see for arbitrage and options [155][156]. - **PVC**: It is rising in a shock. It is recommended to go long on dips on the single - side, wait and see for arbitrage and options [158][159]. - **Soda Ash**: It is in a wide - range shock with a weakening direction. It is recommended to be in a wide - range shock with a weakening direction on the single - side, wait and see for arbitrage, and sell call options [160][161]. - **Glass**: It is in a wide - range shock with a weakening direction. It is recommended to be in a wide - range shock with a weakening direction on the single - side, close the short - glass long - soda - ash arbitrage position, and wait and see for options [162][163]. - **Methanol**: It has led the rise significantly. It is recommended to hold long positions on the single - side, wait and see for arbitrage, and sell put options on dips [165][166]. - **Urea**: It is mainly in a shock. It is recommended to be in a shock on the single - side, wait and see for arbitrage and options [168][169]. - **Pulp**: The inventory is high, and the pulp price is weakly adjusted. It is recommended to go short on the single - side, wait and see for arbitrage, and sell SP2605 - P - 5000 options [170][172]. - **Offset Printing Paper**: The market purchases based on rigid demand. It is recommended to go short on the single - side, wait and see for arbitrage, and sell OP2604 - C - 4200 options [174][175]. - **Log**: The import cost has increased. It is recommended to go long on dips on the single - side, wait and see for arbitrage and options [176][177]. - **Natural Rubber and 20 - grade Rubber**: The NR warehouse receipts are continuously decreasing. It is recommended to wait and see for the RU 05 and NR 05 contracts on the single - side, hold the short position of the NR2605 - RU2605 spread, and wait and see for options [180][182]. - **Butadiene Rubber**: The monthly average price of crude oil has continued to reach new highs. It is recommended to go long on the BR 05 contract on dips, hold the short position of the BR2505 - RU2505 spread, and wait and see for options [184][186].

Report Industry Investment Ratings Not provided in the content. Core Views - The report analyzes the market trends of various commodities, including precious metals, base metals, energy, agricultural products, etc. The geopolitical conflicts and macro - economic factors such as Fed policies, inflation data, and supply - demand relationships are the main drivers affecting the market trends of these commodities [6][9][128]. - Different commodities show different trends. Some are expected to be strong, some are in a weak pattern, and some are in a wide - range shock state [2]. Summaries by Related Catalogs Precious Metals - **Gold**: Geopolitical conflicts broke out. The prices of domestic and international gold showed different trends. The prices of Comex gold and London gold increased, while the prices of domestic gold futures and spot decreased. The trend strength is 0 [6]. - **Silver**: It fell from the shock platform. The prices of domestic and international silver futures and spot increased. The trend strength is 0 [6]. - **Platinum and Palladium**: Platinum followed the retracement of gold and silver, and palladium was under continuous pressure. The trend strength of both is - 1 [25][28]. Base Metals - **Copper**: The sharp rise of the US dollar pressured the price. The prices of domestic and international copper futures decreased. The trend strength is - 1 [9]. - **Zinc**: It was in a range - bound shock. The prices of domestic and international zinc futures decreased. The trend strength is 0 [12]. - **Lead**: The decrease in domestic inventory limited the price decline. The prices of domestic and international lead futures increased slightly. The trend strength is 0 [15]. - **Tin**: The macro - sentiment was weak. The prices of domestic and international tin futures decreased significantly. The trend strength is - 1 [18]. - **Aluminum**: It was in a high - level shock. Alumina was running strongly, and cast aluminum alloy followed electrolytic aluminum. The trend strength of aluminum is 0, alumina is 1, and aluminum alloy is 0 [22]. - **Nickel and Stainless Steel**: For nickel, the smelting inventory accumulation and macro - sentiment resonated, and the shortage of the ore end supported the lower limit. For stainless steel, the fundamentals and macro - factors pressured, while the actual cost provided support. The trend strength of both is 0 [30]. Energy - **Crude Oil - related**: The Middle East conflict led to a sharp rise in international oil prices. The prices of fuel oil and low - sulfur fuel oil showed different trends, with the former mainly following the upward trend and the latter strengthening significantly at night. The trend strength of both is 1 [122]. - **Natural Gas - related**: The South Pars gas field was attacked, and LPG was running strongly at night. The cost - end geopolitical disturbances of propylene led to an expected reduction in supply. The trend strength of both is 1 [114]. - **Coal - related**: Coking coal and coke were in a wide - range shock, and thermal coal had a rising trend in the origin and stopped falling at the port. The trend strength of coking coal, coke, and thermal coal is 0 [57][60]. Chemicals - **PX, PTA, and MEG**: PX and PTA were in a unilateral shock - strengthening trend, and MEG was strengthening due to increased Middle - East geopolitical risks. The trend strength of PX is 1, PTA is 1, and MEG is 2 [66][72]. - **Rubber and Synthetic Rubber**: Rubber was in a weak shock, and synthetic rubber was running strongly. The trend strength of rubber is - 1, and synthetic rubber is 1 [75][81]. - **LLDPE and PP**: For LLDPE, the cracking supply contracted, and downstream was resistant to high prices. For PP, the supply of various raw materials was restricted, and exports continued to be favorable. The trend strength of both is 1 [82]. - **Paper Pulp**: It was in a weak shock. The trend strength is - 1 [87]. - **Glass**: The price of the original sheet was stable. The trend strength is 0 [94]. - **Methanol**: It was running strongly. The trend strength is 1 [97]. - **Urea**: It was in a wide - range shock, and the fundamentals supported the price. The trend strength is 0 [103]. - **Styrene**: It was in a strong shock. The trend strength is 1 [106]. - **Soda Ash**: The spot market changed little. The trend strength is 1 [109]. Agricultural Products - **Palm Oil and Soybean Oil**: Palm oil had a short - term strong trend due to continuous geopolitical conflicts, and soybean oil had limited driving factors and needed to pay attention to the Sino - US consultation process. The trend strength of both is 0 [146]. - **Soybean Meal and Soybean**: Overnight, US soybeans rebounded slightly, and Dalian soybean meal might rebound and shock. The spot price of soybeans in the producing area was stable, and the disk might adjust and shock. The trend strength of both is 0 [151]. - **Corn**: It was in a shock state. The trend strength is 0 [155]. - **Sugar**: Raw sugar increased, and it was in a shock - strengthening trend. The trend strength is 1 [158]. - **Cotton**: Attention should be paid to external market risks. The trend strength is 0 [162]. - **Eggs**: It was in a weak shock. The trend strength is 0 [166]. - **Hogs**: There were high inventory, high stock, high premium, and high positions. The trend strength is - 2 [169]. - **Peanuts**: Attention should be paid to macro - impacts. The trend strength is 0 [173]. Shipping - **Container Freight Index (European Line)**: It was in a wide - range shock, and attention should be paid to geopolitical sentiment disturbances. The trend strength is 1 [124]. Fibers - **Short - fiber and Bottle - chip**: Due to the escalation of geopolitical conflicts, the cost drove them to be strong. The trend strength of both is 1 [134]. Paper - **Offset Printing Paper**: It was recommended to wait and see. The trend strength is 0 [137]. Aromatics - **Pure Benzene**: It was in a strong shock. The trend strength is 1 [141].

Group 1: Report Information - Report Name: "Scrap Steel Morning Report" [3] - Release Date: March 19, 2026 [3] - Research Team: Research Center's Black Team [3] Group 2: Steel Price Data - Price data for scrap steel in different regions (East China, North China, Central China, South China, Northeast China, and Southwest China) from March 12 - 18, 2026 are presented [4] - East China prices increased from 2218 on March 12 to 2222 on March 18, with a daily increase of 1 on a certain day [4] - North China prices rose from 2279 on March 12 to 2286 on March 18, with a daily increase of 3 on a certain day [4] - Central China prices increased from 2075 on March 12 to 2083 on March 18, with no change on a certain day [4] - South China prices went from 2235 on March 12 to 2251 on March 18, with no change on a certain day [4] - Northeast China prices decreased from 2245 on March 12 to 2240 on March 18, with a decrease of 10 on a certain day [4] - Southwest China prices increased from 2129 on March 12 to 2136 on March 18, with no change on a certain day [4]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The overall sentiment in the commodity market was positive yesterday, with the prices of finished steel products continuing to fluctuate and strengthen. However, the real estate data from January to February was still weak, indicating limited support from the real estate sector for steel demand in the short term. The steel market is expected to fluctuate within a range, and attention should be paid to the release rhythm of peak - season demand and the impact of raw material prices on the cost side [2]. - The price of iron ore fluctuates widely due to negotiation issues and overseas geopolitical conflicts. Attention should be paid to the progress of subsequent negotiations and the development of the geopolitical situation [5]. - For manganese - silicon and ferrosilicon, in the context of the long - lasting US - Iran conflict, the overall sentiment in the commodity market is bullish. Future market trends are mainly affected by the overall market sentiment, cost - push factors of manganese ore in the manganese - silicon sector, and supply - contraction factors in the ferrosilicon sector [9][10]. - For coking coal and coke, in the short term, the inventory structure restricts demand, but there may be upward price impulses due to market sentiment. In the long term, the price of coking coal is expected to rise during the period from June to October [16]. - The industrial silicon market shows a pattern of weak supply and demand, and it is expected to fluctuate weakly under cost support. The polysilicon market has weak fundamentals, and the price is expected to be under pressure and fluctuate in the short term [19][22]. - The float glass market is expected to fluctuate widely in the short term, and attention should be paid to the release rhythm of actual demand and inventory changes. The soda ash market is expected to maintain a weak trend, and attention should be paid to the release rhythm of actual demand and inventory changes in the main production areas [25][27]. Summary by Relevant Catalogs Steel Market Conditions - The closing price of the rebar main contract in the afternoon was 3140 yuan/ton, down 8 yuan/ton (-0.25%) from the previous trading day. The registered warehouse receipts on the day were 416,49 tons, with a month - on - month decrease of 0 tons. The position of the main contract was 1.5149 million lots, a month - on - month decrease of 34,623 lots. In the spot market, the aggregated price of rebar in Tianjin was 3200 yuan/ton, with a month - on - month decrease of 0 yuan/ton; the aggregated price in Shanghai was 3260 yuan/ton, a month - on - month increase of 10 yuan/ton [1]. - The closing price of the hot - rolled coil main contract was 3310 yuan/ton, down 3 yuan/ton (-0.09%) from the previous trading day. The registered warehouse receipts on the day were 474,288 tons, with a month - on - month decrease of 0 tons. The position of the main contract was 1.1720 million lots, a month - on - month decrease of 7990 lots. In the spot market, the aggregated price of hot - rolled coils in Lecong was 3280 yuan/ton, with a month - on - month decrease of 0 yuan/ton; the aggregated price in Shanghai was 3290 yuan/ton, with a month - on - month decrease of 0 yuan/ton [1]. Strategy Views - The real estate data from January to February was weak, and the real estate investment repair momentum was insufficient. The short - term support from the real estate sector for steel demand was limited, and the terminal demand for steel was likely to remain weak. The fundamentals of steel were in a neutral - to - weak state, and the price was expected to fluctuate within a range. Attention should be paid to the release rhythm of peak - season demand and the impact of raw material prices on the cost side [2]. Iron Ore Market Conditions - The main contract of iron ore (I2605) closed at 811.00 yuan/ton, with a change of -0.67% (-5.50), and the position changed by -6207 lots to 455,500 lots. The weighted position of iron ore was 869,400 lots. The spot price of PB powder at Qingdao Port was 794 yuan/wet ton, with a basis of 32.54 yuan/ton and a basis rate of 3.86% [4]. Strategy Views - The overseas ore shipments increased month - on - month in the latest period. The daily average pig iron output decreased month - on - month. The port inventory increased slightly. Affected by negotiation issues and overseas geopolitical conflicts, the iron ore price fluctuated widely. Attention should be paid to the progress of subsequent negotiations and the development of the geopolitical situation [5]. Manganese - Silicon and Ferrosilicon Market Conditions - On March 18, due to the continuous Middle - East war, the crude oil price fluctuated sharply at a high level, weakening the commodity atmosphere. The main contract of manganese - silicon (SM605) closed down 1.63% at 6138 yuan/ton. The spot price of 6517 manganese - silicon in Tianjin was 6000 yuan/ton, with a premium of 52 yuan/ton over the futures price. The main contract of ferrosilicon (SF605) closed down 2.23% at 5796 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 6000 yuan/ton, with a premium of 204 yuan/ton over the futures price [8]. Strategy Views - In the context of the long - lasting US - Iran conflict, the overall sentiment in the commodity market is bullish. The fundamentals of manganese - silicon are not ideal, while those of ferrosilicon are good. Future market trends are mainly affected by the overall market sentiment, cost - push factors of manganese ore in the manganese - silicon sector, and supply - contraction factors in the ferrosilicon sector [9][10]. Coking Coal and Coke Market Conditions - On March 18, due to the continuous Middle - East war, the crude oil price fluctuated sharply at a high level, weakening the commodity atmosphere. The main contract of coking coal (JM2605) rose in the morning and then dived, closing down 1.66% at 1156.5 yuan/ton. The spot price of low - sulfur main coking coal in Shanxi was 1454.7 yuan/ton, with a premium of 105.5 yuan/ton over the futures price; the price of medium - sulfur main coking coal was 1300 yuan/ton, with a premium of 127.5 yuan/ton over the futures price; the price of Mongolian 5 clean coal in Wubulangquan Industrial Park was 1210 yuan/ton, with a premium of 28.5 yuan/ton over the futures price. The main contract of coke (J2605) closed down 0.61% at 1721.5 yuan/ton. The spot price of quasi - first - grade wet - quenched coke at Rizhao Port was 1470 yuan/ton, with a premium of 4 yuan/ton over the futures price; the price of quasi - first - grade dry - quenched coke in Lvliang was 1495 yuan/ton, with a discount of 11 yuan/ton to the futures price [12]. Strategy Views - In the short term, the inventory structure restricts the demand for coking coal and coke, but there may be upward price impulses due to market sentiment. In the long term, the price of coking coal is expected to rise during the period from June to October [16]. Industrial Silicon and Polysilicon Market Conditions - Industrial silicon: The closing price of the main contract of industrial silicon (SI2605) was 8375 yuan/ton, with a change of -2.16% (-185). The weighted contract position increased by 13,684 lots to 364,466 lots. The spot price of non - oxygen - blown 553 industrial silicon in East China was 9200 yuan/ton, with a basis of 825 yuan/ton; the price of 421 was 9600 yuan/ton, with a basis of 425 yuan/ton [18]. - Polysilicon: The closing price of the main contract of polysilicon (PS2605) was 40,105 yuan/ton, with a change of -3.76% (-1565). The weighted contract position decreased by 340 lots to 54,305 lots. The average spot price of N - type granular silicon was 44 yuan/kg, the average price of N - type dense material was 43 yuan/kg, and the average price of N - type re - feeding material was 45.5 yuan/kg, all remaining unchanged from the previous day. The basis of the main contract was 5395 yuan/ton [20]. Strategy Views - Industrial silicon shows a pattern of weak supply and demand and is expected to fluctuate weakly under cost support. Polysilicon has weak fundamentals, and the price is expected to be under pressure and fluctuate in the short term [19][22]. Glass and Soda Ash Market Conditions - Glass: On Wednesday afternoon at 15:00, the main contract of glass closed at 1066 yuan/ton, down 2.56% (-28). The price of large - size glass in North China was 1070 yuan, unchanged from the previous day; the price in Central China was 1090 yuan, unchanged from the previous day. On March 12, the weekly inventory of float glass sample enterprises was 75.849 million boxes, a month - on - month decrease of 3.788 million boxes (-4.76%). In terms of positions, the top 20 long - position holders increased their long positions by 16,472 lots, and the top 20 short - position holders increased their short positions by 20,788 lots [24]. - Soda ash: On Wednesday afternoon at 15:00, the main contract of soda ash closed at 1211 yuan/ton, down 2.57% (-32). The price of heavy soda ash in Shahe was 1201 yuan, a decrease of 22 yuan from the previous day. On March 12, the weekly inventory of soda ash sample enterprises was 1.9317 million tons, a month - on - month decrease of 15,500 tons (-4.76%), including 918,100 tons of heavy soda ash, a month - on - month decrease of 1800 tons, and 1.0136 million tons of light soda ash, a month - on - month decrease of 13,700 tons. In terms of positions, the top 20 long - position holders increased their long positions by 5146 lots, and the top 20 short - position holders increased their short positions by 2834 lots [26]. Strategy Views - The float glass market is expected to fluctuate widely in the short term, and attention should be paid to the release rhythm of actual demand and inventory changes. The soda ash market is expected to maintain a weak trend, and attention should be paid to the release rhythm of actual demand and inventory changes in the main production areas [25][27].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - For the black - series commodities, affected by the sharp rise in the Middle - East tensions and the subsequent increase in crude oil prices, the prices of black - series commodities are expected to be short - term strong. The overall supply and demand in the market are recovering, with both increasing production and demand, but the inventory is still rising, and the market's demand expectation for this year is relatively weak, with a pessimistic view of the fundamentals. Technically, the futures prices have broken through the resistance of the middle track of the Bollinger Bands, and the probability of short - term strong oscillation is high. For both steel products (thread and hot - rolled coil) and iron ore, the operation suggestion is to hold long - position orders lightly and adopt a strong - oscillation mindset [2][4] 3. Summary by Relevant Catalogs 3.1 Thread and Hot - Rolled Coil - **Market Environment**: The sharp escalation of the Middle - East situation has led to a strong rise in crude oil prices, driving the short - term strength of black - series commodity prices. The overall supply and demand in the market are in the process of recovery, with both production and demand increasing, but the inventory is still rising. The market has relatively weak demand expectations for this year and a pessimistic view of the fundamentals. The sharp rise in crude oil has pushed up costs [2] - **Technical Analysis**: The futures prices have broken through the resistance of the middle track of the Bollinger Bands, and the probability of short - term strong oscillation is high [2] - **Operation Suggestion**: Hold long - position orders lightly and adopt a strong - oscillation mindset [2] - **Data Summary**: - **Price**: The closing prices of the main contracts of thread steel and hot - rolled coil have different changes compared with the previous day and week. The spot prices of thread steel and hot - rolled coil have increased. The basis and spreads of futures contracts also show different trends [2] - **Production**: The total output of five major varieties of steel from 247 sample steel mills has increased. The output of thread steel has increased by 12.69% week - on - week, while the output of hot - rolled coil has decreased by 1.94% week - on - week. The capacity utilization and start - up rate of independent electric - arc furnace steel mills have increased significantly [2] - **Inventory**: The social and steel - mill inventories of five major varieties, thread steel, and hot - rolled coil have different changes. The inventory of billets in the Tangshan area has increased by 3.85% week - on - week [2] - **Demand**: The apparent demand of five major varieties, thread steel, and hot - rolled coil has increased. The 7 - day moving average of the national construction steel trading volume has decreased [2] 3.2 Iron Ore - **Market Environment**: The market is gradually entering the consumption peak season. The output of five major steel products from 247 sample steel mills has rebounded, but the daily average molten iron output has decreased significantly. With the end of the Two Sessions and the arrival of the consumption peak season, the molten iron output will gradually recover. The sharp rise in crude oil prices has increased the production costs on both the supply and demand sides. The shipping volume is gradually rising to a high level, the arrival volume is increasing, and the port inventory has reached a record high [4] - **Technical Analysis**: The futures prices have rebounded rapidly, breaking through the upper important resistance level, and may start a medium - term upward trend [4] - **Operation Suggestion**: Hold long - position orders lightly and adopt a strong - oscillation mindset [4] - **Data Summary**: - **Price**: The spot and futures prices of iron ore have changed compared with the previous day and week. The basis and spreads of futures contracts also show different trends [4] - **Shipping**: The shipping volumes from Australia and Brazil have increased week - on - week [4] - **Inventory**: The port inventory has increased by 0.41% week - on - week, while the sintered powder ore inventory of 64 sample steel mills has decreased by 3.26% week - on - week [4] - **Production**: The daily output of iron concentrate powder from 186 national sample mines has increased by 1.65% [4] 3.3 Industry News - As of the week ending March 18, according to data from Zhaogang.com, the output and inventory of key steel products in the country have changed. The output of building materials has increased, the factory inventory has decreased, the social inventory has increased slightly, and the total inventory has decreased [7] - On March 18, Mongolia's Xiaotit company conducted an online auction of coking coal. All the 102,400 tons of coking coal on offer were sold at a price of $124 per ton [7]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoint of the Report - The news has a significant positive impact on the expected cost and price of steel. Fundamentally, as time passes, the low steel production will conflict with the warming spring demand. It is expected that the steel price will fluctuate and strengthen in the future, but further increase still depends on the demand side. Investors or operators need to prepare for a long - term volatile market, especially pay attention to the development of the BHP event and the changes in the Middle East situation [10][11] 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook 3.1.1 Futures Market - On March 18, the main contracts 2605 of rebar and hot - rolled coil futures rose first and then fell, closing with all intraday gains erased and even lower than the previous day's closing price. They reached new highs since February 2 and January 20 respectively during the session [7] - The trading data of the main steel futures contracts on March 18 are as follows: for RB2605, the closing price was 3140 yuan/ton, down 0.10%; the trading volume was 860,500 lots, and the open interest decreased by 34,623 lots with a capital outflow of 0.85 billion yuan. For HC2605, the closing price was 3310 yuan/ton, up 0.21%; the trading volume was 358,351 lots, and the open interest decreased by 7,990 lots with a capital outflow of 0.21 billion yuan. For SS2605, the closing price was 14020 yuan/ton, down 0.92%; the trading volume was 96,445 lots, and the open interest increased by 2,205 lots with a capital inflow of 0.16 billion yuan [5] - The long - short positions of the top 20 in the black - series futures on March 18: for RB2605, the long - short difference was - 20,832 lots with a deviation of - 2.18%; for HC2605, the long - short difference was 2,948 lots with a deviation of 0.35%; for SS2605, the long - short difference was - 560 lots with a deviation of - 0.65% [8] 3.1.2 Spot Market and Technical Analysis - On March 18, some rebar and most hot - rolled coil spot market prices rose. Rebar prices in Nanjing and Xi'an rose by 20 yuan/ton, and in other cities such as Nanchang and Tianjin rose by 10 yuan/ton. Hot - rolled coil prices in Chongqing and Chengdu rose by 50 yuan/ton and 30 yuan/ton respectively, and in other cities rose by 10 - 20 yuan/ton [9] - The daily KDJ indicators of rebar and hot - rolled coil 2605 contracts showed a divergent trend, with the J and K values turning down and the D value continuing to rise slightly. The KDJ indicator of rebar showed a potential dead - cross trend. The daily MACD red bars of both contracts narrowed [9] 3.1.3 Future Outlook - News: In March 2026, China further expanded the import restrictions on BHP's iron ore, fully suspending the procurement of core products such as Mac Fines and Newman Fines/Block, which led to a significant increase in iron ore prices [10] - Fundamentals: The weekly output of the five major steel products rebounded to a new high since early February, the inventory accumulation speed slowed down significantly, and the weekly demand has been rising for two consecutive weeks to a new high since early February [10] - Raw materials: After the Spring Festival, the port iron ore inventory rebounded and reached a record high since December 2015, with about 20 million tons from BHP's locked - in inventory. The steel mills' iron ore inventory has remained at a 23 - day availability level for three weeks. The shipment volume of imported iron ore in the past four weeks increased by 13.3% month - on - month, and the arrival volume decreased by 6.6% month - on - month, and it is expected to recover in the future. From March 9 to 14, the Mongolian coal customs clearance volume increased slightly compared with the previous week, with an average increase of only 0.8%, generally remaining at a relatively high level of 175,000 - 196,000 tons. The coking coal inventories of steel mills and coking plants have rebounded slightly after reaching new lows since late June and late July last year respectively [10] 3.2 Industry News - The National Development and Reform Commission launched a new batch of 13 landmark major foreign - funded projects with a planned investment of $13.4 billion, mainly in manufacturing and service industries, and the cumulative investment of such projects has reached $108 billion [12] - The State - owned Assets Supervision and Administration Commission emphasized that central enterprises should continue to play a stabilizing role in the national economy, formulate scientific business goals, expand development space, and increase effective investment [12] - The Ministry of Industry and Information Technology emphasized consolidating the stable and positive trend of the industrial economy, implementing the new round of the ten - key - industry stable - growth plan, and starting the "15th Five - Year Plan" major projects [12] - From January to February 2026, the total raw coal output of the top 10 enterprises was 390 million tons, a year - on - year decrease of 4.83 million tons, accounting for 51.3% of the above - scale industrial raw coal output [13] - In 2025, the operating income of CITIC Special Steel was 107.373 billion yuan, a year - on - year decrease of 1.68% [13] - On March 11, a ship carrying high - grade iron ore from Simandou docked at WISCO's industrial port [13] - From January to February, key steel enterprises produced 131.62 million tons of crude steel (a year - on - year decrease of 5%), 118.74 million tons of pig iron (a year - on - year decrease of 3.1%), and 129.58 million tons of steel (a year - on - year decrease of 3.1%) [13] - In early March, the output of key coal - monitoring enterprises was 64.44 million tons, with a daily average of 6.44 million tons, a 6.3% increase from late February and a 1.4% increase year - on - year [13] - The natural gas consumption during the heating season from last winter to this spring was 180 billion cubic meters, a year - on - year increase of over 2% [13] - On March 17, the Baotailong Donghui Coal Mine project started, with a total investment of 3.007 billion yuan, a designed production capacity of 1.8 million tons/year, and a service life of 52.7 years [13] - In February 2026, China exported 4.63 million tons of steel plates (a year - on - year decrease of 12.6%), and 9.33 million tons from January to February (a year - on - year decrease of 14.5%); exported 1.19 million tons of steel bars (a year - on - year decrease of 7.7%), and 2.32 million tons from January to February (a year - on - year decrease of 5.9%) [13] - In the first two months of this year, the import and export freight volume of Ganqimaodu Port reached 8.025 million tons, a year - on - year increase of 43.2%, and the import and export value reached 13.06 billion yuan, a year - on - year increase of 88% [13] - On March 17, Spain approved the release of up to 11.5 million barrels of oil reserves in 90 days to deal with the oil supply shortage [14] - An Indonesian coal mining company, PTBA, received approval for its 2026 coal production plan with a maximum annual production of 53.2 million tons [14] - In February, Japan's purchase of US oil increased by 1587.1% year - on - year [14] - India is expected to have a peak power demand of 271,000 MW this summer, and the government plans to require some imported - coal - fired power plants to operate at full capacity [14] - Since the US - Iran conflict, US diesel prices have soared 34%, reaching $5.04 per gallon on March 17 [14] - The tense situation in the Middle East has led to a serious shortage of LPG in India, and the government is taking measures to ensure supply [14] 3.3 Data Overview - The report provides various data charts, including the spot prices of rebar and hot - rolled coil in major markets, the weekly output and steel mill inventory of the five major steel products, the social inventory of rebar and hot - rolled coil in major cities, the blast furnace and electric furnace operating rates and capacity utilization rates, the national daily average hot metal output, the apparent consumption of the five major steel products, and the basis between Shanghai rebar and hot - rolled coil spot and May contracts [16][18][21][28][29][36]

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "oscillation" [5] 2. Core View of the Report - The weakening expectation of the Fed's interest rate cut and the lingering stagflation risk, along with cautious expectations for the peak season, inventory pressure in the industrial chain, and limited bright spots in the fundamentals, result in insufficient upward drive for the market. However, due to uncertainties in geopolitical conflicts, fluctuations in coking coal and coke prices following crude oil, continuous disturbances in the iron ore supply, tightened liquidity expectations for some spot varieties, and the expected increase in hot metal production, there is still support at the cost end. Attention should be paid to geopolitical and iron ore supply disturbances [1] 3. Summary by Relevant Catalogs 3.1 Iron Element - **Iron Ore**: In the short term, it is expected to oscillate due to supply and geopolitical disturbances. In the long - term, the high inventory pressure is difficult to ease, maintaining a loose pattern. If macro disturbances weaken, the fundamental pressure will be greater, and the medium - term performance is expected to be weakly oscillating [1] - **Scrap Steel**: The short - term supply - demand weakness has marginally improved, with demand recovery slightly faster than supply, providing some support for prices. It is expected to follow the rise of finished product prices in the short term, and attention should be paid to the sustainability of the price rebound of finished products and the actual recovery progress of terminal demand [8] 3.2 Carbon Element - **Coke**: In the short term, both supply and demand are increasing, with hot metal复产 possibly faster. The cost - end price has risen, and the spot support is strong. The futures market is expected to follow the cost - end coking coal [2][10] - **Coking Coal**: The resumption of coal mines is still restricted, and the actual pressure on the fundamentals remains due to high Mongolian coal imports. The spot price is unlikely to rise significantly. The futures price is affected by macro expectations and geopolitical conflicts. It may be strong if the geopolitical conflict persists, and oscillate if it eases [2][11] 3.3 Alloys - **Ferromanganese Silicon**: The supply - demand situation remains loose, with high upstream inventory and resistance in cost transmission. There is significant selling pressure on the futures market, and the high - level valuation above the cost line has a callback risk [2][15] - **Silicon Iron**: The market inventory pressure is limited, and the supply - demand contradiction is not significant. However, the continuous repair of profits may accelerate the resumption of production, making the supply - demand relationship gradually turn loose and suppressing the upward price space. The current futures valuation is much higher than the comprehensive cost, and there is a risk of a high - level callback [2][17] 3.4 Glass and Soda Ash - **Glass**: There are still expectations of supply disturbances, but the inventory of middle and downstream is moderately high. The current supply - demand is still in surplus. If production and sales do not improve continuously, high inventory will always suppress prices [2][5][12] - **Soda Ash**: The supply is stable at a high level in the short term, and the overall supply - demand is in surplus. It is expected to oscillate in the short term. In the long term, the supply surplus pattern will intensify, and the price center will decline, promoting capacity reduction [2][5][14] 3.5 Steel - The inventory pressure remains, and the upward drive is limited. The spot trading volume is average. After the weakening of environmental protection restrictions, hot metal production is expected to rise, and the overall supply of five major steel products is expected to recover from a low level. The demand shows resilience but lacks bright spots. The inventory is moderately high, and it will take time to ease the fundamental contradictions. The price upward drive is limited, and attention should be paid to geopolitical disturbances and peak - season demand [7] 3.6 Commodity Index - On March 18, 2026, the comprehensive index of CITIC Futures was 2581.98, down 0.38%; the commodity 20 index was 2916.20, down 0.36%; the industrial product index was 2557.35, down 0.31%. The steel industry chain index on March 18, 2026, had a daily increase of 0.08%, a 5 - day increase of 1.25%, a 1 - month increase of 4.31%, and a year - to - date increase of 1.80% [103][105]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The economy shows mixed signals with some production indicators weakening while demand in the building materials sector rebounds. Inflation presents a situation of increasing divergence between pork and oil prices [2][3]. 3. Summary by Relevant Catalogs 3.1 Economic Growth: General Rebound in Building Material Prices 3.1.1 Production: Power Plant Daily Consumption Weaker than the Past 3 Years - Power plant daily consumption is weaker than the past 3 years. On March 17, the average daily consumption of 6 major power - generating groups was 72.7 tons, a decrease of 8.2% from March 10. On March 12, the daily consumption of power plants in eight southern provinces was 188.7 tons, a decrease of 7.7% from March 5 [5][12]. - The blast furnace operating rate has partially recovered. On March 13, the national blast furnace operating rate was 78.4%, up 0.7 percentage points from March 6; the capacity utilization rate was 82.9%, down 2.4 percentage points from March 6. The blast furnace operating rate of Tangshan steel mills was 92.5%, up 8.4 percentage points from March 6 [5][18]. - The tire operating rate is slightly weaker than in the past two years. On March 12, the operating rate of truck all - steel tires was 70.2%, up 4.3 percentage points from March 5; the operating rate of car semi - steel tires was 77.7%, up 3.7 percentage points from March 5. The loom operating rate in the Jiangsu and Zhejiang regions has recovered slowly [5][21]. 3.1.2 Demand: General Rebound in Building Material Prices - The sales volume of commercial housing in 30 cities has strengthened month - on - month but remains weak year - on - year. From March 1 - 17, the average daily sales area of commercial housing in 30 large and medium - sized cities was 200,000 square meters, up 34.0% from February, down 8.8% from March last year, and up 0.4% from March 2024 [5][27]. - The retail growth of the auto market has strengthened. In February, retail sales increased by 54% year - on - year, and wholesale sales increased by 46% year - on - year [5][31]. - Steel prices have continued to be strong. On March 17, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil increased by 0.9%, 0.8%, 2.2%, and 0.3% respectively compared to March 10 [5][38]. - Cement prices have started to rebound. On March 17, the national cement price index increased by 1.4% compared to March 10. The cement prices in the East China and Yangtze River regions increased by 3.2% and 4.1% respectively, outperforming the national average [5][41]. - Glass prices have risen moderately. On March 17, the active glass futures contract price was 1,096 yuan/ton, up 1.4% from March 10 [5][45]. - The growth rate of the container shipping freight index has continued to increase. On March 13, the CCFI index increased by 1.7% compared to March 6, and the SCFI index increased by 14.9% [5][49]. 3.2 Inflation: Increasing Divergence between Pork and Oil Prices 3.2.1 CPI: Deep Drop in Pork Prices at a Low Level - Pork prices have dropped deeply at a low level. On March 17, the average wholesale price of pork was 16.2 yuan/kg, a decrease of 4.1% from March 10. Since the winter solstice, pork prices have been on a downward trend. After the Spring Festival, the imbalance between production and sales has become more obvious, and the decline rate has accelerated [5][54]. - The agricultural product price index is stronger than last year. On March 17, the agricultural product wholesale price index decreased by 1.0% compared to March 10. By variety, mutton (up 0.1%) > eggs (down 0.1%) > beef (down 0.3%) > fruits (down 1.3%) > vegetables (down 2.6%) > chicken (down 2.8%) > pork (down 4.1%) [5][61]. 3.2.2 PPI: Continued Rise in Oil Prices - Oil prices have continued to rise. On March 17, the spot prices of Brent and WTI crude oil were $103.5 and $96.2 per barrel respectively, up 17.2% and 15.3% from March 10. The attacks on energy infrastructure in the Middle East and the increased risk in the Strait of Hormuz have tightened the global supply chain [5][66]. - Copper prices have dropped while aluminum prices have risen. On March 17, the LME 3 - month copper price decreased by 1.8% and the aluminum price increased by 0.7% compared to March 10. The domestic commodity index's month - on - month increase has expanded [5][71]. - Most industrial product prices have turned to an upward trend. Since March, most industrial product prices have risen month - on - month, and the year - on - year decline of most industrial product prices has converged [73].