Report Industry Investment Rating - Not provided in the document Core Viewpoints - The real estate industry is still at the bottom, but the downward trend is slowing; the steel consumption in the automotive manufacturing sector has declined for two consecutive months; the infrastructure sector is providing support [4][6][8][10] - The short - term increase in iron ore prices due to negotiation events is not sustainable, and the trend of oversupply remains unchanged [27] - From March to April, it is the verification period for terminal demand. The black - series prices may face downward pressure, and the coal - coke prices have some support at the bottom but are restricted by the oversupply issue [43] - The cost support for ferroalloys is gradually strengthening, but the weak downstream steel demand and high inventory pressure limit their upward space [58] - The supply pressure of soda ash remains high, and the demand is currently stable but weak. The price increase space is limited, and the downward space depends on inventory accumulation [69] - The cold - repair expectation of float glass continues, and the supply return expectation and high intermediate inventory limit its price increase, while the demand needs to be verified [96] Summary by Related Catalogs Steel Macro Data - The new construction area of real estate from January to February was 5.084 million square meters, with a cumulative year - on - year decrease of 23.1%. The single - month steel consumption from January to February was 330,460 tons, at the lowest level in the same period over the years, but the downward trend is stabilizing [4] - The automobile production from January to February was 4.024 million vehicles, with a cumulative year - on - year decrease of 9.9%. The single - month steel consumption in January was 1.01577 million tons (automobile industry association's data), a month - on - month decrease of 11.67% and a year - on - year increase of 3.1%; in February, it was 881,500 tons, a month - on - month decrease of 13.22% and a year - on - year decrease of 6.6% [6] - The infrastructure investment completion amount in February increased by 9.76% year - on - year. The steel consumption of railways and airports was 271,600 tons and 29,970 tons respectively, with year - on - year increases of 0% and 31.1% [8] Price Data - On March 20, 2026, the closing prices of rebar 01, 05, and 10 contracts were 3183, 3123, and 3151 yuan/ton respectively; the closing prices of hot - rolled coil 01, 05, and 10 contracts were 3312, 3297, and 3303 yuan/ton respectively [10] - The spot prices of rebar and hot - rolled coil in different regions and their basis data are provided, showing slight daily and weekly changes [14] - The roll - rebar spread and the spot spread between roll and rebar in different regions are presented, with some changes compared to the previous day [19] - The ratios of rebar to iron ore and rebar to coke for different contracts remained unchanged on March 20, 2026, compared to the previous day [23] Iron Ore Market Analysis - The current iron ore price has strengthened in the short term due to negotiation events, but the BHP's shipping gap to China may be strategic and not sustainable. The shipping volume has decreased due to weather, and the freight increase is limited. The iron ore supply and demand situation shows that the iron - water production will increase with复产, but the terminal demand is weak and the inventory is high, and the profit may be under pressure again after复产. The ports are accumulating inventory seasonally, but there is a prominent structural shortage of medium - grade ore resources. The valuation is at a high level, and the near - month contracts are in a positive - spread pattern. Overall, the event - driven price increase is not long - lasting, and the oversupply trend remains [27] Price and Fundamental Data - The closing prices of iron ore 01, 05, and 09 contracts on March 20, 2026, were 759, 815.5, and 781 yuan/ton respectively, with corresponding daily and weekly changes [28][30][31] - The basis data of different contracts and the prices of different iron ore varieties in Rizhao are provided, showing daily and weekly changes [30][31] - The fundamental data such as daily average iron - water production, 45 - port desilting volume, five - major steel apparent demand, global shipping volume, Australia - Brazil shipping volume, 45 - port arrival volume, 45 - port inventory, and 247 - steel mill inventory are presented, with corresponding week - on - week and month - on - month changes [39] Coal - Coke Market Analysis - From March to April, it is the verification period for terminal demand. The uncertainty in the Middle - East shipping route may suppress China's short - term steel exports. In the context of weakening steel export demand, the overall black - series prices may face significant downward pressure. The coal - coke prices have some support at the bottom due to the increase in overseas energy prices, but the oversupply issue will restrict their price elasticity, so one should not be overly optimistic [43] Price Data - The coal - coke futures price differences between different contracts, the coking profit on the disk, and the ratios of main contracts are provided, showing daily and weekly changes [44] - The spot prices of different types of coking coal and coke in different regions, as well as the import and export profits and price ratios, are presented, with corresponding daily and weekly changes [45][47] Ferroalloys Market Analysis - In the short term, the cost support for ferroalloys is gradually strengthening, but the weak downstream steel terminal demand and high inventory pressure of plates limit their upward space [58] Price Data - The basis, price differences between different contracts, and spot prices of ferrosilicon and ferromanganese in different regions are provided, showing daily and weekly changes [59][61] - The prices of raw materials such as semi - coke, steam coal, and manganese ore, as well as the warehouse receipt data of ferrosilicon and ferromanganese, are presented, with corresponding changes [61] Soda Ash Market Analysis - The daily production of soda ash is at a high level, and the supply pressure persists. The rigid demand is currently stable but weak, and there may be unexpected disturbances on the supply side. The inventory performance is better than expected. If the disk price rises, there is some replenishment space for middle - stream players such as those in the spot - futures market, but the price increase space is limited due to the limited demand elasticity. The downward price space needs inventory accumulation to open up. In the medium - to - long - term, the high - supply expectation remains unchanged, waiting for the further accumulation of industrial contradictions. In addition to the fundamentals, other sectors or macro factors may also have an impact [69] Price Data - The closing prices of soda ash 05, 09, and 01 contracts on March 20, 2026, were 1202, 1274, and 1322 yuan/ton respectively, with corresponding daily changes and percentage changes. The price differences between different contracts and the basis data are also provided [73] - The spot prices of heavy and light soda ash in different regions and the price differences between them are presented, with no significant daily changes [73] Glass Market Analysis - The cold - repair expectation of float glass continues, and the daily melting volume is in a downward stage. However, the high intermediate inventory has always been a risk concern in the market, as once a negative feedback occurs, the spot pressure will be significant, and the downstream may not be able to absorb the supply. There are continuous news about ignition and cold - repair, and there are many new lines waiting to be ignited in Shahe. The supply return expectation and high intermediate inventory limit the price increase of glass, and the demand needs to be verified. The cost of petroleum coke has increased. In addition to the fundamentals, macro and sentiment factors may also have an impact [96] Price and Sales Data - The closing prices of glass 05, 09, and 01 contracts on March 20, 2026, were 1054, 1181, and 1247 yuan/ton respectively, with corresponding daily changes and percentage changes. The price differences between different contracts and the basis data in different regions are also provided [97] - The daily sales - to - production ratios of glass in Shahe, Hubei, East China, and South China regions are presented for several days [99]

Investment Rating - The report maintains a "Recommended" rating for key companies in the coal industry, indicating a positive outlook for their stock performance relative to the benchmark index [4]. Core Insights - The coal industry is expected to return to a state of basic supply-demand balance between 2023 and 2024, with prices projected to rise to a seasonal fluctuation range of 800-1000 RMB per ton due to domestic supply contraction and increased demand from coal chemical industries [2]. - The completion of China Shenhua's asset acquisition is anticipated to enhance its polyethylene production capacity significantly, which is expected to contribute positively to its growth prospects [8]. - The report highlights the importance of coal chemical investment opportunities, with projected coal consumption for chemical processes increasing significantly from 3.04 billion tons in 2023 to 3.62 billion tons by 2025, reflecting a compound annual growth rate of approximately 9.4% to 11.5% [8]. Summary by Sections Domestic Supply and Price Dynamics - Domestic coal supply is expected to continue contracting due to production checks initiated by the National Energy Administration, leading to a rapid reduction in port inventories and upward pressure on coal prices [2]. - Approximately 200 million tons of production capacity are still pending replacement and environmental assessment approvals, posing potential risks for future supply reductions [2]. International Market Influences - Rising European gas prices and high electricity costs are driving European power plants to resume coal-fired generation, significantly boosting global coal demand and supporting international coal prices [2]. - The report notes that high oil prices are increasing the cost of oil-based chemicals, making coal-based chemical processes more competitive, thereby enhancing downstream demand [2]. Company-Specific Recommendations - The report recommends focusing on companies with high spot market exposure, such as Lu'an Huanneng, Jinko Coal Industry, and Shanxi Coal International, as well as those with coal chemical production capabilities like China Shenhua and Yanzhou Coal Mining [8].

Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating. 2. Core Viewpoints - The central bank will continue to implement a moderately loose monetary policy, use various monetary policy tools to maintain liquidity, guide interest rates, and support the resolution of debt risks in financing platforms while ensuring the stable operation of financial markets [2]. - In January - February this year, China's fiscal revenue was 4.42 trillion yuan, with a year - on - year increase of 0.7%, and fiscal expenditure was 4.67 trillion yuan, with a year - on - year increase of 3.6%, showing a front - loaded spending pattern. Tax revenue was 3.64 trillion yuan, with a 0.1% increase, and securities transaction stamp duty increased by 1.1 times [2]. - The US is taking measures to maintain oil price stability. Trump has informed Israel to stop attacking Iranian energy facilities, the US Treasury Secretary may lift sanctions on Iranian oil at sea in the next few days and release strategic oil reserves, and the White House said the US will not impose an oil export ban [2]. 3. Summary by Related Catalogs A - share Market - The major A - share market indexes fell across the board, with the Shanghai Composite Index down 1.39%, the Shenzhen Component Index down 2.02%, and the ChiNext Index down 1.11%. The market turnover was about 2.13 trillion yuan, an increase of 66.3 billion yuan from the previous trading day [3]. - The A - share market's total market capitalization was 111.76 trillion yuan, an increase of 3.01 trillion yuan from the beginning of the year. The PE (TTM) was 22.83x, and the PB (MRQ) was 5.87x. The margin trading balance decreased by 25.72379 billion yuan compared to a month ago [9]. Industry Performance - The top - rising sectors were coal, petroleum and petrochemical, and public utilities, with the coal sector rising 1.82%. The top - falling sectors were non - ferrous metals, steel, and building materials, with the non - ferrous metals sector dropping 6.10% [3]. - The top three sectors in terms of daily net inflow of funds were public utilities, non - banking finance, and coal. The top three sectors in terms of net inflow of funds at the end of the trading day were petroleum and petrochemical, non - ferrous metals, and light industry manufacturing [15]. Global Market - The major stock indexes in the Asia - Pacific, European, and US markets all declined. The Nikkei 225 index tumbled 3.38%, the KOSPI index fell 2.73%, the German DAX index dropped 2.82%, and the UK FTSE 100 index declined 2.35%. In the US stock market, the Dow Jones Industrial Average fell 0.44%, the S&P 500 index dropped 0.27%, and the Nasdaq index declined 0.28% [3]. Interest Rate and Exchange Rate Market - The US dollar index closed at 99.18, down 1.11%. The offshore US dollar to RMB exchange rate closed at 6.8824, down 0.28%. The 10 - year Treasury bond yield was 1.815%, down 0.54BP, and DR007 was 1.427%, down 0.61BP [3][5]

Group 1: Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping by 1.39% to 4006.55 points, and the Shenzhen Component Index falling by 2.02% [1] - The Hang Seng Index also saw a sharp drop of 2.02%, closing at 25500.58 points, while the Hang Seng Technology Index decreased by 2.19% [1][5] - In the external market, major European indices closed lower, and the US indices also saw slight declines, with the Dow Jones down by 0.44% to 46021.43 points [1][5] Group 2: Central Bank Actions - The European Central Bank (ECB) maintained interest rates, with President Christine Lagarde stating that the bank is prepared to respond to the risks posed by the ongoing war [8][14] - The ECB warned that the conflict in the Middle East is accelerating inflation and slowing economic growth, indicating a commitment to stabilize inflation around the 2% target [14] - The ECB's projections suggest that inflation could peak at 6.3% in 2027 under severe scenarios related to the conflict [14] Group 3: Geopolitical Developments - Israeli Prime Minister Benjamin Netanyahu announced that Israel would no longer target Iranian energy facilities and would assist the US in attempting to reopen the Strait of Hormuz [8][14] - Netanyahu claimed that Iran is no longer capable of uranium enrichment or missile manufacturing, suggesting that the war would end sooner than expected [8][14] Group 4: Economic Indicators - China's fiscal expenditure in January-February recorded the fastest growth since 2022, with a year-on-year increase of 6%, while total fiscal revenue fell by 1.4%, leading to a deficit exceeding 1 trillion yuan [8][14] - The increase in fiscal spending is seen as a measure to support the economy amid rising external uncertainties [14]

Group 1: Upstream Resources - The price of crude oil continues to rise, with Brent crude futures settling at $103.1 per barrel, reflecting a week-on-week increase of 11.3% as of March 13. The domestic chemical price index also rose by 12.5% during the same period [7] - The prices of downstream chemical products PX and PTA increased by 18.2% and 20.2% respectively, driven by supply disruptions in the Middle East [7] - Coal prices decreased by 1.9% due to weak demand in the off-season, with the price reported at 729 RMB per ton as of March 13 [8] Group 2: Midstream Cycles and Manufacturing - Emerging technology sectors, particularly in AI and semiconductor exports, are experiencing significant growth, with South Korea's semiconductor exports increasing by 40.0% year-on-year in February 2026 [19] - Domestic machinery and electrical product exports rose by 27.1% year-on-year in January-February 2026, with integrated circuits and general machinery exports increasing by 72.6% and 19.2% respectively [24] - Construction demand is showing marginal improvement, with rebar and hot-rolled coil prices increasing by 2.8% and 1.2% respectively as of March 13 [26] Group 3: Downstream Consumption - Real estate sales are showing a narrowing decline, with the transaction area of commercial housing in 30 major cities down by 3.8% year-on-year as of March 15 [41] - Retail sales of beverages, grain and oil products, and tobacco and alcohol increased by 6.0%, 10.2%, and 19.1% respectively in January-February 2026, indicating a strong demand for consumer goods [45] - The tourism sector remains robust, with Shanghai Disneyland's crowd levels increasing by 281.9% year-on-year, reflecting strong travel demand [50] Group 4: Logistics and Mobility - Passenger transport in major cities increased by 5.5% year-on-year, with the Baidu migration index showing a 21.8% increase [57] - National road and rail freight volumes increased by 0.6% and 4.3% year-on-year respectively, indicating a positive trend in logistics demand [61] - The Shanghai shipping index (SCFI) rose by 14.9% week-on-week, suggesting an improvement in export conditions [57]

Market Overview - On March 19, the three major indices fell over 1%, with the Shanghai Composite Index dropping 1.39% and briefly falling below the 4000-point mark[3] - The total trading volume reached 2.13 trillion yuan, an increase of approximately 70 billion yuan compared to the previous trading day[1] Sector Performance - All sectors except for oil, coal, banking, and utilities experienced declines, with non-ferrous metals, chemicals, and steel leading the losses[1] - The leading stocks in the communication and new energy sectors showed high volatility, while the leading stocks in the non-ferrous and chemical sectors exhibited weaker performance[2] Monetary Policy - The People's Bank of China emphasized the continuation of a moderately loose monetary policy to promote stable economic growth and reasonable price recovery[4] - The central bank aims to maintain liquidity and ensure that the growth of social financing aligns with economic growth and price expectations[4] Industry Dynamics - In February 2026, 75.49% of the green certificates issued were related to renewable energy projects, with a total of 1.98 billion certificates issued[7] - Over 30 production companies have increased the specifications and prices of rebar by 20-50 yuan per ton, with some regions seeing increases of up to 80 yuan per ton[9] Fundraising Trends - On March 18, 11 new funds exceeded 1 billion yuan in size, with active equity funds and FOFs making up 7 of these funds[12] - The total scale of FOFs has surpassed 300 billion yuan for the first time, driven by high demand and rapid sales[12]

Group 1: Report Information - Report title: Coking Coal Daily Report [1] - Date: March 20, 2026 [1] - Research team: Black Team of the Research Center [1] Group 2: Price Information - **Coal prices**: - The latest price of Liulin Main Coking Coal is 1468.00, with no daily change, a weekly decrease of 15.00, a monthly decrease of 15.00, and an annual increase of 16.05% [2] - The latest price of Raw Coal Port Delivery Price is 1073.00, with a daily decrease of 19.00, a weekly increase of 28.00, a monthly increase of 58.00, and an annual increase of 26.24% [2] - The latest price of Shaheyi Meng 5 is 1420.00, with no daily change, a weekly increase of 50.00, a monthly increase of 20.00, and an annual increase of 12.70% [2] - The latest price of Anze Main Coking Coal is 1470.00, with a daily increase of 20.00, a weekly increase of 20.00, a monthly decrease of 100.00, and an annual increase of 15.75% [2] - **Futures prices**: - The latest price of Disk 05 is 1167.00, with a daily decrease of 6.00, a weekly decrease of 11.50, a monthly increase of 41.00, and an annual increase of 10.35% [2] - The latest price of Disk 09 is 1277.00, with a daily increase of 1.50, a weekly decrease of 2.00, a monthly increase of 72.50, and an annual increase of 13.87% [2] - The latest price of Disk 01 is 1482.50, with a daily increase of 5.00, a weekly increase of 2.00, a monthly increase of 104.00, and an annual increase of 26.87% [2] Group 3: Inventory Information - Total inventory is 3754.41, with a weekly decrease of 169.44 and an annual decrease of 10.70% [2] - Coal mine inventory is 254.09, with a weekly decrease of 23.59, a monthly increase of 2.47, and an annual decrease of 31.82% [2] - Port inventory is 267.55, with a weekly decrease of 0.15, a monthly increase of 9.14, and an annual decrease of 32.03% [2] - Steel mill coking coal inventory is 777.63, with a weekly increase of 1.99, a monthly decrease of 60.62, and an annual increase of 2.01% [2] - Coking coking coal inventory is 969.43, with a weekly increase of 19.98, a monthly decrease of 360.56, and an annual increase of 24.20% [2] Group 4: Other Information - Coking capacity utilization rate is 74.31, with a weekly increase of 0.40, a monthly increase of 1.42, and an annual increase of 3.87% [2] - Coking coke inventory is 86.46, with a weekly increase of 0.57, a monthly increase of 0.13, and an annual decrease of 1.14% [2] - 05 basis is -60.33, with a daily increase of 6.00, a weekly increase of 11.50, a monthly decrease of 60.54, and an annual increase of 34.18 [2] - 09 basis is -170.33, with a daily decrease of 1.50, a weekly increase of 2.00, a monthly decrease of 92.04, and an annual increase of 0.07 [2] - 01 basis is -375.83, with a daily decrease of 5.00, a weekly decrease of 2.00, a monthly decrease of 123.54, and an annual increase of 0.83 [2] - 5 - 9 spread is -110.00, with a daily decrease of 7.50, a weekly decrease of 9.50, a monthly decrease of 31.50, and an annual increase of 0.72 [2] - 9 - 1 spread is -205.50, with a daily decrease of 3.50, a weekly decrease of 4.00, a monthly decrease of 31.50, and an annual increase of 3.37 [2] - 1 - 5 spread is 315.50, with a daily increase of 11.00, a weekly increase of 13.50, a monthly increase of 63.00, and an annual increase of 1.84 [2]

1. Report Industry Investment Ratings - The investment ratings for steel, iron ore, coking coal, coke, and thermal coal are all "oscillating" [2][4][7] 2. Core Views - The steel market is waiting for the peak season. Currently, the supply - demand contradiction is limited. The inventory pressure restricts the steel price, and the peak - season destocking amplitude will affect the price. The Middle - East situation supports the steel price bottom, and steel prices will follow raw material fluctuations in the short term [1] - The iron ore market sentiment is poor, and the price is oscillating downward. In the short term, the supply - demand contradiction is not obvious, and the high inventory suppresses the price in the long run [3] - The supply of coking coal and coke is gradually recovering, and both are in range - bound oscillations. The supply of coking coal is relatively loose, and the coke supply - demand contradiction is limited [5][6] - The terminal restocking of thermal coal has recovered, and the coal price has rebounded. The supply is increasing, and the consumption is seasonally weak. The non - power coal demand in the off - season has a great impact on the coal supply and demand [8] 3. Summaries by Related Catalogs Steel - **Market Analysis**: The steel futures main contract oscillated. The national building materials trading volume was 89900 tons, and the spot trading was weak. This week, the rebar output increased, the apparent demand soared, and the inventory was destocked again; the hot - rolled coil output increased slightly, the apparent demand improved, and the inventory was destocked [1] - **Supply - Demand and Logic**: The supply - demand contradiction of steel is limited. Building materials maintain weak supply and demand, and the inventory is slightly higher than the same period. The output of plates is relatively high, and the demand is also resilient, with greater inventory pressure than building materials. With the peak consumption season approaching, the supply - demand of steel is expected to improve. The inventory pressure restricts the steel price, and the Middle - East situation supports the price bottom [1] - **Strategy**: The unilateral strategy is to oscillate, and there are no cross - period, cross - variety, spot - futures, or options strategies [2] Iron Ore - **Market Analysis**: The iron ore futures price oscillated downward. The prices of mainstream imported iron ore varieties at Tangshan Port fell slightly. The total transaction volume of iron ore at major national ports was 613000 tons, a 18.34% increase from the previous day. The daily average pig iron output of 247 steel mills was 2281500 tons, an increase of 69500 tons from the previous period, and the port inventory decreased slightly [3] - **Supply - Demand and Logic**: The high ore price stimulates the iron ore supply, and the supply pressure increases. The pig iron output has significantly rebounded. In the short term, the supply - demand contradiction is not obvious, and the high inventory suppresses the price in the long run [3] - **Strategy**: The unilateral strategy is to oscillate, and there are no cross - period, cross - variety, spot - futures, or options strategies [4] Coking Coal and Coke - **Market Analysis**: The coking coal and coke futures oscillated. The coal price in the production area rose slightly, and the spot market of coke at the port was stable. The coal mine output increased, the mine inventory decreased, the downstream coking enterprises stocked up, and the total inventory increased; the coke output increased slightly, and the total inventory was stable with a slight increase [5][6] - **Supply - Demand and Logic**: For coking coal, the domestic coal mine resumption is accelerating, and the supply is relatively loose. The high raw material inventory of downstream restricts the purchasing enthusiasm. For coke, the coking profit is good, the coking enterprises are resuming production, and the supply - demand contradiction is limited [6] - **Strategy**: The coking coal and coke strategies are both to oscillate, and there are no cross - period, cross - variety, spot - futures, or options strategies [7] Thermal Coal - **Market Analysis**: The coal price in the main production area rose slightly, and the port price rebounded. The terminal restocking of metallurgy and chemical industries was active, and the trading at the port improved. The import trading was cold due to the increase in freight and the price inversion [8] - **Supply - Demand and Logic**: The coal supply is increasing after the Two Sessions, and the consumption is seasonally weak. The non - power coal demand in the off - season has a great impact on the coal supply and demand [8] - **Strategy**: No strategy content is provided in the text

Group 1 - The article outlines the agenda for the Guotai Junan 2026 Spring Strategy Conference, highlighting various topics related to metals, coal, building materials, and the refining industry [1] - Key speakers include analysts from Guotai Junan Securities, focusing on strategic insights into metal as an asset class, coal export prospects from Mongolia, and the potential for a new upward cycle in the coal industry [1] - The conference also addresses the international expansion of building materials and the upgrade of industrial materials, as well as the outlook for the refining industry, which is expected to experience a resonance of "cycle + growth" [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The expectation of rising hot metal production is likely to boost the sentiment in the raw material market. However, due to the transmission of overseas geopolitical conflicts, the valuation of coal and coke has rebounded, and the price rebound is lackluster. Short - term risk control should be noted to avoid chasing up [4] Group 3: Summary According to Related Contents Market Performance - Yesterday, the futures prices of coal and coke fluctuated weakly and closed down at the end of the session. The overall fluctuation was still relatively intense. The 05 contract of coking coal should pay attention to the resistance level of 1,200 yuan/ton above. On the spot side, the coke market remained stable, and coke enterprises had no plans to raise prices recently; the price of coking coal in individual producing areas rebounded slightly [3] Supply Side - In terms of the fundamentals of coal and coke, coal mine production has recovered to a high level. This week, the daily production of raw coal and clean coal from 523 sample coking coal mines was 1.969 million tons and 798,000 tons respectively, an increase of 33,000 tons and 21,000 tons respectively compared with the previous week, and the increase rate has slowed down. At the import end, the daily customs clearance volume at the Ganqimaodu Port for Mongolian coal remained at a relatively high level. The average daily customs clearance volume last week was 187,000 tons, and the inventory in the port supervision area continued to increase. According to customs data, in the first two months, China's cumulative coal imports were 77.222 million tons, a year - on - year increase of 1.45% [3] Demand Side - With the lifting of phased emission reduction restrictions, this week's hot metal production rebounded to 2.282 million tons, and there is still room for resumption of production in the near future. The purchasing sentiment of coke and steel enterprises for raw materials has improved [3]