1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report The convertible bond market declined this week. It is recommended that investors track market supply, policy rhythm, and geopolitical conflict disturbances, and make comprehensive judgments based on convertible bond terms and underlying stock conditions to select bonds in a refined manner [3]. 3. Summary by Relevant Catalogs Market Conditions - From March 9 to March 13, 2026 (5 trading days), the CSI Convertible Bond Index had a change of -1.10% (last week's change was -2.07%), and the CSI All-Share Index changed by -0.51% (last week's change was -2.28%). Since 2026, the CSI Convertible Bond Index has changed by +3.41%, and the CSI All-Share Index has changed by +5.09% [1]. - By rating, high-rated bonds (AAA), medium-high-rated bonds (AA+), medium-rated bonds (AA), medium-low-rated bonds (AA-), and low-rated bonds (AA- and below) had weekly changes of +0.02%, -0.79%, -1.83%, -2.55%, and -1.97% respectively. High-rated bonds rose, while the rest declined [1]. - By convertible bond scale, large-scale convertible bonds (bond balance > 2 billion yuan), medium-large-scale convertible bonds (balance between 1.5 and 2 billion yuan), medium-scale convertible bonds (balance between 1 and 1.5 billion yuan), small-medium-scale convertible bonds (balance between 0.5 and 1 billion yuan), and small-scale convertible bonds (balance < 0.5 billion yuan) had weekly changes of -0.27%, +0.02%, +0.05%, -2.11%, and -2.75% respectively. Medium-large-scale and medium-scale convertible bonds rose, while the rest declined [2]. - By parity, ultra-high parity bonds (conversion value > 130 yuan), high parity bonds (conversion value between 120 and 130 yuan), medium-high parity bonds (conversion value between 110 and 120 yuan), medium parity bonds (conversion value between 100 and 110 yuan), medium-low parity bonds (conversion value between 90 and 100 yuan), low parity bonds (conversion value between 80 and 90 yuan), and ultra-low parity bonds (conversion value < 80 yuan) had weekly changes of -6.78%, -3.29%, -0.36%, -1.46%, -1.71%, -0.88%, and +0.07% respectively. All except ultra-low parity bonds declined [2]. Current Convertible Bond Valuation Levels As of March 13, 2026, there were 377 outstanding convertible bonds (382 at the end of last week), with a balance of 527.921 billion yuan (532.506 billion yuan at the end of last week). Specifically: - The average convertible bond price was 139.04 yuan (139.31 yuan at the end of last week), with a percentile of 96.49% (from the beginning of 2023 to March 13, 2026, the same below). - The average convertible bond parity was 108.59 yuan (106.74 yuan at the end of last week), with a percentile of 97.79%. - The average convertible bond conversion premium rate was 29.05% (31.15% at the end of last week), with a percentile of 22.76% [3]. Convertible Bond Increase Situation The top 15 convertible bonds in terms of increase this week are as follows: | Serial Number | Convertible Bond Abbreviation | Underlying Stock Abbreviation | Industry | Latest Closing Price (yuan) | Convertible Bond Increase (%) | Underlying Stock Increase (%) | | --- | --- | --- | --- | --- | --- | --- | | 1 | Wankai Convertible Bond | Wankai New Materials | Basic Chemicals | 262.02 | 19.61 | 22.58 | | 2 | Baichuan Convertible Bond 2 | Baichuan Co., Ltd. | Basic Chemicals | 200.58 | 16.16 | 18.06 | | 3 | Hebang Convertible Bond | Hebang Biotechnology | Basic Chemicals | 185.67 | 16.15 | 13.10 | | 4 | Xinfu Convertible Bond | SANGFOR Technologies | Computer | 116.60 | 10.24 | 2.21 | | 5 | Lianrui Convertible Bond | Lianrui New Materials | Basic Chemicals | 228.18 | 10.20 | 21.33 | | 6 | Dazhong Convertible Bond | Dazhong Mining | Steel | 412.99 | 8.68 | 10.30 | | 7 | Tongyu Convertible Bond | Tongyu Heavy Industry | Power Equipment | 153.00 | 7.59 | 28.35 | | 8 | Rong 23 Convertible Bond | Rongsheng Environmental Protection | Light Industry Manufacturing | 143.52 | 7.05 | 7.65 | | 9 | Jinlang Convertible Bond 02 | Jinlang Technology | Power Equipment | 182.17 | 6.53 | 16.03 | | 10 | Zhoubang Convertible Bond | Shenzhen Capchem Technology | Power Equipment | 184.40 | 5.93 | 8.61 | | 11 | Huati Convertible Bond | Huati Technology | Electronics | 124.09 | 5.32 | 9.43 | | 12 | Hengyi Convertible Bond 2 | Hengyi Petrochemical | Petroleum and Petrochemicals | 150.47 | 5.30 | -1.16 | | 13 | Yiwei Convertible Bond | EVE Energy | Power Equipment | 168.80 | 4.99 | 13.13 | | 14 | Shangtai Convertible Bond | Shangtai Technology | Power Equipment | 155.00 | 4.74 | 14.25 | | 15 | Lanfan Convertible Bond | Bluestar Medical | Medical Biology | 113.75 | 4.21 | 14.83 | [19]

Report Overview - Report Type: Black Metal Weekly Report [1] - Date: March 13, 2026 [2] - Research Team: Black Variety Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [4] Investment Ratings - Not provided in the report Core Views - The prices of steel, coke, coking coal, and iron ore are expected to be volatile and strong. The steel price increase requires demand - side support. The coal - coke price is supported by cost and demand. The iron ore price is affected by the negotiation with BHP, and it is recommended to buy on dips [9][10][13] Summary of Each Section Black Variety Strategy Recommendation - **Single - side Strategy** - RB2605 (3142) and HC2605 (3295) are expected to be volatile and strong due to import restrictions on BHP iron ore, slow inventory accumulation of five major steel products, and the contradiction between low steel output and spring demand [6][9] - J2605 (1737.5) and JM2605 (1178) are expected to be volatile and strong because of the rise of iron ore price, international energy supply uncertainty, and the expected start of steel mill production [6][10] - I2605 (811.5) is expected to run strongly overall. The import restrictions on BHP iron ore lead to a short - term supply - demand gap [6][13] - **Cross - period Arbitrage** - I2605 is expected to run strongly overall, affected by supply - demand and negotiation factors [6][13] - **Cross - product Arbitrage** - Specific price data are provided for RB05 - 10, J05 - 09, JM05 - 09, I05 - 09, RB/I, HC - RB, J/JM, but no specific strategies are given [6] Steel Fundamental Analysis - **Price**: The prices of major rebar and hot - rolled coil spot markets increased significantly in the week of March 13 (rebar + 30 - 60 yuan/ton, hot - rolled coil + 40 - 80 yuan/ton) [14] - **Blast Furnace and Crude Steel**: The blast furnace capacity utilization rate of 247 steel mills in China decreased for 2 consecutive weeks to a new low since April 2024 (down 2.40 percentage points to 82.92%); the average daily crude steel output of key large and medium - sized enterprises in late February slightly declined from a new high since mid - October last year [14] - **Hot Metal and Electric Furnace**: The national daily average hot - metal output decreased for 2 consecutive weeks to a new low since September 2024 (down 6.39 tons or 2.81% to 221.20 tons); the capacity utilization rate of 87 independent electric arc furnace steel mills increased significantly for 2 consecutive weeks from a new low since mid - February last year [17] - **Output and Inventory of Five Major Steel Products**: The weekly output of rebar in major steel mills increased for 2 consecutive weeks from a new low since early September 2024; the weekly output of hot - rolled coil decreased for 3 consecutive weeks from a new high since mid - December last year. The rebar inventory in major steel mills increased for 8 consecutive weeks to a new high since May 2024; the hot - rolled coil inventory decreased for 2 consecutive weeks from a new high since mid - February last year [18] - **Social Inventory**: The social inventory of rebar in 35 cities increased for 10 consecutive weeks to a new high since May 2024; the social inventory of hot - rolled coil in 33 cities increased for 6 consecutive weeks to a new high since April 2020 [21] - **Downstream Demand**: In 2025, the national real estate development investment decreased by 17.2% year - on - year; the national automobile production increased by 9.8% year - on - year; the national metal - cutting machine tool production increased by 9.7% year - on - year; the production of air conditioners, refrigerators, and washing machines increased by 0.7%, 1.6%, and 4.8% respectively [21] - **Apparent Consumption and Disk Profit**: The apparent consumption of rebar and hot - rolled coil increased for 2 consecutive weeks. The disk profit loss of rebar 2605 contract widened for 2 consecutive weeks [27] - **Spot Tons of Steel Gross Profit**: The loss of long - process and short - process steel mills' rebar spot tons of steel gross profit narrowed after widening for 2 consecutive weeks [30] Conclusion and Suggestions - **Rebar and Hot - Rolled Coil**: The news boosts the expected steel cost and price, and the steel price is expected to be volatile and strong, but further increase requires demand support. Pay attention to the BHP event and the Middle East situation [35][37] - **Basis**: The rebar basis is expected to fluctuate between 80 - 140 yuan/ton; the hot - rolled coil basis is expected to fluctuate between - 40 - 20 yuan/ton [37][38] Coke and Coking Coal Fundamental Analysis - **Price**: The prices of major coke spot markets generally decreased, and the prices of major coking coal markets were stable with a slight decline [40] - **Output and Capacity Utilization**: The daily average output and capacity utilization rate of 230 independent coking plants increased slightly; the daily average output and capacity utilization rate of 247 steel enterprises' coke remained basically unchanged [40] - **Inventory and Profit**: The coke port inventory decreased, the steel enterprise inventory increased, and the independent coking plant inventory decreased. The independent coking enterprise's average profit per ton of coke turned from profit to loss [44] - **Mine Output, Start - up Rate, and Inventory**: The daily average output and start - up rate of 523 sample mines increased for 3 consecutive weeks from a record low since January 2021. The fine coal and raw coal inventory of sample mines decreased [44] - **Import and Inventory**: In 2025, China's coking coal imports decreased by 2.66% year - on - year. The port coking coal inventory decreased, and the coking plant and steel enterprise coking coal inventory increased [49] - **Monthly Output**: In 2025, China's raw coal output increased by 1.53% year - on - year, and the coke output increased by 3.03% year - on - year [52] Conclusion and Suggestions - Coke and coking coal prices are likely to rise due to cost and demand support. The downstream steel mills will resume production as the terminal demand starts [56] Iron Ore Fundamental Analysis - **Price and Spread**: As of March 12, the 62% Platts iron ore index and the price of 61.5% PB powder in Qingdao Port increased. The spreads between some high - grade and low - grade ores and PB powder changed [57] - **Inventory and Port Clearance Volume**: As of March 13, the 45 - port iron ore inventory increased, the daily average port clearance volume increased, the steel mill's imported ore inventory available days remained at 23 days, and the sintered powder ore inventory of sample steel mills decreased [61] - **Shipping and Arrival**: In the week of March 6, the iron ore shipments from Australia and Brazil decreased, and the arrival volume at 45 ports increased. It is expected that the Australian shipments and arrival volume will remain at a low level in the short term [63] - **Domestic Mine Output and Start - up**: In 2025, the domestic iron ore output decreased by 5.59% year - on - year. As of March 13, the capacity utilization rate of 186 domestic mining enterprises increased for 2 consecutive weeks, and the iron concentrate output is expected to increase slightly [69] - **Port Transaction Volume and Hot - Metal Cost**: As of March 12, the 5 - day moving average of the iron ore transaction volume at major ports increased. As of March 13, the average tax - excluded hot - metal cost of 64 sample steel mills increased [71] - **Daily Average Hot - Metal Output, Blast Furnace Start - up Rate, and Capacity Utilization**: As of March 13, the daily average hot - metal output of 247 sample steel mills decreased, the blast furnace capacity utilization rate decreased, the start - up rate increased slightly, and the profitability rate increased. The hot - metal output is expected to recover quickly after the two sessions [78] - **Output and Inventory of Five Major Steel Products**: In the week of March 13, the actual weekly output of five major steel products increased, the consumption increased, the steel mill inventory increased, and the social inventory continued to accumulate [80] - **Transportation Cost**: As of March 11, the main iron ore freight rates increased. As of March 12, the Baltic Dry Index and the Capesize Freight Index decreased [86] Conclusion and Suggestions - **Iron Ore**: The import restrictions on BHP iron ore lead to a short - term supply - demand gap. The iron ore price is affected by the negotiation with BHP. It is recommended to buy on dips during the price decline [89][92] - **Basis**: As of March 12, the basis between the Qingdao Port iron ore spot price and the iron ore futures 2505 contract narrowed. It is expected to fluctuate between 40 - 100 yuan/ton in the future [92]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply and demand of rebar continue to recover seasonally. The production of construction steel mills is active, with the weekly rebar output increasing by 219,900 tons week - on - week, rising for two consecutive weeks and reaching a relatively high level. Coupled with a high inventory level, the supply pressure continues to increase. Meanwhile, the rebar demand has also improved, with the weekly apparent demand increasing by 785,800 tons week - on - week, and the high - frequency daily transactions have also increased. However, it is still at a relatively low level, and there has been no substantial change in downstream industries. The subsequent improvement in demand is questionable, and the positive effect is not strong. In general, the rebar supply has returned to a high level, and the demand has improved seasonally. Under the situation of both supply and demand increasing, the fundamentals have not improved, and steel prices are still prone to pressure. The relative positive factor is the cost support brought by the strong raw materials. It is expected that rebar will continue to fluctuate and stabilize. Attention should be paid to the demand performance [13]. 3. Summary According to Relevant Catalogs Supply - The weekly output of rebar is 1.953 million tons, with a week - on - week increase of 219,900 tons and a month - to - date increase of 302,000 tons. Compared with the same period (lunar calendar), it has decreased by 16,100 tons. The blast furnace capacity utilization rate is 82.92%, with a week - on - week decrease of 2.40 percentage points and a month - to - date decrease of 4.53 percentage points. Compared with the same period (lunar calendar), it has decreased by 2.49 percentage points [3]. Demand - The apparent demand for rebar is 1.7681 million tons, with a week - on - week increase of 785,800 tons and a month - to - date increase of 962,700 tons. Compared with the same period (lunar calendar), it has increased by 81,900 tons. The weekly average of steel union building materials transactions is 96,500 tons, with a week - on - week increase of 39,900 tons and a month - to - date increase of 61,600 tons. Compared with the same period (lunar calendar), it has decreased by 7,600 tons [3]. Inventory - The total inventory of rebar is 8.9417 million tons, with a week - on - week increase of 184,900 tons and a month - to - date increase of 935,700 tons. Compared with the same period (lunar calendar), it has increased by 465,200 tons. The in - plant inventory is 2.3962 million tons, with a week - on - week increase of 16,900 tons and a month - to - date increase of 67,800 tons. Compared with the same period (lunar calendar), it has increased by 400 tons. The social inventory is 6.5455 million tons, with a week - on - week increase of 168,000 tons and a month - to - date increase of 867,900 tons. Compared with the same period (lunar calendar), it has increased by 464,800 tons [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The short - term price of steel and iron ore is affected by multiple factors. For steel, the price mainly follows the cost side, and the market is in the post - holiday recovery stage. For iron ore, the short - term price is driven by overseas supply expectations, rising oil prices, and potential restocking demand from downstream steel mills [7][40][42] 3. Summary According to the Directory 3.1 Report Summary - In February, the global blast furnace steel mill pig iron output was 97.76 million tons, a month - on - month decrease of 9.32 million tons (8.7% decline) and a year - on - year increase of 0.7%. Excluding mainland China, the sample output of other countries and regions was 33 million tons, a month - on - month decrease of 3.27 million tons (9.0% decline) and a year - on - year decrease of 0.5% [5] - From March 2nd to 8th, the total iron ore inventory at seven major ports in Australia and Brazil was 13.179 million tons, a month - on - month increase of 396,000 tons, and the inventory level was the second - highest since the beginning of the year [6] - Kazakhstan's steel producer Qarmet is promoting the development of the Kentobe iron ore deposit, with a designed annual capacity of 2.1 million tons and a current output of about 750,000 tons per year [6] - Due to the situation in the Strait of Hormuz, several iron ore cargo ships originally destined for the Middle East have changed their routes to China [6] - In March 2026, China Mineral Resources Group stopped purchasing BHP's core products and required trading partners not to resell or accept new ship cargo orders after April [6] - Since the beginning of 2026, domestic machine tool enterprises have seen a significant increase in orders, and many enterprises are expanding production capacity [6] - During the Two Sessions in 2026, representatives and committee members proposed suggestions on steel industry development, focusing on capacity control, combating "involution - style" competition, and supporting "AI + steel" [6] - The US will launch a 301 investigation against 16 trading partners including China [6] - Hot - rolled coil production decreased, while rebar production increased. Steel enterprise profits improved slightly. After the holiday, steel mills' demand gradually recovered, and the rate of steel inventory accumulation slowed down. Global iron ore shipments decreased slightly, and freight rates increased slightly. Port congestion decreased slightly, steel mill inventories continued to decline, and port inventories remained high. The activity of forward iron ore spot transactions declined, while port spot transactions increased. Both molten iron production and steel mills' daily iron ore consumption decreased [7] 3.2 Multi - empty Focus 3.2.1 Steel Products - Bullish factors: Firm furnace charge prices provide cost - side support; After the Two Sessions, it enters the traditional "Golden March and Silver April" demand peak season [11] - Bearish factors: Limited expected demand increase; High inventory levels in factories and society [11] 3.2.2 Iron Ore - Bullish factors: Geopolitical conflicts lead to rising energy prices, increasing subsequent transportation costs; Steel mills' low inventory levels indicate potential restocking demand; There are frictions in Sino - Australian iron ore procurement, and some spot purchases are restricted [13] - Bearish factors: Steel mills mainly consume their own inventories, with weak restocking momentum; High port inventory levels [13] 3.3 Data Analysis - **Output**: As of the week of March 13th, rebar production was 1.953 million tons, a month - on - month increase of 219,900 tons; hot - rolled coil production was 2.9526 million tons, a month - on - month decrease of 58,500 tons. The blast furnace capacity utilization rate of 247 steel enterprises was 82.92%, a month - on - month decrease of 2.4%, and the capacity utilization rate of independent electric arc furnace steel mills was 50.44%, a month - on - month increase of 29.73% [15] - **Profit**: As of March 13th, the blast furnace production profit of rebar for sample enterprises was 81 yuan/ton, and the hot - rolled coil blast furnace profit was 4 yuan/ton. The electric arc furnace production cost of rebar was 3,417 yuan/ton [17] - **Demand**: As of the week of March 13th, rebar consumption was 1.7681 million tons, a month - on - month increase of 785,800 tons; hot - rolled coil consumption was 2.9536 million tons, a month - on - month increase of 137,900 tons. The daily trading volume of hot - rolled coils also gradually recovered to the normal level [23] - **Inventory**: As of March 13th, the in - factory inventory of rebar was 2.3962 million tons, a month - on - month increase of 16,900 tons; the social inventory in 35 cities was 6.5455 million tons, a month - on - month increase of 168,000 tons. The in - factory inventory of hot - rolled coils was 892,800 tons, a month - on - month decrease of 8,000 tons; the social inventory in 33 cities was 3.8231 million tons, a month - on - month increase of 7,000 tons [24] - **Iron Ore Shipment and Freight**: From March 2nd to 8th, the global iron ore shipment volume was 28.978 million tons, a month - on - month decrease of 4.429 million tons. The shipment volume from Australia and Brazil was 23.421 million tons, a month - on - month decrease of 3.485 million tons. The shipment volume from non - mainstream regions was 5.556 million tons, a month - on - month decrease of 945,000 tons. As of March 12th, the freight rate from Port Hedland to Qingdao Port for iron ore Capesize ships was 12.2 US dollars/ton, a slight increase from the previous period [28] - **Port and Mill Inventory**: As of the week of March 6th, the iron ore arrival volume at 45 ports was 26.099 million tons, an increase of 4.63 million tons from the previous period. As of the week of March 13th, the imported iron ore inventory at 45 ports was 171.8752 million tons, an increase of 696,600 tons from the previous period; the daily average congestion volume was 3.179 million tons, an increase of 68,200 tons from the previous period; the imported iron ore inventory of 247 steel enterprises was 89.291 million tons, a decrease of 824,700 tons from the previous period [30] - **Transaction Volume**: As of the week of March 6th, the daily average spot trading volume of iron ore at major Chinese ports by traders was 806,000 tons, a month - on - month increase of 136,000 tons. The daily average forward spot trading volume of iron ore was 763,000 tons, a decrease of 716,000 tons from the previous period [32] - **Molten Iron and Iron Ore Consumption**: As of March 13th, the daily average molten iron output of 247 sample steel enterprises was 2.212 million tons, a decrease of 63,900 tons from the previous period; the daily average consumption of imported iron ore was 2.7195 million tons, a decrease of 89,000 tons from the previous period [34] - **Rebar - Hot - Rolled Coil Spread**: As of March 12th, the price difference between the main contracts of rebar and hot - rolled coils was 155 yuan/ton, an increase from the previous week [36] - **Basis Structure**: The basis structure of steel and iron ore was stable. The spot price reflected weak real - world demand, and the futures price indicated that market expectations had not improved significantly, with limited expected driving force and a difficult - to - expand basis [39] 3.4 Market Outlook - For steel, the recent prices of rebar and hot - rolled coils mainly follow the cost side. The steel market is in the post - holiday recovery stage, lacking fundamental driving force. After the Two Sessions, attention should be paid to the inventory reduction during the "Golden March and Silver April" peak season [40] - For iron ore, the short - term price is driven by changes in overseas supply expectations, rising oil prices, and potential restocking demand from downstream steel mills. Attention should be paid to the restocking momentum brought by the recovery of downstream demand, the impact of fuel costs on transportation costs after the increase in energy prices due to geopolitical conflicts, and the negotiations between Chinese and Australian miners [42]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The main contract price of rebar fluctuated higher, with a daily increase of 0.58%. At present, rebar supply has returned to a high level, and demand has improved seasonally. However, the fundamentals have not improved under the situation of increasing supply and demand, and steel prices are still prone to pressure. The relative benefit is the cost support brought by the strong raw materials. It is expected that rebar will continue to fluctuate and stabilize. Attention should be paid to the demand performance [5]. - The main contract price of hot-rolled coil fluctuated higher, with a daily increase of 0.52%. At present, the supply of hot-rolled coil has shrunk, and the demand has recovered seasonally. The supply-demand pattern has improved. Coupled with the cost support brought by the strong raw materials, the price of hot-rolled coil has fluctuated higher. However, the demand resilience is questionable, and the price trend of the coil should be viewed with caution under the high inventory situation. Attention should be paid to the demand performance [5]. - The main contract price of iron ore opened high and closed low, with a daily increase of 2.33%. At present, supported by the rising transportation cost and the liquidity problem caused by the restriction of BHP varieties, the iron ore price has been relatively strong recently. However, under the situation of stable supply and weak demand, the fundamentals of the iron ore market are weakly stable, and the upward driving force is questionable. The subsequent trend is cautiously optimistic. Attention should be paid to the performance of steel prices [5]. Summary by Directory Industry Dynamics - The "trade-in" policy has driven the market scale of home appliances and mobile phones to exceed one trillion yuan in 2025. As of the end of 2025, the sales volume of these categories exceeded 280 million units, and the sales amount exceeded 970 billion yuan [7]. - In February, the retail sales of the national passenger car market were 1.034 million units, a year-on-year decrease of 25.4% and a month-on-month decrease of 33.1%. Since the beginning of this year, the cumulative retail sales have been 2.578 million units, a year-on-year decrease of 18.9% [8]. - Jindal Steel of India won the bid for the Thakurani-A1 iron ore block in Odisha with a premium of 101.20%. The block has completed G3-level exploration, and the proven iron ore resources are about 50 million tons. Jindal Steel is expected to be allowed to mine 1.5 million to 2 million tons per year [9]. Spot Market - The spot prices of rebar, hot-rolled coil, Tangshan billet, and Zhangjiagang heavy scrap are provided, along with the price changes. The prices of PB powder, Tangshan iron concentrate, freight rates, SGX swaps, and iron ore price index are also given [10]. Futures Market - The closing prices, price changes, trading volumes, and open interests of the main contracts of rebar, hot-rolled coil, and iron ore are presented. The rebar main contract closed at 3,142 yuan, with a 0.58% increase; the hot-rolled coil main contract closed at 3,295 yuan, with a 0.52% increase; the iron ore main contract closed at 811.5 yuan, with a 2.33% increase [12]. Related Charts - The charts show the inventory changes of rebar, hot-rolled coil, and iron ore, as well as the production situation of steel mills, including the blast furnace operating rate, capacity utilization rate, and profitability of steel mills [14][28]. 后市研判 - For rebar, the supply has returned to a high level, and the demand has improved seasonally. The fundamentals have not improved under the situation of increasing supply and demand, and steel prices are still prone to pressure. The relative benefit is the cost support brought by the strong raw materials. It is expected that rebar will continue to fluctuate and stabilize. Attention should be paid to the demand performance [36]. - For hot-rolled coil, the supply has shrunk, and the demand has recovered seasonally. The supply-demand pattern has improved. Coupled with the cost support brought by the strong raw materials, the price of hot-rolled coil has fluctuated higher. However, the demand resilience is questionable, and the price trend of the coil should be viewed with caution under the high inventory situation. Attention should be paid to the demand performance [36]. - For iron ore, the supply is stable and the demand is weak. The fundamentals of the iron ore market are weakly stable, and the upward driving force is questionable. The subsequent trend is cautiously optimistic. Attention should be paid to the performance of steel prices [37].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Steel: The Iran geopolitical conflict has driven up the prices of crude oil and energy - chemical sectors, with the sentiment spilling over to coal and iron ore, leading to an increase in coking coal prices and iron ore shipping costs. Market rumors of China restricting BHP's iron ore procurement and post - holiday restocking demand from downstream have tightened the tradable inventory at ports, providing cost support. However, high inventory and high warehouse receipts of hot - rolled coils pose pressure, and steel exports face resistance due to rising oil prices and RMB appreciation, limiting the short - term rebound height [3]. - Iron Ore: Spot liquidity has tightened, with BHP Newman powder added to the spot restriction list, prompting urgent transfers by steel mills and driving up prices. The steel fundamentals are weak, squeezing blast furnace profits. There are doubts about the sustainability of BHP's shipping gap to China, increasing the probability of a short - term reversal [19]. - Coking Coal and Coke: Domestic coal mines are in the resumption phase, and Mongolian coal customs clearance has recovered rapidly, resulting in high supply pressure and intensifying the short - term oversupply of coking coal. The cost of coal for coke furnaces has loosened, slightly expanding coking profits, and rising chemical product prices have improved comprehensive profits, which may increase coke enterprise开工. From March to April is the verification period for terminal demand. The late Spring Festival has slowed down the resumption rhythm, and uncertainties in the Middle East route have suppressed steel exports. The black series as a whole faces significant downward pressure, and while there is support at the bottom for coking coal and coke, their upward elasticity is limited [30]. - Ferroalloys: In the short term, the cost support for ferroalloys is gradually strengthening, but weak downstream steel terminal demand and high inventory pressure of plates may limit the upward space for ferroalloys [48]. - Soda Ash: The daily output of soda ash has returned to a high of 117,000 tons, with continuous supply pressure. Current rigid demand is generally stable and weak, but there may be unexpected disturbances on the supply side. Inventory performance is better than expected. If the futures price rises, there is some restocking space for middle - stream players such as those in the spot - futures market, but due to limited demand elasticity, the price increase space is expected to be limited. The downward price space needs inventory accumulation. In the medium - to - long - term, the high - supply expectation remains unchanged, waiting for further accumulation of industrial contradictions. Apart from the fundamentals, the overall valuation of soda ash and glass is not high, and they may be driven by other sectors [62]. - Glass: The cold - repair expectation for float glass continues, and daily melting is declining. However, high middle - stream inventory has always been a risk concern in the market, as once a negative feedback occurs, the spot pressure will be huge and the downstream may not be able to absorb it. There is also continuous news of ignition and cold - repair, and there are many new lines in Shahe waiting to be ignited. The expectation of supply recovery and high middle - stream inventory limit the upward space for glass, and demand needs to be verified. In addition to the fundamentals, macro and sentiment factors should also be considered, as it may be affected and driven [85]. 3. Summary by Related Catalogs Steel - **Futures Prices**: - On March 13, 2026, the closing prices of rebar and hot - rolled coil contracts increased compared to the previous day. For example, the closing price of the rebar 01 contract was 3,193 yuan/ton, up from 3,174 yuan/ton on March 12 [4]. - The month - to - month spreads of rebar and hot - rolled coil contracts also changed slightly. For instance, the rebar 01 - 05 month - to - month spread decreased from 54 to 51 [4]. - **Spot Prices**: - On March 13, 2026, the summary prices of rebar and hot - rolled coil in various regions increased or remained stable compared to the previous day. For example, the summary price of rebar in China was 3,339 yuan/ton, up from 3,325 yuan/ton on March 12 [8]. - The basis of rebar and hot - rolled coil contracts also changed. For example, the 01 rebar basis (Shanghai) increased from 46 to 57 [8]. - **Other Ratios**: - The 01 volume - rebar ratio was 125 on both March 13 and March 12 [13]. - The 01 rebar/01 iron ore ratio was 4 on both March 13 and March 12 [16]. Iron Ore - **Futures Prices**: - On March 13, 2026, the closing prices of iron ore contracts increased compared to the previous day. For example, the closing price of the 01 contract was 758.5 yuan/ton, up 9 yuan from March 12 [20]. - The basis of iron ore contracts also changed. For example, the 01 basis was 38.5 yuan/ton, up 6 yuan from March 12 [20]. - **Spot Prices**: - On March 13, 2026, the prices of various iron ore varieties in Rizhao increased compared to the previous day. For example, the price of Rizhao PB powder was 797 yuan/ton, up 9 yuan from March 12 [20]. - **Fundamentals**: - The daily average pig iron output on March 13, 2026, was 221.2 tons, down 6.39 tons compared to March 6 [24]. - The 45 - port desilting volume was 317.9 tons, up 6.82 tons compared to March 6 [24]. Coking Coal and Coke - **Futures Prices**: - The month - to - month spreads of coking coal and coke contracts remained stable or changed slightly. For example, the coking coal 09 - 01 month - to - month spread was - 211.5 on March 13, the same as the previous day [34]. - The main coking profit on the futures market was - 31 yuan/ton on March 13, the same as the previous day [34]. - **Spot Prices**: - On March 13, 2026, the prices of various coking coal and coke varieties remained stable or changed slightly. For example, the ex - factory price of Anze low - sulfur main coking coal was 1,450 yuan/ton, the same as the previous day [37]. - The import profits of different coking coal sources also changed. For example, the import profit of Mongolian coal (long - term contract) was 303 yuan/ton, up 3 yuan from the previous day [37]. Ferroalloys - **Silicon Iron**: - On March 12, 2026, the silicon iron basis in Ningxia was - 72 yuan/ton, down 38 yuan from the previous day [49]. - The silicon iron spot prices in various regions increased or remained stable compared to the previous week. For example, the silicon iron spot price in Ningxia was 5,630 yuan/ton, up 150 yuan from March 5 [49]. - **Silicon Manganese**: - On March 13, 2026, the silicon manganese basis in Inner Mongolia was 74 yuan/ton, down 14 yuan from the previous day [50]. - The silicon manganese spot prices in various regions increased or remained stable compared to the previous week. For example, the silicon manganese spot price in Ningxia was 5,900 yuan/ton, up 150 yuan from March 6 [50]. Soda Ash - **Futures Prices**: - On March 13, 2026, the closing prices of soda ash contracts increased compared to the previous day. For example, the closing price of the 05 contract was 1,277 yuan/ton, up 21 yuan from March 12, with a daily increase rate of 1.67% [63]. - The month - to - month spreads of soda ash contracts also changed. For example, the month - to - month spread (5 - 9) increased from - 66 to - 58 [63]. - **Spot Prices**: - On March 13, 2026, the spot prices of heavy - soda ash and light - soda ash in various regions remained stable. For example, the heavy - soda ash market price in North China was 1,280 yuan/ton, the same as the previous day [63]. Glass - **Futures Prices**: - On March 13, 2026, the closing prices of glass contracts increased compared to the previous day. For example, the closing price of the 05 contract was 1,112 yuan/ton, up 36 yuan from March 12, with a daily increase rate of 3.35% [86]. - The month - to - month spreads of glass contracts also changed. For example, the month - to - month spread (5 - 9) increased from - 117 to - 113 [86]. - **Sales**: - On March 12, 2026, the sales - to - production ratios of glass in Shahe, Hubei, East China, and South China were 145, 120, 116, and 119 respectively [87].

Group 1 - The company, China Oriental Group (00581.HK), announced that it will hold a board meeting on March 30, 2026, to consider and approve the annual performance for the year ending December 31, 2025 [1] - The meeting will also discuss the proposal for the distribution of a final dividend, if any [1]

Group 1: Macroeconomic Trends - February US non-farm employment data significantly underperformed market expectations, continuing a slowdown trend since the end of 2025[1] - The unemployment rate has increased but remains within a controllable range, while labor participation rate has slightly decreased after population control adjustments[1] - Recent oil price increases are expected to raise overall US inflation by approximately 0.6 percentage points, complicating future Federal Reserve decisions[1] Group 2: Domestic Economic Environment - Exports in January-February exceeded expectations due to the impact of the Spring Festival, tax rebate policy adjustments, and improved overseas manufacturing sentiment[3] - February's Producer Price Index (PPI) showed a narrowing year-on-year decline, driven by rising prices in the non-ferrous and oil sectors, while downstream prices remain weak[3] - Consumer Price Index (CPI) growth rebounded significantly, with core services performing strongly due to holiday consumption, while core goods faced demand constraints[3] Group 3: Policy and Market Outlook - Strong signals were released during the Two Sessions regarding stable growth, expanding domestic demand, and promoting reforms, with a focus on fiscal and financial collaboration[3] - The geopolitical landscape remains uncertain, potentially affecting market risk appetite and leading to policy adjustments in response to unexpected economic changes[2]

Group 1: Report Information - Report type: Iron Ore Daily Review [1] - Date: March 13, 2026 [2] - Research team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Group 2: Market Quotes 3月12日钢材、铁矿期货主力合约价格、成交及持仓情况 | Contract Code | Previous Closing Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change Rate | Trading Volume | Open Interest | Open Interest Change | Capital Inflow/Outflow | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | RB2605 | 3115 | 3115 | 3136 | 3112 | 3120 | 0.42% | 765,830 | 1,676,246 | -46,176 | -0.95 | | HC2605 | 3269 | 3275 | 3289 | 3270 | 3275 | 0.37% | 320,782 | 1,243,723 | -21,377 | -0.44 | | SS2605 | 14215 | 14215 | 14390 | 14125 | 14285 | 0.88% | 193,031 | 109,003 | 4,075 | 0.46 | | I2605 | 787.5 | 789.5 | 799 | 787 | 795.5 | 1.34% | 239,231 | 480,735 | 5,766 | 0.92 | [5] 3月12日黑色系期货持仓情况 | Contract | Top 20 Long Positions | Top 20 Short Positions | Top 20 Long Position Change | Top 20 Short Position Change | Long-Short Comparison | Deviation Rate | | --- | --- | --- | --- | --- | --- | --- | | RB2605 | 1,049,717 | 1,052,852 | -21,151 | -26,979 | 5,828 | 0.55% | | HC2605 | 881,021 | 873,988 | -19,951 | -12,246 | -7,705 | -0.88% | | SS2605 | 82,290 | 84,597 | 2,924 | 3,847 | -923 | -1.11% | | J2605 | 23,419 | 26,892 | 209 | 388 | -179 | -0.71% | | JM2605 | 203,187 | 254,489 | -11,132 | -14,604 | 3,472 | 1.52% | | I2605 | 310,142 | 328,446 | 8,759 | 3,604 | 5,155 | 1.61% | [8] Group 3: Market Analysis Spot Market and Technical Analysis - On March 12, the main quotes of major iron ore outer disks increased by $2.6 - $2.8 per ton compared with the previous trading day, and the prices of major iron ore grades at Qingdao Port rose by 4 - 11 yuan per ton compared with the previous trading day [8]. - The daily KDJ indicator of the iron ore 2605 contract continued to rise; the red bar of the daily MACD indicator of the iron ore 2605 contract has been expanding for 5 consecutive trading days [9]. Future Outlook - In terms of fundamentals, the shipments from Australia and Brazil declined last week. Affected by weather conditions in the first quarter, the overall shipment volume remained at a relatively low level. The arrival volume rebounded last week and is expected to fluctuate at a moderately low level in the future [10]. - On the demand side, the daily average pig iron output slightly recovered to over 2.3 million tons before the Spring Festival, maintaining good demand resilience. It continued to rise in the first week after the festival and then declined, mainly due to production restrictions of some steel enterprises during the Two Sessions [10]. - Overall, although it is still the off - season for demand, the profit performance is not bad. The profit per ton of blast furnace steel for rebar and hot - rolled coils is in the positive range. Driven by profits, the resumption of production may accelerate after the Two Sessions [11]. - In terms of inventory, steel mills replenished their stocks sufficiently before the festival, and the inventory decreased significantly after the holiday consumption. It is expected that the available inventory days will continue to decline to around 20 days. The port inventory increased slightly, mainly affected by the decline in arrival volume and low downstream production during the holiday. Considering that the arrival volume in March will still fluctuate at a moderately low level, while the production rhythm of downstream steel enterprises will gradually resume, it is expected that the port inventory will remain at around 170 million tons, still at a historical high [11]. - In general, the supply is relatively tight in the first quarter, while the demand side still faces certain policy pressure during the Two Sessions. However, the overall resumption of production is expected to accelerate. Affected by geopolitical disturbances, the iron ore price has started to rebound. After the geopolitical disturbances gradually subside, the fundamentals may push the iron ore price to continue to strengthen in stages. However, the high port inventory and the expected increase in annual supply will continue to suppress the upside space of the iron ore price [11]. Group 4: Industry News - Wang Lanyu, the general manager of HBIS Group Co., Ltd. and a deputy to the National People's Congress, stated that the intelligent transformation of the Chinese steel industry has achieved remarkable results, and new intelligent and digital technologies are widely used. Currently, the "AI + Steel" industry is booming, and more than 95% of steel enterprises have incorporated the digital transformation strategy into their overall development process. In the future, applying more artificial intelligence in the intelligent steel - making process, high - end new product R & D, and pollution reduction and carbon reduction will effectively enhance the international competitiveness of Chinese steel products [12] Group 5: Data Overview - The report provides multiple data charts, including the prices of major iron ore varieties at Qingdao Port, the price differences between high - grade ore, low - grade ore and PB powder at Qingdao Port, the basis between iron ore spot and the May contract at Qingdao Port, the shipping volume of iron ore from Brazil and Australia, the arrival volume of iron ore at 45 ports, the capacity utilization rate of domestic mines, the trading volume of iron ore at major ports, the inventory available days of steel mills' iron ore, the inventory of imported sintered powder ore, the port iron ore inventory and the port clearance volume, the tax - free pig iron cost of sample steel mills, the blast furnace operation rate and the iron - making capacity utilization rate, the electric furnace operation rate and the capacity utilization rate, the national daily average pig iron output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mill inventory of five major steel products [14][20][22][23][28][29][35][37][43]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - On March 12, the main contracts of coke and coking coal futures 2605 rose significantly and then narrowed their gains, continuing to strengthen overall [5]. - The news has significantly boosted the expected prices in the coal - coke market. From a fundamental perspective, as time passes, the low steel production will eventually conflict with the warming spring demand. It is expected that the increase in steel mill production in the future will boost the coal - coke prices to fluctuate and strengthen, but the later rebound path is still unclear, and investors or operators need to prepare for long - term market fluctuations, especially pay attention to possible changes in the Middle East situation [10]. 3. Summary by Relevant Catalogs 3.1行情回顾与后市展望 3.1.1现货市场动态与技术面走势 - On March 12, the quasi - first - grade metallurgical coke flat - price index at Rizhao Port, Qingdao Port, and Tianjin Port was 1470 yuan/ton, with no change. The low - sulfur main coking coal prices in Tangshan, Lvliang, Linfen, Handan, Heze, and Pingdingshan were 1455, 1483, 1450, 1380, 1430, and 1630 yuan/ton respectively, with Linfen's price dropping by 10 yuan/ton [8]. - On March 12, the daily KDJ indicators of the coke 2605 contract showed a divergent trend, with the J - value and K - value turning up and the D - value continuing to decline; the daily KDJ indicators of the coking coal 2605 contract were rising, with the J - value turning up and the K - value and D - value continuing to rise. The daily MACD red bars of the coke and coking coal 2605 contracts have been expanding for 2 consecutive trading days [8]. 3.1.2后市展望 - From March 6 to March 12, the prices of domestic and international crude oil and some chemical products rose significantly because after the US - Israeli military strike on Iran on February 28, the Strait of Hormuz, an important energy transportation channel, was basically closed, and some oil fields in Iraq and Kuwait began to show a shutdown trend due to storage capacity issues. The sharp rise in international energy prices has driven up the prices of chemicals, coal, and some agricultural products [10]. - The first round of price cuts for coke spot was implemented on March 6. Recently, independent coking enterprises have turned losses into profits, and their coke production has declined from the high since mid - December last year; the coke inventory of steel mills has significantly declined, while the coke inventory of ports and coking enterprises has increased. From early March to March 7, the customs clearance volume of Mongolian coal first increased and then decreased, generally remaining at a relatively high level of 17.5 - 20.2 tons. However, the coking coal inventory of steel mills and coking plants has significantly declined in the past 3 weeks, reaching new lows since late June and late July last year respectively [10]. 3.2行业要闻 - Liugang Co., Ltd. announced that the State - owned Assets Supervision and Administration Commission of the People's Government of the Guangxi Zhuang Autonomous Region has agreed that Guangxi Liuzhou Iron and Steel Group Co., Ltd. can apply to the Shanghai Stock Exchange to privately issue exchangeable corporate bonds worth no more than 2 billion yuan (inclusive) with some of its A - shares as the underlying assets [11]. - According to the data of the Passenger Car Association, the global automobile sales volume in 2025 was 96.89 million, a year - on - year increase of 6%. In January 2026, the world automobile sales volume reached 7.18 million, a year - on - year increase of 1%. With the relative slowdown of the Chinese and US auto markets, the growth of the world auto market sales volume in January 2026 also slowed down. The Chinese auto market has generally performed well, and its share in the world has continued to increase since 2020, reaching 33.8% in 2023, 34.2% in 2024, and 35.4% in 2025 [11]. - According to the data of the General Administration of Customs, China exported 35.8985 million household appliances in February 2026; the cumulative export volume from January to February was 80.2852 million, a year - on - year increase of 16.4% [11]. - The 32 member countries of the International Energy Agency unanimously agreed to put 400 million barrels of oil from their emergency reserves into the market to deal with the disruption of the oil market caused by the Middle East war. IEA members hold more than 1.2 billion barrels of emergency inventory, and another 600 million barrels of industrial inventory are held by the government as an obligation. This is the sixth coordinated inventory release in the history of the International Energy Agency (IEA), which was established in 1974 [11]. - The United Nations Conference on Trade and Development released a report on March 10, pointing out that the tense situation in the Middle East has seriously disrupted the shipping activities in the Strait of Hormuz, which may have a chain effect on the global energy supply, shipping costs, and food prices, and increase the economic pressure on developing countries. The Strait of Hormuz accounts for about a quarter of the world's seaborne oil trade. After the escalation of the regional situation, the ship traffic volume through the strait has significantly decreased recently. After the conflict escalated, the daily traffic volume once dropped sharply, with a decline of about 97% [12]. - Despite the major supply disruptions and sharp oil price fluctuations in the Middle East Gulf region since the outbreak of the US - Iran war on February 28, OPEC has maintained its global supply, demand, and economic forecasts unchanged. OPEC expects that the global oil demand will increase by 1.38 million barrels per day in 2026, reaching 106.53 million barrels per day; in 2027, it will increase by 1.34 million barrels per day, reaching 107.87 million barrels per day. It is expected that the supply from non - OPEC countries will increase by 630,000 barrels per day in 2026, to 54.83 million barrels per day; in 2027, it will increase by 610,000 barrels per day, to 55.44 million barrels per day [12]. - According to CCTV News, on the evening of March 11 local time, Iranian President Pezeshkiyan posted on his social platform, saying that when talking with the leaders of Russia and Pakistan, he reiterated Iran's commitment to maintaining regional peace. Pezeshkiyan said that the "only way" to end the current war provoked by the United States and Israel is to recognize Iran's legitimate rights, pay war compensation, and have a firm guarantee from the international community to prevent future acts of aggression [12]. - On March 11 local time, the energy ministers of the Group of Seven issued a joint statement, saying that all parties in principle support taking active measures to deal with the current situation, including using strategic energy reserves when necessary. The statement said that the energy ministers of the Group of Seven held a video conference on the 10th, and Fatih Birol, the director of the International Energy Agency, participated in the meeting. The meeting discussed the impact of the Middle East conflict on the global energy market, including the security of oil and gas supplies and energy prices. The statement said that the G7 member countries will closely coordinate with the International Energy Agency and its member countries, continuously monitor the energy market trends, and be prepared to take all necessary measures when necessary [12]. - Saudi Aramco announced its fourth - quarter and full - year performance reports for 2025 on the 10th and announced a share repurchase plan of up to $3 billion. The company also warned about the Middle East geopolitical situation, saying that if the shipping in the Strait of Hormuz continues to be disrupted, the global oil market will face "catastrophic consequences." Saudi Aramco's performance report shows that the company's net profit in 2025 was about $93.4 billion, a year - on - year decline of 12.1%, falling short of expectations. Saudi Aramco President and CEO Nasser revealed that the company has formulated contingency plans for various scenarios and is currently transporting oil from the eastern oil - producing area to the Yanbu Port on the Red Sea in the west through its "East - West Pipeline." He added that as customers adjust their transportation routes, it is expected that this channel will reach a full - load capacity of 7 million barrels per day in the next few days [12]. - According to the latest data from the American Automobile Association (AAA), the gasoline price per gallon has risen by another 4 cents, and the national average price has risen to $3.58 per gallon, the highest level in more than 21 months. In the past week, the average gasoline price in the United States has increased by 38 cents; in the past month, it has increased by 64 cents, the largest weekly and monthly increase since early March 2022. At that time, after the outbreak of the Russia - Ukraine conflict, Western countries imposed extensive sanctions on Russia, causing sharp fluctuations in oil prices. Calculated on a monthly basis, the current gasoline price has increased by about 22% compared with a month ago [12]. - German Federal Minister of Economic Affairs and Energy Katrin Riche said on March 11 that due to the soaring global energy prices caused by the US - Israeli military strike on Iran, Germany will release 19.51 million barrels of strategic oil reserves to ease the pressure of rising oil prices. Riche said at a press conference that Germany will release oil reserves at the suggestion of the International Energy Agency to send a clear signal to the market and suppress high - risk premiums and speculative profits. Germany has used its strategic oil reserves three times, during the Gulf War in the 1990s, after Hurricane Katrina hit the United States in 2005, and during the interruption of oil exports due to the Libyan war in 2011 [13]. - Early on March 12 local time, the South Korean government said it would release 22.46 million barrels of oil reserves in response to the IEA's 400 - million - barrel oil supply plan. According to South Korean sources, as of the end of February, South Korea had a total of 100 million barrels of crude oil reserves, which can ensure 208 days of domestic oil supply, ranking sixth in the world. In response to the impact of the recent global oil price increase, the South Korean government is implementing price control measures, and the market supply price has slightly declined after the increase [13]. - According to CNN News 18, after India sought to ensure the safe passage of crude oil and natural gas through key waterways, Iran has allowed Indian - flagged oil tankers to pass through the Strait of Hormuz through diplomatic communication. People familiar with the matter said that the Indian - flagged oil tankers "Pushpak" and "Parimal" have safely passed through the strait. In the context of the ongoing regional conflict, ships related to the United States, Europe, and Israel still face restrictions [13]. - According to foreign media such as Bangladesh's "Daily Star," Bangladesh has formally requested the United States for a temporary exemption to allow the country to purchase Russian oil. The Bangladeshi side said that this move is necessary to ensure the country's energy supply and support the development of the national economy. Amir Hosru Mahmud Chaudhury, the Minister of Finance and Planning of Bangladesh, confirmed that this request was made during talks with US officials. He cited the precedent that "India has obtained a temporary exemption to purchase Russian oil. We have shown that if India can get such an opportunity, Bangladesh should also get it." [13]. - The Indian Ministry of Coal said on March 11 that India has sufficient coal supply to meet the unprecedented surge in demand in summer. The data provided by the ministry shows that India's total coal inventory is about 210 million tons, which is sufficient to meet about 88 days of consumption [13]. - The commodity strategy team of ING Bank said in a report that the IEA's plan to release 400 million barrels of oil reserves is not enough to make up for the supply loss in the Persian Gulf region. If other countries are assumed to adopt a similar schedule, the daily release volume will be about 3.3 million barrels, far lower than the current supply loss in the Persian Gulf [13]. - On March 11 local time, Slovak Prime Minister Fico urgently convened a cabinet meeting and announced a measure to stabilize oil prices. In the next five days, Slovak oil companies promised to freeze fuel prices and will not raise prices due to the current international situation. Fico emphasized that the goal of the Slovak government is to keep fuel prices lower than those in neighboring Austria in the long term. It is reported that this temporary freeze on oil prices is to buy time to stabilize the market. After five days, the Slovak government will meet with Slovak oil companies again to jointly discuss and determine the next - step response strategy [14]. 3.3数据概览 - The report provides multiple data charts, including the spot price index of metallurgical coke in major markets, the spot summary price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national average daily hot metal production, the coke inventory of ports/steel mills/coking plants, the profit per ton of independent coking plants, the production and operating rate of sample mines, the inventory of clean coal and raw coal in sample mines, the coking coal inventory of ports/coking plants/steel mills, the basis between Rizhao Port's quasi - first - grade coke and the May contract, and the basis between Linfen's low - sulfur main coking coal and the May contract [15][16][25][27][28][29].