1. Report Industry Investment Rating No industry investment rating information is provided in the reports. 2. Core Views Steel - Steel prices are expected to continue narrow - range fluctuations. A rebound requires steel mills to cut production or an improvement in demand expectations. Temporarily, it is advisable to wait and see, and consider long - finished products and short - raw materials arbitrage operations [1]. Iron Ore - Iron ore prices are expected to continue to be under pressure. The sustainability of high hot metal production depends on terminal demand, and there are supply - side risks such as increased overseas shipments and potential production cuts [4]. Coke - Although the fundamentals of coke have improved, the weakening of coking coal and the possible issuance of a flat - control document for crude steel production are expected to bring pressure. It is recommended to go long on hot - rolled coils and short on coke [6]. Coking Coal - Coking coal prices may continue to decline. There is still room for decline in the future. It is recommended to focus on arbitrage operations and consider going long on hot - rolled coils and short on coking coal [6]. Ferrosilicon - Ferrosilicon prices are expected to fluctuate. Although the supply - demand situation has marginally improved after production cuts, the high inventory and the uncertain demand limit the price rebound, but the cost provides support [7]. Ferromanganese - Ferromanganese prices are expected to decline steadily. The supply - demand contradiction needs to be resolved, and the cost support is insufficient [7]. 3. Summary by Relevant Catalogs Steel - **Prices and Spreads**: Steel prices generally declined. For example, the spot price of rebar in East China dropped from 3240 yuan/ton to 3220 yuan/ton [1]. - **Cost and Profit**: The cost of steel billets decreased, and the profit of hot - rolled coils in East China decreased by 17 yuan/ton [1]. - **Production**: The daily average hot metal production increased by 4.2 tons to 244.4 tons, and the production of five major steel products increased slightly [1]. - **Inventory**: The inventory of five major steel products decreased by 3.2%, with rebar inventory down by 4.2% [1]. - **Transaction and Demand**: Building material transactions decreased by 7.3%, and the apparent demand for five major steel products decreased by 2.4% [1]. Iron Ore - **Prices and Spreads**: The prices of some iron ore varieties declined slightly, and the basis of some contracts decreased [4]. - **Supply**: The global iron ore shipments increased slightly, while the arrivals at ports decreased significantly [4]. - **Demand**: The daily average hot metal production of 247 steel mills increased by 1.8%, and the monthly production of pig iron and crude steel increased significantly [4]. - **Inventory**: The port inventory increased by 0.6%, and the inventory of imported iron ore in 247 steel mills increased slightly [4]. Coke - **Prices and Spreads**: Coke futures showed a mixed trend, with the 2505 contract rising and the 2509 contract falling. The 5 - 9 spread strengthened [6]. - **Supply**: Coke production increased, with the daily average production of all - sample coking plants increasing by 2.3% [6]. - **Demand**: The iron - making capacity utilization rate of downstream steel mills increased, and the iron water production reached over 244 tons per day [6]. - **Inventory**: The total coke inventory decreased slightly, with coking plant inventories decreasing and steel mill inventories increasing slightly [6]. Coking Coal - **Prices and Spreads**: Coking coal futures declined, with the 2509 contract falling more significantly. The 5 - 9 spread stabilized [6]. - **Supply**: Domestic coal mines continued to resume production, but the port customs clearance decreased [6]. - **Demand**: Coking production increased slightly, and the demand for coking coal from downstream users increased [6]. - **Inventory**: The total coking coal inventory decreased slightly, with upstream mine inventories increasing and port inventories decreasing [6]. Ferrosilicon - **Prices and Spreads**: The futures price of ferrosilicon decreased slightly, and the basis of some regions improved [7]. - **Supply**: Ferrosilicon production continued to decrease, and the inventory of 60 sample enterprises decreased by 11.8% [7]. - **Demand**: The hot metal production increased significantly, and the non - steel demand showed seasonal improvement [7]. Ferromanganese - **Prices and Spreads**: The futures price of ferromanganese decreased, and the basis of some regions improved [7]. - **Supply**: Ferromanganese production decreased, and the inventory of 63 sample enterprises increased by 15.4% [7]. - **Demand**: The hot metal production increased, and the building material demand may have reached its peak [7]. - **Manganese Ore**: The global manganese ore shipments decreased, but the arrivals at ports remained high, and the port inventory increased by 5.0% [7].