1. Report Industry Investment Rating - Glass: Neutral [2] - Soda Ash: Slightly Bearish [2] - Silicomanganese: Neutral [5] - Ferrosilicon: Neutral [5] 2. Core Viewpoints - The black building materials market is under pressure due to macro - sentiment disturbances. The glass and soda ash markets are affected by weak demand, while the double - silicon market is facing its own supply - demand contradictions [1][3] 3. Summary of Each Section Glass and Soda Ash Market Analysis - Glass 2605 main contract showed a slightly weak and volatile trend yesterday. The spot market price declined slightly with the futures price, and the purchasing intention of traders remained relatively stable [1] - Soda Ash 2605 main contract continued the previous day's weak trend. The spot market price decreased with the futures price, and downstream purchases were mainly for rigid - demand replenishment, with overall light trading [1] Supply - Demand and Logic - The glass market continues the pattern of weak supply and demand. The profit margin of float glass enterprises is narrowing, the number of cold - repair production lines is increasing, and production is gradually decreasing. The traditional "Golden March and Silver April" consumption season is underperforming, downstream orders are average, and real - estate data is weak, so downstream purchases are mainly for rigid - demand replenishment [1] - The supply - demand contradiction in the soda ash market is still prominent. Although production has declined periodically, the overall supply is still loose. New orders for downstream float glass and photovoltaic glass are underperforming, and the inventory is at a high level compared to the same period. The recent weakness in the chemical sector has further dragged down market sentiment [1] Strategies - Glass: Volatility [2] - Soda Ash: Slightly Weak Volatility [2] Double - Silicon (Silicomanganese and Ferrosilicon) Market Analysis - Silicomanganese futures showed a weak trend yesterday, with the main contract dropping 2.19% in a single day. There are production - reduction plans in Inner Mongolia and Ningxia, and some factories started production reduction on April 1st. The cost of manganese ore is strongly supported, and the mainstream steel procurement prices have not been finalized. The price of 6517 in the northern market is 6200 - 6300 yuan/ton, and in the southern market, it is 6300 - 6350 yuan/ton [3] - Ferrosilicon futures were weak yesterday, with the main contract dropping 3.17%. The spot market was consolidating, and trading showed no improvement. The ex - factory price of 72 - grade ferrosilicon in the main production areas is 5550 - 5650 yuan/ton, and 75 - grade ferrosilicon is priced at 5950 - 6100 yuan/ton [3] Supply - Demand and Logic - This week, silicomanganese production decreased, and inventory decreased slightly but remained at a high level compared to the same period. The production capacity is still loose, and the high - inventory pressure leads to a large supply - demand contradiction. Although short - term factors such as the Australian hurricane, South African oil and gas shortages, and increased shipping costs may drive up prices, the overall industrial chain is still loose [3] - The supply - demand contradiction in ferrosilicon is relatively limited. Due to improved profits, production is expected to increase. The inventory is relatively healthy, but the loose production capacity suppresses price increases. The tense situation in the Middle East has raised expectations of increased ferrosilicon costs, so the price is slightly bullish [4] Strategies - Silicomanganese: Volatility [5] - Ferrosilicon: Volatility [5]

Report Industry Investment Ratings - No investment ratings are provided in the reports. Core Views Steel Industry - Steel prices have declined from their highs. After the holiday, the supply - demand situation in the steel industry has seasonally recovered. Supply in the first quarter decreased year - on - year, and production is expected to rise to a high by the end of April. Demand is rising but the peak has not been reached. Domestic demand is expected to decline year - on - year, and exports will remain flat. Although demand has decreased, production has also been cut, and the inventory drawdown rate after the holiday is acceptable. The key is to focus on the height of the recovery in apparent demand. If the hot metal output rises above 2.4 million tons, there may be inventory accumulation pressure in the off - season. Recently, supply and demand are basically balanced, and the price of steel is expected to fluctuate around 3150 for rebar and 3200 for hot - rolled coils [1]. Iron Ore Industry - Geopolitical games, the undetermined BHP - CMMC negotiation, and hot metal复产 are the key trading factors for iron ore. Supply has increased slightly, but Australian shipments may decline in the short term due to a typhoon. Demand has increased slightly, but it is slightly lower than expected. Steel mill profitability has improved. Terminal demand recovery is slow, and domestic demand is weak. Steel exports are uncertain. Inventories at steel mills and ports have decreased slightly. In the short term, the main iron ore contract is expected to oscillate between 780 - 830 [4]. Coke and Coking Coal Industry - Coke futures rose and then fell last week. Spot prices are expected to increase on April 1st. Supply has increased after the Two Sessions, and demand has recovered with the increase in hot metal output. Overall inventory is slightly above the middle level, and supply and demand are basically balanced in the short term. It is recommended to go long on coke 2605 contracts at low prices, with a reference range of 1650 - 1850, and the arbitrage strategy is to go long on coking coal and short on coke. Coking coal futures rose last week. Spot prices are rising. Supply has increased as mines resume production, and demand has recovered. Inventories in downstream sectors are increasing. It is recommended to go long on coking coal 2605 contracts at low prices, with a reference range of 1150 - 1350, and the arbitrage strategy is also to go long on coking coal and short on coke [6]. Ferrosilicon and Silicomanganese Industry - For ferrosilicon, production has decreased slightly, and the start - up rate has declined. Factory profits are recovering but vary. Steel demand is rising slightly, and non - steel demand is improving. Exports are weak. Cost is expected to rise. The price is expected to fluctuate widely, and it is recommended to operate within the range of 5800 - 6200. For silicomanganese, supply has continued to decline, and there is an expected joint production cut in April. Demand is rising slightly. Cost is pushing up the price. The price is expected to oscillate strongly, with a reference range of 5700 - 6800 [7]. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices in different regions have shown various changes, with some prices remaining stable, some decreasing slightly [1]. Cost and Profit - Steel billet prices have decreased by 20 yuan/ton, and some production costs have decreased. Profits in different regions and varieties have also changed, with some increasing and some still in the red [1]. Supply - Daily hot metal output has increased by 7.0 to 228.2 tons, a 3.1% increase. Total output of five major steel products has decreased slightly by 0.2 to 839.6 tons, a 0.0% change. Rebar production has decreased by 5.5 to 197.9 tons, a 2.7% decrease, while hot - rolled coil production has increased by 5.4 to 305.6 tons, a 1.8% increase [1]. Inventory - Total inventory of five major steel products has decreased by 48.4 to 1897.8 tons, a 2.5% decrease. Rebar inventory has decreased by 27.5 to 861.9 tons, a 3.1% decrease, and hot - rolled coil inventory has decreased by 8.0 to 453.3 tons, a 1.7% decrease [1]. Transaction and Demand - Building material trading volume has increased by 0.5 to 9.4 tons, a 5.9% increase. Apparent demand for five major steel products has increased by 19.5 to 888.0 tons, a 2.2% increase. Apparent demand for rebar has increased by 17.3 to 225.4 tons, an 8.3% increase, and for hot - rolled coil, it has increased by 3.1 to 313.6 tons, a 1.0% increase [1]. Iron Ore Industry Futures - Warehouse receipt costs of various iron ore powders have decreased, and basis and spreads have also changed [4]. Spot Prices and Price Indexes - Spot prices of iron ore at Rizhao Port have decreased slightly [4]. Supply - The 45 - port arrival volume has increased by 56.6 to 2271.6 tons, a 2.6% increase. Global shipments have increased by 95.5 to 3144.3 tons, a 3.1% increase. Monthly national imports have decreased by 2200.9 to 9763.8 tons, an 18.4% decrease [4]. Demand - The average daily hot metal output of 247 steel mills has increased by 2.9 to 231.1 tons, a 1.3% increase. The 45 - port average daily dispatch volume has decreased by 7.8 to 313.2 tons, a 2.4% decrease. Monthly national pig iron and crude steel production have both decreased to 0 [4]. Inventory - The 45 - port inventory has decreased by 98.1 to 17000.31 tons, a 0.6% decrease. The imported ore inventory of 247 steel mills has decreased by 55.5 to 8978.6 tons, a 0.6% decrease [4]. Coke and Coking Coal Industry Prices and Spreads - Coke and coking coal futures and spot prices have shown various changes, with some prices remaining stable and some decreasing slightly. Coking coal prices in some regions have decreased [6]. Supply - Coke production has increased slightly, and coking coal production has decreased slightly [6]. Demand - Hot metal output has increased by 2.9 to 231.1 tons, a 1.3% increase, driving the demand for coke [6]. Inventory - Coke inventory has increased slightly, with different changes in different sectors. Coking coal inventory in downstream sectors has increased [6]. Ferrosilicon and Silicomanganese Industry Futures and Spot - Ferrosilicon and silicomanganese futures prices have increased, while some spot prices have decreased [7]. Cost and Profit - Production costs in some regions have changed, and production profits have also shown different trends [7]. Supply - Ferrosilicon production and start - up rate have decreased, and silicomanganese supply has continued to decline [7]. Demand - Steel demand is rising slightly, and non - steel demand for ferrosilicon is improving [7]. Inventory - Ferrosilicon and silicomanganese inventories have decreased slightly [7].

1. Report Industry Investment Ratings - There is no information about industry investment ratings in the provided reports. 2. Core Views of the Reports Steel Industry - The steel industry's production has a seasonal rebound this week, but the increase is slow. The iron - water output has increased by 30,000 tons, and the output of the five major steel products remains stable. The apparent demand has increased more than the output, and the inventory is decreasing. The demand for hot - rolled coils is slightly better than that for rebar, and the domestic demand expectation is still weak, while the export orders remain stable. Affected by the steel mills' production cuts in the first quarter, although the demand is weak, the inventory reduction is normal, and the supply - demand contradiction is not significant. However, it lacks upward driving force, and the upward driving force mainly comes from the raw material end. Recently, the strengthening of crude oil may affect the trend of ferrous metals. It is expected that rebar and hot - rolled coils will fluctuate around 3,150 and 3,200 respectively [1]. Iron Ore Industry - The main iron ore contract rose slightly yesterday, mainly affected by news. Geopolitical games, the undetermined negotiation between BHP and Chinese mines, and the resumption of iron - water production are the focus of future iron ore trading. Fundamentally, the global iron ore shipment volume has increased slightly this period, the Australian shipment volume continues to rise, and BHP's shipment has dropped to a historical low. A super typhoon in Australia may cause a short - term decline in iron ore shipments, but subsequent replenishment is possible. On the demand side, the iron - water output has increased slightly, slightly lower than expected, and some steel mills have carried out rational maintenance, with the profitability of steel mills improving. Currently, the terminal demand recovery is slow, domestic demand is relatively weak, and steel exports are uncertain. In terms of inventory, both steel mill and port inventories have decreased slightly. It is expected that the port inventory will either decrease slightly or remain unchanged. In the short term, the main iron ore contract will fluctuate at a high level, with the reference range of 780 - 830 [4]. Coke and Coking Coal Industry - The coke futures showed a high - level decline trend yesterday. The mainstream coke enterprises initiated the first round of price increase after the Spring Festival on March 23, which is expected to be successfully implemented. The increase in coking coal prices provides cost support for coke price increases, and port prices fluctuate with futures. On the supply side, coke price adjustments lag behind coking coal, and the increase in chemical production prices makes up for coke losses. After the Two Sessions, the coking start - up rate has increased. On the demand side, after the Two Sessions, the steel mill production restrictions were lifted, iron - water output increased, steel prices rebounded at a low level, and the replenishment demand will gradually recover later. In terms of inventory, coking plants are reducing inventory, while steel mills and ports are increasing inventory, and the overall inventory is slightly increasing, with the short - term supply and demand of coke basically balanced. It is recommended to go long on the coke 2605 contract at low prices, with the reference range of 1,650 - 1,850, and for arbitrage, go long on coking coal and short on coke. - The coking coal futures also showed a high - level decline trend yesterday. The spot auction prices in Shanxi have turned into a general increase pattern, and Mongolian coal quotes fluctuate with futures. After the festival, the replenishment demand is gradually warming up. On the supply side, coal mines are gradually resuming production, and the daily coal output is increasing; in terms of imported coal, the port inventory is slowing down and remains at a relatively high level after the resumption of customs clearance. On the demand side, after the Two Sessions, the steel mill production restrictions were lifted, iron - water output increased, coking production increased synchronously, and with the cost increase, coke prices are expected to bottom out and rebound. In terms of inventory, washing plants, coking enterprises, steel mills, ports, and ports are all increasing inventory, while coal mines are reducing inventory, and the overall inventory shows a change of downstream active replenishment. It is recommended to go long on the coking coal 2605 contract at low prices, with the reference range of 1,150 - 1,350, and for arbitrage, go long on coking coal and short on coke [6]. Ferrosilicon and Ferromanganese Industry - The main ferrosilicon contract oscillated weakly recently. Geopolitical conflicts, coal prices, and supply growth rate jointly affect ferrosilicon prices. Fundamentally, ferrosilicon production has decreased slightly, the start - up rate in production areas has also declined, and the resumption of production is lower than expected. The manufacturer's profit has improved. In terms of steel demand, the iron - water output has increased slightly, slightly lower than expected, and some steel mills have carried out rational maintenance, with the profitability of steel mills improving. Currently, the terminal demand recovery is slow, domestic demand is relatively weak, and steel exports are uncertain. In terms of non - steel demand, the daily output of magnesium alloy is at a relatively high level and has increased. The ferrosilicon export has weakened, but the export profit has improved. In terms of cost, the price of semi - coke may rise. In the short term, due to the complex international geopolitical situation, the supply and demand of ferrosilicon both increase, but the supply growth rate is lower than expected, and the supply - demand is still in a tight balance. It is recommended to wait and see, and try to long ferrosilicon and short ferromanganese for price difference repair. - The main ferromanganese contract fluctuated widely. Hebei Iron and Steel Group released a new round of steel procurement, and CML announced the May quotation to China. Fundamentally, the ferromanganese supply continues to decline, the start - up rate has declined for several consecutive weeks, and the joint production reduction of manufacturers may be in progress. The production pressure in the south is still relatively large, and the electricity price subsidy in Yunnan has led to some resumption of production; there will be new production capacity of ferromanganese plants in the second quarter. In terms of demand, the iron - water output has increased slightly, slightly lower than expected, and some steel mills have carried out rational maintenance, with the profitability of steel mills improving. Currently, the terminal demand recovery is slow, domestic demand is relatively weak, and steel exports are uncertain. In terms of cost, the import of manganese ore is in a tight balance, and factors such as the resumption of downstream ferromanganese production and increased shipping costs boost prices. It is expected that the price will fluctuate widely, with the reference range of 5,700 - 6,800 [7]. 3. Summaries According to Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China are 3,230 yuan/ton, 3,200 yuan/ton, and 3,300 yuan/ton respectively, with price changes of - 10 yuan/ton, 0 yuan/ton, and 0 yuan/ton. The 05, 10, and 01 contracts of rebar are 3,132 yuan/ton, 3,162 yuan/ton, and 3,184 yuan/ton respectively, with price changes of - 4 yuan/ton, - 4 yuan/ton, and - 2 yuan/ton. - Hot - rolled coil spot prices in East China, North China, and South China are 3,290 yuan/ton, 3,240 yuan/ton, and 3,300 yuan/ton respectively, with price changes of 0 yuan/ton, - 10 yuan/ton, and 0 yuan/ton. The 05, 10, and 01 contracts of hot - rolled coils are 3,313 yuan/ton, 3,322 yuan/ton, and 3,321 yuan/ton respectively, with price changes of - 8 yuan/ton, - 9 yuan/ton, and - 4 yuan/ton [1]. Cost and Profit - The steel billet price is 2,980 yuan/ton, and the slab price is 3,730 yuan/ton, both unchanged. The cost of electric - arc furnace rebar in Jiangsu is 3,262 yuan/ton, and the cost of converter rebar is 3,174 yuan/ton, both unchanged. The profits of rebar in East China, North China, and South China are - 21 yuan/ton, - 51 yuan/ton, and 199 yuan/ton respectively, with changes of - 21 yuan/ton, - 21 yuan/ton, and - 11 yuan/ton. The profits of hot - rolled coils in East China, North China, and South China are - 21 yuan/ton, - 11 yuan/ton, and 49 yuan/ton respectively, with changes of - 21 yuan/ton, - 11 yuan/ton, and - 11 yuan/ton [1]. Production and Inventory - The daily average iron - water output is 228.2 tons, an increase of 7.0 tons or 3.1% compared with the previous value. The output of the five major steel products is 839.6 tons, a decrease of 0.2 tons or 0.0% compared with the previous value. The rebar output is 197.9 tons, a decrease of 5.5 tons or - 2.7% compared with the previous value, including an electric - arc furnace output of 32.7 tons, a decrease of 1.5 tons or - 4.3%, and a converter output of 165.2 tons, a decrease of 4.0 tons or - 2.4%. The hot - rolled coil output is 305.6 tons, an increase of 5.4 tons or 1.8% compared with the previous value. - The inventory of the five major steel products is 1,897.8 tons, a decrease of 48.4 tons or - 2.5% compared with the previous value. The rebar inventory is 861.9 tons, a decrease of 27.5 tons or - 3.1% compared with the previous value. The hot - rolled coil inventory is 453.3 tons, a decrease of 8.0 tons or - 1.7% compared with the previous value [1]. Transaction and Demand - The building materials trading volume is 8.9 tons, an increase of 0.3 tons or 4.0% compared with the previous value. The apparent demand for the five major steel products is 888.0 tons, an increase of 19.5 tons or 2.2% compared with the previous value. The apparent demand for rebar is 225.4 tons, an increase of 17.3 tons or 8.3% compared with the previous value. The apparent demand for hot - rolled coils is 313.6 tons, an increase of 3.1 tons or 1.0% compared with the previous value [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of Carajás fines, PB fines, Brazilian mixed fines, and Jinbuba fines are 927.5 yuan/ton, 846.8 yuan/ton, 847.4 yuan/ton, and 884.0 yuan/ton respectively, with price increases of 7.6 yuan/ton, 7.7 yuan/ton, 7.6 yuan/ton, and 7.6 yuan/ton, and increases of 0.8%, 0.9%, 0.9%, and 0.9% respectively. - The 05 - contract basis of Carajás fines, PB fines, Brazilian mixed fines, and Jinbuba fines are 110.5 yuan/ton, 29.8 yuan/ton, 30.4 yuan/ton, and 67.0 yuan/ton respectively, with price changes of - 2.9 yuan/ton, - 2.8 yuan/ton, - 2.9 yuan/ton, and - 2.9 yuan/ton, and changes of - 2.5%, - 8.6%, - 8.8%, and - 4.1% respectively. The 5 - 9 spread is 29.5 yuan/ton, an increase of 0.5 yuan/ton or 1.7%. The 9 - 1 spread is 20.0 yuan/ton, a decrease of 0.5 yuan/ton or - 2.4% [4]. Supply - The 45 - port arrival volume (weekly) is 2,271.6 tons, an increase of 56.6 tons or 2.6% compared with the previous value. The global shipment volume (weekly) is 3,144.3 tons, an increase of 95.5 tons or 3.1% compared with the previous value. The national monthly import volume is 9,763.8 tons, a decrease of 2,200.9 tons or - 18.4% compared with the previous value [4]. Demand - The daily average iron - water output of 247 steel mills (weekly) is 228.2 tons, an increase of 7.0 tons or 3.1% compared with the previous value. The 45 - port daily average desilting volume (weekly) is 321.0 tons, an increase of 3.1 tons or 1.0% compared with the previous value. The national monthly pig iron output is 0.0 tons, a decrease of 6,072.2 tons or - 100.0% compared with the previous value. The national monthly crude steel output is 0.0 tons, a decrease of 6,817.7 tons or - 100.0% compared with the previous value [4]. Inventory Changes - The 45 - port inventory is 17,098.40 tons, a decrease of 89.1 tons or - 0.5% compared with the previous value. The imported ore inventory of 247 steel mills (weekly) is 9,034.1 tons, an increase of 105.0 tons or 1.2% compared with the previous value. The inventory available days of 64 steel mills (weekly) is 23.0 days, an increase of 2.0 days or 9.5% compared with the previous value [4]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The price of first - grade wet - quenched coke in Shanxi (warehouse - receipt) is 1,681 yuan/ton, unchanged. The price of quasi - first - grade wet - quenched coke in Rizhao Port (warehouse - receipt) is 1,767 yuan/ton, an increase of 11 yuan/ton or 0.6%. The 05 contract of coke is 1,761 yuan/ton, a decrease of 15 yuan/ton or - 0.8%. The 09 contract of coke is 1,846 yuan/ton, a decrease of 19 yuan/ton or - 1.0%. The steel - union coking profit (weekly) is 0 yuan/ton, a decrease of 17 yuan/ton [6]. Coking Coal - Related Prices and Spreads - The price of medium - sulfur primary coking coal in Shanxi (warehouse - receipt) is 1,330 yuan/ton, unchanged. The price of Mongolian No. 5 raw coal (warehouse - receipt) is 1,333 yuan/ton, unchanged. The 05 contract of coking coal is 1,230 yuan/ton, a decrease of 11 yuan/ton or - 0.9%. The 09 contract of coking coal is 1,369 yuan/ton, a decrease of 9 yuan/ton or - 0.7%. The sample coal mine profit (weekly) is 552 yuan/ton, an increase of 57 yuan/ton or 11.5% [6]. Supply and Demand - The daily average output of all - sample coking plants is 64.8 tons, an increase of 0.5 tons or 0.8% compared with the previous value. The daily average output of 247 steel mills is 47.3 tons, unchanged. The iron - water output of 247 steel mills is 231.1 tons, an increase of 2.9 tons or 1.3% compared with the previous value [6]. Inventory Changes - The total coke inventory is 997.8 tons, an increase of 16.3 tons or 1.7% compared with the previous value. The coke inventory of all - sample coking plants is 90.1 tons, a decrease of 4.2 tons or - 4.4% compared with the previous value. The coke inventory of 247 steel mills is 691.7 tons, an increase of 3.5 tons or 0.5% compared with the previous value. The port inventory is 216.1 tons, an increase of 17.0 tons or 8.5% compared with the previous value. - The coking coal inventory of Fenxi Coal Mine's cleaned coal is 97.2 tons, a decrease of 11.0 tons or - 10.2% compared with the previous value. The coking coal inventory of all - sample coking plants is 1,047.5 tons, an increase of 42.5 tons or 4.2% compared with the previous value. The coking coal inventory of 247 steel mills is 782.4 tons, an increase of 8.5

1. Report Industry Investment Rating - Glass: Oscillating [2] - Soda Ash: Oscillating [2] - Silicomanganese: Oscillating [5] - Ferrosilicon: Oscillating [5] 2. Core Views - The glass and soda ash markets have weak spot trading, with both futures closing down after wide - range oscillations. The glass market has a pattern of weak supply and demand, and the soda ash market faces supply pressure and weak demand. The prices of both are affected by factors such as the real - estate data and the Middle - East situation [1]. - The silicon - alloy market is in a game between production cuts and the reality. The silicon - alloy futures first rose and then fell. The silicon - alloy market has over - capacity and high inventory problems, and the prices are affected by factors like the hurricane, energy prices, and manganese ore shipments [3]. 3. Summary by Related Catalogs Glass - **Market Analysis**: The glass futures had wide - range oscillations and closed down at the end of the session. The spot price was stable, and the trading was mainly driven by刚需, showing weak trading [1]. - **Supply - Demand and Logic**: The glass market has a pattern of weak supply and demand. The enterprise profit is shrinking, the number of cold - repaired production lines is increasing, and the output is continuously declining. The downstream deep - processing orders are weak, and the overall demand is sluggish. Although the inventory has declined from the high level, the price is still under pressure due to the disappointing real - estate data [1]. - **Strategy**: Oscillating [2] Soda Ash - **Market Analysis**: The soda ash futures had wide - range oscillations and closed down at the end of the session. The spot market trading was mainly driven by刚需 [1]. - **Supply - Demand and Logic**: The soda ash output continued to increase, and the supply pressure still existed. The downstream demand was weak, and the total inventory was still under high - level pressure. Affected by the Middle - East situation, the cost was influenced by energy prices, and the soda ash price fluctuations intensified. Attention should be paid to cost support and the progress of new soda ash production projects [1]. - **Strategy**: Oscillating [2] Silicomanganese - **Market Analysis**: The global manganese industry association alloy seminar was held, with a strong atmosphere of production cuts. However, the over - capacity in the manganese - alloy industry restricted the upward price movement. The manganese - silicon futures first rose and then fell. The spot market of silicomanganese had a strong - side oscillation. The alloy factories' production enthusiasm was fair, and there was no large - scale production increase or decrease. The price of 6517 in the northern market was 6200 - 6300 yuan/ton, and in the southern market, it was 6300 - 6400 yuan/ton [3]. - **Supply - Demand and Logic**: This week, the silicomanganese output decreased, the apparent demand increased, and the inventory increased. Due to the loose capacity and high - inventory pressure, the supply - demand contradiction was large. In the short term, the price rose significantly due to the possible impact of the Australian hurricane on manganese ore shipments and the increase in manganese ore costs caused by the rise in shipping fees. However, when the hurricane impact subsided or the Middle - East situation stabilized, the price still faced downward pressure. Attention should be paid to energy prices and manganese ore shipments [3]. - **Strategy**: Oscillating [5] Ferrosilicon - **Market Analysis**: The ferrosilicon futures had high - level oscillations. The spot market of ferrosilicon adjusted upward, with general market activity. The price of 72 - grade ferrosilicon natural lumps in the main producing areas was 5550 - 5650 yuan/ton, and the price of 75 - grade ferrosilicon was 5950 - 6100 yuan/ton [3]. - **Supply - Demand and Logic**: Currently, the supply - demand contradiction of ferrosilicon was relatively limited. However, recently, due to the improvement in profits, the output increased significantly, and the loose capacity added resistance to inventory reduction in the peak season. The tense Middle - East situation disturbed the international energy prices, and the market was concerned about the rise in electricity prices, so the ferrosilicon price oscillated strongly. Attention should be paid to energy prices, ferrosilicon costs, inventory changes, and ferrosilicon warehouse receipts [4]. - **Strategy**: Oscillating [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Affected by the easing of the Middle - East situation, global risk appetite continues to recover. In the short term, the domestic economy is better than expected, but due to the intertwined geopolitical news in the Middle - East, the stock index fluctuates weakly in the short term and the volatility intensifies. After the US released signals of easing and cease - fire, the domestic stock index market recovered. Attention should be paid to the changes in the Middle - East geopolitical situation, the implementation of policies after the Two Sessions, and the changes in market sentiment [2][3]. - Different asset classes have different trends. The stock index fluctuates weakly in the short term, and short - term cautious waiting is recommended; treasury bonds fluctuate in the short term, and cautious waiting is recommended; the black commodity sector rebounds in the short term, and short - term cautious waiting is recommended; the non - ferrous sector fluctuates weakly in the short term, and short - term cautious waiting is recommended; the energy and chemical sector fluctuates greatly in the short term, and cautious long - positions are recommended; precious metals fluctuate greatly and rebound in the short term, and short - term cautious waiting is recommended [2]. 3. Summary According to Relevant Catalogs 3.1 Macro - finance - Overseas: Affected by new rumors of a cease - fire between the US and Iran, international oil prices declined in the short term, and the US dollar index and US bond yields declined but remained at relatively high levels. Global risk appetite increased overall. - Domestic: From January to February, China's economy rebounded beyond expectations, exports far exceeded expectations, and inflation continued to recover. The overall economic and inflation situation was better than expected. The government work report put forward the main expected development goals and fiscal and monetary policies for 2026, with the overall goals and policy intensity lower than in 2025 [2]. 3.2 Stock Index - Driven by sectors such as military equipment, electricity, and trade, the domestic stock market rebounded significantly. In the short term, due to the intertwined geopolitical news in the Middle - East, the stock index fluctuates weakly and the volatility intensifies. After the US released signals of easing and cease - fire, the domestic stock index market recovered. Short - term cautious waiting is recommended [3]. 3.3 Precious Metals - The precious metals market rebounded on Tuesday night. The main contract of Shanghai gold closed at 982.90 yuan/gram, up 0.37%; the main contract of Shanghai silver closed at 17,245 yuan/kilogram, up 1.93%. Spot gold ended a nine - day losing streak and rose 1.54% to 4,474.31 US dollars/ounce; spot silver rose 2.8% to 71.05 US dollars/ounce. Short - term cautious waiting is recommended [4]. 3.4 Black Metals - **Steel**: On Tuesday, the domestic steel futures and spot markets fluctuated weakly, and the trading volume was at a low level. The real demand is still weak, the steel inventory has peaked and declined, but the growth rate of the apparent consumption of the five major varieties has slowed down. After the important meeting, the output of the five major varieties of steel increased by 188,500 tons week - on - week, and the hot - metal output increased by nearly 69,000 tons. In the short term, the steel market will still follow the cost, and attention should be paid to the price adjustment risk after the cost drops [5][6]. - **Iron Ore**: On Tuesday, the futures and spot prices of iron ore rebounded slightly. The rebound in crude oil prices boosted the ore price. The demand for iron ore is still resilient, and the problem of short - term supply - demand mismatch is gradually alleviated. It is expected that the room for further price increase of ore is limited, and attention should be paid to the short - term adjustment risk after the energy price weakens [6]. - **Silicon Manganese/Silicon Iron**: On Tuesday, the spot prices of silicon iron and silicon manganese rebounded; the futures prices showed a differentiated trend, with silicon iron being slightly stronger. The rebound in energy prices still supports the ferroalloy prices. The spot price of manganese ore remains firm. The disk prices of silicon iron and silicon manganese are recommended to be treated with a bullish - biased shock mindset [7]. 3.5 Non - ferrous Metals and New Energy - **Copper**: The market focus is on the Middle - East situation. The spot TC of copper is close to - 70 US dollars/ton, a new low. By - product revenues such as sulfuric acid and precious metals make up for the smelting profit. The refined copper production growth rate is at a high level. The core contradiction lies in the mine end, and the copper mine is generally considered to be in short supply, but the probability of extreme shortage is not high. The domestic and foreign inventories continue to accumulate, and the downstream replenished stocks intensively at low prices [8]. - **Aluminum**: On Tuesday, the risk appetite recovered, and Shanghai aluminum rebounded. The easing of the Middle - East situation is actually bearish for aluminum, and the supply of aluminum in the Middle - East will increase, so the rebound strength of aluminum is weaker than that of other non - ferrous metals. The LME aluminum has fallen near the rising trend line. The year - on - year increase in domestic primary aluminum production from January to February is relatively large, and the pattern of "domestic weakness and foreign strength" may change temporarily [9]. - **Zinc**: The zinc ore processing fees in the southern and northern regions of China have changed. The domestic smelting capacity is still expanding, and the by - product revenues make up for the losses. The overseas smelting plants will resume production in 2026. The demand is not optimistic, and the domestic zinc ingot inventory has decreased seasonally [9]. - **Lead**: From January to February, the imports of refined lead and crude lead in China increased significantly. The domestic production of primary lead and secondary lead has recovered seasonally. The demand peak season has passed, and it is gradually entering the off - season. The domestic social inventory of primary lead has decreased [10]. - **Nickel**: The core contradiction lies in the mine end. The RKAB quota in Indonesia in 2026 has dropped significantly to 260 million wet tons, and there is still room for improvement, but the decline compared with 2025 is basically a foregone conclusion. The supply of MHP is at risk of decline. The nickel price has support below, but the upside space is limited by high domestic and foreign inventories [11]. - **Tin**: The imports of tin ore from Myanmar and other sources have increased. The demand is not good overall, and the industry is significantly differentiated. The social inventory of tin ingots has decreased, while the LME inventory has increased [12]. - **Lithium Carbonate**: On Tuesday, the main contract of lithium carbonate rose 6.11%. The supply and demand of lithium carbonate are both strong, and the social inventory is continuously decreasing. It is expected to fluctuate in the support range, and long - positions can be established at low prices [13]. - **Industrial Silicon**: On Tuesday, the main contract of industrial silicon rose 0.17%. Under the situation of weak supply and demand, over - capacity, and high - level inventory accumulation, industrial silicon is priced close to the cost. Attention should be paid to the cost support below, and range - bound operations are recommended [13]. - **Polysilicon**: On Tuesday, the main contract of polysilicon fell 3.17%. The polysilicon inventory continues to accumulate at a high level, and the spot price is falling. It is expected that the price will fluctuate weakly, and short - positions should be held cautiously or profits should be taken in a timely manner [14][15]. 3.6 Energy and Chemicals - **Methanol**: The methanol spot price index is 2676.38, up 32.04. The supply has tightened, and the supply - demand fundamentals have been repaired. The methanol price is still firm, but attention should be paid to the marginal changes brought about by geopolitical easing and downstream negative feedback [16]. - **PP**: The domestic polypropylene parking rate has increased, the upstream supply has shrunk, and the downstream demand has increased. The spot market shows signs of tightness, and it is expected that the market will maintain a strong pattern. The biggest uncertainty lies in the navigation situation in the Strait of Hormuz [16]. - **LLDPE**: The supply has decreased, the demand has increased, and the inventory has been depleted rapidly. It is expected that polyethylene will continue to run strongly, and geopolitical dynamics are the key variables affecting external supply [17]. - **Urea**: The supply has decreased slightly, and the demand shows a pattern of "weak agricultural demand and strong industrial demand". The policy guides the market, and the urea price is expected to maintain a narrow - range fluctuation [18]. 3.7 Agricultural Products - **US Soybeans**: The stability of Sino - US soybean trade relations has been disturbed, and the export and sales data of high - priced US soybeans have deteriorated. The US biodiesel policy will be finalized soon, and the trading sentiment of US soybean oil is cautious [20]. - **Soybean and Rapeseed Meal**: The inventory of soybeans and soybean meal is decreasing rapidly, supporting the soybean meal basis. The supply of rapeseed meal is increasing, and it will adjust with soybean meal in the short term [20]. - **Soybean and Rapeseed Oil**: The domestic soybean oil inventory is decreasing rapidly, supporting the basis. The supply of rapeseed oil may increase, and it will be under pressure with soybean and palm oil [21]. - **Palm Oil**: The international crude oil is oscillating at a high level, and the support for vegetable oils from crude oil risk has weakened. The export of Malaysian palm oil has increased, and the production has decreased. The domestic palm oil import is slow, and the market trading is light [21]. - **Corn**: The corn price is adjusting within a narrow range. The sales progress of corn in the production areas has slowed down, and the inventory in ports and deep - processing enterprises is low. The acceptance of high - priced corn by downstream feed enterprises has decreased, and the possible rice bran auction in early April may have a negative impact on the corn price [22]. - **Pigs**: The pig production capacity is in the pain period of adjustment, the demand is improving marginally but is still in the off - season. The industry's production capacity reduction expectation is increasing. It is expected that the short - term futures and spot prices may continue to fall, and there are still risks in the futures market [22].

Report Industry Investment Ratings - Thread steel: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Hot-rolled coil: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Iron ore: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Coke: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Coking coal: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Silicomanganese: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Ferrosilicon: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] Core View - The steel market is affected by factors such as demand recovery, production restrictions, and cost support, with short - term fluctuations and the need to focus on the Iranian situation and peak - season demand [2] - The iron ore market has an expected marginal improvement in fundamentals but an overall loose supply pattern, with the market expected to fluctuate [3] - The coke and coking coal markets are affected by geopolitical conflicts and have the characteristic of prices being prone to rise and hard to fall, with attention needed on relevant geopolitical news [4][6] - The silicomanganese market is affected by international conflicts on the cost side, while demand is affected by the decline in pig iron production [7] - The ferrosilicon market has a certain demand resilience, with supply and inventory changes, and attention needed on geopolitical news [8] Summary by Commodity Steel - Today's steel futures market was weakly volatile. This week, the apparent demand for thread steel continued to warm up, production increased synchronously, and inventory began to decline after reaching a turning point. The demand for hot - rolled coil gradually improved, production increased, and inventory declined from a high level, but pressure still needed to be alleviated. During the conference, blast furnace production was restricted, and pig iron production dropped significantly. After the conference, production would resume quickly, but poor steel mill profits still restricted the recovery space. From January - February data, the decline in real estate investment narrowed, and the investment growth rates of infrastructure and manufacturing increased. Domestic demand improved marginally, but its sustainability needed to be observed. Steel exports declined from a high level. Macro sentiment weakened, putting downward pressure on the futures market, but cost support was still strong under inflation expectations. In the short term, there would still be fluctuations [2] Iron Ore - The iron ore futures market weakened today. On the supply side, the global shipping volume increased month - on - month and was stronger than the same period last year. The domestic arrival volume declined in stages, and port inventory would gradually enter the seasonal destocking stage. On the demand side, with the arrival of the "Golden March and Silver April", terminal demand continued to warm up. Steel mills had production profits, and production resumption might be obvious after the end of phased production restrictions. External geopolitical conflicts were still ongoing, and the rise in oil prices provided phased cost support. Attention should be paid to changes in the overall market trend. The fundamentals of iron ore had an expected marginal improvement, but the overall loose supply pattern was difficult to change, and the futures market was expected to fluctuate [3] Coke - The intra - day price of coke rose first and then fell. Coking profits were average, and daily production remained almost unchanged. Coke inventory changed little, and the purchasing willingness of traders improved slightly. Overall, the supply of carbon elements was abundant, and downstream pig iron production continued to decline significantly. The profit level of steel improved slightly. The coke futures market was at a premium, and the coking coal futures market was at a premium to Mongolian coal. The Mongolian coal customs clearance data remained at a high level, but the suppression effect was slightly weak. Geopolitical conflicts might make coking coal prices prone to rise and hard to fall, and attention should be paid to relevant geopolitical news [4] Coking Coal - The intra - day price of coking coal rose first and then fell. Yesterday, the Mongolian coal customs clearance volume was 1,230 vehicles. The resumption of coal mine work was good, and the weekly production level continued to rise slightly. The spot auction transactions within the week were good, and the transaction price increased. This was mainly due to market concerns about energy rather than the abundant spot supply. Terminal inventory increased slightly, and there were not many restocking actions. The total coking coal inventory decreased slightly, and the production - end inventory decreased slightly. Overall, the supply of carbon elements was abundant, and downstream pig iron production continued to decline significantly. The profit level of steel improved slightly. The coke futures market was at a premium, and the coking coal futures market was at a premium to Mongolian coal. The Mongolian coal customs clearance data remained at a high level, but the suppression effect was slightly weak. Geopolitical conflicts might make coking coal prices prone to rise and hard to fall, and attention should be paid to relevant geopolitical news [6] Silicomanganese - The intra - day price of silicomanganese fluctuated mainly. International conflicts had a positive impact on crude oil prices, which in turn affected the ocean freight of manganese ore, being relatively beneficial to the cost side of silicomanganese. The spot transaction price of manganese ore continued to rise, the manganese ore port inventory decreased slightly, and the mine - end shipping increased month - on - month. However, the mine cost had increased compared with previous years, and the price - concession space might be relatively limited. On the demand side, pig iron production continued to decline significantly. The weekly production of silicomanganese increased slightly, and the silicomanganese inventory increased slightly. Attention should be paid to relevant geopolitical news [7] Ferrosilicon - The intra - day price of ferrosilicon fluctuated mainly. As the spot price followed the rise of the futures price, the Inner Mongolia and Ningxia production areas in the main production areas turned from losses to profits, and the loss amplitude in other production areas decreased. On the demand side, pig iron production remained at the off - season level. The export demand remained above 30,000 tons, with little marginal impact. The metal magnesium production remained at a high level, and the secondary demand was relatively stable. The overall demand still had resilience. The weekly supply of ferrosilicon decreased slightly, and the inventory increased. Attention should be paid to relevant geopolitical news [8]

1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views Steel Industry - Affected by the high opening of coking coal, steel prices maintained a high - level volatile trend. Downstream demand is gradually picking up, and there is a price increase for non - standard specifications of rebar. Supply and demand in the steel industry are seasonally increasing, and inventories are seasonally decreasing, with basic balance in supply and demand. However, the upward elasticity of demand is not large, and domestic demand is slightly weak while exports are okay. After the end of production restrictions last week, production will rebound significantly this week, testing the height of demand. Recently, due to supply - side disturbances of iron ore and coking coal, raw material prices have strengthened, pushing up steel prices. Pay attention to whether rebar and hot - rolled coils can effectively break through 3150 and 3300 respectively [1]. Iron Ore Industry - Yesterday, the main iron ore contract rose and then fell. Geopolitical conflicts still cause disturbances, and commodities generally declined. Recently, the acceleration of steel mill复产 and the limited liquidity of some spot varieties support the futures price in the short term. The iron ore shipment from Guinea increased significantly month - on - month, and the sustainability of the shipment increase needs attention. In terms of fundamentals, on the supply side, the global iron ore shipment increased month - on - month, with significant increases in Australia and non - mainstream mines. The impact of rainfall in Brazil has weakened, and there will be no rainfall in Western Australia in the future. On the demand side, the molten iron output decreased month - on - month last week. Steel mills that had maintenance before are resuming production intensively recently, and the impact of steel mill maintenance has declined significantly. It is expected that the molten iron output will increase rapidly from this week. In terms of inventory, the steel mill inventory decreased slightly month - on - month, and the port inventory increased slightly. Affected by the decline in arrivals and the restocking of downstream steel mills and the increase in port clearance, the port inventory has gradually changed from inventory accumulation to slight inventory reduction, but the high absolute inventory value will still restrict the price increase space. In the future, under the influence of geopolitical shocks, steel mill复产, and tightened spot liquidity, the main iron ore contract will fluctuate strongly in the short term, with the operating range referring to 780 - 840 yuan/ton [4]. Coke and Coking Coal Industry - Yesterday, the coke and coking coal futures prices fell from high levels. On the spot side, the mainstream steel mills started the first - round price cut for coke on March 4, which was successfully implemented on March 6. With the rise of coking coal, coke has a bottom - building and rebound expectation, and port prices fluctuate with futures. On the supply side, coke price adjustments lag behind coking coal. After the price cut, coking profits declined. During the Two Sessions, coke enterprise start - up decreased slightly and will gradually recover after the sessions. The sharp rise in chemical product prices makes up for the coke losses. On the demand side, after the end of the Two Sessions, steel mill production restrictions were lifted, molten iron output increased, and coke production increased synchronously. With the cost push, coke prices also have a bottom - building and rebound expectation. In terms of inventory, mines and ports are accumulating inventory, while coke enterprises, steel mills, coal washing plants, and ports are all reducing inventory. The overall inventory is seasonally decreasing, but the upstream inventory accumulation is bearish. The supply and demand of coke are basically balanced in the short term. In terms of strategy, the conflict between the US and Iran drives the sharp rise of energy commodities, giving a rising drive to coal and coke as energy substitutes, but the sustainability still needs to pay attention to the improvement of domestic supply and demand. It is recommended to go long on the coke 2605 contract at low prices, with the range referring to 1650 - 1850. For coking coal, energy inflation and substitution expectations will support it. The spot reaction lags, and it is recommended to go long on the coking coal 2605 contract at low prices, with the range referring to 1100 - 1300, and the arbitrage suggestion is to go long on coking coal and short on coke [6]. Silicon Iron and Silicon Manganese Industry - Yesterday, the main silicon iron contract fell significantly, and commodities generally declined. On the spot side, the inventory pressure of manufacturers is limited, and they mainly produce according to orders. In terms of fundamentals, the silicon iron production increased slightly month - on - month last week. In the production areas, Ningxia and Qinghai resumed production. After resuming production this week, Shengjin reached full production, and Qinghai mainly produces according to orders. The hedging profit did not meet expectations, and the participation of manufacturers decreased. In the future, the silicon iron production will continue to increase, but the high electricity price in Qinghai will still suppress the start - up rate, and the supply growth rate may be slow. In terms of steelmaking demand, the molten iron output decreased month - on - month last week. Steel mills that had maintenance before are resuming production intensively recently, and it is expected that the molten iron output will increase rapidly from this week. In terms of magnesium and aluminum production, it is at a relatively low level but has decreased month - on - month, and the demand support has weakened. The export is affected, and it is difficult to conclude transactions in the short term, and the overall demand is marginally weakening. In terms of cost, the Lan charcoal price is stable, and the raw coal price and downstream demand are both supported. Affected by factors such as production area复产, the price of silicon ore fluctuates. In the future, in the short term, affected by international geopolitical conflicts, the market sentiment is changeable. The supply and demand of silicon iron both increase, and the supply - demand contradiction is limited, but there is no driving force for a trend - type market. It is expected that the price will fluctuate widely, with the range referring to 5700 - 6200. - Yesterday, the main silicon manganese contract declined. Affected by energy costs and manganese ore support, silicon manganese has been stronger than silicon iron recently, and the price difference between silicon iron and silicon manganese has widened. On the spot side, the mainstream steel procurement prices have not been set, and the market sentiment is cautious. In terms of fundamentals, the silicon manganese supply increased slightly month - on - month. Production in Inner Mongolia and Ningxia remained stable, and production in Yunnan resumed due to electricity price subsidies. In Guangxi, Guizhou and other places, the valley - electricity cost increased, and manufacturers still have little enthusiasm to start production. It is expected that there will be new silicon manganese plant production capacity coming on - line in the second quarter, and the supply will continue to increase marginally. In terms of demand, the molten iron output decreased month - on - month last week. Steel mills that had maintenance before are resuming production intensively recently, and it is expected that the molten iron output will increase rapidly from this week. In terms of cost, some manganese ore sources at ports are in a tight supply - demand balance, and the downstream short - term transaction is difficult. The manganese ore price fluctuates due to factors such as the US - Iran conflict causing an increase in shipping and mining costs. In the future, in the short term, affected by international geopolitical conflicts, the market sentiment is changeable. The supply and demand of silicon manganese both increase, and the supply growth rate restricts the price increase height, while there is also no driving force for a trend - type decline. It is expected that the price will fluctuate widely, with the range referring to 5800 - 6400 [7]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China are 3260, 3200, and 3280 yuan/ton respectively, with changes of +10, 0, and 0 yuan/ton compared to the previous value. Rebar 05, 10, and 01 contracts are 3140, 3165, and 3196 yuan/ton respectively, with changes of - 8, - 3, and - 1 yuan/ton compared to the previous value. - Hot - rolled coil spot prices in East China, North China, and South China are 3290, 3220, and 3280 yuan/ton respectively, with no change compared to the previous value. Hot - rolled coil 05, 10, and 01 contracts are 3310, 3311, and 3321 yuan/ton respectively, with a change of - 3 yuan/ton compared to the previous value [1]. Cost and Profit - The billet price is 2980 yuan/ton, with no change. The slab price is 3730 yuan/ton, with no change. - The cost of Jiangsu electric - furnace rebar is 3271 yuan/ton, a decrease of 1 yuan/ton; the cost of Jiangsu converter rebar is 3158 yuan/ton, an increase of 14 yuan/ton. - The profit of East China hot - rolled coil is 30 yuan/ton, an increase of 10 yuan/ton; the profit of North China hot - rolled coil is - 40 yuan/ton, with no change; the profit of South China hot - rolled coil is 20 yuan/ton, with no change. - The profit of East China rebar is - 10 yuan/ton, with no change; the profit of North China rebar is - 60 yuan/ton, an increase of 20 yuan/ton; the profit of South China rebar is 160 yuan/ton, with no change [1]. Production - The daily average molten iron output is 221.2 tons, a decrease of 6.3 tons or 2.8% compared to the previous value. - The output of five major steel products is 821.0 tons, an increase of 23.7 tons or 3.0% compared to the previous value. - The rebar output is 195.3 tons, an increase of 22.0 tons or 12.7% compared to the previous value, among which the electric - furnace output is 29.0 tons, an increase of 17.3 tons or 148.2%, and the converter output is 166.3 tons, an increase of 4.7 tons or 2.9%. - The hot - rolled coil output is 295.3 tons, a decrease of 5.9 tons or 1.9% compared to the previous value [1]. Inventory - The inventory of five major steel products is 1974.9 tons, an increase of 22.9 tons or 1.2% compared to the previous value. - The rebar inventory is 894.2 tons, an increase of 18.5 tons or 2.1% compared to the previous value. - The hot - rolled coil inventory is 471.6 tons, a decrease of 0.1 tons or 0.0% compared to the previous value [1]. Transaction and Demand - The building materials transaction volume is 9.3 tons, a decrease of 0.8 tons or 8.2% compared to the previous value. - The apparent demand of five major steel products is 798.1 tons, an increase of 106.7 tons or 15.4% compared to the previous value. - The apparent demand of rebar is 176.8 tons, an increase of 78.6 tons or 80.0% compared to the previous value. - The apparent demand of hot - rolled coil is 295.4 tons, an increase of 13.8 tons or 4.9% compared to the previous value [1]. Iron Ore Industry Iron Ore - related Prices and Spreads - The warehouse - receipt costs of Karara fines, PB fines, Brazilian mixed fines, and Jinbuba fines are 925.3, 849.0, 845.2, and 886.2 yuan/ton respectively, with changes of - 2.2, - 4.4, - 4.3, and - 4.3 yuan/ton compared to the previous value. - The 05 - contract basis of Karara fines, PB fines, Brazilian mixed fines, and Jinbuba fines are 114.3, 38.0, 34.2, and 75.2 yuan/ton respectively, with changes of 3.3, 1.1, 1.2, and 1.2 yuan/ton compared to the previous value. - The 5 - 9 spread is 32.0, an increase of 1.0 or 3.2% compared to the previous value; the 9 - 1 spread is 21.0, an increase of 0.5 or 2.4% compared to the previous value [4]. Spot Prices and Price Indexes - The spot prices of Karara fines, PB fines, Brazilian mixed fines, and Jinbuba fines at Rizhao Port are 951.0, 793.0, 823.0, and 738.0 yuan/wet ton respectively, with changes of - 2.0, - 4.0, - 4.0, and - 4.0 yuan/wet ton compared to the previous value. - The Singapore Exchange 62% Fe swap price is 107.1 dollars/ton, an increase of 0.7 dollars/ton or 0.6% compared to the previous value [4]. Supply - The 45 - port arrival volume (weekly) is 2215.0 tons, a decrease of 394.9 tons or 15.1% compared to the previous value. - The global shipment volume (weekly) is 3048.8 tons, an increase of 151.0 tons or 5.2% compared to the previous value. - The national monthly import volume is 9763.8 tons, a decrease of 2200.9 tons or 18.4% compared to the previous value [4]. Demand - The daily average molten iron output of 247 steel mills (weekly) is 221.2 tons, a decrease of 6.4 tons or 2.8% compared to the previous value. - The 45 - port daily average clearance volume (weekly) is 317.9 tons, an increase of 6.8 tons or 2.2% compared to the previous value. - The national monthly pig iron output is 0.0 tons, a decrease of 6072.2 tons or 100.0% compared to the previous value. - The national monthly crude steel output is 0.0 tons, a decrease of 6817.7 tons or 100.0% compared to the previous value [4]. Inventory Changes - The 45 - port inventory is 17187.52 tons, an increase of 69.7 tons or 0.4% compared to the previous value. - The imported ore inventory of 247 steel mills (weekly) is 8929.1 tons, a decrease of 82.5 tons or 0.9% compared to the previous value. - The inventory available days of 64 steel mills (weekly) is 23.0 days, with no change compared to the previous value [4]. Coke and Coking Coal Industry Coke - related Prices and Spreads - The price of Shanxi first - grade wet - quenched coke (warehouse - receipt) is 1681 yuan/ton, with no change. The coke 05 and 09 contracts are - 11 and 1803 yuan/ton respectively, with changes of - 7 and - 7 yuan/ton compared to the previous value. The 05 and 09 basis are 13 and - 69 yuan/ton respectively [6]. Coking Coal - related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal (warehouse - receipt) is 1230 yuan/ton, an increase of 30 yuan/ton or 2.5% compared to the previous value. The coking coal 05 and 09 contracts are 1722 and 1282 yuan/ton respectively, with changes of - 10 and - 22 yuan/ton compared to the previous value. The 05 and 09 basis are 74 and - 14 yuan/ton respectively [6]. Supply - The daily average output of all - sample coking plants is 63.9 tons, a decrease of 0.1% compared to the previous value. The daily average output of 247 steel mills is 47.0 tons, with no change. The raw coal output of Fenwei sample mines is 873.9 tons, an increase of 12.6 tons or 1.5% compared to the previous value, and the clean coal output is 445.9 tons, an increase of 2.7 tons or 0.64% compared to the previous value [6]. Demand - The molten iron output of 247 steel mills is 221.2 tons, a decrease of 6.4 tons or 2.8% compared to the previous value. The daily average output of all - sample coking plants is 63.9 tons, with no change [6]. Inventory Changes - The total coke inventory is 984.4 tons, a decrease of 0.3 tons or 0.0% compared to the previous value. The coke inventory of all - sample coking plants is 100.4 tons, a decrease of 9.9 tons or 8.9% compared to the previous value. The coke inventory of 247 steel mills is 687

1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views of the Reports Steel Industry - This week, the steel price center has risen. The steel price fluctuated upward due to the impact of iron ore's upward - then - downward movement caused by port liquidity interference. Steel production and demand are in a seasonal recovery stage. Plate inventories decreased this week, while building material inventories increased. Total inventories increased slowly and are expected to turn to seasonal destocking next week. Production is expected to rise next week after being at a low level last week due to environmental protection restrictions. Demand is gradually recovering, and attention should be paid to the height of the recovery in apparent demand. Domestic demand expectations are weak, and exports remain high. Steel + billet exports are expected to be flat year - on - year. The Middle East issue has affected shipping and short - term steel shipments, but Chinese steel has replaced Iranian billet exports, and billet export orders are acceptable. Further price increases need to observe variables in the coking coal supply, and the upward driving force from the steel's own supply - demand fundamentals is not strong [1]. Iron Ore Industry - From a fundamental perspective, on the supply side, the global iron ore shipments decreased last week, with significant declines in Brazil and non - mainstream mines. Rainfall in southeastern Brazil affected some shipments, and although the impact of future rainfall will weaken, the iron ore arrivals in China may increase due to some ships originally bound for the Middle East diverting to China because of the US - Iran situation. On the demand side, the molten iron output continued to decline, but it is expected to gradually recover next week. In terms of inventory, the steel mill inventory decreased slightly, and the port inventory increased slightly. The inventory accumulation at ports has narrowed, and it is expected to turn into a destocking pattern. In the short term, the main iron ore contract may fluctuate within the range of 750 - 820 yuan/ton [4]. Coke and Coking Coal Industry - For coke, the futures price fluctuated upward last week. The first - round price cut by mainstream steel mills on March 4 was successfully implemented on March 6, and it is expected to bottom out and stabilize. On the supply side, coke price adjustments lag behind coking coal, and coking profits have declined. Coke production decreased slightly during the Two Sessions and will gradually recover after. On the demand side, after the end of the Two Sessions, steel mill production restrictions were lifted, molten iron output will rise, and steel prices rebounded from a low level, and restocking demand will gradually recover. In terms of inventory, steel mills reduced inventory, while coking plants and ports increased inventory, and the overall inventory increased slightly. The supply and demand of coke are basically balanced in the short term. It is recommended to go long on the coke 2605 contract at low prices, with a reference range of 1650 - 1850, and the arbitrage strategy is to go long on coking coal and short on coke. - For coking coal, the futures price fluctuated upward last week. Spot prices showed a mixed trend, and Mongolian coal prices fluctuated with the futures. On the supply side, coal mines are gradually resuming production, and coal daily output is increasing. Imported coal port inventories are accumulating. On the demand side, after the end of the Two Sessions, steel mill production restrictions were lifted, molten iron output increased, and coke production also increased. Steel mills cut coke prices on March 4. In terms of inventory, coal mines and ports are accumulating inventory, while coking plants, steel mills, coal washing plants, and ports are reducing inventory. The overall inventory is seasonally decreasing, but the upstream inventory accumulation is bearish. It is recommended to go long on the coking coal 2605 contract at low prices, with a reference range of 1100 - 1250, and the arbitrage strategy is to go long on coking coal and short on coke [7]. Silicon Manganese and Silicon Iron Industry - For silicon manganese, supply increased slightly as production in Inner Mongolia and Ningxia remained stable, and Yunnan复产 due to electricity price subsidies. Five new silicon manganese plants are expected to come on - stream in the second quarter, and supply will increase marginally. Demand was affected by environmental protection restrictions, causing a significant decline in molten iron output, but it will rise as terminal demand recovers and steel mills resume production. The short - term steel exports to the Middle East are blocked due to the US - Iran conflict, but there may be an export substitution effect in the long term. The manganese ore supply is in a tight - balance state, and the cost will increase due to the US - Iran conflict. It is expected that the price will fluctuate widely in the range of 5800 - 6400. - For silicon iron, supply increased slightly as some regions resumed production. The magnesium - aluminum daily output is at a relatively high level but decreased this week, and the demand support weakened. The cost is supported by stable semi - coke prices, and the profit levels in different regions have been repaired. Affected by the international geopolitical conflict, the market sentiment is changeable, and the price may fluctuate widely in the range of 5700 - 6200 [8]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - The spot prices of rebar and hot - rolled coils in different regions increased, and the prices of rebar and hot - rolled coil futures contracts also rose. The basis of rebar and hot - rolled coil contracts showed different changes [1]. Cost and Profit - Steel billet and slab prices remained unchanged. The cost of Jiangsu electric - furnace rebar increased by 2 yuan/ton, and the cost of Jiangsu converter rebar increased by 19 yuan/ton. The profits of rebar and hot - rolled coils in different regions showed different changes [1]. Supply - The daily average molten iron output decreased by 6.3 to 221.2 tons, a decrease of 2.8%. The output of five major steel products increased by 23.7 to 821.0 tons, an increase of 3.0%. Rebar output increased by 22.0 to 195.3 tons, an increase of 12.7%, with electric - furnace output increasing by 148.2% and converter output increasing by 2.9%. Hot - rolled coil output decreased by 5.9 to 295.3 tons, a decrease of 1.9% [1]. Inventory - The inventory of five major steel products increased by 22.9 to 1974.9 tons, an increase of 1.2%. Rebar inventory increased by 18.5 to 894.2 tons, an increase of 2.1%. Hot - rolled coil inventory decreased slightly by 0.1 to 471.6 tons, a decrease of 0.0% [1]. Transaction and Demand - The building material trading volume increased by 1.3 to 10.1 tons, an increase of 14.5%. The apparent demand for five major steel products increased by 106.7 to 798.1 tons, an increase of 15.4%. The apparent demand for rebar increased by 78.6 to 176.8 tons, an increase of 80.0%. The apparent demand for hot - rolled coils increased by 13.8 to 295.4 tons, an increase of 4.9% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of various iron ore powders increased, and the basis of the 05 contract for some iron ore powders decreased. The 5 - 9 and 9 - 1 spreads increased [4]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port increased, and the Singapore Exchange 62% Fe swap price also increased [4]. Supply - The 45 - port arrivals (weekly) increased by 463.0 to 2609.9 tons, an increase of 21.6%. The global shipments (weekly) decreased by 442.9 to 2897.8 tons, a decrease of 13.3%. The national monthly import volume decreased by 2200.9 to 9763.8 tons, a decrease of 18.4% [4]. Demand - The 247 - steel - mill daily average molten iron output (weekly) decreased by 6.4 to 221.2 tons, a decrease of 2.8%. The 45 - port daily average desilting volume (weekly) increased by 6.8 to 317.9 tons, an increase of 2.2%. The national monthly pig iron output decreased by 162.1 to 6072.2 tons, a decrease of 2.6%. The national monthly crude steel output decreased by 169.4 to 6817.7 tons, a decrease of 2.4% [4]. Inventory Changes - The 45 - port inventory increased by 69.7 to 17187.52 tons, an increase of 0.4%. The 247 - steel - mill imported ore inventory (weekly) decreased by 82.5 to 8929.1 tons, a decrease of 0.9%. The 64 - steel - mill inventory available days (weekly) remained unchanged at 23.0 days [4]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of some coke contracts increased, and the basis of some contracts changed. The steel - union coking profit (weekly) decreased by 17 [7]. Upstream Coking Coal Prices and Spreads - The prices of coking coal (Shanxi warehouse - receipt) and coking coal (Mongolian coal warehouse - receipt) increased [7]. Supply: Coke Production (Weekly) - The daily average output of all - sample coking plants and 247 - steel - mill coke production remained unchanged [7]. Demand: Molten Iron Output (Weekly) - The 247 - steel - mill molten iron output decreased by 6.4 to 221.2 tons, a decrease of 2.8% [7]. Coke Inventory Changes (Weekly) - The total coke inventory decreased slightly by 0.3 to 984.4 tons, a decrease of 0.0%. The inventory of all - sample coking plants decreased by 9.9 to 100.4 tons, a decrease of 8.9%. The 247 - steel - mill coke inventory increased by 16.3 to 687.6 tons, an increase of 2.4%. The port inventory decreased by 6.7 to 196.4 tons, a decrease of 3.3% [7]. Coking Coal - Related Prices and Spreads - The prices of some coking coal contracts increased, and the basis of some contracts changed. The sample coal mine profit (weekly) increased by 3 [7]. Overseas Coal Prices - The Australian Peak Downs FOB price decreased slightly, and the Jingtang Port Australian main - coking coal ex - warehouse price increased [7]. Supply: Fenwei Sample Coal Mine Production (Weekly) - The raw coal output increased by 12.6 to 873.9 tons, an increase of 1.5%, and the clean coal output increased by 2.7 to 445.9 tons, an increase of 0.6% [7]. Demand: Coke Production (Weekly) - The daily average output of all - sample coking plants and 247 - steel - mill coke production remained unchanged [7]. Coking Coal Inventory Changes (Weekly) - The Fenwei coal mine clean coal inventory decreased by 11.2 to 117.8 tons, a decrease of 8.7%. The all - sample coking plant coking coal inventory increased by 20.0 to 969.4 tons, an increase of 2.1%. The 247 - steel - mill coking coal inventory increased by 2.0 to 777.6 tons, an increase of 0.3%. The port inventory decreased slightly by 0.1 to 267.6 tons, a decrease of 0.1% [7]. Silicon Manganese and Silicon Iron Industry Futures and Spot - The closing price of the silicon manganese main contract decreased by 34.0 to 5888.0 yuan/ton, a decrease of 0.6%. The closing price of the silicon iron main contract increased by 14.0 to 6176.0 yuan/ton, an increase of 0.24%. The spot prices of silicon iron and silicon manganese in different regions showed different changes [8]. Cost and Profit - The production cost of Inner Mongolia silicon manganese decreased by 21.0 to 6058.3 yuan/ton, a decrease of 0.3%. The production cost of Guangxi silicon manganese increased by 18.7 to 6308.6 yuan/ton, an increase of 0.3%. The production profit of Inner Mongolia silicon iron increased by 21.0 to - 158.3 yuan/ton, an increase of - 11.7% [8]. Manganese Ore Supply - The manganese ore shipments (weekly) increased by 44.9 to 122.7 tons, an increase of 57.6%. The manganese ore arrivals (weekly) increased by 0.8 to 44.8 tons, an increase of 1.8%. The manganese ore desilting volume (weekly) increased by 53.7 to 129.0 tons, an increase of 50.7% [8]. Supply - The silicon iron output (weekly) increased by 0.1 to 9.7 tons, an increase of 0.9%. The silicon manganese output (weekly) increased by 0.2 to 19.8 tons, an increase of 0.94%. The silicon iron production enterprise's operating rate (weekly) increased by 1.3 to 27.9%, an increase of 4.94%. The silicon manganese operating rate increased by 1.2 to 36.1%, an increase of 0.4% [8]. Demand - The silicon iron demand (weekly) increased by 0.1 to 1.9 tons, an increase of 5.94%. The silicon manganese demand (Steel - Union calculation) increased by 0.5 to 11.7 tons, an increase of 4.9%. The 247 - steel - mill daily average molten iron output (weekly) decreased by 6.4 to 221.2 tons, a decrease of 2.8%. The blast - furnace operating rate (weekly) increased by 0.6 to 78.3%, an increase of 0.8%. The Steel - Union five - major steel products output (weekly) increased by 23.7 to 821.0 tons, an increase of 3.0% [8]. Inventory Changes - The silicon iron inventory of 60 sample enterprises (weekly) decreased by 0.5 to 6.1 tons, a decrease of 7.7%. The inventory of 63 sample enterprises (weekly) decreased by 1.2 to 37.6 tons, a decrease of 3.0% [8].

Group 1: Glass and Soda Ash Report Industry Investment Rating - Glass: Oscillating [2] - Soda Ash: Oscillating weakly [2] Core View - Glass and soda ash inventories are at high levels, and prices are oscillating within a range [1] Market Analysis - Glass: The 2605 main contract of glass showed a narrow - range oscillating trend, with a slight weakening at the end of the session. Spot prices stabilized, and market transactions were mainly for rigid demand [1] - Soda Ash: The main contract of soda ash showed an oscillating and strengthening trend, and market trading was relatively active. Spot market quotations tended to stabilize, and trading volume was average [1] Supply - Demand and Logic - Glass: In the short term, it is still the off - season for glass consumption. Thanks to the decline in production capacity, supply pressure has been alleviated, but high inventory pressure remains. The resumption of work in downstream deep - processing is slow, and traders are cautious in purchasing. Overall demand is weak, and there is great pressure to reduce inventory [1] - Soda Ash: The pattern of "strong supply and weak demand" in soda ash remains unchanged, with significant fundamental contradictions. New production capacities are being put into operation one after another, and production capacity utilization is high. Inventories are at a high level and continue to accumulate. Downstream demand recovery is weak. Affected by the boost of the chemical industry sector, there is some support at the cost end, but its sustainability needs further observation [1] Group 2: Silicon Manganese and Silicon Iron Report Industry Investment Rating - Silicon Manganese: Oscillating [4] - Silicon Iron: Oscillating [4] Core View - The cost support for silicon manganese and silicon iron is strong, and the alloys are oscillating and strengthening [3] Market Analysis - Silicon Manganese: The silicon manganese futures market oscillated and strengthened. In the spot market, there was a strong wait - and - see sentiment, and the cost support was strong. The price of 6517 in the northern market was 5750 - 5850 yuan/ton, and in the southern market, it was 5800 - 5900 yuan/ton [3] - Silicon Iron: The silicon iron futures market oscillated and strengthened. In the spot market, the silicon iron market adjusted upwards, and market trading was active. The ex - factory price of 72 - grade silicon iron natural lumps in the main production areas was 5300 - 5400 yuan/ton, and the price of 75 - grade silicon iron was 5850 - 6000 yuan/ton [3] Supply - Demand and Logic - Silicon Manganese: Currently, the fundamental contradictions of silicon manganese are acceptable, and the overall supply - demand is relatively loose. With the resumption of production of downstream steel mills, the demand for silicon manganese is expected to improve. The price of manganese ore, the raw material, has risen slightly, driving up the price of silicon manganese from the cost end. Continued attention should be paid to the cost support of manganese ore, inventory changes, and the situation of silicon manganese warehouse receipts [3] - Silicon Iron: As silicon iron enterprises maintain low - load production, the supply pressure of silicon iron has decreased. After the Spring Festival, the resumption of production of downstream enterprises has boosted the rigid demand for silicon iron, and the fundamentals have improved. The electricity price in some production areas has been raised, and the cost has increased slightly, but the overall production capacity of silicon iron is relatively loose, and the price increase of silicon iron is restricted. Continued attention should be paid to the progress of the Two Sessions, silicon iron production, silicon iron inventory, and electricity price policies in production areas [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The market sentiment is positive, and the prices of coking coal and coke are rising. The glass and soda ash markets are fluctuating, with glass showing an oscillatory trend and soda ash expected to be oscillatory and weak. The silicon-manganese and silicon-iron markets are oscillatory and strong, supported by cost factors [1][2][3][4]. Summary by Related Catalogs Glass and Soda Ash - **Market Analysis**: The glass futures contract oscillated, and the spot market was cold with low downstream purchasing enthusiasm. The soda ash futures contract opened lower and then rebounded, with active trading in the futures market and stable spot prices [1]. - **Supply and Demand Logic**: In the short term, the glass production capacity in the Shahe area has decreased, relieving supply pressure, but downstream demand is weak, and inventory removal pressure is high. The supply of soda ash is relatively loose, with new production capacity projects being put into operation, and downstream demand is weak, with high inventory and increasing inventory accumulation pressure. However, due to the impact of the international macro - environment, the cost of energy and chemicals has increased, and the valuation of soda ash is relatively low, so the price fluctuations may intensify [1]. - **Strategy**: Glass is expected to oscillate, and soda ash is expected to oscillate weakly [2]. Silicon - Manganese and Silicon - Iron - **Market Analysis**: The silicon - manganese futures oscillated strongly, and the spot market was strong. The silicon - iron futures also oscillated strongly, and the spot market adjusted upwards with active trading [3]. - **Supply and Demand Logic**: The overall supply and demand of silicon - manganese are relatively loose, but the demand is expected to improve after the resumption of production by downstream steel mills. The price of manganese ore has risen due to South African tariff policy, pushing up the cost of silicon - manganese. The supply pressure of silicon - iron has decreased as enterprises maintain low - load production, and the demand has been boosted by the resumption of production of downstream enterprises. However, the overall production capacity of silicon - iron is relatively loose, which restricts the price increase [3]. - **Strategy**: Both silicon - manganese and silicon - iron are expected to oscillate [4].