Report Industry Investment Rating - Not provided in the report Core Viewpoint - The steel and ore market is expected to continue its oscillating trend. The support and pressure levels for rebar, hot-rolled coils, and iron ore are given, and specific trading strategies are proposed [2]. Summary by Relevant Catalogs Market Review - On Tuesday, rebar, hot-rolled coils, and iron ore closed down. During the night session, rebar and hot-rolled coils closed down, while iron ore closed up [1]. Important Information - Two Chinese Hong Kong-flagged container ships successfully passed through the Strait of Hormuz on March 31 [1]. - In March 2026, the floating value of the coking coal long-term agreement's steel linkage decreased by 24 yuan/ton compared to February [1]. - From March 23 - 29, the total transaction area of newly built commercial housing in 10 key cities was 3.3472 million square meters, a month-on-month increase of 77.1% and a year-on-year increase of 4.5% [1]. - In March, the manufacturing PMI, non-manufacturing business activity index, and composite PMI output index all returned to the expansion range, rising by 1.4, 0.6, and 1.0 percentage points respectively compared to the previous month [1]. - Trump said the US would end the war with Iran in "two to three weeks" and might reach an agreement before that. Iran's President said Iran was willing to end the war on the premise of having its demands met [1]. - On March 31, Zhongtian Iron and Steel announced its prices for the first ten days of April, with rebar and wire rod prices remaining unchanged. The price of rebar in East China is 3,400 yuan/ton, and the price of wire rod is 3,700 yuan/ton [1]. - The central bank's monetary policy committee held its first-quarter regular meeting, suggesting to give play to the integrated effect of incremental and stock policies and strengthen monetary policy regulation [1]. Market Logic - On March 31, the price of Shanghai Zhongtian rebar was 3,240 yuan/ton, up 20 yuan; the price of Shanghai Ansteel/Bensteel hot-rolled coils was 3,290 yuan/ton, down 10 yuan [1]. - On March 31, the market prices of mainstream imported iron ore varieties at Qingdao Port increased by 1 yuan. For example, 60.8% PB fines were 783 yuan/ton, up 1 yuan [1]. - On March 31, the spot market for port coke remained stable. The total inventory at the two ports increased compared to the previous working day [1]. - From March 23 - 29, the total arrival volume at 47 ports in China was 26.267 million tons, a month-on-month increase of 2.436 million tons; the total arrival volume at 45 ports was 24.263 million tons, a month-on-month increase of 1.547 million tons [1]. - From March 23 - 29, the global iron ore shipping volume was 24.724 million tons, a month-on-month decrease of 6.719 million tons. The shipping volume from Australia and Brazil was 18.751 million tons, a month-on-month decrease of 6.843 million tons [1]. - Last week, the total inventory of imported iron ore at 47 ports in China was 176.6683 million tons, a month-on-month decrease of 1.4735 million tons; the total inventory at 45 ports was 170.0031 million tons, a month-on-month decrease of 0.9809 million tons [2]. - Last week, the total inventory of imported iron ore in national steel mills was 89.7856 million tons, a month-on-month decrease of 0.555 million tons [2]. - Last week, the blast furnace operating rate of 247 steel mills was 81.03%, a month-on-month increase of 1.25 percentage points; the profit rate of steel mills was 43.29%, a month-on-month increase of 0.87 percentage points; the daily average pig iron output was 2.3109 million tons, a month-on-month increase of 0.0294 million tons [2]. - Last week, the average capacity utilization rate of 94 independent electric arc furnace steel mills was 58.87%, a month-on-month increase of 2.3 percentage points and a year-on-year increase of 3.87 percentage points. The average operating rate was 68.82%, a month-on-month increase of 1.93 percentage points and a year-on-year decrease of 4.51 percentage points [2]. Trading Strategy - It is expected that the steel and ore market will continue to oscillate. The support and pressure levels for rebar are 3,000 and 3,200 respectively; for hot-rolled coils, they are 3,180 and 3,350; for iron ore, they are 750 and 840 [2]. - For unilateral trading, short-term operations are recommended. For arbitrage, the strategy of going long on the hot-rolled coil - rebar spread can be cautiously held. Conservative investors can consider taking profits or reducing positions. The rebar - iron ore ratio is 3.86. The strategy of going long on rebar and short on iron ore is recommended to enter the market before the holiday and exit after the holiday [2].

Group 1: Report Industry Investment Rating - The investment rating for the steel and ore industry is "Oscillating Bullish" [1] Group 2: Core View of the Report - The report predicts that the steel and ore market will be oscillating bullish. It provides support and pressure levels for rebar, hot-rolled coil, and iron ore, and suggests trading strategies such as holding long positions in steel and ore and a long spread strategy between hot-rolled coil and rebar [1] Group 3: Summary by Relevant Catalogs Market Review - On Tuesday, rebar, iron ore, and hot-rolled coil closed higher [1] Important Information - From January to February 2026, the total social electricity consumption increased by 6.1% year-on-year [1] - Ukraine made a final anti-dumping sunset review ruling on Chinese steel wire ropes and cables [1] - On March 17, the Ministry of Finance released the 2025 China Fiscal Policy Implementation Report, stating that a more proactive fiscal policy will be continued in 2026, including expanding fiscal expenditure, optimizing government bond tools, improving transfer payment efficiency, optimizing the expenditure structure, and strengthening fiscal and financial coordination [1] - Iran's new Supreme Leader Mujtaba Khamenei rejected the proposal of "easing tensions or achieving peace" with the United States and said that the United States and Israel must be defeated and pay compensation [1] - Iran's President confirmed the death of Ali Larijani, the Secretary of the Supreme National Security Council. The Speaker of the Islamic Parliament of Iran said that the Strait of Hormuz will not return to the pre-war state [1] Market Logic - On the 17th, the market prices of mainstream imported iron ore varieties at Qingdao Port remained stable. Traders' quotation enthusiasm was average, and steel mills' inquiries were weak. Specific prices are as follows: 60.8% PB powder at 789 (unchanged), Super Special powder at 671 (unchanged), 61.6% PB lump at 900 (unchanged), Carajás fines at 948 (unchanged), and SPGF mixed powder at 759 (unchanged) [1] - On the 17th, the price of Shanghai Zhongtian rebar was 3250 (unchanged), and the price of Shanghai Ansteel/Benxi Steel hot-rolled coil was 3280 (unchanged) [1] - On the 17th, the port coke spot market remained stable. The trading atmosphere in the domestic spot market was average. The trade collection volume at the two ports increased compared to the previous working day, and the total inventory at the two ports decreased slightly compared to the previous working day. Rizhao Port's inventory was 43 (down 1), Qingdao Port's inventory was 69 (unchanged), and the total inventory was 112 (down 3.3 compared to last week). The prices of various coke varieties at the port are as follows: Trade spot cash out: quasi-primary (wet quenched) coke at 1470 yuan/ton, quasi-primary (dry quenched) coke at 1670 yuan/ton, primary (wet quenched) coke at 1570 yuan/ton, coke particles at 1200 yuan/ton, and coke powder at 970 yuan/ton [1] Trading Strategy - It is expected that the steel and ore market will be oscillating bullish. The support level for the rebar main contract is 3000, and the pressure level is 3200. The support level for hot-rolled coil is 3180, and the pressure level is 3350. The support level for the iron ore main contract is 750, and the pressure level is 840 [1] - For the single-sided strategy, continue to hold long positions in steel and ore, and continuously raise the stop-loss line [1] - For the arbitrage strategy, continue to hold the long spread strategy between hot-rolled coil and rebar. The closing price difference at night was 165. It is recommended to set the stop-loss level at a spread of 120 and the take-profit level at 200 [1]

Report Industry Investment Rating - The investment rating for the steel and ore industry is "Oscillating" [1] Core View - Steel demand is gradually starting, and it is expected that finished products and iron ore will oscillate upward. Attention should be paid to the demand recovery situation, with a focus on daily building material transactions [1] Summary by Relevant Catalogs Market Review - On Thursday, rebar, hot-rolled coils, and iron ore continued to close higher. The night session opened higher with a gap and closed with a negative line [1] Important Information - As of March 11 (the 23rd day of the first lunar month), the resumption rate of 10,692 construction sites nationwide was 42.5%, a month-on-month increase of 19 percentage points and a year-on-year decrease of 5.2 percentage points. The labor attendance rate was 43.9%, a month-on-month increase of 14.2 percentage points and a year-on-year decrease of 5.8 percentage points. The fund arrival rate was 42.8%, a month-on-month increase of 7.4 percentage points and a year-on-year decrease of 0.8 percentage points [1] - US President Trump said that Powell should immediately cut interest rates instead of waiting for the next Fed meeting to do so [1] Market Logic - Iron ore cargo ships originally bound for the Middle East have changed their course to China, and attention should be paid to the impact on iron ore supply [1] - This week, rebar production, inventory, and apparent demand all increased. Production increased significantly, with a week-on-week increase of 21.99 tons. Inventory continued to accumulate, but the accumulation rate slowed down significantly. The apparent demand for rebar increased by 78.58 tons week-on-week, indicating that rebar demand has started. Overall, the current rebar inventory pressure is not large [1] - Hot-rolled coil production this week was 2.9526 million tons, a week-on-week decrease of 58,500 tons, with two consecutive weeks of decline. The total inventory was 4.7159 million tons, a decrease of 1,000 tons from last week. The factory inventory was 892,800 tons, a weekly decrease of 8,000 tons, and the social inventory was 3.8231 million tons, a week-on-week increase of 7,000 tons. The factory inventory decreased while the social inventory increased slightly, and the total inventory remained basically flat. The apparent demand this week was 2.9536 million tons, an increase of 137,900 tons from last week, almost the same as the production, indicating a tight balance between supply and demand for hot-rolled coils [1] - After the Two Sessions, iron production is likely to rebound rapidly, and it is estimated that the incremental demand for iron ore will be significant [1] - The increase in crude oil prices has increased the transportation cost of iron ore [1] - The forward price of iron ore continued to rise, breaking through $110 [1] - This week, the daily iron production was 2.212 million tons, a weekly decrease of 63,900 tons. Production restrictions during the Two Sessions were an important factor, which stimulated the market to open higher [1] Trading Strategy - The demand for steel products is gradually starting. It is expected that finished products and iron ore will oscillate upward. Continue to pay attention to the demand recovery situation, with a focus on daily building material transactions. The support level for rebar is 3,000, and the resistance level is 3,200. The support level for hot-rolled coils is 3,180, and the resistance level is 3,300. The support level for iron ore is 730, and the resistance level is 800. Pay attention to whether the resistance levels can be broken [1] - Single position: Hold existing long positions in rebar and hot-rolled coils, and set stop-loss levels [1] - Arbitrage: The supply of hot-rolled coils is shrinking, demand is recovering, and the inventory pressure is less than that of rebar, with a better supply-demand structure. The spread between hot-rolled coils and rebar is expected to continue to widen. Hold existing long hot-rolled coil and short rebar arbitrage positions, and it is recommended to raise the stop-loss level to 120 and the take-profit level to over 200 [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The steel market shows a situation of both supply and demand increasing, with the slowdown of inventory accumulation. The supply pressure of rebar is limited, and the apparent consumption has significantly recovered, but the absolute level is still low. The inventory pressure is controllable, which supports the price stability. For iron ore, the import has increased significantly in the first two months, and the demand is expected to increase significantly after the Two - Sessions. The prices of finished products and iron ore are expected to show an oscillatory trend [1]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Tuesday, rebar and hot - rolled coils closed down, while iron ore closed up. During the night session, rebar and hot - rolled coils continued to close down, and iron ore continued to close up [1]. 3.2 Important Information - From January to February 2026, China's cumulative steel exports were 15.591 million tons, a year - on - year decrease of 8.1%; cumulative steel imports were 0.827 million tons, a year - on - year decrease of 21.7%; cumulative imports of iron ore and its concentrates were 210.023 million tons, a year - on - year increase of 10.0%; cumulative imports of coal and lignite were 77.222 million tons, a year - on - year increase of 1.5% [1]. - In February 2026, China exported 736,000 vehicles; from January to February, the cumulative exports were 1.532 million vehicles, a year - on - year increase of 57.9% [1]. - From March 2nd to March 8th, the total transaction (signing) area of newly built commercial housing in 10 key cities was 1.0084 million square meters, a month - on - month decrease of 23.6% and a year - on - year decrease of 34.4% [1]. - In February 2026, China exported 35.8985 million household appliances; from January to February, the cumulative exports were 80.2852 million units, a year - on - year increase of 16.4% [1]. - Guangxi aims to complete the renovation of more than 40,000 sets of urban dilapidated houses by 2030 [1]. - A representative of the National People's Congress suggested restoring the export tax rebate for high - end products and implementing the strategy of "promoting high - end, stabilizing the surrounding areas, and strict supervision" to solve the "involution" problem in the industry [1]. 3.3 Market Logic - The supply and demand of steel both increase, and the inventory accumulation slows down. The rebar production is still at the lowest level in the same period of the past five years, and the supply pressure is limited. The apparent consumption has recovered significantly, but the absolute level is still low. The inventory is accumulating, but the growth rate slows down, and the year - on - year increase is only 3%, so the overall inventory pressure is controllable. For iron ore, the import has increased by 10% in the first two months, and the iron - making water production is higher than that of the same period last year. Due to the production restrictions during the Two - Sessions, the iron - making water production has decreased, and it is expected to recover rapidly after the Two - Sessions, with a significant increase in iron ore demand. The spot price of iron ore has exceeded $105 [1]. 3.4 Trading Strategy - It is expected that the prices of finished products and iron ore will show an oscillatory trend, and the demand recovery situation should be continuously monitored. The support level of rebar is 3000, and the pressure level is 3200. The support level of hot - rolled coils is 3180, and the pressure level is 3300. The support level of iron ore is 730, and the pressure level is 800. For single - side trading, the existing long positions of rebar and hot - rolled coils should be held with stop - loss set. For arbitrage, the spread between hot - rolled coils and rebar has continued to widen to 158. The arbitrage positions of going long on hot - rolled coils and short on rebar should be held, with the stop - loss recommended to be raised to 120 and the take - profit set above 200 [1].

Report Industry Investment Rating - No information provided Core Viewpoints - It is expected that the market will mainly fluctuate in the short term. For rebar, the support level is 3000 and the resistance level is 3100. For hot-rolled coil, the support level is 3180 and the resistance level is 3300. For iron ore, the support level is 730 and the resistance level is 770. Unilateral trading suggests short-term operations or waiting for opportunities and setting stop-losses. In terms of arbitrage, considering the closing price, the spread between hot-rolled coil and rebar has converged to 141. It is recommended to go long on hot-rolled coil and short on rebar and enter the market at a low price, with a suggested take-profit level of over 200 [2]. Summary by Directory Market Review - On Wednesday, rebar and iron ore closed higher, while hot-rolled coil closed flat. All closed higher during the night session [1]. Important Information - At the first press conference of the Fourth Session of the 14th National People's Congress on March 4, spokesperson Lou Qinjian stated that this year, China will adhere to the strategic basis of expanding domestic demand, boost consumption, formulate laws such as the law on childcare services, and the Party and the state's basic policies to promote the development of the private economy will not change. The central government will introduce more policies to benefit Hong Kong. Sino-US relations should be based on mutual respect, peaceful coexistence, and win-win cooperation. China-EU economic and trade relations are complementary in nature, and cooperation with China is beneficial to Europe's economic development. China is highly concerned about the situation in Iran and calls for an immediate halt to military operations and the resumption of dialogue and negotiation to maintain peace and stability in the Middle East [1]. - In February, affected by factors such as the Spring Festival holiday, the manufacturing purchasing managers' index was 49.0%, a decrease of 0.3 percentage points from the previous month; the non-manufacturing business activity index was 49.5%, an increase of 0.1 percentage points from the previous month; the composite PMI output index was 49.5%, a decrease of 0.3 percentage points from the previous month [1]. - US President Trump officially nominated Kevin Warsh as the next Federal Reserve Chairman. If confirmed by the Senate, Warsh will succeed the current Fed Chairman Powell for a four-year term [1]. Market Logic - According to the arrangements during the Two Sessions, most steel mills in Tangshan have planned to reduce blast furnace production by 30% and sintering production by 30%-50%. Some steel mills have blast furnace maintenance plans, with most maintenance durations being 5 - 7 days. It is expected that the blast furnace hot metal in the Tangshan market will decline in early March and recover in the middle of the month, with a relatively limited overall impact. Last week, the production of rebar and hot-rolled coil both decreased, inventory continued to rise, and apparent demand decreased, which was in line with expectations. Research shows that the resumption progress of manufacturing enterprises is basically the same as that of the same period last year, but the divergence in future demand expectations has increased, and the willingness to actively increase production, stockpile goods, and prepare raw materials has slightly decreased. According to Lange data, in terms of production, the production of building materials increased slightly this week, with the increase mainly coming from electric furnaces. Affected by the maintenance of some steel mills, the production of industrial materials changed from an increase to a decrease. In terms of inventory, the total inventory of building materials continued to accumulate, with the increase in social inventory being greater than that in factory inventory. The inventory growth rate of industrial materials slowed down, with factory inventory changing from an increase to a decrease and social inventory continuing to rise. Overall, as downstream enterprises gradually resume work, the apparent demand for building materials and industrial materials has increased month-on-month. Year-on-year, the current inventory pressure is higher than that of the same period last year. Attention should be paid to the demand recovery situation and inventory accumulation progress after the Lantern Festival [1]. - From February 23 to March 1, the total global iron ore shipments were 33.407 million tons, a month-on-month increase of 198,000 tons. The total iron ore shipments from Australia and Brazil were 26.907 million tons, a month-on-month decrease of 226,000 tons. From February 23 to March 1, the total iron ore arrivals at 47 ports in China were 22.3 million tons, a month-on-month decrease of 911,000 tons; the total iron ore arrivals at 45 ports in China were 21.469 million tons, a month-on-month decrease of 55,000 tons. Last week, the daily hot metal output was 2.3328 million tons, a month-on-month increase of 28,000 tons [1][2]. Trading Strategies - It is expected to be mainly in a volatile state in the short term. The support and resistance levels for rebar, hot-rolled coil, and iron ore are provided respectively. Unilateral trading suggests short-term operations or waiting for opportunities and setting stop-losses. For arbitrage, it is recommended to go long on hot-rolled coil and short on rebar and enter the market at a low price, with a suggested take-profit level of over 200 [2].

1. Report Industry Investment Rating - The report gives a "volatile" rating for the steel and ore sector within the black building materials industry [1] 2. Core View of the Report - The direct impact of the Iran situation on China's steel exports is limited, but the indirect impact on exports is significant, with a short - term monthly export impact of about 1.1624 million tons. The futures market shows little reaction. During the Two Sessions, most steel mills in Tangshan plan to cut blast furnace production by 30% and sintering production by 30% - 50%, with some blast furnace maintenance plans. The overall impact on iron - water production in Tangshan is limited. Last week, the production of rebar and hot - rolled coils decreased, inventory continued to rise, and apparent demand declined as expected. The construction industry downstream has tight funds after the Spring Festival, and the resumption of work is progressing steadily. The current market trading logic is that the expectations of the Two Sessions' policies, infrastructure, and real - estate resumption of work still exist, and the resumption of steel mills' production may increase iron - water output, which supports prices. However, the terminal demand such as real estate is still weak, the iron ore supply - demand is relatively loose, and the port inventory is close to the high level of 180 million tons, which restricts the upward space. It is expected to be mainly volatile in the short term [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Tuesday, rebar and iron ore closed up, while hot - rolled coils closed down. At night, rebar closed flat, iron ore closed down, and hot - rolled coils closed up [1] 3.2 Important Information - By 2027, the cumulative comprehensive utilization of photovoltaic modules will reach 250,000 tons according to the six - department plan of the Ministry of Industry and Information Technology [1] - As of February 28, 16 cities have introduced 21 property - market relaxation policies, including Shanghai's "Seven Measures" to lower the entry threshold for non - Shanghai - registered homebuyers, expand the home - purchase eligibility of residents with residence permits, and moderately relax the purchase restrictions in the outer - ring area [1] - From February 23 to March 1, the total transaction (signing) area of new commercial housing in 10 key cities was 1.3202 million square meters, a 3.5% increase compared with the week before the Spring Festival (February 9 - February 15), and the cumulative transaction area since the beginning of this year decreased by 16.9% year - on - year [1] 3.3 Market Logic - The direct impact of the Iran situation on China's steel exports is limited, but the indirect impact is significant, with a short - term monthly export impact of about 1.1624 million tons. During the Two Sessions, most steel mills in Tangshan plan to cut blast furnace production by 30% and sintering production by 30% - 50%, with some blast furnace maintenance plans. The overall impact on iron - water production in Tangshan is limited. Last week, the production of rebar and hot - rolled coils decreased, inventory continued to rise, and apparent demand declined as expected. The construction industry downstream has tight funds after the Spring Festival, and the resumption of work is progressing steadily. From February 23 to March 1, the total global iron - ore shipment was 3.3407 million tons, a 198,000 - ton increase from the previous period. The total iron - ore shipment from Australia and Brazil was 2.6907 million tons, a 226,000 - ton decrease. The total iron - ore arrival at 47 ports in China was 2.23 million tons, a 911,000 - ton decrease; the total iron - ore arrival at 45 ports in China was 2.1469 million tons, a 55,000 - ton decrease. Last week, the daily iron - water output was 233,280 tons, a 28,000 - ton increase [1] 3.4 Trading Strategy - The current market trading logic is that the expectations of the Two Sessions' policies, infrastructure, and real - estate resumption of work still exist, and the resumption of steel mills' production may increase iron - water output, which supports prices. However, the terminal demand such as real estate is still weak, the iron ore supply - demand is relatively loose, and the port inventory is close to the high level of 180 million tons, which restricts the upward space. It is expected to be mainly volatile in the short term. The support level for rebar is 3000, and the pressure level is 3100. The support level for hot - rolled coils is 3180, and the pressure level is 3300. The support level for iron ore is 730, and the pressure level is 770. For single - side trading, it is recommended to operate in the short - term or wait for opportunities and set stop - losses. For arbitrage, based on the night - session closing price, the hot - rolled coil - rebar spread is 147. It is recommended to go long on hot - rolled coils and short on rebar at a low price and set the take - profit at over 200 [1]