1. Report Industry Investment Rating - No industry - wide investment rating is provided in the report. 2. Core Viewpoints of the Report - The steel market is expected to be in a weak consolidation phase. The production of building materials has slightly declined, inventory has continued to accumulate, and demand has been sluggish, putting pressure on prices. The high level of warehouse receipts also affects the futures market [1]. - The iron ore market is expected to show a volatile trend. Although the global iron ore shipment volume has increased, the iron - water production has decreased, and the inventory of ports and steel mills has also decreased, resulting in a situation of mixed long and short factors [1]. - The coking coal and coke markets are expected to be weak and volatile. For coking coal, domestic mines are affected by production inspections and accidents, and downstream demand is cautious. For coke, although the profit of coking enterprises is acceptable and the subsequent start - up will increase, the steel mill's procurement rhythm has slowed down [1]. - The manganese - silicon and silicon - iron markets are expected to be volatile. For manganese - silicon, the supply is increasing, the steel - procurement price is decreasing, and the cost is stable. For silicon - iron, production is in a loss state, the steel - procurement price has decreased, and the cost is stable [1][3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The closing price of the rebar 2601 contract was 3106 yuan/ton, a decrease of 0.32%. The spot price was stable or decreased, and the trading volume declined. The production of building materials decreased by 3.29 tons, the social inventory increased by 15.15 tons, the factory inventory increased by 4.5 tons, and the apparent demand increased by 1.4 tons. It is expected to be in a weak consolidation phase [1]. - **Iron Ore**: The closing price of the iron ore futures main contract i2601 was 777 yuan/ton, an increase of 0.7%. The port spot price was strong. The global shipment volume increased, the iron - water production decreased by 0.62 tons, and the inventory of ports and steel mills decreased. It is expected to be volatile [1]. - **Coking Coal**: The closing price of the coking coal 2601 contract was 1106 yuan/ton, a decrease of 0.58%. The spot price decreased. Domestic mines were affected by production inspections and accidents, and downstream demand was cautious. It is expected to be weak and volatile [1]. - **Coke**: The closing price of the coke 2601 contract was 1594 yuan/ton, a decrease of 0.16%. The spot price was stable. The coking coal price decreased, the profit of coking enterprises was acceptable, and the subsequent start - up will increase, but the steel mill's procurement rhythm slowed down. It is expected to be weak and volatile [1]. - **Manganese - Silicon**: The manganese - silicon futures price was volatile and weak, with the main contract at 5732 yuan/ton, a decrease of 0.28%. The market price was 5500 - 5800 yuan/ton. The supply was increasing, the steel - procurement price was decreasing, and the cost was stable. It is expected to be volatile [1][3]. - **Silicon - Iron**: The silicon - iron futures price was volatile and weak, with the main contract at 5520 yuan/ton, a decrease of 0.43%. The market price was 5200 - 5250 yuan/ton. Production was in a loss state, the steel - procurement price decreased, and the cost was stable. It is expected to be volatile [3]. 3.2 Daily Data Monitoring - **Contract Spread**: The spread data of various varieties such as rebar, hot - rolled coil, iron ore, etc. are provided, including the 10 - 1 month, 1 - 5 month spreads, etc., and their changes compared with the previous period [4]. - **Basis**: The basis data of various varieties such as rebar, hot - rolled coil, iron ore, etc. are provided, including the basis of different contracts and their changes compared with the previous period [4]. - **Spot**: The latest spot prices of various varieties in different regions and their changes compared with the previous period are provided [4]. - **Profit and Spread**: The profit data of rebar (including disk profit, long - process profit, short - process profit) and the spread data of various varieties (such as coil - rebar spread, rebar - iron ore ratio, etc.) and their changes compared with the previous period are provided [4]. 3.3 Chart Analysis - **Main Contract Price**: Charts of the closing prices of the main contracts of rebar, hot - rolled coil, iron ore, etc. from 2020 to 2025 are provided [6][7][10][15]. - **Main Contract Basis**: Charts of the basis of the main contracts of rebar, hot - rolled coil, iron ore, etc. are provided [17][18][21][23]. - **Inter - period Contract Spread**: Charts of the spreads of inter - period contracts of rebar, hot - rolled coil, iron ore, etc. are provided [26][31][32][33][36][37]. - **Inter - variety Contract Spread**: Charts of the spreads of inter - variety contracts such as the coil - rebar spread, rebar - iron ore ratio, etc. are provided [42][44][46]. - **Rebar Profit**: Charts of the profit of rebar (including disk profit, long - process profit, short - process profit) are provided [47][51]. 3.4 Black Research Team Member Introduction - **Qiu Yuecheng**: Current position is the assistant director of the Everbright Futures Research Institute and the director of black research. He has nearly 20 years of experience in the steel industry [53]. - **Zhang Xiaojin**: Current position is the director of resource product research at the Everbright Futures Research Institute. He has rich honors in the field of coal futures [53]. - **Liu Xi**: Current position is a black researcher at the Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [53]. - **Zhang Chunjie**: Current position is a black researcher at the Everbright Futures Research Institute, with experience in combining financial theory and industrial operations [54].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The steel market is expected to remain in a weak consolidation phase. The supply - demand fundamentals of rebar have not changed significantly, and the market still anticipates a weakening of supply - demand in the future [1]. - The iron ore market is expected to show a volatile and weakening trend. Although the futures price has risen, the supply has increased, and the iron - making output has declined, resulting in a situation of mixed long and short factors [1]. - The coking coal and coke markets are expected to fluctuate. For coking coal, there are signs of production suspension and restriction in some mines, while the demand side has a downward expectation; for coke, steel mills continue to propose price cuts, but there may be some support on the futures price [1]. - The manganese silicon and silicon iron markets are expected to follow the overall fluctuations of the black sector. Their price increases are mainly driven by market sentiment and cost support, and the supply - demand pattern is difficult to improve significantly in the short term [1][3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures price rebounded, with the 2510 contract closing at 2974 yuan/ton, up 46 yuan/ton or 1.57%. Spot prices rose, and trading volume increased. This week, the national building materials production decreased by 3.83 tons to 421.93 tons, social inventory decreased by 14.84 tons to 550.47 tons, factory inventory decreased by 3.03 tons to 326.15 tons, and the apparent demand decreased by 0.89 tons to 439.8 tons. It is expected to be in a weak consolidation [1]. - **Iron Ore**: The futures price of the main contract i2509 rose to 704.5 yuan/ton, up 9 yuan/ton or 1.3%. Port spot prices increased. Australian shipments declined from the high level, Brazilian shipments increased significantly, and non - mainstream country shipments rebounded from the low level. The blast furnace operating rate increased, but the molten iron output decreased to 241.91 tons. The inventory of imported iron ore in 47 ports and steel mills' imported ore inventory decreased by 122.25 tons and 171.15 tons respectively. It is expected to be volatile and weak [1]. - **Coking Coal**: The futures price of the 2509 contract rose to 768 yuan/ton, up 49 yuan/ton or 6.82%. The spot price of some coal types decreased. There are signs of production suspension and restriction in some mines, and the spot trading link has cooled down. The coke market has a downward expectation, and the demand for coking coal is weak. It is expected to fluctuate [1]. - **Coke**: The futures price of the 2509 contract rose to 1367.5 yuan/ton, up 68.5 yuan/ton or 5.27%. The spot price of port coke increased. Steel mills continued to propose a third - round price cut of 50 - 55 yuan/ton, the downstream procurement enthusiasm declined, and some coking enterprises' inventory accumulated. It is expected to fluctuate [1]. - **Manganese Silicon**: The futures price fluctuated strongly, with the main contract closing at 5502 yuan/ton, up 2.12%. The increase was driven by the overall strength of the black sector and the rise in coking coal prices, which boosted market sentiment and increased cost support. The production has begun to rebound week - on - week, and it is expected to follow the overall fluctuations of the black sector [1][3]. - **Silicon Iron**: The futures price fluctuated strongly, with the main contract closing at 5258 yuan/ton, up 1.19%. The rise was driven by the strength of the black sector and the increase in coking coal prices. The production continued to decline, but there are signs of复产 in some areas. It is expected to follow the overall fluctuations of the black sector [3]. 3.2 Daily Data Monitoring - **Contract Spread**: For example, the 10 - 1 spread of rebar is 4.0, a decrease of 19.0; the 10 - 1 spread of hot - rolled coil is 7.0, unchanged; the 9 - 1 spread of iron ore is 38.5, an increase of 1.5, etc. [4]. - **Basis**: For example, the basis of the 10 - contract of rebar is 136.0, a decrease of 26.0; the basis of the 10 - contract of hot - rolled coil is 103.0, a decrease of 15.0; the basis of the 09 - contract of iron ore is 70.7, a decrease of 2.4, etc. [4]. - **Spot Price**: For example, the spot price of rebar in Shanghai is 3110.0, an increase of 20.0; the spot price of hot - rolled coil in Shanghai is 3200.0, an increase of 30.0; the spot price of PB powder in Rizhao Port is 732.0, an increase of 6.0, etc. [4]. - **Profit and Spread**: For example, the rebar futures profit is 84.8, a decrease of 3.1; the long - process profit is 32.4, an increase of 9.2; the short - process profit is - 116.8, an increase of 30.0; the hot - rolled coil - rebar spread is 123.0, a decrease of 1.0, etc. [4]. 3.3 Chart Analysis - **Main Contract Price**: The report provides price trend charts of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron from 2020 to 2025 [6][8][10][12][15]. - **Main Contract Basis**: The report provides basis trend charts of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron [17][18][21][23]. - **Inter - period Contract Spread**: The report provides spread trend charts of inter - period contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron [25][29][31][33][34][37]. - **Inter - variety Contract Spread**: The report provides spread trend charts of inter - variety contracts such as the hot - rolled coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, coke - iron ore ratio, coking coal - coke ratio, and double - silicon spread [39][40][41][43]. - **Rebar Profit**: The report provides profit trend charts of rebar, including futures profit, long - process profit, and short - process profit [44][49]. 3.4 Black Research Team Member Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and professional qualifications [51][52].