Hot sections: Self-selected stocks, data center, market center, capital flow, simulated trading client.

Rebar: The rebar market showed a notable increase yesterday, with the main contract closing at 3,066 yuan per tonne, up 27 yuan from the previous trading day, a gain of 0.89%, while open interest dropped by 145,000 lots. Spot prices rose with higher trading volumes. The Qian'an plain billet price in Tangshan increased by 30 yuan to 3,000 yuan per tonne compared to last Friday, and the Zhongtian rebar price in the Hangzhou market rose by 40 yuan to 3,100 yuan per tonne. National building materials trading volume reached 112,700 tonnes. According to Gangyin data, national building materials inventories decreased by 3.84% this week to 5.4912 million tonnes, while hot-rolled coil inventories increased by 2.15% to 2.2756 million tonnes, indicating a notable decline in building materials inventories. The recent sharp rise in coking coal prices and accelerating coke price increases have provided strong cost support for rebar, with some coke enterprises initiating a second round of price hikes of 100-110 yuan per tonne. Additionally, recent property easing policies in Shanghai and Beijing have somewhat boosted market sentiment. In the short term, rebar prices are expected to show a volatile but firm trend.

Iron Ore: The iron ore futures main contract i2701 rose slightly yesterday, closing at 716 yuan per tonne, up 8.5 yuan from the previous trading day, a gain of 1.2%, with trading volume of 300,100 lots and open interest down by 2,300 lots. Port spot prices increased, with 60.8% PB fines at Rizhao Port rising 9 yuan to 690 yuan, and Carajas fines up 9 yuan to 839 yuan. According to Mysteel data, global iron ore shipments totaled 32.989 million tonnes this period, up 401,000 tonnes month-on-month. Australia-Brazil shipments totaled 26.695 million tonnes, down 393,000 tonnes, with Australian shipments up 861,000 tonnes to 19.326 million tonnes, including 15.293 million tonnes to China, while Brazilian shipments fell 1.253 million tonnes to 7.369 million tonnes. Arrivals at 47 ports totaled 27.175 million tonnes, down 1.385 million tonnes, and at 45 ports totaled 26.396 million tonnes, down 673,000 tonnes. Supply remains at normal-to-high levels with total global shipments slightly increasing, while arrivals declined but remain at yearly highs, showing no significant supply contraction. On the demand side, hot metal output remains at low levels, steel mill profitability is weak, and the production cut trend has not reversed. Short-term upward momentum for iron ore prices is insufficient, with a narrow range-bound trend expected.

Coking Coal: Coking coal futures rose yesterday, with the main contract 2701 closing at 1,584 yuan per tonne, up 2.5 yuan, a gain of 0.16%, with open interest increasing by 19,429 lots. In the spot market, Jiexiu main coking coal (A<10.5, S<1.3, G>80) rose 20 yuan to 1,940 yuan per tonne, while Mongolia 5# raw coal at Ganqimaodu Port rose 100 yuan to 1,550 yuan per tonne, and Mongolia 3# washed coal rose 50 yuan to 1,600 yuan per tonne. A new coal mine in Qinyuan, Changzhi, Shanxi has completed acceptance inspection and is currently in the resumption training phase, not yet officially producing, with production expected to resume within 1-2 days, subject to regional safety supervision conditions. The mine has an approved capacity of 1.2 million tonnes, mainly producing lean coal, while other mines are also gradually undergoing acceptance training. Mine resumption progress remains slow with high-pressure safety supervision, most mine inventories are at low levels, and some premium main coking coal varieties are in short supply. Mines show strong price support intentions, with online auction varieties mostly transacting at premiums amid active purchasing sentiment. Coke enterprises are experiencing increased losses, though steel mills have shown reasonable acceptance of coke price increases. Coke enterprise operating rates have declined recently, but as coke price hikes take effect, production profits will improve, potentially boosting coking coal demand. Short-term coking coal futures are expected to remain firm.

Coke: Coke futures rose yesterday, with the main contract 2701 closing at 2,152.5 yuan per tonne, up 33 yuan, a gain of 1.56%, with open interest increasing by 8,483 lots. In the spot market, the price of quasi-first-grade metallurgical coke at Rizhao Port rose 50 yuan to 1,830 yuan per tonne. Some steel mills in Hebei and Tianjin have raised wet-quenched coke prices by 100 yuan per tonne and dry-quenched coke by 110 yuan per tonne, effective August 26, 2026. Due to rising upstream raw material costs, coke enterprises in the Shaanxi region are facing worsening losses, with some increasing production cuts by 10%-20% on top of existing reductions, bringing regional production loads to 40%-70%. Coking coal prices continue to rise, significantly increasing production costs for coke enterprises, with losses expanding to around 150 yuan per tonne. Production enthusiasm is weak, with some enterprises reducing output to limit losses. Enterprise inventories continue to decline, and coke enterprises have initiated successive price increases that steel mills are accepting. The market still expects further coke price hikes, and spot coke supply is somewhat tight, with some downstream steel mills significantly increasing procurement activity. Short-term coke futures are expected to remain firm.

Manganese Silicon: On Monday, manganese silicon futures trended higher, with the main contract closing at 5,962 yuan per tonne, up 0.44% month-on-month, while open interest fell by 9,048 lots to 410,500 lots. Ganglian data shows market prices for 6517 manganese silicon ranging from 5,750-5,930 yuan per tonne across regions, with Inner Mongolia up 20 yuan and Ningxia up 50 yuan from the previous day. The overall ferrous complex strengthened yesterday, lifting manganese silicon futures. On the news front, South32 announced October offers of 4.20 USD/dmtu for South African semi-carbonate lumps, down 0.3 USD/dmtu month-on-month, and 4.77 USD/dmtu for Australian lumps, down 0.23 USD/dmtu. On the supply side, operating rates at Ningxia manganese silicon producers rebounded from lows, up 8.04 percentage points week-on-week to 37.8%. Weekly manganese silicon output increased 5.17% to 168,700 tonnes as of August 21. On the demand side, sample steel mill demand for manganese silicon fell 1.08% week-on-week to 112,800 tonnes, declining for four consecutive weeks and remaining at low absolute levels. Inventories at 63 sample enterprises increased slightly week-on-week to 459,000 tonnes as of August 21, up 303,000 tonnes year-on-year and continuing to set new recent highs. Manganese silicon warrants plus valid delivery notices fell by 3,786 lots week-on-week, down 12,793 lots year-on-year. Overall, the fundamental driving force for continued upward movement is insufficient, and manganese silicon futures are expected to remain range-bound in the short term.

Ferrosilicon: On Monday, ferrosilicon futures rose marginally, with the main contract closing at 5,992 yuan per tonne, up 0.1% month-on-month, while open interest fell by 3,985 lots to 466,700 lots. Regional 72 ferrosilicon prices ranged from 5,560-5,650 yuan per tonne, roughly flat from the previous day. The ferrous complex strengthened yesterday, slightly lifting ferrosilicon futures. On the fundamental side, coal prices have been firm recently, with semi-coke prices rising 50 yuan to 870 yuan per tonne in the Shaanxi region, providing cost support. On the supply side, operating rates at Inner Mongolia ferrosilicon producers fell 0.26% week-on-week last week, while Ningxia producers rose 1.98%, with total ferrosilicon output of 113,800 tonnes, up 1.7% week-on-week. On the demand side, sample steel mill demand for ferrosilicon fell 1.23% week-on-week to 18,200 tonnes as of August 21, declining for four consecutive weeks and sitting at low levels compared with the past five years. Magnesium ingot output increased slightly week-on-week, with daily output up 0.99% to 3,069 tonnes. On the inventory side, inventories at 60 sample enterprises fell by 11,200 tonnes to 76,630 tonnes as of August 21, with ferrosilicon warrants plus valid delivery notices at 5,090 lots, down 16,538 lots year-on-year. Overall, cost support exists, supply is slightly increasing, demand is slightly decreasing, and fundamental drivers are limited. Ferrosilicon futures are expected to remain range-bound in the short term, with attention on the overall ferrous complex trend.

Disclaimer: This report is based on publicly available information. The company makes no guarantees regarding the accuracy, reliability, or completeness of this information, nor does it guarantee that the information and recommendations contained herein will not change. We have strived to ensure the objectivity and fairness of the report content, but the views, conclusions, and recommendations expressed are for reference only and do not constitute recommendations for specific products, business promotions, or operating basis and advice for related varieties. Investors making investment decisions based on this report do so at their own risk, and neither the company nor the authors bear any liability.

Sina cooperation platform: Everbright Futures account opening, safe, fast, and guaranteed.