This week, ferrous metals first weakened then stabilized, with coking coal and coke providing support. In the first half of the week, rumors of production restrictions and maintenance at some steel mills in the north, combined with the earlier exhaustion of expectations, led the market logic to return to reality. Active bearish funds caused futures to pull back. In the latter half of the week, fundamentals showed that the inventory of the five major steel products continued to decline, while coking coal and coke stopped falling and rebounded, providing support for steel prices and stabilizing ferrous metals prices. On the spot market, some arbitrage funds are still seeking entry opportunities. However, as November approaches, signs of the terminal off-season are beginning to emerge.