This week, finished steel products fluctuated rangebound, while raw material prices diverged, with coking coal and coke showing relative weakness. Iron ore prices trended upward during the week, yet the average price edged down slightly on a WoW basis. In the first half of the week, the National Development and Reform Commission convened a video conference on energy supply guarantees for the 2025–2026 heating season and held talks with China National Coal Group and Shenhua Group. Amid expectations of supply guarantees, coking coal and coke futures experienced a sharp decline, while other ferrous metals showed no significant movement. In the latter half of the week, fundamentals indicated continued inventory drawdowns for the five major steel products, but demand also weakened further.