[SMM Coking Coal and Coke Daily Brief] News: Leading coke enterprises initiated a coke price increase of 50-55 yuan/mt, effective from 00:00 on April 13. In terms of supply, coke enterprises suffered relatively small losses, and production enthusiasm was moderate. Current coke supply remained stable. Combined with good shipments from coke enterprises, coke inventory continued to stay at low levels, with some coke enterprises holding back from selling. Demand side, steel mills maintained strong production enthusiasm, hot metal production increased again, and daily coke consumption rose. Additionally, affected by maintenance on some railway sections, coke deliveries were disrupted, and coke inventory at some steel mills declined slightly. In summary, some coke enterprises still held bullish expectations for the market outlook, and the coke market is expected to be generally stable with slight rise in the short term.

[Domestic Iron Ore Brief] Domestic iron ore concentrates market prices showed mixed performance this week. In terms of regional performance, prices in Tangshan, Qian'an, and Qianxi in Hebei rose slightly by 1-5 yuan/mt; prices in Chaoyang, Beipiao, and Jianping in western Liaoning dropped by 10-15 yuan/mt; prices in east China remained relatively stable.

[SMM Coking Coal and Coke Daily Brief] News: Individual coke enterprises in Inner Mongolia initiated a coke price increase of 50-55 yuan/mt, effective from 00:00 on April 13. In terms of supply, most coke enterprises currently had relatively small losses, with stable operating rates and good shipments, and in-plant coke inventory continued to decline. Demand side, steel mills maintained high and stable operating rates, hot metal production fluctuated at highs, daily coke consumption increased, and affected by maintenance on some railway sections, coke arrivals were disrupted, leading to a slight decline in coke inventory at some steel mills. In summary, some coke enterprises still held bullish expectations for the market outlook, and the coke market is expected to be generally stable with slight rise in the short term.

[SMM Coking Coal and Coke Daily Brief] In terms of supply, coking costs declined slightly recently, coke producers' profitability recovered somewhat, production remained relatively stable, and coke producers' shipments were smooth, with coke inventory showing a downward trend. On the demand side, finished steel market sales improved, steel mill profits increased, and coupled with the steady rise in daily average hot metal production at steel mills, rigid demand for coke strengthened. In summary, the fundamental landscape remained in a tight balance, and the coke market may hold up well and be generally stable with slight rise in the short term.

[SMM Coking Coal and Coke Daily Brief] In terms of supply, coke producers' profits have recovered notably, production enthusiasm was moderate, operations remained stable, and coke sales were smooth with no significant inventory pressure for the time being. Demand side, steel mills maintained normal production, daily average blast furnace hot metal output increased slightly, and rigid demand for coke increased. However, steel mill profitability was generally weak, with only some low-inventory steel mills actively procuring, while most steel mills slowed down their coke procurement pace. In summary, bullish sentiment has faded notably, and the coke market may remain stable in the short term.

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, coking coal costs for coke producers declined somewhat, and with the first round of coke price increases now fully implemented, losses at coke producers narrowed significantly, boosting production enthusiasm. Coke supply increased steadily, while downstream demand remained moderate, shipments were smooth, and producers' own inventory continued to decline. Demand side, steel mill blast furnaces gradually resumed production, and daily average hot metal production continued to increase, driving up rigid demand for coke. However, steel mills have recently seen good coke arrivals, with most mills' coke inventory at mid-range levels and overall procurement sentiment remaining average. In summary, coke market fundamentals have shifted toward looser supply and demand, and coupled with weaker recent cost support for coke, the coke market may remain temporarily stable in the short term, with further price increases facing greater difficulty.

[China Iron Ore Brief Review: Iron Ore Concentrates Prices in the Tangshan Region May Remain in the Doldrums. Iron ore prices in the Tangshan region fell slightly by 5-10 yuan, with the current ex-factory prices of 66-grade iron ore concentrates, dry basis and tax included, at 970-975 yuan/mt; there have been no significant changes on the ore side at present, and overall iron ore concentrates resources remain relatively tight. Demand side, steel mills are still largely maintaining normal production as planned, but their overall desire to bargain down prices remains relatively strong, and market sentiment is marked by pronounced game-playing]

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, coke producers maintained relatively good operating rates, and coke supply increased steadily. Downstream rigid demand for coke still existed, coke producers' shipments were relatively smooth, and there was no obvious inventory pressure for the time being. Demand side, steel mills' daily average hot metal output increased, driving up rigid demand for coke. However, futures declined recently, and end-use demand remained weak, weakening market sentiment and reducing steel mills' purchase willingness. In summary, after the coke price hike, market sentiment weakened, and the coke market may remain temporarily stable in the short term.

Inter-product price spreads are a segment of the rebar spread system characterized by complex logic and abundant trading opportunities. Unlike the spot-futures price spread, which reflects the spot-futures structure, and calendar spreads, which reflect near- and far-term expectations, the core of inter-product price spreads lies in macroeconomic structural adjustment and profit distribution across the industry chain. From the perspective of the industry chain, inter-product price spreads for long steel products are mainly concentrated in the following four areas:

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, most coke producers maintained relatively stable operating rates, and downstream buyers showed moderate enthusiasm for coke procurement, with smooth shipments from coke producers and no obvious inventory pressure for the time being. On the demand side, steel mills were currently in the stage of blast furnace production resumptions, increasing rigid demand for coke, but no significant improvement was seen in end-use demand for finished steel products, market sentiment weakened, and steel mills' purchase willingness declined somewhat. In summary, the first round of coke price increases was officially implemented, but market sentiment pulled back recently, most steel mills had moderate coke inventories, the coke supply-demand structure gradually shifted toward balance, and the coke market may remain generally stable with slight rise in the short term.