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[Caixin Futures: Divergent Trends in the Ferrous Metals Sector] ⑴ Pig iron production continues to decline, while demand has not yet weakened, and inventories continue to decrease, with the high inventory-to-sales ratio for steel still improving. ⑵ Boosted by macroeconomic expectations and cost increases, the market may maintain a slightly bullish oscillation in the short term, but the lack of bright spots in demand may limit the rebound's height. ⑶ Strategically, maintain a short-term buying strategy on pullbacks, paying attention to the speed of pig iron decline. ⑷ In terms of funding, the top 20 positions in the rebar 01 contract mainly reduced short positions, while the top 20 positions in the hot-rolled coil 01 contract saw a slight increase in long positions and a significant reduction in short positions. ⑸ Global shipments remain high, pig iron continues to decline, and port inventories have accumulated slightly. Before steel mills significantly replenish their inventories, the upward drive for iron ore is limited. ⑹ In the medium term, iron ore shipments in November may remain high, and pig iron production still has considerable room for decline, maintaining a weak expectation for iron ore. ⑺ Valuation still faces downward risks. In terms of funding, both long and short positions in the top 20 positions in the iron ore 01 contract have decreased, with a larger reduction in short positions. (8) With slow supply recovery and the start of the third round of coking coal price increases, the current tight supply situation is likely to persist. (9) Coupled with renewed expectations of anti-involution, the market is likely to maintain a slightly bullish and volatile trend in the short term. (10) With rising costs, steel mills may increase production cuts, and caution is needed regarding the downward pressure from profit-taking. (11) Strategically, maintain a buy-on-dips approach and avoid chasing the rally; the top 20 positions in the coking coal 2601 contract are engaged in fierce long-short battles. (12) Both long and short positions are mainly increasing, with long positions increasing more significantly, resulting in a slightly bullish change in open interest. (13) Coking plant profits have recovered somewhat, but production remains suppressed due to environmental protection and maintenance disruptions. (14) Rising costs and tight supply and demand have led to the start of the third round of coking coal spot price increases. (15) However, steel mill profits have not yet improved significantly, and with pig iron production declining from its high level, the time and space for improvement in coking plant profits may be limited. (16) Strategically, a long coal and short coking coal strategy can be maintained. 14. Factories have strong cost support and are not keen to sell at low prices. Downstream inquiries are generally weak given the decline in pig iron production. 15. Factory inventories continue to increase, and the company's own supply and demand drivers are weak. Short-term futures prices may fluctuate in line with the price of raw material coking coal. 16. In terms of funding, the top 20 holders of the manganese silicon 01 contract mainly reduced their long positions, indicating a cautious investment attitude.