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[Caixin Futures: Mixed Factors in the Ferrous Metals Market] ⑴ The steel market is exhibiting a volatile pattern. Pig iron production is declining at a slower pace, demand is nearing its peak, and high inventory levels limit price upside. The pricing of the rebar 01 contract is constrained by off-peak electricity costs for independent electric arc furnaces in East China. Policy support and expectations of coal mine supply contraction limit downside. A short-term strategy of selling on rallies is recommended. ⑵ The iron ore supply and demand structure is weak. Global shipments remain high, and port inventories continue to accumulate. Before steel mills initiate large-scale restocking, the weak reality and pessimistic expectations jointly suppress valuations. A short position in the industry chain is recommended. ⑶ The coking coal market continues to experience tight supply. Strengthened safety supervision in production areas, coupled with production disruptions at some coal mines, is driving up expectations for a third round of spot price increases. Although downstream procurement is active, coking plants have limited room for further restocking. A short-term buying strategy on pullbacks is recommended, avoiding chasing high prices. (4) Coking coal production is constrained by environmental protection and maintenance factors. Cost support and high pig iron prices support expectations of a third round of price increases, but compressed steel mill profits limit the efficiency of price transmission. The long coal/short coking coal arbitrage strategy can be maintained. (5) The manganese silicon market remains volatile at low levels. Manganese ore shipments remain stable while factory operating rates have slightly declined. Continued inventory accumulation has led to a stalemate in the long/short game. Funding is cautious, with the top 20 positions mainly reducing holdings, lacking a clear directional driver.