In terms of volume and price: RB1910 closed up 90 yuan / ton to close at 3994 yuan / ton; HC1910 closed up 67 yuan / ton at 3913 yuan / ton; I1909 closed down 15 yuan / ton at 798.5 yuan / ton; J1909 rose 10.5 yuan / ton to close at 2092 yuan / ton. In terms of position data, RB1910 handled 4.51 million transactions, an increase of 141000 to 2.69 million; I1909, 1.83 million, with a decrease of 97600 to 1.66 million; in terms of capital flows, the net inflow of RB1910 funds today was 633 million yuan; and the net outflow of I1909 funds was 834 million yuan. Viewpoint: the concussion is strong. Environmental protection and production restrictions continue to heat up, after Tangshan issued a notice to stop production, today, Handan City again proposed to strengthen emergency control measures for air pollution, shut down the sintering of iron and steel enterprises at 22: 00 on June 25 and 00:00 on June 30, the coking time of top coke oven in coking enterprises was extended to 28 hours, and the coking time of side coke oven was extended to 36 hours. Compared with the previous production restrictions, the wording is extremely strict, with the exception of 6 enterprises to limit production by 20%, the rest of the production limit of 50%, so the impact on output is greater. Driven by this, today's RB1910 rose sharply again, up to 3999 yuan / ton, only one step away from the 4000 mark. After a sharp rise in recent days, the RB1910 base has been repaired to 89 yuan / ton, and the spot is insufficient to follow the rise, the price is restricted, there is a need for shock finishing after the rush, further rise still needs the further cooperation of the spot; Iron ore, on the one hand, due to the impact of production restrictions on demand, on the other hand, Brucutu mining area confirmed the resumption of production, but also on the market mentality, the short-term trend of ore is weak, but high base difference and low inventory still support the price. Coke, after the first round of downgrade, the downward pace has slowed down, disk profits have entered a relatively reasonable range, low inventory superimposed strict environmental expectations also support prices, prices are expected to rise after the bottom of the price shock is expected. Strategy: RB1910 contract to see the range (3850, 4100); I1909 contract to look at the range (750860), more single Fenggao reduction, fall back and then pick up, rolling operation. Disclaimer: this information comes from a statistical arbitrage model based on historical data, and all conclusions are based on reliable and publicly available information. The SMM quantification team is not responsible for any losses that may be caused by all information. We recommend that investors independently evaluate specific investments and strategies. Investors are also encouraged to seek advice from professional financial advisers. This information does not provide a tailored investment strategy.