Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term view of the stock index futures is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating upward. The overall situation is affected by the game between short - term capital profit - taking willingness and medium - and long - term policy positive expectations [1][5] 3. Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillation, the medium - term trend is upward, the intraday trend is oscillating upward, and the reference view is wide - range oscillation. The core logic is the game between short - term capital profit - taking willingness and medium - and long - term policy positive expectations [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Market Performance**: Yesterday, each stock index oscillated and rebounded. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2402.9 billion yuan, an increase of 35.9 billion yuan compared with the previous day [5] - **News**: The Ministry of Commerce and other 9 departments recently issued "Several Policy Measures to Expand Service Consumption", proposing 19 specific measures from 5 aspects to boost consumption demand and promote the development of service consumption [5] - **Macro - aspect**: In August, the credit and inflation data were weak, and the consumption growth rate slowed down, indicating weak demand from the real sector. There is a strong expectation of introducing policies to stabilize demand in the future, and the key window period for policy introduction is expected to be October [5] - **Fund - aspect**: The non - bank deposits increased significantly in July and August, and the margin trading balance remained at a high level, indicating that the stock market continuously attracted incremental capital inflows. However, due to the significant increase in the valuation of some stocks in the early stage, there is still a willingness for profit - taking funds to stop profits, resulting in short - term technical adjustment pressure on the stock index [5] - **Conclusion**: In the short term, the stock index is expected to be mainly in wide - range oscillation, and the follow - up focus is on the game between the rhythm of capital profit - taking and the fermentation of policy expectations [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Fed cut interest rates by 25 basis points to 4.00%-4.25%, and the market expects further rate cuts. The Fed noted rising employment risks, slower economic growth, and increased inflation [3][14]. - China will expand service consumption through measures such as selecting pilot cities, introducing policies, promoting AI application, and increasing financial support. During the consumption month, over 25,000 cultural and tourism activities will be held, and over 330 million yuan in consumption subsidies will be issued [2][15]. - The resource cycle sector is expected to benefit from the Fed's rate - cut cycle and the approaching PPI inflection point in China. Some resource - themed funds have seen significant growth [5]. - The real estate market shows signs of stabilizing, including the completion of the "guaranteed delivery of buildings" task, narrowing price declines, debt - restructuring efforts by troubled developers, and a decrease in the unsold area of new commercial housing [20]. 3. Summary by Relevant Catalogs 3.1 Macro Data速览 - GDP growth in Q2 2025 was 5.2% year - on - year, slightly lower than the previous quarter [1]. - In August 2025, the manufacturing PMI was 49.4%, up from the previous month; the non - manufacturing PMI was 50.3%, also slightly up [1]. - Social financing scale in August 2025 was not provided, but the previous month was 256.68 billion yuan, and the same period last year was 303.23 billion yuan [1]. - M0, M1, and M2 growth rates in August 2025 were 11.7%, 6.0%, and 8.8% respectively, with M1 showing a significant increase from the previous year [1]. - CPI in August 2025 was - 0.4% year - on - year, and PPI was - 2.9% year - on - year [1]. - Fixed - asset investment in August 2025 had a cumulative year - on - year growth of 0.5%, down from previous levels [1]. - Social consumer goods retail sales in August 2025 had a cumulative year - on - year growth of 4.64% [1]. - Exports and imports in August 2025 had year - on - year growth of 4.4% and 1.3% respectively, both showing a slowdown [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China will select about 50 pilot cities for new consumption models, introduce policies, and promote AI in service consumption. Over 25,000 cultural and tourism activities will be held, and over 330 million yuan in consumption subsidies will be issued [2][15]. - Hong Kong will take five measures to establish an international gold trading market, including expanding gold storage and building a central clearing system [2]. - The Fed cut interest rates by 25 basis points, and the market expects more rate cuts [3][14]. - The Hong Kong Monetary Authority cut the base rate by 25 basis points to 4.50% [4]. 3.2.2 Metals - International precious metal futures generally fell, but the expected easing of monetary policy may support the market. Base metals were also affected by the weakening dollar [5]. - The resource cycle sector has shown good performance, and some resource - themed funds have reached new net - value highs. The Fed's rate - cut cycle and the approaching PPI inflection point are favorable factors [5]. - The price of cobalt has risen by 61.25% since the beginning of 2025, reaching 272,500 yuan/ton as of September 16 [5]. - The position and capital flow in the lithium carbonate futures market have changed, and the price of battery - grade lithium carbonate has declined [6]. - Lead, copper, and other metal inventories have changed, with lead and copper inventories hitting new lows [6]. 3.2.3 Coal, Coke, Steel, and Minerals - The direct impact of US tariffs on the Indian steel industry is small, but the European carbon tax will affect exports. The continued use of the blast - furnace route for new capacity is a concern [8]. 3.2.4 Energy and Chemicals - International oil prices fell slightly, with multiple factors affecting the market [9]. - China aims to increase new energy storage capacity to over 180 million kilowatts by 2027, over 240 million kilowatts by 2030, and over 300 million kilowatts by 2035 [9]. - Two wells in the Ziyang shale gas field in Sichuan set a new shale gas production record [9]. - Diesel fuel inventories in the Gulf Coast of the US reached the highest level since January 2024 [9]. - US crude exports increased, domestic production decreased, and strategic petroleum reserve inventory increased [10]. - Ukraine's natural gas reserves can meet 80% - 90% of its winter demand [10]. 3.2.5 Agricultural Products - A meeting on pig production capacity regulation focused on controlling the capacity of breeding sows to regulate next year's supply [11]. - Canada is expected to produce 36.6 million tons of wheat in 2025, a 1.9% increase from 2024 [12]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank conducted 418.5 billion yuan of 7 - day reverse repurchase operations on September 17 at an interest rate of 1.40% [13]. - The Ministry of Finance and the central bank conducted a 150 - billion - yuan central treasury cash management commercial bank time - deposit auction on September 17, with an interest rate of 1.78% [13]. 3.3.2 Key News - The Fed cut interest rates by 25 basis points, and the market expects more rate cuts [3][14]. - China will expand service consumption through various measures [2][15]. - In the first eight months of 2025, national general public budget revenue was 14.82 trillion yuan, a 0.3% increase year - on - year, and tax revenue growth turned positive for the first time [16]. - The central bank supports financial institutions in issuing bonds and asset - backed securities to increase consumer credit supply [16]. - Financial institutions have applied for nearly 60 billion yuan in service consumption and elderly - care re - loans, involving nearly 4,000 business entities and over 570 billion yuan in loans [16]. - Since the 14th Five - Year Plan, central enterprises' assets have increased from less than 70 trillion yuan to over 90 trillion yuan, and their profits have increased from 1.9 trillion yuan to 2.6 trillion yuan [17]. - Hong Kong will discuss with mainland institutions to launch offshore treasury bond futures, expand interest - rate derivatives, and promote cross - border RMB repurchase business [17]. - The floating - rate bond market has expanded rapidly this year, with commercial banks restarting issuance [17]. - The real estate market shows signs of stabilizing [20]. - Some companies have had major bond - related events, and some overseas credit ratings have changed [20]. 3.3.3 Bond Market Summary - Yields of major interest - rate bonds in the inter - bank market generally declined, and treasury bond futures rose [21]. - In the exchange - traded bond market, some bonds rose while others fell [22]. - The CSI Convertible Bond Index rose, and some convertible bonds had significant price changes [22]. - Money market interest rates generally increased [23]. - The winning yields of some financial bonds and treasury bonds were announced [24]. - Repurchase fixed - rate bonds in the inter - bank and silver - silver markets rose [24][25]. - European bond yields fell, and US bond yields rose [25]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the central parity rate was adjusted up [26]. - The US dollar index rose, and most non - US currencies fell [26]. 3.3.5 Research Report Highlights - Some public bond funds may change their redemption fee policies, and bond ETFs may attract more investors [27]. - The central bank's segmented operations help maintain liquidity, but the money market may still face fluctuations [27][28]. - The convertible bond market showed signs of recovery, with a stable primary - market supply and opportunities for event - driven investments [28]. 3.3.6 Today's Reminders - On September 18, 222 bonds will be listed, 177 bonds will be issued, 150 bonds will be paid, and 236 bonds will have principal and interest repaid [29]. 3.4 Stock Market Key News - A - shares rose, with the auto - parts sector having a strong performance. The Shanghai Composite Index rose 0.37%, the Shenzhen Component Index rose 1.16%, and the ChiNext Index rose 1.95% [30]. - The Hong Kong Hang Seng Index rose 1.78%, and the Hang Seng Tech Index rose 4.22%. South - bound funds had net purchases of 9.44 billion Hong Kong dollars [30][31].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report is a daily report on futures product arbitrage data from Baocheng Futures on September 18, 2025, presenting basis, inter - period, and cross - variety data for various futures products [1][5][21][27][39][51] 3. Summary by Relevant Catalogs 3.1 Power Coal - The basis data for power coal from September 11 to September 17, 2025, shows that the basis on September 17 was - 108.4 yuan/ton, gradually increasing from - 126.4 yuan/ton on September 11. The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads were all 0.0 during this period [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - For energy commodities, basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt are provided from September 11 to September 17, 2025. For example, the basis of INE crude oil on September 17 was 20.13 yuan/ton [7] 3.2.2 Chemical Commodities - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from September 11 to September 17, 2025, shows different trends. For instance, the basis of rubber on September 17 was - 830 yuan/ton, improving from - 1005 yuan/ton on September 11 [9] - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 inter - period spread of PVC was 301 yuan/ton [10] - **Cross - variety Spreads**: The cross - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 11 to September 17, 2025, are given. For example, the LLDPE - PVC spread on September 17 was 2282 yuan/ton [10] 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from September 11 to September 17, 2025, shows fluctuations. For example, the basis of rebar on September 17 was 72.0 yuan/ton [21] - **Inter - period Spreads**: The 5 - 1, 9(10) - 1, and 9(10) - 5 inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 inter - period spread of rebar was 71.0 yuan/ton [20] - **Cross - variety Spreads**: The cross - variety spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from September 11 to September 17, 2025, are presented. For example, the rebar/iron ore ratio on September 17 was 3.94 [20] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from September 11 to September 17, 2025, shows different changes. For example, the basis of copper on September 17 was 20 yuan/ton [28] 3.4.2 London Market - Data for LME non - ferrous metals on September 17, 2025, including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss, are provided. For example, the LME premium/discount of copper was (71.13) [33] 3.5 Agricultural Products - **Basis**: The basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from September 11 to September 17, 2025, shows trends. For example, the basis of soybeans No.1 on September 17 was 165 yuan/ton [40] - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc., are presented. For example, the 5 - 1 inter - period spread of soybeans No.1 was 45 yuan/ton [40] - **Cross - variety Spreads**: The cross - variety spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from September 11 to September 17, 2025, are given. For example, the soybeans No.1/corn ratio on September 17 was 1.81 [40] 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from September 11 to September 17, 2025, shows changes. For example, the basis of CSI 300 on September 17 was - 2.18 [52] - **Inter - period Spreads**: The next - month - current - month and next - quarter - current - quarter inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month - current - month inter - period spread of CSI 300 was - 10.2 [52]

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - Gold has a short - term view of oscillation, a mid - term view of increase, and an intraday view of oscillation with a downward bias. The recommended approach is to wait and see [1]. - Copper has a short - term and mid - term view of increase, and an intraday view of oscillation with an upward bias. The recommended approach is to be bullish in the short - term [1]. Group 3: Summary by Variety Gold - Before the September FOMC meeting results were announced, the gold price continued to decline, and the willingness of previous long - position holders to close their positions was strong. After the meeting, the market briefly plunged and then stabilized. The Fed cut interest rates by 25 basis points, and the dot - plot showed that most officials expected another 50 - basis - point cut by the end of 2025, which met market expectations. The short - term capital market showed a reverse trend of good news being realized, with the dollar index rebounding from a low and the gold price rising and then falling [3]. - The gold market had fully priced in three interest rate cuts within the year in early September and had a large increase, so the short - term willingness of long - position holders to close their positions was strong [3]. Copper - Yesterday, the copper price decreased with a reduction in positions, and after the Asian session, LME copper dropped rapidly along with gold and silver, which was largely due to the market's realization of the pre - Fed - rate - cut good news [4]. - At the macro level, after the September FOMC meeting, the Fed cut interest rates by 25 basis points, and most officials expected another 50 - basis - point cut by the end of 2025, meeting market expectations. At the industrial level, the copper price rose in September, and downstream buyers were more willing to wait and see. Technically, LME copper reached the upper limit of the previous oscillation range, and the short - term willingness of long - position holders to close their positions was strong [4]. - After the short - term FOMC meeting, macro disturbances decreased, the industry entered the peak season, and downstream demand may support the futures price. Attention should be paid to the technical support at the 80,000 mark [4].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 9 月 18 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2601 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA5 一线支撑 | 供需格局弱稳，钢价延续震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需格局弱稳运行，螺纹周产量环比下降，但旺季减产料难持续，且库存在增加，供应 利好有限。相反，螺纹钢需求表现疲弱，高频指标依旧是近年来同期低位，且下游行业未改善，旺 季需求成色不足。总之，供需双弱局面下螺纹钢基本面并未好转，产业矛盾持续累积，钢价继续承 压，相对利好成本 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The methanol 2601 contract is expected to run weakly, with short - term, medium - term, and intraday trends being oscillatory, oscillatory, and oscillatory - weak respectively [1][5] - The supply pressure of methanol at home and abroad is still large, downstream demand is in the off - season, port inventory has increased significantly, and the weak supply - demand structure causes the price center to face a downward shift [5] Group 3: Summary According to the Directory Variety Morning Meeting Minutes - For methanol 2601, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is oscillatory - weak, and the reference view is weakly running. The core logic is that the bullish expectations have been fulfilled, leading to an oscillatory - weak trend of methanol [1] Price Quotes and Driving Logic of Main Varieties - Commodity Futures Energy and Chemicals Sector - The intraday view of methanol is oscillatory - weak, and the medium - term view is oscillatory. The reference view is weakly running. After the Fed's September interest - rate cut expectation was fulfilled, the domestic methanol futures 2601 contract on Wednesday night maintained an oscillatory - weak trend, with the futures price slightly down 0.67% to 2364 yuan/ton. It is expected to maintain an oscillatory - weak trend on Thursday [5]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货原油早报-2025-09-18 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 原油 2511 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 利多预期兑现，原油震荡偏弱 | 备注： 晨会纪要 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 原油（SC） 日内观点：震荡偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：近期乌克兰无人机袭击俄罗斯波罗的海重要原油出口枢纽，该港口日均装载约 33 万桶柴 油类燃料和 115 万桶原油。在地缘风险增强的背景下，叠加中美经贸会谈取得积极进展，原油期货 价格阶段性 ...

投资咨询业务资格：证监许可【2011】1778 号 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2601 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 利多预期兑现，沪胶震荡偏弱 | | 合成胶 | 2511 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 利多预期兑现，合成胶震荡偏弱 | 宝城期货橡胶早报-2025-09-18 备注： 品种晨会纪要 参考观点：偏弱运行 核心逻辑：本周三夜间（北京时间），美联储如期降息 25 个基点，符合市场预期，不过点阵图显示 2025 年四季度仍有两次降息，2026 年则仅有一次降息，明显慢于当前市场对三次降息的定价。随着 前期利多预期兑现，叠加胶市处在供应增强状态。本周三夜盘国内沪胶期货 2601 合约呈现震荡偏弱 的走势，期价小幅收低 1.57%至 15650 元/吨。预计本周四国内沪胶期货 2601 合约或维持震荡偏弱的 走势。 晨会纪要 主要品种价格行情驱动逻辑—商品 ...

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views - The overall view for the agricultural products in the commodity futures market, including soybean meal and palm oil, is "oscillating weakly" in the short - term and "oscillating" in the medium - term [5][7]. - For soybean meal, the market is affected by the prospects of Sino - US trade relations and a weak domestic fundamental situation with oil mills facing inventory pressure and a negative basis pattern [5]. - For palm oil, the short - term market is driven by sentiment. Although there are factors like rainfall in East Malaysia and stable export data, the peak production period in the producing areas restricts the upside. The long - term demand may be supported by Indonesia's biodiesel technology breakthrough [7]. 3. Summary by Relevant Catalogs Soybean Meal (M) - **Day - to - day View**: Oscillating weakly [5] - **Medium - term View**: Oscillating [5] - **Reference View**: Oscillating weakly [5] - **Core Logic**: The market is sensitive to changes in Sino - US trade relations. Domestically, the trading logic has shifted to a weak fundamental situation with oil mills having inventory pressure and a continuous negative basis pattern, leading to a weak short - term futures price [5]. Palm Oil (P) - **Day - to - day View**: Oscillating weakly [7] - **Medium - term View**: Oscillating [7] - **Reference View**: Oscillating weakly [7] - **Core Logic**: After the supplementary increase in Malaysian palm oil prices, the increase has narrowed. Although rainfall in East Malaysia may disrupt supply in the short - term and export data is stable, the peak production period in the producing areas restricts the upside. Indonesia's biodiesel technology breakthrough may support long - term demand. The short - term market is driven by sentiment, resulting in high - level oscillations of palm oil futures prices [7].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - On September 17, the coke main contract closed at 1,734.5 yuan/ton, with an intraday increase of 0.46%. The open interest of the main contract was 46,700 lots, a decrease of 365 lots from the previous trading day. In the spot market, the latest quoted price of the FOB price index of quasi - first - grade wet - quenched coke at Rizhao Port was 1,470 yuan/ton, a week - on - week decrease of 3.29%; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port was 1,480 yuan/ton, a week - on - week increase of 6.47%. In the futures market, recent anti - involution disturbances have reappeared, pushing the coke market sentiment back to optimism. Under the background of the domestic "anti - involution" rectification, coke futures are prone to rise and difficult to fall, and the main contract is running strongly. Attention should be paid to whether specific measures will be introduced for the anti - involution in the coal industry [5][35]. - On September 17, the coking coal main contract closed at 1,233 points, with an intraday increase of 0.37%. The open interest of the main contract was 760,500 lots, a decrease of 3,079 lots from the previous trading day. In the spot market, the latest quoted price of Mongolian coal at the Ganqimaodu Port was 1,140 yuan/ton, remaining flat week - on - week. The market's anti - involution sentiment has resurfaced, boosting the positive supply expectations for coking coal. In addition, the Shanxi Provincial Party Committee and the provincial government were required to strictly implement the coal total - volume control and strictly control illegal mining in ecologically sensitive areas. Overall, under the background of the domestic "anti - involution" rectification, there are continuous positive disturbances to coking coal supply, and the futures price is prone to rise and difficult to fall. It should be noted that there are currently no specific policy measures in the coal industry, and attention should be paid to the follow - up relevant policies [6][36]. 3. Summary by Relevant Catalogs 3.1 Industry News - In August 2025, key steel enterprises produced 65.71 million tons of crude steel, a year - on - year increase of 1.1%, with a daily output of 2.1196 million tons, a month - on - month decrease of 1.5%; produced 60.8 million tons of pig iron, a year - on - year increase of 1.4%, with a daily output of 1.9614 million tons, a month - on - month decrease of 1.5%; produced 68.73 million tons of steel products, a year - on - year increase of 6.1%, with a daily output of 2.2172 million tons, a month - on - month decrease of 0.4%. From January to August, key steel enterprises cumulatively produced 555 million tons of crude steel, a cumulative year - on - year decrease of 0.9%, with a cumulative daily output of 2.2852 million tons; cumulatively produced 498 million tons of pig iron, a cumulative year - on - year decrease of 0.3%, with a cumulative daily output of 2.0505 million tons; cumulatively produced 562 million tons of steel products, a cumulative year - on - year increase of 2.3%, with a cumulative daily output of 2.3131 million tons [8]. - On September 17, the auction prices of coking coal in the Linfen market mostly rose. Among the 14 reported transaction results, all 290,000 tons of the listed volume were sold. The prices of 7 enterprises increased, with an average increase of 54 yuan/ton, and the prices of 4 enterprises decreased, with an average decrease of 20 yuan/ton. The short - term price is expected to fluctuate strongly [9]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - First - Grade Coke (FOB) | 1,470 yuan/ton | - 3.29% | - 6.37% | - 13.02% | - 13.02% | | Qingdao Port Quasi - First - Grade Coke (Ex - Warehouse) | 1,480 yuan/ton | 6.47% | 0.00% | - 8.64% | - 11.90% | | Mongolian Coal at Ganqimaodu Port | 1,140 yuan/ton | 0.00% | - 3.39% | - 3.39% | - 18.57% | | Australian - Produced Coal at Jingtang Port | 1,610 yuan/ton | 5.23% | 1.90% | 8.05% | - 3.01% | | Shanxi - Produced Coal at Jingtang Port | 1,550 yuan/ton | 0.00% | - 4.91% | 1.31% | - 10.40% | [10] 3.3 Futures Market | Futures | Active Contract | Closing Price | Increase/Decrease | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,734.5 | 0.46% | 1,748.0 | 1,710.0 | 24,917 | - 8,469 | 46,703 | - 365 | | Coking Coal | | 1,233.0 | 0.37% | 1,258.5 | 1,208.5 | 1,392,210 | - 74,157 | 760,526 | - 3,079 | [14] 3.4 Relevant Charts - The report provides multiple charts including the price trend charts of mainstream varieties, the inventory charts of coke and coking coal, and the production and operation situation charts of steel mills, coking plants, and coal washing plants. These charts show the historical data trends of relevant indicators from 2019 - 2025 [11][15][22] 3.5 Future Outlook - For coke, under the background of the domestic "anti - involution" rectification, coke futures are prone to rise and difficult to fall, and the main contract is running strongly. Attention should be paid to whether specific measures will be introduced for the anti - involution in the coal industry [35]. - For coking coal, under the background of the domestic "anti - involution" rectification, there are continuous positive disturbances to coking coal supply, and the futures price is prone to rise and difficult to fall. Attention should be paid to the follow - up relevant policies [36].