Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The macro - sentiment is currently positive. Although there is no obvious improvement on the demand side, the continuous shortage of copper mines leads to a tight supply - demand situation. Copper prices are expected to maintain a volatile and slightly upward trend. Attention should be paid to subsequent macro - situations [5]. 3. Summary by Related Content Market Review - Last week, the main contract of Shanghai copper futures showed a volatile and slightly upward trend, with significant increases on Thursday and Friday. The closing price on Friday was 87,720 yuan/ton, a week - on - week increase of about 3.9%. This was mainly related to the cease - fire in Russia - Ukraine and the expectation of China - US trade negotiations, as well as the release of the 14th Five - Year Plan suggestions in China. The lower - than - expected US inflation data on Friday night also led to a significant increase in prices during the night session [4]. Supply and Demand - In the copper concentrate spot market, the TC decreased slightly. The Mysteel standard clean copper concentrate TC weekly index was - 41.66 US dollars/dry ton, a decrease of 0.96 US dollars/dry ton from the previous week. The domestic electrolytic copper production in October is expected to decline month - on - month [4]. - Last week, the operating rate of major domestic refined copper rod enterprises was 61.55%, a slight week - on - week decrease of 0.95 percentage points; the operating rate of copper cable enterprises was 62.34%, a slight week - on - week increase of 0.43 percentage points. Currently, enterprises are mainly fulfilling existing orders, and new orders are slowing down [4]. - From the perspective of downstream industries of copper cable enterprises, the State Grid has released scattered orders with limited scale and mainly for rigid demand. New orders for automotive wiring harnesses are suppressed by high copper prices. High copper prices continue to suppress consumption, and the new orders and shipments of refined copper rod enterprises are basically flat or declining. Overall consumption shows a weak performance during the peak season [4]. Macroeconomic Situation - In the US, the cooling inflation brings a basically certain interest rate cut, and the Russia - Ukraine cease - fire negotiations reduce the risk - aversion sentiment. In China, the China - US trade negotiations have released positive signals, and the 14th Five - Year Plan suggestions have been reviewed and approved by the Fourth Plenary Session of the 20th CPC Central Committee [5]. - China and the US held economic and trade consultations in Malaysia from October 24th to 27th, 2025, and the Chinese leader confirmed to attend the APEC Summit in South Korea from October 30th to November 1st [5].

Report Industry Investment Rating - Not mentioned in the provided content Core View of the Report - The sharp decline in precious metal prices last week does not reverse the medium - to long - term bull market for gold and silver, and the core factors supporting the bull market remain [2] - The short - term decline in precious metal prices was triggered by the progress in the Russia - Ukraine conflict negotiation and the change from short squeeze to long - killing - long in the silver market, with the fundamental reason being the excessive and rapid price increases [2] - Although the end of the Russia - Ukraine conflict may be a short - term negative for gold prices, the overall global situation of de - globalization, conflicts, Fed's new round of interest rate cuts, and central banks' de - dollarization will support gold prices in the medium to long term [4] Summary by Related Content Reasons for the Sharp Decline in Precious Metal Prices Last Week - The direct trigger was the significant progress in the Russia - Ukraine conflict negotiation, which reduced market risk - aversion sentiment, and the change from short squeeze to long - killing - long in the silver market due to the relief of London silver inventory shortage [2] - The fundamental reason was the excessive and rapid increase in precious metal prices, leading to a crowded long - position and subsequent long - stampede when there were market fluctuations [2] Analysis of the Russia - Ukraine Conflict's Impact on Gold Prices - In the short term, there are still differences between Russia and Ukraine on the cease - fire conditions, and the conflict may resume. In the long run, both sides are exhausted and accumulating chips for ending the conflict [4] - The end of the Russia - Ukraine conflict will be a short - term negative for gold prices, but in the medium to long term, the overall global situation of de - globalization and conflicts will support gold prices [4] Impact of the Fed's Interest Rate Policy on Gold Prices - The slightly lower - than - expected US inflation data in September increased the market's expectation of the Fed's interest rate cuts. The probability of a rate cut this week is about 98% - 99%, and the probability of a rate cut in December soared from 91% to 98.5%, which will support gold prices [5] Technical Analysis of Gold Prices - After the short - term sharp decline, international gold prices have effectively tested the support at $4000 per ounce. The downward space is limited, and the market will enter a sideways consolidation phase before a potential new upward trend [6]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report The supply of coking coal is expected to tighten, and the prices of coking coal and coke futures contracts are oscillating strongly. The coking coal 2601 contract is short - term concerned about the pressure level around 1260, and the coke 2601 contract is short - term concerned about the pressure level around 1770. Also, pay attention to the 1.35 - 1.55 range change of the coking coal ratio [2][4][5][8]. 3) Summary by Relevant Catalogs a) Futures and Spot Market Quotes - Last week, the coking coal 2601 contract closed at 1248.5 on Friday, with a weekly increase of 5.89%, and the mainstream spot market prices showed a strong trend. The coke 2601 contract closed at 1757.5 on Friday, with a weekly increase of 4.86%, and the mainstream spot market prices remained stable [4]. b) Fundamental Analysis Coking Coal - **Supply Side**: The utilization rate of the approved production capacity of 523 coking coal mines nationwide was 85.1%, a month - on - month decrease of 2.2%. The utilization rate of the production capacity of 314 independent coal washing plants was 36.9%, a month - on - month increase of 1.1%, and the daily output of clean coal was 267,000 tons, a month - on - month increase of 6,000 tons. The overall supply of coking coal increased slightly. The raw coal and clean coal inventories of mines and coal washing plants decreased [4]. - **Demand Side**: The blast furnace operating rate of downstream steel mills remained high, supporting the demand for coking coal. Some coking enterprises limited production, and the coking coal inventory of independent coking enterprises increased. Although there is an expectation of supply tightening and the second round of coke price increase has started, most enterprises still purchase on - demand, and are resistant to high - priced coal. The coking coal price in online auctions continued to rise, and the transaction rate was high [5]. - **Overall**: Last week, the supply of coking coal increased, and the demand decreased slightly. The coking coal 2601 contract oscillated strongly, and short - term attention should be paid to the pressure level around 1260 [5]. Coke - **Supply Side**: The utilization rate of the production capacity of independent coking enterprises was 73.47%, a month - on - month decrease of 0.77%. The daily output was 646,100 tons, a month - on - month decrease of 68,000 tons. The profit per ton of coke for 30 sample coking enterprises was - 41 yuan/ton, a month - on - month decrease of 28 yuan/ton. The supply of coke decreased slightly. The coke inventory at ports increased [7]. - **Demand Side**: The blast furnace operating rate of 247 steel mills was 84.71%, a month - on - month increase of 0.44%. The daily pig iron output was 2.399 million tons, a month - on - month decrease of 105,000 tons. The profitability rate of steel mills was 47.62%, a month - on - month decrease of 7.79%. The coke inventory of steel mills decreased significantly, and some regions purchased coke actively, but most still purchased on - demand [7]. - **Overall**: Last week, the supply of coke decreased, and the demand remained stable. The coke 2601 contract oscillated strongly, and short - term attention should be paid to the pressure level around 1770 [8]. c) Inventory | Commodity | Location | Inventory (10,000 tons) | Weekly Change (10,000 tons) | | --- | --- | --- | --- | | Coking Coal | Port | 275.65 | 2.94 | | | All - sample independent coking plants | 1029.70 | 32.33 | | | 247 sample steel mills | 782.96 | - 5.36 | | | Total | 2088.31 | 29.91 | | Coke | Port | 200.09 | 4.94 | | | All - sample independent coking plants | 58.64 | 1.35 | | | 247 sample steel mills | 633.16 | - 6.28 | | | Total | 891.89 | 0.01 | [9]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The hog price rebounded from a low level, with positive factors such as second - fattening entry and increased demand due to cooler weather, but high slaughterhouse enthusiasm and slow demand recovery may limit the rebound height [5] - The corn price in the spot market continued to decline with regional differences, and the futures price was volatile. The narrowing of the short - term price decline was due to factors like expanded state reserve purchases and slower selling by farmers. The market may operate in a bottom - range in the short term [6][8] 3. Summary by Related Catalogs Hog - **Futures and Spot Prices**: Last week, the hog futures fluctuated and rebounded. The LH2601 contract closed at 12,175 yuan/ton, up 3.05% from the previous week's settlement price. The national average market price of outer - ternary live hogs was 11.95 yuan/kg, a week - on - week increase of 0.68 yuan/kg [5] - **Profit Situation**: As of October 24, the breeding profit of self - bred and self - raised hogs was - 185.65 yuan/head, a week - on - week increase of 59.02 yuan/head; the breeding profit of purchased piglets was - 289.07 yuan/head, a week - on - week increase of 86.22 yuan/head. The hog - grain ratio was 5.15, up 0.2 week - on - week [5] - **Market Analysis**: The overall slaughter progress of farms was normal, and the entry of second - fattening was active, which alleviated the market supply pressure to some extent. With the temperature drop, the demand improved, and the trading of medium and large hogs was fair. However, the high enthusiasm of farms to sell and the slow recovery of demand may limit the short - term rebound height of hog prices [5] Corn - **Futures and Spot Prices**: Last week, the corn futures rose first and then fell. The C2601 contract closed at 2,133 yuan/ton, up 0.23% from the previous week's settlement price. The national average spot price of corn was 2,248.63 yuan/ton, a week - on - week decrease of 14.51 yuan/ton. There were price differences in different ports [6] - **Deep - processing Consumption**: From October 16 to 22, 2025, 149 major corn deep - processing enterprises consumed 126.33 million tons of corn, a week - on - week increase of 4.03 million tons. The processing volume of 60 corn starch enterprises decreased, while the production and operation rate of 35 corn alcohol sample enterprises increased significantly [7] - **Inventory Situation**: As of October 22, the total corn inventory of 96 major corn processing enterprises in 12 regions was 262.2 million tons, an increase of 6.50%. As of October 24, the total corn inventory of the four northern ports was about 95 million tons, and the corn inventory in Guangdong ports was 57.7 million tons [7][8] - **Market Analysis**: The national corn spot market continued to decline with regional differences. The enthusiasm of farmers in the Northeast to sell grain decreased, and the market quotation was stable with a slight upward trend. The arrival volume of deep - processing enterprises in North China first decreased and then increased, and the purchase price mainly declined. The short - term decline of corn prices narrowed, and the market may operate in a bottom - range in the short term [8]

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Report's Core View - Short - term, with the strong rally of coking coal and coke, the cost - side support drives the black - chain varieties to stabilize slightly. Whether the stabilization and rebound can continue depends on the reduction efforts on the supply side and the incremental policies released [5][8][10] Group 3: Summary of Each Section 1. **[螺纹钢] (Rebar)** Futures - This week, the rebar 01 contract maintained a narrow - range consolidation driven by the short - selling main force first reducing and then increasing positions. As of Friday, it closed at 3046 yuan/ton, up 9 yuan from last week, with a weekly increase of 0.30% [5] Spot - This week, the mainstream rebar prices in major regions started to rise steadily, and overall transactions improved slightly. As of Friday, the national average rebar quotation increased by 4 yuan to 3219 yuan/ton [5] Fundamental - **Supply**: The blast furnace operating rate of 247 domestic steel mills was 84.71%, up 0.44% month - on - month and 2.57% year - on - year; the blast furnace iron - making capacity utilization rate was 89.94%, down 0.39% month - on - month but up 1.46% year - on - year. The average operating rate of 90 electric furnace steel mills was 67.86%, down 0.99% month - on - month and 4.19% year - on - year; the average electric furnace capacity utilization rate was 52.3%, down 0.91% month - on - month and 1.8% year - on - year. Rebar weekly output increased by 5.91 tons to 207.07 tons, still at a low level year - on - year [5] - **Demand**: This week, both the building materials trading volume and the apparent rebar consumption increased slightly. The 5 - day average building materials trading volume increased by 0.44 tons to 10.14 tons, and the apparent rebar consumption increased by 6.26 tons to 226.01 tons. In absolute terms, the apparent rebar consumption remained at a low level in the same period [7] - **Inventory**: This week, the inventory of five major steel products and rebar started to decline slightly. As of Friday, the total rebar inventory decreased by 18.94 tons to 622.11 tons. In absolute terms, the current rebar inventory remained at a low level in the same period [8] - **Basis**: As of Friday, the lowest warehouse receipt quotation for rebar in Tianjin was 3170 yuan/ton, with a premium of 124 yuan over the rebar 01 contract, a contraction of 9 yuan from last week. The current rebar basis is above the average, and it is expected that the rebar basis will continue to contract in the future [8] Comprehensive Judgment - In the short term, rebar production cuts are less than expected, and production has started to pick up slightly. The apparent rebar consumption continues to recover slowly, and rebar inventory continues to decline. Overall, short - term cost - side support drives the black - chain varieties to stabilize slightly, and the continuation of the stabilization and rebound depends on supply - side reduction and incremental policies [8] 2. **[铁矿石] (Iron Ore)** Futures - This week, the iron ore 01 contract maintained a narrow - range consolidation driven by the short - selling main force first reducing and then increasing positions. As of Friday, it closed at 771.0 yuan/ton, unchanged from last week [8] Spot - This week, the prices of mainstream imported iron ore varieties generally decreased slightly, while the prices of domestic iron ore concentrates started to rise steadily, and overall transactions improved. As of Friday, the price of 61.5% PB fines at Qingdao Port remained unchanged at 778 yuan/ton; the price of 61.5% PB fines at Tianjin Port increased by 5 yuan to 797 yuan/ton [8] Fundamental - **Supply**: As of the 20th, the total iron ore shipments from Australia and Brazil were 2825.0 tons, an increase of 94.0 tons month - on - month. The Australian shipments were 1984.5 tons, an increase of 68.2 tons month - on - month, and the shipments from Australia to China were 1729.1 tons, an increase of 144.6 tons month - on - month. Brazilian shipments were 840.5 tons, an increase of 25.8 tons month - on - month. The total arrivals at 45 ports were 2519.4 tons, a decrease of 526.4 tons month - on - month; the total arrivals at six northern ports were 1203.2 tons, a decrease of 220.3 tons month - on - month [10] - **Demand**: Currently, the daily average port clearance volume at 45 ports is 312.65 tons, a decrease of 3.07 tons month - on - month. The weekly average trading volume of iron ore port spot is 100.9 tons, a decrease of 14.5 tons month - on - month. The daily average pig iron output of 247 steel mills is 239.9 tons, a decrease of 1.05 tons from last week but an increase of 4.21 tons year - on - year. The daily consumption of imported ore by 247 steel mills is 296.46 tons, a decrease of 0.89 tons month - on - month [10] - **Inventory**: As of the 24th, the iron ore inventory at 45 ports started to accumulate slightly, currently at 14423.59 tons, an increase of 145.32 tons month - on - month. The imported iron ore inventory of 247 steel mills is 9079.19 tons, an increase of 96.47 tons month - on - month [10] - **Basis**: As of Friday, the Newman fines at Rizhao Port, the optimal delivery product, were 822 yuan/ton, with a premium of 51 yuan over the iron ore 01 contract, an expansion of 1 yuan from last week. The current iron ore basis is above the average, and it is expected that the iron ore basis will have limited room for further expansion and is likely to start contracting [10] Comprehensive Judgment - In the short term, the shipments of imported iron ore have started to pick up slightly, and the expected arrivals next week will decline, which may relieve the port inventory pressure. On the demand side, the daily average pig iron output continues to decline, and the steel mill's daily consumption has decreased slightly. Overall, short - term cost - side support drives the black - chain varieties to stabilize slightly, and the continuation of the stabilization and rebound depends on supply - side reduction and incremental policies [10]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Last week, the four stock index futures varieties mainly trended upwards, with relatively large increases in CSI 500 and CSI 1000. The basis discount depth of the four stock index futures varieties decreased, but most of the main contracts remained in the futures discount mode. The A - share market was volatile in the early part of the week, but a significant increase on Friday and the Shanghai Composite Index hitting a 10 - year high made the situation clearer. The information from the Fourth Plenary Session injected new confidence and momentum into the market [4]. - After the successful conclusion of the Fourth Plenary Session, the "15th Five - Year Plan" ideas are clear, and there is progress in China - US high - level economic and trade consultations. Overseas, the US inflation is mild and employment is weak, which is expected to strengthen the Fed's expectation of further interest rate cuts. The market is likely to return to a performance - driven structural market [6]. 3. Summary by Related Content 3.1 Market Review - The four stock index futures varieties trended upwards last week, with CSI 500 and CSI 1000 having relatively large increases. The basis of the main contracts were: IH at 2.78, IF at - 25.88, IC at - 98.73, and IM at - 121.24. The A - share market was volatile in the early part of the week, but a large single - day increase on Friday and the Shanghai Composite Index hitting a 10 - year high ended the oscillation. The trading volume of the Science and Technology Innovation Board and the ChiNext Index increased significantly, and many leading stocks hit new highs [4]. 3.2 Comprehensive Analysis - Macroscopically, after the Fourth Plenary Session, the "15th Five - Year Plan" ideas are clear, and there is progress in China - US high - level economic and trade consultations. Overseas, the US September CPI was lower than expected, and the overall inflation situation remained stable. The Fed is expected to cut interest rates twice by 25bps each this year. The market is likely to return to a performance - driven structural market [6].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The copper price will maintain a high - level oscillation in the short term, with an upward trend in the medium and long term, and attention should be paid to the risk of increased short - term price fluctuations due to mixed macro news [5] Group 3: Summary by Related Catalogs Market Review - After the National Day holiday, the main contract of Shanghai copper opened higher and prices rose. Since the new round of Sino - US trade conflicts fermented, the market's expectation of economic downturn increased, and the copper price was still weak last week, ending the decline and maintaining an oscillating trend at the end of the week [4] Supply and Demand - Mine - end disturbances continue to ferment, and the processing fee for imported copper concentrates continues to decline slightly. Codelco raised the long - term premium for electrolytic copper in Europe in 2026 to $325/ton, a record high. The weekly operating rate of major domestic refined copper rod enterprises was 62.5%, a month - on - month increase of 19.06 percentage points, and that of copper cable enterprises was 61.91%, a month - on - month increase of 3.38 percentage points. SMM expects the operating rate of refined copper rod enterprises to rise to 66.26% this week, a month - on - month increase of 3.76 percentage points. The real estate continues to drag down the market, and the production schedules of photovoltaic and air - conditioning have dropped significantly. The main support for the later market comes from wire and cable and automobiles, and the peak - season demand remains to be verified [4] Macroeconomics - US Treasury Secretary Bessent hinted that the US may extend the suspension of additional tariffs on Chinese goods in exchange for China delaying the implementation of the rare - earth export control plan, and President Trump is ready to meet with Chinese leaders soon, so there is an expectation of easing Sino - US trade conflicts. The overall expectation of interest - rate cuts by the Federal Reserve has increased. In September 2025, China's industrial producer price index decreased by 2.3% year - on - year, with the decline narrowing by 0.6 percentage points from the previous month, and remaining flat month - on - month [4]

Group 1: Core Viewpoints - The epic bull market of gold and silver experienced its first significant correction last Friday, and market divergence has significantly increased [2]. - The easing of Sino - US trade tensions, the potential de - escalation of the Russia - Ukraine conflict, and the possible Fed rate cut in October (already priced in by the market) have led to a decline in gold and silver prices [2][4]. - The silver shortage in the London market has started to ease, prompting some investors to take profits [4]. - In the long run, the bullish fundamentals of gold and silver have not reversed, but in the short term, there will be an oscillation and consolidation period to digest profit - taking and short - term negative factors [4]. Group 2: Reasons for Market Changes Sino - US Trade Relations - Trump's latest statement on Sino - US trade negotiations shows a willingness to reach an agreement, with a possible further extension of the tariff suspension period, reducing market risk aversion [2]. Geopolitical Situation - After the cease - fire in the Palestine - Israel conflict, the Russia - Ukraine conflict shows signs of de - escalation, further weakening market risk aversion [2]. Fed Policy - Fed Chairman Powell hinted at a 25 - basis - point rate cut this month and a possible halt to balance - sheet reduction in the coming months, but the market has already priced this in [4]. Market Supply - The previous historical silver shortage in the London market has started to ease [4].

Group 1: Report General Information - Report Title: "Caida Futures | Weekly Report on Rebar and Iron Ore" [1] - Report Date: October 20, 2025 [2] - Report Core Theme: "Supply - demand margin gradually weakens, and rebar and iron ore continue the adjustment trend" [3] Group 2: Rebar Analysis Futures - This week, the rebar 01 contract maintained an adjustment trend driven by the increase in short - position main force. As of Friday, it closed at 3037 yuan/ton, down 66 yuan from last week, with a weekly decline of 2.13% [5] Spot - This week, the prices of mainstream rebar regions were generally lowered, and the overall trading volume slightly weakened. As of Friday, the national average rebar quotation was lowered by 48 yuan to 3215 yuan/ton, with different price drops in various regions [5] Fundamental Supply - The blast furnace operating rate of 247 domestic steel mills was 84.27%, unchanged from last week and up 2.59% year - on - year; the blast furnace ironmaking capacity utilization rate was 90.33%, down 0.22% from last week and up 2.34% year - on - year. The average operating rate of 90 electric furnace steel mills was 68.85%, up 1.79% from last week and down 0.73% year - on - year; the average electric furnace capacity utilization rate was 53.2%, up 2.13% from last week and up 1.32% year - on - year. The weekly rebar output decreased by 2.24 tons to 201.16 tons, still at a low level compared with the same period [5] Short - flow steel mills - Currently, the estimated cost of electric furnaces in East China is 3213 yuan, down 22 yuan from last week. The rebar electric furnace profit is a loss of 323 yuan, and the loss margin has widened by 38 yuan compared with last week. The operating rate and capacity utilization rate of electric furnaces in the country continued to rise this week, with some steel mills having electric furnace overhauls and some resuming production [5] Long - flow steel mills - Currently, the estimated cost of crude steel in East China is 2900 yuan, down 23 yuan from last week. The rebar blast furnace profit is a loss of 10 yuan, down 37 yuan from last week. This week, the domestic blast furnace capacity utilization rate continued to slightly decrease, and the long - flow steel mill profit continued to slightly shrink [8] Demand - This week, the building materials trading volume continued to slightly decrease, while the apparent consumption of rebar began to slightly increase. The 5 - day average trading volume of building materials decreased by 0.79 tons to 9.70 tons, and the apparent consumption of rebar increased by 73.74 tons to 219.75 tons. In absolute terms, the apparent consumption of rebar remained at a low level compared with the same period [8] Inventory - This week, the inventories of five major steel products and rebar began to slightly reduce. As of Friday, the total rebar inventory decreased by 18.59 tons to 641.05 tons, still at a low level compared with the same period. Among them, the social rebar inventory decreased by 10.89 tons to 456.41 tons, and the factory inventory decreased by 7.7 tons to 184.64 tons [8] Basis - As of Friday, the lowest warehouse receipt quotation for rebar in Tianjin was 3170 yuan/ton, with a premium of 133 yuan over the rebar 01 contract, a contraction of 14 yuan compared with last week. Currently, the rebar basis is above the average, and it is expected that the rebar basis will continue to contract in the future [8] Comprehensive Judgment - Affected by steel mill overhauls, the short - term rebar output decreased slightly; the rebar inventory began to slightly decline, and the apparent consumption of rebar slowly increased, but the speculative demand was still weak. Attention should be paid to whether there are signs of marginal weakening in delivery warehouse receipts and foreign capital positions, and whether the trade - war tariff increases continue to escalate, which may put pressure on the market [8] Group 3: Iron Ore Analysis Futures - This week, the iron ore 01 contract maintained an adjustment trend driven by the increase in short - position main force. As of Friday, it closed at 771.0 yuan/ton, down 24.0 yuan/ton from last week, with a weekly decline of 3.02% [8] Spot - This week, the prices of mainstream imported ore varieties were generally slightly lowered, and the prices of domestic iron concentrates began to stabilize and decline, with the overall trading volume improving. As of Friday, the prices of various iron ore varieties at different ports decreased to varying degrees [8] Fundamental Supply - As of the 13th, the total shipment volume of Australian and Brazilian iron ore was 2731.0 tons, a decrease of 94.9 tons compared with last week. The shipment volume from Australia was 1916.3 tons, a decrease of 63.6 tons, and the volume shipped from Australia to China was 1584.5 tons, a decrease of 76.7 tons. The shipment volume from Brazil was 814.7 tons, a decrease of 31.3 tons. In absolute terms, the current shipment volume of Australian and Brazilian iron ore remained at a medium - high level compared with the same period. The total arrival volume at 45 ports was 3045.8 tons, an increase of 437.1 tons compared with last week; the total arrival volume at six northern ports was 1423.5 tons, a decrease of 28.1 tons [10] Demand - Currently, the daily average ore removal volume at 45 ports is 315.72 tons, a decrease of 11.28 tons compared with last week. In absolute terms, it remained at a medium - high level compared with the same period; the weekly average trading volume of iron ore port spot was 115.4 tons, an increase of 45.8 tons compared with last week, and it has recovered to the average level of the same period. The daily average hot - metal output of 247 steel mills was 240.95 tons, a decrease of 0.59 tons compared with last week and an increase of 6.59 tons compared with last year. In absolute terms, it has recovered to a medium - high level compared with the same period; the daily consumption of imported ore by 247 steel mills was 297.35 tons, a decrease of 0.96 tons compared with last week, and in absolute terms, it remained at a medium - high level compared with the same period [10] Inventory - As of the 17th, the iron ore inventory at 45 ports continued to slightly increase, currently at 14278.27 tons, an increase of 253.77 tons compared with last week. In absolute terms, it remained at a medium - high level compared with the same period; the imported iron ore inventory of 247 steel mills was 8982.73 tons, a decrease of 63.47 tons compared with last week, and in absolute terms, it remained at a relatively low level compared with the same period [10] Basis - As of Friday, the Newman powder at Rizhao Port was the optimal delivery product at 821 yuan/ton, with a premium of 50 yuan over the iron ore 01 contract, an expansion of 15 yuan compared with last week. Currently, the iron ore basis is above the average level. Based on seasonal trends and the basis regression cycle, it is expected that the space for the iron ore basis to continue to expand is limited, and the probability of contraction is relatively high [10] Comprehensive Judgment - In the short term, the shipment volume of imported ore continued to slightly decline, and it is expected that the arrival volume will slightly increase next week, and the port inventory still faces certain pressure. On the demand side, the short - term daily average hot - metal output continued to decline, and the steel mill's daily consumption slightly decreased. In the short term, steel mills continue to adopt a digestion strategy, and the marginal weakening of iron ore supply - demand puts pressure on the market [10]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The overall price of live pigs has shifted downwards, and although there is short - term support, the possibility of a significant rebound is small, and prices remain suppressed in the short term [5] - Corn prices are suppressed by seasonal supply pressure, and the futures market is in short - term bottom - range oscillation [8] Summary by Related Catalogs Live Pigs - Futures: The LH2601 contract of live pig futures closed at 11,670 yuan/ton last week, down 4.46% from the previous week's settlement price [5] - Spot: The national average market price of external ternary live pigs was 11.27 yuan/kg, a week - on - week decrease of 0.21 yuan/kg [5] - Profit: As of October 17, the self - breeding and self - raising profit was - 244.7 yuan/head, a week - on - week decrease of 92.55 yuan/head; the profit from purchasing piglets was - 375.29 yuan/head, a week - on - week decrease of 74.25 yuan/head; the pig - grain ratio was 4.95, a week - on - week decrease of 0.31 [5] - Market trend: The national live pig spot market first declined and then rose last week. Although there is support from secondary fattening and farmers' resistance to low prices, the supply of live pigs is abundant, and the demand from slaughterhouses has not increased, so prices remain under pressure [5] Corn - Futures: The C2601 contract of corn futures first declined and then rose last week, closing at 2,117 yuan/ton, down 0.38% from the previous week's settlement price [6] - Spot: The national average spot price of corn was 2,263.14 yuan/ton, a week - on - week decrease of 40.98 yuan/ton. Prices at various ports also showed a downward trend [6] - Industrial consumption: From October 9 to October 15, 2025, 149 major corn deep - processing enterprises consumed 122.31 million tons of corn, a week - on - week increase of 3.04 million tons. The processing volume of corn starch enterprises and the output of corn starch increased, with the weekly operating rate rising to 56.74%. The operating rate of the DDGS industry decreased to 53.19%, and the output decreased by 3.22% [7] - Inventory: As of October 15, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.462 billion tons, an increase of 5.48%. As of October 17, the total corn inventory in the four northern ports was about 820,000 tons, and the corn inventory in Guangdong ports was 387,000 tons [7] - Market trend: The national corn spot market continued to decline last week. In the Northeast production area, the market price stabilized due to the start of reserve grain rotation purchases in some areas; in North China, the purchase price was weak. With the new - season corn entering the concentrated harvest stage, although there is demand for enterprise replenishment, prices are still suppressed [8]