Report Industry Investment Rating No relevant information provided. Core Viewpoints - After the Central Economic Work Conference, the macro - positive factors faded, and pricing returned to fundamentals. Steel supply is reducing, but the recovery of steel mill profits may slow down the reduction speed. Demand is seasonally weak, and steel exports are expected to tighten. Steel inventories show different trends, with short - term prices fluctuating weakly [3]. - After macro events, trading logic returned to fundamentals. Iron ore supply from major mines is restricted, and steel mills have a need to replenish inventory. Iron ore demand is seasonally declining but is expected to rebound in January. Falling coking coal prices provide support, and the downside price space is limited [21]. - Coking coal supply has limited marginal changes, but due to pressure on steel mill profits and unexpected reduction in hot metal production, coking coal supply exceeds demand. Coke production decreased slightly last week due to environmental restrictions. With the decline in coking coal costs, coke prices are likely to continue to fall [31]. - The fundamentals of ferroalloys are weak, but news from the SASAC and the National Development and Reform Commission led to a price rebound today. However, price increases may stimulate enterprises to hedge and suppress prices [47]. - With the strengthening of new production capacity expectations, the expectation of soda ash oversupply is intensifying. The acceleration of glass cold - repair weakens the demand for soda ash. Although exports are high, high inventories restrict prices [65]. - From December to before the Spring Festival, some glass production lines are expected to undergo cold - repair, which may affect long - term pricing. Near - term contracts will follow the delivery logic, and currently, high intermediate inventories and weak end - market demand put pressure on spot prices [88]. Summaries by Related Catalogs Steel Price Data - On December 16, 2025, the closing prices of rebar contracts 01, 05, and 10 were 3090, 3081, and 3112 yuan/ton respectively, and those of hot - rolled coil contracts 01, 05, and 10 were 3254, 3246, and 3255 yuan/ton respectively [4]. - The rebar spot prices in China, Shanghai, Beijing, and Hangzhou were 3295, 3280, 3120, and 3300 yuan/ton respectively, and the hot - rolled coil spot prices in Shanghai, Lecong, and Shenyang were 3270, 3260, and 3180 yuan/ton respectively [9][11]. Ratio and Spread Data - The 01, 05, and 10 rebar/iron ore ratios were all 4, and the 01, 05, and 10 rebar/coke ratios were all 2 [18]. - The 01, 05, and 10 roll - to - rebar spreads were 164, 165, and 143 yuan/ton respectively, and the roll - to - rebar spot spreads in Shanghai, Beijing, and Shenyang were - 10, 210, and 0 yuan/ton respectively [15]. Iron Ore Price Data - On December 16, 2025, the closing prices of iron ore contracts 01, 05, and 09 were 783.5, 761, and 739.5 yuan/ton respectively. The 01, 05, and 09 basis were 1, 25, and 46.5 yuan/ton respectively [22]. - The prices of Rizhao PB powder, Rizhao Carajás fines, and Rizhao Super Special were 779, 856, and 666 yuan/ton respectively [22]. Fundamental Data - The daily average hot metal production was 229.2 tons, 45 - port throughput was 319.19 tons, and the apparent demand for five major steel products was 840 tons [25]. - Global shipments were 3592.5 tons, Australia - Brazil shipments were 2889.3 tons, and 45 - port arrivals were 2723.4 tons [25]. - The 45 - port inventory was 15431.42 tons, and the inventory of 247 steel mills was 8834.2 tons [25]. Coal and Coke Price Data - The 09 - 01, 05 - 09, and 01 - 05 spreads of coking coal were 170.5, - 76.5, and - 94 yuan/ton respectively, and those of coke were 234, - 78.5, and - 155.5 yuan/ton respectively [35]. - The spot price of Anze low - sulfur coking coal was 1500 yuan/ton, and the spot price of Rizhao quasi - first - grade wet coke was 1430 yuan/ton [38]. Ratio and Profit Data - The main mine - to - coke ratio was 0.503, the main rebar - to - coke ratio was 2.034, and the main coke - to - coal ratio was 1.524 [35]. - The on - the - spot coking profit was 21 yuan/ton, and the Mongolian coal import profit (long - term agreement) was 213 yuan/ton [38]. Ferroalloys Price Data - The silicon - iron basis in Ningxia was 18 yuan/ton, and the silicon - manganese basis in Inner Mongolia was 154 yuan/ton [48][49]. - The spot prices of silicon - iron in Ningxia, Inner Mongolia, and Qinghai were 5250, 5280, and 5200 yuan/ton respectively, and the spot prices of silicon - manganese in Ningxia, Inner Mongolia, and Guizhou were 5490, 5540, and 5550 yuan/ton respectively [48][49]. Cost and Inventory Data - The price of semi - coke small materials was 800 yuan/ton, and the price of Qinhuangdao thermal coal was 737 yuan/ton [48]. - The silicon - iron warehouse receipts were 13068, and the silicon - manganese warehouse receipts were 25032 [48][50]. Soda Ash Price Data - On December 16, 2025, the closing prices of soda ash contracts 05, 09, and 01 were 1170, 1221, and 1133 yuan/ton respectively. The 5 - 9, 9 - 1, and 1 - 5 spreads were - 51, 88, and - 37 yuan/ton respectively [66]. - The heavy - soda market prices in North China, South China, and East China were 1300, 1400, and 1250 yuan/ton respectively [66]. Fundamental Data - In October, soda ash exports exceeded 210,000 tons, maintaining a high level [65]. - The upper - and middle - stream inventories were generally high, restricting soda ash prices [65]. Glass Price Data - On December 16, 2025, the closing prices of glass contracts 05, 09, and 01 were 1038, 1117, and 946 yuan/ton respectively. The 5 - 9, 9 - 1, and 1 - 5 spreads were - 79, 171, and - 92 yuan/ton respectively [89]. - The 01 - contract basis in Shahe and Hubei was 64 and 140 yuan/ton respectively [89]. Sales and Production Data - On December 12, 2025, the sales - to - production ratios in Shahe, Hubei, East China, and South China were 59, 90, 89, and 102 respectively [90].

【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责任的权力。所有本报告中使用的商标、服务标记及标记均为本公司的商标、服务标记及标记。 基本面及观点 豆粕： 油料周报 油料产业周报 2025/12 ...

铜周报 铜行业周报 2025/12/12 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追 ...

国债衍生品周报 2025/12/12 咨询业务资格：沪证监许可【2012】1515号 . 国债期货持仓 source： wind 手 2年期国债期货 5年期国债期货 10年期国债期货 30年期国债期货 15/12 17/12 19/12 21/12 23/12 50000 100000 150000 200000 国债期货成交 source： wind 手 2年期国债期货 5年期国债期货 10年期国债期货 30年期国债期货 24/04 24/08 24/12 25/04 25/08 50000 100000 150000 200000 250000 2年期国债期货当季合约基差 source： wind 元 2年期国债期货基差:当季 02/29 04/30 06/30 08/31 10/31 -1 -0.5 0 0.5 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不 ...

锌产业周报 2025/12/12 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责 ...

Report Overview - Report Title: Nickel Stainless Steel Industry Chain Weekly Report - Report Date: December 12, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) 1. Report Industry Investment Rating No information provided. 2. Report's Core View **Likely Positive Factors** - Domestic factories are stocking up before the Chinese New Year, leading to a slight recovery in demand [3]. - The premium of Jinchuan nickel has narrowed to 4,900 yuan/ton, and the spot discount has remained stable [3]. **Likely Negative Factors** - High inventory levels persist, and the supply glut remains unchanged [3]. - There are few inquiries in the nickel ore market, demand is sluggish, and prices have stabilized without a clear upward trend [3]. **Trading Advisory View** - It is recommended to wait and see, and pay attention to the short - term impact of the Federal Reserve's interest rate decision on prices [3]. 3. Summary According to Relevant Catalogs **3.1 Market Data** **Nickel Futures** - The closing price of the main contract of Shanghai nickel (SHFE) was 115,870 yuan/ton, down 2,160 yuan or 1.83% week - on - week; the closing price of the first - nearby contract was 115,870 yuan/ton, down 1,920 yuan or 1.63% week - on - week; the closing price of the second - nearby contract was 116,060 yuan/ton, down 1,890 yuan or 1.60% week - on - week; the closing price of the third - nearby contract was 116,290 yuan/ton, down 1,910 yuan or 1.60% week - on - week [3]. - LME nickel 3M was at 14,610 US dollars/ton, down 360 US dollars or 1.62% week - on - week [3]. - The open interest was 106,302 lots, down 5,283 lots or 4.7% week - on - week; the trading volume was 106,815 lots, down 17,698 lots or 14.21% week - on - week; the number of warehouse receipts was 33,939 tons, down 825 tons or 2.37% week - on - week; the basis of the main contract was 410 yuan/ton, up 560 yuan or - 373.33% week - on - week [3]. **Stainless Steel Futures** - The closing price of the main contract of stainless steel was 12,500 yuan/ton, down 10 yuan or 0% week - on - week; the closing price of the first - nearby contract was 12,500 yuan/ton, unchanged week - on - week; the closing price of the second - nearby contract was 12,625 yuan/ton, up 35 yuan or 0.28% week - on - week; the closing price of the third - nearby contract was 12,695 yuan/ton, up 45 yuan or 0.36% week - on - week [4]. - The trading volume was 69,415 lots, down 32,225 lots or 31.71% week - on - week; the open interest was 64,258 lots, down 21,427 lots or 25.01% week - on - week; the number of warehouse receipts was 61,378 tons, down 241 tons or 0.39% week - on - week; the basis of the main contract was 570 yuan/ton, up 100 yuan or 21.28% week - on - week [4]. **Nickel Spot** - Jinchuan nickel was at 121,400 yuan/ton, down 250 yuan or 0.21% day - on - day; imported nickel was at 116,700 yuan/ton, down 300 yuan or 0.26% day - on - day; 1 electrolytic nickel was at 118,850 yuan/ton, down 300 yuan or 0.25% day - on - day; nickel beans were at 118,750 yuan/ton, down 300 yuan or 0.25% day - on - day; electrowon nickel was at 116,450 yuan/ton, down 300 yuan or 0.26% day - on - day [4]. **Inventory Data** - Domestic social nickel inventory was 56,848 tons, up 1,499 tons; LME nickel inventory was 252,852 tons, down 240 tons; stainless steel social inventory was 947,600 tons, up 700 tons; nickel pig iron inventory was 29,346 tons, down 879 tons [6]. **3.2 Market Trends and Charts** - The report includes charts showing the historical trends of nickel futures prices (both domestic and LME), stainless steel futures prices, nickel spot average prices, nickel supply and inventory, upstream nickel ore prices and inventory, downstream nickel sulfate prices and profitability, and stainless steel production and inventory [7][9][11]. **3.3 Industry Chain Analysis** **Upstream Nickel Ore** - The average price of Philippine laterite nickel ore (1.5% FOB) is presented in a historical trend chart, and the seasonal inventory of nickel ore at Chinese ports is also shown [16]. - The average ex - factory price of 8 - 12% nickel pig iron in China and the average landed duty - paid price of Indonesian nickel pig iron (Ni≥14%) are presented in historical trend charts [17]. - The seasonal production volume of nickel iron in China and Indonesia is shown in charts [18][19]. **Downstream Nickel Sulfate** - The average price of battery - grade nickel sulfate, its premium over primary nickel, the profitability of producing nickel sulfate from nickel beans, and the profitability of producing electrowon nickel from externally purchased nickel sulfate are presented in historical trend charts [21][23][24]. - The monthly production volume of nickel sulfate in China and the seasonal production capacity of ternary precursors are shown in charts [25]. **Stainless Steel** - The seasonal profitability of Chinese 304 stainless steel cold - rolled coils, monthly production volume, and inventory are presented in historical trend charts [27][29][30].

黑色产业链日报 2025/12/12 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall finished steel is supported by raw material costs and policy expectations, with the raw material side making concessions and profits gradually improving. The steel market may trade market expectations in advance, and steel prices will fluctuate within a range. The operating range of rebar may be between 3000 - 3300, and that of hot-rolled coil between 3200 - 3500. Attention should be paid to the destocking speed of steel, downstream consumption, and potential steel-related policies from the Central Work Conference. The risk lies in the possible negative feedback caused by the decline in the profitability rate of steel enterprises [3]. - For iron ore, the fundamental trading weight has slightly increased recently. With the reduction of industrial chain contradictions, the recovery of steel mill profits, and the strengthening of rigid demand for raw material replenishment during winter storage, the downside space for iron ore prices is limited. As the macro week approaches, the trading weight of prices on the macro side may increase [19]. - In the coking coal market, the marginal change in supply is limited, but the pressure on steel mill profits and the continuous reduction of hot metal production have deepened the surplus of coking coal. With coking enterprises actively controlling raw material procurement due to price cut expectations, upstream mines are facing inventory pressure, and short-term coal prices will remain under pressure. For coke, as the cost of coking coal decreases, the immediate coking profit is repaired, and subsequent coke supply is expected to increase. As coking enterprise operations gradually resume, coke may face inventory accumulation pressure. Attention should be paid to the price cut rhythm of mainstream steel mills, and considering that the futures market has already priced in 4 - 5 rounds of price cuts in advance, coke spot prices may face more than 2 rounds of price cut pressure [29]. - Ferroalloys face the fundamentals of high inventory and weak demand. The cost center may shift downward due to the impact of coking coal supply guarantee, but the continuous reduction in supply and the low valuation of ferroalloys limit the downside space. Ferroalloys are expected to fluctuate weakly. Recently, the market may be trading the policy expectations for December in advance, and the recent strong fluctuation of steel prices may slightly drive up ferroalloy prices, but the weakly fluctuating trend of ferroalloys is difficult to change [45]. - Soda ash is mainly priced based on cost. Although the cost expectation is firm, without a trend of production reduction, the upward elasticity of valuation is limited. With the acceleration of glass cold repair, the rigid demand expectation for soda ash further weakens. The medium - and long - term supply of soda ash is expected to remain high. Photovoltaic glass has started to accumulate inventory at a low level, and the daily melting volume is relatively stable. The heavy soda ash balance remains in surplus. In October, soda ash exports exceeded 210,000 tons, remaining at a high level, which continues to relieve domestic pressure to some extent. The high inventory in the upstream and midstream restricts soda ash prices [60]. - In December, the expectation of glass production line cold repair has resurfaced, and the implementation is to be determined, which will definitely affect the far - month pricing and market expectations. However, the near - month 01 contract will still follow the reality (delivery logic), with the key being the Hubei spot and warehouse receipt expectations. In reality, although the cold repair has accelerated recently and the daily melting volume is expected to decline further, the terminal has entered the off - season, and the inventory of futures, cash, and traders in Shahe and Hubei remains high, so there is still pressure on spot prices. Attention should be paid to the destocking degree of mid - stream inventory [85]. Summary by Related Catalogs Steel - **Price Data**: On December 8, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3117, 3123, and 3164 respectively, and those of hot - rolled coil 01, 05, and 10 contracts were 3290, 3291, and 3302 respectively. The rebar and hot - rolled coil basis and month - spread data also showed certain changes [4]. - **Ratio Data**: The ratios of 01, 05, 10 rebar to 01, 05, 09 iron ore were all 4, and the ratios of 01, 05, 10 rebar to 01, 05, 09 coke were all 2 [15]. Iron Ore - **Price Data**: On December 8, 2025, the closing prices of 01, 05, and 09 contracts were 778.5, 760.5, and 737 respectively. The prices of some spot ores such as Rizhao PB powder, Rizhao Carajás fines, and Rizhao Super Special remained unchanged compared to December 5, but decreased compared to December 1 [20]. - **Fundamental Data**: As of December 5, 2025, the daily average hot metal production was 232.3, 45 - port desulfurization volume was 318.45, and the apparent demand for five major steel products was 864. Global shipments, Australian and Brazilian shipments, 45 - port arrivals, 45 - port inventory, 247 steel mill inventory, and 247 steel mill available days all showed certain changes compared to previous periods [23]. Coking Coal and Coke - **Price Data**: On December 8, 2025, the prices of various coking coal and coke contracts and their month - spreads showed slight changes. The immediate coking profit was 45 yuan/ton, and the import profits of different types of coal also changed to varying degrees [33][36]. Ferroalloys - **Silicon Iron Data**: On December 8, 2025, the silicon iron basis in Ningxia was - 24, and the prices of silicon iron in different regions such as Ningxia, Inner Mongolia, and Qinghai showed certain changes compared to previous periods [46]. - **Silicon Manganese Data**: On December 8, 2025, the silicon manganese basis in Inner Mongolia was 122, and the prices of silicon manganese in different regions such as Ningxia, Inner Mongolia, and Guizhou also showed certain changes [47]. Soda Ash - **Price Data**: On December 8, 2025, the prices of soda ash 01, 05, and 09 contracts were 1133, 1199, and 1254 respectively, and the month - spreads also changed compared to December 5 [61]. Glass - **Price Data**: On December 8, 2025, the prices of glass 01, 05, and 09 contracts were 1002, 1115, and 1176 respectively, and the month - spreads and basis also changed compared to December 5 [86]. - **Sales Data**: The daily sales rates of glass in Shahe, Hubei, East China, and South China showed certain fluctuations from November 29 to December 5, 2025 [87].

油脂油料产业日报 2025/12/08 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The SR2501 contract is less than one month away from the delivery month. Last week, the 01 - 03 spread was basically stable with a slight premium. The strong performance of 01 is due to the fact that the current price of new sugar is generally higher than that of old sugar and higher than the futures price, leading to the need for spot - futures convergence under the condition of the futures price being at a discount. However, the huge supply pressure poses a great challenge to both the spot and futures markets, making it difficult to achieve convergence through a rebound. The SR2603 and SR2605 contracts currently show a structure where the near - term contracts are at a discount, mainly because the 25/26 sugar - making season is expected to have an increased production. The discount of the far - term contracts is widening. In the long run, the 03 contract faces pressure during the off - season of consumption and the peak of inventory, not less than the 01 contract, while the 05 contract will be impacted by imported sugar. Therefore, the pattern of the far - term discount is difficult to break, and the spread may widen further [5] 3. Summary by Relevant Catalogs Market Information Domestic Market - The spot price in Nanning is 5450 yuan/ton, and in Kunming, it is 5340 - 5420 yuan/ton [3] - China imported 750,000 tons of sugar in October, a year - on - year increase of 210,000 tons [3] - As of December 1st, 39 sugar mills in Guangxi have started production, 22 less than the same period last year. The daily crushing capacity is 309,500 tons/day, a year - on - year decrease of 187,500 tons/day [3] International Market - According to ISMA data, India had produced 4.1 million tons of sugar as of the end of November, higher than 2.88 million tons last year [4] - Brazil exported 3.3023 million tons of sugar in November, a year - on - year decrease of 2.59% [4] - ISMA estimates that India's sugar production in the 25/26 sugar - making season will be 34.35 million tons (including ethanol), with 3.4 million tons used for ethanol [4] - India has signed contracts to export 100,000 tons of sugar, and the shipment will be delivered before mid - January, and the transportation has started. The weakening of the rupee may promote more trade [4] - The market expects that the sugarcane crushing volume in the central - southern region of Brazil in the first half of November increased by 14.9% to 18.85 million tons, and sugar production increased by 18.9% year - on - year to 1.075 million tons [4] - India has opened an export quota of 1.5 million tons, lower than the market's expectation of 2 million tons. Due to the current domestic sugar price in India being higher than the overseas price, the possibility of exports is low at present [4] - As of November 19th, 147 sugar mills in Maharashtra, India, have started production, crushing 11.277 million tons of sugarcane and producing 868,100 quintals of sugar, with an average sugar recovery rate of 7.4%. In the same period last year, only 91 mills were in operation, crushing 1.35 million tons of sugarcane, with a sugar recovery rate of 4.2% [4] Sugar Futures Weekly Prices and Spreads | Contract | Closing Price on 2025 - 12 - 08 | Change Rate | Spread | Closing Price on 2025 - 12 - 08 | Change | | --- | --- | --- | --- | --- | --- | | SR01 | 5337 | 0.64% | SR01 - 05 | 70 | 0 | | SR03 | 5281 | 0.3% | SR05 - 09 | - 20 | 0 | | SR05 | 5244 | 0.21% | SR09 - 01 | - 50 | 0 | | SR07 | 5257 | 0.25% | SR01 - 03 | 38 | 0 | | SR09 | 5262 | 0.17% | SR03 - 05 | 32 | 0 | | SR11 | 5263 | 0.29% | SR05 - 07 | - 11 | 0 | | SB | 14.82 | 0% | SR07 - 09 | - 9 | 0 | | W | 425.7 | 0% | SR09 - 11 | 5 | 0 | | | | | SR11 - 01 | - 55 | 0 | [6] Sugar Spot Weekly Prices and Spreads | Location | Price on 2025 - 12 - 08 | Change | Spread | Price | Change | | --- | --- | --- | --- | --- | --- | | Nanning | 5360 | - 80 | Nanning - Liuzhou | 10 | 0 | | Liuzhou | 5350 | - 80 | Nanning - Kunming | 20 | 10 | | Kunming | 5320 | - 110 | Nanning - Zhanjiang | 60 | 10 | | Zhanjiang | 5300 | - 100 | Nanning - Rizhao | - 290 | 60 | | Rizhao | 5650 | - 150 | Nanning - Urumqi | 260 | 60 | | Urumqi | 5100 | - 150 | Kunming - Rizhao | - 310 | 50 | [7] Sugar Weekly Basis | Location - Contract | Basis on 2025 - 12 - 08 | Change | Location - Contract | Basis on 2025 - 12 - 08 | Change | | --- | --- | --- | --- | --- | --- | | Nanning - SR01 | 107 | 42 | Kunming - SR01 | 67 | 47 | | Nanning - SR03 | 145 | 38 | Kunming - SR03 | 105 | 43 | | Nanning - SR05 | 177 | 40 | Kunming - SR05 | 137 | 45 | | Nanning - SR07 | 166 | 37 | Kunming - SR07 | 126 | 42 | | Nanning - SR09 | 157 | 32 | Kunming - SR09 | 117 | 37 | | Nanning - SR11 | 162 | 34 | Kunming - SR11 | 122 | 39 | [8][10] Sugar Weekly Import Price Changes | Import Source | Quota - in Price on 2025 - 12 - 05 | Weekly Change | Quota - out Price | Weekly Change | | --- | --- | --- | --- | --- | | Brazil | 4079 | - 93 | 5168 | - 121 | | Rizhao - Brazil | 1556 | - 72 | 462 | - 49 | | Liuzhou - Brazil | 1240 | 4 | 151 | 32 | | Zhengzhou Sugar - Brazil | 1224 | - 4 | 135 | 24 | | Thailand | 4127 | - 91 | 5231 | - 118 | | Rizhao - Thailand | 1507 | - 75 | 399 | - 52 | | Liuzhou - Thailand | 1192 | 2 | 88 | 29 | | Zhengzhou Sugar - Thailand | 1176 | - 6 | 72 | 21 | [11]