种类 利润估算 外购锂辉石精矿现金成本 104486 H 利 # 王 外购锂辉石精矿利润 -8298 99792 F 外购锂云母精矿现金成本 外购锂云母精矿利润 -6028 行 业 12月16日，根据《矿产资源法》《矿产资源开采登记管理办法》和《自然资源部关于进一步完善矿产资源勘查开采登记管理的通知》等相关要 官春市自然资源局拟对高安市伍桥瓷石矿等27宗采矿许可证子以注销。目前，宜春市自然资源局已对拟注销的27宗采矿许可证进行 期(30个工作目)满后予以公告注销。注销后,生态修复等相关义务由原矿权人履行。 H 手 求方面,终端（储能+新能源车）旺季持续，材料端排产基本持平，社会库存"上游-下游-终端"移动的链条流畅，供给方面，12月排产小幅 叠加宜春市拟取消27宗已到期矿山采矿权许可证，虽对基本面影响有限，但对情绪产生提振。整体看，需求形成碳酸锂价 叠加市场情绪提振,建议中期偏多对待。事件型的上涨属短期行情,短期有回落风险,建议投资者谨慎追高。 免 贡 告中的信息均源于公开可获得的资料,国贸期货力求准确可靠。但不对上述信息的准确性及完整性做低何保证。本报告不构成个人投资建 对个别投资者特殊的投资目标、财务状况 ...

纸浆价格数据 投资咨询业务资格:证监许可【2012】31号 TG国贸期货 ,数据 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 | | | 2025年12月18日 | 日环比 | 周环比 | | | 2025年12月18日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5422 | -0. 33% | -1.56% | 现货价格 | 针叶浆银星 | 5600 | 0.00% | 0.00% | | (元/吨) | SP2609 | 5522 | -0. 18% | -1.15% | (元/吨) | 针叶浆俄针 | 5250 | 0. 00% | 0. 00% | | | SP2605 | 5500 | -0. 11% | -1.54% | | 阔叶浆金鱼 | 4500 | 0. 00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Gasoline crack spreads have declined, but PX prices are strong, supporting the PX - naphtha spread [2]. - Despite no significant fundamental changes in supply or demand, PTA plants maintain high - load operation, and PX consumption remains stable [2]. - The spread between PX and mixed xylene has widened to $120, leading Korean manufacturers to cut STDP operations and plan to shut down relevant facilities in the second half of December [2]. - PX costs are high, squeezing PTA profits, but integrated enterprises have improved economic benefits due to raw material self - sufficiency [2]. - New polyester plant startups keep polyester load at a high level, PTA consumption is high, and market hoarding willingness increases, causing the basis to strengthen rapidly [2]. - Although domestic demand is seasonally weak, polyester factories have low - to - medium inventory levels, so their willingness to cut production is low. The cancellation of India's BIS certification is expected to drive export growth [2]. 3. Summary by Related Indicators 3.1 Price and Spread Changes - PTA spot price increased from 4605 to 4650, a change of 45; PTA closing price rose from 4684 to 4748, a change of 64 [2]. - MEG domestic price remained at 3667, with no change; MEG closing price increased from 3758 to 3767, a change of 9 [2]. - 1.4D direct - spun polyester staple fiber price rose from 6340 to 6350, a change of 10; short - fiber basis increased from 139 to 140, a change of 1 [2]. - The 1 - 2 spread decreased from 24 to 8, a change of - 16; polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2]. - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 1065 to 1075, a change of 10 [2]. - East China water - bottle chip price rose from 5677 to 5695, a change of 18; hot - filling polyester bottle chip price increased from 5677 to 5695, a change of 18; carbonated - grade polyester bottle chip price rose from 5777 to 5795, a change of 18; outer - market water - bottle chip price increased from 750 to 755, a change of 5 [2]. - Bottle - chip spot processing fee decreased from 511 to 491, a change of - 20 [2]. - T32S pure - polyester yarn price remained at 10270, with no change; T32S pure - polyester yarn processing fee decreased from 3930 to 3920, a change of - 10 [2]. - Polyester - cotton yarn 65/35 45S price remained at 16290, with no change; polyester - cotton yarn profit decreased from 1524 to 1504, a change of - 20 [2]. - Cotton 328 price rose from 14715 to 14750, a change of 35 [2]. 3.2 Industry Operation Indicators - Direct - spun staple fiber load (weekly) increased from 88.37% to 89.32%, a change of 0.95% [3]. - Polyester staple fiber sales increased from 66.00% to 72.00%, a change of 6.00% [3]. - Polyester yarn startup rate (weekly) remained at 66.00%, with no change [3]. - Regenerated cotton - type load index (weekly) remained at 51.10%, with no change [3].

投资咨询号:Z0000116 国贸期货研究院 2025/12/18 金融衍生品中心 李泽便 从业资格号:F0251925 Wind,国觉期觉财 Time to Matutity 行情回顾 成交量(亿) 收盘价 涨跌幅(%) 成交额(亿元) 指数 2991. 6777 1074. 70 38. 50 上证50 1. 25 4579. 875 4525. 05 沪深300 1. 83 178. 42 220. 50 中证1000 7288. 7384 3662. 64 1. 49 中金所股指期权成交情况 认洁期权 持仓量 期权成交量 认购期权 日成交量 期权持企量 认购期权 认洁期权 指数 持仓量 持仓量 (万张) 成交量 成交量 PCR (万张) PCR 上证50 2. 40 3. 99 3.11 0. 78 6. 45 4. 05 0. 59 7. 10 沪深300 21. 45 12. 79 8. 66 0. 68 20. 62 11. 39 9. 23 0. 81 中证1000 35. 33 24. 26 20. 07 0. 83 17.78 17. 55 44. 33 0. 99 中证1000PCR走势 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - Global major liner company CMA CGM's decision to use the Suez Canal for its INDAMEX route is a significant signal of container ships' large - scale return to the Red Sea route. The traffic volume through the Bab el Mande Strait has reached the highest since January 2024 [6]. - The FEWB route in December saw shipping companies strictly control capacity, with a low blank - sailing rate of 0.9%. Combined with ship maintenance, reduced capacity; port congestion in Europe and strong e - commerce demand supported freight rates, and shipping companies' GRI push led the market up [6]. - The TAWB route had serious port congestion in Northern Europe and the Mediterranean due to labor disputes, with yard utilization over 90%, and many European countries faced shortages of containers and trailers [6]. - In the EC market, the spot price of Maersk for the first week of December was 2500, and the price to London was 2700, unchanged from early December. The market was in an oscillatory state [7]. - On the spot side, price quotes stabilized at 2400 US dollars. In December, the freight rate center increased by over 200 US dollars compared to the first half of the month. Shipping companies' coordinated price - holding actions strengthened market confidence. On the supply - demand side, European seasonal stocking increased cargo volume, shipping companies' loading rates improved, and effective supply was not overly loose. The limited progress of Red Sea re - navigation did not increase supply negatives, leading to the 2602 contract's upward oscillation [9]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **SCFI**: The current value is 1506, up 7.79% from the previous value of 1398 [5]. - **CCFI**: The current value is 1118, up 0.29% from the previous value of 1115 [5]. - **SCFI - US West**: The current value is 1780, up 14.84% from the previous value of 1550 [5]. - **SCFIS - US West**: The current value is 924, down 3.75% from the previous value of 960 [5]. - **SCFI - US East**: The current value is 2652, up 14.56% from the previous value of 2315 [5]. - **SCFI - Northwest Europe**: The current value is 1538, up 9.86% from the previous value of 1400 [5]. - **SCFIS - Northwest Europe**: The current value is 1510, up 0.07% from the previous value of 1509 [5]. - **SCFI - Mediterranean**: The current value is 2737, up 19.00% from the previous value of 2300 [5]. 3.2 Shipping Derivative Contracts - **Contract Prices**: For contracts like EC2506, EC2608, etc., their current values, previous values, and corresponding percentage changes are provided. For example, EC2506's current value is 1283.7, down 0.49% from the previous value of 1290.0 [5]. - **Contract Positions**: The current and previous positions and their changes are given for contracts such as EC2606, EC2608, etc. For example, EC2606's current position is 2306, with a change of 1 from the previous value of 2305 [5]. - **Month - to - Month Spreads**: The current values, previous values, and changes of spreads like 12 - 02, 12 - 04, etc. are presented. For example, the 12 - 02 spread's current value is - 67.8, down 12.5 from the previous value of - 55.3 [5]. 4. Strategy - Recommend a small - position short - selling attempt on the 02 contract when the price is high [10]

Report Industry Investment Ratings - Bullish: BR rubber [1] - Bearish: Industrial silicon, palm oil [1] - Neutral: Iron ore, silicon iron, glass, etc. [1] Core Viewpoints - In the short term, the stock index is expected to continue its weak trend, but the adjustment since mid - November has opened up space for the upward movement of the stock index next year, providing a layout window [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, and attention should be paid to the Bank of Japan's interest - rate decision [1]. - The market sentiment has been volatile recently, with significant price fluctuations. Attention should be paid to the opportunities for low - level long positions [1]. Summary by Related Catalogs Equity and Bond Markets - **Stock Index**: Short - term weak operation, long - term upward potential after adjustment. Investors can gradually establish long positions during the adjustment phase and use the discount structure of stock - index futures to optimize investment costs and win - rates [1]. - **Treasury Bonds**: Asset shortage and weak economy are favorable, but short - term interest - rate risks are warned. Attention should be paid to the Bank of Japan's interest - rate decision [1]. Commodity Markets Non - ferrous Metals - **Aluminum**: The industry has limited industrial drivers, with aluminum prices fluctuating widely at high levels. The production and inventory of domestic alumina continue to increase, with a weak fundamental pattern. Although there is a short - term price rebound, the upward drive is limited [1]. - **Zinc**: The short - term macro - positive factors have been digested, the fundamentals have improved, and the cost center has shifted upward. However, the zinc price is under pressure, and attention should be paid to low - level long opportunities [1]. - **Nickel**: The global nickel inventory is still at a high level. The Shanghai nickel has been oscillating after a decline with increasing positions. If the macro - situation improves or supply - side disturbances increase, there will be a demand for position reduction and repair. Short - term operations are recommended, and the long - term supply of primary nickel will remain in surplus [1]. Black Metals - **Steel Products**: The black sector has declined due to various factors, but coal and coke have shown signs of stabilization after the announcement of the steel export licensing system. Attention should be paid to the spot situation this week and whether downstream enterprises will start winter - storage replenishment [1]. - **Coking Coal and Coke**: They have shown signs of stabilization after the "bad news is out". Attention should be paid to the spot situation and downstream winter - storage replenishment [1]. Agricultural Products - **Palm Oil**: It is bearish. The USDA report has no highlights, and attention should be paid to the impact of imported soybean auctions on supply [1]. - **Cotton**: The domestic new - crop cotton has a strong production expectation, and the purchase price of seed cotton supports the cost of lint. The market is currently in a situation of "having support but no driver", and attention should be paid to relevant policies and market conditions in the future [1]. - **Sugar**: The global sugar market is in surplus, and the domestic new - crop supply has increased. There is a strong consensus among short - sellers. If the price continues to fall, there will be strong cost support, but the short - term fundamentals lack continuous drivers [1]. Energy and Chemicals - **Crude Oil**: OPEC+ has suspended production increases until the end of 2026. The uncertainty of the Russia - Ukraine peace agreement and US sanctions on Venezuelan oil exports have an impact on the market [1]. - **BR Rubber**: It is bullish. The成交 of butadiene has improved, the cost has increased, and the market sentiment is strong [1]. - **PTA**: The PX price is strong, the PTA device is operating at a high load, and the consumption of PTA remains high [1]. Shipping Market - **Container Shipping on European Routes**: The price increase in December was lower than expected, the peak - season price - increase expectation was priced in advance, and the shipping capacity supply in December was relatively loose [1].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On December 17, the main contract of Shanghai gold futures closed up 0.42 to 979.72 yuan/gram, and the main contract of Shanghai silver futures closed up 6.05% to 15,512 yuan/kilogram. Precious metal prices are expected to remain high and strong in the short - term, but the market will face events such as the US PPI and the Bank of Japan's interest rate decision this week. In the medium - to - long - term, the Fed is in an easing cycle, geopolitical uncertainties are high, and the demand for precious metal allocation from global central banks, institutions, and residents is expected to continue. Gold prices are likely to move upward in the long run. The strategy suggests short - term unilateral observation or buying call options, and long - term investors should mainly configure by buying on dips [5]. 3. Summary by Category Market Quotes - On December 17, 2025, London gold spot was at 4327.72 dollars/ounce, up 1.0% from the previous day; London silver spot was at 66.07 dollars/ounce, up 4.8%. COMEX gold was at 4358.40 dollars/ounce, up 1.1%, and COMEX silver was at 66.31 dollars/ounce, up 5.3%. The main contract of Shanghai gold futures (AU2602) closed at 979.72 yuan/gram, up 0.9%, and the main contract of Shanghai silver futures (AG2602) closed at 15512 yuan/kilogram, up 5.8% [5]. Price Difference and Ratio - On December 17, the gold TD - SHFE active price spread was - 5.93 yuan/gram, up 17.9% from the previous day; the silver TD - SHFE active price spread was - 34 yuan/kilogram, up 112.5%. The gold internal - external price spread (TD - London) was - 8.16 yuan/gram, up 23.1%, and the silver internal - external price spread (TD - London) was - 1294 yuan/kilogram, down 3.7%. The SHFE gold - silver main contract ratio was 63.16, down 4.6%, and the COMEX gold - silver main contract ratio was 65.73, down 4.1% [5]. Position Data - As of December 16, 2025, the gold ETF - SPDR position was 1051.68 tons, unchanged from the previous day; the silver ETF - SLV position was 16018.29102 tons, down 0.26%. COMEX gold non - commercial long positions were 253266 contracts, down - 6.04% from the previous week, and non - commercial short positions were 48678 contracts, down - 17.80%. COMEX silver non - commercial long positions were 204588 contracts, down - 2.73% from the previous week, and non - commercial short positions were 52002 contracts, down - 4.64% [5]. Inventory Data - On December 17, 2025, SHFE gold inventory was 91722.00 kilograms, up 0.46% from the previous day; SHFE silver inventory was 911924.00 kilograms, up 2.38%. COMEX gold inventory was 35991345 troy ounces, up 0.07%, and COMEX silver inventory was 453846137 troy ounces, down - 0.16% [5]. Interest Rate, Exchange Rate, and Stock Market Data - On December 17, 2025, the US dollar/Chinese yuan central parity rate was 7.06, down - 0.04% from the previous day. The US dollar index was 98.22, down - 0.06%, the 2 - year US Treasury yield was 3.48%, down - 0.85%, and the 10 - year US Treasury yield was 4.15%, down - 0.72%. The VIX was 16.48, down - 0.12%, the S&P 500 was 6800.26, down - 0.24%, and NYMEX crude oil was 55.17 dollars/barrel, down - 2.66% [5].

Group 1: Market Data - DRO01 closed at 1.27 with a -0.13bp change, DR007 at 1.44 with a -0.65bp change, GC001 at 1.62 with a -7.00bp change, GC007 at 1.55 with a -2.50bp change, SHBOR 3M at 1.60 with a 0.60bp change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.38 with no change, 5 - year treasury at 1.62 with a -1.26bp change, 10 - year treasury at 1.84 with a -1.18bp change, and 10 - year US treasury at 4.15 with a -3.00bp change [4] - The central bank conducted 468 billion yuan of 7 - day reverse repurchase operations yesterday, with 1898 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 1430 billion yuan [4] - This week, 6685 billion yuan of reverse repurchases will mature in the central bank's open market, with 1223 billion, 1173 billion, 1898 billion, 1186 billion, and 1205 billion yuan maturing from Monday to Friday respectively. Also, on Monday, 4000 billion yuan of 182 - day outright reverse repurchases and 800 billion yuan of treasury cash time deposits will mature [5] Group 2: Stock Index Data - The CSI 300 closed at 4580 with a 1.83% increase, IF current month at 4578 with a 1.8% increase, SSE 50 at 2992 with a 1.25% increase, IH current month at 2987 with a 1.2% increase, CSI 500 at 7138 with a 1.95% increase, IC current month at 7147 with a 1.9% increase, CSI 1000 at 7289 with a 1.49% increase, and IM current month at 7295 with a 1.5% increase [5] - IF trading volume was 189590 with a 26.3% increase, IF open interest was 289623 with a -0.2% change, IH trading volume was 74842 with a 6.6% increase, IH open interest was 94153 with a -2.0% change, IC trading volume was 184831 with a 13.2% increase, IC open interest was 271976 with a 1.0% increase, IM trading volume was 290120 with a 14.1% increase, and IM open interest was 392878 with a -2.4% change [5] - The turnover of the Shanghai and Shenzhen stock markets reached 18111 billion yuan, an increase of 870 billion yuan from the previous day. Most industry sectors closed higher, with energy metals, precious metals, insurance, batteries, fertilizers, small metals, power equipment, and non - ferrous metals leading the gains, while decoration and aerospace sectors leading the losses [5] Group 3: Market Analysis and Outlook - The central economic work conference stated that a moderately loose monetary policy will continue, with promoting stable economic growth and reasonable price recovery as important considerations. Various policy tools such as reserve requirement ratio cuts and interest rate cuts will be used flexibly and efficiently to maintain sufficient liquidity and smooth the monetary policy transmission mechanism [5] - Yesterday afternoon, the stock index rose significantly, with the large - finance sector leading the gains. Policy support signals emerged, and many CSI 300 ETFs and SSE 50 ETFs showed abnormal trading volumes [6] - In the short term, the stock index is expected to continue a weak and volatile trend. However, the market adjustment since mid - November has opened up space for the stock index to rise next year, providing a layout window. Investors can consider gradually establishing long positions during the adjustment phase and use the discount structure of stock index futures to optimize long - term investment costs and win rates [6] Group 4: Futures Contract Premium and Discount - IF premium/discount for the current contract is 6.67%, the next - month contract is 6.02%, the current - quarter contract is 4.10%, and the next - quarter contract is 4.28% [7] - IH premium/discount for the current contract is 27.32%, the next - month contract is 4.34%, the current - quarter contract is 1.45%, and the next - quarter contract is 1.44% [7] - IC premium/discount for the current contract is - 22.92%, the next - month contract is 5.12%, the current - quarter contract is 7.80%, and the next - quarter contract is 9.39% [7] - IM premium/discount for the current contract is - 15.68%, the next - month contract is 10.14%, the current - quarter contract is 11.56%, and the next - quarter contract is 12.48% [7]

Report Summary Industry Investment Rating - Not provided in the given content Core Viewpoints - The PX price is strong, supporting the PX-naphtha spread. Despite no significant fundamental changes, PTA plants maintain high loads, and PX consumption remains stable. PX costs are high while PTA profits are under pressure, but integrated enterprises have improved economic benefits. The polyester load is high due to new plant startups, and PTA consumption remains high. The cancellation of India's BIS certification may boost exports. For ethylene glycol, port inventories are high, coal prices are falling, and new plant startups increase supply pressure, but polyester export inquiries may support downstream demand [2] Detailed Summaries by Category Market Data - **INE Crude Oil**: Price decreased from 430.5 yuan/barrel on 2025/12/16 to 426.7 yuan/barrel on 2025/12/17, a change of -3.80 yuan/barrel [2] - **PTA**: The主力期 price rose from 4668 yuan/ton to 4684 yuan/ton, the spot price increased from 4590 yuan/ton to 4605 yuan/ton. The spot processing fee dropped from 182.0 yuan/ton to 164.2 yuan/ton, and the disk processing fee decreased from 260.0 yuan/ton to 243.2 yuan/ton. The PTA-SC spread increased from 1539.5 yuan/ton to 1583.1 yuan/ton, and the PTA/SC ratio rose from 1.4921 to 1.5105. The PTA warehouse receipt quantity decreased from 136,697 to 134,143 [2] - **MEG**: The主力期 price increased from 3700 yuan/ton to 3758 yuan/ton. The MEG inner - market price rose from 3634 yuan/ton to 3667 yuan/ton. The MEG - naphtha spread changed from -142.86 yuan/ton to -143.05 yuan/ton [2] - **PX**: CFR China PX price increased from 827 to 834, and the PX - naphtha spread rose from 281 to 298 [2] - **Polyester Products**: POY150D/48F price decreased from 6300 to 6285, POY cash flow decreased from -92 to -131. FDY150D/96F price decreased from 6555 to 6525, FDY cash flow decreased from -337 to -391. DTY150D/48F price decreased from 7690 to 7685, DTY cash flow decreased from 98 to 69. 1.4D direct - spun polyester staple price increased from 6325 to 6340, and polyester staple cash flow decreased from 283 to 274. Semi - bright chip price decreased from 5475 to 5460, and chip cash flow decreased from -17 to -56. The long - filament sales rate decreased from 67% to 46%, and the short - fiber sales rate increased from 42% to 76%, and the chip sales rate increased from 67% to 116% [2] Industry Operating Rates - PX operating rate remained at 86.48%, PTA operating rate remained at 74.77%, MEG operating rate decreased from 60.66% to 60.43%, and polyester load remained at 88.41% [2] Device Maintenance - A 2.5 - million - ton PTA device in East China is restarting and is expected to produce products soon. The device was shut down for maintenance around November 17 [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For steel, cost support is strengthening. With the potential for winter storage and restocking, and positive steel mill profits, there may be a drive for production resumption. It is advisable to consider short - term long positions with stop - loss settings [2]. - For silicon iron and manganese silicon, the fundamentals are under pressure, and upward resistance remains strong. Despite policy - driven price sentiment, the direct demand is weak, and there is a mid - term supply surplus [3][5]. - For coking coal and coke, the night - session prices strengthened. Although the steel market is weak, there is a possibility of winter storage and restocking, and the rebound is expected to continue [6]. - For iron ore, the molten iron output has declined, and the price is under pressure due to rising inventory. Once the molten iron output stabilizes and steel mills resume production, there will be a demand for restocking [7]. 3. Summary by Related Content Futures Market - **Prices and Changes**: On December 17, the closing prices of far - month contracts for various products such as RB2610, HC2610, etc., showed different changes. For example, RB2610 closed at 3113.00 yuan/ton with a 0.03% increase, and HC2610 closed at 3258.00 yuan/ton with a 0.03% increase. Near - month contracts also had their respective price movements [1]. - **Spreads and Ratios**: The cross - month spreads, spreads/ratios/profits of different contracts changed. For instance, the RB2605 - 2610 spread was - 29.00 yuan/ton with a change of - 130, and the volume - to - screw spread was 161.00 yuan/ton with a - 4.00 change [1]. Spot Market - **Steel**: On December 17, the spot prices of Shanghai, Tianjin, and Guangzhou螺纹 were 3290.00 yuan/ton, 3170.00 yuan/ton, and 3480.00 yuan/ton respectively. The prices of Shanghai, Hangzhou, and Guangzhou热卷 were 3280.00 yuan/ton, 3270.00 yuan/ton, and 3280.00 yuan/ton respectively [1]. - **Others**: The prices of other products such as唐山普方坯,普氏指数, and various ores also had their respective values and changes on December 17 [1]. Market Analysis by Product - **Steel**: The cost support is strengthening. The steel price is in a low - level shock. The hot - rolled coil can be operated by rolling cash - and - carry arbitrage or supplemented with option strategies [2][7]. - **Silicon Iron and Manganese Silicon**: The fundamentals are under pressure. The demand is weak, and the supply is in a mid - term surplus. The supply of silicon iron is more likely to be affected by policies [3][5]. - **Coking Coal and Coke**: The night - session prices strengthened. The market is affected by policies and the possibility of winter storage and restocking. The rebound is expected to continue [6]. - **Iron Ore**: The molten iron output has declined, and the price is under pressure. Once the molten iron output stabilizes and steel mills resume production, there will be a demand for restocking [7].