Report Industry Investment Rating - No information provided Core Viewpoints of the Report - Coal and coke supply and demand are both increasing. The peak demand season and pre - holiday restocking by downstream enterprises support the confidence of the raw material market to hold prices. The short - term futures market will continue to fluctuate widely [4] Summary According to Relevant Contents Market Conditions - Yesterday, coal and coke futures prices continued to fluctuate. In the spot market, coal prices in many places continued to rebound slightly, and coke enterprises in many places initiated the first round of price increases due to increased costs. [3] - Since June, coal prices have risen significantly, while coke price increases have lagged behind, with a strong expectation of a compensatory increase. The entire coke industry is in a serious loss state, and the cost side strongly supports coke prices. Considering that steel mills still have profits, steel production is expected to remain at a high level, and coke demand will continue to be strong. Starting from September 26, the ex - factory price of coke will be comprehensively increased by 50 - 85 yuan/ton, and the entire coke industry is recommended to reduce production by more than 30% [3] Fundamental Data - Recently, affected by environmental protection policies in Tangshan, enterprises are required to prepare for hard emission reduction measures before the end of September. However, this round of production restrictions is mostly voluntary, and the actual implementation of production cuts is average. This week, the daily average pig iron output increased by 1.34 million tons to 242.36 million tons [4] - In the coal mine sector, the production of previously resumed coal mines in Linfen, Shanxi and other places has returned to normal, and the output has continued to rise. Coupled with the production increase of a large mining group in Qinyuan, Changzhi, the output has increased significantly. This week, the daily average output of clean coal was 77.2 million tons, a week - on - week increase of 1.1 million tons and a year - on - year decrease of 2.6 million tons. It is expected that the output of coal mines in the main production areas of Shanxi will not fluctuate much next week, but some coal mines have reported that there will be a short - term shutdown for maintenance during the National Day holiday, and the output may decline slightly during this period [4]

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views - The price of finished products is expected to move in a volatile and consolidating manner, with its center of gravity shifting downward and showing a weak performance [1][3] - The price of aluminum ingots is expected to remain high in the short term, with the market's supply - demand pattern improving marginally and social inventory decreasing due to pre - holiday stocking [3][4] Group 3: Summary by Related Catalogs Finished Products - Yungui region's short - flow construction steel producers will have a shutdown and maintenance period from mid - January, with a resumption around the 11th to 16th day of the first lunar month, affecting a total output of 741,000 tons. In Anhui, 1 out of 6 short - flow steel mills stopped production on January 5, and most others will stop around mid - January, with a daily output impact of about 16,200 tons [2][3] - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3] - The price of finished products continued to decline with a new low, and the market sentiment was pessimistic under the weak supply - demand pattern and lackluster winter storage [3] Aluminum - Macroscopically, there are increasing differences within the Fed on future monetary policy, and a balance needs to be struck between high inflation and a weak employment market [2] - The supply of the aluminum market has a slight increase due to the ramping - up of replacement capacity, and the supply - demand pattern is improving marginally. As of last Thursday, the national metallurgical - grade alumina's total built - in capacity is 110.32 million tons/year, and the total operating capacity is 92.33 million tons/year, with the weekly operating rate up 0.92 percentage points to 83.69% [3] - The overall aluminum consumption is warming up, with stable growth in the automotive industry, growth expectations in the power industry, and marginal improvement in the construction industry. The operating rate of processed materials is rising steadily [3] - On September 25, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 617,000 tons, a decrease of 21,000 tons from Monday and last Thursday [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The supply and demand of coking coal and coke are both increasing. The peak demand season and pre - holiday inventory replenishment by downstream enterprises support the confidence of the raw material market. The short - term market will maintain a wide - range volatile operation [3] Group 3: Summary by Related Content Market Conditions - Yesterday, the coking coal and coke futures prices continued to fluctuate. Spot prices of coal in many regions rebounded slightly continuously. Coke enterprises planned to initiate the first round of price hikes due to increased costs [2] - Recently, affected by environmental protection policies in Tangshan, enterprises are required to prepare for strict emission reduction measures before the end of September. However, most of the production restrictions are voluntary, and the actual implementation of production cuts is average [2] - Last week, the average daily pig iron output increased slightly by 0.47 million tons to 2.4102 million tons [2] Coal Mine Production - In coal mines, the production of previously resumed mines in Linfen, Shanxi has returned to normal, and production has continued to increase. With the production increase of large mining groups in Changzhi Qinyuan, the output has increased significantly. This week, the average daily output of clean coal is 772,000 tons, a month - on - month increase of 11,000 tons and a year - on - year decrease of 26,000 tons [2] - It is expected that the coal mine output in the main production areas of Shanxi will not fluctuate much next week, but some coal mines have reported that there will be a short - term shutdown for maintenance during the National Day holiday, and the output may decline slightly during this period [2] Coking Coal Imports - The import volume of coking coal has steadily increased month - on - month. In August, China imported 1.01622 million tons of coking coal, a month - on - month increase of 5.6% and a year - on - year decrease of 5.02%. From January to August, the cumulative import was 7.26075 million tons, a year - on - year decrease of 632,030 tons, a decline of 8.01% [2] - In August, the import volume of Mongolian coal was 601,470 tons, a month - on - month increase of 20.8%. High - frequency data shows that the daily customs clearance volume of the Ganqimaodu Port for Mongolian coal in September is still higher than that in August, supporting domestic coal supply [2]

Group 1: Report Industry Investment Rating - The investment rating for the industry is "Low-level operation" [2] Group 2: Core View of the Report - The steel price is oscillating. The downstream situation remains weak, and the price is consolidating at a low level. Attention should be paid to weekly fundamental changes [1] Group 3: Summary Based on Related Information Policy Information - The Ministry of Industry and Information Technology and other departments issued the "Work Plan for Steady Growth of the Building Materials Industry (2025 - 2026)", aiming to strictly control cement and glass production capacity and prohibit the addition of cement clinker and flat glass production capacity [1] Production and Inventory Data - In mid-September, key steel enterprises produced 20.73 million tons of crude steel, with an average daily output of 2.073 million tons, a 0.6% decrease from the previous period. The steel inventory was 15.29 million tons, a decrease of 530,000 tons (3.4%) from the previous ten-day period [1] Cost and Profit Data - This week, the average tax-excluded hot metal cost of mainstream sample steel mills in Tangshan was 2,228 yuan/ton, and the average tax-included billet cost was 2,986 yuan/ton, a week-on-week decrease of 5 yuan/ton. Compared with the billet ex-factory price of 3,030 yuan/ton on September 24, the average profit per ton for steel mills was 44 yuan, a week-on-week decrease of 25 yuan/ton [1] Market Performance - Yesterday, finished products oscillated and rebounded, driven by the rise of coking coal and glass in the afternoon [1] Factors to Watch - Macro policies and downstream demand conditions are the factors to watch in the later stage [2]

Group 1: Industry Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core Views - The view on finished products is that they will run in a volatile and consolidating manner, with the price center of gravity moving downward and weak operation, and the market sentiment is pessimistic in the context of weak supply and demand, and this year's winter storage is sluggish with limited price support [1][3] - The view on aluminum ingots is that they are supported by the peak season, and attention should be paid to the inventory inflection point. The price is expected to be adjusted weakly in the short - term, and attention should be paid to macro - sentiment and mine - end news [1][4] Group 3: Summary by Related Catalogs Finished Products - Yunnan and Guizhou short - flow construction steel enterprises are expected to stop production from mid - January and resume around the 11th to 16th day of the first lunar month, affecting a total of 741,000 tons of construction steel production [2] - Six short - flow steel mills in Anhui, one stopped on January 5, and most others will stop around mid - January, with a daily production impact of about 16,200 tons during the shutdown [2][3] - From December 30, 2024, to January 5, 2025, the total transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3] - Later, it is necessary to pay attention to macro - policies and downstream demand [3] Aluminum - The fundamental situation of alumina remains in an oversupply pattern. The domestic alumina operating capacity is at a high level, the import window is open, and the inventory is high [3] - As of last Thursday, the total installed capacity of national metallurgical - grade alumina was 110.32 million tons/year, and the operating total capacity was 92.33 million tons/year, with the weekly starting rate up 0.92 percentage points to 83.69% [3] - Last week, the starting rate of domestic aluminum downstream processing leading enterprises increased slightly by 0.1 percentage points to 62.2%, 1.3 percentage points lower than the same period last year [3] - On September 22, the inventory of electrolytic aluminum ingots at domestic mainstream consumption areas was 638,000 tons, the same as last Thursday and 100 tons higher than last Monday. From September 16 - 21, the domestic aluminum ingot delivery volume was 122,300 tons, an increase of 14,700 tons from the previous period [3] - Later, it is necessary to pay attention to macro - expectation changes, geopolitical crisis development, mine - end resumption, and consumption release [4]

Report Industry Investment Rating - Not provided Core Viewpoint of the Report - The supply and demand of coking coal and coke are both increasing. The peak demand season and pre - holiday restocking by downstream enterprises support the confidence of the raw material market. The short - term futures market will maintain a wide - range volatile operation [4] Summary by Related Catalogs Market Situation - Yesterday, the coking coal and coke futures prices fluctuated as a whole. In the spot market, coal prices in Shanxi have rebounded slightly continuously, and some coke enterprises in Inner Mongolia plan to raise coke prices due to rising costs, while mainstream coke enterprises have not adjusted prices yet [3] - Recently, Tangshan is affected by environmental protection policies, but the actual implementation of production cuts is average. Last week, the daily average pig iron output increased slightly by 0.47 million tons to 2.4102 million tons [3] Supply Side - Last week, coal mines in Shanxi continued to resume production, and output continued to rise. Although the document on checking over - production in Inner Mongolia has raised concerns about coal mine production cuts, the actual reduction in coking coal is limited. In the short term, there is still a small increase space for coal mines in the main producing areas [3] - The import volume of coking coal has been steadily increasing. In August, China imported 1.01622 billion tons of coking coal, a month - on - month increase of 5.6% and a year - on - year decrease of 5.02%. From January to August, the cumulative import was 7.26075 billion tons, a year - on - year decrease of 632.03 million tons, a decline of 8.01%. In August, the import volume of Mongolian coal was 601.47 million tons, a month - on - month increase of 20.8%. In September, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port was higher than that in August [3] Market Outlook - Driven by restocking demand, the market may remain strong before the holiday [3]

Report Overview - Report Title: [Huabao Futures] Non-ferrous Metals Weekly Report [1] - Report Date: September 23, 2025 [2] 1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Aluminum prices are expected to fluctuate at a high level recently, and attention should be paid to the guidance of peak-season inventory consumption on price direction [9][10] - Zinc prices are expected to have a slight weak adjustment in the short term, with support in the peak season but medium- to long-term supply increase putting pressure on the upside [12][13] - Tin prices are expected to have a strong adjustment in the short term under the situation of weak supply and demand [16] 3. Summary by Relevant Catalogs 3.1. Non-ferrous Weekly Market Review - **Copper**: The closing price of the futures main contract on September 19 was 79,910 yuan, a weekly decrease of 1,150 yuan or -1.42%; the spot price was 79,970 yuan, a weekly decrease of 1,020 yuan or -1.26% [7] - **Aluminum**: The closing price of the futures main contract on September 19 was 20,795 yuan, a weekly decrease of 325 yuan or -1.54%; the spot price was 20,840 yuan, a weekly decrease of 210 yuan or -1.00% [7] - **Zinc**: The closing price of the futures main contract on September 19 was 22,045 yuan, a weekly decrease of 260 yuan or -1.17%; the spot price was 22,082 yuan, a weekly decrease of 154 yuan or -0.69% [7] - **Tin**: The closing price of the futures main contract on September 19 was 268,770 yuan, a weekly decrease of 5,180 yuan or -1.89%; the spot price was 269,250 yuan, a weekly decrease of 4,000 yuan or -1.46% [7] - **Nickel**: The closing price of the futures main contract on September 19 was 121,500 yuan, a weekly decrease of 480 yuan or -0.39%; the spot price was 123,020 yuan, a weekly decrease of 410 yuan or -0.33% [7] 3.2. This Week's Non-ferrous Market Forecast Aluminum - **Logic**: Last week, aluminum prices adjusted at a high level. After the Fed cut interest rates by 25 basis points, many Fed officials released hawkish signals, leading to a slight price correction. Fundamentally, the alumina market remains in an oversupply situation. The domestic alumina operating capacity remains at a high level, the import window is open, and domestic inventories are high. On the demand side, the开工 rate of domestic aluminum downstream processing leading enterprises increased slightly by 0.1 percentage points to 62.2% last week, down 1.3 percentage points compared with the same period last year [9] - **Viewpoint**: After the previous macro factors were settled, the price adjusted slightly after rising. It is expected to fluctuate at a high level recently, and attention should be paid to the guidance of peak-season inventory consumption on price direction [10] Zinc - **Logic**: Last week, zinc prices adjusted weakly. The SMM Zn50 domestic weekly TC average price remained flat at 3,850 yuan/metal ton, and the SMM imported zinc concentrate index increased by $12.5/dry ton to $111.25/dry ton. The Shanghai-London ratio fell to around 7.5, and the zinc ingot import window remained closed. On the demand side, the galvanizing开工率 reached 58.05%, up 1.99 percentage points from the previous week. Zinc ingot inventories increased slightly. The die-casting zinc alloy开工率 was 53.78%, down 0.21 percentage points from the previous week. As of September 22, the total inventory of SMM seven places was 15.70 tons, a decrease of 0.36 tons compared with September 15 [12] - **Viewpoint**: In the short term, the macro benefits have basically been released, and the price has a slight weak adjustment. There is still support in the peak season, but the medium- to long-term supply increase puts pressure on the upside [13] Tin - **Logic**: The Fed's 25-basis-point interest rate cut did not exceed market expectations, and there was some pressure on tin prices in the short term. In July, China's tin ore imports were 10,200 tons (equivalent to about 4,335 metal tons), a month-on-month decrease of 13.71% and a year-on-year decrease of 31.79%. From January to July, the cumulative imports were 72,400 tons, a cumulative year-on-year decrease of 32.32%. After Myanmar completed the mining license approval, the progress was slow, and ore production will continue until at least the fourth quarter. The tight supply situation promoted tin prices. Currently, the raw materials in Yunnan are in short supply, and the inventory is less than 30 days; the scrap tin in Jiangxi is also tight, resulting in a significant decline in the开工率 of smelters in the two provinces. Downstream demand is average, and although the data of consumer electronics and new energy vehicles are good, there are signs of a market slowdown. The market shows a situation of weak supply and demand in the short term [16] - **Viewpoint**: In the short term, supply and demand are both weak, and tin prices are strongly adjusted [16] 3.3. Variety Data Aluminum - **Bauxite**: The price of domestic high-grade bauxite in Henan remained unchanged at 650 yuan/ton; the price of domestic low-grade bauxite in Henan remained unchanged at 580 yuan/ton; the average price of imported bauxite index was $75.1/ton, a decrease of $0.38 compared with the previous week. The port arrival volume was 3.4174 million tons, a decrease of 837,100 tons compared with the previous week; the port departure volume was 4.6711 million tons, a decrease of 200 tons compared with the previous week [20][23] - **Alumina**: The domestic price in Henan was 3,020 yuan/ton, a decrease of 30 yuan compared with the previous week; the full cost was 2,890.2 yuan/ton, a decrease of 11.8 yuan compared with the previous week; the profit in Shanxi was -8.43 yuan/ton, a decrease of 46.82 yuan compared with the previous week [26] - **Electrolytic Aluminum**: The total cost was 16,335.29 yuan/ton, a decrease of 71.95 yuan compared with the previous week; the regional price difference between Foshan and SMM A00 aluminum was -50 yuan/ton, unchanged compared with the previous week. The开工率 of aluminum cables remained unchanged at 65.2; the开工率 of aluminum foil remained unchanged at 71.9; the开工率 of aluminum plates and strips decreased by 0.4 to 68.2; the开工率 of aluminum profiles increased by 0.6 to 54.6; the开工率 of primary aluminum alloy decreased by 0.2 to 57.2; the开工率 of recycled aluminum alloy increased by 0.4 to 55.9. The bonded area inventory in Shanghai was 67,800 tons, a decrease of 1,700 tons compared with the previous week; the total bonded area inventory was 90,800 tons, a decrease of 1,700 tons compared with the previous week; the social inventory was 638,000 tons, an increase of 1,000 tons compared with the previous week; the weekly outbound volume of aluminum ingots in major consumption areas was 122,300 tons, an increase of 14,700 tons compared with the previous week. The SHFE inventory was 127,734 tons, a decrease of 765 tons compared with the previous week; the LME inventory was 513,900 tons, an increase of 28,625 tons compared with the previous week [28][33][39][40] - **Spot and Basis**: The SMM A00 aluminum basis for the current month was 0 yuan/ton, a decrease of 25 yuan compared with the previous week; the basis for the main contract was 0 yuan/ton, an increase of 75 yuan compared with the previous week; the basis for the third consecutive contract was 5 yuan/ton, an increase of 55 yuan compared with the previous week. The price difference between the current month and the main contract was 5 yuan/ton, an increase of 100 yuan compared with the previous week; the price difference between the current month and the third consecutive contract was 5 yuan/ton, an increase of 80 yuan compared with the previous week [45][46] Zinc - **Zinc Concentrate**: The domestic zinc concentrate price was 16,654 yuan/metal ton, a decrease of 224 yuan compared with the previous week; the domestic zinc concentrate processing fee remained unchanged at 3,850 yuan/metal ton; the imported zinc concentrate processing fee was $111.25/dry ton, an increase of $12.5 compared with the previous week. The enterprise production profit was 3,686 yuan/metal ton, a decrease of 192 yuan compared with the previous week; the import profit and loss was -2,001.32 yuan/ton, an increase of 147.85 yuan compared with the previous week; the imported zinc concentrate inventory in Lianyungang was 150,000 physical tons, a decrease of 10,000 tons compared with the previous week [53][56] - **Refined Zinc**: The SMM seven-place zinc ingot social inventory was 157,000 tons, a decrease of 3,600 tons compared with the previous week; the zinc ingot bonded area inventory was 8,000 tons, unchanged compared with the previous week; the SHFE refined zinc inventory was 99,315 tons, an increase of 4,666 tons compared with the previous week; the LME zinc inventory was 46,825 tons, a decrease of 3,325 tons compared with the previous week [59] - **Galvanizing**: The output was 337,400 tons, an increase of 5,055 tons compared with the previous week; the开工率 was 58.05, an increase of 1.99 percentage points compared with the previous week; the raw material inventory was 13,910 tons, an increase of 50 tons compared with the previous week; the finished product inventory was 366,800 tons, a decrease of 8,900 tons compared with the previous week [62] - **Zinc Basis and Price Difference**: The SMM 0 zinc ingot basis for the current month was -55 yuan/ton, a decrease of 35 yuan compared with the previous week; the basis for the main contract was -65 yuan/ton, an increase of 60 yuan compared with the previous week; the basis for the third consecutive contract was -90 yuan/ton, an increase of 15 yuan compared with the previous week. The price difference between the current month and the main contract was -10 yuan/ton, an increase of 65 yuan compared with the previous week; the price difference between the current month and the third consecutive contract was -40 yuan/ton, an increase of 55 yuan compared with the previous week [65][68] Tin - **Refined Tin**: The combined output of Yunnan and Jiangxi provinces was 1,450 tons, an increase of 70 tons compared with the previous week; the combined开工率 was 29.92%, an increase of 1.44 percentage points compared with the previous week [73] - **Tin Ingot Inventory**: The SHFE tin ingot total inventory was 6,988 tons, a decrease of 909 tons compared with the previous week; the Chinese regional tin ingot social inventory was 8,453 tons, a decrease of 936 tons compared with the previous week [76] - **Tin Concentrate Processing Fee**: The tin concentrate processing fee in Yunnan (40%) remained unchanged at 12,000 yuan/ton; the tin concentrate processing fee in Guangxi, Hunan, and Jiangxi (60%) remained unchanged at 8,000 yuan/ton [78] - **Tin Ore Import Profit and Loss**: The tin ore import profit and loss level was 14,948.1 yuan/ton, an increase of 6,105.3 yuan compared with the previous week [79] - **Spot Price**: The average price of 40% tin concentrate in Yunnan was 257,300 yuan/ton, a decrease of 4,600 yuan compared with the previous week; the average price of 60% tin concentrate in Guangxi, Hunan, and Jiangxi was 261,300 yuan/ton, a decrease of 4,600 yuan compared with the previous week [83]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The supply and demand of coking coal and coke are both increasing. The downstream starts pre - holiday stockpiling, which supports the confidence of the raw material market. The short - term futures market will maintain a wide - range volatile operation [3] Group 3: Summary by Related Catalogs Market Conditions - Yesterday, the coking coal and coke futures prices fluctuated. In the spot market, coal prices in Shanxi rebounded slightly continuously, and some coking enterprises in Inner Mongolia planned to raise coke prices due to rising costs [2] - In August, China's coking coal imports were 1.01622 billion tons, a month - on - month increase of 5.6% and a year - on - year decrease of 5.02%. From January to August, the cumulative imports were 7.26075 billion tons, a year - on - year decrease of 632.03 million tons, a decline of 8.01%. In August, Mongolian coal imports were 601.47 million tons, a month - on - month increase of 20.8% [2] - Recently, Tangshan has been affected by environmental protection policies, with a planned production restriction from September 15th to September 30th. Most of the production restrictions are voluntary. The profitability rate of 247 steel mills was 58.87%, a decrease of 1.30 percentage points from the previous week. The daily average pig iron output increased slightly by 0.47 million tons to 2.4102 billion tons, and there was no overall production reduction in steel mills [3] Raw Materials - Last week, coal mines in Shanxi continued to resume production, and output continued to increase. Although the document on over - production inspection in Inner Mongolia caused concerns about coal mine production reduction, the actual reduction in coking coal was limited. In the short term, there is still a slight increase in production space for coal mines in the main production areas, and the market may remain strong before the holiday [3]

Group 1: Report Industry Investment Ratings - No relevant content found Group 2: Core Views -成材震荡整理运行 后期关注宏观政策和下游需求情况 [4] -铝锭预计价格短期偏弱调整 关注宏观情绪和矿端消息 [5] Group 3: Summary by Related Catalogs 成材 -云贵区域短流程建筑钢材生产企业春节停产预计影响总产量74.1万吨 安徽省6家短流程钢厂部分已停产或计划1月中旬左右停产 日度影响产量1.62万吨左右 [3][4] -2024年12月30日 - 2025年1月5日 10个重点城市新建商品房成交面积环比下降40.3% 同比增长43.2% [4] -成材昨日震荡下行 价格创近期新低 供需双弱格局下市场情绪悲观 价格重心下移 今年冬储低迷 对价格支撑不强 [4] 氧化铝 -氧化铝基本面维持过剩格局 供应端国内运行产能高位 进口窗口开启 库存高位 需求端国内铝下游加工龙头企业开工率较上周小幅增加0.1个百分点至62.2% 与去年同期相比下降1.3个百分点 [4] -截至上周四 全国冶金级氧化铝建成总产能11032万吨/年 运行总产能9233万吨/年 全国氧化铝周度开工率较上周上调0.92个百分点至83.69% [4] 铝锭 -9月22日国内主流消费地电解铝锭库存63.8万吨 持平于上周四库存 较上周一上涨0.1万吨 9.16 - 9.21期间国内铝锭出库量共计12.23万吨 环比增加1.47万吨 [4] -宏观降息预期兑现 关注国内政策推进 当下过渡到金九银十 宏观与基本面带来支撑 宏观靴子落地 预计价格短期持高位整理 后续关注库消走势 [5]

Group 1: Report Industry Investment Rating - The report's view on the industry is that it is operating at a low level [3] Group 2: Core View of the Report - The Ministry of Industry and Information Technology and other departments jointly issued the "Steel Industry Steady Growth Work Plan (2025 - 2026)", setting the average annual growth target of the steel industry's added value at about 4% in the next two years, aiming at "steady growth and preventing involution" and guiding the structural adjustment and high - quality development of the Chinese steel industry [2] - On September 22, the average cost of 76 independent electric arc furnace construction steel mills was 3,337 yuan/ton, with an average profit loss of 123 yuan/ton and a valley - electricity profit loss of 25 yuan/ton [2] - From September 15 to 21, 2025, global shipyards received 35 + 2 new ship orders, with Chinese shipyards getting 16 + 2 and South Korean shipyards getting 11 [2] - Benefiting from the "Steel Industry Steady Growth Work Plan" of the Ministry of Industry and Information Technology, finished products fluctuated strongly. The market has returned to the fundamentals of varieties. Last week, rebar and hot - rolled coil showed differentiation. Rebar production and inventory decreased slightly while apparent demand increased; hot - rolled coil production and inventory increased slightly while performance decreased, resulting in rebar being stronger than hot - rolled coil in price trends. Currently, the weak downstream situation has not improved, and prices are consolidating at low levels [2] Group 3: Later Focus - Later, attention should be paid to macro - policies and downstream demand [3]