1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The domestic soda ash market is fluctuating with prices stable but slightly decreasing. The supply has decreased slightly due to load fluctuations and maintenance of individual enterprises. The downstream demand is expected to be moderately weak, and the inventory of soda ash enterprises is expected to remain at a high level in the near term. The soda ash price is expected to fluctuate in the short - term, with the 05 contract facing resistance at around 1220 yuan/ton [1] 3. Summary by Relevant Catalogs Market Review and Outlook - The domestic soda ash market has been fluctuating, and prices have been stable with a slight decline. Last week, the domestic soda ash production was 72.14 million tons, a week - on - week decrease of 1.4 million tons or 1.91%. The comprehensive utilization rate of production capacity was 82.74%, a week - on - week decrease of 1.61%. The total inventory of domestic soda ash manufacturers was 149.93 million tons, a week - on - week increase of 0.50 million tons or 0.33%. The number of days of pending orders for soda ash enterprises was more than 12 days, showing a narrow decline [1]. - Currently, the profit of soda ash enterprises is poor. The domestic soda ash operation rate is expected to be stable at a high level this week. The downstream demand for soda ash is expected to be moderately weak. The production of downstream float glass is expected to decline slightly, while that of photovoltaic glass is expected to remain stable. The inventory of soda ash enterprises is expected to remain high, and attention should be paid to changes in the soda ash operation rate [1]. Factors to Watch - Changes in soda ash operation rate; new production capacity release progress; changes in soda ash enterprise inventory [2] Weekly Changes in Fundamental Data This Week Spot and Futures Market Review - Last week, the soda ash market in East China was stable with light trading, and prices were slightly adjusted. The futures price fluctuated and rebounded, and the basis in the East China market showed a downward trend [7] Supply Situation Analysis - As of December 18, the domestic soda ash production was 72.14 million tons, a week - on - week decrease of 1.4 million tons or 1.91%. The production of light soda ash was 33.11 million tons, a week - on - week decrease of 0.65 million tons, and that of heavy soda ash was 39.03 million tons, a week - on - week decrease of 0.75 million tons. The theoretical profit of the dual - ton of soda ash by the joint - alkali method in China was - 41 yuan/ton, a week - on - week increase of 16.33%. The theoretical profit of soda ash by the ammonia - alkali method was - 66.70 yuan/ton, a week - on - week increase of 1.33% [8] Demand Situation Analysis - **Photovoltaic glass**: As of December 18, the domestic photovoltaic glass production capacity in operation was 88,680 tons per day, unchanged from the previous week and a year - on - year increase of 3.54%. The capacity utilization rate this week was 67.82%, unchanged from the previous week. In December, the supply - demand gap is expected to widen, mainly because the industry demand is expected to shrink significantly near the end of the year, while the decline in supply is relatively small. Considering the current industry inventory of more than 30 days, there may be unexpected production cuts in December [12]. - **Float glass**: As of December 18, the average operation rate of the float glass industry was 73.99%, a week - on - week increase of 0.15 percentage points, and the average capacity utilization rate was 77.48%, unchanged from the previous week. There is an expectation that a production line in South China will stop production this week, and the float glass production may slightly decrease [12] Enterprise Inventory Analysis - As of December 18, the total inventory of domestic soda ash manufacturers was 149.93 million tons, a week - on - week increase of 0.50 million tons or 0.33%. Among them, the inventory of light soda ash was 72.76 million tons, a week - on - week increase of 2.38 million tons, and that of heavy soda ash was 77.17 million tons, a week - on - week decrease of 1.88 million tons [14] Position Analysis - As of December 19, the long - position volume of the top 20 members in soda ash futures was 785,571, an increase of 4,834, and the short - position volume was 963,332, an increase of 27,622. The net position of the top 20 members was bearish [16]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the PTA futures market showed a strong upward trend. TA2605 closed at 4,882 yuan/ton, up 208 yuan/ton or 4.85%. Short - term supply is still tight, social inventory is continuously decreasing, and the rise in PXN has also pushed up the PTA price [2]. - In the future, there are many near - term PTA overhauls. The balance sheet will show inventory reduction in December, and there is no pressure for inventory accumulation in January, which is better than the previous expectation. In the medium - to - long term, as the cycle of concentrated capacity release ends, PTA processing fees are expected to gradually improve. In addition, there will be many PX overhauls in the second quarter of next year, and the long - term outlook is positive [2]. 3. Summary by Relevant Catalogs Market Review and Outlook - The PTA futures price increased this week. TA2605 rose by 4.85%. Short - term supply is tight due to previous overhauls, and social inventory is decreasing. The downstream polyester load remained stable, while the operating rate of Jiangsu and Zhejiang looms continued to decline. The increase in PXN also contributed to the rise in PTA price [2]. Key Factors to Watch - Polyester operating rate, PTA overhauls, loom operating rate, PX adjustment demand, and crude oil trends [3]. Weekly Changes in Fundamental Data | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | PTA futures (continuous) | yuan/ton | 4,820.00 | 4,765.00 | 55.00 | 1.15% | Daily | | PTA output | 10,000 tons | 141.12 | 141.12 | 0.00 | 0.00% | Weekly | | Polyester chip operating rate | % | 83.70 | 83.80 | - 0.10 | - 0.12% | Weekly | | Jiangsu and Zhejiang loom operating rate | % | 62.90 | 63.69 | - 0.79 | - 1.24% | Weekly | | PXN | yuan/ton | 335 | 281 | 54.00 | 19.22% | Daily | | PTA cash - flow cost | yuan/ton | 4,850 | 4,687 | 163.00 | 3.48% | Daily | [4] PX - Related Analysis - The report includes the review of the PX futures and spot markets, analysis of PX supply (such as production, import volume, operating rate, and inventory), and presents relevant data through multiple graphs [6][13] PTA - Related Analysis - It covers the review of the PTA futures and spot markets, analysis of PTA supply (production, operating rate, social inventory), consumption (export, downstream product production and operating rate), and cost - profit analysis, with relevant data presented in graphs [20][22][28][36]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Last week, the port methanol market strengthened, with prices in Jiangsu ranging from 2070 - 2190 yuan/ton and in Guangdong from 2050 - 2130 yuan/ton. The inland methanol market was weak, with prices in the main production area of Ordos North Line ranging from 1950 - 1973 yuan/ton. The downstream Dongying receiving price was between 2225 - 2230 yuan/ton [1]. - Methanol enterprises' overall profits are poor. The domestic methanol start - up is expected to remain high. With the seasonal gas restriction in the Middle East, the on - the - way cargo volume in Iran is still abundant, and imports in December are likely to remain at a high level [1]. - This week, the faulty downstream glacial acetic acid units are expected to resume normal operation, with an expected increase in capacity utilization. The weekly average start - up of methanol - to - olefins is expected to rise, and the overall downstream demand for methanol is expected to pick up [1]. - The methanol port inventory is at a high level, and the import volume is expected to increase in the near future. The methanol price is expected to fluctuate in the near term, with the upper pressure on the 05 contract at the 2220 level [1]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - Port methanol market strengthened last week due to slow port unloading, inventory reduction, and some holders' low - price selling reluctance. Inland market was weak because of seasonal freight increase and high downstream raw material inventory [1]. - In the future, methanol prices are expected to fluctuate, with the 05 contract facing upper pressure at 2220 [1]. 3.2 Factors to Watch - Methanol start - up changes and methanol port inventory changes [2] 3.3 Weekly Changes in Fundamental Data - The basis (Jiangsu) decreased by 62.75% week - on - week to 9.5 yuan/ton. The inland methanol sample enterprise inventory increased by 8.01% to 39.11 tons. The port methanol inventory decreased by 1.26% to 121.88 tons. The weekly output increased by 0.79% to 205.59 tons [3]. - The profit of Inner Mongolia coal - to - methanol increased by 14.1% to - 135.8 yuan/ton. The profit of North China coke - oven gas - to - methanol decreased by 10.58% to 169 yuan/ton. The profit of Southwest natural gas - to - methanol remained unchanged at - 320 yuan/ton [3]. - The downstream acetic acid start - up rate increased by 3.55% to 76.51%, while the downstream methanol - to - olefins start - up rate decreased by 1.34% to 88.99% [3]. 3.4 Periodic and Spot Market Review - Last week, the port methanol market was range - bound, with prices in Jiangsu fluctuating from 2060 - 2120 yuan/ton [7]. 3.5 Supply Situation Analysis - As of December 18, the capacity utilization rate of Chinese methanol plants was 90.52%, a 0.81% increase from the previous period [8]. - The weekly average profit of Inner Mongolia coal - to - methanol (based on full cost) was - 135.80 yuan/ton, a 14.10% increase from the previous period. Based on cash - flow cost, the profit increased by 9.22% [8]. - The weekly average profit of Hebei coke - oven gas - to - methanol was 169.00 yuan/ton, a 10.58% decrease from the previous week. The weekly average profit of Southwest natural gas - to - methanol remained unchanged at - 320.00 yuan/ton [8]. 3.6 Demand Situation Analysis - As of December 18, the weekly average capacity utilization rate of MTO plants in Jiangsu and Zhejiang was 70.10%, a 7.44 - percentage - point decrease from the previous week. Most plants maintained their previous loads this week [10]. - The overall capacity utilization rate of downstream glacial acetic acid increased, although there were still frequent faults. Some plants had short - term outages, while some were not operating at full capacity [10]. 3.7 Inventory Analysis - As of December 17, the total sample inventory of Chinese methanol ports was 121.88 tons, a 1.56 - ton decrease from the previous period and a 13.8% increase compared to the same period last year [12]. 3.8 Position Analysis - As of December 19, the long - position volume of the top 20 members in methanol futures was 799,442, a decrease of 22,337. The short - position volume was 935,039, a decrease of 8,706. The net position of the top 20 members was bearish [15].

期货研究报告 2025年12月22日 生猪期货：底部震荡格局 高剑飞 投资咨询从业资格号：Z0014742 gaojianfei@nzfco.com 报告导读： 1、市场回顾与展望：上周国内生猪现货价格先扬后抑，整体呈震荡下行走势。周初（12月15日）全国 外三元生猪均价为11.30元/公斤，受冬至临近腌腊备货需求升温带动，价格逐步攀升，周中（12月18日左右） 触及11.74元/公斤的阶段性高点；但随着冬至备货结束，需求承接转弱，叠加养殖端集中出栏引发供应踩踏， 价格快速回落，截至周末（12月21日），全国外三元生猪均价跌至11.53元/公斤，较上周末下跌0.12元/公 斤，累计跌幅1.05%。 短期来看（未来1-2周），生猪市场仍将维持"底部偏弱震荡"格局。供应端，12月规模企业出栏计划 增量仍将持续释放，元旦前养殖端逢高出栏情绪仍浓，供应压力难以缓解；需求端，冬至后腌腊需求进入 尾声，春节前备货尚未启动，短期需求缺乏增量支撑，价格大概率延续震荡下行走势，不排除刷新前期低 点的可能。 综合来看：以"底部偏弱震荡"思路对待，主力LH2603合约上方压力关注11500元/吨，下方支撑关注 11200元/吨。操 ...

今 日 早 评 重点品种： 【短评-焦煤】Mysteel统计独立焦企全样本：产能利用率 为72.05%，减1.11%；焦炭日均产量63.00万吨，减0.98万吨； 焦炭库存91.10万吨，增3.78万吨；炼焦煤总库存1036.29万 吨，减1.01万吨；焦煤可用天数12.4天，增0.18天。评：供应 端，产地部分前期换工作面的煤矿恢复生产，但随着完成年度 任务减产的煤矿继续增加，国内供应依旧偏紧。需求端，焦炭 产量小幅回落，中下游按需采购为主，上游煤矿累库放缓。整 体上，低估值下盘面低位持续反弹，现货端采购积极性有所回 升，线上竟拍成交稍有改善。随着年关将近，冬储力度逐渐加 大，焦煤基本面延续边际改善，盘面估值仍有修复空间。 【短评-白银】美国白宫国家经济委员会主任哈塞特表示， 与古尔斯比观点一致，当前仍存在充足的降息空间。特朗普希 望美联储主席能够作出独立判断，特朗普助手们将在佛罗里达 讨论住房政策，预计很快将在新年宣布"重大"住房计划。 评：目前关于未来降息的分歧有所加强，但是对政府的各种刺 激政策的预期增加，提振风险偏好。降息预期对贵金属存在支 撑，整体来看，降息周期对白银依然偏多支撑。关注黄金波动 对 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Seasonal factors and a slowdown in domestic investment growth make it difficult to change the weak demand pattern for steel. Short - term steel prices may fluctuate strongly due to market sentiment repair and cost increase [1] - US inflation is lower than expected, increasing market expectations for the Fed to cut interest rates next year, which is bullish for silver [1] - In the case of stable supply and slightly decreased demand, the de - stocking of lithium carbonate has slowed down this week, and the price may continue to rise after a correction [3] - Coking coal remains weak, with current policies providing only limited short - term support. Near the delivery, it may face problems with poor long - position delivery willingness [4] - Special bonds may be pre - arranged, and fiscal policy may continue to be strong next year. The bond market should not be bearish in the short term and should be observed for the evolution of monetary easing expectations [4] - Although the pig price rose yesterday, it is expected to weaken after a short - term rebound due to overall ample supply [5] - The decline in Indonesian palm oil inventory is marginally beneficial, but the inventory pressure in Malaysia and unclear demand prospects limit price increases [5] - The supply of imported soybeans is increasing, and the domestic soybean meal futures contract has limited upside space and is expected to fluctuate in the short term [6] - The change in the candidates for the Fed chairman and the significant decline in US inflation make it difficult for gold to have further upward momentum and may oscillate at a high level in the medium term [6] - Methanol is expected to fluctuate in the short term due to high domestic methanol production and weak demand [7] - Soda ash is expected to fluctuate weakly in the short term due to high inventory and new production capacity pressure [8] - Ethylene glycol is expected to fluctuate in the short term as the market tends to be dull [9] - Copper prices are expected to maintain a high - level strong oscillation pattern due to the "strong expectation, weak reality" situation [11] - Crude oil should be treated with a slight downward oscillation in the short term due to supply pressure and geopolitical risks [11] - Natural rubber is expected to oscillate as the supply - side situation changes and tire production and sales are affected [12] - PTA lacks a basis for decline in the short term due to cost support and can be cautiously tested for long positions on sharp declines [12] Summary by Variety Steel - As of the week of December 18, the output of rebar was 1816800 tons, an increase of 29000 tons from the previous week; the factory inventory was 1395400 tons, a decrease of 12600 tons; the social inventory was 3130000 tons, a decrease of 257000 tons; the apparent demand was 2086400 tons, an increase of 55500 tons [1] Silver - In November, the US core CPI increased by 2.6% year - on - year, and the overall CPI increased by 2.7% year - on - year, both lower than market expectations [1] Lithium Carbonate - The SMM battery - grade lithium carbonate index price was 97690 yuan/ton, and the average price of battery - grade lithium carbonate was 97550 yuan/ton, both rising from the previous working day [3] Coking Coal - The capacity utilization rate of 523 coking coal mines was 86.6%, with an increase of 1.3% month - on - month. The daily output of raw coal was 1927000 tons, and the inventory was 4789000 tons, both increasing [4] Long - term Treasury Bonds - The National Development and Reform Commission will take measures to expand effective investment, and there are expectations for the advance layout of special bonds and continuous fiscal efforts next year [4] Live Pigs - On December 18, the average price of pork in the national agricultural product wholesale market was 17.51 yuan/kg, an increase of 0.5% from the previous day [5] Palm Oil - On the 18th, the spot price of domestic 24 - degree palm oil had different changes in different regions. The inventory in Indonesia decreased in October [5] Soybean Meal - On December 18, the domestic soybean meal spot market prices in different regions either remained stable or decreased [6] Gold - Trump said that the nominee for the next Fed chairman would be announced soon, and the candidate would support "substantial" interest rate cuts [6] Methanol - The market price of methanol in Jiangsu Taicang was 2155 yuan/ton, an increase of 25 yuan/ton. The domestic methanol weekly capacity utilization rate was 90.52%, and the downstream total capacity utilization rate was 74.45% [7] Soda Ash - The national mainstream price of heavy - duty soda ash was 1258 yuan/ton, remaining stable. The weekly output of soda ash was 721400 tons, a decrease of 1.9% [8] Ethylene Glycol - The market price of ethylene glycol in East China was 3654 yuan/ton, a decrease of 14 yuan/ton. The weekly output of domestic ethylene glycol was 386800 tons, a decrease of 0.41% [9] Copper - The US CPI and core CPI in November were both lower than market expectations, strengthening the expectation of the Fed's interest rate cut in 2026 [11] Crude Oil - Trump demanded that Venezuela return the oil rights of US companies, and the US and Ecuador will carry out a joint operation [11] Rubber - The raw material prices in Thailand increased, and the tire capacity utilization rate decreased in China. The inventory turnover days of tires increased [12] PTA - The PTA social inventory was 2986100 tons, a decrease of 57800 tons from the previous statistical period. The PTA capacity utilization rate was 73.81% [12]

今 日 早 评 重点品种： 【短评-焦煤】本周314家独立洗煤厂样本产能利用率为 37.7%，环比减0.5%；精煤日产27.3万吨，环比减0.6万吨；精 煤库存327.3万吨，环比减5.1万吨。评：供应端，临近年底， 主产地因年度任务完成而减产的煤矿有所增加，前期因井下问 题减产煤矿缓慢复产，整体来看，国内煤炭产量释放趋缓，高 频数据显示上游开工率周环比小幅下滑。需求方面，前期焦企 因环保问题限产运行，开工有所下降，预计部分焦企本周将有 复产，钢厂铁水仍在下滑，但下游原料库存相对低位，仍有补 库空间。预计盘面震荡偏多。 【短评-白银】美联储理事沃勒最新表示，随着就业市场趋 弱且通胀受控，美联储仍有50至100个基点的降息空间。但基于 当前的经济前景，美联储无需采取激烈的行动。评：美联储主 席最新热门人选沃勒释放偏鸽言论，降息预期对贵金属存在支 撑，整体来看，降息周期对白银依然偏多支撑。关注是否出现 逼空行情，注意盈利保护。 投资咨询中心 2025年12月18日 研究员 姓名：师秀明 邮箱：shixiuming@nzfco.com 期货从业资格号：F0255552 期货投资咨询从业证书号：Z0010784 邮箱 ...

今 日 早 评 【短评-白银】美国劳工统计局公布数据显示，美国11月非 农就业人口增加6.4万人，高于市场预期的5万人，但失业率却 意外升至4.6%，创下2021年9月以来的新高。另外，10月非农就 业大幅减少10.5万人，远超预期的下降2.5万人，8月和9月也合 计下修3.3万人。评：美国就业数据整体偏弱，支持明年降息， 但是不一定在1月份降息，整体来看，降息周期对白银依然偏多 支撑。关注是否出现逼空行情。 投资咨询中心 2025年12月17日 研究员 姓名：师秀明 邮箱：shixiuming@nzfco.com 期货从业资格号：F0255552 期货投资咨询从业证书号：Z0010784 重点品种： 【短评-纯碱】全国重质纯碱主流价1257元/吨，近期价格 偏弱；纯碱周度产量73.54万吨，环比+4.48%；纯碱厂家总库存 149.43万吨，周下降2.88%；浮法玻璃开工率73.84%，周度- 0.89个百分点；全国浮法玻璃均价1090元/吨，环比上日持平； 全国浮法玻璃样本企业总库存5822.7万重箱，环比下降2.04%。 评：浮法玻璃开工较稳，库存下降，华东市场区域窄幅整理操 作，原片企业多稳价出货为主 ...

今 日 早 评 重点品种： 【短评-焦炭】Mysteel煤焦事业部调研全国30家独立焦化 厂吨焦盈利情况，全国平均吨焦盈利44元/吨；山西准一级焦平 均盈利61元/吨，山东准一级焦平均盈利100元/吨，内蒙二级焦 平均盈利5元/吨，河北准一级焦平均盈利89元/吨。评：供应 端，二轮提降落地，原料价格持续下行，焦企利润稍有回暖， 开工积极性较高；河南等地受空气质量问题影响，部分焦企生 产受限，总体供应有所下滑。需求端，钢厂利润仍有压力，伴 随淡季深入检修逐渐增多，铁水产量延续季节性下滑。总体 上，焦炭成本支撑仍较弱，盘面在连续下跌后已有企稳迹象， 连续多轮提降可能性较低，盘面跟随焦煤震荡运行。 【短评-白银】多位美联储官员发声。费城联储主席保尔森 称，通胀不再是最大敌人，就业下行风险更值得担忧。芝加哥 联储主席古尔斯比表示，周三投票反对降息是希望等待更多数 据，预计明年降息次数多于中值预测。堪萨斯城联储主席施密 德、克利夫兰联储主席哈马克均表示，希望政策保持适度限制 性。评：多名美联储官员发生，货币政策宽松或超过点阵图暗 示值。2026年降息或仍有空间，提升风险偏好。白银震荡偏 多，关注是否出现逼空行情。 投资 ...

Report Industry Investment Rating - Not provided Report Core View - This week, steel prices fluctuated and declined, market sentiment returned to rationality. Although inventory was depleted and steel mill production reached a new low, market demand was weak, the fundamentals had a slight correction, and raw material support remained relatively strong, so the bottom of steel prices was still high. As of December 12, the average price of 20mm grade III earthquake-resistant rebar in major cities across the country was 3,289 yuan/ton, a week-on-week decrease of 37 yuan/ton; the average price of 8.0mm HPB300 high-speed wire rod was 3,476 yuan/ton, a week-on-week decrease of 35 yuan/ton [1]. - As the end of the year approaches, steel mill overhauls increase, hot metal production continues to decline, and rebar production has decreased significantly. Rebar supply and demand are both weak, inventory continues to be depleted, and the inventory depletion speed remains at a relatively fast level. Currently, the fundamental contradictions are not prominent. Signals released by the Politburo meeting, the Central Economic Work Conference, and the Federal Reserve meeting are all within expectations, and macro disturbances have temporarily come to an end. With limited bright spots in the fundamentals, it is expected that the futures prices will be under pressure and fluctuate [1]. Summary by Related Catalogs Market Review and Outlook - This week, steel prices fluctuated and declined, with weak market demand and a slight correction in fundamentals, but strong raw material support and a relatively high bottom for steel prices. As of December 12, the average price of 20mm grade III earthquake-resistant rebar in major cities across the country decreased by 37 yuan/ton week-on-week, and the average price of 8.0mm HPB300 high-speed wire rod decreased by 35 yuan/ton week-on-week [1]. - As the end of the year approaches, steel mill overhauls increase, hot metal production and rebar production decline. Rebar supply and demand are both weak, inventory continues to be depleted rapidly, and fundamental contradictions are not prominent. Macro disturbances have temporarily ended, and it is expected that the futures prices will be under pressure and fluctuate [1]. Fundamental Data Weekly Changes - The average daily hot metal production of steel mills was 2.292 million tons, a week-on-week decrease of 31,000 tons (-1.33%). Rebar mill inventory was 1.408 million tons, a week-on-week decrease of 18,800 tons (-1.32%). Rebar social inventory was 3.387 million tons, a week-on-week decrease of 224,300 tons (-6.21%). Hot-rolled coil mill inventory was 840,300 tons, a week-on-week increase of 41,100 tons (5.14%). Hot-rolled coil social inventory was 3.1306 million tons, a week-on-week decrease of 73,700 tons (-2.30%) [2]. Futures Market Review - Figures related to the 5-day intraday chart of rebar and hot-rolled coil main contracts, rebar 01 - 05 spread, hot-rolled coil 01 - 05 spread, on-screen coil-to-rebar spread, and speculation degree (trading volume/position) are presented, with data from the Steel Union Terminal and Ningzheng Futures [3][4][6]. Spot Market Review - Figures related to the East China price of rebar (Shanghai), the spot price of 4.75 hot-rolled coils (Shanghai), rebar basis, and hot-rolled coil basis are presented, with data from the Steel Union Terminal and Ningzheng Futures [10][11]. Fundamental Data - Figures related to the average daily hot metal production of 247 steel mills (in million tons), rebar blast furnace profit, rebar supply and demand trend chart (in million tons), hot-rolled coil supply and demand trend chart (in million tons), rebar mill inventory seasonal analysis (in million tons), and rebar social inventory seasonal analysis (in million tons) are presented, with data from the Steel Union Terminal and Ningzheng Futures [13][18][21].