碳酸锂产业日报 2025/12/3 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 93,660.00 | -2900.00↓ 前20名净持仓（日，手） | -171,018.00 | +9162.00↑ | | | 主力合约持仓量（日，手） | 562,836.00 | +10597.00↑ 近远月合约价差（日，元/吨） | 0.00 | ...

研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3138 | -64 期货前20名持仓:净买单量:鸡蛋(日,手) | -26186 | 2013 | | 期货市场 克) | 鸡蛋期货月间价差(1-5):(日,元/500千克) | -463 | -13 期货持仓量(活跃合约):鸡蛋(日,手) | 168548 | 7677 | | | 注册仓单量 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：I：铁矿石 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 铁矿石产业链日报 2025/12/3 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 777.00 | +1.50↑ I 主力合约持仓量(手) | 347,088 | +30976↑ | | | I 1-5合约价差（元/吨） | 22.5 | -2.50↓ I 合约前20名净持仓(手) | 22597 | +10414↑ | | | I 大商所仓单（手） | 1,300.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 104.15 | +0.25↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 866 | -1↓ 青岛港60.8%麦克粉矿 (元/干吨) | 859 | -1↓ | | | 京唐港56.5% ...

Group 1: Report Summary - The platinum 2606 main contract fell 1.02% to 440.55 yuan/gram, and the palladium 2606 main contract rose 1.90% to 381.50 yuan/gram as of December 3 [2]. - The precious metal market may enter a technical consolidation phase after a rapid rise, and the correction may continue. Platinum prices may remain strong in the long - term due to factors like Fed rate - cut expectations, supply - demand deficit, "platinum replacing palladium", and long - term hydrogen economy demand. Palladium's supply is affected by South African power supply and Russian geopolitics in the short - to - medium term, while demand faces downward pressure from "platinum replacing palladium", with the market shifting from shortage to surplus, but rate - cut expectations may support prices [2]. - Resistance and support levels for London platinum spot are 1750 and 1500 US dollars per ounce respectively, and for London palladium spot are 1500 and 1350 US dollars per ounce [2]. Group 2: Market Data Futures Market - Platinum main contract closing price (daily, yuan/gram): 440.55, down 4.55; palladium main contract closing price (daily, yuan/gram): 381.50, up 7.10 [2]. - Platinum main contract open interest (daily, lots): 10664, up 171; palladium main contract open interest (daily, lots): 3089, down 117 [2]. Spot Market - Shanghai Gold Exchange platinum spot price (Pt9995): 427, up 1; Yangtze River palladium spot price: 374.50, up 6.50 [2]. - Platinum main contract basis (daily, yuan/gram): - 13.55, up 5.55; palladium main contract basis (daily, yuan/gram): - 7.00, down 0.60 [2]. Supply - Demand Situation - Estimated total platinum supply in 2025 (annual, tons): 220.40, down 0.80; estimated total palladium supply in 2025 (annual, tons): 293.00, down 5.00 [2]. - Estimated total platinum demand in 2025 (annual, tons): 261.60, up 25.60; estimated total palladium demand in 2025 (annual, tons): 287.00, down 27.00 [2]. Macro Data - US dollar index: 99.41, down 0.03; 10 - year US Treasury real yield (%): 1.85, up 0.06 [2]. - VIX volatility index: 17.24, up 0.89 [2]. Group 3: Industry News - Trump may choose long - term advisor Hassett as Fed chair, and Hassett hopes to get the position [2]. - US November ISM manufacturing PMI dropped 0.5 points to 48.2, below 50 for nine consecutive months, with new orders and backlogs contracting [2]. - Eurozone November CPI preliminary value rose 2.2% year - on - year (expected 2.1%), down 0.3% month - on - month; core CPI rose 2.4% year - on - year (expected 2.5%), down 0.4% month - on - month. Eurozone October unemployment rate was 6.4% (expected 6.3%) [2]. Group 4: Key Data to Watch - December 3, 21:15: US ADP private sector employment data [2]. - December 3, 21:30: US September import price index monthly rate [2]. - December 3, 23:00: US November ISM non - manufacturing PMI [2]. - US September PCE personal consumption expenditure data (time to be determined) [2].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On December 3, the manganese - silicon 2603 contract was reported at 5746, up 0.14%. The spot price of Inner Mongolia silicon - manganese was reported at 5520. The OECD estimated that the global economic growth in 2025 would be 3.2%, 2.9% in 2026, and 3.1% in 2027. Fundamentally, inventory rebounded rapidly, production at a high level continued to decline slightly, and inventory increased for 9 consecutive weeks. The port inventory of imported manganese ore at the raw material end increased by 87,000 tons, and the overall molten iron demand declined seasonally. In terms of profit, the spot profit in Inner Mongolia was - 310 yuan/ton, and in Ningxia it was 410 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was oscillatory [2]. - On December 3, the ferrosilicon 2603 contract was reported at 5446, down 0.11%. The spot price of Ningxia ferrosilicon was reported at 5200. The annual bond issuance of local governments exceeded 10 trillion yuan for the first time. In terms of supply and demand, market transactions were mainly for terminal rigid - demand replenishment, prices declined, and inventory continued to decrease this period. In terms of profit, the spot profit in Inner Mongolia was - 270 yuan/ton, and in Ningxia it was - 525 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was oscillatory [2]. Summary by Related Catalogs Futures Market - SM main contract closing price (daily, yuan/ton): 5,722.00, down 2.00; SF main contract closing price (daily, yuan/ton): 5,448.00, down 18.00 [2]. - SM futures contract open interest (daily, lots): 627,726.00, down 31,053.00; SF futures contract open interest (daily, lots): 482,471.00, up 428.00 [2]. - Net position of the top 20 in manganese - silicon (daily, lots): - 26,664.00, down 2,048.00; Net position of the top 20 in ferrosilicon (daily, lots): - 20,914.00, up 1,086.00 [2]. - SM 5 - 1 month contract spread (daily, yuan/ton): 48.00, up 4.00; SF 5 - 1 month contract spread (daily, yuan/ton): 14.00, up 14.00 [2]. - SM warehouse receipts (daily, sheets): 15,851.00, unchanged; SF warehouse receipts (daily, sheets): 11,255.00, down 61.00 [2]. Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 (daily, yuan/ton): 5,520.00, unchanged; Inner Mongolia ferrosilicon FeSi75 - B (daily, yuan/ton): 5,250.00, unchanged [2]. - Guizhou manganese - silicon FeMn68Si18 (daily, yuan/ton): 5,520.00, unchanged; Qinghai ferrosilicon FeSi75 - B (daily, yuan/ton): 5,150.00, unchanged [2]. - Yunnan manganese - silicon FeMn68Si18 (daily, yuan/ton): 5,550.00, unchanged; Ningxia ferrosilicon FeSi75 - B (daily, yuan/ton): 5,200.00, unchanged [2]. - Manganese - silicon index average (weekly, yuan/ton): 5,499.00, down 16.75; SF main contract basis (daily, yuan/ton): - 248.00, up 18.00 [2]. - SM main contract basis (daily, yuan/ton): - 202.00, up 2.00 [2]. Upstream Situation - South African ore: Mn38 lumps: Tianjin Port (daily, yuan/ton - degree): 32.00, unchanged; Silica (98%, Northwest, daily, yuan/ton): 210.00, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke (daily, yuan/ton): 1,250.00, unchanged; Semi - coke (medium grade, Shenmu, daily, yuan/ton): 880.00, unchanged [2]. - Manganese ore port inventory (weekly, 10,000 tons): 438.30, up 8.70 [2]. Industry Situation - Manganese - silicon enterprise operating rate (weekly, %): 38.09, down 1.04; Ferrosilicon enterprise operating rate (weekly, %): 33.41, down 0.40 [2]. - Manganese - silicon supply (weekly, tons): 194,775.00, down 2,135.00; Ferrosilicon supply (weekly, tons): 107,200.00, down 1,100.00 [2]. - Manganese - silicon manufacturer inventory (half - monthly, tons): 368,000.00, up 5,000.00; Ferrosilicon manufacturer inventory (half - monthly, tons): 71,830.00, down 1,220.00 [2]. - Manganese - silicon inventory days of national steel mills (monthly): 15.84, up 0.14; Ferrosilicon inventory days of national steel mills (monthly): 15.80, up 0.13 [2]. - Demand for manganese - silicon from five major steel types (weekly, tons): 121,727.00, up 320.00; Demand for ferrosilicon from five major steel types (weekly, tons): 19,660.00, up 117.00 [2]. Downstream Situation - Blast furnace operating rate of 247 steel mills (weekly, %): 81.07, down 1.10; Blast furnace capacity utilization rate of 247 steel mills (weekly, %): 87.96, down 0.60 [2]. - Crude steel output (monthly, 10,000 tons): 7,199.70, down 149.31 [2]. Industry News - As of December 2, the national local government bond issuance scale was about 10.1 trillion yuan [2]. - Six major state - owned banks, including ICBC, ABC, BOC, CCB, BCM, and PSBC, have stopped selling 5 - year large - denomination certificate of deposit products [2]. - The United Nations Conference on Trade and Development predicted in its "Trade and Development Report 2025" that the global economic growth in 2025 would slow down to 2.6%, lower than 2.9% in 2024 [2]. - The OECD estimated that the global economic growth in 2025 would be 3.2%, 2.9% in 2026, and 3.1% in 2027. It also estimated that China's economic growth in 2025 would be 5%, previously estimated at 4.9% [2].

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints - This week, methanol port inventory decreased slightly. With the support of reverse flow and trans - shipment, the提货 volume in the mainstream warehouses in East China remained stable, while the inventory in the mainstream warehouses in South China continued to decline. Next week, the expected arrival of foreign vessels is at a high level, and an olefin plant in East China is expected to shut down. The import demand may weaken, and port methanol inventory is expected to increase. [2] - The operating rate of the olefin industry increased slightly due to the rising load of olefin enterprises in East China. After the restart of the Qinghai Salt Lake olefin plant, the load is expected to continue to rise in the short - term. [2] - The MA2601 contract is expected to fluctuate in the range of 2050 - 2150 in the short term. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract was 2128 yuan/ton, a decrease of 4 yuan/ton. The 1 - 5 spread of methanol was - 86 yuan/ton, an increase of 14 yuan/ton. [2] - The position volume of the main methanol contract was 948,396 lots, a decrease of 30,173 lots. The net long position of the top 20 futures holders was - 180,854 lots, an increase of 15,188 lots. [2] - The number of methanol warehouse receipts was 5,800, an increase of 2,000. [2] 3.2现货市场 - The price in Jiangsu Taicang was 2115 yuan/ton, an increase of 15 yuan/ton. The price in Inner Mongolia was 2000 yuan/ton, an increase of 5 yuan/ton. [2] - The price spread between East China and Northwest China was 115 yuan/ton, an increase of 10 yuan/ton. The basis of the main Zhengzhou methanol contract was - 17 yuan/ton, an increase of 19 yuan/ton. [2] - The CFR price of methanol at the main Chinese port was 249 US dollars/ton, an increase of 2 US dollars/ton. The CFR price in Southeast Asia was 317 US dollars/ton, unchanged. [2] - The FOB price in Rotterdam was 257 euros/ton, a decrease of 3 euros/ton. The price spread between the main Chinese port and Southeast Asia was - 68 US dollars/ton, an increase of 2 US dollars/ton. [2] 3.3 Upstream Situation - The price of NYMEX natural gas was 4.83 US dollars/million British thermal units, a decrease of 0.06 US dollars. [2] 3.4 Industry Situation - The inventory in East China ports was 93.88 tons, an increase of 0.13 tons. The inventory in South China ports was 41.06 tons, a decrease of 1.54 tons. [2] - The import profit of methanol was - 26.67 yuan/ton, a decrease of 6.89 yuan/ton. The import volume in the current month was 161.26 tons, an increase of 18.57 tons. [2] - The inventory of domestic enterprises was 361,500 tons, a decrease of 12,200 tons. The operating rate of methanol enterprises was 89.09%, an increase of 0.32%. [2] 3.5 Downstream Situation - The operating rate of formaldehyde was 42.98%, an increase of 0.97%. The operating rate of dimethyl ether was 7.88%, an increase of 2.19%. [2] - The operating rate of acetic acid was 73.06%, an increase of 3.47%. The operating rate of MTBE was 69.97%, unchanged. [2] - The operating rate of olefins was 89.93%, an increase of 0.28%. The on - disk profit of methanol - to - olefins was - 802 yuan/ton, a decrease of 16 yuan/ton. [2] 3.6 Option Market - The 20 - day historical volatility of methanol was 19.87%, a decrease of 0.57%. The 40 - day historical volatility of methanol was 20.52%, a decrease of 0.03%. [2] - The implied volatility of at - the - money call options for methanol was 18.62%, a decrease of 1.05%. The implied volatility of at - the - money put options for methanol was 18.61%, a decrease of 1.06%. [2] 3.7 Industry News - As of December 3, the inventory of Chinese methanol sample production enterprises was 36.15 tons, a decrease of 1.22 tons or 3.26% compared with the previous period. The pending orders of sample enterprises were 23.97 tons, an increase of 0.90 tons or 3.90% compared with the previous period. [2] - As of December 3, the total inventory of Chinese methanol ports was 134.94 tons, a decrease of 1.41 tons compared with the previous data. East China saw inventory accumulation, while South China saw inventory reduction. [2] - As of November 27, the capacity utilization rate of domestic methanol - to - olefins plants was 91.01%, a month - on - month increase of 0.9%. [2]

| | | 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 加之部分出口需求的推进，本周国内尿素企业库存继续下降，短期考虑到部分气头企业停车带来的供应减 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 量，而下游储备需求继续推进，预计尿素企业库存有望继续小幅下降。UR2601合约短线预计在1660-1700 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 区间波动。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 尿素产业日报 2025-12-03 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - On Wednesday, the HC2605 contract first declined and then rebounded. The United Nations Conference on Trade and Development's "Trade and Development Report 2025" predicts that the global economic growth in 2025 will slow to 2.6%, lower than 2.9% in 2024. The weekly output of hot-rolled coils continued to increase, and the capacity utilization rate rose to 81.49%. The apparent demand and inventory changed little. Overall, the recent positive macro expectations support the steel price to run strongly, but as the price rises, the downstream procurement is more wait-and-see, and the short-term market may fluctuate. Technically, the 1-hour MACD indicator of the HC2605 contract shows that DIFF and DEA are running above the 0 axis. It is recommended for short-term trading and pay attention to risk control [2] Summary by Relevant Directory Futures Market - The closing price of the HC main contract was 3,324 yuan/ton, up 2 yuan; the position volume was 954,557 lots, up 62,471 lots; the net position of the top 20 in the HC contract was -70,778 lots, up 17,734 lots; the HC1 - 5 contract spread was -5 yuan/ton, down 8 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 141,932 tons, unchanged; the HC2605 - RB2605 contract spread was 155 yuan/ton, up 2 yuan [2] Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,340 yuan/ton, unchanged; in Guangzhou, it was 3,340 yuan/ton, down 10 yuan; in Wuhan, it was 3,330 yuan/ton, unchanged; in Tianjin, it was 3,240 yuan/ton, unchanged. The basis of the HC main contract was 16 yuan/ton, down 2 yuan; the price difference between hot-rolled coils and rebar in Hangzhou was 10 yuan/ton, unchanged [2] Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 798 yuan/wet ton, unchanged; the price of quasi-first-class metallurgical coke in Hebei was 1,690 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,160 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,990 yuan/ton, up 20 yuan. The inventory of iron ore at 45 ports was 15,206.07 tons, up 155.19 tons; the inventory of coke at sample coking plants was 44.95 tons, up 1.62 tons; the inventory of coke at sample steel mills was 625.53 tons, up 3.13 tons; the inventory of billets in Hebei was 114.76 tons, down 1.34 tons [2] Industry Situation - The blast furnace operating rate of 247 steel mills was 81.07%, down 1.10%; the blast furnace capacity utilization rate was 87.96%, down 0.60%. The weekly output of hot-rolled coils at sample steel mills was 319.01 tons, up 3 tons; the capacity utilization rate of hot-rolled coils at sample steel mills was 81.49%, up 0.76%. The inventory of hot-rolled coils at sample steel mills was 78.02 tons, unchanged; the social inventory of hot-rolled coils in 33 cities was 322.88 tons, down 1.21 tons. The monthly output of domestic crude steel was 7,200 tons, down 149 tons; the monthly net export volume of steel was 928 tons, down 64 tons [2] Downstream Situation - The monthly output of automobiles was 3.3587 million, up 0.0829 million; the monthly sales volume of automobiles was 3.3221 million, up 0.0957 million. The monthly output of air conditioners was 14.204 million, down 3.8908 million; the monthly output of household refrigerators was 8.788 million, down 1.3396 million; the monthly output of household washing machines was 11.035 million, down 0.7499 million [2] Industry News - At 1:30 am on December 3, a ocean - going freighter loaded with 200,000 tons of high - grade iron ore left the port of Maribaya in Guinea and headed for China. The first shipment of iron ore from the Simandou project was successfully sent. As of December 2, 13 mainstream automakers released their new energy vehicle sales data for November 2025. Many brands' delivery volumes hit records. Nine automakers achieved growth both month - on - month and year - on - year [2] Key Points to Watch - The weekly output, in - plant inventory, and social inventory of hot-rolled coils on Thursday [2]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On Wednesday, the RB2605 contract fluctuated within a range. The annual bond issuance of local governments exceeded 10 trillion yuan for the first time, with the issuance scale reaching about 10.1 trillion yuan as of December 2nd. The weekly output of rebar decreased slightly and remained at a low level. Apparent demand declined slightly, but inventory continued to decrease. Overall, the supply and demand of rebar were both weak, but the positive macro - expectations still affected steel prices, and the mainstream positions were bullish. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA were consolidating at high levels. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the RB main contract was 3,169 yuan/ton, unchanged; the position volume was 1,297,106 lots, an increase of 121,547 lots. The net position of the top 20 in the RB contract was - 20,049 lots, an increase of 26,388 lots. The RB1 - 5 contract spread was - 32 yuan/ton, an increase of 4 yuan. The RB warehouse receipt at the Shanghai Futures Exchange was 65,741 tons, unchanged. The HC2605 - RB2605 contract spread was 155 yuan/ton, an increase of 2 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,330 yuan/ton, unchanged; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,415 yuan/ton, unchanged. The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,540 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,220 yuan/ton, unchanged. The basis of the RB main contract was 161 yuan/ton, unchanged. The spot price difference between hot - rolled coils and rebar in Hangzhou was 10 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 798 yuan/wet ton, unchanged; the price of quasi - first - grade metallurgical coke in Hebei was 1,690 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,160 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,990 yuan/ton, an increase of 20 yuan. The inventory of iron ore at 45 ports was 15,206.07 million tons, an increase of 155.19 million tons; the inventory of coke at sample coking plants was 44.95 million tons, an increase of 1.62 million tons [2]. 3.4 Industry Situation - The inventory of coke at sample steel mills was 625.53 million tons, an increase of 3.13 million tons; the inventory of billets in Tangshan was 114.76 million tons, a decrease of 1.34 million tons. The blast furnace operating rate of 247 steel mills was 81.07%, a decrease of 1.10%; the blast furnace capacity utilization rate of 247 steel mills was 87.96%, a decrease of 0.60%. The output of rebar at sample steel mills was 206.08 million tons, a decrease of 1.88 million tons; the capacity utilization rate of rebar at sample steel mills was 45.18%, a decrease of 0.41%. The inventory of rebar at sample steel mills was 146.73 million tons, a decrease of 6.59 million tons; the social inventory of rebar in 35 cities was 384.75 million tons, a decrease of 15.27 million tons. The operating rate of independent electric arc furnace steel mills was 68.75%, a decrease of 1.04%. The monthly output of domestic crude steel was 7,200 million tons, a decrease of 149 million tons. The monthly output of Chinese steel bars was 1,475 million tons, an increase of 41 million tons; the net export volume of steel was 928 million tons, a decrease of 64 million tons [2]. 3.5 Downstream Situation - The national real estate prosperity index was 92.43, a decrease of 0.34. The cumulative year - on - year growth rate of fixed - asset investment completion was - 1.70%, a decrease of 1.20%. The cumulative year - on - year growth rate of real estate development investment completion was - 14.70%, a decrease of 0.80%. The cumulative year - on - year growth rate of infrastructure construction investment was - 0.10%, a decrease of 1.20%. The cumulative value of housing construction area was 652,939 million square meters, a decrease of 4,359 million square meters; the cumulative value of new housing construction area was 49,061 million square meters, a decrease of 3,662 million square meters. The inventory of commercial housing for sale was 39,645 million square meters, an increase of 292 million square meters [2]. 3.6 Industry News - In November 2025, 12 steel projects started or were put into production. Projects such as Xinfeng Steel (Egypt) and Jiangxi Chongxin New Materials started; projects such as Tianjin Decai Cold - rolling, Jiugang Hongyu New Materials, and Yunnan Yukun Steel were put into production. On December 3rd at 1:30 am Beijing time, the first shipment of iron ore from the Simandou project set sail from the Port of Mariabaya in Guinea to China, with a cargo of 200,000 tons of high - grade iron ore [2]. 3.7 Key Focus - The weekly output, in - plant inventory, and social inventory of rebar on Thursday are the key points to watch [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The supply and demand of styrene gradually shift from tight balance to wide balance with weakening price support The short - term EB2601 is expected to show an oscillating trend, with the daily K - line focusing on the support near 6470 and the pressure near 6660 [2] Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 6585 yuan/ton, up 21 from the previous period The trading volume is 407,376, up 11,322 The long - position volume of the top 20 holders is 326,171 hands, up 5581, and the net long - position volume is - 46,726 hands, down 6493 The short - position volume of the top 20 holders is 372,897 hands, up 12,074 The open interest is 296,579 hands, down 1427 The 1 - month contract closing price is 6585 yuan/ton, up 21 The warehouse receipt quantity is 100 hands, up 100 [2] Spot Market - The spot price of styrene is 6654 yuan/ton, down 2 The FOB South Korea intermediate price is 814 dollars/ton, up 4 The CFR China intermediate price is 824 dollars/ton, up 4 The mainstream prices in Northeast, South, North, and East China are 6325 yuan/ton (down 50), 6800 yuan/ton (up 15), 6500 yuan/ton (down 5), and 6615 yuan/ton (up 15) respectively [2] Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 741 dollars/ton (unchanged), 721 dollars/ton (unchanged), 642 dollars/ton (down 1), and 457 dollars/ton (down 6) respectively The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the US Gulf (FOB) are 658 dollars/ton (unchanged), 714 dollars/ton (unchanged), and 280 cents/gallon (up 5) respectively The market prices of pure benzene in South, East, and North China are 5300 yuan/ton (unchanged), 5335 yuan/ton (up 15), and 5270 yuan/ton (unchanged) respectively [2] Industry Situation - The overall styrene plant operating rate is 67.29%, down 1.66% The national styrene inventory is 190,430 tons, up 2334 The total inventory at the main ports in East China is 16.06 tons, down 0.36 The trade inventory at the main ports in East China is 9.64 tons, up 0.22 [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 54.75% (down 1.52), 71.2% (down 1.2), 57.6% (up 1.7), 37% (unchanged), and 75.99% (up 1.23) respectively [2] Industry News - From November 21st to 27th, China's styrene plant output was 334,700 tons, down 2.39% from the previous period, and the plant capacity utilization rate was 67.29%, down 1.66% From November 21st to 28th, the consumption of downstream EPS, PS, and ABS was 268,800 tons, down 0.3% As of November 27th, the styrene plant inventory was 190,400 tons, up 1.24% from the previous week As of December 1st, the styrene inventory at East China ports was 160,600 tons, down 2.19% from the previous week, and at South China ports was 95,000 tons, down 39.1% from the previous week [2] Viewpoint Summary - The non - integrated process losses are reduced, and the integrated process profitability deepens The recent launch of a 200,000 - ton new device in Dongming and the restart of a 600,000 - ton device in Lianyungang Petrochemical are expected to restore domestic styrene supply In December, the impact of styrene maintenance is expected to weaken, and the capacity utilization rate is expected to rise The short - term downstream demand load is adjusted slightly, with little overall change [2]