Report Summary 1. Report's Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The price of the main contract of Zhengzhou jujube futures rose first and then fell this week, with a weekly increase of about 0.33%. In the short term, the futures price may remain weak [9][13]. - The acquisition of new - season jujubes in Xinjiang's main producing areas is in progress. The prices in the producing areas are trending weakly, and the inventory of 36 sample points has increased [9][42]. - The 2025/26 jujube production season is expected to see a decline in output, and the jujube export volume in October 2025 decreased both month - on - month and year - on - year [46][50]. 3. Summary by Directory 3.1 Week - on - Week Summary - Future trading tips include monitoring spot prices and the consumer side [9]. - The price of the main contract of Zhengzhou jujube futures rose first and then fell this week, with a weekly increase of about 0.33% [9][13]. - In Xinjiang's main producing areas, the acquisition in some areas has ended, while in others, it is in progress. The prices in the producing areas are trending weakly. The inventory of 36 sample points as of November 28, 2025, was 10,848 tons, an increase of 518 tons from last week, a month - on - month increase of 5.01% and a year - on - year increase of 90.32% [9][42]. - Enterprises and small and medium - sized merchants are the main purchasing entities, with Cangzhou merchants being the main purchasing force in the current market [9]. 3.2 Futures and Spot Market - **Futures price**: The price of the Zhengzhou jujube 2601 contract rose first and then fell this week, with a weekly increase of about 0.33% [13]. - **Futures positions**: As of this week, the net position of the top 20 in jujube futures was - 16,457 lots [16]. - **Futures warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 0 [20]. - **Futures spreads**: As of this week, the spread between the Zhengzhou Commodity Exchange's jujube futures 2601 contract and the 2605 contract was - 150 yuan/ton [23]. - **Basis**: As of this week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures was 805 yuan/ton [26]. - **Spot prices**: As of November 28, 2025, the purchase price of jujube bulk goods in Aksu was 5.05 yuan/kg, in Alar was 5.5 yuan/kg, and in Kashgar was 6.6 yuan/kg; the wholesale price of first - grade grey jujubes in Cangzhou, Hebei, and Henan was 4.45 yuan/jin; the spot price of special - grade grey jujubes in Cangzhou, Hebei, was 9.83 yuan/kg, and in Henan was 9.8 yuan/kg [29][33][38]. 3.3 Industry Chain Situation - **Supply side**: - As of November 28, 2025, the physical inventory of 36 sample points was 10,848 tons, an increase of 518 tons from last week, a month - on - month increase of 5.01% and a year - on - year increase of 90.32% [42]. - The 2025/26 jujube production season is expected to see a decline in output [46]. - **Demand side**: - In October 2025, China's jujube export volume was 2,205,220 kg, with an export value of 35,238,139 yuan and an export average price of 15,979.42 yuan/ton. The export volume decreased by 3.44% month - on - month and 33.29% year - on - year. From January to October 2025, the cumulative export volume was 25,753,622 kg, a cumulative year - on - year increase of 0.18% [50]. - This week, the BOCE Xinjiang Jujube Good Brand had only a small amount of orders and transactions [55]. 3.4 Options Market and Futures - Stock Correlation - **Options market**: The report only mentions the implied volatility of at - the - money jujube options this week, but no specific data is provided [56]. - **Stock market**: The report shows the price - earnings ratio chart of Hao Xiang Ni, but no specific analysis is given [58][59].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View The silicon - manganese market shows a situation of weak supply and demand with high inventory. The supply has seen a slight decline recently, and the demand side is affected by the national policy of reducing crude steel production. The market is expected to be in a state of weak supply - demand balance with inventory accumulation. The manganese - silicon main contract is expected to oscillate in the range of 5450 - 5750 [6]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Macro Aspect**: This heating season, the overall energy supply and demand are balanced, and the national unified power plants have sufficient coal storage. South Korea has imposed anti - dumping duties on Chinese steel products. The steel industry has turned from loss to profit from January to October [6]. - **Overseas Aspect**: The US employment market is weak, and the Fed is expected to cut interest rates by 25 basis points in the December 9 - 10 meeting [6]. - **Supply - Demand Aspect**: Inventory has risen rapidly for 8 consecutive weeks, production has declined slightly from a high level. The port inventory of imported manganese ore has increased by 3.3 tons, and the iron - water production has seasonally declined. The spot profit in Inner Mongolia is - 300 yuan/ton, and in Ningxia is - 415 yuan/ton. The final price of Hebei Iron and Steel Group's silicon - manganese in November is 5820 yuan/ton, unchanged from the previous month [6]. - **Technical Aspect**: The weekly K - line of the manganese - silicon main contract is below the 60 - day moving average, showing a bearish trend [6]. - **Strategy Suggestion**: Leading manganese - based enterprises plan to promote 40% energy - saving and emission - reduction in the industry, but the supply has not decreased significantly. The supply and demand are both weak, and inventory is accumulating. The manganese - silicon main contract is expected to oscillate between 5450 - 5750 [6]. 3.2 Futures and Spot Markets - **Futures Market**: As of November 28, the silicon - manganese futures contract open interest was 741,200 lots, a decrease of 10,000 lots from the previous period. The 5 - 1 contract spread was 54, a decrease of 14 points. The manganese - silicon warehouse receipts were 14,758, a decrease of 5579 from the previous period. The spread between the manganese - silicon and ferrosilicon January contracts was 236, an increase of 72 points [12][16]. - **Spot Market**: As of November 28, the Inner Mongolia silicon - manganese spot price was 5450 yuan/ton, an increase of 30 yuan/ton from the previous period. The basis was - 162 yuan/ton, an increase of 24 points [24]. 3.3 Industrial Chain Situation - **Industry**: The operating rate of 187 independent silicon - manganese enterprises was 38.09%, a decrease of 1.04% from the previous week. The daily average output was 27,825 tons, a decrease of 305 tons. The weekly demand for five major steel types of silicon - manganese was 121,727 tons, an increase of 0.26% from the previous week, and the weekly supply was 194,775 tons, a decrease of 1.08% from the previous week. The inventory of 63 independent silicon - manganese enterprises increased by 5000 tons to 368,000 tons [27][33]. - **Upstream**: The electricity price and manganese ore price remained unchanged. As of November 21, the total manganese ore inventory was 4.296 million tons, an increase of 0.77%. The arrival of manganese ore from South Africa, Australia, and Gabon increased, while that from Ghana decreased to 0. The silicon - manganese spot profit remained in a loss state [39][45][48]. - **Downstream**: The daily average iron - water output of 247 steel mills was 2.3468 million tons, a decrease of 16,000 tons from the previous week. The final price of Hebei Iron and Steel Group's silicon - manganese in November was 5800 yuan/ton, unchanged from the previous month [54].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The BR2601 contract is expected to fluctuate in the range of 10,100 - 10,700 in the short - term [7]. - The price of cis - butadiene rubber in the Shandong market fluctuated narrowly this week, with the spot price ranging from 9,750 to 10,650 yuan/ton. The ex - factory price of Sinopec's BR9000 was 10,400 yuan/ton, and that of PetroChina's sales companies was between 10,400 - 10,500 yuan/ton [8]. - Most previously shut - down cis - butadiene rubber plants have restarted, and domestic production has recovered. With sufficient supply of private resources and a lack of cost - side drivers, downstream buyers are firm in pressing for lower prices, and the negotiation focus of spot prices remains under pressure. Inventories of producers and traders have both increased. Considering the maintenance of Maoming Petrochemical's plant and the output release after some plants restart, the overall supply is expected to change little, while downstream demand may continue to press for lower prices. The increase in inventories of producers and traders is expected to be limited in the short term [8]. - This week, some semi - steel tire enterprises carried out maintenance, dragging down the capacity utilization rate. The full - steel tire enterprises that had been under maintenance resumed work, and the capacity utilization rate recovered. Next week, as the maintenance enterprises gradually resume normal operation, the overall capacity utilization rate will recover, but some enterprises have maintenance plans at the end of this month and early next month, which will limit the increase in the overall capacity utilization rate [8]. 3. Summary by Directory 3.1. Week - on - Week Summary - Strategy suggestion: The BR2601 contract is expected to fluctuate in the range of 10,100 - 10,700 in the short - term [7]. - Market review: The price of cis - butadiene rubber in the Shandong market fluctuated narrowly this week, with the spot price ranging from 9,750 to 10,650 yuan/ton. The ex - factory price of Sinopec's BR9000 was 10,400 yuan/ton, and that of PetroChina's sales companies was between 10,400 - 10,500 yuan/ton [8]. - Market outlook: Supply has recovered, downstream demand is pressing for lower prices, and inventories of producers and traders have increased. The overall supply is expected to change little, and the increase in inventories is expected to be limited in the short term. The capacity utilization rate of tire enterprises will recover next week but will be limited by maintenance plans [8]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - Price trend: The price of the synthetic rubber futures main contract oscillated and closed higher this week, with a weekly increase of 0.29% [12]. - Position analysis: No specific content provided. - Inter - period spread: As of November 28, the spread between contracts 1 and 2 of butadiene rubber was - 5 [19]. - Warehouse receipts: As of November 28, the warehouse receipts of cis - butadiene rubber were 3,110 tons, an increase of 130 tons from last week [22]. 3.2.2. Spot Market - Spot price: As of November 27, the price of Qilu Petrochemical's BR9000 in the Shandong market was 10,400 yuan/ton, a decrease of 50 yuan/ton from last week [28]. - Basis: As of November 27, the basis of butadiene rubber was 0 yuan/ton, a decrease of 65 yuan/ton from last week [28]. 3.3. Industry Situation 3.3.1. Upstream - Naphtha and ethylene prices: As of November 27, the CFR mid - price of naphtha in Japan was 566 US dollars/ton, an increase of 4.12 US dollars/ton from last week; the CIF mid - price of Northeast Asian ethylene was 730 US dollars/ton, unchanged from last week [31]. - Butadiene capacity utilization rate and port inventory: As of November 28, the weekly capacity utilization rate of butadiene was 70.97%, a decrease of 1.56% from last week; the port inventory of butadiene was 47,300 tons, an increase of 7,500 tons from last week [34]. 3.3.2. Industry - Cis - butadiene rubber production and capacity utilization rate: In November 2025, the domestic production of cis - butadiene rubber was 130,100 tons, a decrease of 7,500 tons from last month. As of November 27, the weekly capacity utilization rate of domestic cis - butadiene rubber was 70.19%, a decrease of 2.45% from last week [37]. - Cis - butadiene rubber production profit: As of November 27, the domestic production profit of cis - butadiene rubber was 434 yuan/ton, an increase of 150 yuan/ton from last week [40]. - Cis - butadiene rubber inventory: As of November 28, the domestic social inventory of cis - butadiene rubber was 32,440 tons, an increase of 930 tons from last week; the producer inventory was 26,900 tons, an increase of 270 tons from last week; the trader inventory was 5,540 tons, an increase of 660 tons from last week [44]. 3.3.3. Downstream - Tire capacity utilization rate: As of November 27, the capacity utilization rate of China's semi - steel tire sample enterprises was 66%, a decrease of 3.36 percentage points from the previous week and a decrease of 13.64 percentage points from the same period last year; the capacity utilization rate of full - steel tire sample enterprises was 62.75%, an increase of 0.71 percentage points from the previous week and an increase of 2.68 percentage points from the same period last year [47]. - Tire export volume: In October 2025, China's tire export volume was 653,100 tons, a decrease of 50,500 tons from the previous month and a decrease of 6.79% from the same period last year. From January to October, the cumulative tire export volume was 7,043,800 tons, a cumulative year - on - year increase of 3.68%. Among them, the export volume of passenger car tires was 225,900 tons, a decrease of 13.23% from the previous month and a decrease of 12.82% from the same period last year; the cumulative export volume from January to October was 2,726,600 tons, a cumulative year - on - year decrease of 0.08%. The export volume of truck and bus tires was 398,500 tons, a decrease of 0.35% from the previous month and a decrease of 3.85% from the same period last year; the cumulative export volume from January to October was 4,026,500 tons, a cumulative year - on - year increase of 5.53% [50]. 3.4. Options Market Analysis No relevant content provided.

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Alumina**: The supply of bauxite is gradually becoming sufficient. The supply of the alumina industry remains high, but smelters may cut production passively due to profit issues, leading to a gradual reduction in domestic alumina supply. The demand for electrolytic aluminum is stable with some minor declines. Overall, the alumina market may see a slight decrease in supply and stable demand. It is recommended to take short - term long positions in the alumina main contract at low prices, while paying attention to operation rhythm and risk control [4]. - **Electrolytic Aluminum**: The supply of alumina raw materials is abundant, and the smelting profit of electrolytic aluminum is good. However, winter environmental protection restrictions and seasonal demand decline may lead to a slight decrease in domestic electrolytic aluminum production. The downstream is entering the consumption off - season, but the demand still shows some resilience due to year - end rush in the photovoltaic and automotive industries. Overall, the electrolytic aluminum market may see a slight decline in both supply and demand, and industrial inventory may accumulate. It is recommended to trade the Shanghai aluminum main contract in a range - bound manner with light positions, while paying attention to operation rhythm and risk control [4]. - **Cast Aluminum**: The supply of scrap aluminum is tight, which restricts production capacity, leading to a decrease in domestic cast aluminum supply. The industry is in a seasonal downturn, but the year - end sales rush in the automotive industry provides some support for demand. Overall, the cast aluminum market may see a decrease in supply and stable demand. It is recommended to trade the cast aluminum main contract in a range - bound manner with light positions, while paying attention to operation rhythm and risk control [6]. 3. Summary by Directory **3.1 Week - ly Highlights Summary** - **Market Review**: The main contract of Shanghai aluminum rebounded with a weekly increase of 1.27%, closing at 21,610 yuan/ton. Alumina fluctuated at a low level with a weekly decrease of 0.22%, closing at 2,707 yuan/ton. The main contract of cast aluminum rebounded slightly with a weekly increase of 1.00%, closing at 20,800 yuan/ton [4][6]. **3.2 Futures and Spot Markets** - **Price Movements**: As of November 28, 2025, the closing price of Shanghai aluminum was 21,600 yuan/ton, up 300 yuan/ton (1.41%) from November 21. The closing price of LME aluminum on November 27, 2025, was 2,831.5 dollars/ton, up 25 dollars/ton (0.89%) from November 21. The alumina futures price was 2,658 yuan/ton, down 48 yuan/ton (1.77%) from November 21. The closing price of the main cast aluminum alloy contract was 20,800 yuan/ton, up 205 yuan/ton (1%) from November 21. The A00 aluminum ingot spot price was 21,430 yuan/ton, up 70 yuan/ton (0.33%) from November 21, with a spot discount of 60 yuan/ton, down 50 yuan/ton from the previous week [9][13][29]. - **Ratio and Spread**: As of November 28, 2025, the Shanghai - LME ratio of electrolytic aluminum was 7.58, down 0.26 from November 21. The aluminum - zinc futures spread was 815 yuan/ton, down 240 yuan/ton from November 21. The copper - aluminum futures spread was 65,820 yuan/ton, up 1,500 yuan/ton from November 21 [10][19]. - **Inventory and Position**: As of November 28, 2025, the Shanghai aluminum open interest was 596,294 lots, down 15,917 lots (2.6%) from November 21. The net position of the top 20 in Shanghai aluminum was 4,602 lots, down 6,558 lots from November 21 [14]. **3.3 Industry Situation** - **Inventory**: As of November 27, 2025, the LME electrolytic aluminum inventory was 541,050 tons, down 3,025 tons (0.56%) from November 20. The SHFE electrolytic aluminum inventory on November 21 was 123,716 tons, up 8,817 tons (7.67%) from the previous week. The domestic electrolytic aluminum social inventory on November 27 was 543,000 tons, down 23,000 tons (4.06%) from November 20. As of November 28, the SHFE electrolytic aluminum warehouse receipts totaled 66,935 tons, down 2,348 tons (3.39%) from November 21. The LME electrolytic aluminum registered warehouse receipts on November 27 totaled 485,575 tons, up 775 tons (0.16%) from November 20 [32]. - **Raw Material Imports and Inventory**: The import volume of bauxite in October 2025 was 13.7661 million tons, a month - on - month decrease of 13.3% and a year - on - year increase of 12.31%. From January to October, the cumulative import of bauxite was 170.9596 million tons, a year - on - year increase of 30.05%. The inventory of bauxite in nine domestic ports was 26.39 million tons, a month - on - month increase of 40,000 tons [35]. - **Scrap Aluminum**: The price of crushed scrap aluminum in Shandong remained unchanged at 16,550 yuan/ton. In October 2025, the import volume of aluminum scrap and debris was 158,360.01 tons, a year - on - year increase of 19%, and the export volume was 32.46 tons, a year - on - year decrease of 2% [41]. - **Alumina Production and Trade**: In October 2025, the alumina production was 7.865 million tons, a year - on - year increase of 5.8%. From January to October, the cumulative alumina production was 76.344 million tons, a year - on - year increase of 8%. In October, the alumina import volume was 189,300 tons, a month - on - month increase of 215.64% and a year - on - year increase of 2927.91%, and the export volume was 180,000 tons [44]. - **Electrolytic Aluminum Production and Trade**: In October 2025, the electrolytic aluminum import volume was 248,300 tons, a year - on - year increase of 42.24%. From January to October, the cumulative electrolytic aluminum import was 2.2047 million tons, a year - on - year increase of 20.88%. In October, the electrolytic aluminum export volume was 24,600 tons. From January to October, the cumulative electrolytic aluminum export was 206,000 tons. In 2025 from January to August, the global aluminum market had a supply deficit of 105,400 tons. In October 2025, the electrolytic aluminum production was 3.8 million tons, a year - on - year increase of 0.4%. From January to October, the cumulative electrolytic aluminum output was 37.75 million tons, a year - on - year increase of 2% [47][51]. - **Aluminum Products**: In October 2025, the aluminum product production was 5.694 million tons, a year - on - year decrease of 3.2%. From January to October, the cumulative aluminum product production was 55.243 million tons, a year - on - year decrease of 0.4%. In October, the aluminum product import volume was 350,000 tons, a year - on - year increase of 10.4%, and the export volume was 500,000 tons, a year - on - year decrease of 12.8% [55]. - **Cast Aluminum Alloy**: In October 2025, the monthly installed capacity of recycled aluminum alloy was 1.26 million tons, a year - on - year increase of 15.96%. The recycled aluminum alloy production was 608,300 tons, a month - on - month decrease of 7.35 and a year - on - year decrease of 1.83% [58]. - **Aluminum Alloy**: In October 2025, the aluminum alloy production was 1.682 million tons, a year - on - year increase of 17.2%. From January to October, the cumulative aluminum alloy production was 15.76 million tons. In October, the aluminum alloy import volume was 76,400 tons, a year - on - year decrease of 33.77%, and the export volume was 30,900 tons, a year - on - year increase of 50.65%. From January to October, the aluminum alloy import volume was 841,500 tons, a year - on - year decrease of 16.24%, and the export volume was 228,700 tons, a year - on - year increase of 13.81% [61]. - **Related Industries**: In October 2025, the real estate development climate index was 92.43, down 0.34 from the previous month and up 0.05 from the same period last year. From January to October 2024, the new housing start - up area was 490.61 million square meters, a year - on - year decrease of 19.87%, and the housing completion area was 348.61 million square meters, a year - on - year decrease of 16.31%. From January to October 2024, the infrastructure investment increased by 1.51% year - on - year. In October 2025, the sales volume of Chinese automobiles was 3.322 million, a year - on - year increase of 8.81%, and the production volume was 3.359 million, a year - on - year increase of 12.1% [64][67]. **3.4 Option Market Analysis** Given that the aluminum price is expected to fluctuate and the volatility may converge in the future, a double - selling strategy can be considered to short the volatility [71].

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - The iron ore market is expected to maintain a volatile and slightly upward trend. Macroscopically, the market's expectation of a Fed rate cut in December has increased, and the country is taking measures to regulate price competition. In terms of supply and demand, the shipment of Australian and Brazilian iron ore has decreased, the arrival volume has increased, and the port inventory has stopped falling and rebounded. The blast furnace operating rate, capacity utilization rate, and molten iron output of steel mills have declined slightly. Technically, the iron ore I2601 contract has shifted upward, and the daily K - line is above multiple moving averages. Although the fundamentals of iron ore are generally in a state of loose supply, the macro - expectations are positive, and the spot price is firm [7]. Summary by Relevant Catalogs 1. Weekly Key Points Summary 1.1 Price - As of the close on November 28, the futures price of the iron ore main contract was 794 (+8.5) yuan/ton, and the price of Macfayden ore at Qingdao Port was 843 (-1) yuan/dry ton [5]. 1.2 Shipment - From November 17 to November 23, 2025, the total global iron ore shipment was 3278.4 million tons, a week - on - week decrease of 238.0 million tons. The total shipment of iron ore from Australia and Brazil was 2637.4 million tons, a week - on - week decrease of 271.3 million tons [5]. 1.3 Arrival - From November 17 to November 23, 2025, the total arrival volume at 47 ports in China was 2939.5 million tons, a week - on - week increase of 569.6 million tons; the total arrival volume at 45 ports was 2817.1 million tons, a week - on - week increase of 548.2 million tons; the total arrival volume at six northern ports was 1438.3 million tons, a week - on - week increase of 397.0 million tons [5]. 1.4 Demand - The average daily molten iron output was 234.68 million tons, a week - on - week decrease of 1.60 million tons and a year - on - year increase of 0.81 million tons [5]. 1.5 Inventory - As of November 28, 2025, the inventory of imported iron ore at 47 ports in China was 15901.22 million tons, a week - on - week increase of 166.37 million tons and a year - on - year increase of 284.33 million tons. The inventory of imported ore at 247 steel mills was 8942.48 million tons, a week - on - week decrease of 58.75 million tons [5]. 1.6 Profit Rate - The profit rate of steel mills was 35.06%, a week - on - week decrease of 2.60 percentage points and a year - on - year decrease of 16.89 percentage points [5]. 1.7 Market Outlook - Macroscopically, overseas, the market's expectation of the December meeting fluctuates between "rate cut" and "maintaining the status quo", and the probability of a rate cut has risen to about 80%. Domestically, the National Development and Reform Commission is taking measures to regulate price competition. In terms of supply and demand, the shipment of Australian and Brazilian iron ore has decreased, the arrival volume has increased, and the port inventory has stopped falling and rebounded; the blast furnace operating rate, capacity utilization rate, and molten iron output of steel mills have declined slightly. Technically, the iron ore I2601 contract has shifted upward, and the daily K - line is above multiple moving averages. The I2601 contract may maintain a volatile and slightly upward trend [7]. 2. Futures and Spot Market 2.1 Futures Price - This week, the I2601 contract fluctuated slightly upward. The price of the I2601 contract was weaker than that of the I2605 contract. On the 28th, the price difference was 26 yuan/ton, a week - on - week decrease of 3.5 yuan/ton [13]. 2.2 Warehouse Receipts and Net Long Positions - On November 28, the number of iron ore warehouse receipts at the Dalian Commodity Exchange was 1300, a week - on - week increase of 500. The net long position of the top 20 in the ore futures contract was 16881, an increase of 16354 compared with the previous week [19]. 2.3 Spot Price - On November 28, the price of 61% Australian Macfayden ore at Qingdao Port was 843 yuan/dry ton, a week - on - week decrease of 1 yuan/dry ton. This week, the spot price of iron ore was weaker than the futures price. On the 28th, the basis was 49 yuan/ton, a week - on - week decrease of 10 yuan/ton [25]. 3. Industry Situation 3.1 Arrival Volume - From November 17 to November 23, 2025, the total arrival volume at 45 ports in China increased. The total global iron ore shipment decreased, and the total shipment of iron ore from Australia and Brazil decreased [29]. 3.2 Port Inventory - This week, the total inventory of imported iron ore at 47 ports in China was 15901.22 million tons, a week - on - week increase of 166.37 million tons; the average daily port clearance volume was 344.06 million tons, an increase of 0.67 million tons. The inventory of steel mills' imported iron ore was 8942.48 million tons, a week - on - week decrease of 58.75 million tons; the daily consumption of imported ore by sample steel mills was 289.43 million tons, a week - on - week decrease of 2.25 million tons; the inventory - to - consumption ratio was 30.9 days, a week - on - week increase of 0.04 days [33]. 3.3 Inventory Availability Days - As of November 27, the average inventory availability days of imported iron ore at large and medium - sized steel mills in China was 20 days, a week - on - week increase of 0 days. On November 27, the Baltic Dry Index (BDI) was 2480, a week - on - week increase of 205 [38]. 3.4 Import Volume and Mine Capacity Utilization - In October, China's iron ore imports were 11130.9 million tons, a month - on - month decrease of 501.7 million tons and a month - on - month decline of 4.3%; from January to October, the cumulative imports were 102888.6 million tons, a year - on - year increase of 0.7%. As of November 28, the capacity utilization rate of 266 domestic mines was 63.51%, a week - on - week decrease of 0.29%; the average daily output of concentrate powder was 40.1 million tons, a week - on - week decrease of 0.18 million tons; the inventory was 40.52 million tons, a week - on - week decrease of 0.4 million tons [41]. 3.5 Domestic Iron Ore Concentrate Output - In October 2025, China's iron ore raw ore output was 8403.3 million tons, a year - on - year decrease of 2.9%; from January to October, the cumulative output was 85173.6 million tons, a year - on - year decrease of 3.2%. In October, the output of iron concentrate powder from 433 domestic iron mines was 2294.0 million tons, a month - on - month increase of 9.5 million tons and an increase of 0.4%; from January to October, the cumulative output was 22966.0 million tons, a cumulative year - on - year decrease of 882.4 million tons and a decline of 3.7% [45]. 4. Downstream Situation 4.1 Crude Steel Output - In October 2025, China's crude steel output was 7200 million tons, a year - on - year decrease of 12.1%. From January to October, China's crude steel output was 81787 million tons, a year - on - year decrease of 3.9% [48]. 4.2 Steel Import and Export - In October 2025, China's steel exports were 978.2 million tons, a year - on - year decrease of 12.5%; imports were 50.3 million tons, a year - on - year decrease of 6.9%. From January to October, the cumulative steel exports were 9773.7 million tons, a year - on - year increase of 6.6%; the cumulative imports were 504.1 million tons, a year - on - year decrease of 11.9% [48]. 4.3 Blast Furnace Operating Rate and Molten Iron Output - On November 28, the blast furnace operating rate of 247 steel mills was 81.09%, a week - on - week decrease of 1.10 percentage points and a year - on - year decrease of 0.53 percentage points; the blast furnace iron - making capacity utilization rate was 87.98%, a week - on - week decrease of 0.60 percentage points and a year - on - year increase of 0.18 percentage points. The average daily molten iron output of 247 steel mills was 234.68 million tons, a week - on - week decrease of 1.60 million tons and a year - on - year increase of 0.81 million tons [51]. 5. Option Market - The fundamentals of iron ore are generally in a state of loose supply, but the macro - expectations are positive, the spot price is firm, and the futures price fluctuates slightly upward. For far - month iron ore, consider buying out - of - the - money call options [54].

瑞达期货研究院 「2025.11.28」 鸡蛋市场周报 淘汰进程相对较好 期价底部支撑增强 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 联系电话：0595-86778969 「 期现市场情况」 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 总结及策略建议 3 来源：瑞达期货研究院 关 注 我 们 获 取 更 多 资 讯 Ø 鸡蛋： Ø 行情回顾：本周鸡蛋震荡收涨，2601合约收盘价为3293元/500千克，较前一周+99元/500千克。 Ø 行情展望：养殖端持续亏损使得补栏积极性下滑且老鸡淘汰量有所增加，蛋鸡存栏小幅回落，市 场氛围略有好转。且现货价格持续偏低，养殖端仍处于亏损状态，市场补栏积极性欠佳，利好远 期价格。不过，蛋鸡在产存栏仍然处于高位，老鸡尚未出现超淘，高产能仍然牵制市场价格表现。 总体而言，市场博弈于弱现实与强预期之间。盘面来看，近月合约继续处于宽幅震荡状态，前期 低位支撑增强。 业 务 咨 询 添 加 客 服 期价走势及前二十名持仓 图1、大商所鸡蛋主力合约期货价格走势 图2、大商所鸡蛋指数期货前二十名持仓变化 来源：大 ...

1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core View of the Report - The overall supply and demand of rebar are weak, but the positive macro - expectations support steel prices. The RB2601 contract may fluctuate and strengthen, and it is advisable to consider buying call options [7][57]. 3. Summary by Directory 3.1 Week - on - Week Summary 3.1.1 Market Review - As of November 28, the closing price of the rebar main contract was 3110 yuan/ton (+53 yuan/ton), and the spot price of Hangzhou Zhongtian rebar was 3290 yuan/ton (+40 yuan/ton) [5]. - Rebar production decreased to 206.08 million tons (-1.88 million tons), a year - on - year decrease of 21.8 million tons [5]. - Apparent demand declined to 227.94 million tons (-2.85 million tons), a year - on - year increase of 2.59 million tons [5]. - Factory and social inventories continued to decline. The total rebar inventory was 531.48 million tons (-21.86 million tons), a year - on - year increase of 83.84 million tons [5]. - The steel mill profitability rate was 35.06%, a decrease of 2.60 percentage points from the previous week and 16.89 percentage points from the same period last year [5]. 3.1.2 Market Outlook - **Macro - aspect**: Overseas, the market's expectation for the December meeting fluctuates between "interest rate cut" and "maintaining the status quo", and the probability of an interest rate cut has risen to about 80%. Domestically, the National Development and Reform Commission will govern enterprises' disorderly price competition [7]. - **Supply - demand aspect**: Rebar weekly production decreased slightly, with a capacity utilization rate of 45.18% and an EAF steel开工率 of 69.13%. Downstream demand was average, with a decline in apparent demand but a continued decrease in inventory [7]. - **Cost aspect**: Although the fundamentals of iron ore are generally in a state of loose supply, the macro - expectations are positive, and the ore price remains strong. Coking coal and coke continue to weaken [7]. - **Technical aspect**: The RB2601 contract fluctuated and strengthened. The daily K - line broke through the MA60 moving average pressure upwards, and the lower moving averages were relatively dense with strong support [7]. 3.2 Futures and Spot Market 3.2.1 Futures Price - This week, the futures price fluctuated and strengthened. The RB2601 contract was stronger than the RB2605 contract. On the 28th, the price difference was - 7 yuan/ton, a week - on - week increase of 34 yuan/ton [13]. 3.2.2 Warehouse Receipts and Positions - On November 28, the Shanghai Futures Exchange's rebar warehouse receipts were 59519 tons, a week - on - week decrease of 5301 tons. The net short position of the top 20 in the rebar futures contract was 54221 lots, a decrease of 28612 lots from the previous week [20]. 3.2.3 Spot Price and Basis - On November 28, the spot price of Hangzhou's third - grade rebar 20mmHRB400 was 3290 yuan/ton, a week - on - week increase of 40 yuan/ton; the national average price was 3290 yuan/ton, a week - on - week increase of 22 yuan/ton. This week, the spot price of rebar was weaker than the futures price. On the 28th, the basis was 180 yuan/ton, a week - on - week decrease of 13 yuan/ton [26]. 3.3 Upstream Market 3.3.1 Furnace Charge Prices - On November 28, the spot price of 61% Australian Macfarlane ore at Qingdao Port was 843 yuan/dry ton, a week - on - week decrease of 1 yuan/dry ton. The spot price of first - grade metallurgical coke at Tianjin Port was 1760 yuan/ton, unchanged from the previous week [30]. 3.3.2 Iron Ore Arrivals and Inventories - From November 17 - 23, 2025, the total arrivals at 47 ports in China were 2939.5 million tons, a month - on - month increase of 569.6 million tons; the total arrivals at 45 ports were 2817.1 million tons, a month - on - month increase of 548.2 million tons; the total arrivals at six northern ports were 1438.3 million tons, a month - on - month increase of 397.0 million tons [35]. - This week, the total inventory of imported iron ore at 47 ports was 15901.22 million tons, a month - on - month increase of 166.37 million tons; the daily average port clearance volume was 344.06 million tons, an increase of 0.67 million tons [35]. 3.3.3 Coking Plant Data - This week, the capacity utilization rate of coking plants increased, and coke inventory increased. The capacity utilization rate of 230 independent coking enterprises was 72.02% (+0.92%), coke daily output was 50.40 (+0.65), coke inventory was 45.21 (+1.77), total coking coal inventory was 860.93 (-28.29), and the available days of coking coal were 12.8 days (-0.6 days) [39]. 3.4 Industry Situation 3.4.1 Supply Side - **Crude Steel Production**: In October 2025, China's crude steel production was 72 million tons, a year - on - year decrease of 12.1%. From January to October, the cumulative crude steel production was 817.87 million tons, a year - on - year decrease of 3.9% [43]. - **Rebar Production**: On November 27, the weekly rebar production of 139 building material production enterprises was 206.08 million tons, a decrease of 1.88 million tons from the previous week and 21.8 million tons from the same period last year [45]. - **EAF Steel**: The average starting rate of 90 independent EAF steel mills was 69.13%, unchanged from the previous week, a year - on - year increase of 0.79 percentage points [48]. - **Rebar Inventory**: On November 27, the in - factory inventory of rebar in 137 building material production enterprises was 146.73 million tons, a decrease of 6.59 million tons from the previous week and an increase of 1.48 million tons from the same period last year. The social inventory of rebar in 35 major cities was 384.75 million tons, a decrease of 15.27 million tons from the previous week and an increase of 82.36 million tons from the same period last year. The total rebar inventory was 531.48 million tons, a month - on - month decrease of 21.86 million tons and a year - on - year increase of 83.84 million tons [51]. 3.4.2 Demand Side - **Real Estate**: From January to October 2025, the national real estate development investment was 7356.3 billion yuan, a year - on - year decrease of 14.7%. The housing construction area was 6529.39 million square meters, a year - on - year decrease of 9.4%; the new housing start - up area was 490.61 million square meters, a decrease of 19.8%; the housing completion area was 348.61 million square meters, a decrease of 16.9% [54]. - **Infrastructure**: From January to October 2025, infrastructure investment (excluding electricity, heat, gas, and water production and supply industries) decreased by 0.1% year - on - year. Among them, pipeline transportation investment increased by 13.8%, water transportation investment increased by 9.4%, and railway transportation investment increased by 3.0% [54]. 3.5 Options Market - Considering the decline in rebar production, the decrease in downstream demand, and the positive macro - expectations supporting steel prices, it is advisable to consider buying call options [57].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The lithium carbonate market is expected to see an increase in both supply and demand, with inventory continuing to decline. It is recommended to conduct short - term long trades with a light position at low prices and control risks by paying attention to trading rhythms [6]. Summary by Directory 1. Weekly Highlights Summary - **Market Review**: The weekly line of the lithium carbonate main contract fluctuated strongly, with a rise of +5.93% and an amplitude of 10.85%. As of the end of this week, the main contract closed at 96,420 yuan/ton [6]. - **Macroeconomic Policy**: Six departments jointly issued an implementation plan to promote consumption, aiming to optimize the consumer goods supply structure by 2027 [6]. - **Fundamentals**: In the raw material segment, lithium prices are relatively good, driving up the price of lithium ore. Mines are more willing to sell, and smelters are more active in purchasing. The supply of domestic lithium carbonate is expected to increase, while the demand side is also supported by the peak consumption season of downstream battery materials, the boost in pre - holiday car - buying enthusiasm due to the subsidy policy change for new energy vehicles next year, and the significant increase in the energy storage industry [6]. - **Trading Advice**: Conduct short - term long trades with a light position at low prices and control risks [6]. 2. Futures and Spot Market - **Futures Price**: As of November 28, 2025, the closing price of the lithium carbonate main contract was 96,420 yuan/ton, a weekly increase of 5,400 yuan/ton. The near - far month spread was - 1,860 yuan/ton, a weekly decrease of 1,660 yuan/ton [9]. - **Spot Price**: As of November 28, 2025, the average price of battery - grade lithium carbonate was 93,750 yuan/ton, a weekly increase of 1,450 yuan/ton. The basis of the main contract was - 2,670 yuan/ton, a weekly decrease of 3,950 yuan/ton [16]. 3. Upstream Market - **Lithium Spodumene**: As of November 28, 2025, the average price of lithium spodumene concentrate (6% - 6.5%) was $1,220/ton, a weekly increase of $10/ton [20]. - **Lithium Mica and Phosphorus - Lithium - Aluminum Stone**: As of November 28, 2025, the average price of lithium mica (Li₂O: 2.0% - 3%) was 3,894 yuan/ton, a weekly decrease of 34 yuan/ton. The average price of phosphorus - lithium - aluminum stone was 10,525 yuan/ton, a weekly increase of 425 yuan/ton [25]. 4. Industry Supply - **Imports and Exports**: As of October 2025, the monthly import volume of lithium carbonate was 23,880.69 tons, a 21.86% increase from September and a 2.95% year - on - year increase. The monthly export volume was 245.912 tons, a 63.06% increase from September and a 17.93% year - on - year decrease [30]. - **Production**: As of October 2025, the monthly output of lithium carbonate was 51,530 tons, a 9.31% increase from September and a 62.15% year - on - year increase. The monthly operating rate was 43%, a 5% decrease from the previous month and a 32% year - on - year decrease [30]. 5. Downstream Demand - **Hexafluorophosphate Lithium and Electrolyte**: As of November 28, 2025, the average price of hexafluorophosphate lithium was 180,000 yuan/ton, a weekly increase of 5,000 yuan/ton. As of October 2025, the monthly output of electrolyte was 219,900 tons, a 6.98% increase from September and a 41.32% year - on - year increase [33]. - **Lithium Iron Phosphate**: As of the latest data this week, the average price of power - type lithium iron phosphate was 39,100 yuan/ton, a weekly increase of 10,000 yuan/ton. As of October 2025, the monthly output of lithium iron phosphate cathode materials was 266,880 tons, an 8.36% increase from September and a 45.92% year - on - year increase. The monthly operating rate was 64% [38]. - **Ternary Materials**: As of October 2025, the monthly output of ternary materials was 62,020 tons, a 1.77% decrease from September and a 15.95% year - on - year increase. The monthly operating rate was 52%. As of the latest data this week, the prices of 811 - type, 622 - type, and 523 - type ternary materials remained stable [41]. - **Lithium Manganate**: As of October 2025, the monthly output of lithium manganate was 10,300 tons, a 3.83% increase from September and a 3.65% year - on - year decrease. As of the latest data this week, the average price of lithium manganate was 36,000 yuan/ton, a weekly decrease of 1,000 yuan/ton [46]. - **Lithium Cobaltate**: As of the latest data this week, the average price of lithium cobaltate was 343,500 yuan/ton, remaining unchanged from the previous week. As of October 2025, the monthly output of lithium cobaltate was 15,790 tons, a 4.71% increase from September and a 116.01% year - on - year increase [49]. - **New Energy Vehicles**: As of October 2025, the penetration rate of new energy vehicles was 46.75%. The monthly production was 1,772,000 vehicles, a 9.59% increase from the previous month, and the monthly sales were 1,715,000 vehicles, a 6.92% increase from the previous month. The cumulative export volume was 2.014 million vehicles, a 90.36% year - on - year increase [52][56]. 6. Options Market - Based on the option parity theory and the performance of at - the - money contracts, combined with the fundamental situation, it is recommended to construct a short straddle option to short volatility. The premium of the synthetic underlying is - 0.01, presenting a reverse arbitrage opportunity [61].

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The Shanghai tin market is expected to fluctuate upward, with attention on the resistance levels between 305,000 and 310,000 yuan/ton [5]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary - **Market Review**: This week, the main contract of Shanghai tin rose significantly, with a weekly increase of 4.73% and an amplitude of 5.17%. As of the end of this week, the closing price of the main contract was 305,040 yuan/ton [5]. - **Market Outlook**: - **Macro - aspect**: The Price Department of the National Development and Reform Commission organized a symposium on the cost determination of disorderly price competition. China's industrial enterprise profits above designated size in October decreased by 5.5% year - on - year, while the manufacturing and power sectors had relatively rapid growth in the first 10 months [5]. - **Fundamental - aspect**: - **Supply**: Domestic tin ore imports are still relatively tight, and tin ore processing fees remain at a low level. Although the resumption of production in Myanmar and the end of the rainy season have provided some incremental supply, the overall import volume is still low. The supply disruption in Congo (Kinshasa) has increased supply concerns. The output of refined tin has rebounded, but due to the shortage of tin ore raw materials and low processing fees, the output is expected to be limited [5]. - **Import**: Indonesia's export volume in October was far lower than expected, and the domestic import is in a loss state, so the import volume of tin is expected to decline [5]. - **Demand**: Some downstream and terminal enterprises made small - scale replenishment and rigid - demand purchases due to concerns about the continuous rise of tin prices, while others remained on the sidelines. Domestic inventories increased slightly, and the spot premium dropped to - 300 yuan/ton; LME inventories increased slightly, and the spot premium rose [5]. - **Technical - aspect**: The price rose with increasing volume and positions, and the bullish sentiment heated up [5]. 3.2 Futures and Spot Market - **Price Movement**: As of November 28, 2025, the closing price of Shanghai tin was 304,060 yuan/ton, up 13,320 yuan/ton or 4.58% from November 21. As of November 27, 2025, the closing price of LME tin was 37,925 US dollars/ton, up 890 US dollars/ton or 2.4% from November 21 [7][10]. - **Ratio Changes**: As of November 28, 2025, the current ratio of Shanghai tin to Shanghai nickel was 2.57, an increase of 0.02 from November 21. As of November 27, 2025, the Shanghai - London ratio of tin was 7.95, up 0.06 from November 20 [14]. - **Position Changes**: As of November 28, 2025, the net position of the top 20 in Shanghai tin was - 1,766 lots, a decrease of 79 lots from November 24. The position of Shanghai tin was 99,560 lots, an increase of 20,989 lots or 26.71% from November 21 [18]. 3.3 Industrial Chain Situation Supply - side - **Tin Ore Import and Output**: In October 2025, the import volume of tin ore concentrates was 11,632.30 tons, a month - on - month increase of 33.5% and a year - on - year decrease of 22.36%. From January to October, the cumulative import volume was 103,019.35 tons, a year - on - year decrease of 25.54%. In October 2025, the output of refined tin was 15,618 tons, a month - on - month increase of 60%. From January to October, the cumulative output was 142,971 tons, a year - on - year decrease of 1.25% [24][25]. - **Tin Ore Processing Fee**: On November 28, 2025, the processing fee for 60% tin concentrate was 6,500 yuan/ton, unchanged from November 27; the processing fee for 40% tin concentrate was 10,500 yuan/ton, also unchanged from November 27 [30]. - **Refined Tin Import**: As of November 28, 2025, the import profit and loss of tin was - 6,821.52 yuan/ton, a decrease of 4,802.72 yuan/ton from November 21. In October 2025, the import volume of refined tin was 526.12 million tons, a month - on - month decrease of 58.55% and a year - on - year decrease of 82.75%. From January to October, the cumulative import volume was 19,034.06 million tons, a year - on - year increase of 3.79%. In October 2025, the export volume of refined tin was 1480.43 million tons, a month - on - month decrease of 15.31% and a year - on - year decrease of 4.56%. From January to October, the cumulative export volume was 18,574.61 million tons, a year - on - year increase of 34.44% [35][36]. - **Inventory**: As of November 27, 2025, the total LME tin inventory was 3,125 tons, an increase of 60 tons or 1.96% from November 20. As of November 28, 2025, the total tin inventory was 6,359 tons, an increase of 130 tons or 2.09% from last week. The tin inventory for futures was 6,263 tons, an increase of 357 tons or 6.04% from November 21 [42]. Demand - side - **Semiconductor Index**: On November 26, 2025, the Philadelphia Semiconductor Index was 6,899.46, up 229.43 or 3.44% from November 19. From January to October 2025, the output of integrated circuits was 386.6 billion pieces, an increase of 33.60064 billion pieces or 9.52% compared with the same period last year [45]. - **Tin - plated Sheet**: As of October 2025, the output of tin - plated sheets was 110,000 tons, an increase of 10,000 tons or 10% from September. The export volume of tin - plated sheets was 222,589.82 tons, an increase of 24,965.4 tons or 12.63% from September [48].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The HC2601 contract of hot - rolled coils may fluctuate strongly. The Fed's expected rate cut in December and China's governance of disorderly corporate price competition on the macro - front, along with increased hot - rolled coil production, slightly reduced but resilient terminal demand, and positive macro expectations, support steel prices. Attention should be paid to rhythm and risk control [7]. 3. Summary According to Relevant Catalogs 3.1. Weekly Highlights Summary 3.1.1. Market Review - As of November 28, the closing price of the hot - rolled coil main contract was 3302 yuan/ton (+32), and the spot price of Hangzhou Liantie hot - rolled coils was 3320 yuan/ton (+0). - Hot - rolled coil production increased to 319.01 million tons (+3), a year - on - year increase of 12.92 million tons. - Apparent demand declined. The current period's apparent demand was 320.22 million tons (-4.2), a year - on - year increase of 3.13 million tons. - Factory inventory remained flat, and social inventory decreased. The total inventory was 400.9 million tons (-1.21), a year - on - year increase of 95.18 million tons. - The steel mill profitability rate was 35.06%, a decrease of 2.60 percentage points from last week and a decrease of 16.89 percentage points from last year [5]. 3.1.2. Market Outlook - **Macro - aspect**: Overseas, market expectations for the December meeting fluctuate between "rate cut" and "maintain unchanged". After Williams and Waller supported a rate cut, the market probability of a rate cut has risen to about 80%. Domestically, the National Development and Reform Commission organized a symposium on cost determination for disorderly price competition. - **Supply - demand aspect**: The weekly production of hot - rolled coils continued to increase, with the capacity utilization rate rising to 81.49%, higher than the same period last year. Terminal demand slightly declined, but the apparent demand remained at 3.2 million tons, higher than the same period last year, and inventory decreased. - **Cost aspect**: Although the fundamentals of iron ore are generally in a state of loose supply, due to positive macro expectations, ore prices remain strong. Coking coal and coke continue to weaken. - **Technical aspect**: The HC2601 contract fluctuated strongly, with the daily K - line above multiple moving averages and breaking through the 3300 mark. The MACD indicator shows that DIFF and DEA are running near the 0 axis, and the red column is stable [7]. 3.2. Futures and Spot Market Conditions 3.2.1. Futures Price - This week, the HC2601 contract was range - bound. The price of the HC2601 contract was stronger than that of the HC2605 contract. On the 28th, the price difference was 14 yuan/ton, a week - on - week increase of 18 yuan/ton [13]. 3.2.2. Warehouse Receipts and Net Positions - On November 28, the hot - rolled coil warehouse receipts of the Shanghai Futures Exchange were 141,932 tons, a week - on - week decrease of 4,156 tons. - On November 28, the net position of the top 20 in the hot - rolled coil futures contract was a net short position of 63,178 contracts, an increase of 3,385 contracts from the previous week [19]. 3.2.3. Spot Price - On November 28, the spot price of 5.75mm Q235 hot - rolled coils in Shanghai was 3320 yuan/ton, a week - on - week increase of 0 yuan/ton; the national average price was 3318 yuan/ton, a week - on - week increase of 8 yuan/ton. - This week, the spot price of hot - rolled coils was weaker than the futures price. On the 28th, the basis was 18 yuan/ton, a week - on - week decrease of 32 yuan/ton [26]. 3.3. Upstream Market Conditions 3.3.1. Furnace Charge Prices - On November 28, the price of 61% Australian Macfayden iron ore powder at Qingdao Port was 843 yuan/dry ton, a week - on - week decrease of 1 yuan/dry ton. - On November 28, the spot price of first - grade metallurgical coke at Tianjin Port was 1760 yuan/ton, a week - on - week increase of 0 yuan/ton [31]. 3.3.2. Ore Arrival and Shipment - From November 17 to 23, 2025, the global iron ore shipment volume was 32.784 billion tons, a week - on - week decrease of 2.38 billion tons. The shipment volume of iron ore from Australia and Brazil was 26.374 billion tons, a week - on - week decrease of 2.713 billion tons. - From November 17 to 23, 2025, the arrival volume at 47 Chinese ports was 29.395 billion tons, a week - on - week increase of 5.696 billion tons; the arrival volume at 45 Chinese ports was 28.171 billion tons, a week - on - week increase of 5.482 billion tons; the arrival volume at six northern ports was 14.383 billion tons, a week - on - week increase of 3.97 billion tons [37]. 3.3.3. Iron Ore Port Inventory - This week, the total inventory of imported iron ore at 47 ports was 159.0122 million tons, a week - on - week increase of 1.6637 million tons; the daily average port clearance volume was 3.4406 million tons, an increase of 0.0067 million tons. - On November 27, the billet inventory in Tangshan, Hebei was 1.1476 million tons, a week - on - week decrease of 0.0134 million tons and a year - on - year increase of 0.2478 million tons [41]. 3.3.4. Coking Plant Conditions - This week, the capacity utilization rate of 230 independent coking enterprises was 72.02%, an increase of 0.92%. The daily coke output was 504,000 tons, an increase of 65,000 tons. The coke inventory was 452,100 tons, an increase of 177,000 tons. The total coking coal inventory was 8.6093 million tons, a decrease of 0.2829 million tons. The available days of coking coal were 12.8 days, a decrease of 0.6 days [45]. 3.4. Industry Conditions 3.4.1. Supply - side: Steel Export and Production - In October 2025, China's crude steel production was 72 million tons, a year - on - year decrease of 12.1%. From January to October, China's crude steel production was 817.87 million tons, a year - on - year decrease of 3.9%. - In October 2025, China's steel exports were 9.782 million tons, a year - on - year decrease of 12.5%; imports were 503,000 tons, a year - on - year decrease of 6.9%. From January to October, the cumulative steel exports were 97.737 million tons, a year - on - year increase of 6.6%; the cumulative imports were 5.041 million tons, a year - on - year decrease of 11.9% [48]. 3.4.2. Supply - side: Hot - Rolled Coil Production - On November 28, the blast furnace operating rate of 247 steel mills was 81.09%, a week - on - week decrease of 1.10 percentage points and a year - on - year decrease of 0.53 percentage points. The blast furnace iron - making capacity utilization rate was 87.98%, a week - on - week decrease of 0.60 percentage points and a year - on - year increase of 0.18 percentage points. The daily average pig iron output was 2.3468 million tons, a week - on - week decrease of 0.016 million tons and a year - on - year increase of 0.0081 million tons. - On November 27, the weekly production of hot - rolled coils of 37 hot - rolled coil production enterprises was 3.1901 million tons, an increase of 30,000 tons from last week and an increase of 0.1295 million tons from the same period last year [52]. 3.4.3. Supply - side: Hot - Rolled Coil Inventory - On November 27, the in - factory inventory of hot - rolled coils of 37 hot - rolled coil production enterprises was 780,200 tons, an increase of 0 tons from last week and a year - on - year decrease of 3,700 tons. The social inventory of 33 major cities was 3.2288 million tons, a week - on - week decrease of 12,100 tons and a year - on - year increase of 0.9555 million tons. The total hot - rolled coil inventory was 4.009 million tons, a week - on - week decrease of 12,100 tons and a year - on - year increase of 0.9518 million tons [57]. 3.5. Downstream Conditions 3.5.1. Automobile Industry - From January to October 2025, automobile production and sales were 24.466 million and 24.624 million vehicles respectively, a year - on - year increase of 1.9% and 2.7% respectively. From January to October, the production and sales of new energy vehicles were 9.779 million and 9.75 million vehicles respectively, a year - on - year increase of 33% and 33.9% respectively. The sales of new energy vehicles accounted for 39.6% of the total sales of new vehicles [60]. 3.5.2. Home Appliance Industry - From January to October 2025, the cumulative production of household air conditioners was 230.344 million units, a year - on - year increase of 3%. The production of household refrigerators was 89.959 million units, a year - on - year increase of 0.9%. The production of household washing machines was 101.078 million units, a year - on - year increase of 6.4% [60].