1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Global natural rubber产区处于割胶期，云南产区降雨扰动仍存，加工厂采购需求旺盛使原料价格坚挺；台风“桦加沙”影响海南产区割胶作业，原料供应收紧 [2] - 近期青岛港口库存延续降库但降幅缩窄，保税库继续去库，一般贸易库延续小幅累库，海外船货到港集中入库，入库量超预期，保税库出库量好于一般贸易库 [2] - 上周国内轮胎企业产能利用率窄幅波动，半钢胎内销雪地胎订单集中排产期支撑开工，全钢胎替换市场需求未明显提升且部分企业外贸出口有压力，部分企业库存有提升迹象，短期企业产能利用率可能小幅下调 [2] - ru2601合约短线预计在15400 - 16000区间波动，nr2511合约短线预计在12300 - 12800区间波动 [2] 3. Summary by Related Catalogs 3.1 Futures Market - 沪胶主力合约收盘价15570元/吨，环比 - 50；20号胶主力合约收盘价12430元/吨，环比 - 15 [2] - 沪胶1 - 5价差55元/吨，环比 - 20；20号胶11 - 12价差10元/吨，环比 - 35 [2] - 沪胶与20号胶价差3140元/吨，环比 - 15 [2] - 沪胶主力合约持仓量152529手，环比 - 799；20号胶主力合约持仓量51920手，环比 - 2296 [2] - 沪胶前20名净持仓 - 27840，环比 - 1019；20号胶前20名净持仓 - 13209，环比 - 1525 [2] - 沪胶交易所仓单153570吨，环比 - 2260；20号胶交易所仓单44756吨，环比 - 100 [2] 3.2 Spot Market - 上海市场国营全乳胶14850元/吨，环比 - 50；上海市场越南3L 15250元/吨，环比0 [2] - 泰标STR20 1870美元/吨，环比35；马标SMR20 1870美元/吨，环比35 [2] - 泰国人民币混合胶14880元/吨，环比100；马来西亚人民币混合胶14830元/吨，环比100 [2] - 齐鲁石化丁苯1502 12100元/吨，环比0；齐鲁石化顺丁BR9000 11700元/吨，环比0 [2] - 沪胶基差 - 720元/吨，环比100；沪胶主力合约非标准品基差 - 740元/吨，环比5 [2] - 青岛市场20号胶13220元/吨，环比40；20号胶主力合约基差790元/吨，环比75 [2] 3.3 Upstream Situation - 泰国生胶烟片市场参考价59.35泰铢/公斤，环比 - 0.38；胶片市场参考价57.3泰铢/公斤，环比0 [2] - 胶水市场参考价55.3泰铢/公斤，环比0；杯胶市场参考价50.8泰铢/公斤，环比0.35 [2] - RSS3理论生产利润151美元/吨，环比 - 7.6；STR20理论生产利润 - 5美元/吨，环比12 [2] - 技术分类天然橡胶月度进口量11.31万吨，环比 - 0.88；混合胶月度进口量26.84万吨，环比0.89 [2] - 全钢胎开工率65.66%，环比0.07；半钢胎开工率73.66%，环比0.2 [2] 3.4 Downstream Situation - 全钢轮胎山东库存天数39.13天，环比0.3；半钢轮胎山东库存天数46.02天，环比0.08 [2] - 全钢胎当月产量1303万条，环比28；半钢胎当月产量5806万条，环比109 [2] 3.5 Option Market - 标的历史20日波动率15.59%，环比 - 0.13；标的历史40日波动率15.17%，环比 - 1.25 [2] - 平值看涨期权隐含波动率23.31%，环比0.36；平值看跌期权隐含波动率23.33%，环比0.36 [2] 3.6 Industry News - 截至2025年9月21日，青岛地区天胶保税和一般贸易合计库存46.12万吨，环比降0.36万吨，降幅0.76%；保税区库存6.94万吨，降幅5.07%；一般贸易库存39.18万吨，增幅0.04% [2] - 青岛天然橡胶样本保税仓库入库率增加0.59个百分点，出库率减少2.91个百分点；一般贸易仓库入库率增加1.32个百分点，出库率增加1.78个百分点 [2] - 截至9月18日，中国半钢胎样本企业产能利用率72.74%，环比 + 0.13个百分点，同比 - 6.92个百分点；全钢胎样本企业产能利用率66.36%，环比 + 0.05个百分点，同比 + 6.18个百分点 [2] 3.7 Suggested Attention - 周四隆众轮胎样本企业开工率 [2]

玉米系产业日报 2025-09-25 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 玉米淀粉期货收盘价(活跃合约):(日,元/ 期货收盘价(活跃合约):(日,元/吨) 1 | 2165 | | 2474 | 5 | | | 玉米月间价差(1-5):(日,元/吨) 3 玉米淀粉月间价差(11-1):(日,元/吨) | -63 | 吨) | 13 | 6 | | | 期货持仓量(活跃合约):黄玉米(日,手) -17708 期货持仓量(活跃合约):玉米淀粉(日,手) | | | | | | 期货市场 | | 729266 | | 172607 | -12616 | | | -14837 期货前20名持仓:净买单量:玉米淀粉(日, 期货前20名持仓:净买单量:玉米(日,手) | -35819 | | -38499 | -2878 | | | 注册仓单量:黄玉米(日,手) -2000 注册仓单量:玉米淀粉(日,手) | 21814 | 手) | 8250 | 0 | | | 主力合约CS-C价差(日, ...

| 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):菜籽油(日,元/吨) | 10142 | 221 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2444 | 49 | | 期货市场 | 菜油月间差(1-5):(日,元/吨) 484 主力合约持仓量:菜油(日,手) 347712 | 0 菜粕月间价差(1-5)(日,元/吨) 41507 主力合约持仓量:菜粕(日,手) | 101 378057 | 25 -20054 | | 期货前20名持仓:净买单量:菜油(日,手) | 39516 | 21725 期货前20名持仓:净买单量:菜粕(日,手) | -51747 | 21457 | | 仓单数量:菜油(日,张) | 8057 | 0 仓单数量:菜粕(日,张) | 9245 | 0 | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 617.6 | 0.3 期货收盘价(活跃合约):油菜籽(日,元/吨) | 5281 | 1 | | 现货市场 | 现货价:菜油:江苏(日,元/吨) 10 ...

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The futures price of HC2601 may fall into range consolidation due to the balance between bulls and bears in the market. Technically, the 1-hour MACD indicator of the HC2601 contract shows that DIFF and DEA are running below the 0 axis, but the red column is expanding. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price is 3,358 yuan/ton, up 1 yuan; the position volume is 1,369,716 lots, up 1,955 lots; the net position of the top 20 in the HC contract is - 76,157 lots, up 1,287 lots; the HC10 - 1 contract spread is 62 yuan/ton, up 5 yuan; the HC last - trading - day warehouse receipt is 32,504 tons, down 5,355 tons; the HC2601 - RB2601 contract spread is 191 yuan/ton, down 2 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou, Guangzhou, Wuhan, and Tianjin remains unchanged at 3,420 yuan/ton, 3,370 yuan/ton, 3,430 yuan/ton, and 3,330 yuan/ton respectively. The HC main contract basis is 62 yuan/ton, down 1 yuan; the Hangzhou hot - rolled coil - rebar spread is 80 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore in Qingdao Port is 789 yuan/wet ton, down 3 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,490 yuan/ton, unchanged; the price of Tangshan 6 - 8mm scrap steel is 2,280 yuan/ton, unchanged; the price of Hebei Q235 billet is 3,030 yuan/ton, unchanged. The 45 - port iron ore inventory is 13,804.22 million tons, down 48.91 million tons; the sample coking plant coke inventory is 42.21 million tons, down 1.55 million tons; the sample steel mill coke inventory is 644.90 million tons, up 11.29 million tons; the Hebei billet inventory is 122.5 million tons, up 0.77 million tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 84.00%, up 0.15%; the blast furnace capacity utilization rate is 90.38%, up 0.18%. The sample steel mill hot - rolled coil output is 324.19 million tons, down 2.30 million tons; the sample steel mill hot - rolled coil capacity utilization rate is 82.81%, down 0.59%. The sample steel mill hot - rolled coil factory inventory is 81.70 million tons, up 0.40 million tons; the 33 - city hot - rolled coil social inventory is 298.80 million tons, up 2.11 million tons. The domestic crude steel output is 7,737 million tons, down 229 million tons; the steel net export volume is 901.00 million tons, down 38.00 million tons [2] 3.5 Downstream Situation - The monthly automobile production is 281.54 million vehicles, up 22.43 million vehicles; the monthly automobile sales are 285.66 million vehicles, up 26.32 million vehicles. The monthly air - conditioner output is 1,681.88 million units, down 377.77 million units; the monthly household refrigerator output is 945.32 million units, up 72.25 million units; the monthly household washing machine output is 1,013.18 million units, up 135.75 million units [2] 3.6 Industry News - On September 25, Mysteel information showed that the actual hot - rolled coil output was 324.19 million tons, a week - on - week decrease of 2.3 million tons; the factory inventory was 81.7 million tons, a week - on - week increase of 0.4 million tons; the social inventory was 298.8 million tons, a week - on - week increase of 2.11 million tons; the total inventory was 380.5 million tons, a week - on - week increase of 2.51 million tons; the apparent demand was 321.68 million tons, a week - on - week decrease of 0.14 million tons. On September 24, the US announced to lower the tariff on EU - imported cars to 15%, effective retroactively from August 1 [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The lithium carbonate futures main contract showed a volatile and slightly stronger trend, with an increase of 0.93% at the close. The fundamentals suggest stable supply and positive demand expectations. The option market sentiment is bullish, and the implied volatility has slightly increased. Technically, the 60 - minute MACD shows the double - line above the 0 - axis with an expanding red column. The recommended operation is to go long on dips with a light position and control risks by paying attention to the trading rhythm [2]. 3. Summary According to Relevant Catalogs Futures Market - The main contract closing price was 74,040 yuan/ton, up 1,160 yuan; the net position of the top 20 was - 167,185 hands, down 8,304 hands. - The main contract open interest was 261,141 hands, up 487 hands; the spread between near - and far - month contracts was - 260 yuan/ton, down 80 yuan/ton. - The Guangzhou Futures Exchange warehouse receipts were 39,749 hands/ton, up 300 hands [2]. Spot Market - The average price of battery - grade lithium carbonate was 73,750 yuan/ton, down 100 yuan; the average price of industrial - grade lithium carbonate was 71,500 yuan/ton, down 100 yuan. - The basis of the Li₂CO₃ main contract was - 290 yuan/ton, down 1,260 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 876 US dollars/ton, unchanged; the average price of amblygonite was 7,285 yuan/ton, up 75 yuan. - The price of lithium mica (2 - 2.5%) was 2,645 yuan/ton, unchanged [2]. Industry Situation - The monthly lithium carbonate output was 45,880 tons, up 1,280 tons; the monthly import volume was 21,846.92 tons, up 8,001.60 tons. - The monthly export volume was 368.91 tons, up 2.56 tons; the monthly enterprise operating rate was 46%, down 2 percentage points. - The monthly power battery output was 139,600 MWh, up 5,800 MWh [2]. Downstream and Application - The output and sales of new energy vehicles increased, with the monthly output at 1,391,000 vehicles, up 148,000 vehicles, and the monthly sales at 1,395,000 vehicles, up 133,000 vehicles. - The cumulative sales penetration rate of new energy vehicles was 45.53%, up 0.54 percentage points; the cumulative sales were 9,620,000 vehicles, up 2,583,000 vehicles. - The monthly export volume was 224,000 vehicles, down 10,000 vehicles; the cumulative export volume was 1.532 million vehicles, up 714,000 vehicles [2]. Option Situation - The total call open interest was 217,754 contracts, up 5,066 contracts; the total put open interest was 104,293 contracts, down 1,074 contracts. - The total open - interest put - call ratio was 47.89%, down 1.6458 percentage points; the at - the - money IV implied volatility was 0.43%, up 0.0225 percentage points [2]. Industry News - Whensheng Technology introduced its progress in solid - state lithium battery cathode materials, lithium - rich manganese - based materials, etc. - Cui Dongshu of the Passenger Car Association was optimistic about the automotive industry during the "15th Five - Year Plan" period, expecting a total output of 40 million vehicles. - Enjie Co., Ltd. announced that its pilot production line of lithium sulfide was completed and in the process of capacity ramping [2].

Group 1: Report Industry Investment Rating - Not mentioned Group 2: Core View of the Report - The red date market is at a critical period of transition between old and new seasons, with the main - producing areas' grey dates entering the sugar - increasing stage. The physical inventory of 36 sample points in the red date market this week is 9,247 tons, a decrease of 74 tons from last week, a 0.79% week - on - week decrease and an 80.64% year - on - year increase. The arrival volume in the sales area market is small, the downstream purchasing enthusiasm is average, and the overall trading atmosphere is weak. There is a technical correction in red date prices on the market. It is recommended to wait and see in the short term and pay attention to holiday stocking [2] Group 3: Summary According to the Directory Futures Market - The closing price of the main futures contract for red dates is 10,970 yuan/ton, with a week - on - week increase of 185 yuan/ton. The position of the main contract is 158,928 lots, with a week - on - week increase of 2,813 lots. The net long position of the top 20 futures holders is - 8,985 lots, with a week - on - week decrease of 2,617 lots. The number of warehouse receipts is 7,063 lots, with a week - on - week decrease of 341 lots. The total valid warehouse receipt forecast is 58 lots, with no week - on - week change [2] Spot Market - The prices of red date bulk goods in Kashgar, Alar, and Aksu are 6 yuan/kg, 5.2 yuan/kg, and 4.8 yuan/kg respectively, with no week - on - week change. The wholesale prices of first - grade grey dates in Hebei and Henan are 4.75 yuan/jin, with no week - on - week change. The prices of special - grade red dates in Hebei, Henan, and Guangdong are 10.48 yuan/kg, 10.5 yuan/kg, and 11.7 yuan/kg respectively, with only the Hebei price having a week - on - week increase of 0.02 yuan/kg. The price of first - grade red dates in Guangdong is 10.6 yuan/kg, with no week - on - week change [2] Upstream Market - The annual output of red dates is 606.9 tons, with a year - on - year increase of 318.7 tons. The planting area is 199.3 hectares, with a year - on - year decrease of 4.1 hectares [2] Industry Situation - The national red date inventory is 9,247 tons, with a week - on - week decrease of 74 tons. The monthly export volume of red dates is 2,364,893 kg, with a month - on - month increase of 580,729 kg. The cumulative monthly export volume is 21,264,731 kg, with an increase of 2,364,893 kg [2] Downstream Situation - The cumulative quarterly sales volume of red dates of Hao Xiang Ni is - 2,981.06 tons. The cumulative quarterly year - on - year production growth rate is 1.47%, with a decrease of 34.59 percentage points [2] Industry News - In the Hebei Cuierzhuang market, 3 trucks of red dates arrived, and the prices remained stable. The reference arrival price for special - grade red dates is 10.60 yuan/kg, and for first - grade red dates is 9.60 yuan/kg, with downstream purchasing according to demand. In the Guangdong Ruyifang market, 2 trucks of red dates arrived, and the spot prices remained stable. Due to the typhoon alert in Guangdong, the number of purchasing customers is small, and the trading volume is average [2]

白糖产业日报 2025-09-25 糖预计微幅增产，现货价格稳中走弱。粤西产区受台风影响迎来大风大雨影响，但考虑对甘蔗影响不及上 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 年台风，短期市场情绪存在修复，关注上方压力。操作上，建议观望为主。 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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5485 | -12 主力合约持仓量:白糖(日,手) | 431349 | -7657 482 ...

鸡蛋产业日报 2025-09-25 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 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):鸡蛋(日,元/500千 20 期货前20名持仓:净买单量:鸡蛋(日,手) | 3076 | -7285 | -4594 | | 期货市场 | | | | | | | 克) 鸡蛋期货月间价差(1-5):(日,元/500千克) 21 期货持仓量(活跃合约):鸡蛋(日,手) | -17 | 346279 | -16242 | | | 注册仓单量:鸡蛋(日,手) 26 | 26 | | | | 现货市 ...

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - On Thursday, the RB2601 contract fluctuated. The central bank announced a 600 billion yuan MLF operation on September 25, with a net injection of 300 billion yuan this month, a seventh consecutive month of increased roll - overs. The weekly output of rebar remained low with a capacity utilization rate of 45.26%. During the consumption peak season, inventory continued to decline and apparent demand increased. Overall, the steel market was mixed. With the approaching long - holiday, there would be a tug - of - war between bulls and bears, and the market might range - bound. Technically, the 1 - hour MACD indicator of the RB2601 contract showed that DIFF and DEA were near the 0 - axis with shrinking green bars. Short - term trading was recommended, paying attention to rhythm and risk control [2] Group 3: Summary by Directory Futures Market - RB main contract closing price was 3,167 yuan/ton, up 3 yuan; RB main contract open interest was 1,870,449 lots, down 11,775 lots; RB contract top 20 net positions were - 171,227 lots, up 20,425 lots; RB1 - 5 contract spread was - 58 yuan/ton, up 5 yuan; RB SHFE warehouse receipt daily report was 277,122 tons, up 7,616 tons; HC2601 - RB2601 contract spread was 191 yuan/ton, down 2 yuan [2] Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,340 yuan/ton, unchanged; in Hangzhou (actual weight) was 3,426 yuan/ton, unchanged; in Guangzhou (theoretical weight) was 3,340 yuan/ton, unchanged; in Tianjin (theoretical weight) was 3,230 yuan/ton, unchanged. RB main contract basis was 173 yuan/ton, down 3 yuan; Hangzhou hot - rolled coil - rebar spot spread was 80 yuan/ton, unchanged [2] Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 789 yuan/wet ton, down 3 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,280 yuan/ton, unchanged; the price of Hebei Q235 billet was 3,030 yuan/ton, unchanged. The 45 - port iron ore inventory was 138.0422 million tons, down 489,100 tons; the sample coking plant coke inventory was 422,100 tons, down 15,500 tons [2] Industry Situation - The sample steel mill coke inventory was 6.449 million tons, up 112,900 tons; the Tangshan billet inventory was 1.225 million tons, up 7,700 tons. The 247 steel mill blast furnace operating rate was 84%, up 0.15 percentage points; the 247 steel mill blast furnace capacity utilization rate was 90.38%, up 0.18 percentage points. The sample steel mill rebar output was 2.0646 million tons, up 100 tons; the sample steel mill rebar capacity utilization rate was 45.26%, unchanged. The sample steel mill rebar inventory was 1.6441 million tons, down 6,600 tons; the 35 - city rebar social inventory was 4.7189 million tons, down 133,200 tons. The independent electric arc furnace steel mill operating rate was 67.71%, down 2.08 percentage points; the domestic crude steel output was 77.37 million tons, down 2.29 million tons. The monthly output of Chinese rebar was 1.518 million tons, down 23,000 tons; the net steel export volume was 901,000 tons, down 38,000 tons [2] Downstream Situation - The national real estate climate index was 93.05, down 0.28; the cumulative year - on - year growth rate of fixed - asset investment completion was 0.5%, down 1.1 percentage points; the cumulative year - on - year growth rate of real estate development investment completion was - 12.9%, down 0.9 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was 2%, down 1.2 percentage points. The cumulative value of housing construction area was 6.43109 billion square meters, down 43.78 million square meters; the cumulative value of new housing construction area was 398.01 million square meters, down 45.95 million square meters; the commercial housing unsold area was 402.29 million square meters, up 3.07 million square meters [2] Industry News - On September 25, Mysteel reported that the actual rebar output was 2.0646 million tons, up 100 tons week - on - week; the mill inventory was 1.6441 million tons, down 6,600 tons; the social inventory was 4.7189 million tons, down 133,200 tons; the total inventory was 6.363 million tons, down 139,800 tons; the apparent demand was 2.2044 million tons, up 104,100 tons. Also, on September 25, rainfall affected 2 tailings ponds in Guangxi with over 100 mm of rain (0 "over - head" ponds), and 65 tailings ponds in Guangxi, Guizhou and Yunnan with 50 - 100 mm of rain (1 "over - head" pond) [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On September 25, the JM2601 contract of coking coal closed at 1234.5, up 0.98%. It is recommended to treat it as a volatile and bullish trend. The J2601 contract of coke closed at 1760.0, up 2.00%. It is also recommended to treat it as a volatile and bullish trend. Investors should pay attention to risk control [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the JM main - contract was 1234.50 yuan/ton, up 10.00 yuan; the closing price of the J main - contract was 1760.00 yuan/ton, up 30.00 yuan. The JM futures contract持仓量 was 907095.00 hands, down 17976.00 hands; the J futures contract持仓量 was 53441.00 hands, up 822.00 hands [2]. - The net position of the top 20 coking coal contracts was - 115319.00 hands, up 5854.00 hands; the net position of the top 20 coke contracts was - 5802.00 hands, down 216.00 hands. The JM5 - 1 month contract spread was 93.50 yuan/ton, up 6.00 yuan; the J5 - 1 month contract spread was 140.00 yuan/ton, down 1.00 yuan [2]. - The coking coal warehouse receipts were 0.00; the coke warehouse receipts were 1690.00 [2]. 3.2 Spot Market - The price of Ganqimao Du Meng 5 raw coal was 1038.00 yuan/ton, down 2.00 yuan; the price of Tangshan Grade - 1 metallurgical coke was 1665.00 yuan/ton, unchanged. The price of Russian prime coking coal forward spot was 151.50 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade - 1 metallurgical coke was 1470.00 yuan/ton, unchanged [2]. - The price of imported prime coking coal from Australia at Jingtang Port was 1630.00 yuan/ton, unchanged; the price of Grade - 1 metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged. The price of prime coking coal produced in Shanxi at Jingtang Port was 1750.00 yuan/ton, up 70.00 yuan; the price of quasi - Grade - 1 metallurgical coke at Tianjin Port was 1470.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1270.00 yuan/ton, unchanged; the J main - contract basis was - 95.00 yuan/ton, down 30.00 yuan. The price of coking coal ex - factory in Wuhai, Inner Mongolia was 1080.00 yuan/ton, unchanged; the JM main - contract basis was 35.50 yuan/ton, down 10.00 yuan [2]. 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.50 million tons, up 0.70 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 310.70 million tons, up 6.30 million tons. The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, up 0.01 percentage points; the monthly raw coal output was 39049.70 million tons, up 951.00 million tons [2]. - The monthly import volume of coal and lignite was 4274.00 million tons, up 713.00 million tons; the daily average output of raw coal from 523 coking coal mines was 194.00 million tons, up 4.10 million tons. The weekly inventory of imported coking coal at 16 ports was 515.32 million tons, up 48.97 million tons; the weekly inventory of coke at 18 ports was 260.80 million tons, up 2.49 million tons [2]. - The weekly total inventory of coking coal of independent coking enterprises in the full - sample was 940.41 million tons, up 56.87 million tons; the weekly inventory of coke of independent coking enterprises in the full - sample was 66.41 million tons, down 1.43 million tons. The weekly inventory of coking coal of 247 steel mills nationwide was 790.34 million tons, down 3.39 million tons; the weekly inventory of coke of 247 sample steel mills nationwide was 644.67 million tons, up 11.38 million tons [2]. - The weekly available days of coking coal of independent coking enterprises in the full - sample was 12.74 days, down 0.07 days; the weekly available days of coke of 247 sample steel mills was 11.42 days, up 0.13 days. The monthly import volume of coking coal was 1016.22 million tons, up 55.50 million tons; the monthly export volume of coke and semi - coke was 55.00 million tons, down 34.00 million tons [2]. - The monthly output of coking coal was 4089.38 million tons, up 25.00 million tons; the weekly capacity utilization rate of independent coking enterprises was 75.87%, down 0.05 percentage points. The weekly profit per ton of coke in independent coking plants was - 17.00 yuan/ton, down 52.00 yuan/ton. The monthly output of coke was 4259.70 million tons, up 74.20 million tons [2]. 3.4 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills was 84.00%, up 0.15 percentage points; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 90.38%, up 0.18 percentage points. The monthly output of crude steel was 7736.86 million tons, down 228.96 million tons [2]. 3.5 Industry News - On September 24, some coking enterprises proposed a price increase of 50 - 55 yuan/ton, and mainstream coking enterprises planned to propose the first - round price increase for coke on the 25th, intensifying the game between coking and steel enterprises [2]. - On September 24 local time, the US announced to reduce the tariff on imported cars from the EU to 15%, effective retroactively from August 1 [2]. - On September 23, 190 mining companies in Indonesia were subject to administrative penalties for failing to provide reclamation as required and comply with production quotas, and were ordered to suspend operations for up to 60 days. Most of the coal mines shut down were long - term shut - down mines, so the impact on Indonesia's current coal production and exports was limited [2]. - Multiple departments such as the Ministry of Industry and Information Technology issued a notice on printing and distributing the "Work Plan for Steady Growth of the Building Materials Industry (2025 - 2026)", proposing to strictly control the production capacity of cement and glass. No new production capacity of cement clinker and flat glass is allowed, and new or renovated projects must formulate production capacity replacement plans [2]. 3.6 Viewpoint Summary - For coking coal on September 25, the 2601 contract closed at 1234.5, up 0.98%. On the spot side, the price of Tangshan Meng 5 clean coal was reported at 1366, equivalent to 1146 on the disk. Macroscopically, according to the bilateral agreement between China and Mongolia, the three major import ports of Ganqimao Du, Ceke, and Mandula will be closed from October 1 to 7, 2025, and will resume normal customs clearance on October 8. Fundamentally, the capacity utilization rate of mines has rebounded for two consecutive weeks, some coal varieties have rebounded, the capacity utilization rate of independent coal washing plants has continued to rise, the cumulative import growth rate has declined for 3 consecutive months, and the inventory is neutral. Technically, the daily K is above the 20 - day and 60 - day moving averages. It is recommended to treat it as a volatile and bullish trend [2]. - For coke on September 25, the 2601 contract closed at 1760.0, up 2.00%. On the spot side, after the second - round price cut of coke was implemented, some coking enterprises proposed a price increase of 50 - 55 yuan/ton. Macroscopically, Guangdong issued an emergency notice on doing a good job in the defense of Typhoon "Huajiacha" and entered the typhoon defense state immediately. Fundamentally, on the demand side, the current iron - water output was 241.02 million tons, up 0.47 million tons, with the iron - water fluctuating at a high level, and the coke inventory was higher than the same period. In terms of profit, the average loss per ton of coke of 30 independent coking plants nationwide was 17 yuan/ton. Technically, the daily K is above the 20 - day and 60 - day moving averages. It is recommended to treat it as a volatile and bullish trend [2].