1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After the Sino-US negotiations concluded, the market's trading expectations were realized, and risk appetite significantly contracted. In the short - term, the market faces adjustment risks due to capital realization pressure, but in the long - run, it is still cost - effective to buy on dips. [2][3] - The prices of precious metals may fluctuate in the short - term; copper, aluminum, and other base metals are expected to maintain high - level range - bound oscillations; zinc, lead, and tin prices are in adjustment phases; industrial silicon is expected to be strongly range - bound; lithium carbonate prices may fluctuate widely; nickel prices are at the lower end of the range, awaiting new upward drivers; and the prices of soda ash and glass are expected to be weak. [4][6][8][12][14][16][17][19][22][24] - Steel prices are expected to be range - bound, iron ore prices will oscillate, soybean and rapeseed meal prices will be strongly range - bound, and palm oil prices will be weakly range - bound. [26][27][28][30] 3. Summary by Related Catalogs 3.1 Macro - Overseas: After the Sino - US summit, the average tariff faced by China decreased by 10%, and the Sino - US game entered a stage of truce. The Nasdaq fell about 1%, the gold price rebounded over 2% to the $4000 mark, the US dollar index rose to 99.5, the 10Y US Treasury yield fluctuated slightly, copper prices dropped over 2%, and oil prices remained flat. [2] - Domestic: The A - share market rose and then fell, with nearly 4100 stocks closing lower and the trading volume reaching 2.46 trillion. The lithium battery and shipping sectors led the gains, while the ChiNext and STAR Market sectors led the losses. In the medium - to - long - term, it is still cost - effective to buy on dips. The bond market priced in all negative factors, and short - and long - term interest rates both declined. [3] 3.2 Precious Metals - International gold and silver prices rebounded slightly. COMEX gold futures rose 0.94% to $4038.30 per ounce, and COMEX silver futures rose 1.71% to $48.73 per ounce. The market has doubts about the actual effect of the Sino - US trade agreement, and precious metals prices may oscillate in the short - term. [4][5] 3.3 Copper - The Shanghai copper main contract was strongly range - bound, and LME copper pulled back at night. The Sino - US trade situation eased, but the path of global central banks turning to easing is uncertain. Fundamentally, overseas mine disruptions continue, and non - US inventory is low. Short - term copper prices are expected to maintain high - level range - bound oscillations. [6][7] 3.4 Aluminum - The Shanghai aluminum main contract closed at 21280 yuan/ton, down 0.07%. The market continues to digest the Fed's interest - rate cut decision. The Sino - US trade agreement is optimistic, but there are supply disturbances overseas and environmental restrictions on some downstream industries in the north. Aluminum prices are in high - level range - bound oscillations. [8][9][10] 3.5 Alumina - The alumina futures main contract closed at 2791 yuan/ton, down 1.1%. The supply side is basically stable this week, the spot market trading is light, and the impact of environmental restriction news on the market is limited. Attention should be paid to the expansion of maintenance and production - reduction capacity. [11] 3.6 Zinc - The Shanghai zinc main contract was range - bound, and LME zinc oscillated weakly. The market digested Powell's hawkish remarks, and zinc prices adjusted. The supply in November is expected to remain high, with limited increase, and consumption is entering the off - peak season. Zinc prices are affected by macro and market sentiment in the short - term. [12][13] 3.7 Lead - The Shanghai lead main contract oscillated narrowly. The supply side changed little, demand marginally weakened, and social inventory continued to decline but at a slower pace. The lead market shows a pattern of strong reality and weak expectation, and prices are expected to maintain high - level narrow - range oscillations. [14][15] 3.8 Tin - The Shanghai tin main contract oscillated weakly. The market lowered the expectation of the Fed's interest - rate cut in December, and the supply - demand pattern is weak. Tin prices are expected to adjust at a high level, but supply - side disturbances will limit the downward adjustment space. [16] 3.9 Industrial Silicon - Industrial silicon was strongly range - bound. The supply side is stable, with Xinjiang's operating rate rising and Sichuan and Yunnan's output falling after the dry season. The demand side has mixed signals. The social inventory decreased slightly last week, and the futures price is expected to continue to be strongly range - bound. [17][18] 3.10 Lithium Carbonate - Lithium carbonate prices fluctuated widely, and spot prices rose. The new energy vehicle industry has mixed demand signals. With the increase in positions and trading volume, the long - short contradiction is intensifying, and it is advisable to wait and see. [19][20][21] 3.11 Nickel - Nickel prices oscillated weakly. The Sino - US high - level meeting reached multiple consensuses, but the fundamental supply pressure is strong. Nickel prices are at the lower end of the range, with limited room for a deep decline, waiting for upward drivers. [22][23] 3.12 Soda Ash and Glass - The soda ash main contract oscillated weakly, and the glass main contract also showed a weak trend. Glass production is stable, but there is supply pressure. The downstream has structural differentiation, and the prices of soda ash and glass are expected to be weak, with attention paid to previous lows for support. [24][25] 3.13 Steel (Rebar and Hot - Rolled Coil) - Steel futures oscillated and rebounded. Steel production and apparent demand increased, and inventory decreased. In the short - term, the pressure eased, but with the cold weather, the supply - demand situation will turn weak. Steel prices are expected to be range - bound. [26] 3.14 Iron Ore - Iron ore futures oscillated and rebounded. Steel production increased, and steel mills actively purchased raw materials. Supply pressure was partially relieved, and port inventory decreased. After the macro - level positive factors were realized, iron ore prices are expected to oscillate. [27] 3.15 Soybean and Rapeseed Meal - Soybean and rapeseed meal futures rose. The drought in US soybean - growing areas eased, and the soybean production forecast in Brazil's Paraná state increased. China has resumed purchasing US soybeans, and short - term soybean and rapeseed meal prices are expected to be strongly range - bound. [28][29] 3.16 Palm Oil - Palm oil futures fell slightly. After the Sino - US high - level meeting, the market digested Powell's hawkish remarks. The current driving news is scarce, and palm oil prices are expected to be weakly range - bound. [30] 3.17 Metal Trading Data - The trading data of various metals, including SHFE copper, LME copper, SHFE aluminum, etc., are provided, showing closing prices, price changes, trading volumes, and open interests. [31] 3.18 Industrial Data - The industrial data of metals such as copper, nickel, zinc, etc., including contract prices, warehouse receipts, inventory, spot premiums, and price ratios, are presented, along with their changes over time. [32][34][35]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas, the Fed cut interest rates by 25BP, but there are internal differences, and the possibility of a December rate cut is uncertain. The dollar index rose, the US stock market fluctuated, and copper prices reached a record high [2]. - Domestically, the A - share market continued to break through, and the bond market showed a short - strong and long - weak pattern. The short - term A - share market sentiment may not have peaked, and it is still cost - effective to buy on dips in the medium and long term [3]. - Precious metals are under pressure due to Powell's hawkish speech, and it is not advisable to go long for now [4][5]. - Copper prices are expected to remain strong at high levels in the short term, supported by the new wave of industries and tight fundamentals [6][7]. - Aluminum prices are expected to fall under the influence of Powell's hawkish speech, but the optimistic sentiment of Sino - US trade talks will limit the decline [8][9]. - Alumina prices are in a game between sufficient supply and production cut expectations, and subsequent production cut news should be monitored [10]. - Zinc prices are under pressure as the expectation of a December rate cut falls, and the short - term trend is expected to be volatile [11]. - Lead prices are expected to maintain a small - scale adjustment, and the low - inventory situation will limit the adjustment range [12]. - Tin prices are expected to operate at high levels in the short term, with the macro factor playing a leading role [13]. - Industrial silicon prices are expected to continue to rebound in the short term, driven by improved macro expectations and stable fundamentals [14][15]. - Lithium carbonate prices are in a wide - range shock due to the intense long - short game [16][17]. - Nickel prices are expected to fluctuate due to the mixed macro and fundamental factors [18][19]. - For soda ash and glass, glass prices may be adjusted, and soda ash will fluctuate [20]. - Steel prices are expected to continue to rebound in a volatile manner, with the focus on industrial data changes [21][22]. - Iron ore prices are expected to be strong in a volatile manner due to the continuously favorable macro environment [23]. - Bean and rapeseed meal prices are expected to be strong in a volatile manner in the short term, with the market awaiting details of Sino - US high - level meetings [24][25]. - Palm oil prices are expected to be weak in a volatile manner in the short term due to the loosening supply - demand situation [26][27]. 3. Summaries According to Related Catalogs 3.1 Metals 3.1.1 Copper - The Fed cut interest rates as expected, and copper prices continued to rise. The LME copper price basically stood at the $11,000 level at night. The domestic electrolytic copper spot market had poor trading, and the LME inventory decreased to 135,000 tons. Glencore's copper production in the first three quarters decreased by 17% year - on - year [6]. - Short - term copper prices are expected to remain strong at high levels, affected by the new wave of industries and tight fundamentals [7]. 3.1.2 Aluminum - The Fed cut interest rates, and the domestic and foreign aluminum prices showed different trends. The domestic electrolytic aluminum inventory increased slightly. The market was affected by Powell's hawkish speech and Sino - US trade talks [8][9]. 3.1.3 Alumina - The alumina futures price rose, and the spot price fell slightly. An alumina enterprise in Hebei had a limited impact on production due to environmental protection inspections. The future production cut and maintenance expectations increased, and the price was in a game between supply and expectations [10]. 3.1.4 Zinc - The zinc price was under pressure as the December rate cut expectation fell. The spot market had general trading, and the Australian Endeavor mine had an accident and suspended operations [11]. 3.1.5 Lead - The lead price maintained an adjustment. The large - scale battery enterprises reduced production, the demand for raw materials weakened, and the low - inventory situation limited the adjustment range [12]. 3.1.6 Tin - The tin price was affected by the macro factor and fundamentals. The supply and demand were both weak, and the low - inventory situation supported the price. It was expected to operate at high levels in the short term [13]. 3.1.7 Nickel - The nickel price fluctuated. The Fed's interest rate cut and Powell's hawkish attitude affected the market. The industry had no obvious improvement, and the cost logic still existed [18][19]. 3.1.8 Precious Metals - The precious metal prices were under pressure due to Powell's hawkish speech. The gold price fell, and the silver price rose slightly. The market's expectation of further monetary easing cooled down [4][5]. 3.2 Non - Metals 3.2.1 Industrial Silicon - The industrial silicon price continued to rebound. The supply was stable, and the demand side had mixed news. The market was boosted by the improved domestic macro expectations [14][15]. 3.2.2 Carbonate Lithium - The carbonate lithium price fluctuated strongly. The supply of overseas spodumene mines was abundant, and the mica mines were relatively short. The market had an intense long - short game [16][17]. 3.2.3 Soda Ash and Glass - The soda ash futures price fluctuated strongly, and the glass futures price was adjusted. The glass market was weak, and the soda ash market had general trading [20]. 3.3 Steel and Iron 3.3.1 Steel - The steel futures price rebounded in a volatile manner. The macro environment was favorable, and the fundamentals were stable. The demand was expected to weaken with the cooling weather [22]. 3.3.2 Iron Ore - The iron ore futures price rebounded in a volatile manner. The spot market was active, the supply pressure was partially relieved, and the price was expected to be strong in a volatile manner [23]. 3.4 Agricultural Products 3.4.1 Bean and Rapeseed Meal - The bean and rapeseed meal prices fluctuated strongly. The South American soybean planting situation was good, and the market was waiting for the details of Sino - US high - level meetings [24][25]. 3.4.2 Palm Oil - The palm oil price broke through and fell. The supply - demand situation tended to be loose, and the implementation time of Indonesia's B50 biodiesel policy might be postponed [26][27].

Report Summary Report Investment Rating - Not provided in the content Core Viewpoints - Last week, industrial silicon prices stabilized and rebounded. The Fourth Plenary Session's "15th Five-Year Plan" emphasized green transformation, boosting domestic macro expectations. The polysilicon futures market also lifted market confidence. Supply remained stable with Xinjiang's increased production offset by reduced output in Sichuan and Yunnan. Demand from the polysilicon market fluctuated, silicon wafer production exceeded expectations, and the demand for 210RN in the medium and low-efficiency component market remained strong. Component inventory is expected to decrease slightly in November. Technically, the price is expected to remain strong in the short term [2][6][10]. Summary by Directory Market Data - The industrial silicon futures price increased by 5.81% to 8920 yuan/ton from November 17th to November 24th. The prices of various spot grades remained unchanged, while the prices of organic silicon DMC and polysilicon dense materials decreased by 1.77% and 5.88% respectively. The industrial silicon social inventory remained at 510,000 tons [4]. Market Analysis and Outlook - **Macro aspect**: The "15th Five-Year Plan" is crucial for realizing Chinese modernization and promoting high - quality development [7]. - **Supply - demand aspect**: As of October 24th, the weekly output of industrial silicon was 98,500 tons, a 1.1% week - on - week and 2.5% year - on - year increase. The overall furnace - opening rate dropped to 40%. The polysilicon market's sentiment fluctuated, silicon wafer production exceeded expectations, and the demand for 210RN was strong. Component inventory is expected to drop to about 30GW in November, and the photovoltaic industry is expected to enter a new supply - demand balance cycle [8]. - **Inventory aspect**: As of October 24th, the national social inventory of industrial silicon decreased to 559,000 tons, a 3,000 - ton week - on - week decrease. The exchange's registered warehouse receipts decreased to 48,327 lots, equivalent to 242,000 tons [9]. Industry News - **South Korea's exports**: Despite the impact of US tariffs and holiday factors, South Korea's exports in the first 20 days of October increased. Semiconductor exports increased by 20.2%, while automobile exports decreased by 25%. The negotiation on the South Korea - US trade agreement is at a standstill, increasing the uncertainty of South Korea's future exports to the US [11]. - **Photovoltaic power station**: Under Document No. 136, the development rules of the photovoltaic industry have changed. The tendering scale of photovoltaic power station EPC decreased in the third quarter, but the awarding scale increased quarter - on - quarter. Chinese enterprises such as PowerChina and EnergyChina won large - scale overseas projects, and Zhengtai Energy won a 720MW distributed photovoltaic project [12]. Related Charts - The report presents multiple charts on industrial silicon production, exports, inventory, and the prices of related products, providing data support for the analysis [14][20][21]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Last week, the BMD Malaysian palm oil main contract fell 94 to close at 4,420 ringgit/ton, a decline of 2.08%; the palm oil 01 contract fell 186 to close at 9,122 yuan/ton, a decline of 2.00%; the soybean oil 01 contract fell 62 to close at 8,194 yuan/ton, a decline of 0.75%; the rapeseed oil 01 contract fell 100 to close at 9,761 yuan/ton, a decline of 1.01%; the CBOT US soybean oil main contract fell 0.81 to close at 50.29 cents/pound, a decline of 1.59%; the ICE rapeseed active contract rose 1.4 to close at 632.4 Canadian dollars/ton, an increase of 0.22% [4][7] - Palm oil oscillated and declined during the week mainly due to the month - on - month increase in Malaysian palm oil production. High - frequency data showed that the month - on - month increase in export demand narrowed, and demand weakened after the Indian Diwali festival. It is expected that Malaysian palm oil will continue to build up inventory in October, with loose supply putting downward pressure. Additionally, the expectation of Indonesia's B50 policy cooled, and its implementation is expected to be postponed, resulting in limited driving forces. Meanwhile, the US sanctions on Russia led to a sharp rebound in oil prices at a low level, providing some support for oils and fats [4][7] - Macroscopically, the China - US economic and trade negotiations reached a preliminary consensus, easing trade sentiment; the growth rate of the US core CPI in September slowed down, and the Federal Reserve may cut interest rates twice this year. The US stock market reached a new high, and the US dollar index continued to oscillate at a low level. The US sanctions on Russia led to supply concerns, and oil prices rose significantly at a low level on a weekly basis. Fundamentally, the ending inventory of Malaysian palm oil in October is expected to continue to increase, with loose supply putting downward pressure. Coupled with the cooling of the Indonesian B50 biodiesel policy theme and the possible postponement of its implementation, the Dalian palm oil oscillated and declined. As negative factors are gradually priced in, attention should be paid to the supply - demand changes in the producing areas after entering the off - season. Recently, the strengthening of oil prices has slowed down the decline of palm oil. It is expected that palm oil will operate in a wide - range oscillation in the short term [4][11] Summary by Directory Market Data - The CBOT US soybean oil main contract fell 0.81 to 50.29 cents/pound, a decline of 1.59%; the BMD Malaysian palm oil main contract fell 94 to 4,420 ringgit/ton, a decline of 2.08%; the DCE palm oil 01 contract fell 186 to 9,122 yuan/ton, a decline of 2.00%; the DCE soybean oil 01 contract fell 62 to 8,194 yuan/ton, a decline of 0.75%; the CZCE rapeseed oil 01 contract fell 100 to 9,761 yuan/ton, a decline of 1.01%. The spot price of 24 - degree palm oil in Guangzhou, Guangdong decreased by 250 to 9,000 yuan/ton, a decline of 2.70%; the spot price of first - grade soybean oil in Rizhao decreased by 150 to 8,370 yuan/ton, a decline of 1.76%; the spot price of imported third - grade rapeseed oil in Jiangsu Zhangjiagang decreased by 120 to 10,000 yuan/ton, a decline of 1.19% [5] Market Analysis and Outlook - Production: From October 1 - 20, 2025, according to SPPOMA data, the yield per unit of Malaysian palm oil increased by 1.45% month - on - month, the oil extraction rate increased by 0.24% month - on - month, and production increased by 2.71% month - on - month. According to MPOA data, Malaysian palm oil production from October 1 - 20 was estimated to increase by 10.77%, with increases of 4.54% in Peninsular Malaysia, 21.99% in Sabah, 16.69% in Sarawak, and 20.45% in Borneo [8] - Exports: According to ITS data, Malaysia's palm oil exports from October 1 - 25 were expected to be 1,283,814 tons, a decrease of 0.4%. According to AmSpec data, Malaysia's palm oil exports from October 1 - 20 were 965,066 tons, a 2.5% increase compared to the same period last month. According to SGS data, Malaysia's palm oil exports from October 1 - 20 were expected to be 793,571 tons, a 41.75% increase compared to the same period last month [8][9] - Price forecast: MPOC stated that entering 2026, the price of Malaysian crude palm oil will remain above 4,400 ringgit/ton. Citigroup analyst Gan Huan Wen pointed out that Indonesia's plan to implement the B50 biodiesel mandatory blending policy in 2026 is likely to be postponed to 2027 due to funding constraints and an unfavorable palm oil - diesel price spread. It is expected that the price of crude palm oil will hover between 4,300 and 4,500 ringgit/ton by the end of the year [9] - Inventory: As of the week of October 17, 2025, the inventory of the three major oils in key regions across the country was 2.3507 million tons, a decrease of 31,000 tons from the previous week and an increase of 298,800 tons from the same period last year. Among them, soybean oil inventory was 1.224 million tons, a decrease of 41,100 tons from the previous week and an increase of 94,000 tons from the same period last year; palm oil inventory was 575,700 tons, an increase of 28,100 tons from the previous week and an increase of 59,800 tons from the same period last year; rapeseed oil inventory was 551,000 tons, a decrease of 18,000 tons from the previous week and an increase of 145,000 tons from the same period last year [10] - Transaction volume: As of the week of October 24, 2025, the daily average trading volume of soybean oil in key regions across the country was 13,300 tons, compared with 11,800 tons in the previous week; the daily average trading volume of palm oil was 1,406 tons, compared with 847 tons in the previous week [10] Industry News - Indonesia may regulate crude palm oil exports to ensure sufficient domestic supply for biodiesel production. Implementing B50 will require 20.1 million kiloliters of palm - based biofuel per year, compared with 15.6 million kiloliters for B40 [12][13] - It is estimated that global vegetable oil demand in the 2025/26 season will reach a record high, with the total imports of eight major oils expected to increase by 3.1 million tons to 94.5 million tons. The main driving force for the increase in imports is the expected increase in global vegetable oil consumption by 6.1 million tons, more than twice that of the previous year. The biodiesel industries in the US, Indonesia, and Brazil have strong demand. Traditional major exporters such as India, Argentina, Brazil, and the US are expected to reduce their vegetable oil exports by 2.2 million tons. If Indonesia raises the blending requirement to 50%, it will significantly reduce the available palm oil for export, increasing the demand for soybean oil as a substitute [14] - If Indonesia implements the B50 policy, the amount of palm oil used for blending will reach about 17 million tons, an increase of 3 million tons compared to the current B40 policy, accounting for about 35% of Indonesia's palm oil production. The available supply for export will be 22 million tons or less. The global vegetable oil demand in the coming year will rely heavily on sunflower oil, as the available export supply of soybean oil in the US and Brazil is expected to decrease significantly from 2.7 million tons in the 2024/25 season to 1.6 million tons in the 2025/26 season, a 41% decrease [15] Relevant Charts - The report includes 22 charts showing the price trends, spreads, import profits, and inventory data of palm oil, soybean oil, rapeseed oil, and related products in Malaysia and Indonesia, as well as the domestic commercial inventory of the three major oils [16][18][20][22][24][26][30][32][33][34][38][40][42][44][45][47][48][50][52][56][57]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - Alumina production remains at a high level, and with the gradual inflow of imports, supply pressure persists, and price pressure on alumina remains significant. However, the alumina futures price has approached the cost line, and as the spot price continues to decline, the loss - making production capacity increases, showing support at the low - price level. The market's willingness to short further is insufficient, and the downward space for alumina is limited, with an expected weak oscillation. Attention should be paid to the situation of concentrated production cuts, when alumina may rebound [2][6]. 3. Summary by Related Catalogs 3.1 Transaction Data | Category | 2025/10/17 | 2025/10/24 | Change | Unit | | --- | --- | --- | --- | --- | | Alumina Futures (Active) | 2800 | 2810 | 10 | Yuan/ton | | Domestic Alumina Spot | 2956 | 2921 | - 35 | Yuan/ton | | Spot Premium | 187 | 144 | - 43 | Yuan/ton | | Australian Alumina FOB | 319 | 319.5 | 0.5 | US dollars/ton | | Import Profit and Loss | 101.91 | 52.63 | - 49.3 | Yuan/ton | | Exchange Warehouse | 221262 | 221257 | - 5 | Tons | | Exchange Factory Warehouse | 0 | 0 | 0 | Tons | | Bauxite in Shanxi (6.0≤Al/Si<7.0) | 600 | 600 | 0 | Yuan/ton | | Bauxite in Henan (6.0≤Al/Si<7.0) | 590 | 590 | 0 | Yuan/ton | | Bauxite in Guangxi (6.5≤Al/Si<7.5) | 460 | 460 | 0 | Yuan/ton | | Bauxite in Guizhou (6.5≤Al/Si<7.5) | 510 | 510 | 0 | Yuan/ton | | Guinea CIF | 72 | 71 | - 1 | US dollars/ton | [3] 3.2 Market Review - Alumina futures rose 0.36% last week, closing at 2860 Yuan/ton. The national weighted - average price of the spot market was reported at 2921 Yuan/ton on Friday, a decrease of 35 Yuan/ton from the previous week. - In terms of bauxite, the tight supply of domestic ore continued this week. In the northern region, the supply was tightened due to rainfall, and enterprise ore inventories were at a low level. In the southern inland, the mine operating rate remained low, the market spot circulation was limited, and the ore inventory in alumina plants was consumed, with prices remaining stable overall. Imported ore supply and demand parties were still waiting and watching regarding prices, and there was no obvious adjustment in spot ore prices. - On the supply side, alumina supply changed little. The roasting capacity of an alumina enterprise in Henan fluctuated in the short term, with a limited actual impact on production. As of October 23, China's alumina production capacity was 114.8 million tons, the operating capacity was 95.7 million tons, and the operating rate was 83.36%. - On the consumption side, the operating capacity of the electrolytic aluminum industry remained stable. Enterprises mainly purchased through bidding, mostly for replenishing stocks, with a relatively low willingness to accumulate stocks, and transaction prices mostly continued the discount trend. - In terms of inventory, the alumina futures warehouse receipt inventory decreased by 5 tons to 221,000 tons last Friday, and the factory warehouse inventory remained at 0 tons [4]. 3.3 Market Outlook - On the ore side, the supply situation of domestic ore will mostly maintain the current situation, and attention should be paid to the impact of precipitation on mine operations in various regions. The rainy - season impact in Guinea continues, and rainfall has increased significantly compared with previous years. Floods have occurred in many places in Guinea, affecting ore road transportation and port operations to varying degrees, which has a certain impact on China's import volume, but the current supply of imported ore is sufficient, and prices are stable. On the supply side, the operating capacity of alumina has limited changes. Recently, an enterprise in Henan has short - term production cuts in roasting capacity, but the actual impact on production is limited. On the consumption side, the operating capacity of the electrolytic aluminum industry remains stable. Enterprises mainly purchase through bidding, and some aluminum plants in the northwest have started winter storage, mostly with price - pressured transactions. The warehouse receipt inventory decreased by 5 tons to 221,000 tons this week, and the factory warehouse inventory remained at 0 tons. Overall, alumina production remains at a high level, and with the gradual inflow of imports, supply pressure persists, and price pressure on alumina remains significant. However, the alumina futures price has approached the cost line, and as the spot price continues to decline, the loss - making production capacity increases, showing support at the low - price level. The market's willingness to short further is insufficient, and the downward space for alumina is limited, with an expected weak oscillation. Attention should be paid to the situation of concentrated production cuts, when alumina may rebound [6]. 3.4 Industry News - According to data from China Customs, as of September 2025, China's total bauxite imports in 2025 reached 157.637 million tons. In September, the total import of bauxite was about 15.88 million tons, of which about 10.493 million tons were imported from Guinea, showing a slight impact of the rainy season in Guinea. In Australia, the import level was relatively stable, with 3.74 million tons of bauxite imported. - Alcoa recently released its Q3 2025 earnings report. Total revenue decreased 1% quarter - on - quarter to $2.995 billion, with alumina revenue down 9%. Net profit attributable to Alcoa was $232 million. Alumina production increased 4% quarter - on - quarter to 2.5 million tons, and alumina shipments remained flat at 2.2 million tons [7]. 3.5 Related Charts - The report includes charts such as Alumina Futures Price Trend, Alumina Spot Price, Alumina Spot Premium, Alumina Current - to - Next - Month Spread, Domestic Bauxite Price, Imported Bauxite CIF, Caustic Soda Price, Steam Coal Price, Alumina Cost - Profit, and Alumina Exchange Inventory [8][11][14][16][19][21][24]

Report Industry Investment Rating No information provided. Core Viewpoints - Last week, the international gold price ended a nine - week rising trend and pulled back, and the international silver price also sharply adjusted after hitting a record high. The triggers were the relief of the physical supply shortage in the London market and the possible meeting between Chinese and US leaders at the end of the month, which cooled the risk - aversion sentiment. The lower - than - expected US September CPI data on Friday strengthened the expectation of two interest rate cuts at the end of the month, leading to a certain rebound in gold and silver prices [2][5]. - The fifth round of China - US economic and trade consultations achieved positive progress, and the short - squeeze in the London silver market ended, reducing market risk - aversion demand. Gold and silver prices have entered a phase of adjustment, and the mid - term adjustment trend is expected to continue, even if there are rebounds due to data or Fed rate cuts. Attention should be paid to the Fed meeting result on October 30 and the APEC meeting on November 1 [3][6]. Summary by Relevant Catalogs 1. Last Week's Trading Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold | 938.10 | - 61.70 | - 6.17 | 185813 | 178255 | Yuan/gram | | Shanghai Gold T + D | 935.33 | - 38.37 | - 3.94 | 55614 | 256570 | Yuan/gram | | COMEX Gold | 4126.90 | - 141.00 | - 3.30 | | | US dollars/ounce | | SHFE Silver | 11332 | - 917 | - 7.49 | 522479 | 634627 | Yuan/kilogram | | Shanghai Silver T + D | 11317 | - 462 | - 3.92 | 955860 | 3645194 | Yuan/kilogram | | COMEX Silver | 48.41 | - 2.22 | - 4.38 | | | US dollars/ounce | [4] 2. Market Analysis and Outlook - The international gold price ended a nine - week rising trend and pulled back, and the international silver price also sharply adjusted after hitting a record high. The triggers were the relief of the physical supply shortage in the London market and the possible meeting between Chinese and US leaders at the end of the month, which cooled the risk - aversion sentiment. The lower - than - expected US September CPI data on Friday strengthened the expectation of two interest rate cuts at the end of the month, leading to a certain rebound in gold and silver prices [2][5]. - The fifth round of China - US economic and trade consultations achieved positive progress, and the short - squeeze in the London silver market ended, reducing market risk - aversion demand. Gold and silver prices have entered a phase of adjustment, and the mid - term adjustment trend is expected to continue, even if there are rebounds due to data or Fed rate cuts. Attention should be paid to the Fed meeting result on October 30 and the APEC meeting on November 1 [3][6]. - The US Federal Supreme Court will quickly review the legitimacy of most tariffs imposed by the Trump administration and hold oral arguments on November 5. Nearly 50 well - known economists, including two former Fed chairmen, pressured the US Supreme Court to overturn most of the global tariffs introduced by President Trump [5]. - The US federal government shutdown has entered the fourth week, with about 700,000 federal employees on forced leave. The White House announced that inflation data may not be released next month due to the government shutdown [5]. 3. Important Data Information - The US September CPI increased by 3% year - on - year, falling short of expectations. Core inflation increased by 0.2% month - on - month, the slowest pace in three months, lower than the market expectation of 0.3%. This further strengthened the market's expectation that the Fed will continue to cut interest rates this year [8]. - The US October Markit manufacturing, services, and composite PMIs all rebounded from September and were better than expected. The manufacturing PMI was 52.2, the services PMI was 55.2, and the composite PMI was 54.8 [8]. - The October eurozone composite PMI was 52.2, higher than 51.2 in September and far exceeding analysts' expectations of 51. The growth was mainly due to the strong performance of the German service sector. Germany's October composite PMI reached a new high since May 2023, while France's private - sector activity has contracted for 14 consecutive months [8]. - Due to lower mortgage rates and slower home - price growth, US existing - home sales rose slightly to an annualized 4.06 million units in September, the highest level in seven months [9]. - In September, global physical gold ETFs had the largest single - month inflow in history, pushing the total inflow in the third quarter to a record $26 billion. By the end of the third quarter, the total asset management scale of global gold ETFs increased to $472 billion, and the total holdings increased by 6% month - on - month to 3838 tons, only 2% lower than the historical peak [9]. - From January to June 2025, the global gold trade volume was 3053.8 tons, the global silver trade volume was 17,000 tons, and the global platinum trade volume was 476.8 tons [9]. 4. Relevant Data Charts - ETF gold total holdings on October 24, 2025, were 1046.93 tons, a decrease of 0.28 tons from the previous week, an increase of 50.08 tons from the previous month, and an increase of 157.15 tons from the previous year. Ishares silver holdings were 15419.81 tons, a decrease of 77.59 tons from the previous week, a decrease of 49.31 tons from the previous month, and an increase of 546.74 tons from the previous year [10]. - For gold futures non - commercial positions, on September 23, 2025, non - commercial long positions were 332,808, non - commercial short positions were 66,059, and non - commercial net long positions were 266,749, an increase of 339 from the previous week [10]. - For silver futures non - commercial positions, on September 23, 2025, non - commercial long positions were 72,318, non - commercial short positions were 20,042, and non - commercial net long positions were 52,276, an increase of 738 from the previous week [11].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The macro - situation shows that from October 25th to 26th local time, China - US economic and trade negotiators reached a preliminary consensus on multiple important economic and trade issues, and will go through respective domestic approval procedures. By 2035, China's economic, technological, national defense, comprehensive national strength and international influence will be greatly enhanced, and the per - capita GDP will reach the level of moderately developed countries. The industrial data last week was decent, with the apparent demand for steel products rebounding, driving inventory down. Rebar had good inventory reduction, while hot - rolled coils still faced inventory pressure due to stable steel production. Considering the above factors, steel prices are expected to fluctuate mainly [1][4][5]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (lots) | Total Open Interest (lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3046 | 9 | 0.30 | 5713284 | 2644571 | Yuan/ton | | SHFE Hot - rolled Coil | 3250 | 46 | 1.44 | 2311059 | 1501678 | Yuan/ton | | DCE Iron Ore | 771.0 | 0.0 | 0.00 | 1404210 | 561141 | Yuan/ton | | DCE Coking Coal | 1248.5 | 69.5 | 5.89 | 5960825 | 939022 | Yuan/ton | | DCE Coke | 1757.5 | 81.5 | 4.86 | 116416 | 49180 | Yuan/ton | [2] 3.2 Market Review - Last week, steel futures showed a fluctuating trend. Affected by the relatively strong performance of coking coal and coke during the week, steel futures rebounded slightly. After the release of supply - demand data, steel prices fluctuated and adjusted. In the spot market, the price of Tangshan billets was 2950 (+30) Yuan/ton, Shanghai rebar was quoted at 3220 (+30) Yuan/ton, and Shanghai hot - rolled coils were at 3300 (+20) Yuan/ton [4]. 3.3 Industry News - From January to September, the added value of large - scale industrial enterprises nationwide increased by 6.2% year - on - year; fixed - asset investment was 371535 billion Yuan, a year - on - year decrease of 0.5%; total retail sales of consumer goods were 365877 billion Yuan, a year - on - year increase of 4.5% [6][7]. - In September 2025, China's crude steel output was 7349 million tons, a year - on - year decrease of 4.6%; pig iron output was 6605 million tons, a year - on - year decrease of 2.4%; steel output was 12421 million tons, a year - on - year increase of 5.1% [7]. - From January to September, national real - estate development investment was 67706 billion Yuan, a year - on - year decrease of 13.9%. The floor area under construction of real - estate development enterprises was 648580 million square meters, a year - on - year decrease of 9.4%. The floor area of newly started buildings was 45399 million square meters, a decrease of 18.9%. The floor area of completed buildings was 31129 million square meters, a decrease of 15.3% [7]. - From January to September, national fixed - asset investment (excluding rural households) was 371535 billion Yuan, a year - on - year decrease of 0.5%. In the secondary industry, industrial investment increased by 6.4% year - on - year. Among them, mining investment increased by 3.7%, manufacturing investment increased by 4.0%, and investment in the production and supply of electricity, heat, gas and water increased by 15.3%. In the tertiary industry, infrastructure investment (excluding the production and supply of electricity, heat, gas and water) increased by 1.1% year - on - year. Among them, water - transport investment increased by 12.8%, railway - transport investment increased by 4.2%, and water - conservancy management investment increased by 3.0% [7]. - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China put forward the main goals for economic and social development during the 15th Five - Year Plan period: significant achievements in high - quality development, a substantial increase in the level of scientific and technological self - reliance, new breakthroughs in further comprehensive deepening of reforms, a significant improvement in social civilization, continuous improvement in people's living standards, new and major progress in the construction of a beautiful China, and a more solid national security barrier. By 2035, China's economic, technological, national defense, comprehensive national strength and international influence will be greatly enhanced, and the per - capita GDP will reach the level of moderately developed countries [7]. - From October 25th to 26th local time, China - US economic and trade negotiators reached a preliminary consensus on multiple important economic and trade issues, and will go through respective domestic approval procedures [1][4][7]. - The Ministry of Industry and Information Technology solicited public opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment)". The draft pointed out that in key areas, the total steel production capacity should not be increased, and the transfer of steel production capacity from non - key areas to key areas and between different key areas is prohibited. The capacity - replacement ratio for iron - making and steel - making in each province (region, municipality) should not be less than 1.5:1 [7]. 3.4 Relevant Charts - The report provides multiple charts including the trends of rebar and hot - rolled coil futures and their monthly spreads, basis trends, spot regional price - difference trends, steel - mill profit trends, daily average pig - iron output of 247 steel mills, blast - furnace operating rates, production, inventory, and apparent consumption of rebar and hot - rolled coils [10][11][13] etc.

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Last week, the main contract of Shanghai lead futures broke through and rose strongly. The smooth progress of China-US economic and trade consultations provided a good macro - atmosphere. The slow resumption of refineries, better - than - expected downstream demand, and vehicle control due to environmental protection in Henan intensified the short - term supply - demand mismatch. The social inventory dropped to a low level, triggering a soft squeeze on near - month contracts. Although refineries are resuming production and the lead ingot import window is open, it takes time. Before the market supply is effectively alleviated, the lead price is expected to remain volatile and strong [3][7]. Group 3: Summary by Related Catalogs Transaction Data - From October 17th to October 24th, the SHFE lead price increased from 17,075 yuan/ton to 17,595 yuan/ton, up 520 yuan/ton; the LME lead price rose from 1,971 dollars/ton to 2,016.5 dollars/ton, up 45.5 dollars/ton; the Shanghai - London ratio increased from 8.66 to 8.73, up 0.06. The上期所库存 decreased by 5,368 tons to 36,333 tons, and the LME inventory decreased by 15,025 tons to 235,375 tons. The social inventory decreased by 0.57 million tons to 3.19 million tons, and the spot premium remained unchanged at - 215 yuan/ton [4]. Market Review - The main contract of Shanghai lead futures PB2512 had an intraday abnormal movement on Thursday, breaking through 17,500 yuan/ton and continuing to rise. The main contract price increased with increased positions. On Thursday night, the market sentiment was digested, and on Friday, the lead price fluctuated and consolidated at a high level, finally closing at 17,595 yuan/ton, with a weekly increase of 1%. LME lead fluctuated strongly. The easing of China - US trade relations improved market risk appetite, and the slight decline in LME inventory led to a small rebound after stabilization, returning above the 2,000 dollars/ton level, finally closing at 2,016.5 dollars/ton, with a weekly increase of 2.28%. In the spot market, as of October 24th, the price of lead in Shanghai market was 17,490 - 17,550 yuan/ton, at par with the SHFE 2511 contract. The high - level consolidation of Shanghai lead made the sellers' enthusiasm for selling average, with few and firm quotes. Due to the expanded price difference between futures and spot, traders preferred to deliver to the warehouse, and the spot circulation in the retail market further decreased. Downstream enterprises were more wait - and - see, and the high price of lead made them cautious in purchasing, mostly relying on long - term contracts or digesting existing inventories [5]. Industry News - In November, the average domestic lead concentrate processing fee was 350 yuan/metal ton, a month - on - month decrease of 50 yuan/ton, and the import ore processing fee was - 125 dollars/dry ton, a month - on - month decrease of 10 dollars/dry ton. From January to August 2025, the global lead market had a supply surplus of 51,000 tons, compared with a supply shortage of 17,000 tons in the same period last year. Hebei will control incoming vehicles, affecting the transportation of waste materials and lead ingots of local recycling lead and lead battery enterprises. An East China small recycling lead refinery postponed its resumption of production. Silvercorp's lead production in the second quarter of 2025 was 14.2 million pounds, an 8% year - on - year increase. In September, the import volume of lead concentrate was 150,600 tons, a month - on - month increase of 1.72% and a year - on - year decrease of 7.21%. A Jiangxi recycling lead smelter suspended production in late October [8][9]. Related Charts - The report provides charts showing the prices of SHFE and LME lead, the Shanghai - London ratio, SHFE and LME inventories, 1 lead premium and discount, LME lead premium and discount, the price difference between primary lead and recycled refined lead, waste battery prices, recycling lead enterprise profits, lead ore processing fees, electrolytic lead production, recycled refined lead production, lead ingot social inventory, and refined lead import profit and loss [10][14][16][18][20][22][24][28].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Last week, the main contract price of Shanghai zinc futures showed a weak rebound. The inflation data was lower than expected, strengthening the expectation of the Federal Reserve to cut interest rates. The Sino - US economic and trade consultations reached a basic consensus, and the market risk appetite continued to recover. Domestically, the probability of achieving the annual GDP growth target of 5% was high, and mild policy support at the end of the year was still expected [3][4]. - Fundamentally, the LME zinc inventory continued to decline, and the LME0 - 3 spot premium soared to $300, raising concerns about a soft squeeze in the overseas market and strongly supporting zinc prices. The decline in the Shanghai - London ratio strengthened the expectation of zinc ingot exports, and the supply growth of refined zinc was limited due to the narrowing profit of smelters. On the demand side, the start - up rate of primary enterprises decreased slightly, and downstream demand was mainly for rigid procurement. Recently, there were small - scale zinc ingot exports, and the weekly inventory decreased slightly [4]. - Overall, the improvement in Sino - US economic and trade consultations, the lower - than - expected US inflation supporting the Fed's interest - rate cut, and the expected mild policy support in China at the end of the year led to the recovery of market risk appetite. The fundamental contradiction centered around the low overseas inventory and strong market structure, as well as domestic zinc ingot exports. It was expected that the zinc price would continue its weak rebound in the short term, but the upside space was cautiously optimistic. The upside space was expected to open up after the large - scale export of zinc ingots [4][11]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Price on Oct 17 | Price on Oct 24 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE zinc | 21,815 | 22,355 | +540 | yuan/ton | | LME zinc | 2939.5 | 3019.5 | +80 | US dollars/ton | | Shanghai - London ratio | 7.42 | 7.40 | - 0.02 | - | | SHFE inventory | 109,627 tons | 109,168 tons | - 459 tons | tons | | LME inventory | 38,025 tons | 37,600 tons | - 425 tons | tons | | Social inventory | 16.53 million tons | 16.21 million tons | - 0.32 million tons | million tons | | Spot premium | - 40 yuan/ton | - 60 yuan/ton | - 20 yuan/ton | yuan/ton | [5] 3.2 Market Review - The main contract price of Shanghai zinc futures, ZN2512, rebounded weakly from a low level, with a weekly increase of 3.48%, and fluctuated narrowly at night on Friday. LME zinc stabilized and trended stronger, breaking through the $3000/ton mark again, with a weekly increase of 2.62% [6]. - In the spot market, after the slight rebound of the futures price, downstream procurement became more cautious, mainly for rigid demand, and most transactions were between traders. The spot premium remained weak [7]. - In terms of inventory, as of October 24, the LME zinc inventory decreased by 425 tons to 37,600 tons, and the SHFE inventory decreased by 459 tons to 109,168 tons. As of October 23, the social inventory decreased by 0.32 million tons to 16.21 million tons. The opening of the export window led to some exports [8]. - Macroscopically, the US CPI in September was 3.0% year - on - year, lower than the expected 3.1% and higher than the previous value of 2.9%. The core CPI was 3.0% year - on - year, lower than the expected and previous value of 3.1%. From October 24 to 25, 2025, the fifth round of Sino - US economic and trade consultations was held in Kuala Lumpur, Malaysia. China's GDP in the third quarter of 2025 was 4.8% year - on - year, and some economic indicators in September were weak [8][9]. 3.3 Industry News - SMM data showed that the average domestic zinc concentrate processing fee in November was 3000 yuan/metal ton, a decrease of 650 yuan/ton month - on - month; the average imported ore processing fee was $105.54/dry ton, an increase of $18.03/dry ton month - on - month [12]. - ILZSG reported that from January to August 2025, the global zinc market had a surplus of 154,000 tons, compared with a surplus of 138,000 tons in the same period last year. The global refined zinc production from January to August was 9.152 million tons, and the consumption was 8.998 million tons [12][13]. - MMG's zinc ore production in the third quarter of 2025 was 58,700 tons, a year - on - year increase of 26%. Boliden's overall output of lead - zinc concentrates in the third quarter of 2025 increased quarter - on - quarter, but the Tara mine's production ramp - up was slower than expected, and the Odda smelter's refined zinc output decreased [13]. - Vedanta's zinc concentrate metal output in the third quarter of 2025 was 318,000 tons, a year - on - year increase of 6%. Customs data showed that in September, the imported zinc concentrate was 505,400 tons, a month - on - month increase of 8.15% and a year - on - year increase of 24.94%. The imported refined zinc was 22,700 tons, a month - on - month decrease of 11.6% and a year - on - year decrease of 57%. The exported refined zinc was 2500 tons, and the exported galvanized sheet was 1.2262 million tons, a month - on - month increase of 11.73% and a year - on - year increase of 2.27% [14]. 3.4 Relevant Charts The report provides multiple charts, including the price trends of Shanghai and LME zinc, the ratio of domestic and foreign markets, spot premiums, inventory changes, zinc ore processing fees, zinc ore import profits and losses, domestic refined zinc production, refined zinc net imports, and the start - up rate of downstream primary enterprises [15][18][22][23][24][26].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The macro - environment shows the introduction of China's 15th Five - Year Plan and the easing of Sino - US relations, improving market sentiment. On the demand side, last week, steel mill开工率 declined, maintenance increased slightly, and hot metal production adjusted slightly, which is expected to peak and decline in the medium term. The supply of iron ore is at a high level, with last week's overseas shipments rising month - on - month and arrivals falling, both at the highest levels in the past three years. It is expected that iron ore will show a volatile and pressured trend [3][8]. 3. Summary by Relevant Catalogs Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3046 | 9 | 0.30 | 5713284 | 2644571 | Yuan/ton | | SHFE Hot - Rolled Coil | 3250 | 46 | 1.44 | 2311059 | 1501678 | Yuan/ton | | DCE Iron Ore | 771.0 | 0.0 | 0.00 | 1404210 | 561141 | Yuan/ton | | DCE Coking Coal | 1248.5 | 69.5 | 5.89 | 5960825 | 939022 | Yuan/ton | | DCE Coke | 1757.5 | 81.5 | 4.86 | 116416 | 49180 | Yuan/ton | [4] Market Review - **Demand Side**: Last week, the blast furnace开工率 of 247 steel mills was 84.71%, an increase of 0.44 percentage points from the previous week and 2.57 percentage points from the same period last year. The blast furnace iron - making capacity utilization rate was 89.94%, a decrease of 0.39 percentage points from the previous week but an increase of 1.46 percentage points from the same period last year. The steel mill profitability rate was 47.62%, a decrease of 7.79 percentage points from the previous week and 17.32 percentage points from the same period last year. The daily average hot metal production was 239.9 tons, a decrease of 1.05 tons from the previous week but an increase of 4.21 tons from the same period last year [6]. - **Supply Side**: Last week, the global iron ore shipments totaled 3333.5 tons, an increase of 126.0 tons from the previous week. The total shipments from Australia and Brazil were 2825.0 tons, an increase of 94.0 tons from the previous week. The inventory of imported iron ore at 47 ports nationwide was 15109.49 tons, an increase of 147.62 tons from the previous week, and the daily average port clearance volume was 322.07 tons, a decrease of 7.25 tons [7]. - **Market Outlook**: It is expected that iron ore will show a volatile and pressured trend [8]. Industry News - From January to September, the added value of industrial enterprises above the designated size nationwide increased by 6.2% year - on - year; fixed - asset investment was 371535 billion yuan, a year - on - year decrease of 0.5%; and total retail sales of consumer goods were 365877 billion yuan, a year - on - year increase of 4.5% [9]. - In September 2025, China's crude steel production was 7349 tons, a year - on - year decrease of 4.6%; pig iron production was 6605 tons, a year - on - year decrease of 2.4%; and steel production was 12421 tons, a year - on - year increase of 5.1% [9]. - From January to September, national real estate development investment was 67706 billion yuan, a year - on - year decrease of 13.9%. The housing construction area of real estate development enterprises was 648580 million square meters, a year - on - year decrease of 9.4%. The new housing construction area was 45399 million square meters, a decrease of 18.9%. The housing completion area was 31129 million square meters, a decrease of 15.3% [9]. - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China put forward the main goals for economic and social development during the 15th Five - Year Plan period [9]. - From October 25th to 26th, the Chinese and US economic and trade leaders held consultations in Kuala Lumpur, Malaysia, and reached preliminary consensus on multiple important economic and trade issues [9]. - President Xi Jinping will attend the 32nd APEC Economic Leaders' Meeting in South Korea from October 30th to November 1st [9]. - The Ministry of Industry and Information Technology solicited public opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment)", stating that in key areas, the total iron and steel production capacity shall not be increased, and the transfer of iron and steel production capacity from non - key areas to key areas or between different key areas is prohibited. The capacity replacement ratio for iron - making and steel - making in each province (region, city) shall not be less than 1.5:1 [9]. Related Charts The report includes multiple charts showing the trends of futures and spot prices, basis, steel mill profits, production, inventory, and other aspects of rebar, hot - rolled coils, iron ore, etc [12][14][17].