Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Last week, copper prices fluctuated at a high level due to the internal divergence between hawkish and dovish factions within the Fed, the lack of key economic data during the government shutdown, and the uncertainty of a December interest rate cut. Fundamentally, the global concentrate supply pattern remains tight, domestic refined copper production has declined, and social inventories are around 200,000 tons, with the recent - month C - structure of the market expanding [2][8]. - Although the US government is close to resuming operations, the potential lack of October employment data may hinder the Fed's continuation of a loose policy path. Coupled with limited support from hawkish officials for a December interest rate cut, market risk appetite is dampened. LME copper may face short - term high - level adjustment pressure. Fundamentally, overseas concentrates remain in short supply, domestic refined copper production is falling, social inventory rebound is limited, and the old and new consumption drivers are in the process of switching. It is expected that copper prices will continue to fluctuate at a high level in the short term, and attention should be paid to the resistance at the previous high of $11,000 [3][11]. Group 3: Summary According to Relevant Catalogs Market Data - From November 7th to November 14th, LME copper rose from $10,695/ton to $10,846/ton, a 1.41% increase; COMEX copper rose from 495.8 cents/pound to 505 cents/pound, a 1.86% increase; SHFE copper rose from 85,940 yuan/ton to 86,900 yuan/ton, a 1.12% increase; international copper rose from 76,500 yuan/ton to 77,360 yuan/ton, a 1.12% increase. The Shanghai - London ratio decreased from 8.04 to 8.01, the LME spot premium changed from - $18.22/ton to $3.88/ton, and the Shanghai spot premium increased from 40 yuan/ton to 55 yuan/ton [4]. - As of November 14th, the total inventory of LME, COMEX, SHFE, and Shanghai bonded area increased to 733,110 tons. LME copper inventory decreased by 175 tons (- 0.13%), COMEX inventory increased by 11,927 short tons (3.23%), SHFE inventory decreased by 5,628 tons (- 4.89%), and Shanghai bonded area inventory increased by 6,500 tons (6.49%) [7]. Market Analysis and Outlook - **Macro - aspect**: The internal divergence between hawkish and dovish factions in the Fed is prominent. The lack of key economic data during the government shutdown makes it difficult for the Fed to formulate policies, and a December interest rate cut is still uncertain, which drags down market risk appetite. The US labor market is weak and needs continuous interest rate cuts. In China, the industrial added - value in October showed growth, and the output of products such as industrial robots, service robots, and new energy vehicles increased significantly [9]. - **Supply - demand aspect**: The global copper concentrate supply shortage pattern continues. Indonesia's Grasberg is in the slow resumption stage, and Panama's copper mine restart is not earlier than the second quarter of next year. Domestic refined copper production is falling due to raw material shortages. In terms of demand, traditional industries such as power grids, white - goods, and real estate show weak demand, while emerging industries such as new energy vehicles and data centers have explosive copper demand. The spot market has turned to a premium, domestic inventory is around 200,000 tons, and the C - structure of the near - month spread has expanded [10]. Industry News - Indonesia's Freeport's Grasberg copper - gold mine accident investigation is over, and it has received government rectification suggestions. It is expected to gradually resume production and increase capacity in 2026 [12]. - Citi predicts that copper prices will rise to an average of $12,000/ton in the second quarter of 2026, and may reach $14,000/ton in an optimistic scenario. It believes that copper demand will recover in 2026 [13]. - As of the end of September this year, the open - pit stripping project of Zhongkuang Resources' Katomba copper mine has completed 80% of the annual plan, and the project team is striving to complete the annual goal [14].

2025 年 11 月 17 日 风险偏好回落 铝价高位调整 核心观点及策略 赵凯熙 从业资格号：F031122984 投资咨询号：Z00210404 1 / 7 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 铝周报 ⚫ 电解铝方面，上周美联储官员鹰派发言一度压制美 联储间隙预期，不过就业数据较弱，后续降息预期仍 有变动。美国政府即将开门，前期暂停的经济数据密 集公布，市场宏观波动放大。基本面国内供应端开工 产能稳定，铝水比例回落，铸锭量提高。海外由于电 力紧张，未来供应端担忧持续笼罩。消费端上周铝加 工开工率小幅回升0.4%至62%，电力及汽车板块消费 较有韧性。不过旺淡季切换下开工率难持续回升。周 度铝 ...

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The alumina market is characterized by a game between weak reality and production - cut expectations, with the price in a weak oscillation. The reduction in alumina production is limited, supply remains abundant, and the supply - demand balance shows a surplus. Social and warehouse - receipt inventories continue to increase, putting significant pressure on prices. However, as the spot price approaches the cost line and the winter heating - limit production policy may be approaching, the market's expectation of production cuts is strengthening [2][6]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Category | 2025/11/7 | 2025/11/14 | Change | Unit | | --- | --- | --- | --- | --- | | Alumina Futures (Active) | 2783 | 2822 | 39 | Yuan/ton | | Domestic Alumina Spot | 2873 | 2868 | - 5 | Yuan/ton | | Spot Premium | 138 | 78 | - 60 | Yuan/ton | | Australian Alumina FOB | 320 | 320 | 0 | US dollars/ton | | Import Profit and Loss | 8.43 | 16.21 | 7.8 | Yuan/ton | | Exchange Warehouse Inventory | 253654 | 253654 | 0 | Tons | | Exchange Factory Warehouse | 0 | 0 | 0 | Tons | | Bauxite (Shanxi, 6.0≤Al/Si<7.0) | 600 | 600 | 0 | Yuan/ton | | Bauxite (Henan, 6.0≤Al/Si<7.0) | 590 | 590 | 0 | Yuan/ton | | Bauxite (Guangxi, 6.5≤Al/Si<7.5) | 460 | 460 | 0 | Yuan/ton | | Bauxite (Guizhou, 6.5≤Al/Si<7.5) | 510 | 510 | 0 | Yuan/ton | | Guinea CIF | 71 | 71 | 0 | US dollars/ton | [3] 3.2 Market Review - Alumina futures' main contract rose 1.4% last week, closing at 2,822 yuan/ton. The national weighted average of the spot market was reported at 2,868 yuan/ton on Friday, down 5 yuan/ton from the previous week. - In the bauxite market, domestic mines in inland areas are still in short supply, and prices remain stable due to a combination of multiple factors. The revocation of the industrial development license of AXIS Mining Company in Guinea has limited impact on the current import market, and it is expected to remain stable in the short term. - On the supply side, the supply of alumina has slightly decreased. Alumina plants in Guangxi and Shanxi have carried out maintenance this week, resulting in a phased reduction in supply. As of November 13, China's alumina production capacity was 114.8 million tons, the operating capacity was 95.9 million tons, and the operating rate was 83.54%. - On the consumption side, electrolytic aluminum enterprises have not increased or decreased production, and the supply has remained stable compared to last week. Some electrolytic aluminum enterprises have started to prepare for winter storage, but the actual spot fixed - price transactions are limited due to the rising alumina quotation. - In terms of inventory, the alumina futures warehouse - receipt inventory increased by 30,282 tons to 254,000 tons last Friday, while the factory warehouse remained at 0 tons [4]. 3.3 Market Outlook - At the mining end, domestic bauxite is in short supply, and prices remain stable. The revocation of the industrial development license of AXIS Mining Company has limited impact on current imports. The demand side expects abundant ore supply and is cautious in purchasing, so ore prices remain under pressure. - On the supply side, alumina plants in Guangxi and Shanxi have carried out maintenance, and the alumina supply has slightly decreased. The operating capacity last week was 95.9 million tons, a decrease of 0.4 million tons. - On the consumption side, the operating capacity of the electrolytic aluminum industry has remained stable, and the demand has changed little. - The warehouse - receipt inventory increased by 30,282 tons to 254,000 tons during the week, and the factory warehouse remained at 0 tons. Overall, the scale of alumina production cuts is limited, the supply is still abundant, the supply - demand balance is in surplus, and social and warehouse - receipt inventories continue to increase, putting pressure on prices. However, as the spot price approaches the cost line and the winter heating - limit production policy may be approaching, the market's expectation of production cuts is strengthening, and the game between weak reality and strong expectations is more obvious. Alumina prices are weakly oscillating, and attention should be paid to the progress of production cuts [6]. 3.4 Industry News - AGB2A - GIC in Guinea has applied to the Ministry of Mines and Geology for a reasonable extension of the measure to withdraw its mining equipment from the mining area previously allocated to Axis Minerals. The company has invested over $300 million in the area, especially in strategic infrastructure construction, including a modern port. It still holds 6 million tons of bauxite inventory in the mining area and is formulating a business continuity plan. - Guinea will accelerate the development of alumina refineries to end decades of exporting only raw ore. The Guinean Minister of Mines said that the government has signed the first alumina refinery agreement with an investment company, and the project is under construction, expected to be completed by the end of 2027. The country aims to build five to six alumina refineries by 2030, increasing the domestic annual processing capacity to about 7 million tons [7]. 3.5 Related Charts - The report includes multiple charts showing the trends of alumina futures prices, spot prices, spot premiums, inter - period spreads, domestic and imported bauxite prices, caustic soda prices, thermal coal prices, alumina exchange inventories, and alumina cost - profit [9][12][14][15][17][20][22][25].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Last week, the main contract price of Shanghai lead first rose and then fell. Macroscopically, the end of the US government shutdown, hawkish remarks from Fed officials, and weak domestic economic data pressured lead prices. Fundamentally, raw material supply remained tight, and processing fees for lead concentrates were weak and stable. Environmental controls in Henan affected the recycling of waste batteries, and some holders withheld goods, increasing costs. On the smelting side, primary lead production was stable, while secondary lead supply decreased slightly. In terms of demand, the consumption of lead - acid batteries for electric bicycles entered the off - season, and enterprises mainly made rigid purchases. Overall, LME lead was technically strong, and the domestic supply was stable while demand was weak. The import window for lead ingots closed, and lead prices were expected to adjust at a high level, with limited downward space due to the strength of LME lead and low domestic inventories [3][5][6] Group 3: Summary by Related Catalogs Transaction Data - From November 7th to November 14th, SHFE lead rose from 17,420 yuan/ton to 17,495 yuan/ton, LME lead rose from 2045 dollars/ton to 2066 dollars/ton, the Shanghai - London ratio decreased from 8.52 to 8.47, SHFE inventory increased by 4208 tons to 42,790 tons, LME inventory increased by 18,775 tons to 222,475 tons, social inventory increased by 0.31 million tons to 3.49 million tons, and the spot premium decreased from - 175 yuan/ton to - 190 yuan/ton [4] Market Review - Last week, the main contract of Shanghai lead switched to PB2601, with a weekly increase of 0.34%. LME lead rose first and then adjusted, with a weekly increase of 1.03%. In the spot market, after the rise and fall of Shanghai lead, the willingness of holders to deliver was determined, and the enthusiasm for shipping increased. Downstream enterprises were cautious in purchasing [5] Industry News - As of the week of November 14th, the domestic lead concentrate processing fee was 300 yuan/metal ton, and the imported ore processing fee was - 135 dollars/dry ton, with both averages remaining flat month - on - month [9] Related Charts - The report provides 14 charts, including SHFE and LME lead prices, Shanghai - London ratio, inventory levels, spread situations, waste battery prices, enterprise profit, processing fees, output, social inventory, and import profit and loss [11][12][18][19][22][23][25]

1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - Macroeconomically, Fed officials have released hawkish expectations, with the probability of a 25bp rate cut in December dropping to around 50%. The Fed may start a bond - buying program in December, and the US government shutdown has ended [3]. - Industrially, Philippine nickel ore prices are firm while Indonesian ore prices have slightly weakened. Nickel - iron prices have fallen due to weak stainless - steel consumption, and the price of nickel sulfate has declined. Pure - nickel spot trading is good [3]. - In the later stage, cost support is strong, and the room for a sharp decline in nickel prices is limited. The cost of nickel ore is likely to remain high, but the fundamentals are difficult to improve. However, nickel prices are at the absolute bottom of the range, waiting for a recovery in macro - expectations [3][12]. 3. Summary by Related Catalogs 3.1 Market Data | Variety | 2025/11/14 | 2025/11/7 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Nickel | 117,080 | 119,440 | - 2,360 | Yuan/ton | | LME Nickel | 14,891 | 15,060 | - 169 | US dollars/ton | | LME Inventory | 252,090 | 253,104 | - 1,014 | tons | | SHFE Inventory | 35,027 | 32,634 | + 2,393 | tons | | Jinchuan Nickel Premium | 3,900 | 3,100 | + 800 | Yuan/ton | | Russian Nickel Premium | 600 | 600 | 0 | Yuan/ton | | High - Nickel Pig Iron Average Price | 924 | 933 | - 9 | Yuan/nickel point | | Stainless - Steel Inventory | 888,000 | 863,000 | + 25,000 | tons | [4] 3.2 Industry Situation - **Nickel Ore**: Philippine 1.5% laterite nickel ore FOB price is stable at $50/wet ton, and Indonesian 1.5% laterite nickel ore domestic FOB price is at $38.55/wet ton. Indonesia may limit nickel production [6]. - **Pure Nickel**: In October, the national refined - nickel production was 35,900 tons, a year - on - year and month - on - month increase of 17.06% and 0.84% respectively. The import from Russia increased significantly in September, while that from Norway decreased. The export scale increased year - on - year [7]. - **Nickel Iron**: The price of high - nickel pig iron (10% - 12%) dropped. In October, China's nickel - iron production increased month - on - month, and Indonesia's production increased slightly year - on - year and month - on - month. The inventory structure changed, and the import from Indonesia increased [7][8]. - **Stainless Steel**: In October, China's 300 - series stainless - steel production increased slightly, and Indonesia's production also increased slightly. The expected production in November shows little change. The real - estate market is sluggish, restricting nickel - iron demand, but the decline in nickel - iron prices may slow down [9]. - **Nickel Sulfate**: The price of battery - grade nickel sulfate decreased, and the production increased year - on - year and month - on - month in October. The profit margins of some production processes improved [10]. - **New Energy**: From November 1 - 9, the retail sales of new - energy passenger vehicles decreased year - on - year but increased month - on - month. Different regions have different subsidy policies [10]. - **Inventory**: The current six - place social inventory of pure nickel increased, SHFE inventory increased, LME inventory decreased, and the total inventory of the two major exchanges increased [11]. 3.3 Industry News - Indonesia will adjust nickel production in 2026 and may cut production in the work plan and cost budget [13]. - The second - phase project of Guangxi Feinan will start on November 18, with a designed production capacity of 20,000 metal tons/year of electrowon nickel and nickel sulfate [13]. - Indonesia announced the domestic trade benchmark price of nickel ore for the second phase of November, which decreased by about 0.51% compared with the first phase [13]. 3.4 Related Charts The report includes charts on the trends of domestic and foreign nickel prices, spot premiums, nickel futures inventory, high - nickel iron prices, nickel - ore port inventory, 300 - series stainless - steel prices, and stainless - steel inventory [15][18][20][23]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The macro - economic data shows negative trends. From January to October, national real estate development investment was 735.63 billion yuan, a year - on - year decrease of 14.7%. National fixed - asset investment (excluding rural households) was 4,089.14 billion yuan, a year - on - year decrease of 1.7% [1]. - The industrial data of last week was fair. The output of the five major steel products decreased month - on - month, inventory declined, and apparent demand dropped slightly. Building materials production cuts contributed most of the reduction, while hot - rolled coil data changed little. After steel mills cut production, supply pressure decreased, and short - term inventory reduction support strengthened, but the weak demand pattern remained unchanged. Steel prices are expected to fluctuate mainly [1][5]. Summary by Relevant Catalogs 1. Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3053 | 19 | 0.63 | 4907951 | 2731199 | Yuan/ton | | SHFE Hot - Rolled Coil | 3256 | 11 | 0.34 | 1702672 | 1302507 | Yuan/ton | | DCE Iron Ore | 772.5 | 12.0 | 1.58 | 1423894 | 494127 | Yuan/ton | | DCE Coking Coal | 1192.0 | - 78.0 | - 6.14 | 5024636 | 941024 | Yuan/ton | | DCE Coke | 1669.5 | - 87.0 | - 4.95 | 107554 | 48736 | Yuan/ton | [2] 2. Market Review - Last week, steel futures rebounded with fluctuations. Inventory reduction supported the stabilization of steel prices, but the terminal market remained weak and was under pressure. In the spot market, the price of Tangshan billet was 2950 (+10) yuan/ton, Shanghai rebar was quoted at 3190 (0) yuan/ton, and Shanghai hot - rolled coil was 3260 (0) yuan/ton [4]. - The macro and industrial data are consistent with the core viewpoints, showing negative trends in real estate and investment, and changes in steel production, inventory, and demand [4][5]. 3. Industry News - In October 2025, China exported 9.782 million tons of steel, a decrease of 0.683 million tons from the previous month, a month - on - month decrease of 6.5%. From January to October, the cumulative steel exports were 97.737 million tons, a year - on - year increase of 6.6% [6]. - In October, the national passenger car market retail sales were 2.242 million vehicles, a year - on - year decrease of 0.8%. From January to October, the cumulative retail sales of the national passenger car market were 19.25 million vehicles, a year - on - year increase of 7.9%. In October, the retail sales of new - energy passenger cars were 1.282 million vehicles, a year - on - year increase of 7.3% and a month - on - month decrease of 1.3%. From January to October, the cumulative retail sales were 10.151 million vehicles, an increase of 21.9% [6][7]. 4. Related Charts The report provides multiple charts including the futures and month - spread trends of rebar and hot - rolled coil, the basis trends of rebar and hot - rolled coil, the spot regional price difference trends of rebar and hot - rolled coil, the profit trends of short - process electric furnaces in East China and long - process steel mills, the blast furnace operating rate, the daily average hot - metal output of 247 steel mills, the production, inventory, and apparent consumption of rebar and hot - rolled coil [9][11][13].

棕榈油周报 2025 年 11 月 17 日 菜油表现强势 棕榈油震荡运行 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 1 / 9 ⚫ 上周，BMD马棕油主连涨15收于4125林吉特/吨，涨幅 0.36%；棕榈油01合约跌16收于8644元/吨，跌幅0.18%； 豆油01合约涨72收于8256元/吨，涨幅0.88%；菜油01合 约涨390收于9923元/吨，涨幅4.09%；CBOT豆油主连涨 0.85收于50.48美分/磅，涨幅1.71%；ICE油菜籽活跃合 约涨7收于645.7加元/吨，涨幅1 ...

锌周报 2025 年 11 月 17 日 走势锚定宏观 锌价宽幅震荡 核心观点及策略 上周沪锌主力期价震荡回落。宏观面来看，美国政府结束停 摆，但美联储官员集中放鹰，因担忧通胀释放降息谨慎言论， 12 月降息预期回落，抑制市场风险偏好。国内 10 月经济全 面走弱，且新增信贷及社融低于预期且低于季节性，市场情 绪降温。 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 1/ 8 基本面看，CZSPT 发布 2026Q1 进口锌矿加工费指导价 105-120 美元/吨，略高于当前现货加工费。国际铅锌周上市 场普遍预计 ...

贵金属周报 2025 年 11 月 17 日 降息预期下降，金银将延续调整 核心观点及策略 ⚫ 风险因素：美国就业数据不及预期 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 1 / 9 ⚫ 上周贵金属价格在前几个交易日大幅上涨，特别是白银在 上周四盘中再创新高，但之后回吐涨幅，特别是在上周五， 金银价格均出现大幅下挫。主要是因为近期美联储官员的 发言偏鹰，市场对于12月降息的预期大幅下降，金银价格 承压。 ⚫ 上周四美国众议院通过临时拨款法案，为创纪录的43天联 邦政府停摆画上句号。美国联邦机构将在明年1月30日 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The iron ore futures fluctuated and rebounded last week, with the molten iron output rebounding, market sentiment improving, and spot prices rising. It is expected that the iron ore will show a fluctuating trend [1][4][6]. - On the demand side, some steel mills resumed production last week due to a long shutdown, and the molten iron output increased compared with the previous week. It is currently slightly higher than the same period last year and is expected to fluctuate within a narrow range in the future [1][4][6]. - On the supply side, although the overseas shipment volume and arrival volume decreased last week, they remained at relatively high levels in recent years. The port inventory continued to increase, and the supply pressure remained high [1][4][6]. 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 | 3053 | 19 | 0.63 | 4907951 | 2731199 | Yuan/ton | | SHFE Hot - Rolled Coil | 3256 | 11 | 0.34 | 1702672 | 1302507 | Yuan/ton | | DCE Iron Ore | 772.5 | 12.0 | 1.58 | 1423894 | 494127 | Yuan/ton | | DCE Coking Coal | 1192.0 | - 78.0 | - 6.14 | 5024636 | 941024 | Yuan/ton | | DCE Coke | 1669.5 | - 87.0 | - 4.95 | 107554 | 48736 | Yuan/ton | [2] 3.2 Market Review - **Demand Side**: Last week, some steel mills resumed production due to a long shutdown. The molten iron output increased compared with the previous week, currently slightly higher than the same period last year, and is expected to fluctuate within a narrow range in the future. The blast furnace operating rate of 247 steel mills was 82.81%, a decrease of 0.32 percentage points from the previous week and an increase of 0.73 percentage points compared to the same period last year. The blast furnace iron - making capacity utilization rate was 88.8%, an increase of 0.99 percentage points from the previous week and an increase of 0.22 percentage points compared to the same period last year. The steel mill profitability rate was 38.96%, a decrease of 0.87 percentage points from the previous week and a decrease of 18.62 percentage points compared to the same period last year. The average daily molten iron output was 236.88 tons, an increase of 2.66 tons from the previous week and an increase of 0.94 tons compared to the same period last year [4]. - **Supply Side**: Last week, the overseas shipment volume and arrival volume decreased but remained at relatively high levels in recent years. The port inventory continued to increase, and the supply pressure remained high. The total global iron ore shipment was 3069.0 tons, a decrease of 144.8 tons from the previous week. The total shipment volume of iron ore from Australia and Brazil was 2548.6 tons, a decrease of 210.6 tons from the previous week. The inventory of imported iron ore at 47 ports across the country was 15812.84 tons, an increase of 188.71 tons from the previous week, and the average daily port clearance volume was 340.28 tons, an increase of 4.73 tons [5]. 3.3 Industry News - On November 11, the commissioning ceremony of the Simandou project was held in the Port of Mariabaya, Guinea [10]. - Brazil's CSN announced its Q3 2025 results, with the iron ore segment performing strongly, setting a record high in production and sales. In Q3, the company's iron ore production reached 1192.8 tons, a 2.8% increase from the previous quarter and a 4.3% increase year - on - year [10]. - From January to October, the national real estate development investment was 73563 billion yuan, a 14.7% year - on - year decrease. The housing construction area of real estate development enterprises was 652939 million square meters, a 9.4% year - on - year decrease [10]. 3.4 Related Charts The report includes multiple charts showing the trends of futures and spot prices of rebar, hot - rolled coil, iron ore, etc., as well as data on steel production, inventory, and iron ore shipment and arrival volume [9][11][13].