1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Trump's new tariff statement may impact the commodity market, but the overall macro - environment is gradually turning more accommodative. In the short term, the weak reality is hard to reverse, and the policy strength around the Fourth Plenary Session needs attention [2]. - For the black sector, instead of short - selling, finding callback positions to do long may be more cost - effective. The macro factors will be the focus of medium - and long - term trading, and the black sector may gradually have the value of long - allocation around the Fourth Plenary Session [10]. 3. Summary by Related Catalogs Steel Market Information - The closing price of the rebar main contract was 3103 yuan/ton, up 7 yuan/ton (0.226%) from the previous trading day. The registered warehouse receipts were 277,267 tons, a net increase of 1,531 tons. The position of the main contract was 1,926,153 lots, up 18,024 lots. The Tianjin aggregated price of rebar was 3220 yuan/ton, up 10 yuan/ton; the Shanghai aggregated price was 3250 yuan/ton, up 10 yuan/ton [2]. - The closing price of the hot - rolled coil main contract was 3285 yuan/ton, down 1 yuan/ton (-0.03%) from the previous trading day. The registered warehouse receipts were 28,314 tons, with no change. The position of the main contract was 1,397,651 lots, up 23,065 lots. The Lecong aggregated price of hot - rolled coil was 3320 yuan/ton, with no change; the Shanghai aggregated price was 3350 yuan/ton, with no change [2]. Strategy Viewpoints - Although the direct impact of tariffs on steel is small, steel prices may decline with the overall weakening of the commodity market sentiment. The impact level of this tariff policy may be smaller compared to the market on April 7. Fundamentally, steel demand during the National Day holiday was significantly weaker than the same period last year. For rebar, terminal demand reached a new low, inventory continued to accumulate, and the inventory - to - sales ratio increased significantly; for hot - rolled coils, production decreased slightly, but the apparent demand decreased more significantly, and inventory increased prominently. The follow - up demand recovery needs attention [2]. Iron Ore Market Information - The closing price of the iron ore main contract (I2601) last Friday was 795.00 yuan/ton, up 0.57% (+4.50), with a position change of +16,626 lots to 476,200 lots. The weighted position of iron ore was 786,200 lots. The price of PB fines at Qingdao Port was 788 yuan/wet ton, with a basis of 42.84 yuan/ton and a basis ratio of 5.11% [4]. Strategy Viewpoints - Supply: At the end of the third quarter, the shipping rush of mines ended. The latest overseas iron ore shipping volume remained stable at a high level year - on - year and decreased month - on - month. The shipping volume from Australia decreased slightly, that from Brazil was basically flat, and the shipping volume from non - mainstream countries decreased significantly. The near - end arrival volume increased month - on - month [5]. - Demand: The latest daily average pig iron output was 2415400 tons, down 2700 tons month - on - month. Pig iron production was stable, with both blast furnace restarts and overhauls, mainly short - term overhauls. The profitability rate of steel mills continued to decline. The inventory of steel during the holiday increased, and the post - holiday destocking situation needs attention. If the finished product situation weakens after the holiday, iron ore prices may adjust accordingly. The "Silver October" market after the restocking needs attention [5]. Manganese Silicon and Ferrosilicon Market Information - On October 10, the manganese silicon main contract (SM601) closed down 0.14% at 5760 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5680 yuan/ton, converted to the futures price of 5870 yuan/ton, up 10 yuan/ton from the previous day, with a premium of 110 yuan/ton to the futures [8]. - The ferrosilicon main contract (SF511) closed down 0.66% at 5436 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 5650 yuan/ton, down 50 yuan/ton from the previous day, with a premium of 214 yuan/ton to the futures [8]. Strategy Viewpoints - Manganese silicon: Its fundamentals are not ideal and lack a major contradiction. However, the port inventory of manganese ore has been at a low level recently, and the manganese ore price is relatively firm. If the black sector strengthens, pay attention to possible disturbances in the manganese ore end, which may drive the manganese silicon market. Otherwise, it will follow the black sector [11]. - Ferrosilicon: Its supply - demand fundamentals have no obvious contradictions and drivers and will also likely follow the black sector, with low trading cost - effectiveness [11]. Industrial Silicon and Polysilicon Market Information - Industrial silicon: The closing price of the industrial silicon futures main contract (SI2511) last Friday was 8685 yuan/ton, up 0.52% (+45). The weighted contract position increased by 7625 lots to 415,415 lots. The spot price of 553 non - oxygen - blown industrial silicon in East China was 9300 yuan/ton, unchanged; the basis of the main contract was 615 yuan/ton. The spot price of 421 was 9700 yuan/ton, unchanged, and the basis of the main contract was 215 yuan/ton [13]. - Polysilicon: The closing price of the polysilicon futures main contract (PS2511) last Friday was 48965 yuan/ton, down 3.55% (-1800). The weighted contract position increased by 12,710 lots to 246,722 lots. The average price of N - type granular silicon was 50.5 yuan/kg, unchanged; the average price of N - type dense material was 51.05 yuan/kg, unchanged; the average price of N - type re - feeding material was 52.55 yuan/kg, unchanged. The basis of the main contract was 3585 yuan/ton [15]. Strategy Viewpoints - Industrial silicon: In the short term, the price is under downward pressure due to the resurgence of Sino - US trade disputes. But in the future, as the southwest region enters the dry season, production will decrease, and the cost support will strengthen. The valuation of the far - month contract is expected to rise. If there are supply - side disturbances or policy drivers after the macro - risk is digested, the price may rise again [14]. - Polysilicon: Before the policy is actually implemented or new catalytic variables appear, the market may enter a fundamental correction stage. In the short term, the price is constrained by high inventory and weak demand. In the medium term, the capacity integration policy is not overly pessimistic, and the supply - demand pattern may improve after November. The short - term price fluctuation is regarded as a technical correction, and the price has downward pressure with support at 47,000 - 48,000 yuan/ton [16]. Glass and Soda Ash Market Information - Glass: The closing price of the glass main contract at 15:00 on Friday was 1218 yuan/ton, up 0.66% (+8). The price of large - size glass in North China was 1230 yuan, unchanged; the price in Central China was 1220 yuan, unchanged. The weekly inventory of float glass sample enterprises was 62,824,000 cases, up 3,469,000 cases (+5.84%). The top 20 long - position holders increased their long positions by 48,221 lots, and the top 20 short - position holders increased their short positions by 94,116 lots [18]. - Soda ash: The closing price of the soda ash main contract at 15:00 on Friday was 1250 yuan/ton, down 0.40% (-5). The price of heavy soda ash in Shahe was 1170 yuan, up 5 yuan. The weekly inventory of soda ash sample enterprises was 1.6515 million tons, down 0.1041 million tons. The inventory of heavy soda ash was 922,400 tons, down 83,700 tons; the inventory of light soda ash was 729,100 tons, down 20,400 tons. The top 20 long - position holders increased their long positions by 41,312 lots, and the top 20 short - position holders increased their short positions by 82,741 lots [20]. Strategy Viewpoints - Glass: Downstream procurement is active, some manufacturers are strongly willing to hold prices, and the overall spot price is rising. Regional inventory performance varies significantly. It is recommended to pay attention to the follow - up policy, and the short - term view is bullish [19]. - Soda ash: The domestic soda ash market is trading steadily, with the prices of heavy and light soda ash remaining stable and fluctuating slightly. The supply side decreased slightly due to short - term shutdowns of individual devices. During the holiday, enterprise shipments slowed down, and inventory accumulated. The market is wait - and - see. It is expected that the market will remain stable in the short term [21].

专题报告 2025-10-13 鸡蛋：弱消费与低成本 王 俊 农产品研究员 从业资格号：F0273729 交易咨询号：Z0002942 028-86133280 wangja@wkqh.cn 报告要点： 节后现货弱于预期导致盘面低开后继续下跌，今年现货一再走弱的背后，弱消费与低成本扮演 了当中的关键角色。短期看，当前现货反弹的力度和信心不足，盘面升水较高，思路上近月宜 维持继续寻底的偏空思路；不过，10 月份作为降温后承前启后的月份，需留意悲观情绪缓解后 在盘面备货带动下出现反弹修正的可能；长期看供压偏大，未来任何反弹或流于昙花一现，产 能实质去化前建议均以逢高空的思路为主。 农产品研究 | 鸡蛋 鸡蛋：弱消费与低成本 一、国庆后补库预期落空 节后蛋价表现明显弱于预期，尽管绝对位置偏低，但节日期间的跌幅依旧创出多年同期最大。 现货在节后的低点接近梅雨季低点，且趋势偏弱，传统国庆后补库的预期落空后市场悲观情绪 延续，节后盘面低开后继续增仓大幅下跌，近月跌幅尤甚。据卓创，当前辛集大码蛋价为 2.33 元/斤，接近今年 6 月底梅雨季创出的低点 2.27 元/斤，较节前下跌 0.45 元/斤。16、17 和 20 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The threat of Trump to impose significant additional tariffs on China is uncertain, and market sentiment needs further clarification. For copper, overseas mine production cuts and reduced domestic refined copper output may support prices. If the trade situation is a short - term shock, there may be buying opportunities after the price decline [2][3]. - The deterioration of Sino - US trade relations is uncertain. For aluminum, if the tariff threat is short - term, market sentiment may recover. With the increase in the domestic aluminum - water ratio and seasonal consumption recovery, the pressure of aluminum ingot inventory accumulation is not large, and the price decline may increase the upward elasticity [5][6]. - For lead, the apparent inventory of lead ore has slightly increased, and the smelting of primary lead is at a high level. The inventory of recycled lead has decreased, and its smelting is at a low level. With the release of downstream demand and the increase in the cancellation of LME lead warehouse receipts, the structural risk of LME lead has increased. Short - term Shanghai lead is expected to fluctuate at a low level with increased risk [8][9]. - For zinc, domestic zinc smelting enterprises operate normally during holidays, and some downstream enterprises have long holidays. The registered LME zinc warehouse receipts are at a low level, and there is a structural risk. After the opening of the zinc ingot export window, short - covering in the domestic market provides short - term support. Short - term Shanghai zinc is expected to fluctuate at a low level with increased risk [10][12]. - For tin, short - term Sino - US trade frictions may lower market risk appetite, but the supply - demand is in a tight balance, and the peak - season demand is recovering. Tin prices may maintain a high - level shock in the short term [13][14]. - For nickel, short - term Sino - US trade frictions may lower market risk appetite, but the impact on nickel prices is relatively small. In the short term, it is recommended to wait and see, and consider buying on dips if the price drops enough. In the long - term, there are potential positive factors for nickel prices [15][17]. - For lithium carbonate, the strong downstream demand during the National Day holiday drives inventory reduction, but the supply replenishment expectation restricts the upside space. The negative sentiment in the equity market may suppress lithium prices, and it is recommended to pay attention to macro - environment changes and supply - demand expectations [19][20]. - For alumina, the short - term ore price has support but may face pressure after the rainy season. The over - capacity pattern in the smelting end is difficult to change in the short term. It is recommended to wait and see, and pay attention to supply - side policies, Guinea's ore policy, and the Fed's monetary policy [22][24]. - For stainless steel, the market is trapped between "cost support" and "weak demand". If the nickel - iron price continues to rise, stainless steel may oscillate upward under cost support [26][27]. - For cast aluminum alloy, the cost - end aluminum price weakens due to Sino - US trade relations, and the contract delivery pressure is large. However, with the improvement of downstream consumption and reduced raw - material supply, the price is expected to have support [29][30] Group 3: Summaries by Metals Copper - **Market Information**: Trump's tariff threat causes market panic, leading to a 3.73% drop in LME copper 3M to $10374/ton and a fall in SHFE copper to 83030 yuan/ton. LME copper inventory decreases by 75 to 139000 tons, and domestic SHFE inventory increases by 15000 tons compared to before the holiday [2]. - **Strategy Viewpoint**: The tariff threat is uncertain. From the fundamental perspective, supply tightening supports prices. If it's a short - term shock, there may be buying opportunities after the price decline. The operating range of SHFE copper is 82000 - 85500 yuan/ton, and that of LME copper 3M is $10200 - 10700/ton [3] Aluminum - **Market Information**: The deterioration of Sino - US trade relations causes aluminum prices to weaken. LME aluminum 3M drops 1.31% to $2746/ton, and SHFE aluminum closes at 20755 yuan/ton. Domestic aluminum ingot and billet inventories increase slightly, and the processing fee of aluminum billets declines [5]. - **Strategy Viewpoint**: If the tariff threat is short - term, market sentiment may recover. With the increase in the aluminum - water ratio and seasonal consumption recovery, the inventory accumulation pressure is not large, and the price decline may increase the upward elasticity. The operating range of SHFE aluminum is 20500 - 21100 yuan/ton, and that of LME aluminum 3M is $2700 - 2790/ton [6] Lead - **Market Information**: SHFE lead index rises 0.12% to 17142 yuan/ton, and LME lead 3S rises to $2027.5/ton. Domestic social inventory decreases to 3.58 tons [8]. - **Strategy Viewpoint**: The apparent inventory of lead ore increases slightly, and the smelting of primary lead is at a high level. The inventory of recycled lead decreases, and its smelting is at a low level. With the release of downstream demand and the increase in the cancellation of LME lead warehouse receipts, the structural risk of LME lead has increased. Short - term Shanghai lead is expected to fluctuate at a low level with increased risk [9] Zinc - **Market Information**: SHFE zinc index falls 0.18% to 22289 yuan/ton, and LME zinc 3S falls to $2997/ton. Domestic social inventory increases slightly to 15.02 tons [10]. - **Strategy Viewpoint**: Domestic zinc smelting enterprises operate normally during holidays, and some downstream enterprises have long holidays. The registered LME zinc warehouse receipts are at a low level, and there is a structural risk. After the opening of the zinc ingot export window, short - covering in the domestic market provides short - term support. Short - term Shanghai zinc is expected to fluctuate at a low level with increased risk [11][12] Tin - **Market Information**: Tin prices fall due to Sino - US trade frictions. The resumption of tin mines in Myanmar is slow, and Indonesia cracks down on illegal mining, increasing supply concerns. The downstream new - energy vehicle and AI server industries are booming, but traditional consumer electronics and photovoltaic industries are weak. The "Golden September and Silver October" peak season drives marginal improvement in consumption [13]. - **Strategy Viewpoint**: Short - term Sino - US trade frictions may lower market risk appetite, but the supply - demand is in a tight balance, and the peak - season demand is recovering. Tin prices may maintain a high - level shock in the short term. It is recommended to wait and see. The operating range of domestic tin is 280000 - 300000 yuan/ton, and that of LME tin is $36000 - 39000/ton [14] Nickel - **Market Information**: Nickel prices fluctuate and fall at night due to Sino - US trade frictions. The spot market trading is average, and the cost of nickel ore is stable. Nickel - iron prices are firm, and the price of MHP is high [15]. - **Strategy Viewpoint**: Short - term Sino - US trade frictions may lower market risk appetite, but the impact on nickel prices is relatively small. In the short term, it is recommended to wait and see, and consider buying on dips if the price drops enough. In the long - term, there are potential positive factors for nickel prices. The operating range of SHFE nickel is 115000 - 128000 yuan/ton, and that of LME nickel 3M is $14500 - 16500/ton [17] Lithium Carbonate - **Market Information**: On October 10, the MMLC spot index of lithium carbonate is flat at 73011 yuan. The price of battery - grade lithium carbonate is 72500 - 74000 yuan, and that of industrial - grade is 71500 - 72000 yuan. The price of LC2511 contract falls 0.82% [19]. - **Strategy Viewpoint**: The strong downstream demand during the National Day holiday drives inventory reduction, but the supply replenishment expectation restricts the upside space. The negative sentiment in the equity market may suppress lithium prices. It is recommended to pay attention to macro - environment changes and supply - demand expectations. The operating range of the Guangzhou Futures Exchange's lithium carbonate main contract is 68800 - 73800 yuan/ton [20] Alumina - **Market Information**: On October 10, the alumina index falls 0.66% to 2861 yuan/ton. The spot price in Shandong falls to 2865 yuan/ton, and the overseas FOB price in Australia rises to $324/ton. The import window is close to closing, and the futures warehouse receipts increase [22]. - **Strategy Viewpoint**: The short - term ore price has support but may face pressure after the rainy season. The over - capacity pattern in the smelting end is difficult to change in the short term. It is recommended to wait and see. The operating range of the domestic main contract AO2601 is 2600 - 3000 yuan/ton, and attention should be paid to supply - side policies, Guinea's ore policy, and the Fed's monetary policy [23][24] Stainless Steel - **Market Information**: The stainless - steel main contract closes at 12860 yuan/ton, up 1.02%. The spot prices in Foshan and Wuxi are stable. The raw - material prices are stable, and the social inventory decreases [26]. - **Strategy Viewpoint**: The market is trapped between "cost support" and "weak demand". If the nickel - iron price continues to rise, stainless steel may oscillate upward under cost support [27] Cast Aluminum Alloy - **Market Information**: Aluminum alloy prices rise and then fall following aluminum prices. The AD2511 contract falls 0.41% to 20465 yuan/ton. The price of domestic mainstream ADC12 rises slightly, and the inventory of recycled aluminum alloy ingots in the main domestic markets decreases [29]. - **Strategy Viewpoint**: The cost - end aluminum price weakens due to Sino - US trade relations, and the contract delivery pressure is large. However, with the improvement of downstream consumption and reduced raw - material supply, the price is expected to have support [30]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - **Soybean/Meal**: In the medium - term, with high domestic soybean inventory and expected global supply surplus, the general strategy is to sell on rallies. In the short - term, due to tariff issues, it will mainly trade in a range [2][3]. - **Oils and Fats**: Medium - term, there is support for oils and fats. Before inventory accumulates and demand shows negative feedback, a mid - term strategy of buying on dips is recommended. Short - term, due to trade war concerns, it's advisable to wait and see [5][6]. - **Sugar**: With expected increases in production in major northern hemisphere countries and high production in Brazil's central - south region, it is recommended to short on rallies in the fourth quarter [9][10]. - **Cotton**: Given weak fundamentals and macro - negative impacts, short - term cotton prices are likely to decline [12][13]. - **Eggs**: In the short - term, a bearish view on near - term contracts is appropriate. In the medium - term, there may be a rebound during the stocking period. In the long - term, sell on rallies [15][16]. - **Pigs**: In the fourth quarter, there is large supply pressure. For near - term contracts, reduce short positions. After spot prices stabilize, consider a 13 - positive spread strategy. For far - term contracts, maintain a reverse spread strategy [18][19]. 3. Summary by Category Soybean/Meal - **Market Information**: Last Friday, CBOT soybeans fell due to Sino - US trade concerns. Domestic soybean meal prices rose over the weekend. MYSTEEL predicts this week's domestic soybean crushing volume to be 216.74 million tons. Import soybean costs face both support and pressure [2]. - **Strategy**: Medium - term, sell on rallies; short - term, trade in a range [2][3]. Oils and Fats - **Market Information**: Malaysia's palm oil exports from October 1 - 10 increased compared to the same period last month. The 2026 average price of crude palm oil is expected to be between 3900 - 4100 Malaysian ringgit per ton. Last Friday, domestic oils and fats prices fell [5]. - **Strategy**: Medium - term, buy on dips; short - term, wait and see [5][6]. Sugar - **Market Information**: Last Friday, Zhengzhou sugar futures fell. Brazilian sugar production data shows an increase in the first half of September. The number of ships waiting to load sugar at Brazilian ports increased [8][9]. - **Strategy**: Short on rallies in the fourth quarter [10]. Cotton - **Market Information**: Last Friday, Zhengzhou cotton futures rose first and then fell. Trump announced additional tariffs on Chinese imports, and China responded with counter - measures [12]. - **Strategy**: Short - term, expect price decline [13]. Eggs - **Market Information**: Egg prices were stable over the weekend. Supply is large, and consumption is weak. Egg prices are expected to be weak in early October and may rebound slightly later [15]. - **Strategy**: Short - term, bearish on near - term contracts; medium - term, expect a rebound; long - term, sell on rallies [16]. Pigs - **Market Information**: Pig prices continued to fall over the weekend, with some areas stabilizing. Supply is abundant, and some farmers are selling pigs actively [18]. - **Strategy**: Reduce short positions on near - term contracts; consider a 13 - positive spread after spot prices stabilize; maintain a reverse spread for far - term contracts [19].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The uncertainty in US trade and economic policies has led to significant concerns about the credit of US Treasury bonds and US dollar assets, making gold a better choice for global central bank reserves and investor asset allocation, and Trump's tariff actions are favorable for the medium - term gold price [2] - The shortage of silver spot in London is difficult to ease in the short term, which will drive the international silver price to be strong, and it is recommended to buy precious metals on dips, especially focusing on the rising opportunity of silver price [3][4] Summary by Related Catalogs Market Information - On the given day, Shanghai gold rose 0.42% to 913.26 yuan/gram, Shanghai silver fell 1.37% to 11059.00 yuan/kilogram; COMEX gold rose 1.53% to 4061.40 US dollars/ounce, COMEX silver rose 2.23% to 48.30 US dollars/ounce; the US 10 - year Treasury yield was 4.05%, and the US dollar index was 99.03 [2] - London silver spot price rose 1.87% to 50.126 US dollars/ounce, and the spread between COMEX silver near - month contract and London silver reached 2.73 US dollars/ounce, a recent high, and the one - month implied lease rate of London silver spot has risen to 40.3% [2] Future Outlook - The shortage of silver spot is difficult to ease in the short term. COMEX silver inventory decreased from 16531 tons on September 29 to 16251 tons on October 10, but the shortage in London is difficult to be alleviated by the inflow of New York silver, and the total position of COMEX silver is at the highest level in the same period in the past five years [3] Strategy Viewpoint - It is recommended to buy precious metals on dips, with the reference operating range of Shanghai gold main contract being 898 - 950 yuan/gram and that of Shanghai silver main contract being 10937 - 12000 yuan/kilogram [4] Data Table - The data shows the price, volume, position, inventory and other information of gold and silver in different markets such as COMEX, London, and Shanghai Futures Exchange on October 10, 2025, as well as the data changes compared with the previous trading day [5][8] Price Structure and Spread - The document shows the near - far month structure of COMEX gold and silver, and the price spreads between Shanghai and overseas markets (COMEX, LBMA) for gold and silver on October 10, 2025 [22][25][36][57]

Report Summary 1. Investment Rating The research report does not mention the industry investment rating. 2. Core Views - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices are not easy to be overly bearish. A range - trading strategy of buying low and selling high is maintained, but it is recommended to wait and see for now, waiting for a decline in OPEC exports when oil prices fall for verification [3]. - For methanol, with the return of concentrated domestic installations, high production profits, and increased imports, supply pressure is high. Demand is weak, and inventory pressure is large. However, short - selling is not cost - effective, and it is recommended to wait and see [4]. - For urea, after the holiday, the futures price dropped significantly, and the spot price dropped less. Supply pressure increased, demand was weak, and inventory rose. It is recommended to wait and see or look for long - position opportunities when there are clear positive signals [6]. - For rubber, affected by the macro - environment, the rubber price broke down in the short term. It is recommended to wait and see or operate short - term, and partially re - establish a hedging position of buying RU2601 and selling RU2511 [13]. - For PVC, the enterprise's comprehensive profit has declined to a low level, supply is strong, demand is weak, and export expectations are poor. It is recommended to consider short - selling opportunities in the medium term [16]. - For pure benzene and styrene, although the spot and futures prices are falling, the BZN spread has room for upward repair. With the approaching of the seasonal peak season, the port inventory may decline, and the price may stop falling [19]. - For polyethylene, cost support exists, and the downward space of PE valuation is limited. With the approaching of the seasonal peak season, the price may fluctuate upward [22]. - For polypropylene, supply pressure remains, demand is seasonally rebounding from a low level, and inventory pressure is high. There is no prominent short - term contradiction [25]. - For PX, the load remains high, downstream PTA has many unexpected short - term overhauls, and the expected PX inventory accumulation cycle will continue. It is recommended to wait and see [28]. - For PTA, the supply - side overhaul volume is high, the de - stocking pattern continues, but the processing fee space is limited. It is recommended to wait and see [29]. - For ethylene glycol, the supply is high, imports are increasing, and the port is starting to accumulate inventory. It is recommended to short - sell on rallies [31]. 3. Summary by Commodity Crude Oil - **Market Information**: The main INE crude oil futures fell 6.80 yuan/barrel, or 1.45%, to 461.90 yuan/barrel. European ARA weekly data showed that gasoline inventory decreased by 0.27 million barrels, diesel inventory increased by 0.31 million barrels, fuel oil inventory decreased by 0.12 million barrels, naphtha inventory increased by 0.78 million barrels, and aviation kerosene inventory decreased by 0.39 million barrels. The total refined oil inventory increased by 0.32 million barrels [2]. - **Strategy**: Wait and see, and verify OPEC's export - price - support intention when oil prices fall [3]. Methanol - **Market Information**: The price in Taicang fell 3 yuan, in Inner Mongolia fell 5 yuan, and remained stable in southern Shandong. The 01 - contract on the futures market rose 17 yuan to 2307 yuan/ton, and the basis was - 97. The 1 - 5 spread increased by 12 to - 44 [3]. - **Strategy**: Wait and see as the current short - selling cost - effectiveness is low [4]. Urea - **Market Information**: The spot price in Shandong fell 20 yuan, and in Henan fell 30 yuan. The 01 - contract on the futures market fell 12 yuan to 1597 yuan, and the basis was - 57. The 1 - 5 spread decreased by 1 to - 69 [6]. - **Strategy**: Wait and see or look for long - position opportunities when there are clear positive signals [6]. Rubber - **Market Information**: Affected by the US tariff statement, global risk asset prices dropped. Forecasted rainfall in Thailand and other places will increase in the next 7 - 14 days. Tire开工率 decreased during the National Day holiday. As of October 9, 2025, the all - steel tire开工率 in Shandong was 46.38%, and the semi - steel tire开工率 was 50.87%. The export of semi - steel tires slowed down. As of September 21, 2025, China's natural rubber social inventory was 111.2 million tons, a decrease of 0.1 million tons [11]. - **Strategy**: Wait and see or operate short - term, and partially re - establish a hedging position of buying RU2601 and selling RU2511 [13]. PVC - **Market Information**: The PVC01 contract fell 34 yuan to 4735 yuan. The spot price of Changzhou SG - 5 was 4640 yuan/ton, and the basis was - 95. The 1 - 5 spread was - 318. The cost side remained stable, the overall开工率 was 82.6%, and the downstream开工率 was 47.8%. Factory inventory was 38.4 million tons, and social inventory was 103.6 million tons [13]. - **Strategy**: Consider short - selling opportunities in the medium term due to strong supply, weak demand, and poor export expectations [16]. Pure Benzene and Styrene - **Market Information**: The cost of East China pure benzene remained unchanged at 5770 yuan/ton. The styrene spot price fell 50 yuan/ton to 6750 yuan/ton, and the active - contract closing price fell 75 yuan/ton to 6743 yuan/ton. The basis was 7 yuan/ton, and the BZN spread was 125.75 yuan/ton. The upstream开工率 was 73.61%, and the Jiangsu port inventory increased by 0.44 million tons to 20.19 million tons. The demand - side three - S weighted开工率 was 38.54% [18]. - **Strategy**: The styrene price may stop falling as the BZN spread has room for upward repair and the seasonal peak season is approaching [19]. Polyethylene - **Market Information**: The main - contract closing price fell 40 yuan/ton to 7037 yuan/ton, and the spot price fell 15 yuan/ton to 7100 yuan/ton. The basis was 63 yuan/ton. The upstream开工率 was 83.6%. The production enterprise inventory decreased by 7.56 million tons to 38.27 million tons, and the trader inventory decreased by 0.43 million tons to 4.67 million tons. The downstream average开工率 was 45% [21]. - **Strategy**: The price may fluctuate upward as cost support exists and the seasonal peak season is approaching [22]. Polypropylene - **Market Information**: The main - contract closing price fell 23 yuan/ton to 6722 yuan/ton, and the spot price remained unchanged at 6780 yuan/ton. The basis was 58 yuan/ton. The upstream开工率 was 77.29%. The production enterprise inventory decreased by 3.03 million tons to 52.03 million tons, the trader inventory decreased by 0.11 million tons to 18.72 million tons, and the port inventory increased by 0.47 million tons to 6.65 million tons. The downstream average开工率 was 52% [24]. - **Strategy**: There is no prominent short - term contradiction due to high supply pressure, seasonal demand rebound, and high inventory pressure [25]. PX, PTA, and Ethylene Glycol - **PX** - **Market Information**: The PX11 contract fell 82 yuan to 6504 yuan. The PX CFR fell 11 dollars to 798 dollars. The PX load in China was 87.4%, and in Asia was 79.9%. Some domestic and overseas installations restarted, and one Japanese installation was under maintenance. The PTA load was 74.4%. In September, South Korea's PX exports to China were 37.9 million tons [27]. - **Strategy**: The PX inventory accumulation cycle may continue, and it is recommended to wait and see [28]. - **PTA** - **Market Information**: The PTA01 contract fell 50 yuan to 4534 yuan, and the East China spot price fell 10 yuan to 4490 yuan. The PTA load was 74.4%. The downstream load was 91.5%. The social inventory (excluding credit warrants) on September 26 was 210.7 million tons [28]. - **Strategy**: Wait and see as the supply - side overhaul volume is high and the processing fee space is limited [29]. - **Ethylene Glycol** - **Market Information**: The EG01 contract fell 58 yuan to 4100 yuan, and the East China spot price fell 18 yuan to 4206 yuan. The supply - side load was 75.1%. The downstream load was 91.5%. The port inventory increased by 9.8 million tons to 50.7 million tons [30]. - **Strategy**: Short - sell on rallies due to high supply, increasing imports, and expected inventory accumulation [31].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - In September 2025, the traditional peak season demand for steel was lower than expected, with weak consumption of rebar and high inventory levels. Although the production of rebar decreased slightly, the inventory only decreased marginally, and the overall level was still significantly higher than the same period last year. For hot-rolled coils, domestic demand was weak due to the slowdown in exports, and the inventory pressure further accumulated due to continuous high production. As the peak season was more than half over, the terminal demand recovered slowly, and the overall demand structure remained weak. The export performance was sluggish, with significant regional structural differentiation. Overall, the steel market in September did not show the characteristics of a peak season, with weak demand and high inventory coexisting, and the futures price continued to be weak. As the peak season was approaching the end, there was still no substantial improvement in demand, and the pressure of inventory accumulation remained high. Attention should be paid to the progress of export improvement and the trends of macro - policies such as the Fourth Plenary Session [11][12][13] Summary by Directory 1. Monthly Assessment and Strategy Recommendation - **Valuation**: In September 2025, the average profitability rate of steel mills was 59.25%, a decline from the previous month. The immediate profit of long - process (blast furnace) rebar in East China was about - 17 yuan/ton, and the electric - arc furnace profit was about - 49 yuan/ton. The price showed a weak and volatile trend, and both long - process and short - process production were in the loss range, with the overall profitability of steel mills declining [11] - **Supply**: In September 2025, the production of rebar was 8.4352 million tons, a year - on - year increase of 773,800 tons; the production of hot - rolled coils was 12.9006 million tons, a year - on - year increase of 798,500 tons. The daily average production of hot metal was 2.38 million tons, slightly lower than the previous month but still at a high level. Overall, the steel production remained at a high level, and the supply of both rebar and hot - rolled coils increased compared with the same period last year, with relatively large supply - side pressure [11] - **Demand**: In September 2025, the apparent consumption of rebar was 8.3061 million tons, a year - on - year decrease of 1.1578 million tons, with significantly weak demand and the characteristics of the traditional peak season not yet appearing. For hot - rolled coils, the apparent consumption was 12.7502 million tons, a year - on - year increase of 226,300 tons, with overall neutral - to - weak demand. Affected by the weakening of exports and the slowdown in the growth of downstream industries such as home appliances and automobiles, although the demand for hot - rolled coils was resilient, it still lacked continuous bright spots [11] - **Inventory**: As of the end of September, the inventory of rebar was 6.363 million tons, a year - on - year increase of 2.2084 million tons, with significantly increased inventory pressure; the inventory of hot - rolled coils was 3.805 million tons, a year - on - year decrease of 191,300 tons, with a relatively fast inventory growth rate and obvious current inventory accumulation. Overall, both rebar and hot - rolled coils continued to accumulate inventory, and there was still pressure on the overall steel de - stocking [11] 2. Spot and Futures Market - Multiple charts are provided to show the price, trading volume, price difference, and basis of rebar and hot - rolled coils in different regions and contracts, as well as the price difference between different types of steel products such as cold - rolled, hot - rolled, color - coated, and galvanized steel coils, reflecting the price trends and relationships in the steel spot and futures markets [25][27][30] 3. Profit and Inventory - Multiple charts are presented to show the disk profit, gross profit per ton, and inventory of rebar, hot - rolled coils, cold - rolled coils, etc., as well as the profit of blast furnaces and electric - arc furnaces for rebar, reflecting the profit and inventory status of the steel industry [79][81][91] 4. Cost End - Charts are provided to show the ratios of rebar to iron ore and coke futures, daily average production of hot metal and crude steel, prices of billets, scrap steel, etc., as well as the consumption and cumulative consumption of scrap steel, reflecting the cost - related factors in the steel production process [110][113][116] 5. Supply End - Charts show the production, production capacity utilization rate, and cumulative year - on - year production of rebar and hot - rolled coils, reflecting the supply - side situation of the steel industry [132][135][138] 6. Demand and Import - Export - Charts show the apparent consumption and cumulative year - on - year consumption of rebar and hot - rolled coils, as well as the production and export volume of home appliances such as refrigerators, washing machines, and air conditioners, and the import and export volume of steel products including rebar, plates, etc., reflecting the demand and import - export situation of the steel industry [144][147][149]

Report Investment Rating - The report maintains a bearish outlook on the sugar industry [1][9][10] Core View - The sugar market is under pressure due to high yields in Brazil and expected production increases in the Northern Hemisphere. The overall recommendation is to continue shorting on rallies in the fourth quarter [9][10][11] Summary by Section 1. Monthly Assessment and Strategy Recommendation - **Market Review**: In September, the ICE raw sugar March contract price fell to 16.6 cents per pound, a 2.24% decline. The Zhengzhou sugar January contract price dropped to 5493 yuan per ton, a 1.98% decrease. Various spreads and basis also showed different trends [9] - **Industry News**: In the first half of September, Brazil's central - southern region had a 6.94% year - on - year increase in cane crushing to 4597.3 million tons and a 15.72% increase in sugar production to 362.2 million tons. As of October 8, the number of vessels waiting to load sugar at Brazilian ports increased to 83, and the waiting sugar volume rose to 360.81 million tons [9] - **View and Strategy**: The sugar production data from Brazil in the first half of September was bearish but in line with expectations. With the new 2025/26 sugar - crushing season starting and expected production increases in the Northern Hemisphere, a bearish view is maintained, and shorting on rallies in the fourth quarter is recommended [9] - **Fundamental Assessment**: The basis weakened slightly, the monthly spread was weak, the production - sales area spread fluctuated, the raw - white sugar spread changed little, the raw sugar production advantage expanded slightly, and the high valuation of the futures market was somewhat corrected. The overall recommendation is to short on rallies in the fourth quarter [10] - **Trading Strategy**: A single - side shorting on rallies strategy is recommended with a profit - loss ratio of 2:1 within 3 months. The core driving logic is the large import supply pressure and expected production increase in the new season [11] 2. Spread Trend Review - The report presents multiple spread trend charts, including spot price and basis, spot - to - spot spreads, domestic - foreign spreads, raw - white sugar spreads, raw sugar spot premiums and discounts, and sugar - alcohol price ratios, showing the historical trends of these spreads from 2021 to 2025 [17][20][25] 3. Domestic Market Situation - **Production**: The report shows the monthly and cumulative sugar production in China from 20/21 to 24/25 [41] - **Imports**: Data on monthly and annual cumulative imports of sugar, syrup, and premixes in China from 20/21 to 24/25 are presented [44] - **Sales**: The monthly sugar sales volume and cumulative sales progress in China from 20/21 to 24/25 are shown [49] - **Inventory**: The monthly industrial inventory in China and the inventory in Guangxi's three - party warehouses from 20/21 to 24/25 are presented [52] 4. International Market Situation - **Brazilian Central - Southern Production**: Charts show the bi - weekly and cumulative sugar production, cumulative cane - to - sugar ratio, and cumulative cane crushing volume in Brazil's central - southern region from 21/22 to 25/26 [57] - **Indian Production**: The bi - weekly and cumulative sugar production in India from 20/21 to 24/25 are presented [62] - **Thai Production**: The bi - weekly and cumulative sugar production in Thailand from 20/21 to 24/25 are shown [65] - **Brazilian Shipment**: Charts show the sugar inventory in Brazil's central - southern region and the sugar volume waiting to be shipped at Brazilian ports from 21/22 to 25/26 [68]

Report Industry Investment Rating No relevant content found. Core Viewpoints - The report suggests maintaining a low-buy and high-sell range strategy for oil prices. However, current oil prices need to test OPEC's export price support willingness. It is recommended to wait and see in the short term, waiting for a decline in OPEC exports when oil prices fall for verification [16]. - Overall, in the second half of the year, the upside potential of oil prices is limited. As OPEC's gradual production increase is implemented, the wide - range oscillation center of oil prices is expected to move down slightly. Since shale oil will still play a bottom - supporting role, it is difficult to have a continuous trend market, and grasping the driving rhythm will be more important [23]. Summary by Relevant Catalogs 1. Monthly Assessment & Strategy Recommendation - **Market Review**: During the October holiday, international oil prices maintained a weak oscillation as OPEC slightly increased production again, and domestic oil prices started to make up for the decline after the holiday. Overall, there were no major contradictions in geopolitics and Middle East supply, resulting in a weak oscillation pattern for crude oil [16]. - **Supply - Demand Changes**: OPEC held a "qualitative meeting" for the second - round production increase, maintaining a principled increase of 137,000 barrels per day. US refineries continued their seasonal decline. Affected by Russia in the short term, refined oil crack spreads were at high levels. Overall, supply and demand were in good condition, and oil prices fluctuated within the short - term value upper and lower limits [16]. - **Macro - Politics**: At the macro level, the US government shut down during the National Day holiday, and the release of CPI data was postponed. Politically, Russian Deputy Prime Minister Novak stated that OPEC countries had not discussed increasing production quotas after November. The European Parliament sought to accelerate the phased - out of Russian oil and gas. In the US, it was ruled that the large - scale offshore drilling ban during the Biden administration was illegal [16]. - **Short - Term Impact Factors**: Factors such as US policy, geopolitics, macro factors, non - OPEC supply - demand, and OPEC supply - demand were analyzed, with most factors being rated as neutral, and the US policy being rated as bearish [17]. - **Medium - Term Impact Factors**: Global supply - demand from China, the US, and the Middle East, as well as macro - political factors including macro and geopolitical aspects, were analyzed. The overall outlook for the second half of the year is that the upside potential of oil prices is limited, and the oscillation center is expected to move down slightly [23]. 2. Macro & Geopolitical - **Macro Short - Term High - Frequency Indicators**: Analyzed indicators such as the US ISM manufacturing PMI, the Citigroup G10 economic surprise index, the US 10 - year inflation expectation, and the US long - short - term spread in relation to WTI oil prices [40]. - **Macro Medium - Term Forecast Indicators**: Analyzed indicators such as the eurozone investment confidence index, the US investment confidence index, the US GDP growth rate forecast, and the global major countries' GDP growth rate forecast [43]. - **Geopolitical Indicators**: Analyzed the Middle East geopolitical risk index and the high - frequency export statistics of sensitive oil countries (Iran, Libya, Venezuela, and Russia) in relation to WTI oil prices [46]. 3. Oil Product Spreads - **Forward Curve**: Analyzed the WTI crude oil forward curve, the near - far structure of various crude oils, the WTI crude oil M1/M4 month spread, and the WTI crude oil M1 price [51]. - **Inter - Regional Spreads**: Analyzed spreads such as Brent/WTI, Brent/Dubai, INE/WTI, and MRBN/WTI [54][55]. - **Product Spreads**: Analyzed the LGO diesel forward curve, the near - far structure of refined oil products, and spreads such as RB/HO and LGO/RB [61][65]. - **Crack Spreads**: Analyzed crack spreads in Singapore, Europe, and the US for gasoline, diesel, high - sulfur fuel oil, and low - sulfur fuel oil [69][72][75]. 4. Crude Oil Supply - **Supply: OPEC & OPEC+** - **OPEC Meeting Results**: Recounted OPEC's production - related decisions from 2023 to 2025, including production cuts, extensions, and increases [81]. - **OPEC & OPEC+ Situation Summary**: Analyzed indicators such as the crude oil production and quotas of OPEC 9 countries, OPEC idle crude oil capacity, OPEC & OPEC+ unplanned shutdown capacity, and the crude oil production and quotas of OPEC+ 19 countries [83]. - **OPEC 12 - Country Supply**: Provided the supply volume (including dynamic forecasts) of OPEC 12 countries, including individual country production and export volume forecasts [90][94][97]. - **OPEC+ Major Member Supply**: Provided the export volume forecasts of major OPEC+ member countries such as Ecuador, Brazil, Mexico, and Russia [111]. - **Supply: US** - **US Policies**: The US Treasury Department imposed the most severe sanctions on Iran since 2018, and there were various policies and statements from the US government regarding oil - related issues [116][117]. - **US Supply: Oil Wells & Rigs**: No specific content was provided in the given text.

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In September, steel mills maintained stable supply, but the new supply from leading steel mills was limited. The increase in Qing - series hot - rolled resources alleviated the previous tight supply situation. Although the inventory was in the process of depletion, the overall demand performance was relatively dull, and the expectation of the peak season was not fully realized, which put some pressure on the market. Economic data showed that the real estate industry was still weak, and the market was filled with a strong wait - and - see sentiment. The prices of ferronickel and ferrochrome were running strongly, continuously squeezing the profits of steel mills. Overall, the contradictions between the supply and demand sides of stainless steel were insufficient, and the market expectation remained pessimistic. Looking forward to October, as Indonesia issued the RKAB Ministerial Order again, the approval plan for mines in 2026 is expected to be passed before November 15 this year. If the approval process is delayed, it may further tighten the nickel ore supply pattern in the first quarter of 2026. Whether the demand can improve before the end of the peak season is still the key to whether the stainless - steel market can start [11][12]. 3. Summary According to the Directory 3.1 Monthly Assessment and Strategy Recommendation - **Monthly Key Points Summary**: On October 10, the average price of cold - rolled stainless - steel coils in Wuxi was reported at 13,150 yuan/ton, a month - on - month increase of 0.38%; the ex - factory price of 7% - 10% ferronickel in Shandong was 955 yuan/nickel, with a month - on - month increase of 0.00%; the average price of scrap stainless steel was 9,100 yuan/ton, a month - on - month decrease of 0.54%. The closing price of the stainless - steel main contract on Friday afternoon was 12,860 yuan/ton, a month - on - month decrease of 0.27%. In September, the domestic cold - rolled stainless - steel production schedule was 1.5156 million tons, and the crude steel output was 2.9028 million tons, a month - on - month increase of 78,700 tons, with a cumulative year - on - year increase of 6.48% from January to September. In August, the estimated crude steel output of 300 - series stainless steel was 1.4336 million tons, a month - on - month increase of 2.12%; the cold - rolled output of 300 - series in September was 783,900 tons, a month - on - month decrease of 1.21%. From January to August 2024, the cumulative sales area of commercial housing in China was 573.0392 million square meters, a year - on - year decrease of 4.70%; in August, the single - month sales area of commercial housing was 57.4415 million square meters, a year - on - year decrease of 10.98%. In August, the year - on - year changes of refrigerator/household freezer/washing machine/air conditioner were - 1/2.5/12.3/ - 1.6% respectively; the cumulative year - on - year increase of the fuel processing industry in August was 19.3%. Last week, the total social inventory of stainless steel was 975,900 tons, a week - on - week decrease of 0.87%; the inventory of futures warehouse receipts last week was 87,100 tons, a week - on - week decrease of 2,229 tons. Last week, the social inventories of 200/300/400 - series stainless steel were 172,400/617,100/186,400 tons respectively, among which the inventory of 300 - series decreased by 0.99% week - on - week; the floating stock of stainless steel last week was 55,200 tons, a week - on - week decrease of 5.79%. Last week, the ex - factory price of 7% - 10% ferronickel in Shandong was 960 yuan/nickel, a week - on - week decrease of 5 yuan/nickel, and the ironworks in Fujian were currently running at a loss of 74 yuan/nickel [11]. - **Fundamental Assessment**: The base price was 90 yuan/ton, the production profit was 2.9028 million tons, the demand was - 634, the supply was 3.0357 million tons, and the inventory was 975,900 tons. The multi - empty scores and simple evaluations of all aspects were neutral [12]. 3.2 Spot and Futures Market - On October 10, the average price of cold - rolled stainless - steel coils in Wuxi was reported at 13,150 yuan/ton, a month - on - month increase of 0.38%; the ex - factory price of 7% - 10% ferronickel in Shandong was 955 yuan/nickel, with a month - on - month increase of 0.00%; the average price of scrap stainless steel was 9,100 yuan/ton, a month - on - month decrease of 0.54%. The closing price of the stainless - steel main contract on Friday afternoon was 12,860 yuan/ton, a month - on - month decrease of 0.27%. The market quotation in Foshan Delong was about - 10 yuan (+22) higher than the main contract; the market quotation in Wuxi Hongwang was about 90 yuan (+82) higher than the main contract. The trading volume of the disk was 269,578 lots, a month - on - month decrease of 2.75%. In terms of monthly spreads, the spread between consecutive contracts 1 and 2 was reported at - 20 (+25), and the spread between consecutive contracts 1 and 3 was reported at - 90 (+10) [16][19][22]. 3.3 Supply Side - In September, the domestic cold - rolled stainless - steel production schedule was 1.5156 million tons. The crude steel output in September was 2.9028 million tons, a month - on - month increase of 78,700 tons, with a cumulative year - on - year increase of 6.48% from January to September. In August, the estimated crude steel output of 300 - series stainless steel was 1.4336 million tons, a month - on - month increase of 2.12%; the cold - rolled output of 300 - series in September was 783,900 tons, a month - on - month decrease of 1.21%. It is estimated that the monthly output of stainless steel in Indonesia in September was 430,000 tons, a month - on - month increase of 7.50%. In August, China's imports of stainless steel from Indonesia reached 95,300 tons, a month - on - month increase of 106.40%. In August, the net export volume of stainless steel was 330,700 tons, a month - on - month decrease of 3.65% and a year - on - year decrease of 12.46%; from January to August, the cumulative net export volume was 1.0809 million tons, a 65.78% increase compared with the same period last year [26][29][32][35]. 3.4 Demand Side - From January to August 2024, the cumulative sales area of commercial housing in China was 573.0392 million square meters, a year - on - year decrease of 4.70%; in August, the single - month sales area of commercial housing was 57.4415 million square meters, a year - on - year decrease of 10.98%. In August, the year - on - year changes of refrigerator/household freezer/washing machine/air conditioner were - 1/2.5/12.3/ - 1.6% respectively; the cumulative year - on - year increase of the fuel processing industry in August was 19.3%. In August, the output of elevators, escalators, and lifts was 119,000 units, a month - on - month increase of 3.48% and a year - on - year decrease of 7.03%; the automobile sales volume in August was 2.8566 million units, a month - on - month increase of 10.15% and a year - on - year increase of 16.44% [39][42][45]. 3.5 Inventory - Last week, the total social inventory of stainless steel was 975,900 tons, a week - on - week decrease of 0.87%; the inventory of futures warehouse receipts last week was 87,100 tons, a week - on - week decrease of 2,229 tons. Last week, the social inventories of 200/300/400 - series stainless steel were 172,400/617,100/186,400 tons respectively, among which the inventory of 300 - series decreased by 0.99% week - on - week; the floating stock of stainless steel last week was 55,200 tons, a week - on - week decrease of 5.79% [49][52]. 3.6 Cost Side - In August, the nickel ore import volume was 6.3467 million wet tons, a month - on - month increase of 26.92% and a year - on - year increase of 29.87%. Currently, the price of nickel ore with 1.5% Ni is 56.0 US dollars/wet ton, and the port inventory is 14.0937 million wet tons, a month - on - month increase of 0.66%. Last week, the ex - factory price of 7% - 10% ferronickel in Shandong was 960 yuan/nickel, a week - on - week decrease of 5 yuan/nickel, and the ironworks in Fujian were currently running at a loss of 74 yuan/nickel. Last week, the price of chrome ore was reported at 56.5 yuan/dry ton, with a week - on - week increase of 0 yuan/dry ton; the price of high - carbon ferrochrome was reported at 8,600 yuan/50 base tons, with a week - on - week increase of 0 yuan/50 base tons. In terms of output, the output of high - carbon ferrochrome in September was 812,500 tons, a month - on - month decrease of 0.16%. Currently, the gross profit of the self - produced high - nickel iron production line is - 634 yuan/ton, and the profit margin reaches - 4.6% [56][59][62][65].