投资有风险，入市需谨慎 国内外宏观经济数据 股指、黄金周度报告 新纪元期货研究 20251212 今年11月进口同比增长1.9%，出口同比增长5.9%，增速分别较上月加快0.9和7个百分 点。CPI同比上涨0.7%,涨幅较上月扩大0.5个百分点，PPI同比下降2.2%，降幅比上月 扩大0.1个百分点，主要受去年同期基数抬升和部分工业品价格下跌的影响。 期货6+" 目标导向，问题出口: 惠农保价稳产 数据来源：同花顺iFind 新纪元期货研究 期货6+" 目标导向，问题出口: 股指、黄金现货价格走势 IF 惠农保价稳产 IC IH AU 数据来源：同花顺iFind 新纪元期货研究 股指基本面数据 随着"两新"政策的效用边际减弱，以及汽车、家电、移动通讯等耐用品需求提前释 放，相关行业利润增长放缓，下游企业经营压力依然较大，仍在主动去库存阶段。 利率 流动性 沪深两市融资余额上升至24888.31亿元，央行本周共开展6685亿7天期逆回购操作， 实现净投放47亿元。 数据来源：同花顺iFind 新纪元期货研究 企业盈利 资金面 黄金基本面数据 惠农保价稳产 无风险利率：持有成本 通胀水平 美联储12月会议如期降息 ...

Report Overview - The report is a weekly analysis of the black commodity sector, covering steel products, iron ore, glass, and soda ash, with data from November 28 to December 5, 2025 [1][2] 1. Report Industry Investment Rating - No industry investment rating is provided in the report 2. Report's Core View - In the medium to long - term, the steel industry's prosperity is declining, with weakening demand for rebar and downward pressure on iron ore futures prices. Glass and soda ash also face challenges, with limited upward momentum for glass and weak demand for soda ash [67][71] - In the short - term, rebar and iron ore are expected to trade in a range, while glass and soda ash are likely to show a weak and oscillating trend [68][72] 3. Summary by Related Catalogs 3.1 Black Commodities Weekly Market Review - **Rebar (RB2605)**: Futures price rose from 3117 to 3157 (up 1%), with a spot price of 3290 and a basis of 133 [2] - **Hot - rolled coil (HC2605)**: Futures price increased from 3288 to 3320 (up 1%), spot price 3300, basis - 20 [2] - **Iron ore (I2601)**: Futures price dropped from 794 to 786 (down 1%), spot price 810, basis 25 [2] - **Coke (J2601)**: Futures price rose from 1575 to 1585 (up 1%), spot price 1720, basis 135 [2] - **Coking coal (JM2605)**: Futures price decreased from 1152 to 1140 (down 1%), spot price 1510, basis 370 [2] - **Glass (FG601)**: Futures price fell from 1053 to 994 (down 6%), spot price 1130, basis 136 [2] - **Soda ash (SA601)**: Futures price declined from 1177 to 1137 (down 3%), spot price 1258, basis 121 [2] 3.2 Rebar Analysis - **Profit**: On December 4, the blast - furnace profit for rebar was 31 yuan/ton [6] - **Supply**: As of December 5, the blast - furnace operating rate was 80.16% (down 0.93 percentage points), daily hot - metal output was 232.3 tons (down 2.38 tons), and weekly rebar production was 189.31 tons (down 16.77 tons) [12] - **Demand**: In the week of December 5, the apparent consumption of rebar was 216.98 tons (down 10.96 tons). As of December 4, the trading volume of construction steel by major traders was 93,867 tons [18] - **Inventory**: In the week of December 5, social rebar inventory was 361.13 tons (down 23.62 tons), and in - plant inventory was 142.68 tons (down 4.05 tons) [23] 3.3 Iron Ore Analysis - **Supply**: In the week of November 28, global iron - ore shipments were 3323.2 tons (up 44.8 tons), and arrivals at 47 Chinese ports were 2784 tons (down 155.5 tons) [28] - **Inventory**: As of December 5, the inventory of imported iron ore at 47 ports was 15991.11 tons (up 89.89 tons), and the inventory of 247 steel enterprises was 8984.73 tons (up 42.25 tons) [33] - **Demand**: In the week of December 5, the average daily port clearance volume of imported iron ore at 47 ports was 334.23 tons (down 9.83 tons). As of December 4, the trading volume at major Chinese ports was 126.6 tons [38] 3.4 Float Glass Analysis - **Supply**: In the week of December 5, the number of operating float - glass production lines was 218 (down 2), weekly output was 1085095 tons (down 18800 tons). As of December 4, the capacity utilization rate was 77.25%, and the operating rate was 73.4% [43] - **Inventory**: In the week of December 5, in - plant float - glass inventory was 59.442 million weight - boxes (down 2.92 million tons), and the available inventory days were 26.8 days (down 0.7 days) [48] - **Demand**: In the week of December 1, the deep - processing order days of glass downstream manufacturers were 10.1 days [52] 3.5 Soda Ash Analysis - **Supply**: In the week of December 5, the capacity utilization rate of soda ash was 80.74% (down 0.66 percentage points), and production was 70.39 tons (up 0.57 tons) [55] - **Inventory**: As of December 5, in - plant soda - ash inventory was 153.86 tons (down 4.88 tons) [60] - **Sales Ratio**: As of December 5, the soda - ash sales ratio was 106.93% (down 1.23 percentage points) [64] 3.6 Strategy Recommendations - **Rebar and Iron Ore**: Medium - to long - term outlook is bearish due to weakening demand and low winter - storage willingness. Short - term trading should be based on a range - bound strategy [67][68] - **Glass and Soda Ash**: Medium - to long - term, glass has limited upward momentum, and soda - ash demand is weak. Short - term, they are expected to trade weakly and oscillate [71][72]

能化板块周度报告 新纪元期货研究 20251205 张伟伟 从业资格证号：F0269806 投资咨询证号：Z0002796 鲍玉虹 从业资讯证号：F03149670 投资有风险，入市需谨慎 聚酯板块数据周报 宏观及原油重要资讯一览 在乌克兰无人机袭击里海管道联盟位于黑海的装载设施之后，哈萨克斯坦石油和天然气凝析油的日产量在12月前两日也出现下滑，较11月的 平均水平下降约6%，至每日190万桶。作为哈萨克斯坦石油出口的关键动脉，里海管道承担着该国超过80%的出口任务，输送是在全球石油供 应中的占比超过1%。 据新华社报道，当地时间2日晚，俄罗斯总统普京和美国中东问题特使威特科夫在克里姆林言举行会谈。俄总统助理乌沙科夫会谈后表示会 谈"非常有益、富有建设性且信息量巨大"，但并未达成解决乌克兰问题的折中方案，在美俄会谈进展有限的背景下，俄罗斯原油供应的回 归时点尚不明朗。 3 沙特将其主要原油品种对亚洲的售价下调至五年来最低水平。根据定价文件，沙特阿美将把明年1月旗舰级阿拉伯轻质原油对亚洲的官方售 价设定为较地区基准升水0.6美元，为自2021年1月以来的最低水平。根据对炼油商和交易商的调査，此次降价幅度略高于预 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The US soybean futures price fluctuates narrowly, and the market still focuses on the actual implementation of US soybean exports to China. The domestic double - meal market generally maintains a weak and volatile trend. Overseas, although Chinese buyers have resumed purchasing US soybeans, they will continue to buy Brazilian soybeans. Domestically, the spot market shows a stalemate situation between supply and demand, and the spot price shows a certain resistance to decline. [40] - The rapeseed meal market has weak trading, and the core focus is on the arrival and customs clearance process of Australian rapeseed, which directly affects the short - term supply expectation. [40] - In the short term, the market is in a supply - demand stalemate. Soybean meal focuses on the actual implementation of US soybean exports to China, while rapeseed meal focuses on the arrival and customs clearance of Australian rapeseed. In the long - term, changes in trade relations are still the key driving force for the supply side of double - meal. [40][41] Summary by Relevant Catalogs Domestic Main Feed and Aquaculture Futures and Spot Price Trends - **Soybean Meal**: The closing price of the futures main contract M2601 on December 4, 2025, was 3,040, a weekly decrease of 15 or 0.49%. The spot price was 3,020, a weekly increase of 10 or 0.33%. [4] - **Rapeseed Meal**: The closing price of the futures main contract RM601 was 2,422, a weekly decrease of 47 or 1.90%. The spot price was 2,500, a weekly decrease of 50 or 1.96%. [4] - **Corn**: The closing price of the futures main contract C2601 was 2,287, a weekly increase of 44 or 1.96%. The spot price was 2,295, a weekly increase of 20 or 0.88%. [4] - **Pig**: The closing price of the futures main contract LH2601 was 11,385, a weekly decrease of 200 or 1.73%. The spot price was 11.23, a weekly decrease of 0.04 or 0.35%. [4] - **Egg**: The closing price of the futures main contract JD2601 was 3,138, a weekly decrease of 144 or 4.39%. The spot price was 3.06, a weekly increase of 0.07 or 2.34%. [4] Fundamental Analysis Cost Side - **Weather**: In the next 6 - 10 days, the temperatures in the main soybean - producing states in the US are all lower than normal, and the rainfall is mostly higher. [9] - **US Soybeans**: As of the week ending October 30, the net increase in US soybean export sales in the current market year was 1.2485 million tons, a 14% decrease from the previous week and a 19% increase from the average of the previous four weeks, with net sales to the Chinese mainland of 232,000 tons. [9] - **Brazil**: On December 4, Brazilian government data showed that Brazil's soybean exports in November increased by 64% year - on - year to 4.2 million tons. [9] - **Argentina**: The estimated soybean output in Argentina in the 2025/26 season is 46.9 million tons, the same as the previous forecast, but the early - season sowing is continuously delayed, and the soil moisture in the Pampas planting belt is declining. [9] Supply - **Imports**: In October, China imported no soybeans from the US for the second consecutive month, but the total soybean imports reached a record high of 9.48 million tons. Imports from Brazil were 7.12 million tons, a 28.8% year - on - year increase, accounting for 75.1% of the total imports, and imports from Argentina were 1.57 million tons, a 15.4% year - on - year increase. Since the beginning of 2025, China's soybean imports from the US have reached 16.82 million tons, a 11.5% year - on - year increase. [9] Demand - **Pressing**: Recently, the soybean pressing volume of domestic oil mills is relatively high, and the soybean meal inventory continues to accumulate, approaching the high level of 1.2 million tons. It is expected that the soybean arrival volume in December will decrease slightly, with a total monthly pressing volume of about 8.6 million tons, and the soybean meal inventory of oil mills at the end of the month will be around 0.9 million tons. [9] - **Transaction**: On December 4, the soybean meal transaction of domestic mainstream oil mills decreased. The trading volume was 89,800 tons, a decrease of 75,900 tons from the previous day. The spot trading volume was 55,800 tons, a decrease of 17,900 tons from the previous day, and the basis trading volume was 34,000 tons, a decrease of 58,000 tons from the previous day. The average transaction price was 3,092.74 yuan/ton, an increase of 0.76 yuan/ton from the previous day. [9] Inventory - **Oil Mill Inventory**: In the 48th week of 2025, the soybean inventory of major domestic oil mills increased to 7.3396 million tons, a 2.65% increase from the previous week and a 47.57% increase year - on - year. The soybean meal inventory increased to 1.2032 million tons, a 4.49% increase from the previous week and a 44.18% increase year - on - year. The unexecuted contracts decreased to 3.881 million tons, a 15.54% decrease from the previous week and a 5.28% decrease year - on - year. [9] Supply - Side Import - As of December 4, the CNF import price of Brazilian soybeans was $476.00 per ton, a decrease of $14 per ton from the previous week, and the CNF import price of US West Coast soybeans was $494.00 per ton, a decrease of $2 per ton from the previous week. [17] Supply - Side Pressing - As of the week of December 4, the soybean pressing profit was - 58.60 yuan/ton, an increase of 1.90 yuan/ton from the previous week. As of the week of November 28, the weekly soybean pressing volume of domestic oil mills was 2.2568 million tons, a decrease of 68,600 tons from the previous week, and the operating rate of domestic soybean oil mills was 57%, a decrease of 2 percentage points from the previous week. [25] Inventory - Side - As of December 4, the port inventory of imported soybeans was 8.3868 million tons, a decrease of 4,400 tons from the previous week, and it was at an extremely high level in the past five years seasonally. As of November 28, the soybean meal inventory of oil mills was 1.0734 million tons, an increase of 16,900 tons from the previous week, and it was at an extremely high level in the past five years seasonally. [29] Demand - Side - As of November 28, the average daily trading volume of soybean meal of domestic mainstream oil mills was 100,800 tons, a decrease of 131,900 tons from the previous week, and it was at a moderately high level in the past five years seasonally. [33] Rapeseed Meal Supply - Side - The content provides historical data on rapeseed import volume, rapeseed meal production, and expected rapeseed arrival volume in China, but no new summary data is given. [36] Rapeseed Meal Demand and Inventory - Side - The content provides historical data on rapeseed meal inventory, supply, demand,提货 volume, apparent consumption, and trading volume in China, but no new summary data is given. [38] Strategy Recommendation - **Short - Term**: The market is in a supply - demand stalemate. Soybean meal focuses on the actual implementation of US soybean exports to China, and rapeseed meal focuses on the arrival and customs clearance of Australian rapeseed. [40] - **Long - Term**: Changes in trade relations are still the key driving force for the supply side of double - meal. [41] Next Week's Focus and Risk Warning - The focus is on the weather in the producing areas, US soybean exports to China, and the arrival rhythm of imported soybeans. [42]

新纪元期货研究 20251205 三大油脂周度报告 投资有风险，入市需谨慎 国内三大油脂现货价格走势 | 品种 | | | 期货主力合约收盘价格 | | | 现货价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主力合约 | 2025.11.28 | 2025.12.5 周变动 | | 周涨跌幅% | 现货指标 2025.11.28 | | 2025.12.5 | 周变动 | 周涨跌幅% | | 棕榈油 | P2605 | 8678 | 8762 | 84 | 0.97 | 中国：现货价：棕榈油： 生意社 | 8518 | 8700 | 182 | 2.13 | | 菜油 | OI2601 | 9757 | 9618 | -139 | -1.42 | 中国：现货价：菜油： 生意社 | 10135 | 10045 | -90 | -0.89 | | 豆油 | Y2605 | 8040 | 8080 | 40 | 0.50 | 中国：现货价：豆油： 生意社 | 8442 | 8394 | -48 ...

股指、黄金周度报告 新纪元期货研究 20251205 投资有风险，入市需谨慎 今年11月官方制造业PMI录得49.2，较上月回升0.2个百分点，连续8个月处于收缩区间。 工业生产有所回暖，但需求表现疲软，外需下行压力依然较大，中小型企业景气度依 旧偏弱。 期货6+" 目标导向，问题出口: 惠农保价稳产 国内外宏观经济数据 数据来源：同花顺iFind 新纪元期货研究 期货6+" 目标导向，问题出口: 股指、黄金现货价格走势 IF 惠农保价稳产 IC 数据来源：同花顺iFind 新纪元期货研究 IH AU 股指基本面数据 企业盈利 资金面 沪深两市融资余额小幅回落至24576.65亿元，央行本周共开展6638亿7天期逆回购操 作，实现净回笼8480亿元。 数据来源：同花顺iFind 新纪元期货研究 黄金基本面数据 惠农保价稳产 无风险利率：持有成本 通胀水平 美国10月ADP就业人数意外减少，进一步强化市场对12月降息的预期。据CME"美联储 观察"工具显示，12月降息25个基点的概率上升至89.2%。 由于终端需求疲软，下游企业经营压力依然较大，生产成本难以向下游消费者转嫁， 增收不增利的现象长期存在，部分行业 ...

有色金属周度报告 新纪元期货研究 20251205 投资有风险，入市需谨慎 国内主要金属现货价格走势 | 品种 | | | 期货主力合约收盘价格 | | | 现货价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主力合约 | 2025.11.28 | 2025.12.5 | 周变动 | 周涨跌幅 | 现货指标 | 2025.11.28 | 2025.12.5 | 周变动 | 周涨跌幅 | | 铜 | CU2601 | 87430 | 92780 | 5350 | 6.12% | 平均价:1#铜:上海现货 | 87340 | 91180 | 3840 | 4.40% | | 铝 | AL2602 | 21650 | 22400 | 750 | 3.46% | 平均价:A00铝:上海现货 | 21440 | 22010 | 570 | 2.66% | | 锌 | ZN2601 | 22425 | 23305 | 880 | 3.92% | 平均价:0#锌:上海现货 | 22370 | 22990 ...

能化板块周度报告 新纪元期货研究 20251128 张伟伟 从业资格证号：F0269806 投资咨询证号：Z0002796 鲍玉虹 从业资讯证号：F03149670 投资有风险，入市需谨慎 4 截至11月25日一周内，俄罗斯海运原油买家进口量较前一周减少23%。随着美国制裁生效，印度和土耳其等主要买家纷纷削减采购量,全球范 围内，俄罗斯原油运抵外国港口的数量在11月下旬达到峰值，自11月21日美国制裁生效后持续下滑。新制裁措施针对俄罗斯两大石油公司-- 卢克石油和俄罗斯石油公司--这两家企业约占该国原油出口总量的一半。 聚酯板块数据周报 宏观及原油重要资讯一览 据央视新闻报道，当地时间27日，乌克兰总统泽连斯基表示，本周晚些时候，乌克兰团队将与美方代表继续推进日内瓦会议成果的落实，致 力于将其转化为引领乌克兰实现和平与安全保障的具体形式。 2 据央视新闻报道，当地时间11月27日，俄罗斯总统普京在吉尔吉斯斯坦首都比什凯克表示，美方代表团将于下周到访莫斯科。此前，对于 "28点"新计划，俄方一直认为其可以成为开展谈判的基础。但俄罗斯外交部副部长26日的表态却明确提出，俄方在当前关键问题上"不会 作出任何让步或放 ...

1. Report Industry Investment Rating - There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - In the short - term, the expected increase in import costs boosts the market. With a loose supply side, attention should be paid to the sustainability of the rebound in soybean meal. For rapeseed meal, although supply shortages are intensifying, the rigid demand is declining, so focus on the customs clearance of Australian rapeseed. In the medium - to - long - term, changes in trade relations remain the key driver for the supply side of both soybean meal and rapeseed meal [37][38]. 3. Summary by Relevant Catalogs Market Review - The closing prices and changes of various domestic feed and livestock futures and spot prices from November 20 to November 27, 2025, are presented. For example, the closing price of the M2601 soybean meal futures contract rose from 3017 to 3055, with a weekly increase of 1.26%; the RM601 rapeseed meal futures contract rose from 2412 to 2469, with a weekly increase of 2.36% [4]. Fundamentals Cost Side - In the future 6 - 10 days, the temperatures in the main soybean - producing states in the US will be lower than normal, and most areas will have higher rainfall. Since October 30, China has purchased about 3 million tons of US soybeans, and there are market rumors that China purchased at least 10 cargoes of soybeans on Tuesday, awaiting confirmation. Agroconsult expects Brazil's 2025/26 soybean production to reach a record 178.1 million tons. As of November 27, the soybean planting rate in Argentina's 2025/26 season was 39%, compared to 25% last week and 47% in the same period in 2024 [7]. Supply - In October, China imported zero soybeans from the US for the second consecutive month, but the total soybean imports reached a record high of 9.48 million tons. China imported 7.12 million tons of soybeans from Brazil, a year - on - year increase of 28.8%, accounting for 75.1% of the total imports; and 1.57 million tons from Argentina, a year - on - year increase of 15.4%. Despite zero imports from the US in October, China's total imports from the US this year still reached 16.82 million tons, a year - on - year increase of 11.5% [7]. Demand - Last week, the soybean crushing volume of major domestic oil mills rebounded. As of the week of November 21, the soybean crushing volume of major domestic oil mills was 2.33 million tons, a week - on - week increase of 260,000 tons, a month - on - month decrease of 30,000 tons, a year - on - year increase of 360,000 tons, and an increase of 520,000 tons compared to the average of the past three years. It is expected that the oil mill operating rate will remain high this week, with a crushing volume of about 2.3 million tons. On November 27, the domestic mainstream oil mills' soybean meal sales recovered, with a trading volume of 190,500 tons, an increase of 85,900 tons from the previous day [7]. Inventory - As of the end of the 47th week of 2025, the total inventory of imported soybeans in China was 7.78 million tons, an increase of 158,000 tons from last week. The domestic soybean meal inventory was 1.145 million tons, an increase of 146,000 tons from last week, a month - on - month increase of 14.66% [7]. Supply Side - Import - As of November 28, the CNF price of imported Brazilian soybeans was $500.00 per ton, an increase of $9 per ton from last week; the CNF price of imported US West Coast soybeans was $496.00 per ton, an increase of $4 per ton from last week [14]. Supply Side - Pressing - As of the week of November 28, the soybean pressing profit was - 60.50 yuan per ton, an increase of 42.55 yuan per ton from last week. As of the week of November 21, the weekly soybean pressing volume of domestic oil mills was 2.3254 million tons, a decrease of 98,000 tons from last week. As of November 21, the operating rate of domestic soybean oil mills was 59%, a decrease of 3 percentage points from last week [20]. Inventory Side - As of November 28, the port inventory of imported soybeans was 8.3912 million tons, an increase of 153,300 tons from last week, at a very high level in the past five years. As of November 21, the soybean meal inventory of oil mills was 1.0565 million tons, an increase of 102,000 tons from last week, also at a very high level in the past five years [26]. Demand Side - As of November 21, the average daily trading volume of soybean meal in domestic mainstream oil mills was 232,700 tons, an increase of 155,800 tons from last week, at a medium - to - high level in the past five years [31]. Rapeseed Meal Supply Side - The report presents data on rapeseed imports, rapeseed meal production, and expected rapeseed arrivals at domestic crushing plants [33]. Rapeseed Meal Demand and Inventory Side - The report shows data on rapeseed meal's initial inventory, supply, demand,提货量 (delivery volume), apparent consumption, inventory, and trading volume in China [35]. Strategy Recommendation - In the short - term, for soybean meal, pay attention to the sustainability of the rebound; for rapeseed meal, focus on the customs clearance of Australian rapeseed. In the medium - to - long - term, changes in trade relations are the key drivers for the supply side of both soybean meal and rapeseed meal. Next week, focus on factors such as production area weather, trade relations, and the arrival rhythm of imported soybeans [37][38][39].

Report Overview - The report is a weekly analysis of the black commodity sector, covering varieties such as rebar, hot-rolled coils, iron ore, coke, coking coal, glass, and soda ash [2] 1. Report Industry Investment Rating - No investment rating provided in the report 2. Report's Core View - **Long - term outlook**: For rebar and iron ore, construction site funds are improving, but the steel off - season is obvious, and the profitability of steel mills is narrowing. The supply of iron ore is loose, but iron - water production is falling. For glass and soda ash, glass inventory has stopped increasing, production has decreased, and sales are good. Soda ash supply has declined, and demand is expected to narrow [67][71] - **Short - term outlook**: Rebar and iron ore will fluctuate within a range. Glass is expected to be strong in the short - term due to cold - repair production cut expectations, while soda ash will continue to oscillate at a low level [68][72] 3. Summary by Relevant Catalogs 3.1 Black Commodity Weekly Market Review | Variety | Contract | 2025/11/21 | 2025/11/28 | Change | % Change | Spot Price | Basis (Unconverted) | | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | RB2601 | 3057 | 3110 | 53 | 2 | 3250 | 140 | | Hot - rolled Coil | HC2601 | 3270 | 3302 | 32 | 1 | 3290 | - 12 | | Iron Ore | I2601 | 786 | 794 | 9 | 1 | 805 | 11 | | Coke | J2601 | 1615 | 1575 | - 40 | - 2 | 1770 | 196 | | Coking Coal | JM2601 | 1103 | 1067 | - 36 | - 3 | 1510 | 443 | | Glass | FG601 | 987 | 1053 | 66 | 7 | 1090 | 37 | | Soda Ash | SA601 | 1170 | 1177 | 7 | 1 | 1261 | 84 | [3] 3.2 Rebar - **Profit**: On November 27, the blast - furnace profit of rebar was - 19 yuan/ton [7] - **Supply**: As of November 28, the blast - furnace operating rate was 81.09%, a decrease of 1.1 percentage points; the daily average pig - iron output was 2.3468 million tons, a decrease of 16,000 tons; the rebar output was 2.0608 million tons, a decrease of 18,800 tons [12] - **Demand**: In the week of November 28, the apparent consumption of rebar was 2.2794 million tons, a decrease of 28,500 tons compared with the previous week. As of November 27, the trading volume of construction steel by mainstream traders was 92,694 tons [17] - **Inventory**: In the week of November 28, the social inventory of rebar was 3.8475 million tons, a decrease of 154,500 tons; the in - plant inventory was 1.4673 million tons, a decrease of 65,900 tons [22] 3.3 Iron Ore - **Supply**: In the week of November 21, the global iron - ore shipping volume was 3.2784 million tons, a decrease of 238,000 tons; the arrival volume at 47 ports in China was 2.9395 million tons, an increase of 569,600 tons [27] - **Inventory**: In the week of November 28, the inventory of imported iron ore at 47 ports was 15.90122 million tons, an increase of 166,370 tons; the inventory of imported iron ore at 247 steel enterprises was 8.94248 million tons, a decrease of 58,750 tons [32] - **Demand**: In the week of November 28, the average daily port clearance volume of imported iron ore at 47 ports was 344,060 tons, an increase of 670 tons. As of November 27, the trading volume at major Chinese ports was 119,100 tons [37] 3.4 Float Glass - **Supply**: In the week of November 28, the number of operating float - glass production lines was 220, a decrease of 1; the weekly output was 1,103,895 tons, a decrease of 6,300 tons. As of November 27, the capacity utilization rate was 78.58%, and the operating rate was 74.32% [42] - **Inventory**: In the week of November 28, the in - plant inventory of float glass was 62.362 million weight - boxes, a decrease of 941,000 tons; the available days of in - plant inventory were 27.5 days, the same as the previous week [47] - **Demand**: In the week of November 17, the number of days of deep - processing orders from glass downstream manufacturers was 9.9 days [51] 3.5 Soda Ash - **Supply**: In the week of November 28, the capacity utilization rate of soda ash was 80.08%, a decrease of 2.6 percentage points; the output was 698,200 tons, a decrease of 22,700 tons [55] - **Inventory**: As of November 28, the in - plant inventory of soda ash was 1.5874 million tons, a decrease of 57,000 tons [60] - **Sales Ratio**: As of November 28, the sales ratio of soda ash was 108.16%, a decrease of 0.57 percentage points [64]