焦炭日报 研究中心黑色团队 2025/12/12 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1594.81 | 0.00 | 0.00 | 3.19 | -9.99% 高炉开工率 | 87.08 | | -0.90 | -0.73 | -0.82% | | 河北准一干熄 | 1845.00 | 0.00 | 0.00 | 0.00 | 7.89% 铁水日均产量 | 229.20 | | -3.10 | -7.68 | -1.41% | | 山东准一干熄 | 1770.00 | 0.00 | 0.00 | 0.00 | -9.46% 盘面05 | 1689 | -17.50 | -74.00 | -145.50 | -13.30% | | 江苏准一干熄 | 1810.00 | 0.00 | 0.00 | 0.00 | -9.27% 盘面09 | 1764 | -18.00 | - ...

Group 1: Price Performance - London Gold latest price is 4230.35 with a change of 30.20 [3] - London Silver latest price is 62.12 with a change of 1.08 [3] - London Platinum latest price is 1665.00 with a change of 15.00 [3] - London Palladium latest price is 1481.00 with a change of 7.00 [3] - WTI Crude latest price is 58.46 with a change of 0.00 [3] - LME Copper latest price is 11625.00 with a change of 52.50 [3] - US Dollar Index latest price is 98.64 with a change of 0.00 [3] - Euro to US Dollar latest rate is 1.17 with a change of 0.00 [3] - British Pound to US Dollar latest rate is 1.34 with a change of 0.00 [3] - US Dollar to Japanese Yen latest rate is 156.06 with a change of 0.00 [3] - US 10 - year TIPS latest value is 1.88 with a change of 0.00 [3] Group 2: Trading Data - COMEX Silver inventory is 14196.10 with a change of 0.00 [4] - SHFE Silver inventory is 780.60 with a change of 38.75 [4] - Gold ETF持仓 is 1050.83 with a change of 4.01 [4] - Silver ETF持仓 is 16083.16 with a change of 0.00 [4] - SGE Silver inventory is 715.88 with a change of 0.00 [4] - SGE Gold deferred fee payment direction is 1 with a change of 0.00 [4] - SGE Silver deferred fee payment direction is 2 with a change of 0.00 [4] Group 3: Other Information - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [8]

2025/12/12 研究中心黑色团队 、 | | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1505.00 | 0.00 | 0.00 | -140.00 | 0.60% Peak Downs | 223.00 | 1.00 | 1.00 | 10.50 | 5.50 | | 原煤口岸库提价 | 922.00 | -30.00 | -65.00 | -178.00 | -6.87% Goonyella | 222.00 | 1.00 | 1.00 | 9.50 | 4.50 | | 沙河驿蒙5# | 1400.00 | 0.00 | -20.00 | -150.00 | -8.50% 盘面05 | 1062.50 | -20.00 | -102.50 | -201.00 | -15.07% | | 安泽主焦 | 1500.00 | 0.00 | 0.00 | -200.00 | -3 ...

玻璃纯碱早报 | | | | | | | | | 研究中心能化团队 | | 2025/12/12 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玻 璃 | | | | | | | | | | | | | 2025/12/4 2025/12/10 2025/12/11 周度变化 日度变化 | | | | | | | | | 2025/12/4 2025/12/10 2025/12/11 周度变化 日度变化 | | | | 沙河安全 | 1044.0 | 1002.0 | 1002.0 | -42.0 | 0.0 | FG05合约 | 1131.0 | 1062.0 | 1053.0 | -78.0 | -9.0 | | 5mm大 板 | | | | | | | | | | | | | 沙河长城 | 1019.0 | 984.0 | 984.0 | -35.0 | 0.0 | FG01合约 | 1010.0 | 964.0 | 956.0 | -54.0 | -8.0 | | 5mm大板 | | | ...

| | | --- | | 乖 永安期货 | | --- | | YONGAN FUTURES | 股 指 期 货 交 易 数 据 | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3873.32 | 4552.18 | 2977.03 | 3163.67 | 7082.89 | | 涨跌（%） | -0.70 | -0.86 | -0.39 | -1.41 | -1.02 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | PE(TTM) | 13.88 | 11.75 | 32.27 | 27.47 | 18.82 | | 环比变化 | -0.09 | -0.01 | -0.32 | 0.06 | 0.13 | | 风险溢价 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | 1/PE-10利率 | - | - | - | -0.52 | 2.47 | | 环比变化 | - | - | - | -0 ...

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - No information provided 3. Summary by Relevant Catalogs 3.1 Basis and Spread - The Shandong basis (+80) (non-Jingbo) was -30 on 11/11, 42 on 12/5, -43 on 12/9, -40 on 12/10, -60 on 12/11, with a daily change of -20 and a weekly change of -102 [2][3] - The East China basis (Zhenjiang warehouse) was 100 on 11/11, 92 on 12/5, 97 on 12/9, 100 on 12/10, 20 on 12/11, with a daily change of -80 and a weekly change of -72 [2][3] - The South China basis (Foshan warehouse) was 80 on 11/11, -18 on 12/5, 17 on 12/9, 20 on 12/10, 0 on 12/11, with a daily change of -20 and a weekly change of 18 [2][3] - The 01 - 03 spread was -40 on 11/11, -25 on 12/5, -35 on 12/9, -36 on 12/10, -28 on 12/11, with a daily change of 8 and a weekly change of -3 [2][3] - The 02 - 03 spread was -26 on 11/11, -14 on 12/5, -20 on 12/9, -18 on 12/10, -13 on 12/11, with a daily change of 5 and a weekly change of 1 [2][3] - The 03 - 06 spread was -30 on 11/11, -41 on 12/5, -42 on 12/9, -42 on 12/10, -39 on 12/11, with a daily change of 3 and a weekly change of 2 [2][3] 3.2 Futures Market - The BU main contract (02) was 3050 on 11/11, 2948 on 12/5, 2943 on 12/9, 2940 on 12/10, 2960 on 12/11, with a daily change of 20 and a weekly change of 12 [2][3] - The trading volume was 314162 on 11/11, 253337 on 12/5, 280627 on 12/9, 226203 on 12/10, 394179 on 12/11, with a daily change of 167976 and a weekly change of 140842 [2][3] - The open interest was 339671 on 11/11, 428146 on 12/5, 426690 on 12/9, 430400 on 12/10, 427106 on 12/11, with a daily change of -3294 and a weekly change of -1040 [2][3] 3.3 Spot Market - Brent crude oil was 65.2 on 11/11, 63.3 on 12/5, 62.5 on 12/9, 61.9 on 12/10, 62.2 on 12/11, with a daily change of 0.3 and a weekly change of -1.1 [2][3] - Jingbo's price was 3000 on 11/11, 2940 on 12/5, 2940 on 12/9, 2950 on 12/10, 2960 on 12/11, with a daily change of 10 and a weekly change of 20 [2][3] - The price in Shandong (non-Jingbo) was 2940 on 11/11, 2910 on 12/5, 2820 on 12/9, 2820 on 12/10, 2820 on 12/11, with a daily change of 0 and a weekly change of -90 [2][3] - The price in Zhenjiang warehouse was 3150 on 11/11, 3040 on 12/5, 3040 on 12/9, 3040 on 12/10, 2980 on 12/11, with a daily change of -60 and a weekly change of -60 [2][3] - The price in Foshan warehouse was 3130 on 11/11, 2930 on 12/5, 2960 on 12/9, 2960 on 12/10, 2960 on 12/11, with a daily change of 0 and a weekly change of 30 [2][3] 3.4 Profit - The asphalt Ma瑞 profit was 64 on 11/11, 154 on 12/5, 192 on 12/9, 358 on 12/10, 346 on 12/11, with a daily change of -12 and a weekly change of 192 [2][3]

1. Core Insights - US soybean export sales net increase was 695,600 tons in the week ending November 13, at the lower end of the forecast range, up 36% from the previous week and down 35% from the four - week average, with a net decrease of 100,000 tons in exports to the Chinese mainland; exports were loaded at 1,552,800 tons, up 67% from the previous week and 24% from the four - week average; new sales were 812,500 tons for the current market year and 0 tons for the next market year [1] - US soybean meal export sales net increase was 357,900 tons in the week ending November 13, in line with expectations, up 283% from the previous week and down 4% from the four - week average; exports were loaded at 415,800 tons, up 92% from the previous week and 44% from the four - week average; new sales were 377,700 tons for the current market year and 0 tons for the next market year [1] - Conab lowered the forecast of Brazil's 2025/26 soybean production by about 550,000 tons to 177.12 million tons, but it would still set a record high if the forecast came true; the estimated export volume was 112 million tons [1] - BGE estimated Brazil's 2025 soybean production at 165.96 million tons, a 14.5% year - on - year increase; the 2026 production was estimated to increase by 1.0% compared to the 2025 forecast [1] - SPPOMA data showed that Malaysia's palm oil production from December 1 - 10, 2025, increased by 6.87% month - on - month, with a 7.24% increase in fresh fruit bunch yield and a 0.07% decrease in oil extraction rate [1] 2. Summary by Relevant Catalogs Overnight Market Information - Private exporters reported sales of 226,000 tons of soybeans to unknown destinations and 264,000 tons to China for the 2025/2026 market year [1] US Soybean and Soybean Meal Export Sales - In the week ending November 13, US soybean export sales and loading data showed specific changes compared to the previous week and four - week average, with a net decrease in exports to the Chinese mainland [1] - In the same week, US soybean meal export sales and loading data also showed significant changes compared to the previous week and four - week average [1] Brazil's Soybean Production and Export Forecast - Conab adjusted Brazil's 2025/26 soybean production and export forecasts due to irregular rainfall in some areas last month [1] - BGE estimated Brazil's 2025 and 2026 soybean production, showing year - on - year and sequential increases [1] Malaysia's Palm Oil Production - Malaysia's palm oil production from December 1 - 10, 2025, had a month - on - month increase, along with changes in fresh fruit bunch yield and oil extraction rate [1] Spot Prices - Spot prices of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil in different regions from December 5 - 11, 2025, were provided [1]

Report Information - Report Date: December 12, 2025 [1] - Report Type: Ferroalloy Morning Report Price Summary Ferrosilicon (FeSi) - Spot prices for FeSi 72% in different regions: Ningxia at 5100 yuan, Inner Mongolia at 5120 yuan, Qinghai at 5150 yuan, and Shaanxi at 5080 yuan [2] - FeSi 75% in Shaanxi is priced at 5600 yuan [2] - Export prices for FeSi 72% and 75% in Tianjin are 1020 and 1070 US dollars respectively [2] - Futures prices for different contracts show various changes, with the main contract at 5418 yuan, showing a daily change of -16 yuan and a weekly change of -128 yuan [2] Silicomanganese (SiMn) - Spot prices for SiMn 6517 in different regions: Inner Mongolia at 5520 yuan, Ningxia at 5490 yuan, Guangxi at 5600 yuan, Guizhou at 5550 yuan, and Yunnan at 5550 yuan [2] - Futures prices for different contracts also have different changes, with the main contract at 5712 yuan, showing a daily change of -12 yuan and a weekly change of -84 yuan [2] Supply and Demand Supply - The monthly output of FeSi from 136 Chinese enterprises (with a 95% capacity share) shows trends from 2021 to 2025 [4] - The capacity utilization rates of 136 FeSi production enterprises in Inner Mongolia, Ningxia, and Shaanxi are presented from 2021 to 2025 [4] - The weekly output of SiMn in China from 2021 to 2025 is shown [6] Demand - The estimated monthly output of crude steel in China from 2021 to 2025 is given [4][7] - The monthly production of stainless - steel crude steel in China from 2021 to 2025 is presented [4] - The monthly procurement volume and price of FeSi FeSi75 - B by HeSteel Group from 2021 to 2025 are shown [4] - The monthly procurement volume and price of SiMn 6517 by HeSteel Group from 2021 to 2025 are presented [6] Inventory Ferrosilicon - The weekly inventory of 60 sample FeSi enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 to 2025 is shown [5] - The daily total number of FeSi warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts on CZCE from 2021 to 2025 are presented [5] - The monthly average available days of FeSi inventory in East China, South China, and the North region from 2021 to 2025 are shown [5] Silicomanganese - The daily total number of SiMn warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts on CZCE from 2021 to 2025 are presented [7] - The weekly inventory of 63 sample SiMn enterprises in China from 2021 to 2025 is shown [7] - The monthly average available days of SiMn inventory in China from 2021 to 2025 are presented [7] Cost and Profit Ferrosilicon - The electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi for ferroalloys from 2021 to 2025 are shown [5] - The market price of small - sized semi - coke in Shaanxi from 2021 to 2025 is presented [5] - The production costs and profits of FeSi in Ningxia and Inner Mongolia from 2021 to 2025 are shown [5] Silicomanganese - The profits of SiMn in Inner Mongolia, Guangxi, the North region, and the South region from 2021 to 2025 are presented [7] - The profits of Guangxi SiMn converted to the main contract price and Ningxia SiMn converted to the contract price from 2021 to 2025 are shown [7]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoint - No information provided in the given content. 3. Summary According to Relevant Catalogs Iron Ore Spot Market - The latest prices, daily changes, weekly changes, and import profits of various iron ore varieties are presented, including Newman powder, PB powder, Mac powder, etc. For example, Newman powder is priced at 778, with a daily change of -7 and a weekly change of -12 [1]. - Different regions' iron ore varieties have different price trends, such as Australian mainstream, Brazilian mainstream, and non - mainstream varieties [1]. Iron Ore Futures Market - The latest prices, daily changes, weekly changes, and monthly spreads of iron ore futures contracts (i2601, i2605, i2609, FE01, FE05, FE09) are provided. For instance, i2601 is priced at 780.0, with a daily change of -7.5 and a weekly change of -14.5 [1].

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/12/12 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/12/05 | 3180 | 3270 | 3320 | 3310 | 3560 | 3440 | | 2025/12/08 | 3150 | 3260 | 3280 | 3260 | 3500 | 3390 | | 2025/12/09 | 3120 | 3240 | 3280 | 3260 | 3490 | 3360 | | 2025/12/10 | 3170 | 3300 | 3320 | 3260 | 3490 | 3360 | | 2025/12/11 | - | - | - | - | - | - | | 变化 | - | - | - | - | - | - | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | 上海冷卷 ...