| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/12/05 | | | 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 | | 2025/11/28 | 3210 | 3260 | 3210 | 3250 | 3510 | 3390 | | 2025/12/01 | 3250 | 3310 | 3290 | 3310 | 3560 | 3430 | | 2025/12/02 | 3250 | 3320 | 3300 | 3310 | 3560 | 3440 | | 2025/12/03 | 3210 | 3320 | 3300 | 3310 | 3560 | 3440 | | 2025/12/04 | - | - | - | - | - | - | | 变化 | - | - | - | - | - | - | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | 上海冷卷 ...

废钢早报 研究中心黑色团队 2025/12/05 华东 स्क 中部 东北 日期 华南 西南 2025/11/285 2183 2017 2210 2225 2088 - 2263 原点 2224 2225 2089 2025/12/01 2189 2262 2016 2229 2225 2089 2025/12/02 2191 2263 2022 2090 2025/12/03 2192 2264 2032 2231 2225 2092 ~ 2025/12/04 容 2192 2264 原占 2035 2231 版d 2223 环比 0 3 0 -2 0 沙钢重三价格 (含税) 镇江鸿泰剪切料价格 (不含税) ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 ● 2022 ● 2023 ● 2024 ● 2025 3,600 4,200元/吨 3,900 3,300 3,600 3,000 3,300 3,000 2,700 2,400 2,100 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 2,700 2,400 2,100 1,800 品因H 1月 2月 3月 4月 ...

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - Not provided in the given content 3) Summary by Relevant Catalog Spot Market - The latest prices, daily changes, and weekly changes of various iron ore varieties are presented, including Newman powder, PB powder, Mac powder, etc. For example, Newman powder is priced at 790, with a daily change of -3 and a weekly change of -6 [1]. - Import profits are also provided for some varieties, such as Newman powder with an import profit of -16.31 [1]. Futures Market - The latest prices, daily changes, weekly changes, and monthly spreads of different iron ore futures contracts are given, including i2601, i2605, i2609, FE01, FE05, and FE09. For example, i2601 is priced at 794.5, with a daily change of -5.0 and a weekly change of -5.0 [1].

Report Overview - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: December 4, 2025 Key Data Price Data - **Domestic Coking Coal**: The latest price of Liulin Main Coking Coal is 1505.00, unchanged from the previous day, down 140.00 from last week, down 140.00 from last month, and up 0.60% year - on - year. The price of Anze Main Coking Coal is 1500.00, down 80.00 from the previous day, down 80.00 from last week, down 160.00 from last month, and down 3.85% year - on - year [2]. - **Imported Coking Coal**: The latest price of Peak Downs is 222.00, up 6.50 from the previous day, up 8.00 from last week, up 10.50 from last month, and up 5.00 year - on - year. The price of Goonyella is 221.00, up 6.50 from the previous day, up 8.00 from last week, up 9.50 from last month, and up 4.00 year - on - year [2]. - **Futures Market**: The latest price of Futures Contract 05 is 1161.50, down 17.50 from the previous day, down 8.50 from last week, down 161.50 from last month, and down 10.52% year - on - year. The price of Futures Contract 09 is 1228.00, down 15.00 from the previous day, down 7.50 from last week, down 164.50 from last month, and down 8.77% year - on - year [2]. Inventory Data - **Total Inventory**: The total inventory is 3482.28, up 101.57 from last week, up 159.68 from last month, and down 14.28% year - on - year. - **Coal Mine Inventory**: The coal mine inventory is 223.92, up 38.00 from last week, up 59.39 from last month, and down 31.65% year - on - year. - **Port Inventory**: The port inventory is 291.50, down 7.00 from last week, up 15.85 from last month, and down 37.81% year - on - year. - **Steel Mill Coking Coal Inventory**: The steel mill coking coal inventory is 797.08, up 6.91 from last week, up 14.12 from last month, and up 7.15% year - on - year. - **Coking Plant Coking Coal Inventory**: The coking plant coking coal inventory is 1038.19, down 30.78 from last week, up 8.49 from last month, and up 13.27% year - on - year [2]. Basis and Spread Data - **Basis**: The 05 basis is - 77.82, up 17.50 from the previous day, down 135.18 from last week, down 118.96 from last month, and down 24.42 year - on - year. The 09 basis is - 144.32, up 15.00 from the previous day, down 136.18 from last week, down 115.96 from last month, and up 0.42 year - on - year. The 01 basis is 4.18, up 15.00 from the previous day, down 147.68 from last week, down 99.46 from last month, and down 0.71 year - on - year [2]. - **Spread**: The 5 - 9 spread is - 66.50, down 2.50 from the previous day, down 1.00 from last week, up 3.00 from last month, and up 0.39 year - on - year. The 9 - 1 spread is 148.50, unchanged from the previous day, down 11.50 from last week, up 16.50 from last month, and up 0.28 year - on - year. The 1 - 5 spread is - 82.00, up 2.50 from the previous day, up 12.50 from last week, down 19.50 from last month, and up 0.21 year - on - year [2]. Graphical Data - The report also includes multiple graphs showing the price trends of various coking coal types (such as Liulin Main Coking Coal, Mongolian coal at the port, etc.), inventory trends (coal mine inventory, port inventory, etc.), production trends, import volume trends, and basis and spread trends from 2021 to 2025 [3][4][5][7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week, oil prices fluctuated. The explosion at the core berth of CPC over the weekend led to an interruption in exports on the 28th and 29th, which is expected to impact the short - term crude oil exports of Kazakhstan and Russia, and the crude oil monthly spread is expected to rebound. The specific impact assessment still needs to monitor whether the attacks continue. The market expects OPEC to maintain the decision to suspend production increases in the first quarter. Global on - land inventories are accumulating, while the total on - land and water inventories are slightly decreasing. US EIA commercial crude oil, gasoline, and diesel inventories are accumulating, and diesel inventories in Singapore and ARA are significantly decreasing. Recently, the refinery operations in Europe and the US have improved. The Russia - Ukraine peace talks are entering detailed stages. In the short term, the European diesel crack spread has declined significantly due to market sentiment, but the fundamentals still have support. It is expected that there is still room for the gasoline - diesel price difference to repair downward. The Brent price range in the fourth quarter is $55 - 65 per barrel, and the short - term valuation deviation is not high. Maintain the short - selling strategy. Recently, focus on whether the interruption of CPC oil exports continues, and the short - term Brent monthly spread is facing a strengthening driver [6] Group 3: Summary by Relevant Catalogs 1. Price Data - From November 27 to December 3, 2025, WTI prices changed from unavailable to 58.95, with a change of 0.31; BRENT prices changed from 63.34 to 62.67, with a change of 0.22; DUBAI prices changed from unavailable to 63.41, with a change of 0.17. Other related price differentials and product prices also showed corresponding changes [3] 2. Daily News - Venezuela's oil exports in November reached about 921,000 barrels per day, the third - highest monthly average this year. Exports to the US increased to about 150,000 barrels per day, and exports of petroleum by - products and petrochemicals also rose. The import of light crude oil and fuel more than doubled [3] - US President Trump proposed to significantly reduce the fuel economy requirements by 2031, aiming for an average fuel economy of 34.5 miles per gallon, lower than the 50.4 miles per gallon under the previous President Biden's rule. The proposal is estimated to reduce the average upfront cost of vehicles by $900 [4] - Ukraine claimed that the Russian "Friendship" oil pipeline was attacked by an explosion, and Russia has not responded yet [4] 3. Inventory Data - US API crude oil inventory for the week ending November 28 was 2.48 million barrels, compared with the previous value of - 1.859 million barrels; API gasoline inventory was 3.136 million barrels, compared with the previous value of 0.539 million barrels [4] - US EIA crude oil inventory for the week ending November 28 was 0.574 million barrels, compared with the expected - 0.821 million barrels and the previous value of 2.774 million barrels; EIA gasoline inventory was 4.518 million barrels, compared with the expected 1.468 million barrels and the previous value of 2.513 million barrels; EIA refined oil inventory was 2.059 million barrels, compared with the expected 0.707 million barrels and the previous value of 1.147 million barrels [4][5] - From November 14 - 20, both gasoline and diesel inventories decreased. Gasoline inventory was 10.2331 million tons, a decline of 1.75%, and diesel inventory was 12.2708 million tons, a decline of 4.25%. Refining profits of major refineries rebounded, while those of local refineries fluctuated [5] - As of the week ending November 24, the total refined oil inventory in Fujairah, UAE increased by 197,000 barrels to 20.849 million barrels. Light distillate inventory decreased by 934,000 barrels to 6.291 million barrels, medium distillate inventory increased by 205,000 barrels to 3.393 million barrels, and heavy residual fuel oil inventory increased by 926,000 barrels to 11.165 million barrels [5]

Price Performance - London Gold latest price is 4210.30, down 4.45 [2] - London Silver latest price is 58.37, up 0.93 [2] - London Platinum latest price is 1637.00, down 40.00 [2] - London Palladium latest price is 1455.00, down 7.00 [2] - WTI Crude latest price is 58.64, unchanged [2] - LME Copper latest price is 11245.50, up 52.00 [2] - US Dollar Index latest is 99.32 [2] - EUR/USD latest is 1.16 [2] - GBP/USD latest is 1.32 [2] - USD/JPY latest is 155.87 [2] - US 10-year TIPS latest is 1.85 [2] Trading Data - COMEX Silver inventory latest is 14181.12, unchanged [2] - SHFE Silver inventory latest is 626.63, up 32.00 [2] - Gold ETF holdings latest is 1046.58, down 1.71 [2] - Silver ETF holdings latest is 15998.55, up 135.40 [2] - SGE Silver inventory latest is 774.71, unchanged [2] - SGE Gold deferred fee payment direction is 1, unchanged [2] - SGE Silver deferred fee payment direction is 2, unchanged [2]

Report Summary - **Report Industry Investment Rating**: Not mentioned - **Core View**: The report provides overnight market information on the export sales of US soybeans, soybean meal, and soybean oil, as well as the situation of palm oil production and inventory in Malaysia and Indonesia. It also shows the spot prices of related products. Overnight Market Information - The USDA will release the export sales report for the week ending October 30 at 21:30 Beijing time on Thursday. Analysts estimate that US 2025/26 soybean export sales are expected to net increase by 600,000 - 2,000,000 tons, US soybean meal export sales are expected to net increase by 200,000 - 450,000 tons, and US soybean oil export sales are expected to net increase by 5,000 - 25,000 tons [1] - A survey shows that Malaysia's November palm oil inventory may reach a six - and - a - half - year high due to slow exports and record - high production in November. The estimated inventory is 2.66 million tons, a 7.78% month - on - month increase. Production is estimated at 1.98 million tons, a 3% decrease from the previous month but still the highest November production on record. Exports are expected to drop 14.9% to 1.44 million tons [1] - Malaysia's palm oil production forecast remains unchanged at 19.2 million tons, with an estimated range of 18.7 - 19.7 million tons. Adverse weather restricts production growth. The EC weather model predicts drier weather in the next 15 days, but there are uncertainties in the medium - to - long - term weather patterns [1] - The 2025/26 Indonesian palm oil production forecast is raised to 51.2 million tons, a less than 1% increase from the previous forecast, with an estimated range of 46.2 - 56.2 million tons. However, there are flood risks [1] Spot Prices - The report shows the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 27 to December 3, 2025 [2]

| | | | 废钢早报 | | 研究中心黑色团队 2025/12/04 | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | 2025/11/27 | 2183 | 2262 | 2015 | 2209 | 2224 | 2089 | | 2025/11/28 | 2183 | 2263 | 2017 | 2210 | 2225 | 2088 | | 2025/12/01 | - | - | - | - | - | - | | 2025/12/02 | - | - | - | - | - | - | | 2025/12/03 | - | - | - | - | - | - | | 环比 | - | - | - | - | - | - | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建 ...

、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 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 秦皇岛5500 809.0 -3.0 -17.0 15.0 -11.0 25省终端可用天数 24.6 0.9 4.7 3.7 7.0 秦皇岛5000 709.0 -3.0 -18.0 8.0 -16.0 25省终端供煤 552.3 -0.1 -56.3 -87.8 -70.6 广州港5500 860.0 0.0 -5.0 35.0 -35.0 北方港库存 2616.0 14.0 96.0 421.0 -63.4 鄂尔多斯5500 565.0 0.0 -30.0 25.0 -55.0 北方锚地船舶 68.0 -3.0 -33.0 -5.0 16.0 大同5500 615.0 0.0 -30.0 25.0 -75.0 北方港调入量 180.3 18.0 0.3 8.3 2.3 榆林6000 732.0 0.0 0.0 50.0 -105.0 北方港吞吐量 160.5 -2.7 -24.3 -5.5 -44.7 榆林6200 760.0 0. ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The PG futures price has declined, with a decrease in the basis and a change in the 01 - 02 spread. Domestic civil gas prices have fallen, and the cheapest deliverable is East China civil gas with a shrinking propane - civil gas price difference. Warehouse receipts have decreased. The overseas paper - cargo prices have dropped, and the spread has strengthened. The price ratio between North Asian and North American oil and gas has changed little. The PG - CP and PG - FEI spreads have changed. The premiums and discounts for East China arrival, North American and AFEI departure have remained flat, while the premium for Middle Eastern goods has increased. Freight rates have slightly declined. The FEI - MOPJ spread has narrowed. The profit of Shandong PDH to produce propylene has slightly recovered, and the alkylation unit has slightly improved but is still poor. The MTBE production profit has fluctuated, and the export profit is still good. There is an increase in arrivals, a decrease in external sales, a slight accumulation of factory inventories, and an accumulation of port inventories. The PDH operating rate has decreased, and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. Overall, domestic chemical demand is relatively strong, and civil demand has increased, but there are expected to be more arrivals in December. Middle Eastern supplies are tight, but the market may be more inclined to wait and see as the CP official price announcement approaches. Additionally, weather and oil prices need to be monitored [1] 3. Summary by Relevant Content 3.1 Daily Price Changes - On Wednesday, for civil gas, the price in East China was 4411 (+35), in Shandong was 4480 (+10), and in South China was 4530 (+0). The price of ether - after carbon four was 4480 (-20). The lowest - delivery area was East China, with a basis of 129 (+65) and a 01 - 02 spread of 91 (+4). As of 21:00, FEI was 509 (-1) and CP was 500 (+0) dollars/ton [1] 3.2 Weekly Price and Market Conditions - The PG futures price has decreased, with a basis of - 43 (-57) and a 01 - 02 spread of 109 (-19). Domestic civil gas prices have dropped, and the cheapest deliverable is East China civil gas at 4315 (-49), with a shrinking propane - civil gas price difference. Warehouse receipts are 4561 hands (-54). Overseas paper - cargo prices have declined, and the spread has strengthened. The price ratio between North Asian and North American oil and gas has changed little, and the PG - CP has reached 126 (-2); the PG - FEI has reached 114 (+3). The premiums and discounts for East China arrival, North American and AFEI departure have remained flat, while the premium for Middle Eastern goods is 35 dollars (+13). Freight rates have slightly decreased. The FEI - MOPJ spread has narrowed to - 55 (+11) [1] 3.3 Profit and Operating Rate - The profit of Shandong PDH to produce propylene has slightly recovered. The alkylation unit has slightly improved but is still poor. The MTBE production profit has fluctuated, and the export profit is still good. The PDH operating rate is 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week [1] 3.4 Inventory and Market Outlook - There is an increase in arrivals, a decrease in external sales, a slight accumulation of factory inventories, and an accumulation of port inventories. Overall, domestic chemical demand is relatively strong, and civil demand has increased, but there are expected to be more arrivals in December. Middle Eastern supplies are tight, but the market may be more inclined to wait and see as the CP official price announcement approaches. Additionally, weather and oil prices need to be monitored [1]