Group 1: Price Performance - London Gold's latest price is 3951.10 with a change of -74.15 [3] - London Silver's latest price is 47.76 with a change of -1.02 [3] - London Platinum's latest price is 1580.00 with a change of -9.00 [3] - London Palladium's latest price is 1463.00 with a change of -2.00 [3] - WTI Crude's latest price is 61.05 with a change of 0.00 [3] - LME Copper's latest price is 10692.00 with a change of -220.00 [3] - US Dollar Index's latest price is 99.88 with a change of 0.00 [3] - Euro to US Dollar's latest price is 1.15 with a change of 0.00 [3] - British Pound to US Dollar's latest price is 1.31 with a change of 0.00 [3] - US Dollar to Japanese Yen's latest price is 154.21 with a change of 0.00 [3] - US 10 - year TIPS's latest price is 1.82 with a change of 0.00 [3] Group 2: Trading Data - COMEX Silver's latest inventory is 15002.46 with a change of 0.00 [4] - SHFE Silver's latest inventory is 665.61 with a change of 6.76 [4] - Gold ETF's latest holding is 1038.63 with a change of -3.15 [4] - Silver ETF's latest holding is 15189.82 with a change of 0.00 [4] - SGE Silver's latest inventory is 1050.68 with a change of 0.00 [4] - SGE Gold's latest deferred fee payment direction is 1 with a change of 0.00 [4] - SGE Silver's latest deferred fee payment direction is 2 with a change of 0.00 [4]

Report Summary 1. Report Industry Investment Rating There is no information provided about the industry investment rating in the report. 2. Report Core Views - **Methanol**: The current situation remains poor. Iranian shutdowns are slower than expected, and November is likely to see high imports. The contradiction in the 01 contract is difficult to resolve. The issue of port sanctions is expected to be resolved before the end of gas restrictions, but inventory depletion is difficult. Methanol has limited upside potential, and the downside space depends on the situation in the inland region. Recently, coal prices have strengthened, but it does not affect profits [1]. - **Polyethylene (PE)**: Overall inventory is neutral. The 09 contract basis is around -110 in North China and -50 in East China. Import profits are around -200 with no further increase for now. Non - standard HD injection prices are stable, and other price differentials are volatile. Domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US quotes. New device pressure is high in 2025 [6]. - **Polypropylene (PP)**: Upstream and mid - stream inventories are decreasing. The basis is -60, non - standard price differentials are neutral, and import losses are around -700. Exports have been good this year. PDH profits are around -400, and propylene prices are volatile. Future supply is expected to increase slightly. In the context of over - capacity, the 01 contract is under moderate to excessive pressure, which can be alleviated if exports continue to increase or PDH device maintenance is frequent [6]. - **Polyvinyl Chloride (PVC)**: The basis remains at 01 - 270, and the factory - delivery basis is -480. Downstream开工率 is seasonally weak, and there is a strong willingness to hold goods at low prices. Mid - and upstream inventories are accumulating. Attention should be paid to production implementation and export sustainability in Q4. Current static inventory contradictions are accumulating slowly, and costs are stable [6]. 3. Summary by Commodity Methanol - **Price Data**: From October 29 to November 4, 2025, the power coal futures price remained at 801. The Southwest delivered - price decreased by 40 on November 4 compared to the previous data point, and the盘面MTO profit decreased by 5 [1]. - **Market Situation**: Iranian shutdowns are slower than expected, leading to high imports in November. Port sanctions are expected to be resolved before the end of gas restrictions, making inventory depletion difficult. Coal price increases do not affect methanol profits [1]. Polyethylene (PE) - **Price Data**: From October 29 to November 4, 2025, the Northeast Asia ethylene price remained stable at some points, and the LL主力期货 price decreased by 9 on November 4 compared to the previous data point. The basis in North China is around -110, and in East China is around -50 [6]. - **Inventory and Production**: Overall inventory is neutral. Upstream and downstream inventories are in a neutral state. Domestic linear production has decreased recently, and 9 - month maintenance is flat compared to the previous period [6]. - **Market Outlook**: Attention should be paid to LL - HD conversion, US quotes, and new device commissioning [6]. Polypropylene (PP) - **Price Data**: From October 29 to November 4, 2025, the Shandong propylene price remained stable on November 4 compared to the previous day, and the主力期货 price decreased by 16. The basis increased by 30 [6]. - **Inventory and Production**: Upstream and mid - stream inventories are decreasing. PDH profits are around -400, and propylene prices are volatile. Future supply is expected to increase slightly [6]. - **Market Outlook**: In the context of over - capacity, the 01 contract is under moderate to excessive pressure, which can be alleviated if exports continue to increase or PDH device maintenance is frequent [6]. Polyvinyl Chloride (PVC) - **Price Data**: From October 29 to November 4, 2025, the Northwest calcium carbide and Shandong caustic soda prices remained stable. The calcium carbide - based PVC price in East China decreased by 10 on November 4 compared to the previous data point, and the basis remained unchanged [6]. - **Market Situation**: Downstream开工率 is seasonally weak, and mid - and upstream inventories are accumulating. Attention should be paid to production implementation and export sustainability in Q4 [6].

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: November 5, 2025 [1] 1. Price Changes - **Domestic Coking Coal**: The latest price of Liulin Main Coking Coal is 1645.00, with a weekly increase of 70.00 and a monthly increase of 95.00, an annual change of 0.30%. The price of Anze Main Coking Coal is 1600.00, with a monthly increase of 10.00 and an annual decrease of 3.03%. The price of Shaheyi Meng 5 is 1550.00, with a daily and weekly increase of 80.00, a monthly increase of 100.00, and an annual decrease of 6.63%. The price of raw coal at the port for pick - up is 1170.00, with a weekly increase of 39.00, a monthly increase of 155.00, and an annual change of 0.86% [2]. - **Imported Coking Coal**: The latest price of Peak Downs is 211.50, with a weekly increase of 1.80, a monthly increase of 6.50, and an annual decrease of 10.30%. The price of Goonyella is 211.50, with the same changes as Peak Downs [2]. - **Futures Market**: The price of Futures Contract 05 is 1331.00, with a daily decrease of 18.00, a weekly decrease of 9.50, a monthly increase of 72.50, and an annual decrease of 6.27%. The price of Futures Contract 09 is 1394.50, with a daily decrease of 19.00, a weekly decrease of 23.00, a monthly increase of 61.00, and an annual decrease of 3.99%. The price of Futures Contract 01 is 1274.50, with a daily decrease of 11.00, a weekly increase of 7.00, a monthly increase of 103.00, and an annual decrease of 4.67% [2]. 2. Inventory Changes - **Total Inventory**: The total inventory is 3322.59, with a weekly increase of 19.06, a monthly decrease of 31.74, and an annual decrease of 13.86% [2]. - **Sub - inventories**: Coal mine inventory is 164.53, with a weekly decrease of 25.01, a monthly decrease of 27.01, and an annual decrease of 40.57%. Port inventory is 275.65, with a weekly increase of 2.94, a monthly increase of 10.16, and an annual decrease of 33.84%. Steel mill coking coal inventory is 782.96, with a weekly decrease of 5.36, a monthly decrease of 13.11, and an annual increase of 6.16%. Coking plant coking coal inventory is 1029.70, with a weekly increase of 32.33, a monthly increase of 30.63, and an annual increase of 11.53% [2]. 3. Other Indicators - **Coking Capacity Utilization**: The coking capacity utilization rate is 73.44, with a weekly decrease of 0.03, a monthly decrease of 1.69, and an annual decrease of 0.33% [2]. - **Coking Coke Inventory**: The coking coke inventory is 85.21, with a weekly increase of 0.18, a monthly decrease of 0.61, and an annual decrease of 1.58% [2]. - **Futures Spreads**: The 5 - 9 spread is - 63.50, with a daily increase of 1.00, a weekly increase of 13.50, a monthly increase of 11.50, and an annual increase of 0.95%. The 9 - 1 spread is 120.00, with a daily decrease of 8.00, a weekly decrease of 30.00, a monthly decrease of 42.00, and an annual increase of 0.04%. The 1 - 5 spread is - 56.50, with a daily increase of 7.00, a weekly increase of 16.50, a monthly increase of 30.50, and an annual decrease of 0.32% [2]. - **Basis**: The 05 basis is 33.14, with a daily increase of 37.54, a weekly increase of 69.27, a monthly increase of 98.76, and an annual increase of 76.36%. The 09 basis is - 30.36, with a daily increase of 38.54, a weekly increase of 82.77, a monthly increase of 110.26, and an annual decrease of 0.60%. The 01 basis is 89.64, with a daily increase of 30.54, a weekly increase of 52.77, a monthly increase of 68.26, and an annual increase of 1.25% [2] 4. Other Information - The Mongolia port raw coal pick - up price ranges from 3900.00 to 4400.00. The Shaheyi imported main coking coal has specifications of A11, V26, S0.7, G80, Y15, CSR60 [3]

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Report Core View The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 5, 2025, which helps investors understand the price relationships and potential arbitrage opportunities in the non - ferrous metal market [1][3][4]. 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 5, 2025, the domestic spot price was 86,580, the LME price was 10,662, and the spot import equilibrium ratio was 8.10 with a profit of - 554.65. The three - month domestic price was 85,710, the LME price was 10,692, and the ratio was 8.08 [1]. - **Zinc**: The domestic spot price was 22,600, the LME price was 3,224, and the spot import equilibrium ratio was 8.51 with a profit of - 4,843.44. The three - month domestic price was 22,700, the LME price was 3,086, and the ratio was 5.66 [1]. - **Aluminum**: The domestic spot price was 21,440, the LME price was 2,876, and the spot import equilibrium ratio was 8.34 with a profit of - 2,562.83. The three - month domestic price was 21,500, the LME price was 2,883, and the ratio was 7.43 [1]. - **Nickel**: The domestic spot price was 123,000, the LME price was 14,856, and the spot import equilibrium ratio was 8.19 with a profit of - 1,264.30 [1]. - **Lead**: The domestic spot price was 17,250, the LME price was 1,996, and the spot import equilibrium ratio was 8.74 with a profit of - 197.85. The three - month domestic price was 17,425, the LME price was 2,020, and the ratio was 11.22 [3]. Cross - Period Arbitrage Tracking - **Copper**: On November 5, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were - 1,520, - 1,550, - 1,510, and - 1,490 respectively, while the theoretical spreads were 538, 975, 1,420, and 1,865 respectively [4]. - **Zinc**: The spreads were 155, 185, 195, and 205 respectively, and the theoretical spreads were 216, 337, 459, and 580 respectively [4]. - **Aluminum**: The spreads were - 125, - 90, - 90, and - 85 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4]. - **Lead**: The spreads were 25, 35, 20, and 30 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4]. - **Nickel**: The spreads were - 890, - 650, - 420, and - 220 respectively [4]. - **Tin**: The 5 - 1 spread was - 950, and the theoretical spread was 5,871 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 715 and - 805 respectively, and the theoretical spreads were 343 and 600 respectively [4]. - **Zinc**: The spreads were - 85 and 70 respectively, and the theoretical spreads were 124 and 255 respectively [4]. - **Lead**: The spreads were 140 and 165 respectively, and the theoretical spreads were 135 and 250 respectively [5]. Cross - Variety Arbitrage Tracking On November 5, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.78, 3.99, 4.92, 0.95, 1.23, and 0.77 respectively, and in the London (three - continuous) market were 3.45, 3.73, 5.27, 0.93, 1.41, and 0.66 respectively [5].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, the near - end TA partial device load reduction, start - up slightly decreased, polyester load increased month - on - month, inventory slightly accumulated, basis strengthened month - on - month, and spot processing fee slightly repaired. With the subsequent low processing fee for a long time and better terminal data, the processing fee center may gradually repair [2]. - For MEG, the near - end domestic oil - based restarted, load increased month - on - month, overseas partial devices restarted, port inventory decreased month - on - month at the beginning of next week, but the arrival forecast increased during the week, basis weakened month - on - month, and coal - based benefits and price ratios decreased. In the long - term, it is in a continuous inventory accumulation stage with a bearish pattern, but there may be partial negative feedback on the supply side after the weakening of coal - based benefits and price ratios [2]. - For polyester staple fiber, the near - end Fujian Shanli restarted, start - up increased, production and sales weakened month - on - month, and inventory remained stable. With the overall inapparent improvement in the benefits and start - up of the polyester yarn end, high export growth of staple fiber itself, and high start - up due to good spot benefits, the overall inventory pressure is limited, and attention should be paid to the opportunity of expanding the spread and the situation of warehouse receipts [2]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable at a relatively low absolute level, and the Thai cup - lump rubber price remained stable with rainfall affecting tapping. The strategy is to wait and see [2]. Summary by Commodity PTA - Price data: From October 29 to November 4, 2025, crude oil decreased from $64.9 to $64.4, PTA internal - market spot decreased from 4535 to 4520, and polyester POY 150D/48F increased from 6415 to 6515. The PTA processing fee increased from 119 to 94, and polyester gross profit increased from - 3 to 160 [2]. - Device change: Shandong Weilian's 2.5 - million - ton device reduced load [2]. MEG - Price data: From October 29 to November 4, 2025, Northeast Asian ethylene remained at 740, MEG external - market price decreased from 490 to 471, and MEG internal - market price decreased from 4152 to 4002. MEG coal - based profit decreased from - 171 to - 286 [2]. - Device change: Tongliao's 300,000 - ton device restarted [2]. Polyester Staple Fiber - Price data: From October 29 to November 4, 2025, the price of 1.4D cotton - type staple fiber decreased from 6440 to 6395, and short - fiber profit decreased from 154 to 132 [2]. - Device change: Fujian Shanli restarted, and the start - up increased to 96.8% [2]. Natural Rubber & 20 - Number Rubber - Price data: From October 29 to November 4, 2025, the US - dollar Thai standard spot decreased from 1865 to 1800, and the Shanghai whole - latex decreased from 14925 to 14175 [2]. - Key indicators: The national explicit inventory remained stable, and the Thai cup - lump rubber price remained stable with rainfall affecting tapping [2]. Styrene - Price data: From October 29 to November 4, 2025, ethylene (CFR Northeast Asia) remained at 740, pure benzene (CFR China) remained at 681, and styrene (CFR China) decreased from 800 to 780. EPS domestic profit increased from 275 to 395 [5].

| 油 脂 油 料 盘 面 价 差 ： | | --- | 油脂油料早报 研究中心农产品团队 2025/11/05 隔 夜 市 场 信 息 ： MPOB报告前瞻：截至10月底马来西亚棕榈油库存料将触及两年高点 周二公布的一份调查显示，受产量飙升至七年高点，且超过出口需求推动，马来西亚截至10月底棕榈油库存预计将 攀升至两年高位。 受访的贸易商、种植园主和分析师的预估中值显示，10月份棕榈油库存预计将大涨3.5%至244万吨，为2023年10月 以来最高水平。 毛棕榈油产量预计为194万吨，较上月增长5.6%，至2018年10月以来最高水平。 雪兰莪州经纪公司Pelindung Bestari董事Paramalingam Supramaniam表示，人们普遍预计产量增长主要来自东马 来西亚。 他并称，由于近期价格偏低，很多买家逢低买进，出口一直在增长。 "整体而言，截至10月底库存的增长可能限制价格涨幅，令价格任何反弹都是短暂的。展望未来，随着我们进入季 节性雨季，重点将转向即将到来的季风季节以及其产生的影响。" 调查显示，棕榈油产品的出口预计将攀升3.8%至148万吨，为连续第二个月上涨，且为年内最高水平。 ...

Group 1: Report Investment Ratings - There is no information about the report's industry investment rating in the provided content. Group 2: Core Views - Corn prices are expected to weaken in the short - term due to concentrated grain listings but may rebound in the medium - to long - term as farmers may resist selling at low prices [2] - Starch prices are currently under pressure due to high inventory, and downstream consumption rhythm will be the key factor for future price trends [2] - Sugar prices are affected by international supply pressure and domestic cost support, and may face challenges if global surplus intensifies [5] - Cotton prices are in a consolidation phase, and the downside is limited. Attention should be paid to demand - side changes [7] - Egg prices have rebounded slightly due to supply and demand factors, and the future price trend depends on the speed of chicken culling [13] - Apple prices are expected to fluctuate upward in the short - term as the new - season output decreases and the opening price is higher than last year [15] - Pig prices are currently weak, and the key drivers of the market are the paths of production and inventory reduction, with attention to factors such as slaughter rhythm, diseases, and policies [15] Group 3: Summary by Commodity Corn/Starch - **Price Data**: From October 29 to November 4, 2025, corn prices in different regions showed various changes, with a maximum decrease of 40 in some areas, and starch processing profit remained at 32 in the end [1] - **Analysis**: Short - term pressure on corn prices due to concentrated listings; mid - to long - term depends on the game between farmers and traders. Starch prices follow raw material prices, and high inventory suppresses prices [2] Sugar - **Price Data**: The provided table shows sugar spot prices in different regions, as well as data on basis, import profit, and warehouse receipts from October 29 to November 4, 2025, with some price changes [4] - **Analysis**: International supply pressure affects sugar prices, and domestic prices are supported by production costs but may face challenges from imports [5] Cotton/Cotton Yarn - **Price Data**: From October 29 to November 4, 2025, cotton prices showed a downward trend, and cotton yarn profit improved gradually [6] - **Analysis**: Cotton prices are in a consolidation phase, and the downside is limited. Attention should be paid to demand - side changes [7] Eggs - **Price Data**: From October 29 to November 4, 2025, egg prices in different regions remained relatively stable, with a 33 decrease in basis [13] - **Analysis**: Supply pressure is relieved, and demand has increased slightly, leading to a slight price rebound. Future prices depend on the speed of chicken culling [13] Apples - **Price Data**: From October 29 to November 4, 2025, the price of Shandong 80 first - and second - grade apples remained at 8000, and the basis showed a decreasing trend [14][15] - **Analysis**: New - season output has decreased, and affected by rainfall, the quality in some areas is poor. The opening price is higher than last year, and the short - term price is expected to fluctuate upward [15] Pigs - **Price Data**: From October 29 to November 4, 2025, pig prices in different regions decreased, with a maximum decrease of 0.35, and the basis decreased by 200 [15] - **Analysis**: Spot prices are weak, and the key to the market is the paths of production and inventory reduction, with attention to slaughter rhythm, diseases, and policies [15]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - This week, the 380 fuel oil crack spread fluctuated, the monthly spread weakened month-on-month, and the basis fluctuated weakly. The European HSFO crack spread strengthened, and the EW spread weakened significantly. The 0.5 low-sulfur crack spread in Singapore oscillated at a low level, and the monthly spread and basis oscillated at a low level. In terms of inventory, Singapore's residual oil inventory increased, floating storage increased, ARA's residual oil inventory decreased, floating storage increased, and EIA's residual oil inventory decreased slightly. In terms of shipments, Russia's residual oil shipments rebounded this week but were still low year-on-year. Overall, Russia's residual oil shipments decreased month-on-month in October. Saudi Arabia's residual oil shipments oscillated at a high level, and the UAE's shipments decreased month-on-month. Singapore's arrivals were neutral this week, and China's residual oil arrivals increased month-on-month. This week, the domestic and foreign spreads of high and low sulfur rebounded significantly. The low-sulfur situation in the external market remained weak. The fundamentals of high-sulfur in Singapore were poor, but the EW spread and raw material premiums supported the 380 crack spread, showing a short-term oscillating pattern [6][7]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.02 | 392.05 | 393.07 | 387.22 | 377.13 | -10.09 | | Rotterdam 0.5% VLS FO Swap M1 | 417.07 | 417.96 | 416.37 | 421.01 | 413.33 | -7.68 | | Rotterdam HSFO - Brent M1 | -3.04 | -2.63 | -2.40 | -3.40 | -4.53 | -1.13 | | Rotterdam 10ppm Gasoil Swap M1 | 689.14 | 691.99 | 688.48 | 679.38 | 683.70 | 4.32 | | Rotterdam VLSFO - Gasoil M1 | -272.07 | -274.03 | -272.11 | -258.37 | -270.37 | -12.00 | | LGO - Brent M1 | 29.11 | 29.43 | 28.89 | 27.83 | 27.98 | 0.15 | | Rotterdam VLSFO - HSFO M1 | 27.05 | 25.91 | 23.30 | 33.79 | 36.20 | 2.41 | [4] Singapore Fuel Oil Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 373.72 | 373.35 | 375.53 | 380.33 | 374.38 | -5.95 | | Singapore 180cst M1 | 380.28 | 378.91 | 382.28 | 388.78 | 380.63 | -8.15 | | Singapore VLSFO M1 | 438.46 | 443.70 | 449.25 | 456.36 | 452.30 | -4.06 | | Singapore Gasoil M1 | 89.63 | 90.58 | 92.03 | 89.51 | 90.09 | 0.58 | | Singapore 380cst - Brent M1 | -4.56 | -4.93 | -4.98 | -4.44 | -4.96 | -0.52 | | Singapore VLSFO - Gasoil M1 | -224.80 | -226.59 | -231.77 | -206.01 | -214.37 | -8.36 | [4] Singapore Fuel Oil Spot Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 372.68 | 372.56 | 374.81 | - | 369.12 | - | | FOB VLSFO | 437.28 | 442.83 | 448.61 | 456.00 | 448.83 | -7.17 | | 380 Basis | -1.80 | -1.95 | -1.75 | -3.75 | -6.00 | -2.25 | | High-Sulfur Domestic - Foreign Spread | 10.4 | 9.1 | - | 8.0 | 7.9 | -0.1 | | Low-Sulfur Domestic - Foreign Spread | 12.6 | 14.3 | - | 10.2 | 9.4 | -0.8 | [5] Domestic FU Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2796 | 2751 | 2745 | 2790 | 2764 | -26 | | FU 05 | 2744 | 2713 | 2712 | 2755 | 2732 | -23 | | FU 09 | 2672 | 2657 | 2653 | 2683 | 2671 | -12 | | FU 01 - 05 | 52 | 38 | 33 | 35 | 32 | -3 | | FU 05 - 09 | 72 | 56 | 59 | 72 | 61 | -11 | | FU 09 - 01 | -124 | -94 | -92 | -107 | -93 | 14 | [5] Domestic LU Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3246 | 3255 | 3268 | 3335 | 3290 | -45 | | LU 05 | 3212 | 3223 | 3239 | 3288 | 3261 | -27 | | LU 09 | 3235 | 3237 | 3252 | 3288 | 3254 | -34 | | LU 01 - 05 | 34 | 32 | 29 | 47 | 29 | -18 | | LU 05 - 09 | -23 | -14 | -13 | 0 | 7 | 7 | | LU 09 - 01 | -11 | -18 | -16 | -47 | -36 | 11 | [6]

Group 1: Report Summary - The report is a Coke Daily Report released on November 5, 2025, by the Black Team of the Research Center [1] Group 2: Industry Data Coke Prices - The latest prices of different types of coke: Shanxi quasi - first wet - quenched coke is 1537.01, Hebei quasi - first dry - quenched coke is 1790.00, Shandong quasi - first dry - quenched coke is 1715.00, Jiangsu quasi - first dry - quenched coke is 1755.00, and Inner Mongolia second - grade coke is 1230.00. There is no daily change in these prices [2] Production and Capacity - The blast furnace开工率 is 88.61, with a weekly change of - 1.33 and a monthly change of - 2.04 but a year - on - year increase of 0.15%. The iron water daily average output is 236.36, with a weekly change of - 3.54 and a monthly change of - 5.45 but a year - on - year increase of 0.38%. The coking capacity utilization rate is 73.16, with a weekly change of - 0.83, a monthly change of - 2.15, and a year - on - year decrease of 0.54%. The coke daily average output is 53.30, with a weekly change of 2.09, a monthly change of 1.01, and a year - on - year increase of 4.88% [2] Inventory - Coking plant inventory is 37.52, with a weekly change of 0.03, a monthly change of - 1.49, and a year - on - year decrease of - 14.88%. Port inventory is 211.10, with a weekly change of 11.01, a monthly change of 17.01, and a year - on - year increase of 18.50%. Steel mill inventory is 629.05, with a weekly change of - 4.11, a monthly change of - 34.35, and a year - on - year increase of 8.68%. Steel mill inventory days are 11.57, with a weekly change of 0.50, a monthly change of - 0.03, and a year - on - year increase of 4.42% [2] Futures Market - The latest prices of different coke futures contracts: Disk 05 is 1885, Disk 09 is 1962.5, and Disk 01 is 1753.5. The 05 basis is - 38.76, the 09 basis is - 116.26, and the 01 basis is 92.74. The 5 - 9 spread is - 131.50, the 9 - 1 spread is - 77.50, and the 1 - 5 spread is 209.00 [2]

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Related Catalogs Glass - **Price Changes**: From October 28, 2025, to November 4, 2025, the prices of 5mm glass in various regions showed different trends. For example, the price of 5mm glass from Shahe Anquan increased from 1113.0 to 1121.0 and then remained stable, with a weekly increase of 8.0 [1]. - **Contract Price Changes**: The FG05 contract price decreased from 1263.0 to 1239.0, a weekly decrease of 24.0; the FG01 contract price decreased from 1113.0 to 1105.0, a weekly decrease of 8.0 [1]. - **Profit Changes**: The profit of North China coal - fired glass increased from 182.9 to 196.0, a weekly increase of 13.0; the profit of North China natural - gas glass increased from - 244.9 to - 225.4, a weekly increase of 19.5 [1]. - **Spot and Sales**: Shahe factory's glass sales have recently improved, with Shahe traders' low - price products around 1113 and good shipments. In Hubei, the factory price is around 1040, and factory transactions are good. The mid - stream spot - futures trading in Hubei is at par, with fair transactions. The glass sales rates in Shahe, Hubei, East China, and South China are 165, 138, 112, and 110 respectively [1]. 纯碱 (Soda Ash) - **Price Changes**: From October 28, 2025, to November 4, 2025, the prices of heavy soda ash in various regions showed different trends. For example, the price of heavy soda ash in Shahe decreased from 1190.0 to 1140.0, a weekly decrease of 50.0 [1]. - **Contract Price Changes**: The SA05 contract price decreased from 1331.0 to 1280.0, a weekly decrease of 51.0; the SA01 contract price decreased from 1239.0 to 1189.0, a weekly decrease of 50.0 [1]. - **Profit Changes**: The profit of North China ammonia - soda process decreased from - 236.7 to - 298.2, a weekly decrease of 61.4; the profit of North China combined - soda process decreased from - 252.1 to - 311.5, a weekly decrease of 59.4 [1]. - **Spot and Industry**: The spot price of heavy soda ash at the Hebei delivery warehouse is around 1110, and the price delivered to Shahe is around 1140. The upstream inventory of the soda ash industry has slightly decreased [1].