Report Overview - The report is a morning report on glass and soda ash, issued on December 2, 2025, by the Energy and Chemicals Team of the Research Center [1] Glass Section Price and Contract Information - For 5mm glass plates, prices in different regions showed various trends from November 24 to December 1. For example, the price of Shahe Anquan 5mm large plate increased from 1044.0 to 1061.0, with a weekly change of 17.0 and no daily change on December 1. FG05 contract price was 1161.0 on December 1, with a weekly change of 3.0 and a daily change of -9.0 [1] Profit and Cost - North China coal - fired glass profit increased from 73.3 to 128.8, with a weekly change of 55.5 and a daily change of 16.1. North China coal - fired cost decreased from 936.7 to 924.2, with a weekly change of -12.5 and a daily change of -7.1. South China natural gas glass profit remained at -188.1, while North China natural gas glass profit improved from -331.5 to -285.4, with a weekly change of 46.2 and a daily change of 13.2 [1] Market Conditions - Shahe factory's glass sales slightly weakened. The low - price of Shahe traders' glass was around 1053, with average sales, and poor futures - spot sales. In Hubei, the factory price was around 1030, with fair transactions. The sales rates were 97 in Shahe, 112 in Hubei, 96 in East China, and 112 in South China [1] Soda Ash Section Price and Contract Information - Soda ash prices in different regions also had different trends. For example, Shahe heavy soda ash price was 1150.0 on December 1, with no weekly change and a daily change of -10.0. SA05 contract price was 1243.0 on December 1, with a weekly change of -6.0 and a daily change of 8.0 [1] Profit and Cost - North China ammonia - soda process profit decreased from -297.0 to -311.9, with a weekly change of 1.5 and a daily change of -14.9. North China combined - soda process profit decreased from -448.5 to -464.3, with a weekly change of -19.2 and a daily change of -15.8 [1] Market Conditions - The spot price of heavy soda ash at the Hebei delivery warehouse was around 1130, and the delivered price to Shahe was around 1150. The inventory of the mid - and upstream of the soda ash industry continued to decline [1]

Report Information - Report Title: Coke Daily Report - Report Date: December 2, 2025 - Research Team: Black Team of the Research Center [1] Report Highlights 1. Price Changes - **Coke Prices**: The price of Shanxi quasi - first wet - quenched coke is 1594.81, with a daily and weekly change of - 54.61, a monthly change of 57.81, and a year - on - year change of - 9.99%. The price of Hebei quasi - first dry - quenched coke is 1900.00, with no daily or weekly change, a monthly change of 110.00, and a year - on - year change of 11.11%. Similar price data are provided for Shandong, Jiangsu, and Inner Mongolia coke [2]. 2. Production and Utilization Rates - **Blast Furnace and Coking**: The blast furnace开工率 is 87.98, with a weekly change of - 0.60, a monthly change of - 0.63, and a year - on - year change of - 0.62%. The coking capacity utilization rate is 71.10, with no weekly change, a monthly change of - 2.06, and a year - on - year change of - 2.83%. The daily iron water output is 234.68, with a weekly change of - 1.60, a monthly change of - 1.68, and a year - on - year change of 0.35%. The daily coke output is 52.86, with a weekly change of - 0.03, a monthly change of - 0.44, and a year - on - year change of - 0.23% [2]. 3. Inventory Data - **Coke Inventories**: Coking plant inventory is 45.21, with a weekly change of 1.77, a monthly change of 7.69, and a year - on - year change of 2.35%. Port inventory is 187.40, with a weekly change of - 5.60, a monthly change of - 23.70, and a year - on - year change of 8.81%. Steel mill inventory is 625.52, with a weekly change of 3.18, a monthly change of - 3.53, and a year - on - year change of 3.59%. Steel mill inventory days are 11.29, with a weekly change of 0.24, a monthly change of - 0.28, and a year - on - year change of - 3.91% [2]. 4. Futures Market Data - **Futures and Basis**: The prices of futures contracts (05, 09, 01) and their daily, weekly, monthly, and year - on - year changes are provided. The basis data for these contracts (05, 09, 01) and the spread data (5 - 9, 9 - 1, 1 - 5) and their corresponding changes are also presented [2]. 5. Historical Price Charts - **Price Trends**: Historical price charts for coke in different regions (Linfen, Lvliang, Rizhao Port, Changzhi, Qingdao Port, Tianjin Port) from 2021 - 2025 are provided, as well as charts for related production, inventory, and profit indicators during the same period [3][4][5][6][7][8]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: December 2, 2025 [1] Key Points Price Information - **Domestic Coking Coal**: The latest price of Liulin Main Coking Coal is 1505.00, with no daily change, a weekly decrease of 140.00, a monthly decrease of 140.00, and an annual decrease of 3.53%. The price of Anze Main Coking Coal is 1580.00, with no daily change, a weekly decrease of 80.00, a monthly decrease of 20.00, and an annual increase of 1.28%. The price of Shaheyi Meng 5 is 1420.00, with a daily decrease of 80.00, a weekly decrease of 90.00, a monthly decrease of 50.00, and an annual decrease of 8.39%. The price of Raw Coal Port Delivery Price is 1000.00, with a daily increase of 26.00, a weekly decrease of 10.00, a monthly decrease of 170.00, and an annual decrease of 3.85% [2]. - **Imported Coking Coal**: The price of Peak Downs is 215.00, with no daily change, a weekly increase of 1.00, a monthly increase of 3.50, and an annual decrease of 2.80%. The price of Goonyella is 214.00, with no daily change, a weekly increase of 1.00, a monthly increase of 2.50, and an annual decrease of 3.80% [2]. - **Futures Market**: The price of Futures Contract 05 is 1164.00, with a daily increase of 12.00, a weekly decrease of 24.50, a monthly decrease of 185.00, and an annual decrease of 9.70%. The price of Futures Contract 09 is 1235.00, with a daily increase of 15.50, a weekly decrease of 18.50, a monthly decrease of 178.50, and an annual decrease of 7.59%. The price of Futures Contract 01 is 1076.50, with a daily increase of 12.50, a weekly decrease of 20.50, a monthly decrease of 209.00, and an annual decrease of 13.78% [2]. Inventory Information - **Total Inventory**: The total inventory is 3458.26, with a weekly increase of 81.25, a monthly increase of 151.42, and an annual decrease of 13.69% [2]. - **Coal Mine Inventory**: The coal mine inventory is 223.92, with a weekly increase of 38.00, a monthly increase of 59.39, and an annual decrease of 31.65% [2]. - **Port Inventory**: The port inventory is 291.50, with a weekly decrease of 7.00, a monthly increase of 15.85, and an annual decrease of 37.81% [2]. - **Steel Mill Coking Coal Inventory**: The steel mill coking coal inventory is 797.08, with a weekly increase of 6.91, a monthly increase of 14.12, and an annual increase of 7.15% [2]. - **Coking Plant Coking Coal Inventory**: The coking plant coking coal inventory is 1038.19, with a weekly decrease of 30.78, a monthly increase of 8.49, and an annual increase of 13.27% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization is 72.95, with a weekly increase of 1.24, a monthly decrease of 0.49, and an annual decrease of 1.14% [2]. - **Coking Coke Inventory**: The coking coke inventory is 85.42, with a weekly increase of 0.19, a monthly increase of 0.21, and an annual decrease of 1.10% [2]. - **Basis and Spread**: The 05 basis is -80.32, with a daily decrease of 155.68, a weekly decrease of 119.18, a monthly decrease of 75.92, and an annual decrease of 35.92%. The 09 basis is -151.32, with a daily decrease of 159.18, a weekly decrease of 125.18, a monthly decrease of 82.42, and an annual increase of 0.65%. The 01 basis is 7.18, with a daily decrease of 156.18, a weekly decrease of 123.18, a monthly decrease of 51.92, and an annual decrease of 2.84%. The 5 - 9 spread is -71.00, with a daily decrease of 3.50, a weekly decrease of 6.00, a monthly decrease of 6.50, and an annual increase of 0.49%. The 9 - 1 spread is 158.50, with a daily increase of 3.00, a weekly increase of 2.00, a monthly increase of 30.50, and an annual increase of 0.80%. The 1 - 5 spread is -87.50, with a daily increase of 0.50, a weekly increase of 4.00, a monthly decrease of 24.00, and an annual increase of 1.16% [2]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore weakened on Friday after fluctuating, with the monthly spread running at a historical low and the basis weakening and then oscillating at a historical low. The HSFO cracking in Europe oscillated at a low level, and the EW weakened on Friday. The 0.5% cracking in Singapore continued to weaken this week, with the monthly spread weakening and the basis oscillating at a low level [3]. - In terms of inventory, Singapore's residue oil had a slight inventory build - up, high - sulfur floating storage had a significant inventory build - up, ARA's residue oil had inventory draw - down, Fujairah's residue oil had inventory build - up, high - sulfur floating storage oscillated at a high level, and EIA's residue oil had a slight inventory draw - down [3]. - With the strengthening expectation of Russia - Ukraine peace talks, the cracking of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur and diesel continued to rebound. After the fire at Al Zour refinery on October 21st and its subsequent shutdown, the RFCC unit of Dangote refinery is expected to enter maintenance in December, and VGO exports are expected to increase. The global heavy oil has entered the off - season with inventory build - up. The external cracking is subject to crude oil fluctuations, and there is no improvement in the spot market. FU01 should be treated bearishly. The low - sulfur valuation is low but lacks a driving force [4]. 3. Data Summaries Rotterdam Fuel Oil Swap Data | Product | 2025/11/25 | 2025/11/26 | 2025/11/27 | 2025/11/28 | 2025/12/01 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 339.09 | 345.00 | 351.22 | 353.76 | 351.92 | -1.84 | | Rotterdam 0.5% VLS FO Swap M1 | 385.63 | 390.40 | 390.78 | 391.86 | 395.42 | 3.56 | | Rotterdam HSFO - Brent M1 | -8.01 | -7.55 | -7.41 | -7.40 | -7.51 | -0.11 | | Rotterdam 10ppm Gasoil Swap M1 | 648.85 | 639.56 | 651.68 | 658.00 | 643.93 | -14.07 | | Rotterdam VLSFO - Gasoil M1 | -263.22 | -249.16 | -260.90 | -266.14 | -248.51 | 17.63 | | LGO - Brent M1 | 25.67 | 24.29 | 25.79 | 26.28 | 25.52 | -0.76 | | Rotterdam VLSFO - HSFO M1 | 46.54 | 45.40 | 39.56 | 38.10 | 43.50 | 5.40 | [1] Singapore Fuel Oil Data | Product | 2025/11/25 | 2025/11/26 | 2025/11/27 | 2025/11/28 | 2025/12/01 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 345.55 | 341.18 | 342.10 | 348.03 | 347.90 | -0.13 | | Singapore 180cst M1 | 352.99 | 353.51 | 350.60 | 356.03 | 355.44 | -0.59 | | Singapore VLSFO M1 | 423.05 | 416.41 | 422.25 | 421.50 | 425.66 | 4.16 | | Singapore GO M1 | 86.59 | 84.88 | 84.90 | 86.78 | 85.73 | -1.05 | | Singapore 380cst - Brent M1 | -7.95 | -7.91 | -8.58 | -8.40 | -8.14 | 0.26 | | Singapore VLSFO - Gasoil M1 | -217.72 | -211.70 | -206.01 | -220.67 | -208.74 | 11.93 | [1] Singapore Fuel Oil Spot Data | Product | 2025/11/25 | 2025/11/26 | 2025/11/27 | 2025/11/28 | 2025/12/01 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 342.03 | 336.87 | 338.12 | 343.20 | 338.62 | -4.58 | | FOB VLSFO | 422.33 | 416.44 | 422.42 | 421.10 | 425.18 | 4.08 | | 380 Basis | -3.25 | -3.45 | -4.68 | -5.37 | -7.00 | -1.63 | | High - sulfur Domestic - Foreign Spread | 5.2 | 3.9 | 6.0 | 3.9 | 6.1 | 2.2 | | Low - sulfur Domestic - Foreign Spread | 4.5 | 5.8 | 2.0 | 3.7 | 1.2 | -2.5 | [2] Domestic FU Data | Product | 2025/11/25 | 2025/11/26 | 2025/11/27 | 2025/11/28 | 2025/12/01 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2491 | 2467 | 2471 | 2501 | 2495 | -6 | | FU 05 | 2538 | 2516 | 2516 | 2554 | 2552 | -2 | | FU 09 | 2516 | 2494 | 2488 | 2525 | 2527 | 2 | | FU 01 - 05 | -47 | -49 | -45 | -53 | -57 | -4 | | FU 05 - 09 | 22 | 22 | 28 | 29 | 25 | -4 | | FU 09 - 01 | 25 | 27 | 17 | 24 | 32 | 8 | [2] Domestic LU Data | Product | 2025/11/25 | 2025/11/26 | 2025/11/27 | 2025/11/28 | 2025/12/01 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3015 | 3023 | 3023 | 3027 | 3049 | 22 | | LU 05 | 3055 | 3023 | 3042 | 3047 | 3068 | 21 | | LU 09 | 3095 | 3073 | 3082 | 3085 | 3095 | 10 | | LU 01 - 05 | -40 | 0 | -19 | -20 | -19 | 1 | | LU 05 - 09 | -40 | -50 | -40 | -38 | -27 | 11 | | LU 09 - 01 | 80 | 50 | 59 | 58 | 46 | -12 | [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy, on December 2, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5100 and 5170 respectively, with daily changes of 0 and 50, and weekly changes of -30 and 20. The latest prices of the main contract and 01 contract were 5466 and 5420, with daily changes of 76 and 44, and weekly changes of 10 and -4 [2]. - For silicon manganese, on December 2, 2025, the latest prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5530, 5510, 5550, 5520, and 5520 respectively, with daily changes of 30, 30, 20, 20, and 20, and weekly changes of 10, 30, 20, 20, and 20. The latest price of the main contract was 5738, with a daily change of 122 and a weekly change of 108 [2]. Supply - The content shows the historical data of the production of 136 silicon ferroalloy enterprises in China (monthly and weekly, with a production capacity accounting for 95%), the production capacity utilization rate of 136 silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly), and the production of silicon manganese in China (weekly) [4][6]. Demand - The content presents the historical data of the estimated and actual production of crude steel in China (monthly, in ten thousand tons), the production of stainless - steel crude steel in China (monthly, in ten thousand tons), the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly), and the demand for silicon manganese in China (in ten thousand tons, according to the Steel Union's caliber) [4][6][7]. Inventory - For silicon ferroalloy, the content includes the historical data of the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the total number of warehouse receipts on CZCE (daily), effective forecasts (daily), and the average available days of inventory in East China, South China, the North region, and China (monthly or daily) [5]. - For silicon manganese, the content shows the historical data of the total number of warehouse receipts on CZCE (daily), effective forecasts (daily), warehouse receipts + effective forecasts (daily), the single - sided trading position on CZCE (daily, in lots), the inventory of 63 sample enterprises in China (weekly, in tons), and the average available days of inventory in China (monthly) [7]. Cost and Profit - For silicon ferroalloy, the content provides the historical data of electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market mainstream price of small - sized blue charcoal in Shaanxi, the start - up rate of blue charcoal in China (weekly), the production profit of blue charcoal in China (daily), the market price of 98% silica in Northwest China, the production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia, and the export profit of 75 silicon ferroalloy [5]. - For silicon manganese, the content presents the historical data of the profit of silicon manganese in Inner Mongolia, Guangxi, the North region, and the South region (according to the Steel Union's caliber), the profit of Guangxi silicon manganese converted to the main contract, and the profit of Ningxia silicon manganese converted to the contract [7].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The 12 contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are benchmarked against the second - half of December cabin space, and the prices are expected to be stable with a slight increase. The 02 contract has a neutral valuation, follows the spot price in the short - term, and there are expectations for the peak season. Despite high capacity, the spot price in January is not expected to be overly pessimistic due to the late Spring Festival, strong cargo volume on the European line this year, and the price cut in December benefiting the price increase in January. If the peak season is gradually realized, the 02 contract may have more upside potential. The 04 contract is still recommended to be shorted on rallies [3] Group 3: Summary by Relevant Catalogs Futures Market - EC2512 closed at 1636.7 yesterday, up 0.34%, with a basis of - 153.1, a trading volume of 705, an open interest of 4286, and an open interest change of - 215. EC2602 closed at 1492.5, up 1.40% (0.54% might be a misprint), with a basis of - 8.8, a trading volume of 26585, an open interest of 38244, and an open interest change of - 1867 (- 129 might be a misprint). EC2604 closed at 1078.0, with a basis of 405.7, a trading volume of 4192, and an open interest of 18614. EC2606 closed at 1237.0, up 1.79%, with a basis of 246.7, a trading volume of 278, an open interest of 2170, and an open interest change of - 84. EC2608 closed at 1357.2, up 1.36%, with a basis of 126.5, a trading volume of 102, an open interest of 1622, and an open interest change of - 8. EC2610 closed at 1033.2, up 1.19%, with a basis of 450.5, a trading volume of 441, an open interest of 3888, and an open interest change of - 86 [2] - For the month - spread, EC2512 - 2504 was 558.7, down 0.2 from the previous day and down 82.0 week - on - week. EC2512 - 2602 was 144.2, down 15.0 from the previous day and down 7.6 week - on - week. EC2502 - 2604 was 414.5, up 14.8 from the previous day and down 8.4 week - on - week [2] Spot Market - The SCFI (European line) index on December 1, 2025, was 1483.65 points, down 9.50% from the previous period, with a price of 1404 dollars/TEU. The CCFI index on November 28, 2025, was 1449.34 points, up 1.14% from the previous period. The NCFI index on November 28, 2025, was 1024.64 points, up 7.67% from the previous period [2] Recent European Line Spot Situation - The price increase in the first half of December failed. In Week 49, the average was 2360 dollars, equivalent to 1650 points on the disk. In Week 50, MSK's opening price dropped to 2200 dollars, and other shipping companies followed suit. The current central price is 2270 dollars, equivalent to 1580 points on the disk. YML cut the price of two ships in Week 50 by 150 to 1750 dollars, while MSC increased the price by 200 to 2600 dollars. In the second half of December, MSC announced a price increase to 3500 dollars, and ONE increased the price to 2800 dollars. Shipping companies are expected to announce price increases for January cabin space in early December [4] Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the agreement. On November 29, the Lebanese Hezbollah said it would retaliate against Israel for the attack on a senior commander [5]

Report Overview - **Report Date**: December 2, 2025 [1] - **Reporting Team**: Research Center's Black Team [1] Spot Prices Rebar - Spot prices are provided for Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan from November 25 to December 1, 2025 - Price changes from November 25 to December 1 are 40 for Beijing, 50 for Shanghai, 80 for Chengdu, 60 for Xi'an, 50 for Guangzhou, and 40 for Wuhan [1] Hot - Rolled Coils - Spot prices are given for Tianjin, Shanghai, and Lecong from November 25 to December 1, 2025 - Price changes from November 25 to December 1 are 40 for Tianjin, 50 for Shanghai, and 30 for Lecong [1] Cold - Rolled Coils - Spot prices are provided for Tianjin, Shanghai, and Lecong from November 25 to December 1, 2025 - Price changes from November 25 to December 1 are 40 for Tianjin, 0 for Shanghai, and 50 for Lecong [1] Other Sections - The report also mentions sections on "Price and Profit", "Basis and Spread", and "Output and Inventory" but no detailed content is provided [2][7][8]

Price Performance - London Gold's latest price is 4191.05 with no change [1][2] - London Silver's latest price is 53.91 with no change [1][2] - London Platinum's latest price is 1640.00, up 36.00 [1][2] - London Palladium's latest price is 1448.00, up 25.00 [1][2] - WTI Crude's latest price is 58.55 with no change [1][2] - LME Copper's latest price is 11241.50, up 246.50 [1][2] - The latest value of the US Dollar Index is 99.44 with no change [2] - The latest exchange rate of Euro to US Dollar is 1.16 with no change [2] - The latest exchange rate of Pound to US Dollar is 1.32 with no change [2] - The latest exchange rate of US Dollar to Japanese Yen is 156.17 with no change [2] - The latest yield of US 10 - year TIPS is 1.79 with no change [2] Trading Data - COMEX Silver inventory is 14207.20 with no change [3] - SHFE Silver inventory is 573.70, up 14.82 [3] - Gold ETF holdings are 1050.01, up 4.58 [3] - Silver ETF holdings are 15802.36, up 191.82 [3] - SGE Silver inventory is 774.71 with no change [3] - SGE Silver's deferred fee payment direction has a change of 1.00, currently at 2 [3] - SGE Gold's deferred fee payment direction has a change of 1.00, currently at 2 [3]

Group 1: Report's Investment Rating - No information regarding the industry investment rating is provided in the reports [1][2][3] Group 2: Core Views of the Report - CESCO copper conference shows a consensus among institutions and the industry, with the main strategy being to buy on dips. Copper prices are expected to have an upward - moving central range of $10,500 - $11,300, driven by strong domestic demand and overseas grid and computing power - related demand, while supply is constrained [1] - The aluminum market has seen a stable rebound in the futures market, with significant inventory reduction. It may fluctuate in the short term, and the supply - demand balance is expected to be loose at the beginning of 2026 and then tighten [1] - Zinc prices have been fluctuating this week. The supply side has issues such as a decline in TC and potential production cuts at the end of the year. The demand side is weak. The price may not fall deeply, and different trading strategies are recommended [2] - Nickel's short - term fundamentals are weak. There are disturbances in the Indonesian mining end, and short - selling opportunities on rallies can be considered [3] - Stainless steel's fundamentals are weak. There is a motivation for price support from the Indonesian policy end, and short - selling opportunities on rallies can be considered [3] - Lead prices have fallen this week. The supply is abundant, and the demand is expected to weaken. The price is expected to fluctuate narrowly between 16,900 - 17,200, and cautious operation is recommended [5] - Tin prices have risen this week. The supply side has limited recovery elasticity and many disturbances. The demand is mainly rigid. Short - term fundamentals are okay, and long - position strategies near the cost line are recommended [8] - Industrial silicon's Q4 supply - demand is in a balanced and slightly loose state. In the short term, prices are expected to fluctuate, and in the long term, they will oscillate at the cycle bottom [9] - Lithium carbonate's short - term supply and demand are both strong. The current inventory is high, and the upward price elasticity depends on inventory reduction, speculative demand, and stronger holding willingness [9] Group 3: Summary by Metal Copper - **Price and Inventory Changes**: From November 25 to December 1, the spot premium of Shanghai copper decreased by 15, the scrap - refined copper spread increased by 556, and the inventory of the Shanghai Futures Exchange decreased by 3,749 [1] - **Market Outlook**: The copper price is expected to rise, with a central range of $10,500 - $11,300. The main bullish factors include limited domestic scrap copper supply, increased demand for the power grid in 2026, computing power - related demand, and power construction demand in Southeast Asia. The bearish factor is the potential outflow of North American inventory if US tariffs are removed [1] Aluminum - **Price and Inventory Changes**: From November 25 to December 1, the Shanghai aluminum ingot price increased by 280, and the inventory of the Shanghai Futures Exchange remained unchanged. The LME aluminum inventory decreased by 1,150 [1] - **Market Outlook**: The aluminum market has rebounded, and the inventory has decreased. It may fluctuate in the short term. The supply - demand balance is expected to be loose at the beginning of 2026 and then tighten [1] Zinc - **Price and Inventory Changes**: From November 25 to December 1, the Shanghai zinc ingot price increased by 190, the LME zinc inventory increased by 275, and the spot import profit decreased by 396.33 [2] - **Market Outlook**: Zinc prices have fluctuated. The supply side has issues such as a decline in TC and potential production cuts at the end of the year. The demand side is weak. The price may not fall deeply. Different trading strategies are recommended [2] Nickel - **Price and Inventory Changes**: From November 25 to December 1, the Shanghai nickel spot price increased by 350, and the LME nickel inventory decreased by 396 [3] - **Market Outlook**: Nickel's short - term fundamentals are weak. There are disturbances in the Indonesian mining end, and short - selling opportunities on rallies can be considered [3] Stainless Steel - **Price and Inventory Changes**: From November 25 to December 1, the price of 201 cold - rolled stainless steel decreased by 50, and other prices remained unchanged [3] - **Market Outlook**: Stainless steel's fundamentals are weak. There is a motivation for price support from the Indonesian policy end, and short - selling opportunities on rallies can be considered [3] Lead - **Price and Inventory Changes**: From November 25 to December 1, the lead price decreased, the LME lead inventory decreased by 2,300, and the spot import profit increased by 64.41 [4][5] - **Market Outlook**: Lead prices have fallen. The supply is abundant, and the demand is expected to weaken. The price is expected to fluctuate narrowly between 16,900 - 17,200, and cautious operation is recommended [5] Tin - **Price and Inventory Changes**: From November 25 to December 1, the tin price increased, the LME tin inventory remained unchanged, and the spot import profit increased by 10,585.40 [8] - **Market Outlook**: Tin prices have risen. The supply side has limited recovery elasticity and many disturbances. The demand is mainly rigid. Short - term fundamentals are okay, and long - position strategies near the cost line are recommended [8] Industrial Silicon - **Price and Inventory Changes**: From November 25 to December 1, the basis of 421 silicon in Yunnan and Sichuan decreased by 15, and the number of warehouse receipts remained unchanged [9] - **Market Outlook**: Q4 supply - demand is in a balanced and slightly loose state. In the short term, prices are expected to fluctuate, and in the long term, they will oscillate at the cycle bottom [9] Lithium Carbonate - **Price and Inventory Changes**: From November 25 to December 1, the SMM electric - grade lithium carbonate price increased by 600, and the number of warehouse receipts increased by 2,781 [9] - **Market Outlook**: Short - term supply and demand are both strong. The current inventory is high, and the upward price elasticity depends on inventory reduction, speculative demand, and stronger holding willingness [9]

Report Summary Report Information - Report title: Pulp Morning Report - Research team: Energy and Chemicals Team of the Research Center - Date: December 2, 2025 [2] Core Data - SP main contract closing price on December 1, 2025: 5190.00 [3] - Price changes from November 25 - December 1, 2025: closing price decreased from 5212.00 to 5190.00, with a daily change of -0.15391% on December 1; converted US - dollar price decreased from 641.47 to 641.02; Shandong Yinxing basis decreased from 253 to 185; Jiangsu - Zhejiang - Shanghai Yinxing basis decreased from 238 to 195 [3] - Import profit on December 1, 2025: Canada's Golden Lion - 110.31, Lion - 600.29; Chile's Yinxing - 135.27 [4] - National average price from November 25 - December 1, 2025: no change in the average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp; for paper products, cultural paper, packaging paper prices remained unchanged, while the living paper index increased by 2; profit margins of double - offset paper remained unchanged, double - copper paper increased by 0.0163, white cardboard increased by 0.0117, and living paper increased by 0.7022 [4] - Price differences on December 1, 2025: softwood - hardwood pulp price difference 925.00, softwood - natural pulp price difference - 25, softwood - chemimechanical pulp price difference 1575, softwood - waste paper price difference 3799 [4][5] Core View The report presents the price data of the SP main contract, import profit, national average price of pulp and paper products, and price differences in the pulp market from November 25 - December 1, 2025, reflecting the current market price trends and profit situations [3][4][5]