Report Industry Investment Rating - No information provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on October 29, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 29, 2025, the domestic spot price was 87,900, the LME spot price was 10,882, and the spot price ratio was 8.12; the domestic three - month price was 86,950, the LME three - month price was 10,902, and the three - month price ratio was 8.06. There was no data on spot import and export profitability [1] - **Zinc**: The domestic spot price was 22,260, the LME spot price was 3,207, and the spot price ratio was 6.94; the domestic three - month price was 22,335, the LME three - month price was 3,036, and the three - month price ratio was 5.73. The equilibrium ratio for spot import was 8.47, with a loss of 4,911.54 [1] - **Aluminum**: The domestic spot price was 21,160, the LME spot price was 2,863, and the spot price ratio was 7.39; the domestic three - month price was 21,180, the LME three - month price was 2,861, and the three - month price ratio was 7.42. The equilibrium ratio for spot import was 8.31, with no profitability data [1] - **Nickel**: The domestic spot price was 123,450, the LME spot price was 14,978, and the spot price ratio was 8.24. The equilibrium ratio for spot import was 8.15, with a loss of 1,509.48 [1] - **Lead**: The domestic spot price was 17,225, the LME spot price was 1,978, and the spot price ratio was 8.71; the domestic three - month price was 17,365, the LME three - month price was 2,014, and the three - month price ratio was 11.11. The equilibrium ratio for spot import was 8.71, with no profitability data [3] Cross - Period Arbitrage Tracking - **Copper**: On October 29, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 1410, - 1440, - 1430, and - 1500 respectively, while the theoretical spreads were 544, 986, 1437, and 1888 respectively [4] - **Zinc**: The spreads were 0, 25, 40, and 75 respectively, and the theoretical spreads were 215, 335, 456, and 576 respectively [4] - **Aluminum**: The spreads were - 165, - 125, - 110, and - 110 respectively, and the theoretical spreads were 218, 336, 455, and 573 respectively [4] - **Lead**: The spreads were - 170, - 160, - 160, and - 80 respectively, and the theoretical spreads were 213, 321, 430, and 539 respectively [4] - **Nickel**: The spreads were - 1500, - 1320, - 1100, and - 800 respectively [4] - **Tin**: The 5 - 1 spread was - 940, and the theoretical spread was 5858 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 515 and - 895 respectively, and the theoretical spreads were 415 and 695 respectively [4] - **Zinc**: The spreads were 50 and 50 respectively, and the theoretical spreads were 146 and 276 respectively [4] - **Lead**: The spreads were 300 and 130 respectively, and the theoretical spreads were 181 and 295 respectively [5] Cross - Variety Arbitrage Tracking - On October 29, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.89, 4.11, 5.01, 0.95, 1.22, and 0.78 respectively, and for London (triple - continuous) were 3.61, 3.81, 5.45, 0.95, 1.43, and 0.66 respectively [5]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - No clear - cut core view is presented in the given report content. 3. Summary by Related Catalogs 3.1 SP Main Contract Closing Price - The closing price of the SP main contract on October 28, 2025, was 5226.00. The closing prices on October 27, 24, 23, and 22 were 5258.00, 5240.00, 5250.00, and 5220.00 respectively. The daily price changes were - 0.60860%, 0.34351%, - 0.19048%, 0.57471%, and 0.96712% [3]. - The converted US - dollar prices on these dates were 645.65, 645.65, 642.32, 643.64, and 639.70 respectively. The basis for Shandong Yinxing was 274, 242, 350, 350, and 380, and for Jiangsu, Zhejiang, and Shanghai Yinxing was 309, 277, 310, 310, and 340 [3]. 3.2 Import Profit and Price Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US - dollar price was 780, the Shandong region RMB price was 6200, and the import profit was - 136.75. For Canadian Lion (CFR), the port US - dollar price was 730, the Shandong region RMB price was 5350, and the import profit was - 585.04. For Chilean Yinxing (CFR, 90 - day letter of credit), the port US - dollar price was 680, the Shandong region RMB price was 5500, and the import profit was - 33.32 [4]. 3.3 Pulp and Paper Price Averages - From October 22 to 28, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained unchanged [4]. - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged from October 23 to 28, 2025. The double - offset, double - copper, white - card, and living - paper indices were 5725, 5670, 4350, and 841 respectively [4]. 3.4 Pulp Profit Margin Estimation - The estimated profit margins of double - offset paper on October 23, 24, 27, and 28, 2025, were - 0.0774%, - 0.0430%, 0.2667%, and 0.2667% respectively. For double - copper paper, they were 12.9677%, 13.0000%, 13.2903%, and 13.2903%. For white - card paper, they were - 10.3133%, - 10.2892%, - 9.2823%, and - 9.2823%. For living paper, they were 7.1077%, 7.1459%, 6.9932%, and 6.9932% [4]. 3.5 Pulp Price Spreads - The price spreads between softwood and hardwood pulp on October 28, 27, 24, 23, and 22, 2025, were 1250.00, 1250, 1350, 1360, and 1350 respectively. The spreads between softwood and natural pulp were 100, 100, 190, 200, and 200. The spreads between softwood and chemimechanical pulp were 1700, 1700, 1790, 1800, and 1800. The spreads between softwood pulp and waste paper were 3924, 3924, 4014, 4024, and 4024 [4].

Report Overview - Report Title: Crude Oil and Refined Oil Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: October 29, 2025 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, oil prices rebounded significantly, with Brent crude closing above $65. US sanctions on major Russian oil producers and India's potential reduction in Russian oil imports have affected the market. Short - term support from Indian purchases is expected to continue in the Dubai market, while the medium - term impact on oil prices depends on multiple factors. Geopolitical concerns were raised by US military actions against Venezuela. Fundamentals have improved, but the Singapore diesel inventory build has limited the global diesel crack spread. Short - term oil price rebounds and volatility risks increase, and the upside space for medium - term oil prices is limited due to OPEC's potential to increase production, with an oversupply situation continuing in the fourth quarter [7]. 3. Summary by Directory 3.1 Daily News - US API crude oil inventory for the week ending October 24 decreased by 4.02 million barrels, compared to a decrease of 2.981 million barrels in the previous week [3]. - Israel attacked Gaza again, but US officials said the cease - fire "remained in effect". Hamas postponed the return of Israeli detainees' remains due to Israeli attacks [3]. - Russia's Peskov said it was currently unable to assess the prospects of restarting Russia - Ukraine negotiations, citing Ukraine's lack of willingness to continue dialogue [3]. - An executive of an Indian oil company stated that India would never completely stop buying Russian crude [4]. - Morgan Stanley predicted that the Brent crude price would be $57.5 per barrel in the first half of 2026 and $60 in the second half [4]. - Currently, about 1.4 billion barrels of crude oil are being shipped on tankers, the highest level since records began in 2016 [4]. 3.2 Regional Fundamentals - For the week ending October 17, US crude oil exports decreased by 263,000 barrels per day to 4.203 million barrels per day [4]. - US domestic crude oil production decreased by 700 barrels to 13.629 million barrels per day for the week ending October 17 [4]. - Commercial crude oil inventories (excluding strategic reserves) decreased by 1 million barrels to 422.8 million barrels, a 0.2% decline [4]. - The four - week average supply of US crude oil products was 20.474 million barrels per day, a 0.1% decrease compared to the same period last year [5]. - US Strategic Petroleum Reserve (SPR) inventory increased by 800,000 barrels to 408.6 million barrels, a 0.2% increase for the week ending October 17 [5]. - US imports of commercial crude oil (excluding strategic reserves) were 5.918 million barrels per day for the week ending October 17, an increase of 393,000 barrels per day compared to the previous week [5]. - US EIA gasoline inventory for the week ending October 10 decreased by 267,000 barrels, with an expected decrease of 75,000 barrels and a previous decrease of 1.601 million barrels [5]. - US EIA refined oil inventory for the week ending October 10 decreased by 4.529 million barrels, with an expected decrease of 294,000 barrels and a previous decrease of 2.018 million barrels [5]. - From October 16 - 23, the operating rate of major refineries and Shandong local refineries decreased slightly. Domestic gasoline and diesel production and inventories both decreased. The comprehensive profit of major refineries fluctuated downward, and the comprehensive profit of local refineries declined month - on - month [6]. 3.3 Weekly View - This week, oil prices rebounded significantly, with Brent crude closing above $65. US sanctions on major Russian oil producers and India's potential reduction in Russian oil imports have affected the market. Short - term support from Indian purchases is expected to continue in the Dubai market, while the medium - term impact on oil prices depends on multiple factors. Geopolitical concerns were raised by US military actions against Venezuela. Fundamentals have improved, but the Singapore diesel inventory build has limited the global diesel crack spread. Short - term oil price rebounds and volatility risks increase, and the upside space for medium - term oil prices is limited due to OPEC's potential to increase production, with an oversupply situation continuing in the fourth quarter [7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On Monday night, multiple shipping companies reduced prices, leading to a downward oscillation in the Tuesday trading session. Currently, there is no obvious improvement in cargo volume, but shipping companies have implemented numerous sailings cancellations. The market anticipates that the freight rates in November will settle between $2000 - $2200 (1400 - 1540 points). Overall, driven by subsequent price - support and contract - signing factors, it is recommended to adopt a strategy of buying on dips for contracts 12 and 02. Contract 12 has a neutral valuation, and trading should focus on the "announced increase - implementation - announced increase - implementation" cycles. For contract 04, a strategy of shorting on rallies is advised [1] Summary by Relevant Catalogs Futures Contracts - EC2512 closed at 1788.3 with a 0.75% increase, a basis of - 475.6, trading volume of 26019, and an open interest of 28900 with an increase of 905 - EC2602 closed at 1548.7 with a 1.46% decrease, a basis of - 236.0, trading volume of 6213, and an open interest of 13910 with an increase of 772 - EC2604 closed at 1162.7 with a 1.37% decrease, a basis of 150.0, trading volume of 2279, and an open interest of 14279 with an increase of 133 - EC2606 closed at 1374.0 with a 0.94% decrease, a basis of - 61.3, trading volume of 154, and an open interest of 1402 with an increase of 31 [1] Month - to - Month Spreads - EC2510 - 2512 spread was - 1144.2, with a daily change of - 1136.6, and previous values of - 1788.3, - 644.1, - 693.2 - EC2512 - 2602 spread was 36.2, with a daily change of 34.2, and previous values of 239.6, 203.4, 230.0 [1] Spot Indexes - SCEIS was updated on 2025/10/27, reaching 1312.71 points, up 15.11% from the previous period, which had a 10.52% increase - SCFI (European Line) was updated on 2025/10/24, at $1246/TEU, up 8.82% from the previous period, which had a 7.21% increase - CCFI (European Line) was updated on 2025/10/24, at 1293.12 points, up 1.99% from the previous period, which had a 1.49% decrease - NCFI was updated on 2025/10/24, at 822.3 points, up 2.38% from the previous period, which had a 14.96% increase [1] Recent European Line Quotations - Currently, downstream customers are booking cargo space for early November (Week 45). In Week 44, offline quotes were PA $1400, GEMINI $1600, and OA $1800 - Shipping companies announced price increases to $2500 - $2700 in November, with an average equivalent of about 1800 points on the futures market. MSK opened bookings at $2350, in line with expectations. Subsequently, shipping companies reduced prices to $1900 - $2300 - On Monday, HMM cut prices to $1900, HPL to $2335, ONE to $2135, and MSC to $2265 - On Tuesday, MSK dropped to $2200, OOCL to $2150, and YML on a single route to $1900 [1] News - On 10/28, Hamas militants fired at Israeli troops in Gaza, and the Israeli Prime Minister ordered a strong counter - attack - On 10/29, Hamas denied involvement in the attack on Israeli troops in Rafah, southern Gaza, and stated its commitment to the current cease - fire agreement. It also claimed that Israeli military attacks violated the cease - fire and called on mediators to pressure Israel to stop the violations - On 10/29, US Vice - President Vance stated that the cease - fire agreement was still in effect [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - This week, the crack spread of Singapore 380 fuel oil strengthened slightly, the monthly spread declined month-on-month, and the basis fluctuated at a low level. The high-low sulfur spread is at a historically low level year-on-year. The crack spread of Singapore 0.5 low-sulfur fuel oil weakened, and the monthly spread and basis fluctuated at historically low levels. In terms of inventory, Singapore residue oil was de-stocked, the high-sulfur floating storage was higher than the historical average for the same period, and the low-sulfur floating storage increased slightly. [3] - The heavy oil inventory in Fujairah increased significantly to 8,520 thousand tons. The high-sulfur floating storage was de-stocked but remained at a historically high level year-on-year. The ARA port was de-stocked, and the inventory was at a historically low level year-on-year. In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low-sulfur fuel oil strengthened slightly. Saudi Arabia's shipments declined month-on-month, while the UAE's shipments increased month-on-month. Recently, the weak fundamentals of low-sulfur fuel oil continued, and it is expected to maintain a low-level fluctuating pattern. The high-sulfur fuel oil has started to accumulate inventory globally. The crack spread in Singapore is still supported by purchasing demand, but in the medium term, it faces downward pressure due to factors such as sanctions on Russia. The internal and external spread of FU mainly fluctuated, and it weakened slightly this week. [4] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From October 22 to October 28, 2025, the prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 3.5% HSF O swap M1 decreased from 373.89 on October 22 to 389.95 on October 28, a decrease of 10.48. [1][8] Singapore Fuel Oil Spot Data - From October 22 to October 28, 2025, the FOB prices of Singapore 380cst and FOB VLSFO showed fluctuations. The FOB 380cst price decreased from 364.70 to 383.42, a decrease of 3.60, and the FOB VLSFO price decreased from 427.30 to 441.88, a decrease of 4.37. The 380 basis, high-sulfur internal and external spread, and low-sulfur internal and external spread also changed accordingly. [2] Domestic FU Data - From October 22 to October 28, 2025, the prices of domestic FU 01, FU 05, and FU 09 showed fluctuations. The price of FU 01 decreased from 2691 to 2818, a decrease of 24, and the price differences between different contracts also changed. [2] Domestic LU Data - From October 22 to October 28, 2025, the prices of domestic LU 01, LU 05, and LU 09 showed fluctuations. The price of LU 01 increased from 3136 to 3273, an increase of 16, and the price differences between different contracts also changed significantly. [3]

Price Performance - London Gold's latest price is 3948.50, with a change of -22.30 [1] - London Silver's latest price is 46.44, with a change of -0.93 [1] - London Platinum's latest price is 1602.00, with a change of -4.00 [1] - London Palladium's latest price is 1402.00, with a change of -38.00 [1] - LME Copper's latest price is 10902.00, with a change of -157.50 [1] - The latest value of the US Dollar Index is 98.72, with a change of -0.10 [1] - The latest exchange rate of Euro to US Dollar is 1.17, with a change of 0.00 [1] - The latest exchange rate of British Pound to US Dollar is 1.33, with a change of -0.01 [1] - The latest exchange rate of US Dollar to Japanese Yen is 152.09, with a change of -0.79 [1] Trading Data - COMEX Silver inventory is 15180.45, with a change of -139.79 [1] - SHFE Silver inventory is 657.43, with a change of 9.79 [1] - Gold ETF holdings are 1038.92, with no change [1] - Silver ETF holdings are 15209.57, with a change of -131.22 [1] - The payment direction of the Shanghai Gold Exchange's gold deferred fee is 1, with no change [1] - The payment direction of the Shanghai Gold Exchange's silver deferred fee is 2, with no change [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - Methanol: The current situation remains poor. Iran's plant shutdown is slower than expected, and high imports are expected in November. The contradiction in the 01 contract is difficult to resolve. The port sanctions issue is expected to be resolved before the end of gas restrictions, and inventory reduction is difficult. Methanol has limited upward momentum, and the downward space depends on the inland market. Although coal prices have strengthened recently, it has no impact on profits [1]. - Polyethylene: The inventory of Sinopec and PetroChina is neutral year - on - year. Upstream Sinopec and PetroChina and coal - chemical enterprises are reducing inventory, while social inventory remains flat. Downstream raw material and finished - product inventories are neutral. Overall inventory is neutral. The 09 contract basis is around - 110 in North China and - 50 in East China. The import profit is around - 200 with no further increase for now. The price of non - standard HD injection molding is stable, and other price differentials are fluctuating. LD is weakening. Domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion and US quotes. The pressure from new plants in 2025 is significant [5]. - Polypropylene: The upstream and mid - stream of polypropylene are reducing inventory. In terms of valuation, the basis is - 60, the non - standard price differential is neutral, and the import profit is around - 700. Exports have been good this year. The non - standard price differential is neutral. The PDH profit is around - 400, propylene is fluctuating, and the powder production start - up rate is stable. The拉丝 production ratio is neutral. Future supply is expected to increase slightly. Downstream orders are average, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the 01 contract is expected to face moderate to excessive pressure. If exports continue to increase or there are many PDH plant overhauls, the supply pressure can be alleviated to a neutral level [5]. - PVC: The basis remains at 01 - 270, and the factory - pickup basis is - 480. Downstream operating rates are seasonally weakening, and the willingness to hold goods at low prices is strong. Mid - and upstream inventories are continuously accumulating. In summer, Northwest plants have seasonal overhauls, and the load center is between the spring overhaul and the high production in Q1. Attention should be paid to the commissioning of new plants and the sustainability of exports in Q4. Recent export orders have declined slightly. Coal sentiment is positive, the cost of semi - coke is stable, and the profit of calcium carbide is under pressure due to PVC overhauls. The FOB price of caustic soda exports is 380. PVC comprehensive profit is - 100. Currently, the static inventory contradiction is accumulating slowly, costs are stable, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operating rates [5]. 3. Summary by Commodity Methanol - **Price Data**: From October 22 to October 28, the power coal futures price remained at 801. The Jiangsu spot price decreased from 2252 to 2217, and the South China spot price decreased from 2243 to 2213. The Runan converted price increased from 2470 to 2475 and then decreased to 2450. The Southwest converted price increased from 2490 to 2495. The Hebei converted price remained at 2435, and the Northwest converted price increased from 2620 to 2640 and then decreased to 2638. The CFR China price increased from 262 to 264 and then decreased to 262. The import profit increased from 325 to 326 and then decreased to 324. The main contract basis decreased from - 14 to - 50 [1]. Polyethylene - **Price Data**: From October 22 to October 28, the Northeast Asia ethylene price decreased from 780 to 765. The North China LL price decreased from 6860 to 6880, and the East China LL price increased from 7025 to 7125. The East China LD price increased from 9100 to 9175, and the East China HD price increased from 7200 to 7230. The LL import profit decreased from - 127 to - 156 (estimated based on the trend). The main futures price decreased from 6936 to 6985, and the basis decreased from - 50 to - 100. The two - oil inventory decreased from 78 to 76, and the warehouse receipts decreased from 12964 to 12745 [5]. Polypropylene - **Price Data**: From October 22 to October 28, the Shandong propylene price remained at 6000. The Northeast Asia propylene price decreased from 740 to 730. The East China PP price increased from 6500 to 6560, and the North China PP price decreased from 6468 to 6525. The Shandong powder price remained at 6490, and the East China copolymer price increased from 6820 to 6896. The PP export profit decreased from - 18 to - 29. The main futures price decreased from 6619 to 6657, and the basis decreased from - 100 to - 130. The two - oil inventory decreased from 78 to 76, and the warehouse receipts decreased from 14586 to 14573 [5]. PVC - **Price Data**: From October 22 to October 28, the Northwest calcium carbide price remained at 2500, and the Shandong caustic soda price decreased from 822 to 802. The calcium - carbide - based East China price remained at 4680, and the calcium - carbide - based Northwest price remained at 4300. The import price (CFR China) remained at 690, and the basis remained at - 90 [5].

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/10/29 | | | 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 | | 2025/10/22 | 3120 | 3230 | 3210 | 3130 | 3280 | 3210 | | 2025/10/23 | 3120 | 3230 | 3210 | 3130 | 3300 | 3250 | | 2025/10/24 | 3080 | 3190 | 3210 | 3130 | 3260 | 3250 | | 2025/10/27 | 3130 | 3230 | 3210 | 3130 | 3310 | 3260 | | 2025/10/28 | 3150 | 3230 | 3250 | 3180 | 3330 | 3280 | | 变化 | 20 | 0 | 40 | 50 | 20 | 20 | | 日期 | 天津热卷 | 上海热 ...

Report Information - Report Title: Coking Coal Daily Report - Date: October 29, 2025 - Research Team: Black Team of the Research Center [1] Key Data Summary Price - LiuLin Main Coking Coal: The latest price is 1575.00, with no daily change, no weekly change, a monthly increase of 72.00, and an annual increase of 5.00% [2] - Raw Coal Port Pick - up Price: The latest price is 1131.00, a daily decrease of 4.00, a weekly increase of 31.00, a monthly increase of 93.00, and an annual decrease of 2.92% [2] - ShaHeYi Meng 5: The latest price is 1470.00, with no daily change, a weekly increase of 50.00, a monthly increase of 80.00, and an annual decrease of 12.50% [2] - AnZe Main Coking Coal: The latest price is 1600.00, with no daily change, a weekly increase of 50.00, a monthly increase of 20.00, and an annual decrease of 7.51% [2] - Peak Downs: The latest price is 209.70, with no daily change, a weekly increase of 5.20, a monthly increase of 4.70, and an annual decrease of 5.70 [2] - Goonyella: The latest price is 209.70, with no daily change, a weekly increase of 5.20, a monthly increase of 4.20, and an annual decrease of 5.70 [2] - Futures Contract 05: The latest price is 1321.00, a daily increase of 6.00, a weekly increase of 49.00, a monthly decrease of 2.00, and an annual decrease of 9.27% [2] - Futures Contract 09: The latest price is 1393.50, a daily increase of 9.00, a weekly increase of 42.50, a monthly increase of 4.00, and an annual decrease of 5.24% [2] - Futures Contract 01: The latest price is 1258.00, a daily increase of 6.50, a weekly increase of 61.00, a monthly increase of 29.00, and an annual decrease of 9.40% [2] Inventory - Total Inventory: The latest value is 3303.53, a weekly decrease of 14.87, a monthly decrease of 43.88, and an annual decrease of 12.73% [2] - Coal Mine Inventory: The latest value is 189.54, a weekly decrease of 15.87, a monthly decrease of 21.42, and an annual decrease of 27.22% [2] - Port Inventory: The latest value is 272.71, a weekly decrease of 22.28, a monthly decrease of 9.48, and an annual decrease of 33.58% [2] - Steel Mill Coking Coal Inventory: The latest value is 788.32, a weekly increase of 7.19, a monthly decrease of 2.02, and an annual increase of 7.16% [2] - Coking Plant Coking Coal Inventory: The latest value is 997.37, a weekly increase of 38.31, a monthly increase of 56.96, and an annual increase of 4.17% [2] - Coking Plant Coke Inventory: The latest value is 85.03, a weekly increase of 0.31, a monthly decrease of 0.61, and an annual decrease of 1.72% [2] Other Indicators - Coking Capacity Utilization Rate: The latest value is 73.47, a weekly decrease of 0.77, a monthly decrease of 1.96, and an annual decrease of 0.66% [2] - 05 Basis: The latest value is - 74.10, a daily decrease of 6.00, a weekly decrease of 20.26, a monthly increase of 119.24, and an annual decrease of 0.63 [2] - 09 Basis: The latest value is - 146.60, a daily decrease of 9.00, a weekly decrease of 13.76, a monthly increase of 113.24, and an annual increase of 0.67 [2] - 01 Basis: The latest value is - 11.10, a daily decrease of 6.50, a weekly decrease of 32.26, a monthly increase of 88.24, and an annual increase of 0.86 [2] - 5 - 9 Spread: The latest value is - 72.50, a daily decrease of 3.00, a weekly increase of 6.50, a monthly decrease of 6.00, and an annual increase of 4.00 [2] - 9 - 1 Spread: The latest value is 135.50, a daily increase of 2.50, a weekly decrease of 18.50, a monthly decrease of 25.00, and an annual increase of 0.65 [2] - 1 - 5 Spread: The latest value is - 63.00, a daily increase of 0.50, a weekly increase of 12.00, a monthly increase of 31.00, and an annual decrease of 0.07 [2]

Report Information - Report Title: Coke Daily Report - Date: October 29, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Not provided in the report Summary by Relevant Catalog Coke Price - The latest price of Shanxi quasi - first wet quenching coke is 1537.01, with no daily change, a weekly increase of 54.61, a monthly increase of 109.23, and a year - on - year decrease of 20.89% [2] - The latest price of Hebei quasi - first dry quenching coke is 1790.00, with no daily change, a weekly increase of 55.00, a monthly increase of 110.00, and a year - on - year decrease of 3.76% [2] - The latest price of Shandong quasi - first dry quenching coke is 1715.00, with no daily change, a weekly increase of 55.00, a monthly increase of 110.00, and a year - on - year decrease of 19.10% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1755.00, with no daily change, a weekly increase of 55.00, a monthly increase of 110.00, and a year - on - year decrease of 18.75% [2] - The latest price of Inner Mongolia second - grade coke is 1230.00, with no daily change, a weekly increase of 50.00, a monthly increase of 150.00, and a year - on - year decrease of 27.65% [2] Production and Utilization Rate - The blast furnace开工率 is 89.94, with a weekly decrease of 0.39, a monthly decrease of 0.92, and a year - on - year increase of 2.22% [2] - The daily average iron water output is 239.90, with a weekly decrease of 1.05, a monthly decrease of 2.46, and a year - on - year increase of 1.79% [2] - The coking capacity utilization rate is 73.99, with a weekly decrease of 0.96, a monthly decrease of 1.36, and a year - on - year increase of 0.20% [2] - The daily average coke output is 51.21, with a weekly decrease of 0.07, a monthly decrease of 0.81, and a year - on - year increase of 0.37% [2] Inventory - The coking plant inventory is 37.49, with a weekly decrease of 0.10, a monthly decrease of 2.05, and a year - on - year decrease of 6.02% [2] - The port inventory is 200.09, with a weekly increase of 4.94, a monthly increase of 4.03, and a year - on - year increase of 7.47% [2] - The steel mill inventory is 633.16, with a weekly decrease of 6.28, a monthly decrease of 28.15, and a year - on - year increase of 11.46% [2] - The steel mill inventory days are 11.07, with a weekly decrease of 0.12, a monthly decrease of 0.59, and a year - on - year increase of 2.03% [2] Futures Market - The price of futures contract 05 is 1897, with a daily increase of 4.00, a weekly increase of 56.50, a monthly increase of 30.50, and a year - on - year decrease of 10.48% [2] - The price of futures contract 09 is 1980, with a daily increase of 5.50, a weekly increase of 59.00, a monthly increase of 56.50, and a year - on - year decrease of 8.73% [2] - The price of futures contract 01 is 1767.5, with a daily increase of 3.00, a weekly increase of 71.00, a monthly increase of 42.00, and a year - on - year decrease of 13.23% [2] - The 05 basis is - 66.89, with a daily decrease of 4.00, a weekly increase of 2.22, a monthly increase of 70.82, and a year - on - year decrease of 155.63 [2] - The 09 basis is - 149.89, with a daily decrease of 5.50, a weekly decrease of 0.28, a monthly increase of 44.82, and a year - on - year decrease of 188.13 [2] - The 01 basis is 62.61, with a daily decrease of 3.00, a weekly decrease of 12.28, a monthly increase of 59.32, and a year - on - year decrease of 108.13 [2] - The 5 - 9 spread is - 129.50, with a daily decrease of 1.00, a weekly increase of 14.50, a monthly increase of 11.50, and a year - on - year decrease of 47.50 [2] - The 9 - 1 spread is - 83.00, with a daily decrease of 1.50, a weekly decrease of 2.50, a monthly decrease of 26.00, and a year - on - year decrease of 32.50 [2] - The 1 - 5 spread is 212.50, with a daily increase of 2.50, a weekly decrease of 12.00, a monthly increase of 14.50, and a year - on - year increase of 80.00 [2]