Group 1: Investment Rating - There is no information about the industry investment rating in the provided documents. Group 2: Core Viewpoints - Week 43/44 had good cargo receipts. The PA alliance attracted cargo by reducing prices and filled all spaces. OA and MSK accumulated container usage on some routes [2][19]. - In the second week of November, the significant decrease in newly added suspended shipping capacity (240,000 TEU) raised market expectations for shipping companies' price - increase determination. The implementation of price hikes in early November was better than expected, and OA and MSK might achieve partial implementation [2][19]. - The price - increase expectation for late November was set at the end of October, with an average weekly capacity of 300,000 TEU. The capacity in December is high but still subject to change [2][19]. - The logic of buying on dips in December remains unchanged, mainly due to upward drivers from multiple price - increase nodes in the future. However, the current valuation of December contracts is high, and they may fluctuate weakly following the spot market recently [2][19]. - Against the backdrop of repeated geopolitical situations, the upward potential of far - month contracts may be greater as the peak season approaches, but geopolitical disturbances are significant [2][19]. Group 3: Summary of Related Data Futures Data - EC2510 had a closing price of 1136.6, a change of 0.14%, a basis of 3.8, a trading volume of 1170, an open interest of 2283, and an open interest change of - 7839 [2][19]. - EC2512 had a closing price of 1788.3, a change of 1.07%, a basis of - 647.9, a trading volume of 28612, an open interest of 29008, and an open interest change of 574 [2][19]. - EC2602 had a closing price of 1582.9, a change of 0.95%, a basis of - 442.5, a trading volume of 4733, an open interest of 10664, and an open interest change of 431 [2][19]. - EC2604 had a closing price of 1171.4, a change of 0.65%, a basis of - 31.0, a trading volume of 2101, an open interest of 14317, and an open interest change of 13 [2][19]. - EC2606 had a closing price of 1353.3, a change of - 0.57%, a basis of - 212.9, a trading volume of 117, and an open interest change of - 23 [2][19]. - The month - spread of EC2510 - 2512 was - 651.7, with a daily change of - 17.4 and a weekly change of - 101.5. The month - spread of EC2512 - 2602 was 205.4, with a daily change of 4.1 and a weekly change of - 16.5 [2][19]. Spot Data - The spot price of ટેલનિ on October 20, 2025, was 1140.38 points, with a current increase of 10.52% and a previous decrease of - 1.40% [2][19]. - The SCFI on October 17, 2025, was 1145 dollars/TEU, with an increase of 7.21% [2][19]. - The CCFI on October 17, 2025, was 1267.91 points, with a decrease of - 1.49% [2][19]. - The NCFI on October 17, 2025, was 803.21 points, with a current increase of 14.96% and a previous increase of 11.39% [2][19]. Recent European Line Quotations - In Week 42, the final offline prices were PA1500, GEMINI1600, and OA1800 dollars, with an average of 1640 dollars (equivalent to 1150 points on the disk) [3][20]. - In Week 43, the PA alliance continued to reduce the price by 100 to 1400 dollars. The offline quotations were PA1400, GEMINI1600, and OA1800 dollars [3][20]. - Shipping companies' price - increase expectations for November are mostly between 2500 - 2700 dollars, with an average equivalent to about 1800 points on the disk. On Tuesday, MSK opened at 2350 dollars, in line with expectations [3][20]. Group 4: Related News - On October 22, US Secretary of State Rubio planned to visit Israel to promote the consolidation of the Gaza cease - fire agreement [4][21]. - On October 22, US President Donald Trump announced that the US would impose a 155% tariff on Chinese imports starting from November 1, despite expressing hopes for friendly relations with Beijing [4][21]. - The XSI - C index is announced with a three - day delay [4][21].

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - For copper, maintain a strategy of buying on dips considering the ongoing tightness in the mining end and the growth in infrastructure and power demand in Southeast Asia and the Middle East. Pay attention to the support around $10,300 for LME copper, and consider selling put options below $10,000 or gradually building virtual inventories [1]. - For aluminum, the short - term fundamentals are acceptable, and it is advisable to hold at low prices in the long term while keeping an eye on terminal demand [1]. - For zinc, due to the poor domestic fundamentals but potential export opportunities, it is recommended to wait and see or consider shorting LME zinc. For the spread between domestic and overseas markets, gradually take profits on long domestic - short overseas positions and look for reverse spread opportunities in the far - month contracts. For the month - to - month spread, focus on the positive spread opportunity between December and February contracts [2]. - For nickel, with a weak short - term fundamental situation and increased short - term macro uncertainties, it is recommended to wait and see [5]. - For stainless steel, the fundamentals remain weak, with increased short - term macro uncertainties and some price - support motivation from Indonesian policies [9]. - For lead, it is expected that the domestic and overseas lead prices will maintain a narrow - range oscillation next week, in the range of 17,000 - 17,300, and positive spread opportunities can be considered [11]. - For tin, follow the macro sentiment in the short term and wait and see. If there is a systematic macro risk, the tin price may have a large downward space. In the medium - to - long - term, buy at low prices near the cost line [13]. - For industrial silicon, the price is expected to oscillate weakly in the short term and oscillate at the cycle bottom based on the seasonal marginal cost in the medium - to - long - term [14]. - For lithium carbonate, the supply and demand are both strong in the short term, maintaining a de - stocking trend. In the long - term, the elasticity of the demand side is the key variable for the pattern change [15]. Group 3: Summary by Metal Copper - Market sentiment is mainly influenced by tariff negotiation progress. The impact of this tariff conflict is estimated to be no higher than that during the Tomb - Sweeping Festival, when LME copper fell 12% and gold rose 2.6%. There is still room for negotiation, and the progress of the South Korea negotiation should be monitored [1]. - Fundamentally, the smelting reduction is more than expected, and there is medium - level inventory accumulation this week. The downstream's price - setting volume and receiving sentiment are acceptable, and the psychological price - setting level has significantly increased. The copper cable's recent start - up diverges from that of the aluminum cable, and it is necessary to pay attention to whether the start - up stabilizes [1]. Aluminum - The operating capacity remains flat. The production schedule of photovoltaic modules on the demand side stabilizes, and the proportion of aluminum water in September has significantly rebounded. There is seasonal inventory accumulation in aluminum ingots and aluminum rods due to the holiday effect, but the post - holiday de - stocking amplitude is considerable, and the apparent demand rises [1]. - The global economic recovery signs are emerging, and the Fed's interest - rate cut expectation is strengthened, but the uncertainty of Sino - US economic and trade relations deepens, causing a certain divergence in the trends of domestic and overseas markets [1]. Zinc - The zinc price oscillates this week. On the supply side, the domestic TC further decreases, and the imported TC further increases. The domestic ore will be marginally tighter from the fourth quarter to the first quarter of next year, while the overseas ore increment in the second quarter exceeds expectations. In August, China imported 460,000 tons of zinc ore, with a cumulative year - on - year increase of 43%. In October, the smelting end recovers slightly month - on - month, and the impact of sulfuric acid and silver prices on the total profit should be noted when the domestic ore processing fee declines [2]. - On the demand side, the domestic demand is seasonally weak and may continue to oscillate weakly after the peak season in September. Overseas, the European demand is average, and some smelters face production resistance due to processing fees. Domestically, the social inventory oscillates, while the overseas LME inventory decreases, and the visible inventory is close to the lowest level in the past two years. The export window has opened under the current situation of strong overseas and weak domestic markets, and some smelters and traders are preparing for exports [2]. Nickel - On the supply side, the production of pure nickel remains at a high level. On the demand side, the overall demand is weak, and the premium has been stable recently. On the inventory side, both domestic and overseas inventories continue to accumulate. The short - term fundamental situation is weak [5]. - There are continuous disturbances in the Indonesian mining end, and the policy side still has the motivation to support prices. The short - term macro uncertainty increases [5]. Stainless Steel - On the supply side, the steel mills' production schedule in October increases slightly month - on - month. On the demand side, it is mainly driven by rigid demand. The prices of nickel iron and chrome iron remain stable. The inventory remains at a high level, and the warehouse receipts remain unchanged. The overall fundamentals are weak, with increased short - term macro uncertainties and some price - support motivation from Indonesian policies [9]. Lead - The lead price oscillates slightly at a high level this week. On the supply side, the scrap volume is weaker year - on - year. The recovery of recycled lead profits is expected to lead to an incremental production of 20,000 - 30,000 tons in October. The macro sentiment combined with the shortage of waste batteries may drive recyclers to support prices. The concentrate mine's operation rate increases, and the high smelting profit of primary lead leads to a shortage of concentrates, with the TC quotation declining in a chaotic manner [10][11]. - On the demand side, the battery's operation rate increases this week, but the battery's finished - product inventory is high. After the National Day stocking, the demand is expected to weaken. The refined - scrap price difference is - 50, and the recycled lead production has gradually started to output. The LME registered warehouse receipts have decreased by 100,000 tons. There is an expectation of the peak season turning to the off - season in October. After the National Day, the downstream replenishes goods, and there is a short - term inventory - picking demand [11]. Tin - The tin price oscillates this week. On the supply side, the mining processing fee is at a low level. Some scattered orders have tentatively raised the quotation, but large - scale transactions have not occurred yet. The maintenance of Yunnan Tin has ended, and the supply has marginally recovered. Overseas, the import from Wa State in August is still low, but the recovery expectation in October is strong, and it is expected to maintain above 600 metal tons. The quota approval of Indonesia's PT Timah has been completed, and exports resumed in mid - to - late September. The Indonesian president announced that tin ingot exports will return to normal levels in 2026 [13]. - On the demand side, the solder peak season has a slight recovery, mainly supported by rigidity at high prices. After the festival, the arrival of goods is slow, and the domestic inventory decreases slightly. The overseas LME inventory oscillates at a low level. The domestic fundamentals show a short - term situation of weak supply and demand. Pay attention to the expected change of the peak season not being prosperous after the marginal recovery of supply at home and abroad in October and the impact of the interest - rate cut expectation on the non - ferrous metals as a whole [13]. Industrial Silicon - This week, the leading enterprises in Xinjiang continue to resume production, with 35 furnaces in the west and 55 in the east. The number of operating furnaces in Sichuan and Yunnan will significantly decrease in the future. The overall supply of industrial silicon will decline month - on - month during the dry season. Considering the maintenance of leading polysilicon enterprises, the supply - demand situation of industrial silicon in Q4 is still in a balanced and slightly loose state, with a monthly inventory accumulation of 40,000 - 50,000 tons. In the short term, the price is expected to oscillate weakly. In the long term, the over - capacity of industrial silicon is still high, the operating rate is low, and the price is expected to oscillate at the cycle bottom based on the seasonal marginal cost [14]. Lithium Carbonate - The lithium carbonate price oscillates strongly this week. On the raw material side, the mining end continues to support prices. Due to the significant reduction of the previous inventory, the holders' reluctance to sell is strong, and the spot market is tight. On the lithium salt side, the consumption trend and de - stocking level continuously exceed expectations. With the acceleration of warehouse receipt cancellation this week, the basis of first - tier brands also runs strongly [15]. - In the short term, the supply and demand of lithium carbonate are both strong, and the overall de - stocking trend is maintained. It is expected to de - stock 8,000 - 10,000 tons in October. At the end of the year, there are multiple expected games such as the weakening of power demand in the off - season, the sustainability of energy - storage demand, and the supply disturbance in Jiangxi. In the long - term pattern, the supply growth rate at the current price is relatively certain, and the subsequent elasticity of the demand side with the increasing proportion of energy - storage is the key variable for the pattern change [15].

Report Industry Investment Rating - Not provided in the document Core Viewpoint - Not provided in the document Summary by Relevant Catalogs Price - For silicon ferroalloy on October 23, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 are 5180 and 5200 respectively, with daily changes of 50 and 50, and weekly changes of 50 and 20. The latest prices of Qinghai 72, Shaanxi 72, and Shaanxi 75 are 5170, 5200, and 5800 respectively, with different daily and weekly changes. The export prices of Tianjin 72 and Tianjin 75 are 1055 and 1105 respectively [2]. - For silicon manganese on October 23, 2025, the factory - ex prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 vary, and the trading prices of Ningxia 6517 and Jiangsu 6517 also have different changes [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China, including monthly production, weekly production (with a capacity share of 95%), and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025 are presented. Also, the production data of silicon manganese in China, such as weekly production and the procurement volume and price of Hebei Iron and Steel Group from 2021 - 2025 are shown [4][5][7]. Demand - The demand - related data include the estimated and actual production of crude steel in China, the production and price of metal magnesium, the export volume of silicon ferroalloy, the production of stainless - steel crude steel, the procurement volume and price of silicon ferroalloy by Hebei Iron and Steel Group, and the demand for silicon manganese in China from 2021 - 2025 [4][5][8]. Inventory - The inventory data of silicon ferroalloy, including the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions from 2021 - 2025 are provided. For silicon manganese, the inventory - related data such as the number of warehouse receipts, effective forecasts, and the inventory of 63 sample enterprises in China from 2021 - 2025 are presented [6][8]. Cost and Profit - The cost - related data of ferroalloys include electricity prices in different regions, the market price of semi - carbonated manganese ore, and the price of chemical coke. The profit - related data include the production profit of silicon ferroalloy in Ningxia and Inner Mongolia, the export profit of 75% silicon ferroalloy, and the profit of silicon manganese in different regions from 2021 - 2025 [6][7][8].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - From October 13 - 17, international oil prices continued to decline, the monthly spreads of the three markets weakened, and Dubai 1 - 2 weakened to 0. The geopolitical premium subsided, and the fundamental surplus intensified. The latest IEA monthly report raised the global oil surplus forecast for 2026 again. With a large number of oil tankers transporting to major trading and transportation centers recently, the on - land inventory pressure increased significantly, and October was the point with the largest absolute surplus throughout the year. The follow - up oil price trend needs to focus on whether Russian crude oil supply declines marginally and the progress of Sino - US trade negotiations before the APEC meeting at the end of October. In the benchmark scenario, the surplus in the fourth quarter is over 2 million barrels per day, and it is expected to be 1.8 - 2.5 million barrels per day in 2026. It is expected that the absolute price center in the fourth quarter will fall back to $55 - 60 per barrel, and short - term oil prices will be in a volatile consolidation [6]. Summary by Relevant Catalogs 1. Oil Price and Related Data - From October 16 - 22, WTI increased by $1.26, BRENT by $1.27, and DUBAI by $0.52. Other related indicators such as spreads and prices of refined products also had corresponding changes [3]. 2. Daily News - On October 23, international oil prices soared 4% as the US Treasury Department blacklisted Russian state - owned oil giants Rosneft and Lukoil and their subsidiaries, which account for nearly half of Russia's crude oil exports (about 2.2 million barrels per day in the first half of this year). The US Treasury Department stated that this move would weaken Russia's ability to raise revenue for the conflict. Oil prices were also supported by the growth of US energy demand, as the EIA reported a decline in US crude, gasoline, and distillate inventories last week [3][4]. - As of the week of October 20, the total refined oil inventory in Fujairah, UAE increased by 2.202 million barrels to 20.014 million barrels, with light distillate inventory decreasing by 0.851 million barrels, medium distillate inventory increasing by 0.668 million barrels, and heavy residual fuel oil inventory increasing by 2.385 million barrels [4]. 3. Regional Fundamentals - In the week of October 17, US crude oil exports decreased by 263,000 barrels per day to 4.203 million barrels per day, domestic crude oil production decreased by 700 barrels to 13.629 million barrels per day, commercial crude oil inventory (excluding strategic reserves) decreased by 1 million barrels to 422.8 million barrels (a 0.2% decrease), the strategic petroleum reserve (SPR) inventory increased by 800,000 barrels to 408.6 million barrels (a 0.2% increase), and commercial crude oil imports (excluding strategic reserves) increased by 393,000 barrels per day to 5.918 million barrels per day. The four - week average supply of US crude oil products was 20.474 million barrels per day, a 0.1% decrease from the same period last year [5]. - From September 19 - 25, the operating rate of major refineries decreased, while that of Shandong local refineries increased. Domestic gasoline production decreased while diesel production increased, gasoline inventory increased while diesel inventory decreased. The comprehensive profit of major refineries fluctuated downward, and the comprehensive profit of local refineries decreased month - on - month [5]. 4. Weekly Viewpoints - In the week of October 13 - 17, international oil prices continued to decline, the monthly spreads of the three markets weakened, and the geopolitical premium subsided. The fundamental surplus intensified, and the latest IEA monthly report raised the global oil surplus forecast for 2026. The on - land inventory pressure increased significantly, and October was the point with the largest absolute surplus throughout the year. The follow - up oil price trend needs to focus on Russian crude oil supply and Sino - US trade negotiations. In the benchmark scenario, the surplus in the fourth quarter is over 2 million barrels per day, and it is expected to be 1.8 - 2.5 million barrels per day in 2026. It is expected that the absolute price center in the fourth quarter will fall back to $55 - 60 per barrel, and short - term oil prices will be in a volatile consolidation [6].

甲醇聚烯烃早报 研究中心能化团队 2025/10/23 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 动力煤期 | 日期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | 货 | | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 801 | 2025/10/1 6 | 2305 | 2285 | 2495 | 2500 | 2470 | 2665 | 265 | 325 | 20 | 5 | - | | 801 | 2025/10/1 7 | 2280 | 2263 | 2505 | 2500 | 2470 | 2653 | 263 | 325 | 5 | -10 | - | | 801 | 2025/10/2 0 | 2275 | 2253 | 2495 | 2500 | 2470 | ...

Report Information - Report Title: Coke Daily Report - Report Date: October 23, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - No information provided Core Viewpoints - No information provided Summary by Relevant Catalog Coke Price - The latest price of Shanxi quasi - first wet quenching coke is 1482.39, with no daily change, no weekly change, a monthly increase of 54.61, and a year - on - year decrease of 23.70% [2] - The latest price of Hebei quasi - first dry quenching coke is 1735.00, with no daily change, no weekly change, a monthly increase of 55.00, and a year - on - year decrease of 6.72% [2] - The latest price of Shandong quasi - first dry quenching coke is 1660.00, with no daily change, no weekly change, a monthly increase of 55.00, and a year - on - year decrease of 21.70% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1700.00, with no daily change, no weekly change, a monthly increase of 55.00, and a year - on - year decrease of 21.30% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with no daily change, no weekly change, a monthly increase of 100.00, and a year - on - year decrease of 30.59% [2] Production and Inventory - The blast furnace operating rate is 90.33, with a weekly decrease of 0.22, a monthly decrease of 0.02, and a year - on - year increase of 3.22% [2] - The average daily pig iron output is 240.95, with a weekly decrease of 0.59, a monthly decrease of 0.07, and a year - on - year increase of 2.81% [2] - The coking plant inventory is 37.59, with a weekly decrease of 4.95, a monthly decrease of 4.62, and a year - on - year decrease of 1.36% [2] - The port inventory is 195.15, with a weekly increase of 0.06, a monthly decrease of 8.95, and a year - on - year increase of 8.28% [2] - The steel mill inventory is 639.44, with a weekly decrease of 11.38, a monthly decrease of 5.23, and a year - on - year increase of 13.58% [2] - The steel mill inventory days are 11.19, with a weekly decrease of 0.23, a monthly decrease of 0.23, and a year - on - year increase of 3.80% [2] - The coking capacity utilization rate is 74.95, with a weekly decrease of 0.05, a monthly decrease of 0.63, and a year - on - year increase of 2.57% [2] - The average daily coke output is 51.28, with a weekly decrease of 1.03, a monthly decrease of 0.55, and a year - on - year increase of 0.23% [2] Futures Market - The latest price of the futures contract 05 is 1840.5, with a daily increase of 3.00, a weekly increase of 43.50, a monthly increase of 31.50, and a year - on - year decrease of 10.53% [2] - The latest price of the futures contract 09 is 1921, with a daily increase of 3.50, a weekly increase of 45.00, a monthly increase of 76.00, and a year - on - year decrease of 8.85% [2] - The latest price of the futures contract 01 is 1696.5, with a daily increase of 5.00, a weekly increase of 47.50, a monthly increase of 32.00, and a year - on - year decrease of 14.38% [2] - The 05 basis is - 69.11, with a daily decrease of 3.00, a weekly decrease of 43.50, a monthly increase of 11.09, and a year - on - year decrease of 273.20 [2] - The 09 basis is - 149.61, with a daily decrease of 3.50, a weekly decrease of 45.00, a monthly decrease of 33.41, and a year - on - year decrease of 303.20 [2] - The 01 basis is 74.89, with a daily decrease of 5.00, a weekly decrease of 47.50, a monthly increase of 10.59, and a year - on - year decrease of 204.70 [2] - The 5 - 9 spread is - 144.00, with a daily increase of 2.00, a weekly increase of 4.00, a monthly increase of 0.50, and a year - on - year decrease of 68.50 [2] - The 9 - 1 spread is - 80.50, with a daily decrease of 0.50, a weekly decrease of 1.50, a monthly decrease of 44.50, and a year - on - year decrease of 30.00 [2] - The 1 - 5 spread is 224.50, with a daily decrease of 1.50, a weekly decrease of 2.50, a monthly increase of 44.00, and a year - on - year increase of 98.50 [2]

Group 1: Price Performance - London Gold latest price is $4070.00, down $99.60 [1] - London Silver latest price is $47.76, down $2.19 [1] - London Platinum latest price is $1562.00, down $64.00 [1] - London Palladium latest price is $1421.00, down $63.00 [1] - WTI Crude latest price is $58.50, up $1.26 [1] - LME Copper latest price is $10669.00, down $0.50 [1] Group 2: Trading Data - COMEX Silver inventory change not provided [2] - SHFE Silver latest inventory is 691.69, down 57.67 [2] - Gold ETF latest holding is 1052.37, down 6.29 [2] - Silver ETF latest holding is 15597.61, down 79.03 [2] - SGE Silver inventory change not provided [2] - SGE Gold deferred fee payment direction change is 0.00 [2] - SGE Silver deferred fee payment direction change is -1.00 [2] Group 3: Other Related Data - Dollar Index latest is 98.91, down 0.06 [11] - Euro - US Dollar latest is 1.16, no change [11] - British Pound - US Dollar latest is 1.34, no change [11] - US Dollar - Japanese Yen latest is 151.97, up 0.04 [11] - US 10 - year TIPS data incomplete [11]

Group 1: SP Contract Information - The closing price of the SP main contract on October 22, 2025, was 5220.00 [3] - The changes in the closing price, converted US dollar price, daily change, and basis of Shandong and Jiangsu-Zhejiang-Shanghai Silver Star from October 16 to October 22, 2025, are presented, with the highest daily increase of 5.47776% on October 17 [3] Group 2: Pulp Import Information - With a 13% VAT calculation, the import profits of Canadian Golden Lion, Canadian Lion, and Chilean Silver Star are -145.57, -593.29, and -101.92 respectively [4] Group 3: Pulp Price Information - From October 16 to October 22, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp, as well as the average prices in Shandong, remained unchanged [4] - During the same period, the indices of cultural paper (double-offset and double-copper), packaging paper (white card), and the living paper index also remained unchanged, except for a slight change in the living paper index on October 21 [4] - The profit margins of double-offset paper, double-copper paper, white card paper, and living paper from October 17 to October 22, 2025, are presented, with a -0.0955 change in the living paper profit margin [4] - From October 16 to October 22, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper remained relatively stable [4]

Report Information - Report Title: Coking Coal Daily Report - Report Date: October 23, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalog Price Information - **Domestic Coking Coal**: The latest price of Liulin Main Coking Coal is 1575.00, with no daily change, a weekly increase of 25.00, a monthly increase of 72.00, and an annual decrease of 1.56%. The price of Yuanmei Port Delivery Price is 1095.00, with a daily decrease of 5.00, a weekly increase of 52.00, a monthly increase of 105.00, and an annual decrease of 7.98%. The price of Shaheyi Meng 5 is 1470.00, with a daily and weekly increase of 50.00, a monthly increase of 120.00, and an annual decrease of 13.53%. The price of Anze Main Coking Coal is 1550.00, with no daily change, a weekly increase of 20.00, a monthly increase of 50.00, and an annual decrease of 11.43% [2]. - **Foreign Coking Coal**: The latest price of Peak Downs is 204.50, with no daily change, a weekly increase of 0.50, a monthly increase of 2.50, and an annual decrease of 7.70%. The price of Goonyella is 204.50, with no daily change, a weekly increase of 0.50, a monthly increase of 1.50, and an annual decrease of 7.70% [2]. - **Futures Market**: The latest price of Futures Contract 05 is 1272.00, with a daily increase of 7.00, a weekly increase of 28.00, a monthly decrease of 52.00, and an annual decrease of 9.24%. The price of Futures Contract 09 is 1351.00, with a daily increase of 13.00, a weekly increase of 23.50, a monthly decrease of 20.50, and an annual decrease of 4.69%. The price of Futures Contract 01 is 1197.00, with a daily increase of 4.50, a weekly increase of 35.00, a monthly decrease of 31.50, and an annual decrease of 11.33% [2]. Inventory Information - **Total Inventory**: The total coking coal inventory is 3318.39, with a weekly increase of 24.01, a monthly decrease of 64.08, and an annual decrease of 12.29% [2]. - **Sub - Inventory**: Coal mine inventory is 205.41, with a weekly increase of 9.55, a monthly decrease of 27.38, and an annual decrease of 19.47%. Port inventory is 294.99, with no weekly change, a monthly increase of 23.88, and an annual decrease of 27.62%. Steel mill coking coal inventory is 781.13, with a weekly decrease of 6.93, a monthly decrease of 12.60, and an annual increase of 6.33%. Coking plant coking coal inventory is 959.06, with a weekly decrease of 78.65, a monthly increase of 75.52, and an annual increase of 2.55% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 74.24, with a weekly decrease of 0.94, a monthly decrease of 1.63, and no annual change [2]. - **Coking Coke Inventory**: The coking coke inventory is 84.72, with a weekly decrease of 0.81, a monthly decrease of 1.31, and an annual decrease of 2.06% [2]. - **Futures Basis and Spread**: The basis of Futures Contract 05 is - 53.84, with a daily decrease of 7.00, a weekly increase of 27.17, a monthly increase of 232.46, and an annual decrease of 57.86%. The basis of Futures Contract 09 is - 132.84, with a daily decrease of 13.00, a weekly increase of 31.67, a monthly increase of 200.96, and an annual increase of 10.09%. The basis of Futures Contract 01 is 21.16, with a daily decrease of 4.50, a weekly increase of 20.17, a monthly increase of 211.96, and an annual decrease of 0.62%. The 5 - 9 spread is - 79.00, with a daily decrease of 6.00, a weekly increase of 4.50, a monthly decrease of 31.50, and an annual increase of 3.94%. The 9 - 1 spread is 154.00, with a daily increase of 8.50, a weekly decrease of 11.50, a monthly increase of 11.00, and an annual increase of 1.28%. The 1 - 5 spread is - 75.00, with a daily decrease of 2.50, a weekly increase of 7.00, a monthly increase of 20.50, and an annual increase of 0.46% [2]

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 Catalogs Price and Profit - The report provides the spot prices of various steel products (including different types of rebar and hot - rolled, cold - rolled coils) in multiple locations from October 16th to October 22nd, 2025, along with the price changes during this period [1] Basis and Spread - Not provided in the given content Output and Inventory - Not provided in the given content