Report Industry Investment Rating - Not provided Core View of the Report - For PTA, as polyester shows no unexpected performance, TA will gradually enter the inventory accumulation phase, but the low processing fee has persisted for a long time, so additional maintenance situations should be monitored, and the processing fee center may gradually recover as there is limited new production in the far - month [2]. - For MEG, it will enter a continuous inventory accumulation phase due to high existing capacity utilization and new device production, but there may be negative feedback on the supply side after the weakening of coal - based efficiency and price ratio, and attention should be paid to the selling put opportunities near the coal - based cost [2]. - For polyester staple fiber, the overall inventory pressure is limited as the finished - product inventory and operation rate of polyester yarn have not increased significantly, staple fiber exports remain highly growing, and the spot efficiency is acceptable, so attention should be paid to the warehouse receipt situation [2]. - For natural rubber and 20 - number rubber, with the stable national explicit inventory at a relatively low level and the stable price of Thai cup - lump rubber affected by rainfall, the strategy is to wait and see [2]. Summary by Product PTA - **Price and Data Changes**: From October 14 to 20, crude oil decreased by 0.3, PTA inner - market spot price dropped by 25, and polyester gross profit decreased by 49. The PTA balance load and PTA load remained unchanged, while the warehouse receipt + valid forecast increased by 2,946, and the sales - to - production ratio increased by 0.05 [2]. - **Market Situation**: Near - end TA partial device load increased, polyester load remained stable, inventory slightly accumulated, basis weakened, and spot processing fee stayed low. PX domestic operation rate declined, overseas partial maintenance took place, PXN widened, and the aromatics price difference between the US and Asia widened [2]. MEG - **Price and Data Changes**: From October 14 to 20, MEG outer - market price decreased by 1, MEG inner - market price dropped by 15, and MEG coal - based profit decreased by 15. The MEG total load, coal - based MEG load, and non - coal - based load remained unchanged, and the port inventory remained at 57.9 [2]. - **Market Situation**: Near - end domestic maintenance and restart coexisted, load slightly increased, overseas maintenance took place, port inventory slightly accumulated, basis remained stable, and coal - based efficiency and price ratio further shrank [2]. Polyester Staple Fiber - **Price and Data Changes**: From October 14 to 20, the price of 1.4D cotton - type staple fiber decreased by 15, and the short - fiber profit increased by 11. The pure - polyester yarn profit increased by 15, and the difference between cotton and polyester staple fiber increased by 60 [2]. - **Market Situation**: Near - end device operation was stable, operation rate maintained at 94.3%, sales - to - production ratio improved, and inventory slightly decreased. The operation rate of polyester yarn slightly increased, and both raw material and finished - product inventory decreased [2]. Natural Rubber and 20 - Number Rubber - **Price and Data Changes**: From October 14 to 20, the price of US - dollar Thai standard rubber increased by 20, the price of RMB mixed rubber increased by 70, and the price of Shanghai whole - latex increased by 70. The difference between mixed rubber and RU main contract increased by 200, and the difference between US - dollar Thai standard rubber and NR main contract remained unchanged [2]. - **Market Situation**: The national explicit inventory was stable at a relatively low level, and the price of Thai cup - lump rubber was stable due to rainfall [2]. Styrene - **Price and Data Changes**: From October 14 to 20, the price of pure benzene (East China) decreased by 80, the price of hydrogenated benzene (Shandong) dropped by 130, and the price of styrene (Jiangsu) decreased by 65. The domestic profit of EPS increased by 115, and the domestic profit of PS increased by 64 [6]. - **Market Situation**: Not provided in the report.

Group 1: Overnight Market Information - The U.S. soybean export inspection volume for the week ending October 16, 2025, was 1,474,354 tons, higher than the market forecast of 500,000 - 1,355,000 tons, and the previous week's revised volume was 1,017,172 tons [1] - The soybean export inspection volume to the Chinese mainland was 0 tons during that week [1] - As of the week ending October 17, 2024, the U.S. soybean export inspection volume was 2,549,979 tons [1] - So far this crop - year, the cumulative U.S. soybean export inspection volume is 5,537,802 tons, compared with 8,013,348 tons in the same period of the previous year [1] - The Brazilian 2025/26 soybean planting rate reached 24% as of last Thursday, higher than 14% the previous week and 18% last year [1] - The planting rate of the first - crop corn in Brazil's central - southern region for the 2025/26 season reached 51%, compared with 48% last year [1] - The soybean export volume of Malaysia from October 1 - 20, 2025, was 1,044,784 tons, a 3.4% increase compared to the same period last month [1] - The estimated ending stocks of Canadian wheat and rapeseed for the 2025/26 season are 520 million tons and 250 million tons respectively, the same as the September estimate [1] Group 2: Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from October 14 - 20, 2025, are provided in a table [3] Group 3: Other Information - Information on the precipitation in major producing countries, import soybean crushing profit on the futures market, and grease import profit are mentioned [1] - Information on the price spread of oilseeds on the futures market, protein meal basis, and grease basis are mentioned [5][8][10]

Group 1: Report Information - Report title: Scrap Steel Morning Report [1] - Research team: Black Team of the Research Center [2] - Report date: October 21, 2025 [2] Group 2: Price Data - Scrap steel prices in different regions from October 14 - 20, 2025 are presented, including East China, North China, Central China, South China, Northeast China, and Southwest China [3] - The prices in East China decreased by 3, while in North China increased by 6, Central China increased by 1, South China increased by 1, and Northeast and Southwest China remained unchanged in the latest period compared to the previous one [3]

| 玉米/淀粉 | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 长春 | 锦州 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/10/14 1970 | 2080 2120 | 2310 | -13 | 90 216 | 2750 | 2800 | 270 | 120 | | 2025/10/15 1970 | 2080 2120 | 2310 | -21 | 90 247 | 2700 | 2800 | 254 | 120 | | 2025/10/16 1970 | 2080 2120 | 2310 | -31 | 90 202 | 2700 | 2800 | 279 | 110 | | 2025/10/17 1970 | 2080 2120 | 2310 | -37 | 90 203 | 2700 | 2800 | 281 | - | | 2025/10/20 2020 | 2100 2140 | 2310 | -38 ...

1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - No information provided. 3. Summary by Relevant Catalogs 3.1 Spot Market - Australian mainstream iron ore varieties: Newman powder was priced at 776, up 2 from the previous day and down 16 for the week; PB powder was at 777, down 1 and 19 respectively; Macfarlane powder was at 774, down 1 and 15; Jinbuba powder was at 747, down 1 and 19; mixed powder was at 737, down 8 and 25; super special powder was at 700, down 5 and 20; Carajás powder was at 901, unchanged and down 25; Roy Hill powder was at 764, down 1 and 19; KUMBA powder was at 836, down 1 and 19 [1]. - Brazilian mainstream iron ore varieties: Brazilian mixed ore was at 813, up 3 and down 14; Brazilian coarse IOC6 was at 778, down 1 and 22; Brazilian coarse SSFG was at 783, down 1 and 22 [1]. - Other iron ore varieties: Ukrainian concentrate was at 897, down 3 and 23; 61% Indian powder was at 736, down 1 and 19; Karara concentrate was at 897, down 3 and 23; 57% Indian powder was at 633, down 5 and 20; Atlas powder was at 732, down 8 and 25; Tangshan iron concentrate was at 1014, up 1 and down 6 [1]. 3.2 Futures Market - Dalian Commodity Exchange contracts: i2601 was at 767.0, down 4.0 and 37.5; i2605 was at 747.5, down 2.5 and 33.5; i2609 was at 727.5, down 1.0 and 31.5 [1]. - Singapore Exchange contracts: FE01 was at 100.50, down 1.05 and 3.26; FE05 was at 98.43, down 0.85 and 2.73; FE09 was at 96.44, down 0.62 and 2.33 [1]. 3.3 Price Spreads - Dalian Commodity Exchange contracts: The monthly spread of i2601 - i2605 was -39.5, up 3.6 and 18.7; i2605 - i2609 was 19.5, up 2.1 and 14.7; i2609 - i2601 was 20.0, up 0.6 and 12.7 [1]. - Singapore Exchange contracts: The monthly spread of FE01 - FE05 was -4.06, up 6.0 and -6.3; FE05 - FE09 was 2.07, up 4.9 and -8.1; FE09 - FE01 was 1.99, up 2.5 and -10.8 [1].

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst fluctuated at a high level. The near - month spread weakened, the basis weakened month - on - month, the EW spread continued to weaken, the high - sulfur in the ARA region strengthened, and the FU internal - external spread fluctuated between 8 - 10 US dollars. The low - sulfur cracking weakened month - on - month but was at a historical low year - on - year. The month spread weakened slightly, the LU internal - external spread dropped to 7 - 8 US dollars, and the MF0.5 basis stabilized in the second half of the week. From a fundamental perspective, Singapore's residue inventory increased, reaching a historical high year - on - year. The floating storage inventory stabilized after destocking and was at a high level year - on - year. The ARA residue inventory increased slightly and was at a low level in the same period of history. The EIA residue inventory increased slightly at a low level. The inventory in Fujairah increased month - on - month and was at a low level year - on - year. The high - sulfur floating storage in the Middle East increased significantly this week. Recently, the high - sulfur spot in Singapore has weakened, but the cracking is supported by raw material procurement, with limited short - term downside. It is expected that the 380 cracking will maintain a fluctuating pattern, and the FU internal - external spread will be viewed within a range recently, with a bearish outlook for the end of the 01 contract. This week, the LU market remained weak. In the fourth quarter, the overseas low - sulfur market has a pattern of short - selling on rallies, and attention should be paid to the quota usage for the internal - external spread [3][4] 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From October 13th to October 17th, 2025, the price of Rotterdam 3.5% HSFO swap M1 decreased by 6.10, the price of Rotterdam 0.5% VLSFO swap M1 decreased by 4.38, the Rotterdam HSFO - Brent M1 decreased by 0.27, the Rotterdam 10ppm Gasoil swap M1 decreased by 10.00, the Rotterdam VLSFO - GO M1 increased by 5.62, the LGO - Brent M1 decreased by 1.57, and the Rotterdam VLSFO - HSFO M1 increased by 1.72 [1] Singapore Fuel Oil Swap Data - From October 13th to October 17th, 2025, the price of Singapore 380cst M1 decreased by 10.25, the price of Singapore 180cst M1 decreased by 8.05, the price of Singapore VLSFO M1 decreased by 14.15, the price of Singapore GO M1 decreased by 2.06, the Singapore 380cst - Brent M1 decreased by 0.01, and the Singapore VLSFO - GO M1 increased by 1.09 [1] Singapore Fuel Oil Spot Data - From October 13th to October 17th, 2025, the FOB price of 380cst decreased by 8.67, the FOB price of VLSFO decreased by 8.52, the 380 basis decreased by 0.15, the high - sulfur internal - external spread decreased by 0.7, and the low - sulfur internal - external spread increased by 1.3 [2] Domestic FU Data - From October 13th to October 17th, 2025, the price of FU 01 decreased by 67, the price of FU 05 decreased by 58, the price of FU 09 decreased by 48, the FU 01 - 05 spread decreased by 9, the FU 05 - 09 spread decreased by 10, and the FU 09 - 01 spread increased by 19 [2] Domestic LU Data - From October 13th to October 17th, 2025, the price of LU 01 decreased by 94, the price of LU 05 decreased by 73, the price of LU 09 decreased by 73, the LU 01 - 05 spread decreased by 21, the LU 05 - 09 spread remained unchanged, and the LU 09 - 01 spread increased by 21 [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The EC is currently in a contradiction between weak reality and strong expectations, and fluctuates greatly under the influence of Middle - East geopolitics and Sino - US relations policies. With high shipping capacity in week 44, the implementation of price increases in the first half of November is expected to be poor, but there are still upward drivers from multiple price increase announcements later. The valuation of the December contract is not low, and it has entered a period of band trading mainly driven by spot prices (announcements and implementations of price increases). Geopolitical factors have a large impact on 2026 contracts [2] - The supply pressure is high, with the average weekly shipping capacity in October, November, and December at 269,000, 316,000, and 350,000 TEU respectively. After considering all TBN as suspended sailings, the capacities are 269,000, 300,000, and 330,000 TEU. The capacities in week 44 and 45 are 334,000 and 300,000 TEU respectively. The market is in the off - season, with a weak balance between supply and demand. In week 44, the shipping capacity is high, and the pressure on cargo collection has increased sharply, especially for the PA alliance [2] 3. Summary by Related Catalogs 3.1 Futures Contract Data - **Futures Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 are 1096.9, 1654.7, 1472.0, 1124.0, and 1283.1 respectively, with changes of - 0.36%, 0.22%, 2.99%, 0.37%, and 0.15% [2] - **Trading Volume and Open Interest**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 are 1580, 29837, 5161, 3030, and 172 respectively. The open interests are 9024, SERED, 9438, 13702, and 1545 respectively, with changes of - 1036, - 139, 79, - 257, and - 2 [2] - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 are - 557.8 and 182.7 respectively, with month - on - month changes of - 7.6 and - 39.2, and week - on - week changes of - 124.7 and - 19.9 [2] 3.2 Freight Index Data - **TETANT Index**: Updated every Monday, the value on October 13, 2025, was 1031.80 points, a decrease of 1.40% from the previous period [2] - **SCFI (European Line)**: Updated every Friday, the value on October 17, 2025, was 1145 US dollars/TEU, an increase of 7.21% from the previous period [2] - **CCFI (European Line)**: The value on October 17, 2025, was 1267.91 points, a decrease of 1.49% from the previous period [2] - **NCFI**: Updated every week, the value on October 17, 2025, was 803.21 points, an increase of 14.96% from the previous period [2] 3.3 Recent European Line Quotation - **Week 42**: The final offline implementation prices of PA, GEMINI, and OA were 1500, 1600, and 1800 US dollars respectively, with an average of 1640 US dollars (equivalent to 1150 points on the futures market) [3] - **Week 43**: The PA alliance further reduced the price by 100 to 1400 US dollars. The announced price increase in November is to 2500 - 2700 US dollars, with an average equivalent to about 1800 points on the futures market [3] 3.4 Related News - On October 20, US President Trump stated that the cease - fire in the Gaza Strip was still in effect. Egyptian officials said that Israeli Prime Minister Netanyahu had no intention of reaching the second - stage agreement of the Gaza cease - fire [4] - On October 20, the Israeli military resumed implementing the Gaza cease - fire agreement after retaliatory air strikes. On October 19, Israeli National Security Minister Ben - Gvir called on Prime Minister Netanyahu to fully resume military operations in the Gaza Strip [5]

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 shows the spot prices of different types of steel in various locations from October 13 - 17, 2025, including Beijing, Shanghai, etc. For example, Beijing's rebar price decreased by 20 from 3130 on October 13 to 3070 on October 17, while Shanghai's rebar price increased by 30 from 3210 to 3240. Also, the prices of hot - rolled and cold - rolled coils in different regions had different changes, such as Tianjin's hot - rolled coil price remaining unchanged, and Tianjin's cold - rolled coil price decreasing by 50 [1] Basis and Spread - Not provided in the given content Production and Inventory - Not provided in the given content

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 October 20, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5130 yuan, with no daily change and a weekly decrease of 50 yuan; the latest price of Inner Mongolia 72 was 5180 yuan, with no daily change and a weekly decrease of 20 yuan; the latest price of Shaanxi 75 was 5800 yuan, with a daily and weekly decrease of 300 yuan. The export price of Tianjin 72 was 1060 US dollars, with no daily change and a weekly increase of 35 US dollars [2]. - For silicon manganese, on October 20, 2025, the factory - ex price of Inner Mongolia 6517 was 5680 yuan, with no daily and weekly change; the factory - ex price of Ningxia 6517 was 5600 yuan, with no daily change and a weekly decrease of 20 yuan [2]. Supply - The production data of 136 silicon ferroalloy production enterprises in China (monthly and weekly) and their capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi (monthly) are provided from 2021 - 2025. Also, the production data of silicon manganese in China (weekly) from 2021 - 2025 are presented [4][6]. Demand - The demand - related data include the estimated and actual production of crude steel in China (monthly), the demand for silicon manganese in China (in ten thousand tons, according to Steel Union's caliber), and the procurement volume and price of silicon ferroalloy and silicon manganese by Hebei Iron and Steel Group (monthly) from 2021 - 2025 [4][6][7]. Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China (weekly), and their inventory in Ningxia, Inner Mongolia, and Shaanxi (weekly) from 2021 - 2025 are provided. Also, the warehouse receipt quantity, effective forecast, and the sum of them (daily) are presented, as well as the average available inventory days in different regions (monthly) [5]. - For silicon manganese, the warehouse receipt quantity, effective forecast, and the sum of them (daily), the inventory of 63 sample enterprises in China (weekly, in tons), and the average available inventory days in China (monthly) from 2021 - 2025 are provided [7]. Cost and Profit - For silicon ferroalloy, the electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi (daily), the market price of blue carbon small materials in Shaanxi (daily), the production cost and profit in Ningxia and Inner Mongolia (in yuan/ton) from 2021 - 2025 are provided [5]. - For silicon manganese, the profit data in Inner Mongolia, Guangxi, the northern and southern regions (in yuan/ton, according to Steel Union's caliber) from 2021 - 2025 are provided [7].

Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Core Viewpoints of the Report - For copper, maintain a callback buying strategy considering the continuous tightness of the mine end and the growth of 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 recommended 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 the potential opening of the export window, it is advisable to wait and see or focus on short - selling opportunities for LME zinc. Consider gradually taking profits on long - short spreads between domestic and foreign markets and focus on reverse spreads in the far - month contracts. Also, pay attention to the positive spread opportunity between December and February contracts [2]. - For nickel, with weak short - term fundamentals and increasing short - term macro uncertainties, it is recommended to wait and see [5]. - For stainless steel, the fundamentals remain weak, with short - term macro uncertainties and potential price - supporting motives from Indonesian policies [9]. - For lead, it is expected that the domestic and foreign 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, in the short term, follow the macro sentiment and wait and see. If there is a systematic risk in the macro, the tin price has a large downside space. In the medium - to - long term, hold at low prices close to the cost line [13]. - For industrial silicon, the short - term price is expected to oscillate weakly. In the long term, the price will oscillate at the cycle bottom based on the seasonal marginal cost [14]. - For lithium carbonate, in the short term, supply and demand are both strong with a de - stocking trend. In the long term, the elasticity of the demand side is the key variable for pattern reversal [15]. Group 3: Summary by Metals Copper - Market conditions are dominated by tariff negotiation progress. The impact of this round of tariffs is not higher than that of the Tomb - Sweeping Festival perturbation when LME copper dropped 12% and gold rose 2.6%. There is still room for negotiations, and the progress of the South Korean negotiation should be monitored [1]. - Fundamentally, the smelting reduction is higher than expected, and there is medium - level inventory accumulation this week. The downstream price - fixing quantity and receiving sentiment are acceptable, and the downstream price - fixing psychological price has significantly increased. The copper cable and aluminum cable starts have a significant divergence, and attention should be paid to whether the start stabilizes [1]. Aluminum - The operating capacity remains flat. The production schedule of photovoltaic modules on the demand side has stabilized, and the proportion of molten aluminum in September has significantly rebounded. There is seasonal inventory accumulation for aluminum ingots and bars due to the festival effect, and the de - stocking amplitude after the festival is considerable, with the apparent demand rising [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 has deepened, resulting in a certain divergence in the trends of domestic and foreign markets [1]. Zinc - The zinc price oscillates this week. On the supply side, domestic TC further decreases, and imported TC further increases. The domestic zinc 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 has exceeded expectations. In August, China imported 460,000 tons of zinc ore, with a cumulative year - on - year increase of 43%. In October, the smelting side has a slight month - on - month recovery [2]. - On the demand side, domestic demand is seasonally weak and may continue to oscillate weakly after the September peak season. Overseas, the European demand is average, and some smelters face production resistance due to processing fees. Domestically, the social inventory oscillates, and the overseas LME inventory is decreasing, with the visible inventory approaching the lowest level in the past two years [2]. Nickel - On the supply side, the production of pure nickel remains at a high level. On the demand side, it is generally weak, and the premium has been stable recently. In terms of inventory, both domestic and overseas inventories are continuously increasing [5]. - There are continuous disturbances in the Indonesian ore end, and the policy side still has the motivation to support prices. The short - term macro uncertainty has increased [5]. Stainless Steel - On the supply side, the steel mill's production schedule in October has a slight month - on - month increase. On the demand side, it is mainly driven by rigid demand. In terms of cost, the prices of nickel - iron and chrome - iron remain stable. In terms of inventory, the inventory remains at a high level, and the warehouse receipts are stable [9]. Lead - This week, the lead price oscillates slightly at a high level. 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 - 50,000 tons in October. The macro sentiment combined with the tight supply of waste batteries may drive recyclers to support prices. The concentrate production has increased, and the high smelting profit of primary lead has led to a shortage of concentrates, with the TC quotation declining in a chaotic manner [11]. - On the demand side, the battery start - up rate has increased this week, but the battery 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 discharging materials [11]. Tin - This week, the tin price oscillates. On the supply side, the ore processing fee is at a low level. Although some scattered orders have tried to raise the quotation, large - scale transactions have not occurred. The maintenance of Yunnan Tin has ended, and the supply has marginally recovered. Overseas, the import from Wa State in August was still low, but the recovery in October is highly expected, with an expected maintenance of over 600 metal tons. The export of Indonesia's PT Timah has resumed in mid - to - late September, and the Indonesian president announced that the tin ingot export will return to normal in 2026 [13]. - On the demand side, there is a slight recovery during the solder peak season, mainly supported by rigid demand at high prices. After the festival, the arrival of goods is slow, and the domestic inventory has slightly decreased. The overseas LME inventory oscillates at a low level [13]. Industrial Silicon - This week, the leading enterprises in Xinjiang continue to resume production, with 35 furnaces in the west and 55 furnaces in the east. Subsequently, the number of operating furnaces in Sichuan and Yunnan will significantly decrease. In the dry season, the overall supply of industrial silicon will decline month - on - month. Considering the maintenance of leading polysilicon enterprises, the supply and demand of industrial silicon in Q4 will be in a balanced and slightly loose state, with a monthly inventory accumulation of 40,000 - 50,000 tons [14]. Lithium Carbonate - This week, the lithium carbonate price oscillates strongly. On the raw material side, the ore end continues to support prices, and holders are reluctant to sell due to the significant reduction of previous inventories, resulting in a tight spot market [15]. - On the lithium salt side, the consumption trend and de - stocking level continue to exceed expectations. With the acceleration of warehouse receipt cancellation this week, the basis of first - tier brands also runs strongly. In the short term, supply and demand are both strong, and there is a de - stocking trend. In October, the de - stocking level is expected to be 8,000 - 10,000 tons. 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 supply disturbances in Jiangxi [15].