| 玻璃纯碱早报 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玻 璃 | | | | | | | | 研究中心能化团队 | | | 2026/2/2 | | 2026/1/23 2026/1/29 2026/1/30 周度变化 日度变化 | | | | | | | 2026/1/23 | 2026/1/29 | | 2026/1/30 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 976.0 | 993.0 | 1002.0 | 26.0 | 9.0 | FG05合约 | 1064.0 | 1087.0 | 1056.0 | -8.0 | -31.0 | | 沙河长城 5mm大板 | 967.0 | 993.0 | 993.0 | 26.0 | 0.0 | FG09合约 | 1170.0 | 1189.0 | 1167.0 | -3.0 | -22.0 | | 沙河5mm大 板低价 | 959.0 | 989.0 | 989.0 | 30.0 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 Spot Market Information - Newman powder: price is 786, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 841.1, the import profit is 11.81 [1] - PB powder: price is 790, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 841.2 [1] - Mac powder: price is 784, with a daily change of -9 and a weekly change of -16; the discounted price on the futures market is 856.3, the import profit is 34.56 [1] - Jinbuba powder: price is 743, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 835.5, the import profit is 41.57 [1] - Mainstream mixed powder: price is 728, with a daily change of -2 and a weekly change of -2; the discounted price on the futures market is 866.0, the import profit is 3.49 [1] - Super special powder: price is 678, with a daily change of -4 and a weekly change of 0; the discounted price on the futures market is 898.6, the import profit is 5.66 [1] - Carajás powder: price is 890, with a daily change of 0 and a weekly change of 3; the discounted price on the futures market is 824.5, the import profit is -1.05 [1] - Brazilian mixed powder: price is 821, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 827.6, the import profit is 5.14 [1] - Brazilian coarse IOC6: price is 754, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 827.1 [1] - Brazilian coarse SSFG: price is 759, with a daily change of -9 and a weekly change of -12 [1] - Ukrainian concentrate: price is 873, with a daily change of -7 and a weekly change of -5; the discounted price on the futures market is 980.2 [1] - 61% Indian powder: price is 732, with a daily change of -9 and a weekly change of -12 [1] - Karara concentrate: price is 878, with a daily change of -7 and a weekly change of -4; the discounted price on the futures market is 898.4 [1] - Roy Hill powder: price is 777, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 855.2, the import profit is 56.23 [1] - KUMBA powder: price is 849, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 828.5 [1] - 57% Indian powder: price is 613, with a daily change of -4 and a weekly change of 0 [1] - Atlas powder: price is 723, with a daily change of -2 and a weekly change of -2 [1] - Tangshan iron concentrate: price is 982, with a daily change of 0 and a weekly change of 0; the discounted price on the futures market is 869.0 [1] 3.2 Futures Market Information - i2701 contract: latest price is 760.0, with a daily change of -5.5 and a weekly change of -4.5; the monthly spread is 12.5, the latest value of the spread is 64.5, with a daily change of 5.5 and a weekly change of 7.7 [1] - i2605 contract: latest price is 791.5, with a daily change of -7.0 and a weekly change of -3.5; the monthly spread is -31.5, the latest value of the spread is 33.0, with a daily change of 7.0 and a weekly change of 6.7 [1] - i2609 contract: latest price is 772.5, with a daily change of -6.5 and a weekly change of -5.0; the monthly spread is 19.0, the latest value of the spread is 52.0, with a daily change of 6.5 and a weekly change of 8.2 [1] - FE01 contract: latest price is 105.70, with a daily change of 0.20 and a weekly change of 0.05; the spread is -1.93, the latest value of the spread is -64.2, with a daily change of 12.4 and a weekly change of 10.2 [1] - FE05 contract: latest price is 104.80, with a daily change of 1.73 and a weekly change of 1.14; the spread is 0.90, the latest value of the spread is -24.1, with a daily change of 2.9 and a weekly change of 5.1 [1] - FE09 contract: latest price is 103.77, with a daily change of 1.67 and a weekly change of 1.50; the spread is 1.03, the latest value of the spread is -35.5, with a daily change of 2.3 and a weekly change of -0.3 [1]

| 乖 亦安期货 | | --- | 废钢早报 研究中心黑色团队 2026/02/02 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/01/26 | 2189 | 2271 | 2057 | 2250 | 2218 | 2109 | | 2026/01/27 | 2189 | 2271 | 2061 | 2246 | 2218 | 2109 | | 2026/01/28 | 2191 | 2271 | 2061 | 2245 | 2218 | 2107 | | 2026/01/29 | 2191 | 2270 | 2061 | 2244 | 2218 | 2108 | | 2026/01/30 | 2191 | 2271 | 2061 | 2244 | 2218 | 2108 | | 环比 | 0 | 1 | 0 | 0 | 0 | 0 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的 ...

1. Contract Data - EC2602 had a closing price of 1717.5, a decline of -0.09%, a basis of 141.8, a trading volume of 432, an open interest of 2812, and an open interest change of -374 [2][30] - EC2604 had a closing price of 1249.7, an increase of 1.68%, a basis of 609.6, a trading volume of 27481, an open interest of 39669, and an open interest change of -477 [2][30] - EC2606 had a closing price of 1576.0, an increase of 5.55%, a basis of 283.3, a trading volume of ୧୫32, an open interest of 11306, and an open interest change of 1704 [2][30] - EC2608 had a closing price of 1645.4, an increase of 5.42%, a basis of 213.9, a trading volume of 1154, an open interest of 1666, and an open interest change of 117 [2][30] - EC2610 had a closing price of 1151.2, an increase of 1.42%, a basis of 708.1, a trading volume of 2032, an open interest of 8933, and an open interest change of 211 [2][30] 2. Month - Spread Data - The month - spread of EC2502 - 2604 was 467.8, with a day - on - day change of -22.2 and a week - on - week change of -111.6 [2][30] - The month - spread of EC2504 - 2606 was -326.3, with a day - on - day change of -62.1 and a week - on - week change of -51.7 [2][30] 3. Spot and Index Data - The spot (European line) index on 2026/1/26 was 1859.31 points, a decline of -4.86% compared to the previous period [2][30] - The SCFI (European line) on 2026/1/23 was 1676 dollars/TEU, a decline of -4.83% compared to the previous period [2][30] 4. Market Analysis and Suggestions - Recent geopolitical tensions, stable February quotes from Maersk, and potential rush shipments and price - holding stories in March may prevent the market from falling in the short term. The current valuation is moderately high, and the upward space depends on capital behavior [3][31] - It is recommended to look for short - selling opportunities on rallies. The focus of short - selling should be on the far - month contract 2610, which is more affected by the off - season and policies. Caution should be maintained for the 2604 contract unless there is a significant premium on the board [3][31] - The export tax rebate adjustment policy is negative for contracts after April. The valuations of the 06 and 08 contracts are difficult to determine, and they are currently within a reasonable range but are greatly affected by geopolitics, so cautious operation is recommended [3][31] 5. European Line Spot Situation - In Week 5, MSK's opening price was 2450 (down 300 from the previous period), PA was 2400 (special price 2200), and OA was 2500 - 2700 dollars. The central price was 2500 dollars, equivalent to 1750 points on the board [4][32] - In Week 6, MSK's opening price was 2050 (down 400 from the previous period), PA was around 2200, MSC was 2340, and OA was 2300 - 2400 dollars. The central price was 2300 dollars, equivalent to 1580 points on the board [4][32] - On Tuesday, MSK's opening price for February weeks 7 - 9 was 1950 (down 100 from the previous period), lower than market expectations [4][32] 6. Related News - On January 30, Hamas announced that the handover of governance in the Gaza Strip was fully ready [5][33] - On January 30, US President Trump said that Hamas seemed about to disarm and that a team was going to Iran [5][33]

Group 1: Report Information - Report Name: Coke Daily Report [1] - Date: January 30, 2026 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price and Production Data Coke Prices - **Shanxi Quasi - First Wet - Quenched Coke**: The latest price is 1430.97, with no daily or weekly change, a monthly decrease of 54.61, and a year - on - year decrease of 8.07% [2] - **Hebei Quasi - First Dry - Quenched Coke**: The latest price is 1680.00, with no daily or weekly change, a monthly decrease of 55.00, and a year - on - year increase of 11.26% [2] - **Shandong Quasi - First Dry - Quenched Coke**: The latest price is 1625.00, with no daily or weekly change, a monthly decrease of 35.00, and a year - on - year decrease of 6.34% [2] - **Jiangsu Quasi - First Dry - Quenched Coke**: The latest price is 1645.00, with no daily or weekly change, a monthly decrease of 55.00, and a year - on - year decrease of 7.32% [2] - **Inner Mongolia Second - Grade Coke**: The latest price is 1130.00, with no daily or weekly change, a monthly decrease of 50.00, and a year - on - year decrease of 9.60% [2] Production and Capacity Utilization - **Blast Furnace Operating Rate**: The latest rate is 85.51, with a weekly increase of 0.03, a monthly increase of 0.57, and a year - on - year increase of 1.46% [2] - **Daily Average Hot Metal Output**: The latest output is 227.98, with a weekly decrease of 0.12 and a monthly increase of 0.55 [2] - **Coking Capacity Utilization**: The latest utilization rate is 71.41, with a weekly decrease of 0.06, a monthly increase of 1.06, and a year - on - year decrease of 1.33% [2] - **Daily Coke Output**: The latest output is 50.33, with a weekly decrease of 0.50, a monthly increase of 0.19, and a year - on - year decrease of 5.11% [2] Inventory Data - **Coking Plant Inventory**: The latest inventory is 43.99, with a weekly increase of 1.74, a monthly decrease of 4.71, and a year - on - year decrease of 50.71% [2] - **Port Inventory**: The latest inventory is 198.07, with a weekly increase of 2.01, a monthly increase of 17.98, and a year - on - year increase of 9.97% [2] - **Steel Mill Inventory**: The latest inventory is 678.19, with a weekly increase of 16.55, a monthly increase of 34.20, and a year - on - year decrease of 3.22% [2] - **Steel Mill Inventory Days**: The latest inventory days are 12.54, with a weekly increase of 0.19, a monthly increase of 0.44, and a year - on - year decrease of 6.42% [2] Futures Data - **Futures Price (05)**: The latest price is 1699.5, with a daily increase of 30.00, a weekly decrease of 12.00, a monthly decrease of 8.00, and a year - on - year decrease of 1.88% [2] - **Futures Price (09)**: The latest price is 1769.5, with a daily increase of 28.00, a weekly decrease of 12.50, a monthly decrease of 15.50, and a year - on - year decrease of 1.23% [2] - **Futures Price (01)**: The latest price is 1864.5, with a daily increase of 24.50, a weekly decrease of 11.00, a monthly increase of 284.00, and a year - on - year increase of 1.91% [2] - **05 Basis**: The latest basis is 43.48, with a daily decrease of 30.00, a weekly increase of 22.75, a monthly decrease of 34.59, and a year - on - year decrease of 107.87 [2] - **09 Basis**: The latest basis is - 26.52, with a daily decrease of 28.00, a weekly increase of 23.25, a monthly decrease of 27.09, and a year - on - year decrease of 118.37 [2] - **01 Basis**: The latest basis is - 121.52, with a daily decrease of 24.50, a weekly increase of 21.75, a monthly decrease of 326.59, and a year - on - year decrease of 175.37 [2] - **5 - 9 Spread**: The latest spread is 165.00, with a daily decrease of 5.50, a weekly increase of 1.00, a monthly increase of 292.00, and a year - on - year increase of 67.50 [2] - **9 - 1 Spread**: The latest spread is - 70.00, with a daily increase of 2.00, a weekly increase of 0.50, a monthly increase of 7.50, and a year - on - year decrease of 10.50 [2] - **1 - 5 Spread**: The latest spread is - 95.00, with a daily increase of 3.50, a weekly decrease of 1.50, a monthly decrease of 299.50, and a year - on - year decrease of 57.00 [2] Group 3: Historical Price Charts - The report includes historical price charts for coke from different regions (Linfen, Lvliang, Rizhao Port, Changzhi, Qingdao Port, Tianjin Port) from 2022 to 2026 [3][4][5][6][11] - Also includes historical data on blast furnace capacity utilization, hot metal production, steel mill coke inventory, Mongolian port coke price, Liulin main coking coal price, coke main contract basis rate, port total inventory, weighted coke total inventory, and coking profit from 2022 to 2026 [9]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Not provided in the content 3. Summary by Relevant Catalogs SP Main Contract Information - The closing price of the SP main contract on January 29, 2026, was 5388.00, with a daily increase of 0.26051%. The corresponding US dollar price was 677.54 [4]. - The basis of Shandong Yinxing and Jiangsu - Zhejiang - Shanghai Yinxing on January 29, 2026, was 12 [4]. Import Profit and Price Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion was 104.27, while that of Canadian Lion was - 448.06, and that of Chilean Yinxing was - 167.45 [5]. Pulp and Paper Price Averages - From January 23 to January 29, 2026, the national and Shandong regional average prices of softwood pulp, hardwood pulp, natural pulp, and chemical mechanical pulp remained unchanged [5]. - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained stable during the same period [5]. Profit Margin Estimates - The estimated profit margins of double - offset paper, double - copper paper, white card paper, and living paper on January 29, 2026, were - 3.6856%, 6.6583%, - 8.6952%, and 7.5698% respectively, with no changes during the period from January 26 to January 29 [5]. Pulp Price Spreads - The spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemical mechanical pulp, and softwood and waste paper pulp on January 29, 2026, were 800.00, 0, 1525, and 3824 respectively [5][6].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report presents the price, production and sales, and profit data of glass and soda ash on different dates, as well as the inventory situation of the soda ash industry [2] 3. Summary by Relevant Catalogs Glass Price - From January 22 to January 29, 2026, the prices of some glass products in different regions showed different degrees of change. For example, the price of 5mm large - plate glass in Shahe Great Wall increased from 976.0 to 984.0, with a weekly increase of 8.0; FG05 contract price increased from 1057.0 to 1087.0, with a weekly increase of 30.0 and a daily increase of 20.0 [2] Production and Sales - The production and sales rate of glass in different regions varies. Shahe is 110, Hubei is 85, East China is 92, and South China is 82 [2] Profit - The profit of glass production in different regions and different production methods also changes. For example, the profit of North China coal - fired glass decreased from 87.9 to 83.0, with a weekly decrease of 1.9 and a daily decrease of 4.9; the 05FG disk natural gas profit increased from - 289.8 to - 275.3, with a weekly increase of 21.8 and a daily increase of 14.5 [2] Soda Ash Price - From January 22 to January 29, 2026, the prices of soda ash products in different regions and contracts changed. For example, the price of Shahe heavy soda increased from 1150.0 to 1180.0, with a weekly increase of 30.0 and a daily increase of 20.0; SA05 contract price increased from 1185.0 to 1224.0, with a weekly increase of 39.0 and a daily increase of 26.0 [2] Industry Inventory - The inventory of the soda ash industry's middle and upstream decreased slightly [2] Profit - The profit of soda ash production in different production methods changed. For example, the profit of North China ammonia - soda method increased from - 193.8 to - 175.1, with a weekly increase of 35.5 and a daily increase of 18.7; the profit of North China combined - soda method increased from - 255.5 to - 227.0, with a weekly increase of 66.4 and a daily increase of 28.5 [2]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: January 30, 2026 [1] Key Price and Inventory Information Coal Prices - The latest price of Liulin Main Coking Coal is 1483.00, with a weekly change of 57.00 and a yearly change of 11.76% [2] - The latest price of Raw Coal Port Delivery Price is 1020.00, with a daily change of 7.00, a weekly change of 5.00, and a yearly change of 10.27% [2] - The latest price of Shaheyi Meng 5 is 1400.00, with a monthly change of 60.00 and a yearly change of 2.94% [2] - The latest price of Anze Main Coking Coal is 1640.00, with a monthly change of 40.00 and a yearly change of 17.14% [2] Inventory - The total inventory is 4130.25, with a weekly change of 30.63 and a monthly change of 71.92 [2] - The coal mine inventory is 267.18, with a weekly change of -7.17, a monthly change of -26.16, and a yearly change of -35.25% [2] - The port inventory is 289.38, with a weekly change of -9.52, a monthly change of -10.12, and a yearly change of -36.30% [2] - The steel mill coking coal inventory is 803.24, with a weekly change of 1.04, a monthly change of -3.48, and a yearly change of -5.30% [2] - The coking plant coking coal inventory is 1177.71, with a weekly change of 44.86, a monthly change of 137.99, and a yearly change of -4.28% [2] Capacity Utilization and Other Indicators - The coking capacity utilization rate is 71.86, with a weekly change of -0.55, a monthly change of 0.14, and a yearly change of -1.71% [2] - The coking plant coke inventory is 85.91, with a weekly change of 0.20, a monthly change of 0.33, and a yearly change of -0.43% [2] Futures Information - The latest price of Futures Contract 05 is 1140.50, with a daily change of 19.50, a weekly change of -3.50, and a yearly change of 2.56% [2] - The latest price of Futures Contract 09 is 1221.00, with a daily change of 19.50, a weekly change of 2.50, and a yearly change of 2.09% [2] - The latest price of Futures Contract 01 is 1397.50, with a daily change of 19.50, a weekly change of 10.50, and a yearly change of 13.90% [2] - The 05 basis is -6.25, with a daily change of -19.50, a weekly change of 3.50, and a yearly change of 10.58 [2] - The 09 basis is -86.75, with a daily change of -19.50, a weekly change of -2.50, and a yearly change of -0.14 [2] - The 01 basis is -263.25, with a daily change of -19.50, a weekly change of -10.50, and a yearly change of 1.00 [2] - The 5 - 9 spread is -80.50, with a weekly change of -6.00 and a monthly change of 2.00 [2] - The 9 - 1 spread is -176.50, with a weekly change of -8.00 and a monthly change of -344.50 [2] - The 1 - 5 spread is 257.00, with a weekly change of 14.00 and a monthly change of 342.50 [2]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary by Relevant Catalog Base and Month Spread - The Shandong basis (+80) (non-Jingbo) decreased from -68 on 12/30 to -118 on 1/29, with a daily change of -38 [3]. - The East China basis (Zhenjiang warehouse) decreased from -118 on 12/30 to -178 on 1/29, with a daily change of -18 [3]. - The South China basis (Foshan warehouse) decreased from -138 on 12/30 to -158 on 1/29, with a daily change of -48 [3]. - The 01 - 03 spread decreased from -43 on 12/30 to -124 on 1/29, with a daily change of -2 [3]. - The 02 - 03 spread decreased from -7 on 12/30 to -2 on 1/29, with a daily change of -1 [3]. - The 03 - 06 spread decreased from -24 on 12/30 to 13 on 1/29, with a daily change of -8 [3]. BU Main Contract (02) - The price increased from 3038 on 12/30 to 3478 on 1/29, with a daily change of 68 [3]. - The trading volume decreased from 465494 on 12/30 to 621631 on 1/29, with a daily change of -97356 [3]. - The open interest increased from 440255 on 12/30 to 457004 on 1/29, with a daily change of 13230 [3]. - The warehouse receipts remained at 13580 on 1/29, with a daily change of 0 [3]. Crude Oil and Asphalt Prices - Brent crude oil price increased from 62.0 on 12/30 to 68.1 on 1/29, with a daily change of 1.6 [3]. - Jingbo asphalt price increased from 2980 on 12/30 to 3290 on 1/29, with a daily change of 10 [3]. - Shandong (non-Jingbo) asphalt price increased from 2890 on 12/30 to 3280 on 1/29, with a daily change of 30 [3]. - Zhenjiang warehouse asphalt price increased from 2920 on 12/30 to 3300 on 1/29, with a daily change of 50 [3]. - Foshan warehouse asphalt price increased from 2900 on 12/30 to 3320 on 1/29, with a daily change of 20 [3]. Profit - The asphalt - Ma Rui profit decreased from 339 on 12/30 to 315 on 1/29, with a daily change of -69 [3]. Trader Basis - The trader basis was 500 on 1/27, with the reference being the Shandong basis (+80) [3].

Group 1: Report Investment Rating - No information provided regarding the industry investment rating. Group 2: Core Viewpoints of the Report - The report maintains a bullish outlook on copper prices in the medium - term, as copper fundamentals show limited supply and increasing demand. The current global consumption of copper is strong, and although the pre - Spring Festival inventory accumulation in China may be faster than expected, the post - festival inventory depletion could also be rapid [1]. - For aluminum, the LME 0 - 3M spread has returned to negative, but the overseas active restocking supports the aluminum price. The domestic internal demand has short - term support, and the overall market is in a high - level oscillation with a slight decline [2]. - In the zinc market, the domestic fundamentals are average, but the market is optimistic about zinc's potential for price increase due to limited long - term capital expenditure and potential supply disturbances from Iranian zinc mines. Attention should be paid to reverse - arbitrage opportunities [8]. - Nickel's short - term fundamental situation is weak, with a slight decline in pure nickel production, weak overall demand, and a high - level decline in Jinchuan premium. There is a short - term game between policies and fundamentals [12]. - Stainless steel's fundamentals remain weak, mainly following the nickel price. The steel mill production is maintained at a high level, demand is mainly for rigid needs, and the inventory has a slight reduction from a high level [14]. - For lead, it is expected to oscillate in the range of 17,100 - 17,600 next week. The supply - demand contradiction has been alleviated, and it is recommended to try short - selling at high prices in the short term [15]. - Tin can be considered as a long - position allocation for non - ferrous metals in the first quarter. In the long - term, if there is a macroeconomic inflection point, the price may fluctuate downward significantly in the second half of 2026 [16]. - Industrial silicon's price is expected to oscillate with costs in the short term and at the cycle bottom with seasonal marginal cost as the anchor in the long term, as the supply is shrinking and the short - term demand is approaching a balance [19]. - Lithium carbonate's short - term supply and demand are close to balance in January. If the market expectation cools down or the intermediate inventory reaches a low level, a resonance between the futures and spot markets may occur [21]. Group 3: Summary by Metal Categories Copper - From January 23 to 29, 2026, the spot import profit increased by 1893.13, and the three - month import profit increased by 397.55. The LME copper inventory increased by 2150, and the LME注销仓单 decreased by 1100. The copper price tested the 99,000 support level during the week and then rose sharply on the Friday night session [1]. Aluminum - During the same period, the price of Shanghai aluminum ingots increased by 600, and the aluminum LME inventory decreased by 2250. The aluminum锭基差 and downstream processing fees are still at a low level, and the apparent demand for aluminum ingots and aluminum products has rebounded [1][2]. Zinc - The spot premium decreased by 20, and the Shanghai zinc ingot price increased by 50. The supply of domestic and imported zinc concentrates has tightened, and the demand is seasonally weak. There is an expectation of inventory accumulation, and the market is optimistic about zinc's price increase in the long - term [6][8]. Nickel - The pure nickel production decreased slightly, and the demand was weak. The domestic inventory had a slight increase, and the LME inventory remained stable. There is a short - term game between the Indonesian policy and the fundamentals [11][12]. Stainless Steel - The prices of 304 cold - rolled coils, 304 hot - rolled coils, 201 cold - rolled coils, 430 cold - rolled coils, and waste stainless steel remained unchanged. The fundamentals are weak and mainly follow the nickel price [13][14]. Lead - The supply - side production is expected to increase by 1 - 1.5 tons in January. The demand is expected to weaken, and the inventory has started to accumulate for the second week. It is expected to oscillate in the range of 17,100 - 17,600 next week [15]. Tin - The tin price oscillated upward this week. The supply - side recovery in the first quarter is controversial, and the demand - side downstream restocking willingness varies. The domestic inventory increased slightly, and the overseas LME inventory oscillated upward. It can be a long - position allocation in the first quarter [16]. Industrial Silicon - The monthly supply continued to shrink, and the short - term demand was close to a balance. The price is expected to oscillate with costs in the short term and at the cycle bottom in the long term [19]. Lithium Carbonate - The SMM electric carbon price decreased by 4000, and the SMM industrial carbon price also decreased by 4000. The short - term supply and demand are close to balance in January, and there may be a resonance between the futures and spot markets in the future [21].