Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The PG futures price declined. The basis was -43 (-57), and the spread between January and February contracts was 109 (-19). Domestic civil LPG prices decreased, the spread between propane and civil LPG narrowed, and the number of warehouse receipts was 4561 (-54). [1] - The prices of overseas paper goods decreased, the monthly spread strengthened, the change in the oil - gas price ratio between North Asia and North America was small. The domestic - overseas PG - CP spread was 126 (-2); PG - FEI was 114 (+3). The discounts for East China arrival, North America, and AFEI departure remained flat, the Middle East supply was tight with a discount of 35 US dollars (+13). Freight rates decreased slightly. [1] - The FEI - MOPJ spread narrowed to -55 (+11). The profit of propylene production from PDH in Shandong slightly recovered, the alkylation unit slightly improved but was still poor, the MTBE production profit fluctuated, and the export profit was still good. [1] - The arrival volume increased, the external release decreased, factory inventories slightly increased, and port inventories increased. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan was expected to restart next week. [1] - Overall, the domestic chemical sector was relatively strong, and civil demand increased, but the arrival volume was expected to be high in December; the Middle East supply was tight, but the market may tend to wait and see as the CP official price was approaching. Attention should also be paid to the weather and oil prices. [1] 3) Summary According to Related Data Daily Changes - On Thursday, for civil LPG, the price in East China was 4411 (+0), in Shandong was 4480 (+0), and in South China was 4530 (+0). The price of ether - after carbon four was 4460 (-20). The lowest delivery location was East China, with a basis of 101 (-21), and the spread between January and February contracts was 79 (-17). [1] - As of 15:00, FEI was 517 (+10) and CP was 502 (+3) US dollars per ton. [1] Weekly View - The PG futures price declined, the domestic civil LPG price decreased, the difference between propane and civil LPG narrowed, and the number of warehouse receipts decreased. [1] - Overseas paper goods prices declined, the monthly spread strengthened, the change in the oil - gas price ratio between North Asia and North America was small, and the domestic - overseas spreads changed. The discounts and freight rates had corresponding changes. [1] - The profit of some chemical production units changed, the arrival volume increased, the external release decreased, inventories increased, and the PDH operating rate decreased. [1] - The domestic chemical sector was relatively strong, civil demand increased, but the arrival volume was expected to be high in December, and the market may wait and see as the CP official price was approaching. Attention should be paid to the weather and oil prices. [1]

1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 临汾出厂价 2021 2022 2023 2024 2025 900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 吕梁出厂价 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 202 ...

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: December 5, 2025 [1] Key Data Summary Coal Prices - **Domestic Main Coking Coal**: The price of Liulin Main Coking Coal is 1,505.00, unchanged from the previous day; Anze Main Coking Coal is 1,500.00, also unchanged [2]. - **Imported Coal**: Peak Downs is 222.00, with a weekly increase of 7.50; Goonyella is 221.00, with a weekly increase of 7.50 [2]. - **Other Prices**: The port delivery price of raw coal at the border is 987.00, down 28.00 from the previous day; the price of Shaheyi Meng 5 is 1,420.00, unchanged from the previous day [2]. Inventory - **Total Inventory**: The total coking coal inventory is 3,539.71, with a weekly increase of 81.45 [2]. - **Sub - inventories**: Coal mine inventory is 247.01, with a weekly increase of 23.09; port inventory is 294.50, with a weekly increase of 3.00; steel mill coking coal inventory is 801.30, with a weekly increase of 4.22; coking plant coking coal inventory is 1,010.30, with a weekly decrease of 27.89 [2]. Capacity Utilization and Other Indicators - **Coking Capacity Utilization**: The coking capacity utilization rate is 73.84, with a weekly increase of 0.89 [2]. - **Coking Coke Inventory**: The coking coke inventory is 85.97, with a weekly increase of 0.55 [2]. Futures Market - **Futures Prices**: The price of the 05 contract is 1,167.00, up 5.50 from the previous day; the 09 contract is 1,236.50, up 8.50 from the previous day; the 01 contract is 1,075.00, down 4.50 from the previous day [2]. - **Basis and Spreads**: The 05 basis is - 83.32, down 5.50 from the previous day; the 5 - 9 spread is - 69.50, down 3.00 from the previous day [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy, on December 5, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5100, unchanged from the previous day and week; the latest price of Inner Mongolia 72 was 5170, unchanged from the previous day but up 50 from the previous week. The export price of Tianjin 72 silicon ferroalloy was 1020 US dollars, down 10 from the previous day and unchanged from the previous week [2]. - For silicon - manganese alloy, on December 5, 2025, the latest ex - factory price of Inner Mongolia 6517 was 5530, unchanged from the previous day but up 30 from the previous week; the latest price of Ningxia 6517 was 5520, unchanged from the previous day but up 40 from the previous week [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including monthly production volume, weekly production volume (with a capacity share of 95%), and monthly capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon - manganese alloy in China from 2021 - 2025 are shown, including weekly production volume, and procurement prices and quantities of Hebei Steel Group [6]. Demand - The demand data of silicon - manganese alloy in China from 2021 - 2025 are provided, including the demand volume (in ten thousand tons, according to the Steel Union's caliber), and the relationship with the estimated and actual production volume of crude steel in China [4][7]. - The demand - related data of silicon ferroalloy are related to the production of crude steel, stainless steel, and the procurement of Hebei Steel Group [4]. Inventory - The inventory data of 60 sample silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including the total inventory in China, and the inventory in Ningxia, Inner Mongolia, and Shaanxi on a weekly basis. Also, data on the number of warehouse receipts, effective forecasts, and the sum of them are provided [5]. - The inventory data of silicon - manganese alloy from 2021 - 2025 are shown, including the total number of warehouse receipts, effective forecasts, and the sum of inventory, as well as the inventory of 63 sample enterprises in China on a weekly basis [7]. Cost and Profit - For silicon ferroalloy, the cost - related data such as electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, and the market price of semi - coke in Shaanxi from 2021 - 2025 are provided. Also, the production cost and profit data in Ningxia and Inner Mongolia are presented [5]. - For silicon - manganese alloy, the cost - related data such as the ex - factory price of chemical coke in Ordos, and the summary prices of various manganese ores from 2021 - 2025 are provided. The profit data in Inner Mongolia, Guangxi, the northern and southern regions are also shown [6][7].

研究中心农产品团队 2025/12/05 | 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 | | 2025/11/28 | 2090 | 2240 | 2210 | 2440 | -4 | 45 | 259 | 2700 | 2850 | 139 | -29 | | 2025/12/01 | 2120 | 2240 | 2210 | 2440 | 4 | 45 | 252 | 2700 | 2850 | 163 | -47 | | 2025/12/02 | 2120 | 2240 | 2210 | 2430 | -3 | 35 | 249 | 2700 | 2850 | 159 | -47 | | 2025/12/03 | 2120 | 2250 | 2210 | 2450 | -9 | 50 | 247 ...

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/12/05 | | | 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 | | 2025/11/28 | 3210 | 3260 | 3210 | 3250 | 3510 | 3390 | | 2025/12/01 | 3250 | 3310 | 3290 | 3310 | 3560 | 3430 | | 2025/12/02 | 3250 | 3320 | 3300 | 3310 | 3560 | 3440 | | 2025/12/03 | 3210 | 3320 | 3300 | 3310 | 3560 | 3440 | | 2025/12/04 | - | - | - | - | - | - | | 变化 | - | - | - | - | - | - | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | 上海冷卷 ...

废钢早报 研究中心黑色团队 2025/12/05 华东 स्क 中部 东北 日期 华南 西南 2025/11/285 2183 2017 2210 2225 2088 - 2263 原点 2224 2225 2089 2025/12/01 2189 2262 2016 2229 2225 2089 2025/12/02 2191 2263 2022 2090 2025/12/03 2192 2264 2032 2231 2225 2092 ~ 2025/12/04 容 2192 2264 原占 2035 2231 版d 2223 环比 0 3 0 -2 0 沙钢重三价格 (含税) 镇江鸿泰剪切料价格 (不含税) ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 ● 2022 ● 2023 ● 2024 ● 2025 3,600 4,200元/吨 3,900 3,300 3,600 3,000 3,300 3,000 2,700 2,400 2,100 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 2,700 2,400 2,100 1,800 品因H 1月 2月 3月 4月 ...

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 Catalog Spot Market - The latest prices, daily changes, and weekly changes of various iron ore varieties are presented, including Newman powder, PB powder, Mac powder, etc. For example, Newman powder is priced at 790, with a daily change of -3 and a weekly change of -6 [1]. - Import profits are also provided for some varieties, such as Newman powder with an import profit of -16.31 [1]. Futures Market - The latest prices, daily changes, weekly changes, and monthly spreads of different iron ore futures contracts are given, including i2601, i2605, i2609, FE01, FE05, and FE09. For example, i2601 is priced at 794.5, with a daily change of -5.0 and a weekly change of -5.0 [1].

Report Overview - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: December 4, 2025 Key Data Price Data - **Domestic Coking Coal**: The latest price of Liulin Main Coking Coal is 1505.00, unchanged from the previous day, down 140.00 from last week, down 140.00 from last month, and up 0.60% year - on - year. The price of Anze Main Coking Coal is 1500.00, down 80.00 from the previous day, down 80.00 from last week, down 160.00 from last month, and down 3.85% year - on - year [2]. - **Imported Coking Coal**: The latest price of Peak Downs is 222.00, up 6.50 from the previous day, up 8.00 from last week, up 10.50 from last month, and up 5.00 year - on - year. The price of Goonyella is 221.00, up 6.50 from the previous day, up 8.00 from last week, up 9.50 from last month, and up 4.00 year - on - year [2]. - **Futures Market**: The latest price of Futures Contract 05 is 1161.50, down 17.50 from the previous day, down 8.50 from last week, down 161.50 from last month, and down 10.52% year - on - year. The price of Futures Contract 09 is 1228.00, down 15.00 from the previous day, down 7.50 from last week, down 164.50 from last month, and down 8.77% year - on - year [2]. Inventory Data - **Total Inventory**: The total inventory is 3482.28, up 101.57 from last week, up 159.68 from last month, and down 14.28% year - on - year. - **Coal Mine Inventory**: The coal mine inventory is 223.92, up 38.00 from last week, up 59.39 from last month, and down 31.65% year - on - year. - **Port Inventory**: The port inventory is 291.50, down 7.00 from last week, up 15.85 from last month, and down 37.81% year - on - year. - **Steel Mill Coking Coal Inventory**: The steel mill coking coal inventory is 797.08, up 6.91 from last week, up 14.12 from last month, and up 7.15% year - on - year. - **Coking Plant Coking Coal Inventory**: The coking plant coking coal inventory is 1038.19, down 30.78 from last week, up 8.49 from last month, and up 13.27% year - on - year [2]. Basis and Spread Data - **Basis**: The 05 basis is - 77.82, up 17.50 from the previous day, down 135.18 from last week, down 118.96 from last month, and down 24.42 year - on - year. The 09 basis is - 144.32, up 15.00 from the previous day, down 136.18 from last week, down 115.96 from last month, and up 0.42 year - on - year. The 01 basis is 4.18, up 15.00 from the previous day, down 147.68 from last week, down 99.46 from last month, and down 0.71 year - on - year [2]. - **Spread**: The 5 - 9 spread is - 66.50, down 2.50 from the previous day, down 1.00 from last week, up 3.00 from last month, and up 0.39 year - on - year. The 9 - 1 spread is 148.50, unchanged from the previous day, down 11.50 from last week, up 16.50 from last month, and up 0.28 year - on - year. The 1 - 5 spread is - 82.00, up 2.50 from the previous day, up 12.50 from last week, down 19.50 from last month, and up 0.21 year - on - year [2]. Graphical Data - The report also includes multiple graphs showing the price trends of various coking coal types (such as Liulin Main Coking Coal, Mongolian coal at the port, etc.), inventory trends (coal mine inventory, port inventory, etc.), production trends, import volume trends, and basis and spread trends from 2021 to 2025 [3][4][5][7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week, oil prices fluctuated. The explosion at the core berth of CPC over the weekend led to an interruption in exports on the 28th and 29th, which is expected to impact the short - term crude oil exports of Kazakhstan and Russia, and the crude oil monthly spread is expected to rebound. The specific impact assessment still needs to monitor whether the attacks continue. The market expects OPEC to maintain the decision to suspend production increases in the first quarter. Global on - land inventories are accumulating, while the total on - land and water inventories are slightly decreasing. US EIA commercial crude oil, gasoline, and diesel inventories are accumulating, and diesel inventories in Singapore and ARA are significantly decreasing. Recently, the refinery operations in Europe and the US have improved. The Russia - Ukraine peace talks are entering detailed stages. In the short term, the European diesel crack spread has declined significantly due to market sentiment, but the fundamentals still have support. It is expected that there is still room for the gasoline - diesel price difference to repair downward. The Brent price range in the fourth quarter is $55 - 65 per barrel, and the short - term valuation deviation is not high. Maintain the short - selling strategy. Recently, focus on whether the interruption of CPC oil exports continues, and the short - term Brent monthly spread is facing a strengthening driver [6] Group 3: Summary by Relevant Catalogs 1. Price Data - From November 27 to December 3, 2025, WTI prices changed from unavailable to 58.95, with a change of 0.31; BRENT prices changed from 63.34 to 62.67, with a change of 0.22; DUBAI prices changed from unavailable to 63.41, with a change of 0.17. Other related price differentials and product prices also showed corresponding changes [3] 2. Daily News - Venezuela's oil exports in November reached about 921,000 barrels per day, the third - highest monthly average this year. Exports to the US increased to about 150,000 barrels per day, and exports of petroleum by - products and petrochemicals also rose. The import of light crude oil and fuel more than doubled [3] - US President Trump proposed to significantly reduce the fuel economy requirements by 2031, aiming for an average fuel economy of 34.5 miles per gallon, lower than the 50.4 miles per gallon under the previous President Biden's rule. The proposal is estimated to reduce the average upfront cost of vehicles by $900 [4] - Ukraine claimed that the Russian "Friendship" oil pipeline was attacked by an explosion, and Russia has not responded yet [4] 3. Inventory Data - US API crude oil inventory for the week ending November 28 was 2.48 million barrels, compared with the previous value of - 1.859 million barrels; API gasoline inventory was 3.136 million barrels, compared with the previous value of 0.539 million barrels [4] - US EIA crude oil inventory for the week ending November 28 was 0.574 million barrels, compared with the expected - 0.821 million barrels and the previous value of 2.774 million barrels; EIA gasoline inventory was 4.518 million barrels, compared with the expected 1.468 million barrels and the previous value of 2.513 million barrels; EIA refined oil inventory was 2.059 million barrels, compared with the expected 0.707 million barrels and the previous value of 1.147 million barrels [4][5] - From November 14 - 20, both gasoline and diesel inventories decreased. Gasoline inventory was 10.2331 million tons, a decline of 1.75%, and diesel inventory was 12.2708 million tons, a decline of 4.25%. Refining profits of major refineries rebounded, while those of local refineries fluctuated [5] - As of the week ending November 24, the total refined oil inventory in Fujairah, UAE increased by 197,000 barrels to 20.849 million barrels. Light distillate inventory decreased by 934,000 barrels to 6.291 million barrels, medium distillate inventory increased by 205,000 barrels to 3.393 million barrels, and heavy residual fuel oil inventory increased by 926,000 barrels to 11.165 million barrels [5]