Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - PG futures prices declined, with the basis at -43 (-57) and the 01 - 02 spread at 109 (-19). Domestic LPG prices dropped, and the cheapest deliverable was East China LPG at 4315 (-49), with the propane - LPG price difference narrowing. [1] - Warehouse receipts decreased by 54 to 4561 lots. International paper - based prices fell, and the spread strengthened. The ratio of North Asian to North American oil and gas changed little. The domestic - international PG - CP spread was 126 (-2); PG - FEI was 114 (+3). [1] - The premium of East China arrival, North American, and AFEI departure remained flat. Middle Eastern supplies were tight, with a premium of $35 (+13). Freight rates declined slightly. The FEI - MOPJ spread narrowed to -55 (+11). [1] - The profit of propylene production from Shandong PDH improved slightly; the alkylation unit improved slightly but remained poor; the MTBE production profit fluctuated, and the export profit remained good. [1] - Arrivals increased, external sales decreased, factory inventories increased slightly, and port inventories rose. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. [1] - Overall, domestic chemical demand is relatively strong, and civil demand is increasing, but more arrivals are expected in December. Middle Eastern supplies are tight, but as the CP official price announcement approaches, the market may be more inclined to wait - and - see. Additionally, weather and oil prices need to be monitored. [1] 3) Summary by Relevant Data Daily Changes - On Thursday, for civil LPG, the price in East China was 4310 (+0), in Shandong was 4450 (-10), and in South China was 4335 (+5). The price of ether - post - carbon four was 4480 (+10). The lowest delivery location was East China, with a basis of 5. The 01 - 02 spread was 89 (-1). FEI was 526.79 (+6.79) and CP was 498.8 (+5.8) dollars per ton. [1] Weekly Changes - The PG futures price declined. The basis was -43 (-57), and the 01 - 02 spread was 109 (-19). Domestic civil LPG prices dropped, and the cheapest deliverable was East China civil LPG at 4315 (-49). [1] - Warehouse receipts decreased by 54 to 4561 lots. International paper - based prices fell, and the spread strengthened. The ratio of North Asian to North American oil and gas changed little. The domestic - international PG - CP spread was 126 (-2); PG - FEI was 114 (+3). [1] - The premium of East China arrival, North American, and AFEI departure remained flat. Middle Eastern supplies were tight, with a premium of $35 (+13). Freight rates declined slightly. The FEI - MOPJ spread narrowed to -55 (+11). [1] - The profit of propylene production from Shandong PDH improved slightly; the alkylation unit improved slightly but remained poor; the MTBE production profit fluctuated, and the export profit remained good. [1] - Arrivals increased, external sales decreased, factory inventories increased slightly, and port inventories rose. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. [1]

Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 3.995, UK 4.449, France 3.409, Germany 2.679, Italy 3.401, Spain 3.164, Switzerland 0.139, Greece 3.286, Japan 1.795, China 1.844, Australia 4.495, New Zealand 4.228 [3] - The latest yields of 2 - year government bonds in major economies: US 3.477, UK 3.747, Germany 2.025, Japan 0.968, Italy 2.181, China (1Y yield) 1.410, Australia 3.774 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.354, South Africa zar 17.156, Korean won 1462.650, Thai baht 32.237, Malaysian ringgit 4.132 [3] - The latest values of on - shore RMB 7.080, off - shore RMB 7.074, RMB central parity rate 7.078, RMB 12 - month NDF 6.939 [3] - The latest values of major economies' stock indices: Mexican index 62694.730, UK index 9693.930, France CAC 8099.470, Germany DAX 23767.960, Spanish index 16361.800, Japanese Nikkei 50167.100, Hong Kong Hang Seng Index 25945.930, Shanghai Composite Index 3875.260, Taiwan index 27554.530, South Korean index 3986.910, Indian index 8545.865, Thai index 1252.710, Malaysian index 1617.460, Australian index 8912.027, emerging - economy index 1370.390 [3] - The latest values of credit - bond indices: US investment - grade credit - bond index 3556.200, euro - zone investment - grade credit - bond index 266.314, emerging - economy investment - grade credit - bond index 290.370, US high - yield credit - bond index 2892.130, euro - zone high - yield credit - bond index 408.530, emerging - economy high - yield credit - bond index 1799.674 [3] Stock Index Futures Trading Data Index Performance - Closing prices: A - shares 3875.26, CSI 300 4515.40, SSE 50 2972.27, ChiNext 3031.30, CSI 500 6951.28 [4] - Percentage changes: A - shares 0.29%, CSI 300 - 0.05%, SSE 50 0.02%, ChiNext - 0.44%, CSI 500 - 0.20% [4] Valuation - PE (TTM): CSI 300 13.95, SSE 50 11.88, CSI 500 31.67, S&P 500 27.08, Germany DAX 18.43 [4] -环比 changes: CSI 300 0.03, SSE 50 0.03, CSI 500 - 0.07, S&P 500 0.00, Germany DAX 0.04 [4] Risk Premium - 1/PE - 10 - year interest rate: S&P 500 - 0.30, Germany DAX 2.75 [4] -环比 changes: S&P 500 0.00, Germany DAX - 0.02 [4] Fund Flows - Latest values: A - shares - 623.07, main board - 470.76, ChiNext - 114.30, CSI 300 - 77.38 [4] - 5 - day average values: A - shares - 435.46, main board - 401.54, ChiNext - 25.24, CSI 300 - 52.11 [4] Transaction Data of Other Markets Transaction Amount - Latest values: Shanghai and Shenzhen stock markets 17097.94, CSI 300 4177.90, SSE 50 1051.06, small - and medium - sized board 3275.75, ChiNext 4947.35 [5] -环比 changes: Shanghai and Shenzhen stock markets - 735.52, CSI 300 - 95.71, SSE 50 78.48, small - and medium - sized board - 297.22, ChiNext - 288.64 [5] Main Contract Basis - Basis: IF - 22.80, IH - 9.87, IC - 55.08 [5] - Magnitude: IF - 0.50%, IH - 0.33%, IC - 0.79% [5] Treasury Bond Futures - Closing prices: T2303 108.12, TF2303 105.68, T2306 107.90, TF2306 105.77 [5] - Percentage changes: T2303 0.05%, TF2303 0.03%, T2306 0.04%, TF2306 0.03% [5] Fund Rates - Rates: R001 1.3706%, R007 1.5185%, SHIBOR - 3M 1.5800% [5] - Daily changes: R001 - 15.00 BP, R007 0.00 BP, SHIBOR - 3M 0.00 BP [5]

Report Overview - Report Title: Crude Oil and Refined Oil Morning Report - Report Date: November 27, 2025 - Research Team: Energy and Chemicals Team of the Research Center 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, oil prices closed lower. The Russia-Ukraine negotiations made significant progress, and Zelensky and Trump will discuss the peace plan next week, with Russia being open to it, but no substantial discussions have taken place between Russia and the US. The risk premium of gasoline and diesel cracking in Europe and the US has rapidly retreated, and the monthly spread of crude oil has declined, showing a weekly rebound. Global onshore inventories have increased this week, while the total onshore and offshore inventories have slightly decreased, reaching a new high since 2020. US EIA commercial crude oil inventories have decreased, while gasoline and diesel inventories have increased. The number of US drilling rigs and fracturing operations has increased, and the refinery operating rates in Europe and the US have risen. Recently, there is still room for downward correction in US gasoline and European diesel prices. With supply exceeding demand, the strategy of shorting crude oil from a high level is maintained. The Brent price is expected to be between $55 and $60 per barrel in the fourth quarter. Short-term attention should be paid to the US draft of the Russia-Ukraine conflict solution [6]. 3. Summary by Relevant Catalogs 3.1 Daily News - The Caspian Pipeline Consortium has resumed oil shipments at its Black Sea terminal [3]. - The Natural Resources Ministry and the Ministry of Electricity of the Kurdistan Region of Iraq, along with Dana Gas of the UAE, are currently on-site to investigate a drone attack incident [3]. - The US Environmental Protection Agency has finalized a new rule, granting oil and gas operators an additional grace period of over a year to comply with the mandatory requirements of replacing leaky equipment and regularly monitoring methane leaks set by former President Biden. The Trump administration stated that the rule will affect hundreds of oil and gas sources across the country and is expected to save approximately $750 million in compliance costs over the next decade. Methane is a potent greenhouse gas, with a short-term greenhouse effect 80 times that of carbon dioxide. Oil and gas operations are the largest industrial methane emission source in the US, and the Biden-era regulations aimed to reduce methane emissions and the emissions of volatile organic compounds including the carcinogen benzene [3]. 3.2 Inventory - **API Inventory Data**: For the week ending November 21, the API crude oil inventory decreased by 1.859 million barrels, compared with a previous value of an increase of 4.448 million barrels; the API gasoline inventory increased by 0.539 million barrels, compared with a previous value of an increase of 1.546 million barrels; the API refined oil inventory increased by 0.753 million barrels, compared with a previous value of an increase of 0.577 million barrels [4]. - **EIA Report Data**: In the week of November 21, US crude oil exports decreased by 560,000 barrels per day to 3.598 million barrels per day; US domestic crude oil production decreased by 20,000 barrels to 13.814 million barrels per day; commercial crude oil inventories excluding strategic reserves increased by 2.774 million barrels to 427 million barrels, a 0.65% increase; the four - week average supply of US crude oil products was 20.381 million barrels per day, a 0.05% decrease compared to the same period last year; the US Strategic Petroleum Reserve (SPR) inventory increased by 498,000 barrels to 411.4 million barrels, a 0.12% increase; the import of commercial crude oil excluding strategic reserves was 6.436 million barrels per day, an increase of 486,000 barrels per day compared to the previous week [4]. - **Domestic Gasoline and Diesel Inventory**: From November 14 - 20, both gasoline and diesel inventories decreased. Gasoline inventory was 10.2331 million tons, a 1.75% decrease, and diesel inventory was 12.2708 million tons, a 4.25% decrease. The inventories of both gasoline and diesel in major refineries and social sectors decreased, while those in local refineries increased. The comprehensive refining profit of major refineries rebounded month - on - month, and the comprehensive profit of local refineries fluctuated [5]. - **Fujairah Refined Oil Inventory**: As of the week ending November 24, the total refined oil inventory in Fujairah, UAE increased by 197,000 barrels compared to the previous week. The light distillate inventory decreased by 934,000 barrels to 6.291 million barrels, the medium distillate inventory increased by 205,000 barrels to 3.393 million barrels, and the heavy residual fuel oil inventory increased by 926,000 barrels to 11.165 million barrels [5]. 3.3 Weekly View - This week, oil prices closed lower. The Russia-Ukraine negotiations made significant progress, and Zelensky and Trump will discuss the peace plan next week, with Russia being open to it, but no substantial discussions have taken place between Russia and the US. The risk premium of gasoline and diesel cracking in Europe and the US has rapidly retreated, and the monthly spread of crude oil has declined, showing a weekly rebound. Global onshore inventories have increased this week, while the total onshore and offshore inventories have slightly decreased, reaching a new high since 2020. US EIA commercial crude oil inventories have decreased, while gasoline and diesel inventories have increased. The number of US drilling rigs and fracturing operations has increased, and the refinery operating rates in Europe and the US have risen. Recently, there is still room for downward correction in US gasoline and European diesel prices. With supply exceeding demand, the strategy of shorting crude oil from a high level is maintained. The Brent price is expected to be between $55 and $60 per barrel in the fourth quarter. Short-term attention should be paid to the US draft of the Russia-Ukraine conflict solution [6].

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 According to Relevant Catalogs 3.1 Basis and Monthly Spread - The Shandong basis (+80) (Hongrun) was 17 on 11/26, with a daily change of 25 and a weekly change of 15 [4][12] - The East China basis (Zhenjiang Warehouse) was 47 on 11/26, with a weekly change of 5 [4][12] - The South China basis (Foshan Warehouse) was 7 on 11/26, with a daily change of 25 and a weekly change of -15 [4][12] - The 12 - 01 spread was -7 on 11/26, with a daily change of -3 and a weekly change of 0 [4][12] - The 12 - 03 spread was -19 on 11/26, with a weekly change of 30 [4][12] - The 01 - 02 spread was 6 on 11/26, with a daily change of -2 and a weekly change of 21 [4][12] 3.2 Futures Market - The BU main contract (01) was 3043 on 11/26, with a daily change of -25 and a weekly change of -15 [4][12] - The trading volume was 342,611 on 11/26, with a daily change of 100,034 and a weekly change of -96,590 [4][12] - The open interest was 382,270 on 11/26, with a daily change of 38,521 and a weekly change of 52,113 [4][12] - The delivery volume was 4,690, with no daily or weekly change [4][12] 3.3 Spot Market - Brent crude oil was $62.5 on 11/26, with a daily change of -$0.9 and a weekly change of -$1.0 [4][12] - Jingbo's price was 3000 on 11/26, with a weekly change of -20 [4][12] - Hongrun's price was 2980 on 11/26, with no daily or weekly change [4][12] - Zhenjiang Warehouse's price was 3090 on 11/26, with a weekly change of -10 [4][12] - Foshan Warehouse's price was 3050 on 11/26, with a weekly change of -30 [4][12] 3.4 Profit - The asphalt Ma Rui profit was 219 on 11/26, with a daily change of 42 and a weekly change of 49 [4][12] - The comprehensive profit of Ma Rui - type refineries was 802 on 11/26, with a daily change of 38 and a weekly change of 47 [5][13]

Group 1: Overall Information - The research report is from the Non - ferrous Team of the Research Center on November 27, 2025, covering copper, aluminum, zinc, nickel, stainless steel, lead, tin, industrial silicon, and lithium carbonate [1] Group 2: Copper - This week, copper prices rose first and then fell slightly. Downstream consumption has been weak, and the negotiation of long - term contracts for copper downstream is ongoing. The LME copper had concentrated warehousing, suppressing the Cash - 3M spread. The scrap - refined copper price difference has widened, and the scrap copper subsidy policy in Jiangxi has loosened slightly. The downstream's willingness to place orders rebounds around 85,000 yuan, which may be the psychological price for downstream point - pricing [1] - The changes from November 20 to November 26 include a 5 - unit increase in spot premium, a 70 - unit increase in scrap - refined copper price difference, a 74.73 - unit increase in spot import profit, an 86.48 - unit increase in three - month import profit, a 425 - unit increase in LME cancelled warrants, and a 75 - unit decrease in LME inventory [1] Group 3: Aluminum - Aluminum prices continued to decline, and aluminum ingot inventories remained flat. Aluminum rods, sheets, strips, and foils saw slight inventory reduction. Downstream consumption is okay, and the acceptance of high prices has increased. In the short term, it may show a volatile trend. Overseas and domestic production capacities are gradually being put into operation. It is expected that the supply - demand will be relatively loose in early 2026 and then gradually tighten [1][2] - From November 20 to November 26, Shanghai, Yangtze River, and Guangdong aluminum ingot prices decreased by 40, 40, and 30 respectively. The aluminum LME inventory decreased by 2000, and the aluminum LME cancelled warrants decreased by 2000 [1][25] Group 4: Zinc - This week, zinc prices fluctuated. The domestic and imported TC is accelerating its decline. The domestic zinc ore is tightening marginally from the fourth quarter to the first quarter of next year. The new production of Huoshaoyun zinc ingots started in November, with a monthly output of about 8,000 - 10,000 tons. In December, the maintenance of most smelters is expected to reduce production by more than 10,000 tons. Domestic demand is seasonally weak, and overseas demand in Europe is average. The domestic social inventory is fluctuating, and the overseas LME inventory is decreasing. The export window has opened. In terms of strategy, it is recommended to wait and see in the short term, pay attention to the reverse arbitrage opportunity, and the positive arbitrage opportunity for 01 - 03 [5] - From November 20 to November 26, the Shanghai zinc ingot price remained unchanged, the Tianjin zinc ingot price decreased by 20, the Guangdong zinc ingot price decreased by 10, the LME zinc inventory increased by 1925, and the LME zinc cancelled warrants increased by 2450 [5] Group 5: Nickel - On the supply side, the price of nickel sulfate is relatively firm, and the output of pure nickel has decreased slightly month - on - month. On the demand side, it is generally weak. After the price decline, the premium of Jinchuan nickel has strengthened slightly. Both domestic and overseas inventories are continuously increasing. In the short term, the fundamentals are weak. There are continuous disturbances at the Indonesian ore end, and the policy side still has the motivation to support prices. Pay attention to the opportunity of short - selling on rallies [8] - From November 20 to November 26, the price of 1.5% Philippine nickel ore remained unchanged, the price of Shanghai nickel spot increased by 950, the Jinchuan nickel premium increased by 200, the Russian nickel premium decreased by 100, the LME nickel inventory increased by 1038, and the LME nickel cancelled warrants increased by 630 [8] Group 6: Stainless Steel - On the supply side, the production schedule of steel mills in October increased slightly month - on - month. On the demand side, it is mainly for rigid demand. The prices of nickel iron and chrome iron remain stable. The inventory is at a high level. Fundamentally, it remains weak. The Indonesian policy side has a certain motivation to support prices. Pay attention to the opportunity of short - selling on rallies [10] - From November 20 to November 26, the price of 304 cold - rolled coil remained unchanged, the price of 304 hot - rolled coil increased by 50, the price of 201 cold - rolled coil decreased by 25 [10] Group 7: Lead - This week, lead prices fell, and the sales situation improved. On the supply side, the recovery of recycling profits has stimulated resumption of production, and the production of primary lead remains at a high level. The supply is loose. On the demand side, the battery production rate remained flat this week, and the monthly battery inventory has increased. The demand is expected to weaken. The supply - demand mismatch has been alleviated, and the social inventory has started to increase. It is expected that lead prices will fluctuate narrowly next week, ranging from 17,100 to 17,400 yuan. It is recommended to wait and see the increase in warehouse receipts and the price - support situation of waste batteries [11][13] - From November 20 to November 26, the spot premium decreased by 10, the spot import profit increased by 61.97, the futures import profit increased by 52.91, the LME lead inventory increased by 400, and the LME lead cancelled warrants decreased by 1500 [11] Group 8: Tin - This week, the center of tin prices rose. On the supply side, the processing fee at the ore end remains low, and the rebound space is limited. The maintenance of Yunnan Tin has ended, and the supply has marginally recovered. There are still differences in the output overseas. In the short term, the fundamentals are okay, mainly following the macro - sentiment. In the long - term, the supply will mainly show restorative growth with limited elasticity, and the demand will determine the upside space. It is recommended to hold at low prices close to the cost line or use it as a long - position in non - ferrous metals [16] - From November 20 to November 26, the spot import profit decreased by 4181.61, the spot export profit increased by 3654.24, the LME tin inventory increased by 40, and the LME tin cancelled warrants increased by 105 [16] Group 9: Industrial Silicon - This week, the operation of leading enterprises in Xinjiang was stable, while some factories in Inner Mongolia and Gansu resumed production. In late November, Sichuan and Yunnan may reduce production by about 20 units. In Q4, the supply - demand of industrial silicon is expected to be in a balanced and slightly loose state. In the short term, prices are expected to fluctuate. In the long - term, the over - capacity of industrial silicon is still high, and the operating rate is low. The price is expected to fluctuate at the bottom of the cycle based on the seasonal marginal cost [19] - From November 20 to November 26, the 421 Yunnan basis, 421 Sichuan basis, 553 East China basis, and 553 Tianjin basis all decreased by 60, and the number of warehouse receipts decreased by 289 [19] Group 10: Lithium Carbonate - Affected by the expected lithium - battery demand and market sentiment, the price of lithium carbonate was strong before. After the exchange adjusted the transaction handling fee and trading limit, the market sentiment declined significantly. The resumption of production of mines in Jiangxi also affected the market. The raw material supply is still tight, and the profit margin of the smelting end is small. The upstream inventory has been significantly reduced, and downstream inquiries have decreased. After the price decline, some downstream enterprises have started post - point - pricing. In the long - term, if the energy - storage demand remains high and the power demand is stable, the pattern of lithium carbonate may change in the next 1 - 2 years [21] - From November 20 to November 26, the SMM electric - grade lithium carbonate price and SMM industrial - grade lithium carbonate price both increased by 750, the number of warehouse receipts increased by 435 [21]

纸浆早报 研究中心能化团队 2025/11/27 SP主力合约收盘价： 5208.00 | 日期 | 2025/11/26 | 2025/11/25 | 2025/11/24 | 2025/11/21 | 2025/11/20 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5208.00 | 5212.00 | 5220.00 | 5228.00 | 5298.00 | | 折美元价 | 641.47 | 641.47 | 641.40 | 641.97 | 650.10 | | 距上一日涨跌 | -0.07675% | -0.15326% | -0.15302% | -1.32125% | -1.81616% | | 山东银星基差 | 257 | 253 | 270 | 262 | 212 | | 江浙沪银星基差 | 227 | 238 | 280 | 272 | 212 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | ...

| | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 年变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1645.00 | 0.00 | 0.00 | 70.00 | 5.45% Peak Downs | 214.00 | 0.00 | 7.00 | 4.30 | -2.00 | | 原煤口岸库提价 | 1000.00 | -8.00 | -40.00 | -140.00 | -5.66% Goonyella | 213.00 | 0.00 | 8.00 | 3.30 | -3.00 | | 沙河驿蒙5# | 1500.00 | -10.00 | -50.00 | 30.00 | -4.46% 盘面05 | 1167.50 | -21.00 | -16.00 | -173.00 | -11.25% | | 安泽主焦 | 1580.00 | 0.00 | -80.00 | -20.00 | 0.00% 盘面09 | 1235.00 | -1 ...

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 4082.05, 50.04, 1538.00, 1394.00, 57.95, and 10857.00 respectively, with no changes [3]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.81, 1.16, 1.32, 156.07, and 1.79 respectively, with no changes [3]. Group 2: Trading Data - The latest inventory of COMEX Silver, SHFE Silver, and SGE Silver are 14283.88, 531.21, and 822.42 respectively. The SHFE Silver inventory decreased by 9.36 [4]. - The latest holdings of Gold ETF and Silver ETF are 1040.86 and 15582.33 respectively, with no changes [4]. - The latest deferred fee payment directions of SGE Silver and SGE Gold are 2, and the SGE Silver's deferred fee payment direction changed by 1.00 [4]. Group 3: Others - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [8].

Report Summary Report Industry Investment Rating - Not provided in the given content Report Core View - Not provided in the given content Summary by Related Catalog Price and Profit - Spot prices of various steel products in different regions from November 20 - 25, 2025 are presented, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, etc. for hot - rolled and cold - rolled coils [1] - For example, Beijing rebar price increased from 3230 on November 20 to 3250 on November 25; Shanghai hot - rolled coil price rose from 3250 on November 20 to 3320 on November 25 [1] Basis and Spread - No specific content provided in the given text Production and Inventory - No specific content provided in the given text

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - The latest prices and their daily and weekly changes are presented for different types of ferrosilicon (FeSi) and silicomanganese (SiMn) in various regions such as Ningxia, Inner Mongolia, Qinghai, and Shaanxi. For example, the latest price of 72 FeSi in Ningxia is 5100 yuan, with a daily change of -30 yuan and a weekly change of -50 yuan [2]. - Price trends of different types of FeSi and SiMn from 2021 - 2025 are shown in graphs, including market prices, export and import prices, and basis differences [3][6]. Supply - Production - related data such as the output of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates in different regions (Inner Mongolia, Ningxia, Shaanxi), and the output of silicon - manganese in China (weekly) are presented [4][6]. - Data on the estimated and actual output of crude steel in China, metal magnesium production, and the procurement volume and price of FeSi and SiMn by Hebei Iron and Steel Group are also included [4][6]. Inventory - Inventory data of silicon - iron and silicon - manganese are provided, including the inventory of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia), CZCE's warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts [5][7]. - The average available days of inventory in different regions (East China, South China, North China) are also shown [5]. Cost and Profit - Cost - related data such as electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke, and the production cost of silicon - iron in Ningxia and Inner Mongolia are presented [5]. - Profit - related data including the production profit of semi - coke, the profit of silicon - iron and silicon - manganese in different regions (Ningxia, Inner Mongolia, Guangxi), and the export profit of 75% FeSi are provided [5][7].