Group 1: Global Asset Market Performance - The latest yields of 10 - year treasury bonds in major economies: US 4.138, UK 4.601, France 3.460, Germany 2.711, Italy 3.452, Spain 3.208, Switzerland 0.146, Greece 3.325, Japan 1.765, Brazil 6.241, China 1.808, South Korea (not available), Australia 4.416, New Zealand 4.096 [3] - The latest yields of 2 - year treasury bonds in major economies: US 3.593, UK 3.799, Germany 2.015, Japan 0.926, Italy 2.196, China (1Y yield) 1.404, South Korea (not available), Australia 3.648 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.333, Russia (not available), South Africa zar 17.197, Korean won 1468.300, Thai baht 32.412, Malaysian ringgit 4.150 [3] - The latest exchange rates of the RMB: on - shore RMB 7.114, off - shore RMB 7.118, RMB central parity rate 7.087, RMB 12 - month NDF 6.973 [3] - The latest values of major economies' stock indices: S&P 500 6642.160, Dow Jones Industrial Average 46138.770, NASDAQ 22564.230, Mexican stock index 62080.580, UK stock index 9507.410, French CAC 7953.770, German DAX 23162.920, Spanish stock index 15889.300, Russian stock index (not available), Nikkei 48537.700, Hang Seng Index 25830.650, Shanghai Composite Index 3946.742, Taiwan stock index 26580.120, South Korean stock index 3929.510, Indian stock index 8406.577, Thai stock index 1272.170, Malaysian stock index 1623.890, Australian stock index 8721.381, emerging - economy stock index 1360.310 [3] - The latest values of credit - bond indices: Eurozone investment - grade credit - bond index 265.716, Eurozone high - yield credit - bond index 406.820, others (not available) [3] Group 2: Stock Index Futures Trading Data - Index performance: A - share closing price 3946.74, up 0.18%; CSI 300 closing price 4588.29, up 0.44%; SSE 50 closing price 3020.35, up 0.58%; ChiNext closing price 3076.85, up 0.25%; CSI 500 closing price 7122.75, down 0.40% [4] - Valuation: PE(TTM) of CSI 300 14.16, SSE 50 12.02, CSI 500 32.44, S&P 500 27.61, German DAX 17.97;环比 changes are 0.10, 0.12, - 0.13, 0.10, - 0.01 respectively [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 - 0.52, German DAX 2.86;环比 changes are - 0.04, 0.00 respectively [4] - Fund flow: A - share latest value - 706.00, 5 - day average - 691.41; Main - board latest value - 488.38, 5 - day average - 560.82; Small - and - medium - sized enterprise board (not available); ChiNext latest value - 159.12, 5 - day average - 88.75; CSI 300 latest value 101.60, 5 - day average - 95.39 [4] Group 3: Transaction Data of Treasury Bond Futures and Other Information - Closing prices of treasury bond futures: T2303 108.43, down 0.07%; TF2303 105.88, down 0.04%; T2306 108.17, down 0.08%; TF2306 105.87, down 0.02% [5] - Fund interest rates: R001 1.4851%, down 4.00 BP; R007 1.5242%, down 1.00 BP; SHIBOR - 3M 1.5800%, no change [5] - Transaction amounts: Shanghai and Shenzhen stock markets latest value 17259.08, down 2001.60; CSI 300 latest value 3852.30, down 349.20; SSE 50 latest value 995.51, down 66.50; Small - and - medium - sized board latest value 3594.37, down 533.17; ChiNext latest value 4556.63, down 459.04 [5] - Main contract basis and spread: IF basis - 23.09, - 0.50%; IH basis - 9.35, - 0.31%; IC basis - 67.95, - 0.95% [5]

Group 1: Report Information - The report is a Coking Coal Daily Report dated November 20, 2025, prepared by the Black Team of the Research Center [1] Group 2: Price and Inventory Data Price Data - The latest price of Liulin Main Coking Coal is 1645.00, with a monthly increase of 70.00 and an annual increase of 3.46% [2] - The latest price of Peak Downs is 207.00, with a daily decrease of 3.00, a weekly decrease of 4.50, and an annual decrease of 10.00 [2] - The latest price of Goonyella is 205.00, with a daily decrease of 4.00, a weekly decrease of 5.50, and an annual decrease of 12.00 [2] - The latest price of Anze Main Coking Coal is 1660.00, with a daily and weekly decrease of 40.00, a monthly increase of 110.00, and an annual increase of 1.84% [2] - The latest price of the 05 contract on the futures market is 1225.00, with a daily decrease of 18.00, a weekly decrease of 38.50, and an annual decrease of 8.45% [2] - The latest price of the 09 contract on the futures market is 1292.50, with a daily decrease of 22.50, a weekly decrease of 37.00, and an annual decrease of 6.00% [2] - The latest price of the 01 contract on the futures market is 1150.00, with a daily decrease of 22.50, a weekly decrease of 63.50, and an annual decrease of 10.23% [2] Inventory Data - The total inventory is 3362.36, with a weekly decrease of 7.89, a monthly increase of 43.97, and an annual decrease of 15.84% [2] - The coal mine inventory is 165.06, with a weekly decrease of 0.53, a monthly decrease of 40.35, and an annual decrease of 47.52% [2] - The port inventory is 304.27, with a weekly increase of 14.12, a monthly increase of 9.28, and an annual decrease of 25.83% [2] - The steel mill coking coal inventory is 787.30, with a weekly decrease of 9.02, a monthly increase of 6.17, and an annual increase of 6.22% [2] - The coking plant coking coal inventory is 1070.02, with a weekly increase of 17.54, a monthly increase of 110.96, and an annual increase of 18.39% [2] Group 3: Basis and Spread Data - The 05 basis is 74.77, with a daily increase of 18.00, a weekly decrease of 25.87, a monthly increase of 128.61, and an annual increase of 87.71 [2] - The 09 basis is 7.27, with a daily increase of 22.50, a weekly decrease of 27.37, a monthly increase of 140.11, and an annual decrease of 1.15 [2] - The 01 basis is 149.77, with a daily increase of 22.50, a weekly decrease of 0.87, a monthly increase of 128.61, and an annual increase of 2.40 [2] - The 5 - 9 spread is -67.50, with a daily increase of 4.50, a weekly decrease of 1.50, a monthly increase of 11.50, and an annual increase of 0.82 [2] - The 9 - 1 spread is 142.50, with a weekly increase of 26.50, a monthly decrease of 11.50, and an annual increase of 0.52 [2] - The 1 - 5 spread is -75.00, with a daily decrease of 4.50, a weekly decrease of 25.00, and an annual increase of 0.32 [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For PTA, with some near - end TA device maintenance,开工 decreasing, polyester load dropping, and inventory accumulating, the basis is weak but the spot processing fee improves slightly. PX has a good pattern, and opportunities for long - short spreads and expanding processing fees should be noted [3]. - For MEG, short - term inventory accumulation is expected to continue, but the supply may decrease due to low profitability. In the long term, the overall pattern may weaken due to new device launches and warehouse receipt pressure [3]. - For polyester staple fiber, although the performance of the yarn end is not significantly improved, the high export growth of staple fiber results in no obvious inventory accumulation. Opportunities for expanding processing fees and the situation of warehouse receipts should be noted [3]. - For natural rubber, with stable national explicit inventory and rainfall affecting rubber tapping in Thailand, the strategy is to wait and see [6]. 3. Summary by Product PTA - **Price and Margin Changes**: From November 13 - 19, 2025, the price of crude oil decreased by 1.4, PTA internal - market spot price increased by 30, and polyester margin decreased by 15. The PTA balance load and PTA load remained unchanged at 77.5 and 75.7 respectively, and the warehouse receipt + effective forecast increased by 2604 [3]. - **Device Changes**: Yisheng Ningbo's 2.2 million - ton device was under maintenance [3]. - **Outlook**: TA will maintain a high - maintenance state, and with no obvious pressure from downstream products and the revocation of BIS certification by India, the inventory accumulation slope is not high. There are limited new investments in the far - month, and PX has a good pattern [3]. MEG - **Price and Margin Changes**: From November 13 - 19, 2025, the MEG external - market price decreased by 4, the MEG internal - market price decreased by 33, and the MEG coal - making profit decreased by 33. The MEG total load and coal - made MEG load remained unchanged at 71.6 and 68.0 respectively, and the MEG port inventory remained at 73.2 [3]. - **Device Changes**: Hongsifang's 300,000 - ton device, Huayi's 200,000 - ton device were under maintenance, and Zhenhai's 800,000 - ton device restarted [3]. - **Outlook**: Short - term inventory accumulation is expected to continue, but the supply may decrease due to low profitability. In the long term, the overall pattern may weaken due to new device launches and warehouse receipt pressure [3]. Polyester Staple Fiber - **Price and Margin Changes**: From November 13 - 19, 2025, the price of 1.4D cotton - type staple fiber increased by 20, and the short - fiber profit increased by 6 while the pure - polyester yarn profit decreased by 20 [3]. - **Device Status**: Near - end devices ran smoothly, and the operating rate was maintained at 97.5%. The production and sales were weak, and the inventory increased month - on - month [3]. - **Outlook**: Although the performance of the yarn end is not significantly improved, the high export growth of staple fiber results in no obvious inventory accumulation. There are relatively limited new capacity investments in the short term [3]. Natural Rubber - **Price Changes**: From November 13 - 19, 2025, the price of RU main contract increased by 145, and the price of NR main contract increased by 135. The weekly changes of the mixed - RU main contract, US - dollar Thai standard - NR main contract, etc. also showed certain fluctuations [6]. - **Main Contradictions**: The national explicit inventory is stable, and the absolute level is not high. The price of Thai cup - lump rubber is stable, and rainfall affects rubber tapping [6]. - **Strategy**: Wait and see [6]. Styrene - **Price Changes**: From November 13 - 19, 2025, the price of styrene (CFR China) increased by 8, and the price of styrene (Jiangsu) increased by 60. The price of PS (East China transparent benzene) increased by 50, while the price of ABS (0215A) decreased by 50 [10]. - **Margin Changes**: The domestic profit of styrene decreased by 85, and the domestic profit of EPS decreased by 34 [10].

跨期套利跟踪 2025/11/20 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 460 460 460 410 理论价差 530 959 1396 1833 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 15 35 45 85 理论价差 215 336 457 578 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 150 160 170 195 理论价差 218 337 456 575 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 40 60 40 50 理论价差 211 318 425 532 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 990 1140 1420 1690 锡 5-1 价差 -360 理论价差 6070 期现套利跟踪 2025/11/20 铜 当月合约-现货 次月合约-现货 价差 -430 30 理论价差 - - 锌 当月合约-现货 次月合约-现货 价差 20 35 理论价差 - - 有色套利早报 研究中心有色团队 2025/11/20 铜：跨市套利跟踪 2025/11/20 国内价格 ...

Report Industry Investment Rating - Not provided Core View of the Report - The PG main contract is running strongly. The domestic chemical industry is firm, and there are expectations for the civilian sector to strengthen during the peak season, but the market valuation is high. The international propane market pattern is loose. Attention should be paid to the weather and the situation of cold snaps in the United States [4] Summary by Relevant Catalogs Daily Changes - On Wednesday, for civil gas, the price in East China was 4325 (-10), in Shandong was 4370 (-10), and in South China was 4345 (+0). The price of etherified C4 was 4590 (+0). The lowest delivery location was East China, with a basis of -60 (-62), and the 12 - 01 month spread was 81 (+20). FEI was 502 (-10) and CP was 486 (+14) dollars per ton [4] Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery products were civil gas in East China at 4364 (-10), in Shandong at 4440 (+60), and in South China at 4460 (+10); etherified C4 was 4630 (+130). The overseas paper goods prices rose, the oil - gas ratio weakened slightly, the month spread strengthened, the domestic - foreign price difference weakened, PG - CP reached 128 (-9), and PG - FEI reached 111 (-2). The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of propane in AFEI, the Middle East, and the United States were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively. The freight weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year. The profit of propylene production from PDH in Shandong improved slightly, the profit of alkylation units deteriorated, the MTBE production profit fluctuated, and the export profit remained good. Domestic production decreased slightly, the arrival volume was limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), Donghua Zhangjiagang restarted, and Juzhengyuan and Haiwei stopped for maintenance [4]

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - Safras&Mercado lowered Brazil's 2025/26 soybean production forecast to 178.76 million tons, a reduction of over 2 million tons from the September prediction, but still a 4% increase from the previous year [1] - The decrease in production forecast is mainly due to lower yields in the Matopiba soybean - growing region in north - central Brazil, affected by irregular rainfall and delayed sowing [1] - Despite the adjustment, 2026 is expected to have a record soybean harvest, and the planting area is projected to increase by 1.4% to 48.31 million hectares [1] - On November 19, 2025, private exporters reported selling 330,000 tons of soybeans to China for the 2025/2026 market year [1] Group 3: Summary by Related Catalogs Overnight Market Information - Safras&Mercado adjusted Brazil's 2025/26 soybean production forecast due to irregular rainfall and adverse weather conditions in some regions, with the yield in Tocantins dropping from 3,800 kg/ha to 3,660 kg/ha, and Paraná's production forecast adjusted to 21.7 million tons [1] - Private exporters reported selling 330,000 tons of soybeans to China for the 2025/2026 market year [1] Spot Prices - From November 13 - 19, 2025, the spot prices of soymeal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu fluctuated [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, the high - sulfur crack in Singapore oscillated, the monthly spread strengthened slightly, and the basis weakened. The HSFO crack in Europe declined, and the EW strengthened this week. The 0.5% crack in Singapore rebounded, the monthly spread oscillated, and the basis oscillated at a low level. In terms of inventory, Singapore's residual oil decreased slightly, ARA's residual oil increased, Fujairah's residual oil increased, and EIA's residual oil inventory remained flat. The spread between high - and low - sulfur in the outer market rebounded. Singapore's high - sulfur is supported by EW and refinery purchases, but the spot basis is weakening rapidly. It is in a short - term oscillatory pattern, and the short - term downward space for low - sulfur is limited. [6][7] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Data - From November 13th to November 19th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from 367.09 to 353.50, a change of - 6.29; the price of Rotterdam 0.5% VLS FO swap M1 decreased from 406.14 to 403.35, a change of - 7.88; the Rotterdam HSFO - Brent M1 decreased from - 4.95 to - 7.45, a change of - 0.48; the Rotterdam 10ppm Gasoil swap M1 increased from 687.85 to 734.17, a change of 1.75; the Rotterdam VLSFO - Gasoil M1 decreased from - 281.71 to - 330.82, a change of - 9.63; the LGO - Brent M1 increased from 30.65 to 34.17, a change of 0.50; the Rotterdam VLSFO - HSFO M1 decreased from 39.05 to 49.85, a change of - 1.59. [4] Singapore Fuel Oil Data - **Swap Data**: From November 13th to November 19th, 2025, the price of Singapore 380cst M1 decreased from 359.55 to 348.42, a change of - 6.90; the price of Singapore 180cst M1 decreased from 366.12 to 354.42, a change of - 6.15; the price of Singapore VLSFO M1 decreased from 439.87 to 448.06, a change of - 0.93; the price of Singapore Gasoil M1 increased from 90.65 to 96.80, a change of 3.51; the Singapore 380cst - Brent M1 decreased from - 5.70 to - 8.25, a change of - 0.80; the Singapore VLSFO - Gasoil M1 decreased from - 230.94 to - 268.26, a change of - 26.90. [4] - **Spot Data**: From November 13th to November 19th, 2025, the FOB 380cst price in Singapore decreased from 351.45 to 348.03, a change of - 0.09; the FOB VLSFO price decreased from 438.13 to 446.12, a change of - 2.87; the 380 basis increased from - 6.03 to - 5.80, a change of 0.75; the high - sulfur internal - external spread decreased from 3.7 to 3.2, a change of - 2.7; the low - sulfur internal - external spread decreased from 7.5 to 7.2, a change of - 1.2. [5] Domestic FU Data - From November 13th to November 19th, 2025, the price of FU 01 increased from 2595 to 2560, a change of 2; the price of FU 05 increased from 2618 to 2609, a change of 3; the price of FU 09 decreased from 2586 to 2578, a change of - 1; the FU 01 - 05 decreased from - 23 to - 49, a change of - 1; the FU 05 - 09 increased from 32 to 31, a change of 4; the FU 09 - 01 decreased from - 9 to 18, a change of - 3. [5] Domestic LU Data - From November 13th to November 19th, 2025, the price of LU 01 increased from 3164 to 3266, a change of 19; the price of LU 05 increased from 3154 to 3240, a change of 17; the price of LU 09 increased from 3170 to 3246, a change of 14; the LU 01 - 05 increased from 10 to 26, a change of 2; the LU 05 - 09 increased from - 16 to - 6, a change of 3; the LU 09 - 01 decreased from 6 to - 20, a change of - 5. [6]

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Not provided in the content 3. Summary by Relevant Catalogs Price - For silicon ferroalloy, the latest prices of natural lumps in different regions are as follows: Ningxia 72 is 5150, Inner Mongolia 72 is 5200, Qinghai 72 is 5200, and Shaanxi 72 is 5130. The latest price of Shaanxi 75 is 5700. The prices of qualified lumps in Jiangsu 72 and Tianjin 72 are 5550 and 5500 respectively. The export prices of Tianjin 72 and Tianjin 75 are 1030 and 1080 (in US dollars) [2]. - For silicon - manganese ferroalloy, the factory - ex prices in different regions are: Inner Mongolia 6517 is 5600, Ningxia 6517 is 5480, Guangxi 6517 is 5570, Guizhou 6517 is 5550, and Yunnan 6517 is 5550. The price of Guangxi 6014 is 5000. The trader prices of Ningxia 6517 and Jiangsu 6517 are 5480 and 5670 respectively [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China shows monthly and weekly production trends from 2021 - 2025. The monthly production of 136 silicon ferroalloy enterprises in China ranges from 350,000 to 550,000 tons, and the weekly production of 136 silicon ferroalloy enterprises (with a capacity share of 95%) shows fluctuations [4]. - The production of silicon - manganese ferroalloy in China shows weekly production trends from 2021 - 2025, with the weekly production ranging from 5500 to 9000 [6]. Demand - The demand data of silicon - manganese ferroalloy in China (according to Steelhome's statistics) shows trends from 2021 - 2025, with the demand ranging from 120,000 to 280,000 tons [7]. - The demand - related data such as the purchase volume and price of silicon ferroalloy by HBIS Group from 2021 - 2025 are also presented, with the purchase volume of FeSi75 - B by HBIS Group ranging from 5000 to 12000 tons per month [4]. Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi shows weekly trends from 2021 - 2025. The total inventory of 60 sample enterprises in China ranges from 30,000 to 110,000 tons [5]. - For silicon - manganese ferroalloy, the inventory data such as the total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory on CZCE show daily trends from 2021 - 2025. The total number of warehouse receipts on CZCE ranges from 0 to 140,000 [7]. Cost and Profit - For silicon ferroalloy, the cost and profit data such as the production cost in Ningxia and Inner Mongolia, the profit converted to the main contract in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon ferroalloy show trends from 2021 - 2025 [5]. - For silicon - manganese ferroalloy, the profit data in Inner Mongolia, Guangxi, the northern region, and the southern region (according to Steelhome's statistics) show trends from 2021 - 2025 [7].

Report Overview - The report is a steel morning report by the Black Team of the Research Center, dated November 20, 2025 [1] Spot Prices Rebar - Spot prices for Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan rebar from November 13 - 19, 2025 are presented. On November 19, the prices were 3230, 3210, 3240, 3290, 3420, and 3310 respectively. The price changes on November 19 compared to the previous day were 0, -40, 0, 0, 0, 0 [1] Hot - Rolled Coil - Spot prices for Tianjin, Shanghai, and Lecong hot - rolled coils from November 13 - 19, 2025 are shown. On November 19, the prices were 3230, 3270, and 3300 respectively, with no price changes compared to the previous day [1] Cold - Rolled Coil - Spot prices for Tianjin, Shanghai, and Lecong cold - rolled coils from November 13 - 19, 2025 are provided. On November 19, the prices were 3770, 3820, and 3840 respectively. The price of Lecong cold - rolled coil decreased by 60 compared to the previous day [1] Other Sections - The report also mentions sections on "Price and Profit", "Basis and Spread", "Output and Inventory", but no detailed content for these sections is provided [2][9][10]

焦炭日报 研究中心黑色团队 2025/11/20 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1649.42 | 0.00 | 57.81 | 167.03 | -10.07% 高炉开工率 | 88.80 | | 0.99 | -1.53 | 1.06% | | 河北准一干熄 | 1900.00 | 0.00 | 55.00 | 165.00 | 7.95% 铁水日均产量 | 236.88 | | 2.66 | -4.07 | 0.40% | | 山东准一干熄 | 1825.00 | 0.00 | 55.00 | 165.00 | -9.20% 盘面05 | 1804 | -6.50 | -18.50 | -33.50 | -10.05% | | 江苏准一干熄 | 1865.00 | 0.00 | 55.00 | 165.00 | -9.02% 盘面09 | 1887 | -15 ...