Report Key Information 1. Report Industry Investment Rating - No relevant information provided. 2. Report Core View - No clear core view presented in the given content. 3. Summary by Related Catalog - The report shows the scrap steel prices in different regions (East China, North China, Central China, South China, Northeast China, and Southwest China) from November 12 to November 18, 2025, along with the month - on - month changes [3]. - On November 12, 2025, prices were 2205 in East China, 2277 in North China, 2037 in Central China, 2208 in South China, 2221 in Northeast China, and 2097 in Southwest China [3]. - By November 18, 2025, prices were 2199 in East China, 2273 in North China, 2033 in Central China, 2223 in South China, 2226 in Northeast China, and 2094 in Southwest China [3]. - The month - on - month changes were 3 in East China, - 1 in North China, 0 in Central China, 2 in South China, 0 in Northeast China, and 0 in Southwest China [3].

Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.114, UK 4.553, France 3.457, Germany 2.706, Italy 3.456, Spain 3.208, Switzerland 0.138, Greece 3.332, Japan 1.739, Brazil 6.245, China 1.805, Australia 4.441, New Zealand 4.150 [2] - The latest yields of 2 - year government bonds in major economies: US 3.574, UK 3.795, Germany 2.017, Japan 0.918, Italy 2.214, China (1Y yield) 1.410, Australia 3.668 [2] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.324, South Africa zar 17.185, South Korean won 1462.250, Thai baht 32.440, Malaysian ringgit 4.163 [2] - The latest values of on - shore RMB 7.109, off - shore RMB 7.111, RMB central parity rate 7.086, RMB 12 - month NDF 6.967 [2] - The latest values of major economies' stock indices: S&P 500 6617.320, Dow Jones Industrial Average 46091.740, NASDAQ 22432.850, Mexican stock index 61984.450, UK stock index 9552.300, French CAC 7967.930, German DAX 23180.530, Spanish stock index 15827.000, Japanese Nikkei 48702.980, Hong Kong Hang Seng Index 25930.030, Shanghai Composite Index 3939.813, Taiwan stock index 26756.120, South Korean stock index 3953.620, Indian stock index 8361.926, Thai stock index 1270.040, Malaysian stock index 1614.060, Australian stock index 8738.270, emerging - economy stock index 1361.750 [2] - The latest values of credit - bond indices: Eurozone investment - grade credit - bond index 265.631, Eurozone high - yield credit - bond index 406.730 [2] Stock Index Futures Trading Data - Index performance: A - share closing price 3939.81 (down 0.81%), CSI 300 closing price 4568.19 (down 0.65%), SSE 50 closing price 3003.02 (down 0.30%), ChiNext closing price 3069.22 (down 1.16%), CSI 500 closing price 7151.02 (down 1.17%) [3] - Valuation: PE (TTM) of CSI 300 14.06 (down 0.08), SSE 50 11.90 (down 0.03), CSI 500 32.57 (down 0.41), S&P 500 27.51 (down 0.23), German DAX 17.98 (down 0.32) [3] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 - 0.48 (up 0.06), German DAX 2.86 (up 0.11) [3] - Fund flow: Latest A - share fund flow - 1462.75, motherboard - 1190.40, ChiNext - 214.75, CSI 300 - 225.97; 5 - day average A - share fund flow - 712.73, motherboard - 585.51, ChiNext - 90.24, CSI 300 - 119.58 [3] - Transaction amount: Latest transaction amount of Shanghai and Shenzhen stock markets 19260.68 (up 152.77), CSI 300 4201.50 (down 187.90), SSE 50 1062.01 (down 56.04), SME board 4127.54 (up 19.72), ChiNext 5015.67 (up 149.23) [4] - Main contract basis: IF basis - 13.19 (down 0.29%), IH basis - 5.42 (down 0.18%), IC basis - 71.22 (down 1.00%) [4] Treasury Bond Futures Trading Data - Closing prices of treasury bond futures: T2303 108.50 (up 0.01%), TF2303 105.92 (up 0.01%), T2306 108.25 (up 0.01%), TF2306 105.89 (unchanged) [4] - Fund interest rates: R001 1.5711% (up 4.00 BP), R007 1.5294% (unchanged), SHIBOR - 3M 1.5800% (unchanged) [4]

纸浆早报 研究中心能化团队 2025/11/18 SP主力合约收盘价： 5474.00 | 日期 | 2025/11/17 | 2025/11/14 | 2025/11/13 | 2025/11/12 | 2025/11/11 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5474.00 | 5480.00 | 5534.00 | 5482.00 | 5484.00 | | 折美元价 | 674.24 | 674.24 | 681.44 | 672.93 | 672.85 | | 距上一日涨跌 | -0.10949% | -0.97579% | 0.94856% | -0.03647% | 0.29261% | | 山东银星基差 | 76 | 70 | 31 | 58 | 56 | | 江浙沪银星基差 | 76 | 70 | 66 | 83 | 81 | 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 | | --- | --- | --- | --- | --- | --- | | 加拿大 ...

2025/11/18 研究中心黑色团队 焦煤日报 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 柳林主焦 2021 2022 2023 2024 2025 500.00 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 600.00 1100.00 1600.00 2100.00 2600.00 3100.00 3600.00 4100.00 4600.00 蒙煤仓单 1900/1/4 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客观、公正，研究方法专业审慎，分 析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考 ...

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 2021 2022 2023 2024 2025 4500.00 青岛港准一平仓 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客观、公正，研究方法专业审慎，分 析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资 建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - This week, oil prices remained volatile. News of potential negotiations between Russia and Ukraine on Thursday and the suspension of oil exports from Russia's Novorossiysk port due to an attack on Friday caused intraday fluctuations. The fundamentals maintain a pattern of oversupply and increased uncertainty regarding Russian sanctions risks. The US sanctions on Russia will take effect on November 21, and the short - term statements of the US and Russia will affect market expectations. The US EIA commercial crude oil inventory has increased, while the global oil inventory has slightly decreased. Due to high gasoline and diesel profits, the refinery operations in Europe and the US have recently recovered, and the maintenance rate of Middle Eastern refineries remains high. In the short term, the interruption of Russian ports supports the Dubai monthly spread, but the global supply pressure and the potential OPEC production increase plan limit the upside. In the short term, the monthly spread and absolute prices will maintain a volatile pattern, and a short - selling strategy is recommended for the fourth quarter [6]. 3. Summary by Relevant Catalogs 3.1 Price Data - **Crude Oil Prices**: From November 11 - 17, BRENT crude oil price decreased by $0.57 to $63.82, DUBAI decreased by $0.18 to $65.00. SC increased by 0.70 to 458.10, and OMAN decreased by $0.40 to $64.46 [3]. - **Product Prices**: From November 11 - 17, NYMEX RB, RBOB - BR, NYMEX HO, HO - BRT, and other product prices showed corresponding changes. For example, the change in the difference between DUBAI - BRT was 0.22, and the change in the difference between SC - BRT was 0.68 [3]. - **Domestic Product Prices**: From November 11 - 17, domestic gasoline price increased by 20.00 to 7100, and the difference between domestic gasoline - BRT increased by 54.00 to 3335. Domestic diesel price increased by 5.00 to 6440, and the difference between domestic diesel - BRT increased by 35.00 to 3118 [3]. 3.2 Daily News - US President Trump said he would not rule out any possibilities regarding Venezuela and that any country doing business with Russia would be sanctioned, and Iran might be added to the list [3][4]. - Three Iraqi energy officials stated that the Iraqi government is discussing applying to the US Treasury for a six - month exemption to allow Lukoil to sell its stake in the West Qurna - 2 oilfield [4]. - Market news reported that Sudan's energy facilities were attacked, and oil exports were interrupted [4]. - As of the week ending November 17, the crude oil arrival volume of Shandong independent refineries was 2.67 million tons, a decrease of 75,000 tons from the previous week, a decline of 2.73%. Compared with the same period last year, the arrival volume was 2.039 million tons, a decrease of 483,000 tons, a decline of 19.15%. The arriving crude oil was mainly medium - quality crude oil, with 795,000 tons of Russian crude oil arriving, and no new diluted bitumen arrived [4]. 3.3 Inventory - **US Inventory**: In the week ending November 7, US crude oil exports decreased by 1.551 million barrels per day to 2.816 million barrels per day, domestic crude oil production increased by 211,000 barrels to 13.862 million barrels per day, the API crude oil inventory was 1.3 million barrels (previous value: 6.521 million barrels), and the commercial crude oil inventory excluding strategic reserves increased by 6.413 million barrels to 428 million barrels, an increase of 1.52%. The US strategic petroleum reserve (SPR) inventory increased by 798,000 barrels to 410.4 million barrels, an increase of 0.19% [5][17]. - **Japanese Inventory**: As of the week ending November 8, Japan's commercial crude oil inventory decreased by 353,966 kiloliters to 10,379,001 kiloliters compared with the previous week [6]. - **Venezuelan Inventory**: As of the week ending November 12, the total refined oil inventory at the Port of Fujairah in the UAE was 21.181 million barrels [17]. - **Gasoline and Diesel Inventory**: From November 7 - 13, both gasoline and diesel inventories decreased. Gasoline inventory was 10.4149 million tons, a decrease of 1.52%, and diesel inventory was 12.8156 million tons, a decrease of 0.63%. The refinery profits of major and independent refineries rebounded [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Related Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from 2025/11/11 to 2025/11/17, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan for rebar, and Tianjin, Shanghai, and Lecong for hot-rolled and cold-rolled coils. The price changes are also listed, with the highest increase of 80 for Shanghai hot-rolled coil and 100 for Lecong cold-rolled coil [1] Basis and Spread - Not provided in the given content Production and Inventory - Not provided in the given content

镇江鸿泰剪切料价格 (不含税) 废钢早报 研究中心黑色团队 2025/11/18 华东 स्क 中部 华南 | 日期 | 华东 | स्त्रेनि | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/11 | 2208 | 2278 | 2037 | 2208 | 2220 | 2097 | | 2025/11/12 | 2205 | 2277 | 2037 | 2208 | 2221 | 2097 | | 2025/11/13 | 2203 | 2275 | 2037 | 2208 | 2226 | 2097 | | 2025/11/14 | 2199 | 2275 | 2036 | 2209 | 2226 | 2096 | | 2025/11/17= | 2196 | 2274 | 2033 | 2221 | 2226 | 2094 | | - SOURCE FOR | -3 | -1 | -3 | 12 | | ICE POIN -2 | 沙钢重三价格 (含税) ◆ 2022 ↓ 2023 ↓ 2024 ...

04仍建议连高空思路对待。 近期欧线报价情况: 11月下宣涨：先前船司对11月下宣涨2365-2950美金。 集运早报 | | | | | | | 研究中心能化团队 | | | 2025/11/18 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵਿੱਚ | | 昨日收盘价 | 涨跌 | 葛美 | 昨日成交昼 | | 昨日持会昆 | 持仓变动 | | | EC2512 | | 1792.3 | 0.13% | -434.6 | 7097 | | 12086 | -2434 | | | EC2602 | | 1726.0 | 7.54% | -368.3 | 44502 | | 388880 | 837 | | | EC2604 | | 1187.7 | 2.59% | 170.0 | 4647 | | 16182 | 564 | | | EC2606 | | 1403.9 | 1.89% | -46.2 | 3 20 | | 1621 | -3 | | | EC2608 | | 1521.1 | 2.31% | -163 ...

Global Asset Market Performance - On November 17, 2025, the 10 - year treasury bond yields of major economies varied, with the US at 4.140%, UK at 4.534%, etc. The latest changes, weekly, monthly, and yearly changes also differed among countries. For example, the US 10 - year treasury bond yield had a latest change of - 0.009, a weekly change of 0.023, a monthly change of 0.159, and a yearly change of - 0.188 [3] - The 2 - year treasury bond yields also showed different trends. For instance, China (1Y) was 3.580% on November 17, 2025, with corresponding changes over different time periods [3] - The exchange rates of the US dollar against major emerging economies' currencies had various changes. For example, against the South African zar, the latest change was 0.58%, and the yearly change was - 6.37% [3] - The performance of major economies' stock indices on November 17, 2025, showed declines in most cases. For example, the Dow Jones had a latest change of - 0.92%, and a weekly change of - 2.34% [3] - The credit bond indices of different types (emerging economies' investment - grade, high - yield, etc.) had different values and changes on November 17, 2025. For example, the emerging economies' investment - grade credit bond index was 3516.030, with a latest change of 0.05% [3] Stock Index Futures Trading Data - On November 17, 2025, the closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3972.03, 4598.05, 3012.07, 3105.20, and 7235.35 respectively, with corresponding percentage changes [4] - The PE (TTM) values of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 14.14, 11.93, 32.98, 27.74, and 18.30 respectively, with环比 changes [4] - The risk premiums and their环比 changes of S&P 500 and German DAX were - 0.54 and 2.75 respectively, with环比 changes of 0.04 and 0.07 [4] - The latest values and 5 - day average values of capital flows in A - shares, main boards, etc., showed different trends. For example, the latest value of A - share capital flow was - 543.55, and the 5 - day average was - 629.80 [4] - The latest trading volumes and环比 changes of Shanghai and Shenzhen stock markets, CSI 300, etc., were provided. For example, the latest trading volume of Shanghai and Shenzhen stock markets was 19107.91, with a环比 change of - 472.88 [4] - The basis and amplitude of the main contracts of stock index futures (IF, IH, IC) were - 16.65, - 2.87, - 91.95 and - 0.36%, - 0.10%, - 1.27% respectively [4] Treasury Bond Futures Trading Data - On November 17, 2025, the closing prices of treasury bond futures T00, TF00, T01, TF01 were 108.485, 105.905, 108.240, 105.885 respectively, with no percentage changes [5] - The capital interest rates (R001, R007, SHIBOR - 3M) were 1.5596%, 1.5321%, 1.5800% respectively, with daily changes (BP) of 7.00, 4.00, 0.00 [5]