Report Industry Investment Rating - The overall investment rating for the egg industry is bearish, with the supply rating being bearish, demand and profit being neutral, and strategies being bearish [2] Report's Core View - In the context of high egg production capacity, the traditional peak season this year is lackluster. The price of eggs is expected to decline until March next year, and the pattern of near - term weakness and long - term strength in egg futures is likely to continue [2] Summary by Directory Price and Volume Analysis - **Spot Price**: Involves the comparison between main production area prices and main sales area prices [3][5] - **Egg Basis**: Analyzes the basis of each egg futures contract [6][8] - **Egg Spread**: Focuses on the spreads between different egg futures contracts [9][10] - **Futures Institutional Net Position**: Examines the long - short ratios of institutional positions in the October and November egg futures contracts [12][13] Supply Analysis - **Laying Hen Inventory**: Covers laying hen inventory and its structure [15][16] - **Culling Situation**: Includes culling prices, average culling age, and the number of culled hens in sample enterprises [17][18] - **Replenishment Situation**: Analyzes the price and sales volume of commercial layer chicks [19][21] - **Large and Small Egg Sizes**: Considers the prices of large and small eggs and the seasonal chart of their price spreads [22][23] Demand Analysis - **Shipping Volume and Sales Volume**: Analyzes the sales volume in main sales areas and the shipping volume in main production areas [24][25] - **Inventory**: Covers the inventory in the production and circulation links [27][28] - **Substitutes**: Examines the seasonal charts of the price ratios between eggs and pork, and eggs and vegetables [29][31] Profit Analysis - **Breeding Cost**: Includes the feed cost per catty of eggs and the average price of layer feed [33][34] - **Breeding Profit**: Analyzes the egg - feed ratio, expected profit, and comprehensive breeding profit of laying hens [35][36]

Report Industry Investment Rating No information provided in the text. Core Viewpoints of the Report - For zinc's inter - period arbitrage, considering the supply pattern affected by the production cycle of zinc mines at home and abroad, zinc ore supply will cyclically shift from tight to abundant. If there are no major highlights in demand throughout the year, the supply - demand balance will tend to shift towards surplus, putting pressure on the long - term price center. It is recommended to participate in zinc's inter - period positive arbitrage by rolling at low prices [5]. - For the cross - variety arbitrage of aluminum and zinc, the aluminum social inventory is low, which supports the price. The fundamentals of aluminum are stronger than those of zinc. It is recommended to participate in the strategy of buying aluminum and shorting zinc by rolling at low prices [5]. Summary According to the Directory Part One: Weekly Price Performance Review and Fund Flow - **Weekly Price Review**: From August 15th to August 22nd, 2025, LME copper rose by 0.37% (from 9760 to 9796.5), LME aluminum by 0.73% (from 2603 to 2622), LME zinc by 0.32% (from 2796.5 to 2805.5), LME lead by 0.71% (from 1981 to 1995), LME tin by 0.70% (from 33610 to 33845), while LME nickel fell by 0.63% (from 15195 to 15100). SHFE copper fell by 0.47% (from 79060 to 78690), SHFE aluminum by 0.67% (from 20770 to 20630), SHFE zinc by 1.02% (from 22505 to 22275), SHFE lead by 0.42% (from 16850 to 16780), SHFE nickel by 0.82% (from 120600 to 119610), and SHFE tin by 0.33% (from 266820 to 265930) [9]. - **Fund Flow**: Most non - ferrous metals' single - side open interest is at a relatively low level in recent years. Copper's single - side open interest has increased significantly recently. This week, nickel's single - side open interest increased by 9.1% month - on - month, while those of copper, aluminum, zinc, lead, and tin decreased by 1.3%, 4.3%, 1.9%, 3.8%, and 3.7% respectively. Except for nickel and tin, major non - ferrous metals had net capital outflows this week [11]. Part Two: Non - ferrous Metal Inventory and Profit Situation - **Inventory Situation**: As of August 22nd, 2025, compared with August 15th, LME copper inventory increased by 0.11% (from 155800 to 155975), LME aluminum inventory decreased by 0.17% (from 479550 to 478725), LME zinc inventory decreased by 10.81% (from 76325 to 68075), LME lead inventory increased by 4.58% (from 261100 to 273050), LME nickel inventory decreased by 0.90% (from 211662 to 209748), and LME tin inventory increased by 7.85% (from 1655 to 1785) [28]. - **Smelting Profit Situation**: This week, copper's processing fee decreased slightly month - on - month, and smelters suffered a loss of 2350 yuan/ton, with the loss widening slightly month - on - month. Aluminum's theoretical smelting cost was 18624 yuan/ton, and the smelting profit rose slightly to 2126 yuan/ton. Zinc's imported processing fee increased slightly month - on - month, and the theoretical smelting profit of domestic ore was 1230 yuan/ton [43]. Part Three: Non - ferrous Metal Basis and Term Structure - **Basis Situation**: On August 22nd, 2025, the copper basis was 320 (compared with 180 on August 15th), the aluminum basis was 120 (compared with - 90 on August 15th), the zinc basis was - 65 (compared with - 45 on August 15th), the lead basis was 60 (compared with - 10 on August 15th), the nickel basis was 1280 (compared with 1220 on August 15th), and the tin basis was 10 (compared with - 810 on August 15th) [46]. - **Term Structure**: This week, nickel and tin were in the Contango structure. Copper's spread between the first - nearby contract was - 40, an increase of 70 compared with last week; aluminum's spread was - 20, a decrease of 35 compared with last week; zinc's spread was 0, a decrease of 25 compared with last week; lead's spread was 0, a decrease of 90 compared with last week; nickel's spread was 150, a decrease of 50 compared with last week; tin's spread was 200, a decrease of 410 compared with last week [62]. Part Four: Comparison of Domestic and Overseas Metal Prices - **Domestic - to - Overseas Ratio**: The Shanghai - to - London ratios of zinc and lead are at relatively high historical levels. This week, the Shanghai - to - London ratios of major metals showed mixed trends. The Shanghai - to - London ratios of base metals were copper (1.12), aluminum (1.10), zinc (1.11), lead (1.17), nickel (1.10), and tin (1.09) [78]. - **Import Profit and Loss**: This week, the import profit and loss of copper and nickel were 103 and 415 respectively, while those of other major metals were negative. Cross - market arbitrage can focus on factors such as the Fed's interest - rate cut policy, the comparison of domestic and overseas inventories, and domestic macro - policy expectations [78]. Part Five: Cross - Variety Ratio Changes of Non - ferrous Metals - As of August 22nd, 2025, the copper - aluminum ratio was 3.81 (79.9% in terms of the ratio percentile), the copper - zinc ratio was 3.53 (97.6% in terms of the ratio percentile), the copper - lead ratio was 4.69 (89.6% in terms of the ratio percentile), the copper - nickel ratio was 1.52 (1.1% in terms of the ratio percentile), the copper - tin ratio was 3.38 (68.9% in terms of the ratio percentile), the zinc - aluminum ratio was 1.08 (5.1% in terms of the ratio percentile), the aluminum - lead ratio was 1.23 (74.3% in terms of the ratio percentile), the aluminum - nickel ratio was 5.80 (0.5% in terms of the ratio percentile), the aluminum - tin ratio was 12.89 (73.7% in terms of the ratio percentile), the zinc - lead ratio was 1.33 (30.5% in terms of the ratio percentile), the zinc - nickel ratio was 5.37 (9.9% in terms of the ratio percentile), the zinc - tin ratio was 11.94 (88.1% in terms of the ratio percentile), the lead - nickel ratio was 7.13 (7.0% in terms of the ratio percentile), the lead - tin ratio was 15.85 (79.2% in terms of the ratio percentile), and the nickel - tin ratio was 2.22 (98.9% in terms of the ratio percentile) [96].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Views of the Report - For steel, the spot price declined slightly, and the futures price fluctuated weakly. The supply increased overall, the construction material demand continued to decline, and the plate demand remained flat. The five major steel products accelerated inventory accumulation, and the market sentiment cooled significantly. It is expected that there is still room for correction in the black market, and the differentiation between varieties may intensify. Hold short positions in rebar and pay attention to the correction space [6]. - For iron ore, the price fluctuated narrowly, and the futures price was weak. The supply increased month - on - month, and the demand remained basically the same. The supply - demand structure became looser month - on - month. In the short term, the market is waiting and seeing. The strength of the peak - season demand for finished products cannot be verified or falsified, but the resilience of iron ore demand may be repeatedly traded. Compared with finished products, the iron ore price may maintain the current oscillating and relatively strong trend. Adopt a wait - and - see strategy for single - side trading [6]. 3. Summary by Relevant Catalogs 3.1 Steel Weekly Market Tracking 3.1.1 Price - The rebar price fluctuated and declined last week. The rebar 10 contract fell 69 points to close at 3119, and the spot price in East China dropped 30 yuan/ton week - on - week to 3290 yuan/ton [12]. 3.1.2 Supply - The blast furnace start - up rate decreased, but the output increased. The daily average hot metal output of 247 steel mills was 240.75 tons, an increase of 0.09 tons week - on - week. Some steel mills in Tangshan plan to overhaul blast furnaces at the end of the month, but the impact time is short [14][18]. - The average capacity utilization rate of 90 independent electric arc furnace steel mills was 56.67%, a decrease of 0.72 percentage points week - on - week. The short - process supply decreased due to factors such as tight scrap resources and falling rebar prices [21]. - The total output of the five major steel products last week was 878.06 tons, an increase of 6.43 tons week - on - week. Rebar production decreased significantly, while plate production increased [25]. 3.1.3 Demand - From August 13th to 19th, the national cement delivery volume increased by 2.8% week - on - week, and the infrastructure cement direct supply volume increased by 0.6% week - on - week. Although the high - temperature weather still significantly affected the construction material demand, the bottom of the demand may have appeared [28]. - In terms of hot - rolled coils, the year - on - year growth rate of industrial added value above designated size in July was 5.7%, and that of the equipment manufacturing industry was 8.4%. Domestic manufacturing orders increased month - on - month, but overseas demand may continue to decline due to anti - dumping duties imposed by Japan and South Korea [31]. 3.1.4 Profit - The blast furnace steel mill profitability rate was 64.94%, a decrease of 0.86 percentage points week - on - week. The average cost of independent electric arc furnace construction steel mills was 3336 yuan/ton, and the average profit was - 93 yuan/ton. It is expected that both blast furnace and electric arc furnace profits will continue to shrink [35]. 3.1.5 Inventory - The total inventory of the five major steel products was 1441.04 tons, an increase of 25.07 tons week - on - week. The accumulation rate of rebar social inventory slowed down, and the factory inventory increased slightly [39]. - In terms of hot - rolled coils, the factory inventory decreased by 10,000 tons last week, and the social inventory increased by 50,000 tons. The overall inventory level is still relatively low [42]. 3.1.6 Basis - The rebar 10 basis was 151, an increase of 39 compared with last week. The hot - rolled coil basis was 19, an increase of 28 compared with last week. Due to the relatively strong spot price during the peak season, the basis is difficult to repair significantly [45]. 3.1.7 Inter - delivery Spread - The 10 - 1 spread was - 76, and the inversion narrowed by 5 compared with last week. As the 10 - contract approaches its end, the pressure on the near - month contract increases. Pay attention to the 1 - 5 spread for potential positive - spread opportunities [48]. 3.1.8 Inter - variety Spread - The current futures spread between hot - rolled coils and rebar was 242, a narrowing of 9 compared with last week. The spot spread was 110, a narrowing of 20 compared with last week. It is recommended to pay attention to the opportunity of the 01 spread narrowing when the production - restriction policy is fully implemented [51]. 3.2 Iron Ore Weekly Market Tracking 3.2.1 Price - The iron ore price fluctuated narrowly last week. The 01 contract fell 6 points to close at 770, and the spot price of PB fines at Rizhao Port dropped 5 yuan/ton to 767 yuan/ton. The market sentiment cooled, and the overall market was in a wait - and - see mode [56]. 3.2.2 Supply - The global iron ore shipment volume was 34.066 million tons, an increase of 3.6 million tons week - on - week. The weekly average shipment volume from Australia decreased by 690,000 tons month - on - month, while that from Brazil increased by 710,000 tons month - on - month [59][62]. - The 47 - port iron ore arrival volume was 27.031 million tons, an increase of 1.32 million tons week - on - week [65]. 3.2.3 Demand - The daily average hot metal output of 247 sample steel mills was 2.4075 million tons/day, an increase of 900 tons/day week - on - week. The demand for iron ore remained at a high level, showing strong resilience [68]. - The average daily port trading volume was 1.016 million tons, an increase of 62,000 tons week - on - week. Steel mills replenished inventory as needed [71]. 3.2.4 Port Inventory - The total inventory of 47 - port iron ore was 144.442 million tons, an increase of 630,000 tons week - on - week [75]. 3.2.5 Downstream Inventory - The total inventory of imported sintered powder in 114 steel mills was 27.5193 million tons, a decrease of 240,100 tons compared with the previous period. The overall change was not significant [78]. 3.2.6 Shipping - The freight from Western Australia to China was 9.21 US dollars/ton, a decrease of 0.72 US dollars week - on - week. The freight from Brazil to China was 23.17 US dollars/ton, a decrease of 0.5 US dollars week - on - week [82]. 3.2.7 Spread - The 1 - 5 spread was 22.5, an increase of 2 compared with last week, and it is at a relatively low - neutral level. The 01 - contract discount was 20, basically the same as last week, and the basis level is relatively low [86].

Report Industry Investment Rating No relevant content provided. Core Views - Fundamental: Last week, the Fed's July meeting showed significant internal divergence on interest rate cuts, with most officials' public speeches leaning hawkish, leading the market to lower expectations for a September rate cut and pressuring precious metal prices. However, Fed Chair Powell's dovish signal at the Jackson Hole Symposium on Friday revived September rate cut expectations. In terms of risk aversion, the US and Europe reached a trade agreement framework, imposing a 15% tariff on most goods, and preparations for a tri - party meeting between the US, Russia, and Ukraine were underway, reducing tariff and geopolitical disturbances. Precious metal prices first declined and then rose last week, mainly affected by Fed rate cut expectations [3]. - Capital: Last week, COMEX gold inventories decreased while silver inventories increased. Gold ETF fund inflows slowed, while silver ETF fund inflows increased. Hedge funds reduced their bullish positions in gold, and the non - commercial net long positions in silver slightly increased. Overall, silver ETF and hedge fund investments were relatively strong last week [3]. - Strategy: The US economic policy uncertainty index has remained at a historically high level for a long time. The US tariff and trade policies not only increase US inflation pressure but also lead the global trade system into a stage of turmoil and reconstruction. Meanwhile, the US debt scale continues to expand, and the international community is concerned about the US fiscal sustainability. Precious metals, as strategic assets, have good risk - resistance capabilities, and the hedging demand provides a bottom - support for their prices. Coupled with the continued central bank gold - buying trend, precious metals still have upward - driving opportunities in the future. The Shanghai gold price is bullish in the long - term, oscillating in the short - term, and it is recommended to hold long positions or buy low and sell high in the medium - term. For Shanghai silver, it is recommended to wait and see in the short - term and buy on dips in the medium - term [3]. Summary by Directory 1. Market Review - Key Indicator Fluctuations: London spot gold price was $3334.25/ounce, a 0.04% change; COMEX gold futures were $3417.33/ounce, up 0.70%; Shanghai gold main contract was 773.40 yuan/gram, down 0.34%. London spot silver price was $38.01/ounce, up 0.73%; COMEX silver futures were $38.88/ounce, up 2.26%; Shanghai silver main contract was 9192.00 yuan/kg, down 0.13% [6]. - Domestic and Foreign Gold - to - Silver Ratios: The domestic and foreign gold - to - silver ratios decreased slightly last week. The domestic ratio repaired to around 84, and the foreign ratio to around 87, significantly higher than the long - term average of 60 - 70, indicating that the silver price was undervalued. Powell's speech boosted September rate cut expectations, and the gold - to - silver ratio will continue to repair, opening up the price elasticity of silver [9]. - Domestic - Foreign Price Spreads: The domestic - foreign price spreads of gold and silver decreased slightly. Affected by Fed rate cut expectations and tariff - related risk aversion, prices were oscillating [12]. 2. Macroeconomic Analysis - US Dollar Index: Fed Chair Powell's dovish speech at the Jackson Hole Symposium last week, emphasizing concerns about the employment market, significantly increased market expectations for a September rate cut, causing the US dollar index to decline and precious metal prices to rise [13]. - US Treasury Real Yields: Last week, the 5 - year and 10 - year US Treasury real yields declined, mainly due to Powell's dovish speech. The increased rate - cut expectations led to a drop in Treasury yields and boosted precious metal prices [16]. - US Key Economic Data - CPI: In July, US CPI increased 2.7% year - on - year (previous value 2.7%, expected 2.8%), and core CPI increased 3% year - on - year (previous value 2.9%, expected 3%). Core inflation slightly rebounded, with service prices rising significantly and inflation pressure controllable [21]. - PPI: In July, US PPI increased 3.3% year - on - year (expected 2.5%) and 0.9% month - on - month (expected 0.2%), the largest increase since June 2022, indicating a significant increase in corporate production costs, mainly driven by service inflation [21]. - Core PCE: In June, the US core PCE price index increased 2.8% year - on - year (expected 2.7%), a four - month high, and the overall PCE price index increased 2.6% year - on - year (expected 2.5%) [24]. - PMI: In July, the US ISM manufacturing PMI was 48 (expected 49.5), breaking below the boom - bust line; the ISM services PMI was 50.1 (expected 51.1), approaching the critical point, indicating a significant slowdown in the service industry [27]. - Retail Sales: In July, US retail sales increased 0.51% month - on - month, and core retail sales (excluding motor vehicles and parts) increased 0.27% month - on - month, showing some improvement in consumer activity [27]. - Employment Data: In July, US ADP employment increased by 104,000 (expected 75,000), but the labor market cooled. Non - farm payrolls increased by only 73,000 (expected 110,000), and the unemployment rate rose from 4.1% to 4.2%. Last week, the number of initial jobless claims increased by 11,000 to 235,000, the highest since June 20 [30]. - Fed Rate Cut Expectations: The Fed remains divided on rate cuts. Before the September meeting, new inflation and employment data will provide more guidance. Powell's speech at the Jackson Hole Symposium boosted rate - cut expectations [33]. - Tariff and Geopolitical Situation: The US and Europe reached a trade agreement framework, and preparations for a US - Russia - Ukraine meeting were underway, reducing tariff and geopolitical disturbances and alleviating risk - aversion sentiment [33]. 3. Position Analysis - Hedge Fund Positions: As of August 19, 2025, CMX gold speculative net long positions decreased by 16,900 lots to 212,600 lots, while CMX silver speculative net long positions increased by 2,300 lots to 46,500 lots [36]. - ETF Positions: As of August 22, 2025, the SPDR gold ETF holdings decreased by 8.59 tons to 956.77 tons, and the SLV silver ETF holdings increased by 217.50 tons to 15,288.82 tons [37]. 4. Other Elements - Gold and Silver Inventories: Last week, COMEX gold inventories were 38.5638 million ounces, a 0.19% decrease, and COMEX silver inventories were 508.4869 million ounces, a 0.18% increase [44]. - Gold and Silver Demand: In August 2025, global gold reserves increased by 38.65 tons to 36,344.49 tons, and China's gold reserves increased by 2.18 tons to 2,298.53 tons. In Q2 2025, global gold demand increased 3% year - on - year to 1,249 tons. The global silver shortage is expected to narrow by 21% to 117.6 million ounces in 2025, and silver prices are expected to be boosted by loose monetary policy and industrial demand [47]. - This Week's Key Attention: This week, important events include Fed officials' speeches and the release of US economic data such as July PCE price index, Q2 GDP, and July durable goods orders, which may provide new guidance for the Fed's rate - cut path [49][50].

Report Information - Report Title: Zhengxin Futures Weekly Report on Live Pigs (2025-8-18) [2] - Research Group: Zhengxin Futures Research Institute - Agricultural Products Research Group [2] Investment Rating - Supply: Bullish [3] - Demand: Neutral [3] - Profit: Neutral [3] - Price and Volume: Neutral [3] - Strategy: Bullish [3] Core Viewpoints - The new regulation on road transport of animals will reduce the risk of cross - regional disease transmission, but may increase the price difference between production and sales areas in the short term, regulate speculative secondary fattening, and promote the stable operation of the pig market [3] - As the impact of high - temperature weather weakens and school banquets and the start of the school semester approach, the demand for catering will pick up, which may boost pig prices [3] - With the synergy of policy and enterprise actions, the market path in the second half of the year may be similar to that in 2023, with pig prices rising moderately and weights decreasing significantly [3] - Operationally, pay attention to the reverse spread opportunity of live pigs from November to January [3] Summary by Directory Price and Volume Analysis - The spot price of live pigs in Henan and its seasonal chart are analyzed, with data from Wind [4][5][6] - The basis of live pig futures contracts has narrow - range fluctuations, and the near - month contracts are at par. The data is from Zhengxin Futures Research Institute [7][8][9] - The price difference between live pig futures contracts has narrow - range fluctuations and is at a normal level in the same period of history, with data from Zhengxin Futures Research Institute [10][11][12] - The institutional net positions of the November and January contracts of live pig futures are analyzed, showing that the net short positions of the November contract increase and those of the January contract decrease. The data is from Wind [13][14][15] Supply Analysis - The inventory of breeding sows is analyzed, with data from the Ministry of Agriculture and Rural Affairs [16][17][18] - The supply of piglets in Henan, including the price ratio and the number of newborn piglets, is analyzed, with data from WIND [19][20][21] - The average weight and structure of commercial pig slaughter of sample breeding enterprises are analyzed [22][23] - The daily and seasonal charts of the price difference between standard and fat pigs are analyzed [24][25] Demand Analysis - The daily operating rate and seasonal profit chart of key pig slaughtering enterprises are analyzed [26][28] - The frozen product inventory, including the capacity utilization rate and its seasonal chart, as well as the fresh - sales rate, are analyzed, with data from Mysteel [29][31][32] - The price ratio between pork and eggs, and between pork and vegetables are analyzed [33] Profit Analysis - The breeding profit, including self - breeding and self - fattening and purchasing piglets for fattening, and its seasonal chart are analyzed, with data from Mysteel [35][36][37] - The pig - grain price ratio in large and medium - sized cities in China and its seasonal chart are analyzed [38][40]

Report Overview - Report Title: Zhengxin Futures Egg Weekly Report 2025 - 8 - 18 [2] - Research Group: Zhengxin Futures Research Institute - Agricultural Products Research Group [2] Industry Investment Rating - Supply: Bearish [3] - Demand: Neutral [3] - Profit: Neutral [3] - Price and Volume: Neutral [3] - Strategy: Bearish [3] Core Viewpoints - This week, the price of culled chickens from sample breeding enterprises continued to decline, the culling age fluctuated slightly, the price difference between large and small eggs oscillated at a high level, and the price of chicks continued to drop [3] - The high price difference between large and small eggs and the relatively strong price of culled chickens indicate more new additions and fewer culls, which may suppress the price elasticity in the traditional consumption peak season [3] - This year, the capacity reduction is insufficient, the Mid - Autumn Festival stocking is premature, and the egg - laying rate decline due to high temperature is getting smaller, so the rebound momentum in the peak season is limited [3] - This week, the sales volume in the main sales areas and the shipping volume in the main production areas decreased slightly, and the inventory in the circulation and production links also decreased slightly [3] - Traders are afraid of price drops, purchase cautiously, and the overall sales in the production areas are a bit slow [3] - The breeding profit has rebounded slightly and is near the break - even point, and the egg - feed ratio is at the lowest level in the same period of the past 4 years [3] - The egg futures contracts in the delivery month are slightly at a discount, while the other contracts are slightly at a premium [3] - The price difference between the near and far - term egg futures has dropped significantly and is at a moderately high level [3] - Due to the change of the main contract of egg futures, the net short position of institutions in September decreased, while that in October increased [3] - Under the background of high inventory, the near - term supply pressure is large, and the far - term situation will gradually improve with the strengthening of capacity reduction expectations [3] - Before the capacity is cleared due to breeding losses, the pattern of near - term weakness and far - term strength of egg futures is expected to continue, and it is recommended to pay attention to the reverse spread opportunity of egg 9 - 1 [3] Summary by Directory Price and Volume Analysis - Sub - sections include spot price (comparison between main production area price and main sales area price), egg basis (basis of each egg futures contract), egg price difference (price difference of each egg futures contract), and futures institutional net position (long - to - short ratio of institutional positions in September and October egg futures contracts) [4][7][10][13] Supply Analysis - Covers aspects such as egg - laying hen inventory and its structure, culling situation (culled chicken price and average culling age), replenishment situation (price of commercial egg - laying chicks and hatching egg utilization rate), and size - code situation (prices of large and small eggs and seasonal chart of price difference) [16][18][20][23] Demand Analysis - Includes发货量&销量 (sales volume in main sales areas and shipping volume in main production areas), inventory (production - link inventory and circulation - link inventory), and substitutes (seasonal charts of egg - to - pork price ratio and egg - to - vegetable price ratio) [26][28][31] Profit Analysis - Comprises breeding profit (current profit vs. expected profit and comprehensive egg - laying hen breeding profit) and egg - feed ratio (egg - feed ratio and its break - even point, and seasonal chart of egg - feed ratio) [34][37]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Policy and origin reports are favorable, with the oil market remaining strong and rapeseed oil showing significant fluctuations. Last week, soybean and palm oil prices continued to rise, while rapeseed oil first rose and then fell after breaking through the upper limit. - In the origin, MPOB reported that Malaysia's palm oil production, exports, and inventory in July increased by 7.09%, 3.82%, and 4.02% respectively. In August, production decreased by 17%, and exports increased by 17 - 24%. The reference price for crude palm oil in September was raised to 4,053.43 ringgit per ton. The good - rate of US soybeans is 68%. The USDA report shows an increase in the US soybean yield per acre by 1.1 bushels to 53.6 bushels, a decrease in the harvest area by 2.4 million acres to 80.1 million acres, a decrease in inventory by 200 million bushels to 290 million bushels, and a July US soybean crushing volume of 195.699 million bushels. - In the domestic market, the spot trading of soybean oil maintains a good momentum, and palm oil is mainly for essential purchases. Soybean oil inventory has increased to 1.14 million tons; 9 new purchase vessels have been added this week, and palm oil inventory is between 550,000 - 560,000 tons. - The USDA August report raised the US soybean yield per acre as expected, but the reduction in the harvest area offset the increase in yield per acre, resulting in a decrease in the new - season US soybean production and ending inventory. The report is favorable, and the July US soybean crushing volume is higher than expected and the previous month, causing CBOT soybeans to return to the 1000 - 1050 range. Although Malaysia's palm oil production, exports, and inventory all increased in July, the inventory increase was less than expected, making the MPOB report generally favorable under the trading of the expected difference. In August, Malaysia's palm oil production decreased and exports increased, with the overall supply - demand situation improving. Indonesia has repeatedly reiterated the implementation of B50 in 2026, but the market has doubts. The Indonesian government has confiscated 3.1 million hectares of illegal palm oil plantations, which will continue to restrict the growth of Indonesia's palm oil production. The supply - demand and policies in the origin provide support, and BMD crude palm oil has broken through the 4400 mark. China's preliminary ruling on the anti - dumping investigation of imported Canadian rapeseed has been finalized, and the market is worried about future Canadian rapeseed exports, causing the ICE rapeseed price to fall. - In terms of operations, the market digests the impact of China's preliminary ruling on the anti - dumping investigation of imported Canadian rapeseed. Rapeseed oil first rose and then fell. Supported by supply - demand and policies in the origin, palm oil has broken through the upper limit, and the previous low - position long positions should continue to be held. Driven by the "reverse export" trading and the strength of palm oil, the center of soybean oil continues to rise. Be cautious about chasing high prices and mainly go long on dips [7][8]. 3. Summary by Directory 3.1 Market Review - Favorable origin monthly reports and policies led CBOT soybeans to return to the 1000 - 1050 range last week. The centers of domestic and foreign palm oil and Dalian soybean oil rose significantly, while rapeseed oil first rose and then fell [10]. 3.2 Fundamental Analysis - **USDA August Report on US Soybeans**: The USDA August report shows a decrease in the expected ending inventory of US soybeans. The planting area is 80.9 million acres, a decrease of 2.5 million acres month - on - month; the harvest area is 80.1 million acres, a decrease of 2.4 million acres month - on - month; the expected yield per acre is 53.6 bushels, an increase of 1.1 bushels month - on - month; the production is 4.292 billion bushels, a decrease of 430 million bushels month - on - month; the crushing volume is 2.54 billion bushels, unchanged month - on - month; the export volume is 1.705 billion bushels, a decrease of 400 million bushels month - on - month; the expected ending inventory is 290 million bushels, a decrease of 200 million bushels month - on - month [14]. - **US Soybean Good - Rate**: As of the week ending August 10, the good - rate of US soybeans was 68%, in line with market expectations, compared with 69% the previous week and 68% in the same period last year. As of the week ending August 12, about 3% of the US soybean planting areas were affected by drought, the same as the previous week [16]. - **US Soybean Crushing Volume in July**: In July 2025, the US soybean crushing volume was 195.699 million bushels, the highest level in the same period over the years, higher than the market expectation of 191.59 million bushels and 185.709 million bushels in June. The soybean oil inventory in July was 1.379 billion pounds, close to the market expectation of 1.38 billion pounds and higher than 1.366 billion pounds in June 2025 [19]. - **Brazilian Soybean Premium**: In July, Brazil exported 12.26 million tons of soybeans, exceeding 10 million tons for five consecutive months. Last week, the premium of Brazilian soybeans reached a maximum of 227 cents per bushel [22]. - **MPOB Report on Malaysian Palm Oil**: In July, Malaysia's palm oil production was 1.81 million tons, an increase of 7.09% month - on - month; exports were 1.31 million tons, an increase of 3.82% month - on - month; inventory was 2.11 million tons, an increase of 4.02% month - on - month. In August, Malaysia's palm oil production decreased by 17.27% in the first 5 days, and exports increased by 16.5% - 21.3% in the first 15 days. Malaysia raised the reference price for crude palm oil in September to 4,053.43 ringgit per ton (US$962.12) and the export tax to 10% [25][28]. - **Indonesian Palm Oil Industry**: In May, Indonesia's palm oil production was 4.561 million tons, exports were 2.664 million tons, and inventory was 2.906 million tons. An investigation shows that 3.7 million hectares of palm plantations have illegal activities, and the Indonesian government has confiscated 3.1 million hectares of illegal plantations [29]. - **Indian Edible Oil Imports**: In July, India's palm oil imports decreased by 10% to 858,000 tons, soybean oil imports increased by 38% to 495,000 tons, and sunflower oil imports decreased by 7% to 201,000 tons. The total edible oil imports increased by 1.5% to 1.53 million tons. In the 2024/25 fiscal year, India's soybean oil imports are expected to increase by 60% to 5.5 million tons, palm oil imports are expected to decrease by 13.5% to 7.8 million tons, and sunflower oil imports are expected to decrease by 20% to 2.8 million tons [32]. - **China's Anti - Dumping Investigation on Canadian Rapeseed**: On August 12, 2025, the Ministry of Commerce announced the preliminary ruling on the anti - dumping investigation of imported Canadian rapeseed, determining that there is dumping. Starting from August 14, 2025, a 75.8% deposit will be collected from all Canadian companies [35]. - **Domestic Oilseed Pressing Profits**: The price of raw materials in the origin decreased, and the price of domestic pressing by - products first rose and then fell. Last week, the spot and futures pressing profits of imported rapeseed reached around 800, and then fell back to 600 - 650 in the second half of the week. The price of domestic palm oil increased significantly, with 9 new purchase vessels added. The import profit inversion of palm oil for the September - December shipment period has shrunk to less than 100 [36]. - **Domestic Oil Mill Soybean Inventory**: In July, 11.666 million tons of soybeans were imported, and the cumulative import from January to July was 61.035 million tons, a year - on - year increase of 4.6%. The oil mill's soybean crushing start - up rate continued to decline slightly. At the beginning of August, 2.18 million tons of soybeans were crushed weekly, and it is expected to rise to 2.37 million tons in the second week. During the same period, the soybean arrival was significantly higher than the increase in crushing volume, and the oil mill's soybean inventory increased by 550,000 tons week - on - week to 7.11 million tons, the highest level in nearly a year [42]. - **Domestic Oil Mill Rapeseed Inventory and Pressing**: In recent weeks, the weekly rapeseed crushing volume of oil mills has remained around 60,000 tons. Due to low arrivals, the oil mill's rapeseed inventory has continued to decline. As of the beginning of August, the oil mill's rapeseed inventory was 110,000 tons, reaching a historical low [43]. - **Domestic Oil Inventory**: As of early August, soybean oil inventory increased to 1.14 million tons, rapeseed oil inventory decreased at a slower pace and stabilized at 710,000 - 730,000 tons, palm oil inventory stabilized at 550,000 - 560,000 tons, and the total inventory of the three major oils was 2.34 million tons, compared with 2.03 million tons in the same period last year [46]. - **Domestic Oil Spot Prices**: As of August 15, the price of soybean oil was 8,712 yuan per ton, a 1.59% increase from the previous week; the price of palm oil was 9,360 yuan per ton, a 3.08% increase from the previous week; the price of rapeseed oil was 9,965 yuan per ton, a 2.36% increase from the previous week [51]. - **Domestic Oil Spot Trading**: Recently, the spot trading of soybean oil has been good, and palm oil trading is mainly for essential needs. Last week, the spot trading volume of soybean oil was 151,100 tons, compared with 154,400 tons the previous week; the trading volume of palm oil was 3,449 tons, compared with 2,183 tons the previous week; the trading volume of rapeseed oil was 1,000 tons, compared with 2,000 tons the previous week [54]. 3.3 Spread Tracking The report mentions the basis spread, but no specific content is provided.

Report Industry Investment Rating - No information provided in the document. Core Viewpoints of the Report - The high - frequency data shows insufficient support during the peak season, and US oil demand may peak at the end of August. On the supply side, the lagged OPEC+ production increase is gradually being released, and the connection between production and the off - peak demand season may still impact the market. In the short term, after the US - Russia talks are concluded, there is a lack of positive drivers for oil prices, so one can try short - selling with a light position. In the medium to long term, continue to pay attention to opportunities for short - selling at high prices during the transition period between peak and off - peak seasons [6]. Breakdown by Directory 1. International Crude Oil Analysis 1.1 Crude Oil Price Trends - From August 11th to 15th, international oil prices fluctuated at low levels, waiting for the results of the US - Russia talks. As of August 15th, WTI settled at $63.31/barrel (-2.17%), Brent at $66.21/barrel (-1.56%), and INE SC at 500.62 yuan/barrel (-3.45%) [10]. - The report also provides detailed weekly price trends, cross - market arbitrage, cross - period arbitrage, cross - commodity arbitrage, and financial attribute data of various crude oils [12]. 1.2 Financial Aspects - The US July CPI was released, with inflation generally in line with expectations. The market unanimously expects the Fed to cut interest rates in September, and the US stock market continued to rise. As of August 15th, the S&P 500 index reached 6449.8, continuing its rebound since mid - April, and the VIX volatility was 15.09, still at a relatively low level [14]. 1.3 Crude Oil Volatility and US Dollar Index - The crude oil ETF volatility declined this week, and the US dollar index also declined. As of August 15th, the crude oil volatility ETF was 37.22, and the US dollar index was 97.8467. Crude oil volatility rebounded due to the uncertainty of the US - Russia situation, while the US dollar index continued to decline due to reignited market expectations of interest rate cuts [16]. 1.4 Crude Oil Fund Net Long Positions - As of August 12th, the net long positions of WTI managed funds decreased by 32,500 contracts to 48,900 contracts compared to the previous month, a weekly decline of 39.9%. Speculative net long positions increased by 7,400 contracts to 67,900 contracts, a weekly increase of 12.2%. As the peak season gradually ends and the risk of sanctions eases, the market's bullish bets on oil price increases have further weakened [19]. 2. Crude Oil Supply - Side Analysis 2.1 OPEC Production - In July, OPEC's crude oil production increased by 262,000 barrels per day to 27.543 million barrels per day compared to the previous month. Most countries have started to increase production, with Saudi Arabia and the UAE leading the pace. However, the production of eight OPEC+ countries in June was still 84,000 barrels per day lower than planned, mainly due to some countries implementing their compensation production - cut plans [25]. - According to the IEA's statistical caliber, the production of nine OPEC member countries in July was 22.88 million barrels per day, a decrease of 320,000 barrels per day compared to the previous month. The overall over - production of the nine countries decreased compared to the previous month [29]. - In July, Saudi Arabia's crude oil production increased by 170,000 barrels per day to 9.526 million barrels per day, while Iran's production decreased by 12,000 barrels per day to 3.245 million barrels per day. Geopolitical factors have begun to affect Iran's oil production [31]. 2.2 Russian Crude Oil Supply - According to OPEC's statistical caliber, Russia's crude oil production in July was 9.12 million barrels per day, an increase of 95,000 barrels per day compared to the previous month. According to the IEA's statistical caliber, it was 9.20 million barrels per day, an increase of 10,000 barrels per day compared to the previous month. Production is gradually recovering under the production - increase plan but is still at a very low level [37]. 2.3 US Crude Oil Production - As of the week of August 15th, the number of active US oil - drilling rigs was 412, an increase of 1 from the previous week and a decrease of 71 compared to the same period last year. The production in the Permian Basin may face limited growth [41]. - As of the week of August 8th, US crude oil production decreased marginally to 13.327 million barrels per day, an increase of 43,000 barrels per day compared to the previous week and a 0.2% increase year - on - year. The impact of low oil prices in the first half of the year on production is starting to show, but due to improved drilling efficiency, production will not decline sharply [43]. 3. Crude Oil Demand - Side Analysis 3.1 US Oil Product Demand - According to EIA data as of the week of August 8th, the single - week and four - week average demand for refined oil products in the US both rebounded and are moving towards the second peak of the peak - season demand. The four - week average total demand for oil products last week was 21.159 million barrels per day, a 2.89% increase year - on - year [47]. - As of August 8th, the single - week demand for refined oil products in the US decreased, but the four - week average increased. The four - week average demand for gasoline increased by 128,000 barrels per day to 9.04 million barrels per day, a 1.52% year - on - year decrease; the average demand for distillates increased by 69,000 barrels per day to 3.592 million barrels per day, a 1.62% year - on - year decrease; the average consumption of kerosene increased by 50,000 barrels per day to 1.827 million barrels per day, a 4.22% year - on - year increase [52]. - As of August 15th, the gasoline crack spread in the US was $24.25/barrel, and the heating oil crack spread was $30.65/barrel. The crack spreads rebounded this week as the dominant factor shifted to the crude oil cost side, and refined oil products are still in the peak season [55]. 3.2 European Diesel and Heating Oil Crack Spreads - As of August 15th, the ICE diesel crack spread was $23.71/barrel, and the heating oil crack spread was $29.14/barrel. European diesel performed better than heating oil due to low inventory and peak - season inventory replenishment demand. However, the crack spreads have declined in the past two weeks as diesel inventories have increased [59]. 3.3 Chinese Oil Products and Refinery Situation - In July, China's crude oil processing volume increased by 3.998 million tons year - on - year to 63.06 million tons (+6.77%); imports increased by 4.864 million tons year - on - year to 47.204 million tons (+11.49%). The decline in imports in July was a seasonal fluctuation [62]. 3.4 Institutional Forecasts of Demand Growth - Three major international institutions have different views on this year's demand growth rate. OPEC maintains last month's forecast, the IEA continues to lower its demand forecast, and the EIA raises its forecast for global oil demand growth. In July, the EIA, IEA, and OPEC predicted this year's global crude oil demand growth rates to be 890,000 barrels per day (increase), 680,000 barrels per day (decrease), and 1.3 million barrels per day (unchanged) respectively [66]. 4. Crude Oil Inventory Analysis 4.1 US Crude Oil Inventory - US commercial crude oil inventories have risen back within the five - year range, and the previous support from low inventories for oil prices has started to weaken. As of August 8th, EIA commercial crude oil inventories increased by 303,600 barrels from the previous week to 426.7 million barrels, a 0.92% year - on - year decrease; SPR inventories increased by 226,000 barrels to 403.2 million barrels; Cushing crude oil inventories increased by 45,000 barrels to 23.051 million barrels [67]. - As of the week of August 8th, the US crude oil net imports increased by 699,000 barrels per day from the previous week to 3.343 million barrels per day. US refinery processing volume increased by 56,000 barrels per day from the previous week to 17.18 million barrels per day, and the refinery utilization rate remained at 96.4% [70]. - The WTI monthly spread generally maintains a backwardation structure. As of August 15th, the WTI M1 - M2 monthly spread was $0.82/barrel, and the M1 - M5 monthly spread was $1.8/barrel. With the peak of US refined oil demand approaching and OPEC's accelerated production increase in the near term, the monthly spread may continue to decline [73]. 4.2 Brent Monthly Spread - The Brent monthly spread still maintains a backwardation structure. As of August 15th, the Brent M1 - M2 monthly spread was $0.55/barrel, and the M1 - M5 monthly spread was $1.25/barrel. It shows a positive - carry pattern but has weakened this week [76]. 5. Crude Oil Supply - Demand Balance 5.1 Global Oil Supply - Demand Balance Sheet - According to the August EIA forecast, this year's global oil supply is 105.36 million barrels per day, and demand is 103.72 million barrels per day, with a daily surplus of 1.64 million barrels, which is an increase compared to last month. Despite the EIA's upward adjustment of the demand forecast, the supply pressure is expected to be greater this year due to OPEC+ ending the voluntary production - cut plan ahead of schedule [79]. 5.2 Term Structure - The US fundamental data this week shows that the single - week peak - season demand has started to decline, and the term structure has continued to flatten compared to last week. Brent can support a stronger positive - carry structure due to the previous strong diesel demand and good crack profits. Currently, international oil products can maintain a positive - carry term structure, but it may change if OPEC continues to accelerate production increase in the near term as the peak - season demand weakens [82].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For steel products, the supply - demand structure continued to weaken last week, market sentiment cooled significantly, and it is expected that the black market still has room for correction, but differentiation among varieties may intensify. Hold short positions in rebar and pay attention to the correction space [7]. - For iron ore, the supply decreased slightly week - on - week last week, demand increased marginally, and the supply - demand structure improved week - on - week. In the short term, the bullish sentiment in the market may cool down, but the resilience of iron ore demand may be repeatedly traded, and the ore price may maintain the current oscillating and slightly strong trend. Adopt a wait - and - see approach for single - side trading [7]. Summary According to Relevant Catalogs Steel Products Weekly Market Tracking 1.1 Price - Rebar prices corrected from high levels last week, hot - rolled coils oscillated, and the trends of coils and rebars diverged. The rebar 10 contract fell 25 to 3188, and the spot price in East China dropped 20 week - on - week to 3320 yuan/ton [13]. 1.2 Supply - The blast furnace operating rate of 247 steel mills was 83.59%, a decrease of 0.16 percentage points week - on - week and an increase of 4.75 percentage points year - on - year. The blast furnace iron - making capacity utilization rate was 90.22%, an increase of 0.13 percentage points week - on - week and 4.30 percentage points year - on - year. The daily average hot - metal output was 240.66 tons, an increase of 0.34 tons week - on - week and 11.89 tons year - on - year [15]. - The average capacity utilization rate of 90 independent electric - arc furnace steel mills nationwide was 57.39%, an increase of 0.49 percentage points week - on - week and 21.74 percentage points year - on - year. The average operating rate was 76.39%, an increase of 1.49 percentage points week - on - week and 23.97 percentage points year - on - year [24]. - The supply of five major steel products last week was 871.63 tons, an increase of 2.42 tons week - on - week, a growth rate of 0.3%. Among them, rebar production decreased by 0.7 tons week - on - week, and hot - rolled coil production increased by 0.7 tons [28]. 1.3 Demand - From August 6th to 12th, the national cement delivery volume was 2.608 million tons, a decrease of 1.27% week - on - week and 19.88% year - on - year. The direct supply volume of infrastructure cement was 1.59 million tons, a decrease of 1.24% week - on - week and 3.64% year - on - year. The speculative demand for building materials also declined [31]. - For hot - rolled coils, from August 1st to 10th, the national passenger car retail sales were 452,000 units, a decrease of 4% year - on - year and an increase of 6% compared with the same period last month. Manufacturing orders increased month - on - month, but overseas demand may continue to decline due to anti - dumping duties imposed by Japan and South Korea [34]. 1.4 Profit - The blast furnace steel mill profitability rate was 65.8%, a decrease of 2.60 percentage points week - on - week and an increase of 61.04 percentage points year - on - year. The average profit of independent electric - arc furnace construction steel mills was - 47 yuan/ton, and the off - peak electricity profit was 53 yuan/ton, a decrease of 12 yuan/ton week - on - week [38]. 1.5 Inventory - The total inventory of five major steel products last week was 14.1597 million tons, an increase of 406,100 tons week - on - week, a growth rate of 2.95%. Rebar social inventory increased significantly, and the factory inventory also increased by 40,000 tons [42]. - For hot - rolled coils, the in - plant inventory increased by 21,000 tons, and the social inventory increased by 8,400 tons [45]. 1.6 Basis - The rebar 10 basis was 112, a narrowing of 5 compared with last week. The hot - rolled coil basis was - 9, a narrowing of 21 compared with last week [48]. 1.7 Inter - delivery - The 10 - 1 spread was - 81, a deeper inversion of 8 compared with last week. As the 10 - contract approaches its end, the pressure on the near - month contract increases [51]. 1.8 Inter - variety - The current spread between hot - rolled coils and rebar in the futures market was 251, an expansion of 36 compared with last week. The spot spread was 130, an expansion of 20 compared with last week [54]. Iron Ore Weekly Market Tracking 2.1 Price - Iron ore prices oscillated after a correction last week, showing a narrow - range fluctuation. The 09 contract rose 7 to 790, with both trading volume and open interest declining. The spot price of PB fines at Rizhao Port rose 2 to 771 yuan/ton [60]. 2.2 Supply - The global iron ore shipment volume was 30.467 million tons, a decrease of 150,000 tons week - on - week. The weekly average shipment volume in August was 30.543 million tons, a decrease of 190,000 tons compared with last month and 1.2 million tons compared with last year [63]. - The weekly average shipment volume from Australia was 17.214 million tons, a decrease of 360,000 tons compared with last month and 610,000 tons compared with last year. The weekly average shipment volume from Brazil was 8.099 million tons, a decrease of 160,000 tons compared with last month and 210,000 tons compared with last year [66]. - The 47 - port iron ore arrival volume was 25.716 million tons, a decrease of 510,000 tons week - on - week. The weekly average arrival volume in August was 25.97 million tons, an increase of 340,000 tons compared with last month and 320,000 tons compared with last year [69]. 2.3 Demand - The daily average hot - metal output of 247 sample steel mills was 240.66 tons, an increase of 0.34 tons week - on - week. Iron ore demand rebounded week - on - week, and it is expected to increase further next week [72]. - The average daily port trading volume last week was 954,000 tons, an increase of 66,000 tons week - on - week. Steel mills replenished their stocks as needed [76]. 2.4 Inventory - As of August 15th, the total inventory of 47 - port iron ore was 143.8157 million tons, an increase of 1.14 million tons week - on - week, a decrease of 12.29 million tons compared with the beginning of the year, and 12.71 million tons lower than the same period last year [79]. - On August 14th, the total inventory of imported sintered powder of 114 steel mills was 27.7594 million tons, an increase of 196,600 tons compared with the previous period [82]. 2.5 Shipping - The shipping cost from Western Australia to China was 9.93 US dollars/ton, a decrease of 0.05 US dollars week - on - week. The shipping cost from Brazil to China was 24.75 US dollars/ton, an increase of 0.68 US dollars week - on - week [85]. 2.6 Spread - The 1 - 5 spread was 20.5, unchanged compared with last week, at a relatively low - neutral level. The 01 - contract discount was 19.5, basically unchanged compared with last week, at a relatively low level [89].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The terminal demand shows signs of weakening, and the procurement rhythm of the downstream of coking coal and coke has slowed down. However, the hot metal production remains at a high level, maintaining the rigid demand. Coupled with the reduction disturbances on the supply side of both coking coal and coke, the futures prices are still in a state where they are prone to rise and difficult to fall after a correction, but the upward momentum is expected to weaken. For trading strategies, it is recommended to stay on the sidelines for single - sided trading and maintain the reverse spread of coking coal September - January contracts [4][9]. 3. Summary According to the Directory 3.1 Coke Weekly Market Tracking 3.1.1 Price - The futures price first rose and then fell last week. It is still difficult to decline in the short term, but the upward momentum is weakening. The sixth round of spot price increase has been implemented. Coke 01 contract fell 0.25% to 1729.5 as of Friday's close. Freight rates were stable with a slight increase [7][9][17]. 3.1.2 Supply - The profitability of coking enterprises improved slightly, and the supply of independent coking enterprises increased slightly. As of August 15, the capacity utilization rate of the full - sample of independent coking enterprises was 74.34%, a week - on - week increase of 0.31 percentage points; the daily average coke output was 65.38 tons, a week - on - week increase of 0.28 tons. The capacity utilization rate of 247 steel mills' coking plants was 86.17%, a week - on - week decrease of 0.13 percentage points; the daily average coke output was 46.73 tons, a week - on - week decrease of 0.07 tons [23][25][30]. 3.1.3 Demand - The hot metal production remained at a high level, providing strong rigid demand support. Some steel mills with low inventory were still urging delivery, and the inventory of coking enterprises continued to decrease. However, the speculative sentiment was average, the export profit declined slightly, and the improvement in the daily trading volume of building materials spot was not sustainable. As of August 15, the blast furnace operating rate of 247 sample steel mills was 83.59%, a week - on - week decrease of 0.16 percentage points; the capacity utilization rate was 90.22%, a week - on - week increase of 0.13 percentage points; the daily average hot metal output was 240.66 tons, a week - on - week increase of 0.34 tons; the profitability rate of steel mills was 65.8%, a week - on - week decrease of 2.6 percentage points [31][33][37]. 3.1.4 Inventory - Inventories decreased across all sectors, and the total inventory declined. As of August 15, the total coke inventory decreased by 19.74 tons week - on - week to 887.42 tons. Among them, the port inventory decreased by 3.04 tons week - on - week to 215.11 tons; the inventory of the full - sample of independent coking enterprises decreased by 7.22 tons week - on - week to 62.51 tons; the inventory of 247 sample steel mills decreased by 9.48 tons week - on - week to 609.80 tons [38][40][43]. 3.1.5 Profit - The profitability of coking enterprises improved slightly, while the futures profit of coke continued to decline. The profit per ton of coke for 30 independent coking enterprises was 20 yuan/ton, a week - on - week increase of 36 yuan. The futures profit of coke 01 decreased by 8.4 yuan/ton week - on - week to 130.5 yuan/ton [48][50]. 3.1.6 Valuation - The premium of coke 01 converged, and the 1 - 5 spread continued to weaken. The basis of coke 01 increased by 58.3 week - on - week to - 148.16, and the 1 - 5 spread decreased by 19 week - on - week to - 102 [52][54]. 3.2 Coking Coal Weekly Market Tracking 3.2.1 Price - The futures price first rose and then fell last week. It is still difficult to decline in the short term, but the upward momentum is weakening. The spot price showed a mixed trend. Coking coal 01 contract rose 0.24% to 1230 as of Friday's close [57][59][60]. 3.2.2 Supply - The supply from production areas was still restricted, the output of coal washing plants increased slightly, the number of customs - cleared vehicles of Mongolian coal rebounded, and the import of coking coal from January to June decreased year - on - year. As of August 15, the capacity utilization rate of 314 sample coal washing plants was 36.51%, a week - on - week increase of 0.29 percentage points; the daily average output of clean coal was 26.4 tons, a week - on - week increase of 0.36 tons. From January to June 2025, China's cumulative import of coking coal was 52.9 million tons, with a cumulative year - on - year growth rate of - 7.26% [63][68][71]. 3.2.3 Inventory - The downstream inventory decreased, the upstream inventory increased slightly, and the total inventory decreased slightly. As of August 15, the total coking coal inventory decreased by 14.82 tons week - on - week to 2592.87 tons. Among them, the inventory of mining enterprises increased by 12.01 tons week - on - week to 257.67 tons; the port inventory decreased by 21.85 tons week - on - week to 255.49 tons; the inventory of clean coal in coal washing plants increased by 8.92 tons week - on - week to 297.03 tons; the inventory of the full - sample of independent coking enterprises decreased by 11.04 tons week - on - week to 976.88 tons; the inventory of 247 sample steel mills decreased by 2.86 tons week - on - week to 805.8 tons [72][74][77]. 3.2.4 Valuation - Coking coal 01 maintained a large premium, the 9 - 1 spread fluctuated, and the 1 - 5 spread weakened. The basis of coking coal 01 decreased by 3 week - on - week to - 235. The 9 - 1 spread increased by 8 week - on - week to - 149.5, and the 1 - 5 spread decreased by 17 week - on - week to - 56 [100][102].