Report Industry Investment Rating - Not provided Core Viewpoint of the Report - The report anticipates short - term shock adjustment of Shanghai nickel and suggests attention to the pressure of MA5. The fundamental situation shows that the import volume of nickel ore is on a downward trend as the Philippines enters the rainy season. Although there are potential variables in Indonesia's RKAB approval and possible export policy changes, the recent impact on supply is limited. On the smelting side, the supply pressure in the pure nickel market is relatively high. On the demand side, the production volume of stainless steel is expected to be high, and new energy vehicles contribute a small increase in demand. Both domestic and overseas nickel inventories are increasing [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai nickel is 113,800 yuan/ton, with a month - on - month increase of 1,510 yuan/ton; the 01 - 02 contract spread of Shanghai nickel is - 200 yuan/ton, with a month - on - month decrease of 40 yuan/ton. The price of LME 3 - month nickel is 14,255 US dollars/ton, with a month - on - month decrease of 40 US dollars/ton. The position of the main contract of Shanghai nickel is 94,065 lots, with a month - on - month decrease of 11,503 lots. The net long position of the top 20 futures positions of Shanghai nickel is - 26,857 lots, with a month - on - month decrease of 3,773 lots. The LME nickel inventory is 253,392 tons, with no change; the Shanghai Futures Exchange nickel inventory is 44,677 tons, with a week - on - week increase of 2,169 tons; the LME nickel cancelled warrants total 9,528 tons, with no change; the warehouse receipt quantity of Shanghai nickel is 38,261 tons, with a month - on - month decrease of 432 tons [2]. 现货市场 - The spot price of SMM 1 nickel is 115,300 yuan/ton, with a month - on - month increase of 550 yuan/ton; the average spot price of 1 nickel plate in Yangtze River Non - ferrous Metals is 115,300 yuan/ton, with a month - on - month increase of 450 yuan/ton. The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no change; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no change. The average price of battery - grade nickel sulfate is 27,550 yuan/ton, with no change. The basis of the NI main contract is 1,500 yuan/ton, with a month - on - month decrease of 960 yuan/ton. The LME nickel (spot/three - month) premium is - 189.26 US dollars/ton, with a month - on - month increase of 0.99 US dollars/ton [2]. Upstream Situation - The import volume of nickel ore is 468.28 million tons, with a month - on - month decrease of 143.17 million tons; the total port inventory of nickel ore is 1,455.87 million tons, with a week - on - week decrease of 13.84 million tons. The average import unit price of nickel ore is 57.33 US dollars/ton, with a month - on - month increase of 0.61 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, with no change [2]. Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, with an increase of 1,120 tons. The total monthly output of ferronickel is 22,900 metal tons, with an increase of 1,200 metal tons. The import volume of refined nickel and alloys is 9,939.65 tons, with a month - on - month decrease of 18,631.22 tons; the import volume of ferronickel is 905,100 tons, with a month - on - month decrease of 180,200 tons [2]. Downstream Situation - The monthly output of 300 - series stainless steel is 1.8 million tons, with an increase of 37,300 tons; the total weekly inventory of 300 - series stainless steel is 587,700 tons, with an increase of 2,400 tons [2]. Industry News - The US employment continues to cool down. In November, non - farm payrolls rebounded slightly, but the unemployment rate reached a four - year high. Traders estimate two interest rate cuts next year. The "New Fed News Agency" said that the non - farm data is unlikely to significantly change the Fed's judgment when weighing whether to cut interest rates again. The US Markit composite PMI in December hit a six - month low, with a sharp rise in price indicators and weak employment indicators. The eurozone manufacturing PMI in December accelerated its contraction, with Germany hitting a 10 - month low and France and Italy also showing weak performance. The macro - level shows that although the non - farm employment in the US in November exceeded expectations, the unexpected rise in the unemployment rate to a four - year high did not significantly change the expectation of the Fed's interest rate cut. The central financial office said that the growth rates of investment and consumption are expected to recover next year, and the real estate supply side should strictly control the increment and revitalize the stock [2].

| 项目类别 | 数据指标 最新 环比 | 最新 | 环比 数据指标 | | | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) 主力-连二合约价差:沪铝(日,元/吨) | 21,915.00 -95.00 | +70.00↑ 氧化铝期货主力合约收盘价(日,元/吨) +15.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | 2,558.00 -118.00 | +17.00↑ +10.00↑ | | | 主力合约持仓量:沪铝(日,手) | 293,990.00 | +5157.00↑ 主力合约持仓量:氧化铝(日,手) | 180,426.00 | -10459.00↓ | | | LME铝注销仓单(日,吨) | 67,000.00 | 0.00 库存:氧化铝:合计(周,万吨) | 258,836.00 | -1119.00↓ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） | 2,882.50 | +7.50↑ LME铝库存（日，吨） | 519,600.00 | 0.00 | | | 沪铝前20名净持仓（日，手） | - ...

Report Industry Investment Rating - Not provided Core Viewpoint - In the domestic market, currently, the quotes of processed sugar and beet sugar are relatively stable. With the arrival of new sugar from Guangxi in the sales areas and poor market transactions, the competition among the three sugar sources affects prices negatively. As of now, in the 25/26 sugar - making season, 66 sugar mills in Guangxi have started production, 5 less than the same period last year, with a daily sugar - cane crushing capacity of 537,500 tons, 29,000 tons less than last year. In Yunnan, 29 sugar mills have started production, 10 more than last year, and over half of the sugar mills have started operation. Overall, the new sugar - making season is approaching its peak, supply is increasing, spot prices are weakening, and there is a lack of bullish drivers. It is expected that the sugar price will fluctuate at a low level in the future [2] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for sugar is 5,139 yuan/ton, up 6 yuan; the main contract's open interest is 487,935 lots, up 6,509 lots; the number of sugar warehouse receipts is 611, unchanged; the net long position of the top 20 futures holders is - 81,558 lots, down 2,553 lots; the total valid warehouse receipt forecast is 1,490, unchanged [2] Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4,094 yuan/ton, down 33 yuan; the estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,188 yuan/ton, down 43 yuan; the estimated import - processing price of Thai sugar within the quota is 4,116 yuan/ton, down 33 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) is 5,217 yuan/ton, down 43 yuan. The spot price of sugar in Yunnan Kunming is 5,245 yuan/ton, down 15 yuan; in Guangxi Nanning, it is 5,320 yuan/ton, down 20 yuan; in Guangxi Liuzhou, it is 5,390 yuan/ton, down 10 yuan [2] Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, up 60 thousand hectares; the cumulative national sugar production is 1,116.21 tons, up 5.49 tons; the planting area of sugar - cane in Guangxi is 840.33 thousand hectares, up 8.94 thousand hectares; the cumulative sales volume of cane sugar in Guangxi is 330.2 tons, down 90.3 tons; the cumulative production of cane sugar in Yunnan is 4.48 tons, down 237.4 tons [2] Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,146 yuan/ton, down 24 yuan; outside the quota (50% tariff), it is 52 yuan/ton, down 14 yuan. The price difference between imported Thai sugar and Liuzhou sugar within the quota is 1,124 yuan/ton, down 24 yuan; outside the quota (50% tariff), it is 23 yuan/ton, down 14 yuan. The monthly sugar import volume is 75 tons, up 20 tons; the cumulative import volume is 390 tons, up 74 tons [2] Downstream Situation - The monthly output of refined sugar is 88.3 tons, up 34.39 tons; the monthly output of soft drinks is 1,096.2 tons, down 495.5 tons [2] Option Market - The implied volatility of at - the - money call options for sugar is 8.1%, down 0.46%; the implied volatility of at - the - money put options is 8.12%, down 0.48%. The 20 - day historical volatility is 6.83%, up 1.29%; the 60 - day historical volatility is 6.84%, up 0.54% [2] Industry News - According to the Brazilian Sugarcane Industry Association Unica, in the second half of November 2025, the central - southern region of Brazil crushed 15.993 million tons of sugar - cane, a year - on - year decrease of 21.08%, and produced 724,000 tons of sugar, a year - on - year decrease of 32.94%. As of December 1, in the 25/26 sugar - making season (April 2025 - March 2026), the central - southern region of Brazil had cumulatively crushed 592 million tons of sugar - cane, a year - on - year decrease of 1.92%, and cumulatively produced 39.904 million tons of sugar, a year - on - year increase of 1.13%, with a cumulative sugar - making ratio of 51.12%, higher than 48% in the same period last year. ICE raw sugar futures closed down on Tuesday due to favorable weather in the Brazilian production area. The most actively traded March raw sugar futures on ICE closed down 0.13 cents or 0.90% at 14.82 cents per pound [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On December 17, the JM2605 contract closed at 1062.0, up 0.33%. The spot price of Tangshan Mongolian No. 5 coking coal was reported at 1320, equivalent to 1100 on the futures market. Fundamentally, the number of customs - cleared vehicles from Mongolia remained high at the end of the year, and the inventory at Ganqimaodu Port had reached 329 tons. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, with a short - term outlook of weak and volatile movement [2]. - On December 17, the J2601 contract closed at 1530.5, up 1.93%. The spot price had a second - round price cut. Macroscopically, measures would be taken to stabilize the real estate market from both supply and demand sides next year. Fundamentally, the pig iron output decreased by 3.10 tons to 229.20 tons this period, and the coke inventory was moderately weak. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, with a short - term outlook of weak and volatile movement [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 1062.00 yuan/ton, down 5.50 yuan; J main contract closing price was 1530.50 yuan/ton, up 16.00 yuan [2]. - JM futures contract holdings were 708494.00 lots, down 27677.00 lots; J futures contract holdings were 41588.00 lots, down 1248.00 lots [2]. - Net holdings of the top 20 JM contracts were - 49451.00 lots, down 13994.00 lots; net holdings of the top 20 J contracts were 749.00 lots, down 163.00 lots [2]. - JM 5 - 1 month contract spread was 91.50 yuan/ton, down 2.50 yuan; J 5 - 1 month contract spread was 133.00 yuan/ton, down 22.50 yuan [2]. - JM warehouse receipts were 200.00 pieces, unchanged; J warehouse receipts were 2070.00 pieces, unchanged [2]. 3.2 Spot Market - The price of Ganqimaodu Mongolian No. 5 raw coal was 970.00 yuan/ton, up 30.00 yuan; the price of Tangshan Grade I metallurgical coke was 1775.00 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 160.00 US dollars/wet ton, down 1.50 US dollars; the price of Rizhao Port quasi - Grade I metallurgical coke was 1570.00 yuan/ton, unchanged [2]. - The price of imported prime coking coal from Australia at Jingtang Port was 1490.00 yuan/ton, unchanged; the price of Grade I metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged [2]. - The price of prime coking coal produced in Shanxi at Jingtang Port was 1630.00 yuan/ton, unchanged; the price of quasi - Grade I metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged; J main contract basis was 244.50 yuan/ton, down 16.00 yuan [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1350.00 yuan/ton, unchanged; JM main contract basis was 548.00 yuan/ton, up 5.50 yuan [2]. 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.30 million tons, down 0.60 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 327.30 million tons, down 5.10 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, down 0.01%; the monthly raw coal output was 42679.00 million tons, up 2004.00 million tons [2]. - The monthly import volume of coal and lignite was 4405.30 million tons, up 231.30 million tons; the daily average output of raw coal from 523 coking coal mines was 189.80 million tons, down 0.60 million tons [2]. - The weekly inventory of imported coking coal at 16 ports was 481.60 million tons, up 11.00 million tons; the weekly inventory of coke at 18 ports was 248.60 million tons, up 2.80 million tons [2]. - The weekly total inventory of coking coal of all - sample independent coking enterprises was 1037.30 million tons, up 28.10 million tons; the weekly inventory of coke of all - sample independent coking enterprises was 87.32 million tons, up 10.88 million tons [2]. - The weekly inventory of coking coal of 247 steel mills nationwide was 794.65 million tons, down 3.62 million tons; the weekly inventory of coke of 247 sample steel mills was 635.28 million tons, up 10.03 million tons [2]. - The weekly available days of coking coal of all - sample independent coking enterprises were 12.82 days, down 0.06 days; the weekly available days of coke of 247 sample steel mills were 11.66 days, up 0.37 days [2]. 3.4 Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04 million tons; the monthly export volume of coke and semi - coke was 0.00 million tons, down 73.00 million tons [2]. - The monthly output of coking coal was 4231.51 million tons, up 255.59 million tons; the weekly capacity utilization rate of independent coking enterprises was 73.16%, down 0.68% [2]. - The weekly profit per ton of coke of independent coking plants was 44.00 yuan/ton, up 14.00 yuan; the monthly output of coke was 4170.00 million tons, down 19.60 million tons [2]. 3.5 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 78.61%, down 1.53%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 85.90%, down 1.16% [2]. - The monthly output of crude steel was 6987.00 million tons, down 212.70 million tons [2]. 3.6 Industry News - The National Development and Reform Commission stated in an article in Qiushi Journal that it would accelerate the improvement of the system and mechanism for expanding domestic demand and promote the removal of unreasonable restrictions on consumption such as automobiles and housing [2]. - In 2025, many defaulted real - estate enterprises basically completed the task of ensuring the delivery of housing projects, and made progress in debt restructuring. However, they were reluctant to develop a large amount of land acquired at high premiums before 2021 [2]. - French President Macron called on the EU to reshape its relationship with China and emphasized that addressing global economic imbalances would be the core of France's agenda as the G7 chair next year [2].

证券代码：002961 证券简称：瑞达期货 公告编号：2025-081 债券代码：128116 债券简称：瑞达转债 敬请广大投资者详细了解公司《募集说明书》中可转债有条件赎回条款的相关 约定，及时关注公司后续公告，注意投资风险。 一、可转债基本情况 1、发行情况 经中国证券监督管理委员会《关于核准瑞达期货股份有限公司公开发行可转换 公司债券的批复》（证监许可〔2020〕1039 号）核准，公司于 2020 年 6 月 29 日 公开发行了 650 万张可转债，每张面值 100 元，发行总额 65,000 万元，期限为 6 年。 2、上市情况 经深圳证券交易所"深证上[2020]635 号"文同意，公司 65,000 万元可转债 于 2020 年 7 月 24 日起在深圳证券交易所挂牌交易，债券简称"瑞达转债"，债券 代码"128116"。 瑞达期货股份有限公司 关于"瑞达转债"预计触发赎回条件的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 瑞达期货股份有限公司（以下简称"公司"）股票自 2025 年 11 月 13 日至 2025 年 ...

Core Viewpoint - The domestic futures market for energy and chemicals shows a predominantly positive trend, particularly in asphalt futures, which have increased by 2.92% to 2993.00 CNY/ton as of the report date [1] Supply - Domestic refineries are gradually resuming asphalt production, leading to a recovery in asphalt capacity utilization rates [1] - Social inventory levels are mixed, with factory inventories slightly increasing due to the resumption of production by some refineries [1] Demand - Market demand is showing a regional divergence: northern regions are primarily driven by winter storage needs, while southern regions are supported by essential demand, leading to active production cuts by refineries and smooth shipping, which helps reduce inventory levels [1] Inventory - As of the week ending December 15, the total inventory of asphalt across 54 sample factories in China reached 625,000 tons, reflecting a 1.1% increase from December 11 [1] - The inventory increase is particularly notable in the South China region, attributed to intermittent production by some major refineries and pressure on high-priced sales [1] Market Outlook - According to Guoxin Guozheng Futures, the slight decrease in asphalt capacity utilization and the continued slowdown in inventory reduction indicate a weak supply-demand balance, with subdued demand in northern regions and weak terminal demand in southern regions, suggesting that asphalt prices will experience fluctuations in the short term [1]

Group 1 - The synthetic rubber futures market is showing a strong upward trend, with the main contract opening at 10,910.0 yuan/ton and reaching a high of 11,210.0 yuan, reflecting an increase of approximately 2.44% [1] - According to Zhonghui Futures, the resumption of operations at Yulong Petrochemical and the expected restart of Maoming Petrochemical in mid-January will stabilize upstream butadiene prices, supporting the cost of synthetic rubber [2] - Newhu Futures reports that the recent export of 2,000 tons of butadiene indicates a low price environment, which may strengthen the market fundamentals and support prices in the short to medium term [2] Group 2 - Ruida Futures notes that the resumption of production at various synthetic rubber facilities has led to a recovery in domestic output, although inventory levels remain under pressure due to slow sales from downstream buyers [3] - The overall production capacity utilization rate among tire manufacturers has increased, but the seasonal slowdown in demand is causing some companies to adopt flexible production strategies, potentially leading to further inventory increases [3] - The BR2602 contract is expected to fluctuate within the range of 10,600 to 11,000 yuan in the short term [3]

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议， 出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 铝类产业日报 2025/12/16 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) 主力-连二合约价差:沪铝(日,元/吨) | 21,845.00 -110.00 | -75.00↓ 氧化铝期货主力合约收盘价(日,元/吨) -45.00↓ 主力-连二合约价差:氧化铝(日,元/吨) | 2,541.00 -128.00 | +4.00↑ -113.00↓ | | | 主力合约持仓量:沪铝(日,手) | 288,833.00 | -5540.00↓ 主力合约持仓量:氧化铝(日,手) | 190,885.00 | -15090.00↓ | | | LME铝注销仓单(日,吨) | 34,975.00 | 0.00 库存 ...

| 项目类别 | 数据指标 环比 项目 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 107.905 | 0.05% T主力成交量 | 77265 | -24631↓ | | | TF主力收盘价 | 105.795 | 0.03% TF主力成交量 | 67776 | -10826↓ | | | TS主力收盘价 | 102.426 | -0.02% TS主力成交量 | 34784 | -2027↓ | | | TL主力收盘价 | 111.390 | -0.19% TL主力成交量 | 148857 | -11561↓ | | 期货价差 | TL2603-2606价差 | -0.16 | +0.06↑ T03-TL03价差 | -3.49 | 0.17↑ | | | T2603-2606价差 | -0.02 | +0.02↑ TF03-T03价差 | -2.11 | -0.02↓ | | | TF2603-2606价差 | 0.00 | +0.00↑ TS03-T03价差 | -5.48 | -0.06↓ | | ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On December 16, the JM2605 contract of coking coal closed at 1067.5, up 1.33%. After continuous decline, coking coal saw a technical rebound. In the short - term, it is expected to run weakly with fluctuations. [2] - On December 16, the J2601 contract of coke closed at 1514.5, up 1.34%. The spot price had a second - round reduction. In the short - term, it is expected to run weakly with fluctuations. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 1067.50 yuan/ton, up 6.50 yuan; J main contract closing price was 1514.50 yuan/ton, up 11.00 yuan. [2] - JM futures contract holding volume was 736419.00 lots, down 2212.00 lots; J futures contract holding volume was 42837.00 lots, down 1615.00 lots. [2] - Net holding volume of the top 20 coking coal contracts was - 35457.00 lots, up 3194.00 lots; net holding volume of the top 20 coke contracts was 912.00 lots, up 817.00 lots. [2] - JM 5 - 1 month contract spread was 94.00 yuan/ton, down 1.50 yuan; J 5 - 1 month contract spread was 155.50 yuan/ton, down 12.00 yuan. [2] - Coking coal warehouse receipts were 200.00 sheets, down 100.00 sheets; coke warehouse receipts were 2070.00 sheets, unchanged. [2] - JM main contract basis was 542.50 yuan/ton, down 6.50 yuan; J main contract basis was 260.50 yuan/ton, down 11.00 yuan. [2] 3.2 Spot Market - Ganqimaodu Mongolian No. 5 raw coal price was 940.00 yuan/ton, up 10.00 yuan; Tangshan Grade - 1 metallurgical coke price was 1775.00 yuan/ton, unchanged. [2] - Russian prime coking coal forward spot price was 161.50 US dollars/wet ton, unchanged; Rizhao Port quasi - Grade - 1 metallurgical coke price was 1570.00 yuan/ton, unchanged. [2] - Jingtang Port Australian imported prime coking coal price was 1490.00 yuan/ton, up 80.00 yuan; Tianjin Port Grade - 1 metallurgical coke price was 1670.00 yuan/ton, unchanged. [2] - Jingtang Port Shanxi - produced prime coking coal price was 1630.00 yuan/ton, unchanged; Tianjin Port quasi - Grade - 1 metallurgical coke price was 1570.00 yuan/ton, unchanged. [2] - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal price was 1610.00 yuan/ton, unchanged. [2] - Inner Mongolia Wuhai - produced coking coal ex - factory price was 1350.00 yuan/ton, unchanged. [2] 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.90 million tons, up 0.80 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 332.40 million tons, up 11.00 million tons. [2] - The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, up 0.02%; the monthly raw coal output was 42679.00 million tons, up 2004.00 million tons. [2] - The monthly import volume of coal and lignite was 4405.30 million tons, up 231.30 million tons; the daily average output of raw coal from 523 coking coal mines was 189.80 million tons, down 0.60 million tons. [2] - The weekly inventory of imported coking coal at 16 ports was 481.60 million tons, up 11.00 million tons; the weekly inventory of coke at 18 ports was 248.60 million tons, up 2.80 million tons. [2] - The weekly total inventory of coking coal of all - sample independent coking enterprises was 1037.30 million tons, up 28.10 million tons; the weekly inventory of coke of all - sample independent coking enterprises was 87.32 million tons, up 10.88 million tons. [2] - The weekly inventory of coking coal of 247 steel mills nationwide was 794.65 million tons, down 3.62 million tons; the weekly inventory of coke of 247 sample steel mills was 635.28 million tons, up 10.03 million tons. [2] - The weekly available days of coking coal of all - sample independent coking enterprises was 12.82 days, down 0.06 days; the weekly available days of coke of 247 sample steel mills was 11.66 days, up 0.37 days. [2] 3.4 Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04 million tons; the monthly export volume of coke and semi - coke was 0.00 million tons, down 73.00 million tons. [2] - The monthly output of coking coal was 4231.51 million tons, up 255.59 million tons; the weekly capacity utilization rate of independent coking enterprises was 73.16%, down 0.68%. [2] - The weekly profit per ton of coke in independent coking plants was 44.00 yuan/ton, up 14.00 yuan/ton. [2] - The monthly output of coke was 4170.00 million tons, down 19.60 million tons. [2] - The weekly blast furnace operation rate of 247 steel mills nationwide was 78.61%, down 1.53%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 85.90%, down 1.16%. [2] 3.5 Downstream Situation - The monthly output of crude steel was 6987.00 million tons, down 212.70 million tons. The steel market is facing a situation of weak supply and demand. It is expected that the price in January will first decline and then stabilize with a slight downward shift in the center of gravity. [2] - From January to November, infrastructure investment decreased by 1.1% year - on - year; manufacturing investment increased by 1.9%; real estate development investment decreased by 15.9%, and the sales area of newly built commercial housing decreased by 7.8%. [2] 3.6 Industry News - On December 12, the Ministry of Commerce and the General Administration of Customs jointly announced to include some steel products in the scope of export license management. In the short - term, it will bring challenges such as slower export rhythm and increased compliance costs, but in the long - term, it will optimize the export structure and support the green and low - carbon transformation of the steel industry. [2]