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Report Summary 1. Investment Rating The report does not provide an overall industry investment rating but gives a medium - term outlook for each variety, including "Oscillation", "Oscillation with an upward bias", etc. 2. Core View The fundamentals of steel are improving, and the macro - environment is warm with the upcoming Central Economic Work Conference in December, overseas interest - rate cut expectations, and positive signals from the China - US presidential call. However, as the off - season deepens, the fundamentals have limited highlights, and the rebound momentum of the futures market weakens. Iron ore prices are strong due to expected restocking demand, and coking coal fundamentals are not significantly weakened, with support for far - month contracts. Glass prices are suppressed by high inventory, and soda ash prices are restricted by oversupply despite cost support [3]. 3. Summary by Variety Iron Element - Iron Ore: Overseas mine shipments decreased, arrivals increased this period, and port inventory decreased slightly. Short - term hot metal is expected to be supported, and restocking demand may be released, so iron ore prices are strong. The contradiction is not prominent, and prices are expected to run strongly [4][9]. - Scrap Steel: Supply increased and demand was stable. After the price decline, the cost - performance ratio recovered, and the downside space is limited. It is expected to oscillate [4][10]. Carbon Element - Coke: After profit repair and environmental protection relaxation, supply stabilized. Short - term steel mill demand supported inventory depletion, but cost support weakened, and there are expectations of price cuts. The futures market is expected to oscillate following coking coal [4][12]. - Coking Coal: Domestic supply remained low, and fundamentals were not significantly weakened. There are restocking expectations for winter storage. Near - month contracts are affected by delivery, expected to oscillate, and far - month contracts are expected to oscillate strongly [4][13]. Alloys - Manganese Silicon: Cost support remains, but the oversupply situation is difficult to reverse, and price pressure is high. The futures market is expected to run at a low level [4][16][17]. - Silicon Iron: High costs support the price bottom, but supply - demand is loose, suppressing the upside. The futures market is expected to run at a low level [7][18]. Glass and Soda Ash - Glass: Supply may be disrupted, but mid - and downstream inventory is high. If there is no more cold - repair by the end of the year, prices will be suppressed; otherwise, prices will rise. It is expected to oscillate weakly [7][14]. - Soda Ash: The price is close to the cost, with obvious bottom support, but oversupply restricts price increases. In the short term, it is expected to oscillate, and in the long term, the price center will decline [7][16]. 4. Market Data Steel - Spot market transactions were average. Steel mill profitability decreased, but production enthusiasm was high, and output increased slightly. Demand was resilient, and inventory continued to decline, but it was still higher than the same period last year [9]. Iron Ore - Port transactions decreased. Spot prices mostly rose. Off - season hot metal may decline seasonally, but there is short - term support, and restocking demand has not been released. Short - term prices are expected to oscillate strongly [9]. Scrap Steel - Arrivals increased this week, and EAF profits improved. Supply increased, demand was stable, and prices are expected to oscillate [10]. Coke - Futures followed coking coal to oscillate under pressure. Spot prices were stable. Supply increased slightly, demand decreased slightly, and inventory in coking enterprises increased slightly. It is expected to oscillate following coking coal [12]. Coking Coal - Futures oscillated under pressure. Spot prices declined. Domestic supply recovery was slow, imports were high, demand weakened, and inventory in mines increased slightly. Near - month contracts are expected to oscillate, and far - month contracts are expected to oscillate strongly [13]. Glass - Spot prices were stable. Supply may be disrupted, and mid - and downstream inventory was high. If there is no more cold - repair, prices will be suppressed; otherwise, prices will rise. It is expected to oscillate weakly [14]. Soda Ash - Spot prices declined. Supply was flat, demand was weak, and inventory decreased. In the short term, it is expected to oscillate, and in the long term, the price center will decline [14][16]. Manganese Silicon - Futures prices first rose and then fell. Spot prices were stable. Cost support was strong, but supply - demand was loose, and prices are expected to run at a low level [16][17]. Silicon Iron - Futures prices oscillated. Spot prices were stable. High costs supported the price bottom, but supply - demand was loose, and prices are expected to run at a low level [18]. 5. Index Data - Comprehensive Index: The commodity index, commodity 20 index, industrial product index, and PPI commodity index all increased on November 25, 2025 [100]. - Plate Index: The steel industry chain index increased by 0.30% on November 25, 2025, with a 0.08% increase in the past 5 days, a - 1.93% decrease in the past month, and a - 5.92% decrease since the beginning of the year [101].