55"，品牌采购需求趋于理性，同时供应集中，预计9月~10月均价持平。 大尺寸方面，G10.5控产力度相对明显影响供需平衡，预计9月~10月均价持平。 国庆过后，在需求降温与供应收窄共同作用下，全球LCD TV面板市场供需平衡格局趋于脆弱。群智咨询(Sigmaintell) 认为，从采购侧来看，整机厂商四季度面板需求理性收敛。一方面，备货旺季高峰期已过，品牌采购驱动力转弱。另 一方面，在对终端零售信心不足的影响下，头部品牌厂商对自身获利水平提升的诉求更加强烈，因此采购策略转向理 性。叠加二线市场旺季备货亦接近尾声，四季度整体面板备货节奏放缓。从供应侧来看，为对冲需求降温带来的供需 风险，头部厂商再次启动"国庆假期"控产机制，同时在库存健康等因素支撑下假期控产将起到短期稳定供需的作用。 各尺寸表现如下： 32"，二线需求降温但短期面板库存健康，预计9月~10月均价稳定。 50"，需求逐渐乏力，同时供应亦有回落，预计9月~10月均价持平。 | Application | Size | Resolution | OC/LCM | Range | | Sep'25(A) Oct'25(E) | Oct. VS Sep ...

来源：贺氏博生HBS6282 投资市场永远有四个层次：保住本金，控制风险，赚取收益，长期稳定持续赢利。不要因为一天的输赢定结果，赚钱是偶然还是必然，是凭真功夫还是凭运 气，在市场上能活着的肯定是最终能够长期持续赢利的投资者。交易就是一个好的习惯，严格执行你的交易计划。一次严谨的交易=良好的心态控制＋正确 的仓位控制＋过硬的技术功力，合作从不强买强卖。机会是留给有准备的人，一次正确的选择大于百倍努力， 你相信老师，我给你一个满意收益，你刚好 需要，我刚好专业！ 黄金最新行情趋势分析： 黄金消息面解析：周三（北京时间10月8日）亚市早盘，现货黄金交投于3990美元/盎司附近，现货黄金周三触及3990.90美元/盎司的历史高位，12月交割的 美国期金一度升至4014.6美元/盎司，受助于美联储本月晚些时候降息的预期和美国政府陷于停摆推动的持续避险需求。周二（10月7日）现货黄金在触及历 史新高3977.25美元/盎司后小幅回落，不过在有利的基本面背景下，任何实质性回调似乎都难以实现。美元已连续两个交易日走强，然而，由于市场普遍预 期美联储将在年内再实施两次降息，美元的这波上涨缺乏坚定的看涨信念，这或许将继续为无息黄 ...

Group 1: Steel Industry Report Industry Investment Rating Not mentioned Core View Steel prices are expected to maintain a high - level oscillating trend. The price of rebar is expected to fluctuate between 3100 - 3350 yuan, and hot - rolled coil between 3300 - 3500 yuan. It is recommended to try long positions with light positions and pay attention to the seasonal repair of apparent demand. Short the January spread between hot - rolled coil and rebar [1]. Summary by Relevant Catalogs - **Steel Prices and Spreads**: Rebar and hot - rolled coil prices in different regions have varying degrees of increase or decrease. The spread between hot - rolled coil and rebar continues to converge [1]. - **Cost and Profit**: Steel billet prices increase, and the costs of different steelmaking processes change. The profits of various steel products show a downward trend [1]. - **Output**: The daily average pig iron output increases slightly, the output of five major steel products decreases slightly, rebar output decreases significantly, and hot - rolled coil output increases slightly [1]. - **Inventory**: The inventory of five major steel products increases slightly, rebar inventory decreases seasonally, and hot - rolled coil inventory increases [1]. - **Transaction and Demand**: Building material trading volume and the apparent demand of five major steel products increase slightly, rebar apparent demand increases significantly, and hot - rolled coil apparent demand decreases [1]. Group 2: Iron Ore Industry Report Industry Investment Rating Not mentioned Core View The iron ore market is in a balanced and slightly tight pattern. It is recommended to view it with a bullish bias in a range - bound manner, with the range referring to 780 - 850. It is recommended to go long on the 2601 contract of iron ore when the price is low and conduct an arbitrage strategy of going long on iron ore and short on hot - rolled coil [4][6]. Summary by Relevant Catalogs - **Prices and Spreads**: The basis of different iron ore varieties' 01 contracts decreases significantly, and the spreads between different contracts change [4]. - **Supply**: The global iron ore shipment volume decreases week - on - week, and the arrival volume at 45 ports increases. The subsequent arrival volume is expected to first increase and then decrease [4]. - **Demand**: The daily average pig iron output of 247 steel mills increases slightly, the daily average port clearance volume increases, and the monthly output of pig iron and crude steel decreases [4]. - **Inventory**: The port inventory decreases slightly, the imported ore inventory of 247 steel mills increases, and the number of days of available inventory of 64 steel mills increases [4]. Group 3: Coal Industry (Coke and Coking Coal) Report Industry Investment Rating Not mentioned Core View - **Coke**: It is recommended to go long on the 2601 contract of coke when the price is low, with the range referring to 1650 - 1800, and conduct an arbitrage strategy of going long on coking coal and short on coke [7]. - **Coking Coal**: It is recommended to go long on the 2601 contract of coking coal when the price is low, with the range referring to 1150 - 1300, and conduct an arbitrage strategy of going long on coking coal and short on coke [7]. Summary by Relevant Catalogs Coke - **Prices and Spreads**: The prices of coke contracts decrease, and the basis changes [7]. - **Supply**: Due to previous price increases, coking profits are still available after two rounds of price cuts, and northern coke enterprises have high enthusiasm for resuming production [7]. - **Demand**: Steel mills continue to resume production, and iron water output continues to rise slightly, providing support for downstream demand [7]. - **Inventory**: Coking plants reduce inventory, while steel mills and ports increase inventory, and the overall inventory increases moderately [7]. Coking Coal - **Prices and Spreads**: The prices of coking coal contracts decrease, and the basis changes [7]. - **Supply**: Main - producing area coal mines resume production, logistics recovers, and sales improve after price cuts. Imported coal prices follow futures fluctuations [7]. - **Demand**: Iron water output continues to rise, coking operations remain stable, and downstream replenishment demand increases [7]. - **Inventory**: Coal mines, ports, and steel mills reduce inventory, while coal - washing plants, coking plants, and ports increase inventory, and the overall inventory increases moderately [7].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports [1][3][5] 2. Core Views - **Steel Industry**: Steel apparent demand remains at a low level in the off - season without signs of recovery. There is an expected increase in apparent demand during the peak season from August to September, and inventory accumulation will slow down. Steel supply - demand has not deteriorated to the negative feedback stage. Steel prices will follow the expected changes in the coking coal supply side. For the January contract, pay attention to the support level of 3100 for rebar and 3300 for hot - rolled coils [1] - **Iron Ore Industry**: The global iron ore shipment volume has decreased significantly, and the arrival volume at 45 ports has declined. The subsequent arrival volume is expected to first increase and then decrease. Steel mill profit margins have slightly declined, but after major events, iron ore production will increase this week, and steel mills' replenishment demand will rise. It is expected that supply and demand will increase simultaneously this week. Port inventory has slightly increased, and steel mills' equity ore inventory has decreased. Due to high steel mill profitability, iron ore production in September will remain at a relatively high level, and low port inventory provides support for iron ore. Pay attention to steel mill production control in the fourth quarter. Iron ore is currently in a balanced and tight pattern, and it is recommended to go long on the 2601 contract on dips and reduce the position of the long - iron - ore short - coking - coal arbitrage [3] - **Coking Coal and Coke Industry**: Coking coal futures showed a volatile decline, with intense price fluctuations. Spot auction prices were stable to weak, and Mongolian coal quotes were weak. Domestic coking coal auctions have weakened, and downstream procurement willingness has decreased. After the lifting of production restrictions, coal mines in major producing areas are resuming production, and market supply - demand has eased. Coke futures showed a volatile rebound, and after the first round of price cuts in coke spot, it remained stable. The supply of coke will gradually become more abundant, with an expected 2 - 3 rounds of price cuts. For both coking coal and coke, it is recommended to take profit on short positions, treat the market with a volatile view, and reduce the position of the long - iron - ore short - coking - coal/coke arbitrage [5] 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in different regions decreased by 10 yuan/ton, and most futures contract prices also declined [1] Cost and Profit - Steel billet prices decreased by 10 yuan/ton, while slab prices remained unchanged. Some steel product costs and profits changed, such as the cost of Jiangsu electric - arc furnace rebar increasing by 1 yuan, and North China hot - rolled coil profit increasing by 20 yuan [1] Production - Daily average pig iron production decreased by 11.1 to 229.0 (a 4.6% decline), and the production of five major steel products decreased by 24.0 to 860.7 (a 2.7% decline) [1] Inventory - The inventory of five major steel products increased by 32.8 to 1500.7 (a 2.2% increase), and the inventory of rebar and hot - rolled coils also increased [1] Transaction and Demand - Building material trading volume decreased by 0.8 (an 8.3% decline), and the apparent demand for five major steel products decreased by 29.9 to 827.8 (a 3.5% decline) [1] Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse receipt costs of various iron ore types decreased slightly, and the basis of the 01 contract for some types increased significantly. The 5 - 9 spread increased by 2.5 (a 3.6% increase), and the 9 - 1 spread decreased by 2.5 (a 5.6% decrease) [3] Supply - The arrival volume at 45 ports decreased by 78.0 to 2448.0 (a 3.1% decline), and the global shipment volume decreased by 800.6 to 2756.2 (a 22.5% decline) [3] Demand - The daily average pig iron production of 247 steel mills decreased by 11.3 to 228.8 (a 4.7% decline), and the national crude steel monthly output decreased by 352.6 to 7965.8 (a 4.2% decline) [3] Inventory Changes - The inventory at 45 ports increased by 24.3 to 13849.65 (a 0.2% increase), and the imported ore inventory of 247 steel mills decreased by 67.3 to 6686.8 (a 0.7% decline) [3] Coking Coal and Coke Industry Coking Coal and Coke - Related Prices and Spreads - Coke futures showed a volatile rebound, and coking coal futures showed a volatile decline. The first - round price cut of coke spot has been implemented, and coking coal spot auction prices are stable to weak [5] Supply - The weekly coke production of the full - sample coking plants decreased by 0.2 to 64.3 (a 0.34% decline), and the raw coal production of Fenwei sample coal mines decreased by 43.1 to 817.3 (a 5.0% decline) [5] Demand - The weekly iron ore production of 247 steel mills decreased by 11.3 to 228.8 (a 4.7% decline), and the weekly coke production of the full - sample coking plants decreased by 0.2 to 64.3 (a 0.34% decline) [5] Inventory Changes - Coke inventory in coking plants and steel mills increased slightly, and port inventory decreased. Coking coal inventory in coal mines, coal - washing plants, coking plants, and steel mills decreased, while port and border - crossing inventory increased slightly [5]

Core Insights - The report from the China Coal Transportation and Marketing Association indicates that the coking coal market has halted a nearly one-and-a-half-year decline as of July 2025, with both futures and spot prices rebounding from their lows [1] - The market is characterized by a "three up, one down, one stable" trend, where futures prices lead spot prices, spot prices lead long-term contracts, and coking coal prices lead steel and coke prices [1] - The overall market sentiment is stabilizing, supported by a decrease in production inventories and various driving factors such as supply changes, rigid demand, speculative stockpiling, and policy sentiment [1] Market Dynamics - The report anticipates that in August 2025, the coking coal market will continue to experience upward momentum due to multiple driving factors, despite potential limitations on price increases from the resumption of previously halted coal mines and stable imports [1] - Mid-month production cuts or suspensions due to safety inspections and deteriorating geological conditions are expected to provide significant support to the market [1] - The current price increases are primarily based on expectations of supply contraction and improved market sentiment rather than substantial improvements in downstream demand [1] Future Outlook - The overall market is in a phase of rebalancing supply and demand, seeking direction amid the current conditions [1] - The strength of the coking coal macro index remains weak and stable, indicating that the sustainability and intensity of the rebound will require careful policy support [1]

Group 1 - The core viewpoint of the article indicates that the price of polysilicon is experiencing slight increases due to cost support, despite a slight decrease in transaction volume [1][2] - The transaction price range for n-type polysilicon is reported to be between 45,000 to 49,000 yuan per ton, with an average price of 47,400 yuan per ton, reflecting a week-on-week increase of 0.42% [1] - The transaction volume of polysilicon has slightly decreased, but the number of signing companies has increased to six, with some companies maintaining prices while others raised prices by 1 yuan per kilogram [1] Group 2 - The number of polysilicon producers remains at nine, with an expected domestic production of 125,000 tons in August and a potential increase to around 140,000 tons in September [2] - To alleviate supply-demand pressure, some silicon material companies are planning coordinated production cuts, which may stabilize output in September [2] - The current market pricing is approaching a temporary high point, with prices expected to stabilize unless there are significant changes in industrial policy or terminal demand [2]

Core Viewpoint - The domestic futures market for non-ferrous metals shows mixed performance, with industrial silicon futures experiencing a significant decline of 2.36% to 8695.0 CNY/ton [1] Supply Side - The supply of industrial silicon is expected to increase as the hydropower season progresses in the southwest region, leading to a rise in production from silicon factories [1] - New furnace installations in Sichuan and Yunnan are on the rise, with expectations of a week-on-week production increase in the southwest region [1] - In Xinjiang, while some large factories maintain stable production, smaller silicon plants are less motivated to resume production due to low profit margins from previous low prices, resulting in overall stable production levels [1] Demand Side - There is an anticipated significant increase in the production of polysilicon in August, which will boost demand for industrial silicon [1] - The aluminum alloy sector is operating steadily, while demand remains relatively average; organic silicon also has production increase expectations [1] - Despite a continuous decrease in standard warehouse receipts, the overall industry inventory remains at a high level [1] Market Overview - The overall supply of industrial silicon is expected to increase, leading to a relatively balanced supply-demand situation in the short term, although there is still pressure on inventory absorption [1] - Market sentiment has slightly diminished, but related products like coking coal have seen significant price increases, providing support for the lower end of the market [1] - The main contract is expected to experience range-bound fluctuations in the near term, with recommendations to short on rebounds [1]

Financial Data and Key Metrics Changes - The company reported that sales, operational cash generation, and EBITDA were in line with expectations for the quarter [10][11] - Net debt remained stable at $13 billion, with net leverage increasing to 3.1 times due to a reduction in last twelve month EBITDA to $4.2 billion [28][29] - Cash costs declined compared to the first quarter, driven by stronger operational performance and lower fixed costs [25][26] Business Line Data and Key Metrics Changes - Brazilian operations saw stronger sales volumes and lower costs compared to Q1, with EBITDA growth year-over-year [12][13] - U.S. operations experienced a 3% price increase quarter-over-quarter, driven by product mix and better commercial location [13] - The paper and packaging business in the U.S. is expected to deliver positive EBITDA in Q3, with lower costs and higher production volumes anticipated [16][58] Market Data and Key Metrics Changes - In Brazil, print and write demand rose 6% year-over-year, with domestic sales also increasing by 6% [14] - Uncoated wood free paper demand remained stable in North America and Latin America but declined by 10% in Europe [14] - The U.S. market for boxboard demand was stable, while demand for SBS boards increased by 1% [15] Company Strategy and Development Direction - The company is focusing on competitiveness and cost reduction, with an emphasis on executing existing deals rather than pursuing new M&A initiatives [10][11] - A deal with Eldorado is expected to provide an internal return of around 20%, allowing for increased production at the Ribba's mill without significant investment [6][42] - The company plans to maintain a focus on deleveraging and improving operational competitiveness [10][88] Management's Comments on Operating Environment and Future Outlook - Management noted that the cash cost trend is expected to continue decreasing in the upcoming quarters [10][25] - The company is monitoring market dynamics closely, particularly in light of recent price corrections and supply-demand imbalances [22][72] - Management expressed confidence in the recovery of order intake in China and the potential for price increases due to supply constraints [22][23] Other Important Information - The company has built inventories in the U.S. to mitigate the impact of 50% import duties imposed by the U.S. government [17] - The company is planning to redirect the majority of its exports from the U.S. to other regions [17] - The company maintains a healthy amortization schedule with more than six years of average maturity [28] Q&A Session Summary Question: What are the changing dynamics in the pulp scenario that allowed for the $20 price increase for Asia? - Management noted high order intake levels in China since June, indicating a supportive market environment for price increases [32][34] Question: Can you elaborate on the internal rate of return of the deal with Eldorado? - The internal rate of return is expected to be around 20%, driven by optimized harvesting and reduced operational costs [40][42] Question: What is the expected normalized production level if pulp prices remain below $550 per ton? - The company has a detailed analysis on production costs and has decided to reduce production to maintain profitability [46][47] Question: What are the main opportunities identified in the U.S. packaging market? - The company is expanding its market reach and has seen significant growth in cup stock sales, indicating strong opportunities for profitability [60] Question: How are negotiations regarding the 10% tariff on U.S. exports going? - The company successfully negotiated that customers will bear the 10% tariff, ensuring that Suzano will not absorb this cost [97] Question: What is the status of the Kimberly Clark acquisition? - Dedicated teams have been established to plan the carve-out of the new joint venture, with the project progressing as planned [98]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Macro sentiment and improved raw material fundamentals drive the strengthening of futures and spot markets. The Ministry of Industry and Information Technology plans to introduce measures to adjust the structure, optimize supply, and eliminate backward production capacity in key industries, leading to strong macro expectations. The China Iron and Steel Association aims to prevent over - capacity risks. - Overseas, Chinese Vice - Premier He Lifeng will hold economic and trade talks with the US in Sweden. - In terms of supply and demand, coke has a third price increase. Raw material supply is improving. Iron - water production is at a high level, and most coal mines have no inventory pressure, with strong price - holding intentions. The total coking coal inventory has increased for three consecutive weeks. The average loss per ton of coke for 30 independent coking plants is 54 yuan/ton. - Technically, the daily K - line of the coke main contract is above the 20 - day and 60 - day moving averages, showing a bullish trend. - Strategy suggestion: With positive macro expectations and the market sentiment extremely high due to coking coal's five daily limit up movements driving coke's one daily limit up, the coke main contract is expected to fluctuate strongly [9]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Macro**: The Ministry of Industry and Information Technology will introduce a plan to promote structural adjustment, supply optimization, and elimination of backward production capacity in key industries. The China Iron and Steel Association focuses on preventing over - capacity risks [9]. - **Overseas**: Chinese Vice - Premier He Lifeng will hold economic and trade talks with the US in Sweden from July 27 - 30 [9]. - **Supply and Demand**: Coke has a third price increase. Raw material supply is improving. Current iron - water production is 242.23 tons, a decrease of 0.21 tons. Iron - water production is at a high level. Most coal mines have no inventory pressure, and coal mines have strong price - holding intentions. The total coking coal inventory has increased for three consecutive weeks. The average loss per ton of coke for 30 independent coking plants is 54 yuan/ton [9]. - **Technical**: The daily K - line of the coke main contract is above the 20 - day and 60 - day moving averages, showing a bullish trend [9]. - **Strategy**: The coke main contract is expected to fluctuate strongly [9]. 3.2 Futures and Spot Market - **Futures Market**: As of July 25, the coke futures contract position is 55,000 lots, a week - on - week increase of 166 lots. The 1 - 9 contract month spread is 48.00 yuan/ton, a week - on - week increase of 3.0 points. The registered coke warehouse receipt is 760 lots, unchanged from the previous period. The futures screw - coke ratio is 1.90, a week - on - week decrease of 0.17 [13][18]. - **Spot Market**: As of July 24, the coke flat - price at Rizhao Port is 1,330 yuan/ton, a week - on - week increase of 50 yuan/ton; the ex - factory price of coking coal in Wuhai, Inner Mongolia is 1,000 yuan/ton, a week - on - week increase of 20 yuan/ton. As of July 25, the coke basis is - 405.0 yuan/ton, a week - on - week decrease of 166.0 [26]. 3.3 Industry Chain Situation - **Industry**: The average loss per ton of coke for 30 independent coking plants is 54 yuan/ton. The capacity utilization rate of 230 independent coking enterprises is 73.61%, an increase of 0.71%. The daily coke output is 51.92, an increase of 0.51. The coke inventory is 50.12, a decrease of 5.43. The total coking coal inventory is 841.21, an increase of 51.02. The available coking coal days are 12.2 days, an increase of 0.62 days [34]. - **Downstream**: The daily iron - water output of 247 steel mills is 242.23 tons, a week - on - week decrease of 0.21 tons and a year - on - year increase of 2.62 tons. As of July 18, the total coke inventory (independent coking plants + 4 major ports + steel mills) is 886.63 tons, a week - on - week decrease of 6.37 tons and a year - on - year increase of 13.62% [38]. - **Inventory Structure**: The port inventory of coking coal and coke has decreased. The coke inventory of 247 steel mills has increased. The capacity utilization rate of 247 steel mills is 86.97%, an increase of 0.13%, and the daily coke output is 47.16, an increase of 0.07 [42]. - **Fundamental Data**: In June, China's coke and semi - coke exports were 51 tons, a year - on - year decrease of 41.3%; from January to June, the cumulative exports were 351 tons, a year - on - year decrease of 27.9%. In June, China's steel exports were 967.8 tons, a month - on - month decrease of 8.5%; from January to June, the cumulative steel exports were 5,814.7 tons, a year - on - year increase of 9.2% [46]. - **Housing Data**: In June 2025, the second - hand housing prices in 70 large and medium - sized cities decreased by 0.30% month - on - month. As of the week of July 20, the commercial housing transaction area in 30 large - and medium - sized cities was 133.91 million square meters, a month - on - month increase of 3.50% and a year - on - year decrease of 13.74%. The commercial housing transaction area in first - tier cities increased by 23.12% month - on - month, while that in second - tier cities decreased by 12.39% month - on - month [51][55].

Report Industry Investment Rating No relevant content provided. Core Views - The 50% tariff on copper imports announced by the US may not fully price in the CL spread in the short - term, and the low inventories in China and LME may rebound in Q3 [1]. - For aluminum, the short - term fundamentals are okay, and attention should be paid to demand, and reverse spreads between distant months and inside - outside spreads can be considered under the low - inventory pattern [1]. - Zinc maintains a short - allocation idea, and short - selling on rebounds is recommended; long inside - outside spreads can be held, and attention can be paid to positive spreads between months [2]. - For nickel, the short - term real - world fundamentals are average, and opportunities for the contraction of the nickel - stainless steel price ratio can be continuously monitored [6]. - Stainless steel is expected to fluctuate weakly in the short term due to weak fundamentals [10]. - Lead is expected to oscillate between 17100 - 17500 next week, and attention should be paid to the terminal consumption destocking strength [12]. - Tin is in a situation of weak supply and demand, and short - term observation is recommended [14]. - Industrial silicon is expected to oscillate if the start - up does not recover significantly in the short term [16]. - Carbonate lithium is expected to oscillate, and a downward inflection point requires significant accumulation of warehouse receipts and spot [18]. Summary by Metals Copper - Trump announced a 50% tariff on copper imports, and COMEX copper rose 16%. The US has imported over 860,000 tons of copper in 2025, filling the rigid import gap, so the 50% tariff may not be fully priced in the short - term. Attention should be paid to exemption situations. After the tariff is implemented, the low inventories in China and LME may rebound in Q3 [1]. Aluminum - Supply increased slightly from January to May. In July, demand is expected to weaken seasonally, and supply and demand are expected to be balanced. The short - term fundamentals are okay, and attention should be paid to demand and reverse spreads [1]. Zinc - Zinc prices fluctuated widely this week. Supply is expected to increase by over 5,000 tons in July. Domestic demand is seasonally weak, and overseas demand in Europe is also weak. There is a risk of a short squeeze when LME inventory is below 100,000 tons. Short - allocation, long inside - outside spreads, and positive spreads between months are recommended [2]. Nickel - Pure nickel production remains high, and nickel bean imports increased in May. Demand is weak, and LME premium strengthened slightly. Overseas nickel plate inventory is stable, and domestic inventory decreased slightly. The worry about ore - end disturbances has eased, and attention can be paid to the contraction opportunity of the nickel - stainless steel price ratio [6]. Stainless Steel - Supply has been reduced passively since late May. Demand is mainly for rigid needs. Costs are stable. Inventories in Xijiao and Foshan increased slightly. It is expected to fluctuate weakly in the short term [10]. Lead - Lead prices declined slightly this week. Supply from scrap is weak, and demand from batteries is also weak. It is expected to oscillate between 17100 - 17500 next week, and attention should be paid to terminal consumption destocking [12]. Tin - Tin prices fluctuated widely this week. Supply may decline slightly in July - August due to low processing fees and upcoming maintenance. Demand from soldering tin is limited, and the growth of terminal electronics and photovoltaics is expected to slow down. It is recommended to observe in the short term [14]. Industrial Silicon - The start - up changed little this week. Output is expected to decline in July and subsequent months, and the market is expected to shift from inventory accumulation to destocking. It is expected to oscillate if the start - up does not recover significantly [16]. Carbonate Lithium - The futures price of carbonate lithium rebounded from a low level. Supply and demand are both strong in the short term, and inventory pressure is gradually accumulating. It is expected to oscillate, and a downward inflection point requires significant accumulation of warehouse receipts and spot [18].