Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The supply - demand pattern of hot - rolled coils is running weakly, with limited inventory reduction. The production of plate mills is stabilizing, but the supply is climbing to a high level and the inventory pressure is still large. Demand has weakened, and the fundamentals are weak, causing the coil price to continue to be under pressure. However, there is support from low valuation and cost, and it is expected to continue the trend of bottom - seeking in shock. Attention should be paid to the production situation of steel mills [1] 3) Summary According to Relevant Catalogs Supply - Hot - rolled coil weekly production is 319.01 tons, a week - on - week increase of 3.00 tons, and a decrease of 4.55 tons compared with the end of last month. The production is at a high level and climbing. The blast furnace capacity utilization rate is 87.98%, a week - on - week decrease of 0.60 percentage points and a decrease of 0.63 percentage points compared with the end of last month, but an increase of 0.18 percentage points compared with the same period [1] Demand - The weekly apparent demand for hot - rolled coils is 320.22 tons, a week - on - week decrease of 4.20 tons and a decrease of 11.67 tons compared with the end of last month, but an increase of 4.62 tons compared with the same period. The demand of the downstream cold - rolling industry has unsolved contradictions, and the improvement of external demand is limited, so the demand toughness is likely to weaken [1] Inventory - The total inventory of hot - rolled coils is 400.90 tons, a week - on - week decrease of 1.21 tons and a decrease of 5.69 tons compared with the end of last month, but an increase of 95.18 tons compared with the same period. The in - plant inventory is 78.02 tons, unchanged from last week, an increase of 0.36 tons compared with the end of last month, and a decrease of 0.37 tons compared with the same period. The social inventory is 322.88 tons, a week - on - week decrease of 1.21 tons, a decrease of 6.05 tons compared with the end of last month, and an increase of 95.55 tons compared with the same period [1]

Report Industry Investment Rating - The medium - term outlook for the black building materials industry is "Oscillation" [7] Core View of the Report - In the off - season, the fundamentals of the black industry have limited bright spots, and prices are under pressure. Glass and soda ash prices rebounded from low levels due to supply - side disturbances. As the Central Economic Work Conference approaches, there may be positive news from the macro and policy fronts. Attention should be paid to the potential for short - term upward movements driven by improved macro sentiment [6] Summary by Relevant Catalogs Iron Element - Overseas mine shipments decreased month - on - month, with reduced shipments from Australia and Brazil and increased shipments from non - mainstream mines. Port stocks increased, steel mills' imported ore inventories decreased, and the demand for restocking has not been significantly released. Iron water production decreased month - on - month, and steel mills' profitability declined. The short - term iron ore price is expected to oscillate [3]. - The supply of scrap steel increased while demand remained stable. After the price decline, its cost - effectiveness improved, and the downside space is limited. The scrap steel price is expected to oscillate [3] Carbon Element - After profit recovery and relaxation of environmental protection measures, coke supply stabilized. In the short term, the rigid demand from steel mills remained strong, and the total inventory remained low. However, the cost support for spot goods continued to weaken, and the market expected price cuts. The coke futures price is expected to oscillate following coking coal [3]. - Domestic coking coal supply remained low, and its fundamentals have not significantly weakened. After the spot price correction, there is still an expectation of restocking for winter storage. The near - term futures contracts are affected by delivery, and the price is expected to oscillate. The far - term contracts are undervalued, and the fundamentals strongly support the price [3] Alloys - The cost of ferromanganese silicon provides support, but the market supply and demand remain loose, and the upward pressure on prices is significant. The futures price is expected to operate at a low level around the cost [6]. - The firm cost supports the bottom of the ferrosilicon price, but the market supply and demand are still loose, suppressing the upward price space. The futures price is expected to operate at a low level around the cost [6] Glass and Soda Ash - There are still expectations of supply disruptions for glass, but the mid - and downstream inventories are moderately high. If there is no more cold - repair by the end of the year, high inventories will suppress prices; otherwise, prices may rise. The soda ash price is close to the cost, with obvious bottom support. In the short term, it is expected to oscillate, and in the long term, the supply surplus will intensify, and the price center will decline [6]. Specific Products - **Steel**: In the off - season, demand is weakening, and the steel inventory is higher than the same period last year. The short - term futures price is expected to oscillate at a low level [8]. - **Iron Ore**: Iron water production decreased month - on - month, and the profitability continued to decline. The short - term ore price is expected to oscillate [9]. - **Scrap Steel**: The supply increased while demand remained stable. The price is expected to oscillate [11]. - **Coke**: Supply increased as profits improved, and cost support weakened. The futures price is expected to oscillate following coking coal [12]. - **Coking Coal**: The fundamentals marginally weakened, and the futures and spot prices are under pressure. The near - term contracts are expected to oscillate, and the far - term contracts are expected to oscillate strongly [13]. - **Glass**: Affected by the expected price increase from manufacturers, the sales improved. If there is no more cold - repair by the end of the year, prices will be under pressure; otherwise, they may rise [14]. - **Soda Ash**: The price is close to the cost, with obvious bottom support. In the short term, it is expected to oscillate, and in the long term, the supply surplus will intensify, and the price center will decline [16]. - **Ferromanganese Silicon**: The cost provides support, but the supply and demand are loose, and the futures price is expected to operate at a low level [17]. - **Ferrosilicon**: The cost supports the bottom, but the supply and demand are loose, and the futures price is expected to operate at a low level [18]

Report Industry Investment Ratings No information provided in the given content. Core Views Polyolefins - PP shows a pattern of both supply and demand increasing, with reduced maintenance driving supply recovery and a slight reduction in inventory. PE shows increased supply and decreased demand, with ample imported goods and weakening demand except for agricultural films. Overall, the 01 contract still faces significant pressure [2]. Crude Oil - During the US Thanksgiving, trading was light, and the Russia - Ukraine peace talks were uncertain, leading to a slight increase in overnight oil prices. However, due to OPEC+ continuous production increase and record - high US crude oil production, the supply - demand pattern remains weak. Oil prices are expected to continue to fluctuate at a low level, with short - term focus on the $60/barrel support for Brent crude and the results of the Russia - Ukraine talks [4]. Natural Rubber - On the supply side, domestic production areas are gradually entering the production - reducing and cutting - off season, and floods in southern Thailand and Vietnam need time to recede, providing strong cost support. However, the arrival of overseas shipments is increasing seasonally, and inventory accumulation suppresses spot prices. On the demand side, overall demand is weak, and the market mainly digests channel inventory. Natural rubber is expected to enter a range - bound consolidation, with the price likely to weaken if raw material supply is smooth, and to run in the 15000 - 15500 range if supply is restricted [6]. Methanol - In the inland market, Jiutai's maintenance is over, and subsequent domestic production will continue to increase. Currently, marginal inland plants are in the red. In Iran, some plants have started gas - restricted shutdowns, improving market sentiment and strengthening the futures price and basis. It is expected to be volatile and slightly stronger in the short term [8][9]. LPG No specific overall view provided in the given content. Pure Benzene - Styrene - Pure benzene: New production capacity and plant restarts are expected, and although some plants are reducing production, supply remains loose. Downstream demand is mainly for rigid needs, and some loss - making varieties are reducing production. Port inventory is rising, and short - term prices may be dragged down by oil prices. The strategy is to short on rebounds for BZ2603 in the short term. - Styrene: With profit recovery, some plants are increasing production, but planned and unplanned shutdowns and maintenance are also increasing, limiting supply. Downstream demand support is limited, and overseas blending demand is cooling, but there are still export expectations. The short - term supply - demand outlook is improving, but the rebound space is limited. EB01 is expected to fluctuate and consolidate in the short term [13]. Ester Industry Chain - PX: Short - term supply is relatively high, and demand is weak due to PTA plant maintenance and weakening terminal demand. The short - term driver is limited, but the medium - term supply - demand outlook is tight, and it is expected to fluctuate at a high level in the short term. - PTA: Supply reduction exceeds expectations, and demand from polyester is supported. Exports are expected to increase. The supply - demand outlook is improving, and the basis is recovering. It is expected to be volatile at a high level in the short term, and the strategy is to go long on the TA month - spread at low levels. - Ethylene Glycol (EG): Polyester demand provides some support, but supply from coal - based plants is increasing, and imports are expected to be high. The port inventory has limited downward space. The strategy is to short the EG1 - 5 spread at high levels. - Short - fiber: Supply remains high, and demand is seasonally weak. The absolute price has limited drivers, and processing fees are expected to be compressed. - Bottle chips: Supply is increasing, and demand is in the off - season. The supply - demand pattern is loose, and the processing fee is expected to decline. The strategy is to short the processing fee [14]. Glass - Soda Ash - Soda Ash: Recent production has declined, and inventory has decreased, supporting the futures price. However, the medium - term oversupply problem persists, and demand is expected to remain at the previous rigid level. The supply - demand pattern is bearish, and the strategy is to wait for short - selling opportunities after rebounds. - Glass: News of production line shutdowns in Hubei has boosted the market sentiment, and the futures price has rebounded, driving better spot sales. There is still some short - term rigid demand, but long - term demand is a concern, especially with the approaching winter in the north. The market still needs capacity clearance to solve the oversupply problem. The 01 contract may face pressure near the delivery month [15]. PVC - Caustic Soda - Caustic Soda: The industry still faces supply - demand pressure. Regional supply in East China will decrease next week, but with the monthly contract signing, the spot price in East China is expected to decline if the futures price remains weakening. The demand from the main downstream, alumina, is weak, and the price is expected to be weak in the long term. - PVC: The spot market remains weak. Supply is increasing, and demand is sluggish, especially during the traditional off - season from November to January. Although the cancellation of India's BIS certification is beneficial, the expected anti - dumping tax implementation limits external demand. The supply - demand pattern is in surplus, and the price is expected to continue to be weak at the bottom [16]. Summaries by Related Catalogs Polyolefins - **Prices and Spreads**: L2601 and L2605 prices decreased slightly, while PP2601 and PP2605 prices increased. L15, LP01 spreads decreased, and PP15 spread increased. Spot prices of some products changed slightly [2]. - **Inventory**: PE and PP inventories decreased, with PE enterprise inventory down 9.80% and PP enterprise inventory down 8.00% [2]. - **开工率**: PE device operating rate increased by 2.17%, and PP powder operating rate increased by 6.93%, while PP device operating rate decreased slightly [2]. Crude Oil - **Prices and Spreads**: Brent and WTI prices increased slightly, while SC price decreased. Some spreads such as Brent - WTI decreased [4]. - **Refined Oil**: NYM RBOB price increased, while NYM ULSD and ICE Gasoil prices decreased [4]. Natural Rubber - **Prices and Spreads**: Yunnan state - owned whole - latex and Thai standard mixed rubber prices increased slightly, and some spreads changed [6]. - **Fundamentals**: September production in Thailand, Indonesia, etc. changed, and October tire production, exports, and natural rubber imports decreased [6]. - **Inventory**: Bonded area inventory and warehouse futures inventory increased, while some出库 and入库 rates changed [6]. Methanol - **Prices and Spreads**: MA2601 and MA2605 prices increased, and some spreads and basis changed [8]. - **Inventory**: Methanol enterprise inventory increased by 4.19%, while port and social inventories decreased [8]. - **开工率**: Some upstream and downstream operating rates changed, with downstream - formaldehyde operating rate increasing by 2.73% [9]. LPG - **Prices and Spreads**: PG2512, PG2601, etc. prices decreased slightly, and some spreads and basis changed [11]. - **Inventory**: LPG refinery storage capacity ratio and port inventory decreased [11]. - **开工率**: Some upstream and downstream operating rates changed slightly [11]. Pure Benzene - Styrene - **Upstream Prices and Spreads**: Prices of some upstream products such as crude oil, naphtha, and pure benzene changed slightly, and some spreads decreased [13]. - **Styrene - related Prices and Spreads**: Styrene spot and futures prices decreased slightly, and some spreads and basis changed [13]. - **Inventory**: Pure benzene and styrene inventories in Jiangsu ports increased [13]. - **开工率**: Some industry operating rates such as domestic pure benzene and styrene changed [13]. Ester Industry Chain - **Upstream Prices**: Prices of some upstream products such as crude oil, naphtha, and PX changed slightly [14]. - **Polyester Product Prices and Cash Flows**: Prices of some polyester products such as POY, FDY, and DTY changed slightly, and cash flows and processing fees of some products changed [14]. - **开工率**: Some industry operating rates such as PTA, MEG, and polyester changed [14]. Glass - Soda Ash - **Prices and Spreads**: Glass and soda ash spot and futures prices changed slightly, and some basis changed [15]. - **Supply**: Soda ash production and float glass and photovoltaic daily melting volume decreased [15]. - **Inventory**: Glass and soda ash inventories decreased [15]. - **Real Estate Data**: New construction area, construction area, etc. changed, with some showing a decline [15]. PVC - Caustic Soda - **Prices and Spreads**: Prices of caustic soda and PVC changed slightly, and some spreads and basis changed [16]. - **Overseas Quotes and Export Profits**: Overseas quotes of caustic soda and PVC decreased, and export profits changed [16]. - **Supply**: Caustic soda and PVC operating rates increased slightly [16]. - **Demand**: Operating rates of some downstream industries of caustic soda and PVC changed [16]. - **Inventory**: Some inventories of caustic soda and PVC changed [16].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Views - **Soybean/M粕类**: CBOT soybeans rose on Wednesday due to demand support and pre - holiday short - covering. The import cost bottom may have emerged, but upward space requires greater production cuts. Domestic soybean and soybean meal inventories are high, and soybean meal is expected to fluctuate [2][3][5]. - **Oils and Fats**: Malaysian palm oil exports decreased in November, while production showed mixed trends. Domestic oils stopped falling and rebounded. Palm oil may reverse its supply - surplus situation in the future, and it is recommended to view it with a volatile perspective [7][9]. - **Sugar**: New sugar - cane season production in major countries is expected to increase, and the global sugar market is shifting from shortage to surplus. It is recommended to short at high prices and close positions when prices fall [11][12]. - **Cotton**: After the peak season, demand is not too bad, and the market lacks strong driving forces. Cotton prices are expected to continue to fluctuate in the short term [14][15]. - **Eggs**: The spot market is in a stalemate. The futures market is expected to fluctuate before the spot price rises seasonally. In the medium - term, pay attention to supply and wait for a rebound to short [17][18]. - **Pigs**: The supply of live pigs remains under pressure, and demand is weak. It is recommended to short near - month contracts or use reverse spreads [20][21]. 3. Summary by Category Soybean/M粕类 - **Market Information**: CBOT soybeans rose on Wednesday. Brazilian soybean premiums increased slightly, and domestic soybean meal spot prices rose by 10 yuan/ton. MYSTEEL expects this week's soybean crushing volume to be 231.73 million tons. As of November 22, Brazil's 2025/26 soybean sowing progress was 78.0% [2][3]. - **Strategy**: The import cost bottom may have emerged, but upward space requires greater production cuts. Domestic soybean and soybean meal inventories are high, and soybean meal is expected to fluctuate [5]. Oils and Fats - **Market Information**: Malaysian palm oil exports decreased in November, while production showed mixed trends. Domestic oils stopped falling and rebounded on Wednesday, and the spot basis rose slightly [7]. - **Strategy**: Palm oil may reverse its supply - surplus situation in the future. It is recommended to view it with a volatile perspective, and turn to a long - position if production decline signals appear [9]. Sugar - **Market Information**: Zhengzhou sugar futures fluctuated narrowly on Wednesday. Brazilian sugar production in the first half of November 2025 is expected to increase by 18.9% year - on - year. As of November 25, 20 sugar mills in Guangxi have started production, a decrease of 26 compared to last year [11]. - **Strategy**: New sugar - cane season production in major countries is expected to increase, and the global sugar market is shifting from shortage to surplus. It is recommended to short at high prices and close positions when prices fall [12]. Cotton - **Market Information**: Zhengzhou cotton futures fluctuated narrowly on Wednesday. As of November 21, the spinning mill operating rate was 65.5%. The 2025/26 global cotton production is expected to increase by 52 million tons [14]. - **Strategy**: After the peak season, demand is not too bad, and the market lacks strong driving forces. Cotton prices are expected to continue to fluctuate in the short term [15]. Eggs - **Market Information**: Most egg prices remained stable on the previous day, with supply and demand in a stalemate [17]. - **Strategy**: The futures market is expected to fluctuate before the spot price rises seasonally. In the medium - term, pay attention to supply and wait for a rebound to short [18]. Pigs - **Market Information**: Domestic pig prices mainly fell on the previous day, with some areas rising slightly. The supply of live pigs remains high, and the price increase space is limited [20]. - **Strategy**: The supply of live pigs remains under pressure, and demand is weak. It is recommended to short near - month contracts or use reverse spreads [21].

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].

Report Summary 1) Report Industry Investment Rating No specific industry investment ratings are provided in the report. 2) Core Viewpoints - The current macro - level is in a relative vacuum period. The A - share market lacks a clear upward main line, and trading volume remains low. Short - term market differences are expected to be gradually digested during the index's shock adjustment, waiting for a new driving main line to push the index higher [1]. - Asset shortage and weak economy are favorable for bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward space [1]. 3) Summary by Related Catalogs Equity Index - The A - share market lacks a clear upward main line, with low trading volume. Short - term market differences will be digested in the index's shock adjustment, and a new driving main line is awaited for further upward movement [1]. Bonds - Asset shortage and weak economy are good for bond futures, but short - term central bank's interest - rate risk warning restricts the rise [1]. Non - ferrous Metals - Copper: Market sentiment is volatile recently, and copper prices may fluctuate [1]. - Aluminum: With limited industrial drivers and volatile macro sentiment, aluminum prices are oscillating at a high level [1]. - Alumina: Domestic alumina production capacity continues to be released. Production and inventory are both increasing, and the fundamentals are weak. Prices are oscillating around the cost line [1]. - Zinc: The Fed has large internal differences, and the macro sentiment is expected to be volatile. Although there are short - term improvement signs in the domestic fundamentals, the oversupply pattern remains. Zinc prices are expected to fluctuate [1]. - Nickel: The Fed has large internal differences, and the macro sentiment has improved in the short term after the China - US presidential call. Indonesia restricts nickel - related smelting project approvals. With a planned monthly production cut of about 6,000 metric tons in Indonesian intermediate products, nickel prices have a repair expectation if the macro sentiment improves. It is recommended to focus on short - term operations, consider a light - position long - nickel and short - stainless - steel strategy. In the long - term, the primary nickel market remains oversupplied [1]. - Stainless Steel: The Fed has large internal differences, and the macro sentiment has improved in the short term. The price of raw material nickel - iron has weakened again, and the social inventory of stainless steel has increased. Steel mills' production cuts in November are limited. Stainless - steel futures are looking for a bottom in oscillation. It is recommended to focus on short - term operations, consider a light - position long - nickel and short - stainless - steel strategy, and pay attention to short - selling hedging opportunities at high prices [1]. - Tin: The Fed's differences are increasing, and the macro situation is volatile. Indonesia's tin exports have declined significantly. Considering the un - repaired tin - ore supply and terminal demand expectations, tin is still regarded as bullish in the long term [1]. Precious Metals and New Energy - Precious Metals: There are still differences regarding a December interest - rate cut. Precious - metal prices may fluctuate, and attention should be paid to US economic data [1]. - Industrial Silicon: Northwest production capacity is continuously resuming, and the start - up in the southwest is weaker than in previous years. The impact of the dry season is weakening. Polysilicon production in November has decreased, and there is a joint production cut in the organic - silicon industry [1]. - Polysilicon: There is an expectation of production - capacity reduction in the long term. Terminal installations will increase marginally in the fourth quarter. The anti - involution policy has not been implemented for a long time, and market sentiment has faded [1]. - Carbonate Lithium: The traditional peak season for new energy vehicles is approaching, energy - storage demand is strong, and the supply side is resuming production. However, there are concerns about potential weakening of industrial demand in the off - season [1]. Steel and Iron - Rebar: In the off - season, there are concerns about potential weakening of industrial demand. During the short - term macro vacuum period, although the valuation is low, the price increase space is limited. The virtual value accumulation strategy can be appropriately participated in [1]. - Hot - Rolled Coil: The off - season effect is not obvious, but the industrial structure is still loose. During the short - term macro vacuum period, the basis is acceptable. The spot - futures positive arbitrage can be appropriately participated in, or option strategies can be used to optimize costs or sales profits [1]. - Iron Ore: The near - month contracts are restricted by production cuts, but the commodity sentiment is good, and the far - month contracts still have upward opportunities [1]. - Ferroalloy: Short - term production profits are poor, cost support is strengthening, direct demand is acceptable, but supply is high, and the downstream is under pressure. The price rebound is limited [1]. Chemicals - Soda Ash: It follows the glass market, but supply and demand are average, and there is significant upward resistance [1]. - Coke and Coking Coal: From a valuation perspective, the current decline of coke and coking coal is close to the end. From a driving perspective, downstream replenishment is expected to start around mid - December. For now, a short - term trading strategy is recommended for single - side trading, and a wait - and - see attitude is advisable for the long - term [1]. Agricultural Products - Soybean Oil: The rumor that "the US delays the implementation of preferential cuts for imported bio - fuel raw materials" has been refuted, which has a positive impact on US soybeans and soybean oil. Domestic soybean - oil basis may be stable or weak under high - pressure crushing. It is recommended to wait and see [1]. - Rapeseed Oil: The industry is optimistic about the supply of Australian rapeseed and imported crude rapeseed oil. It is recommended to wait and see [1]. - Cotton: There is a strong expectation of a domestic new - crop harvest, and the purchase price of seed cotton supports the cost of lint. Downstream start - up remains low, but spinning mills' inventory is not high, with rigid replenishment demand. The cotton market is currently in a situation of "having support but no driver" [1]. - Sugar: The global sugar supply has shifted from shortage to surplus, and raw - sugar prices are under pressure. The supply pressure of the domestic new crop has increased year - on - year, and Zhengzhou sugar is expected to follow the decline of raw sugar [1]. - Corn: Short - term supply is tight due to farmers' reluctance to sell, logistics tensions in the Northeast, and low downstream inventory. The spot price is firm, and the futures price has rebounded. It is recommended to be cautious about going long before the supply pressure is fully released [1]. - Bean Meal: Short - term attention should be paid to China's purchase of US soybeans, which may support the US soybean market. Without obvious weather problems, the market is expected to shift to trading the abundant supply of South American new crops from December to January. It is recommended to short MO5 on rallies [1]. Pulp and Logs - Pulp: The pulp - futures price has risen above the registration - warehouse - receipt cost of most coniferous - pulp delivery products. After new warehouse - receipt registration, a 1 - 3 reverse arbitrage can be considered [1]. - Logs: The fundamentals of logs have weakened, but this has been priced into the market. After a sharp decline in the futures price, the risk - return ratio of short - selling is low. It is recommended to wait and see [1]. Livestock - Pig: The current spot price is gradually stabilizing. Supported by demand and with the weight of pigs for slaughter not fully reduced, the production capacity still needs to be further released [1]. Energy - Crude Oil: OPEC + plans to continue a small - scale production increase in December, the Russia - Ukraine peace agreement is being promoted, and the US has increased a new round of sanctions against Russia [1]. - Fuel Oil: Short - term supply - demand contradictions are not prominent, and it follows the crude - oil market [1]. - Asphalt: The "14th Five - Year Plan" rush - work demand is likely to be falsified, and the supply of Ma Rui crude oil is sufficient. The asphalt profit is high [1]. - Natural Rubber (HK): The raw - material cost has strong support, the spot - futures price difference is at a low level, and the number of RU盘 - face warehouse receipts is low after the cancellation of old - rubber warehouse receipts [1]. - BR Rubber: The cost support of butadiene is insufficient, the supply of synthetic rubber is abundant, high - start - up and high - inventory have not yet suppressed the price. There are signs of price stabilization, and the subsequent rebound amplitude should be noted [1]. Petrochemicals - PTA: Gasoline profit and low benzene price support PX. Overseas and some domestic device malfunctions have led to a decline in the load of aromatics - production devices. Domestic large - scale PTA devices are under rotational inspection, and domestic PTA production has decreased [1]. - Ethylene Glycol: The decline in crude - oil prices has led to a fall in ethylene - glycol prices. The increase in coal prices has slightly strengthened the cost support of domestic ethylene glycol. The strong expectation of domestic device commissioning suppresses the increase in ethylene - glycol prices [1]. - Short - Fiber: Gasoline profit and low benzene price support PX. The PTA price has rebounded, and the short - fiber basis has strengthened. Short - fiber prices continue to closely follow the cost [1]. - Styrene: The Asian benzene price is still weak, and the operating rates of STDP and reforming units have decreased. The price of pure benzene in the US Gulf has increased by 30 US dollars, and some US devices have reduced their loads. The benzene - blending logic in the US has promoted the price increase of pure benzene [1]. Plastics - PE: Export sentiment has eased, but domestic demand is insufficient. There is support from anti - involution and the cost side [1]. - PP: The supply pressure is large due to high operating rates and relatively low downstream improvement and expectations. The high price of propylene monomers provides strong cost support [1]. - PVC: The futures price is returning to fundamentals. With fewer subsequent overhauls and new - capacity release, supply pressure is increasing, while demand is weakening and orders are poor [1]. Others - Caustic Soda: Some alumina plants' delivery schedules have slowed down. There are fewer subsequent overhauls, and there is inventory - accumulation pressure in Shandong. The price of liquid chlorine is high, and the absolute price is low. There is a risk of short - squeeze in near - month contracts due to limited warehouse receipts [1]. - LPG: The international oil and gas fundamentals are continuously loose, and CP/FEI prices are weakening. The PG price has repaired its valuation, combustion demand is gradually restarting, and the domestic spot fundamentals are stable with chemical - industry rigid demand support [1]. - Shipping: The macro - positive sentiment has been gradually digested, the peak - season price - increase expectation has been priced in advance, and the shipping - capacity supply in November is relatively loose [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The industrial silicon futures price is affected by overall commodity sentiment and policy news, with a low valuation. If there are relevant policies, the futures price may rise. The polysilicon futures price is affected by anti - involution policies and weak reality, and is expected to fluctuate mainly [3][7]. 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On November 24, 2025, the industrial silicon futures price fluctuated. The main contract 2601 opened at 8,940 yuan/ton and closed at 8,940 yuan/ton, a change of (-90) yuan/ton (-1.00%) from the previous day's settlement. The position of the 2511 main contract was 262,676 lots at the close, and the total number of warehouse receipts was 41,524 lots, a change of -854 lots from the previous day [1]. - The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 9,400 - 9,600 (-50) yuan/ton; 421 silicon was 9,600 - 9,900 (-50) yuan/ton. The price of Xinjiang oxygen - passing 553 silicon was 8,800 - 9,000 (-100) yuan/ton, and 99 silicon was 8,800 - 9,000 (-100) yuan/ton. The silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai regions declined slightly, and the price of 97 silicon also declined [1]. - In terms of exports, in October 2025, the export volume of industrial silicon was 45,100 tons, a significant month - on - month decrease of 36% and a year - on - year decrease of 31%. From January to October 2025, the cumulative export volume of industrial silicon was 606,700 tons, a year - on - year decrease of 1%. In terms of imports, the cumulative import volume from January to October 2025 was 8,600 tons, a year - on - year decrease of 67%. The significant month - on - month decrease in exports in October was mainly due to export policy, with some export orders shipped in September and new orders in October also affected [2]. - The consumption side: The quoted price of organic silicon DMC was 13,100 - 13,300 (100) yuan/ton. The domestic DMC market continued to rise, and the price center shifted further upward. The current quoted price range was 13,000 - 13,200 yuan/ton. Shandong monomer enterprises' DMC quoted price was stable at 13,000 yuan/ton, and other domestic monomer enterprises' DMC quoted prices were concentrated at 13,200 yuan/ton [2]. Strategy - The spot price decreased slightly. After the production reduction in the southwest region, the supply - demand pattern may improve. Currently, the industrial silicon futures price fluctuates mainly due to overall commodity sentiment and policy news. Attention should be paid to whether there are relevant capacity exit policies. Currently, the valuation of industrial silicon is low. If there is policy promotion, the futures price may have room to rise [3]. - Unilateral: Short - term range operation, and long positions can be taken at low prices for contracts during the dry season [3]. - Cross - period: None [4]. - Cross - variety: None [4]. - Spot - futures: None [4]. - Options: None [4]. Polysilicon Market Analysis - On November 24, 2025, the main contract 2601 of polysilicon futures fluctuated strongly. It opened at 53,600 yuan/ton and closed at 53,315 yuan/ton, with a closing price change of 1.15% from the previous trading day. The position of the main contract reached 128,427 (126,266 in the previous trading day) lots, and the trading volume on that day was 187,876 lots [5]. - The spot price of polysilicon weakened slightly. N - type material was 49.60 - 54.90 (-0.05) yuan/kg, and n - type granular silicon was 50.00 - 51.00 (0.00) yuan/kg. The inventory of polysilicon manufacturers increased, and the silicon wafer inventory also increased. The latest statistics showed that the polysilicon inventory was 271,000 tons, a month - on - month change of 1.50%, the silicon wafer inventory was 18.72 GW, a month - on - month change of 1.63%, the weekly polysilicon output was 27,100.00 tons, a month - on - month change of 1.11%, and the silicon wafer output was 12.78 GW, a month - on - month change of - 2.59% [5]. - In terms of silicon wafers: The price of domestic N - type 18Xmm silicon wafers was 1.20 (-0.06) yuan/piece, N - type 210mm was 1.57 (-0.03) yuan/piece, and N - type 210R silicon wafers was 1.25 (-0.02) yuan/piece [5]. - In terms of battery cells: The price of high - efficiency PERC182 battery cells was 0.27 (0.00) yuan/W; PERC210 battery cells were about 0.28 (0.00) yuan/W; Topcon M10 battery cells were about 0.29 (0.00) yuan/W; Topcon G12 battery cells were 0.29 (0.00) yuan/W; Topcon 210RN battery cells were 0.28 (0.00) yuan/W. HJT210 half - piece battery cells were 0.37 (0.00) yuan/W [5]. - In terms of components: The mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, PERC210mm was 0.69 - 0.73 (0.00) yuan/W, N - type 182mm was 0.66 - 0.68 (0.00) yuan/W, and N - type 210mm was 0.68 - 0.69 (0.00) yuan/W. The component production plan in November continued to decline as expected. An accident occurred in a component enterprise in East China over the weekend, which was expected to affect part of the component output [6]. Strategy - Both the supply and demand sides of polysilicon weakened, and the overall inventory pressure was large. The performance of the consumption side was average. Currently, the futures price was affected by anti - involution policies and weak reality. The policies were still being promoted, and the futures price fluctuated greatly. Participants should pay attention to risk management. Currently, the consumption side performance was average, and the futures price was expected to fluctuate mainly [7]. - Unilateral: Short - term range operation, expected to fluctuate in the range of 48,000 - 55,000 yuan/ton [7]. - Cross - period: None [8]. - Cross - variety: None [8]. - Spot - futures: None [8]. - Options: None [8].

Report Summary 1) Report Industry Investment Ratings - PX: Do not chase high prices in the short term; recommend closing long positions, shorting PXN on rallies, and going long MEG while shorting PX [1][6] - PTA: Sideways volatile market, do not chase high prices; recommend closing long positions [1][7] - MEG: Supply - demand pattern improves, reduce short positions; recommend going long MEG while shorting PX and taking profit on short and reverse - spread positions [1][7] 2) Core Viewpoints - PX: Although the PX - naphtha spread has improved and the profit margin of integrated producers is good, the domestic and Asian PX operating rates have increased. After the PXN reaches a high level and market hype factors are digested, the upward momentum of the short - term unilateral price weakens [3][6] - PTA: The PTA operating rate continues to decline, and the polyester device has a certain demand for it, maintaining a tight - balance pattern. However, the recent surge in the number of warehouse receipts indicates a weak supply - demand pattern and limited upward momentum [7] - MEG: Multiple MEG devices have reduced their loads or stopped production, and the supply is expected to shrink. The polyester device has a high operating rate, and the inventory structure is expected to reverse [7][8] 3) Summary by Relevant Catalogs Market Data - **Futures Data**: On November 24, the closing prices of PX, PTA, MEG, PF, and SC futures were 6772, 4680, 3884, 6242, and 447.9 respectively, with daily increases of 0.33%, 0.30%, 2.00%, 1.30%, and 0.11% [2] - **Spot Data**: On November 24, the spot prices of PX CFR China, PTA East China, MEG, naphtha MOPJ, and Dated Brent were 825.67 dollars/ton, 4625 yuan/ton, 3900 yuan/ton, 562.62 dollars/ton, and 63.66 dollars/barrel respectively [2] - **Processing Fee Data**: On November 24, the PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread were 261.8 dollars/ton, 195.49 yuan/ton, 203.75 yuan/ton, 57.31 yuan/ton, and - 4.34 dollars/ton respectively [2] Market Dynamics - PX: Asian PX prices rose on November 24, with CFR Unv1/China at 825.67 dollars/ton, and the PX - naphtha spread continued to improve. Market participants are generally optimistic about the PX outlook in the first half of 2026 [2][4] - Naphtha: On November 24, the C + F Japan naphtha index rose by 75 cents/ton to 562.625 dollars/ton [3] - PTA: A 2.5 - million - ton PTA device in East China is restarting and is expected to produce products soon [5] - MEG: On November 24, the MEG port inventory in the East China main port area was about 732,000 tons, remaining flat compared with the previous period [5] - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang were weak over the weekend and on November 24, and the sales of direct - spinning polyester staple fibers on November 24 were average [5][6] Trend Intensity - PX trend intensity: 0 (neutral) - PTA trend intensity: 0 (neutral) - MEG trend intensity: 1 (slightly strong) [6] Operating Rates - PX: The domestic PX operating rate is 89.5% (+2.7%), and the Asian PX operating rate is 79.7% (+1.2%) [6] - PTA: The PTA operating rate has dropped to 72% (-3.7%) [7] - MEG: The coal - based MEG operating rate has dropped from 83% to 65%, and the domestic weekly supply of ethylene glycol is about 405,000 tons [7][8] - Polyester: The polyester device operating rate is maintained at around 91.3% [7][8]

Report Industry Investment Ratings - No information provided on industry investment ratings in the given reports. Core Views Methanol - The inland market is expected to see a continuous increase in production, with marginal devices in the red. The market sentiment has improved due to some Iranian devices starting to limit gas and stop production, leading to a significant strengthening of the disk, with both price and basis rising. In the short term, it is expected to fluctuate strongly, and attention should be paid to the time and intensity of gas limitation [1]. Crude Oil - Overnight oil prices rebounded due to the increasing expectation of a Fed rate cut in December and the ongoing difficulties in Russia - Ukraine negotiations. However, under the pressure of continuous production increase by OPEC+ and a record - high US crude oil production, the supply - demand pattern remains weak. In the short term, Brent crude oil is expected to fluctuate between $60 - 66 per barrel, and attention should be paid to the results of the Russia - Ukraine negotiations [5]. Polyolefins - PP shows a pattern of both supply and demand increasing, with reduced maintenance driving supply recovery and a slight reduction in inventory. PE shows a pattern of increasing supply and decreasing demand, with inventory slightly accumulating under the pressure of new production capacity. The 01 contract is still under significant pressure [8]. Glass and Soda Ash - Soda ash has an overall surplus pattern, with reduced production this week and phased inventory reduction at factories. In the medium term, demand is expected to remain rigid, and there may be further pressure on supply - demand without actual production capacity exit or load reduction. Glass has seen a short - term rebound in the market due to the shutdown of some production lines in Hubei, but in the medium - to - long term, demand is expected to decline, and the industry still needs to clear production capacity to solve the surplus problem [9]. Styrene - Pure benzene has new production capacity and device restarts, with overall supply remaining loose. Demand support is limited, and port inventories are rising. In the short term, the price may be adjusted due to the drag of oil prices. Styrene has limited supply and improved downstream procurement, but demand support is expected to be limited. The rebound space is restricted, and the short - term EB01 is expected to fluctuate [10]. Natural Rubber - Supply is supported by cost, but inventory is accumulating seasonally, and terminal demand is weak. It is expected to enter a range - bound consolidation, and attention should be paid to raw material output in the main production areas and macro - level changes [11]. PVC and Caustic Soda - Caustic soda has supply - demand pressure, with expected weakening prices. PVC has a weak spot market, with supply increasing and demand remaining sluggish. The supply - demand is in an oversupply pattern, and prices are expected to continue to decline at the bottom [12]. Polyester Industry Chain - PX has a short - term weak supply - demand situation but strong mid - term support. PTA has a short - term tight supply - demand situation but a loose mid - term outlook. Ethylene glycol is expected to fluctuate at a low level. Short - fiber has a weak supply - demand situation, and bottle - chip has a loose supply - demand pattern [13]. LPG - No clear overall view is provided in the given LPG report, but price and inventory data are presented [15]. Summaries by Related Catalogs Methanol - **Price and Spread**: MA2601 and MA2605 prices increased, with the MA15 spread and Taicang basis changing. Regional spreads also showed significant changes. For example, the regional spread between Taicang and Inner Mongolia's northern line increased by 475% [1]. - **Inventory**: Methanol enterprise, port, and social inventories all decreased, with decreases of 2.86%, 4.16%, and 3.91% respectively [1]. - **Upstream and Downstream Operating Rates**: Upstream domestic enterprise operating rates decreased slightly, while overseas enterprise operating rates increased slightly. Downstream, the operating rate of externally - purchased MTO devices remained unchanged, and the formaldehyde operating rate increased [1]. Crude Oil - **Price and Spread**: Brent and WTI crude oil prices increased, while SC crude oil prices decreased. Product oil prices and spreads also showed various changes, such as the RBOB price increasing and the ULSD price decreasing [5]. - **Product Oil Crack Spreads**: Crack spreads of various product oils showed different trends, with some decreasing and some increasing [5]. Polyolefins - **Price and Spread**: L2601, L2605, PP2601, and other contract prices changed slightly. Spreads such as L15 and PP15 increased [8]. - **Inventory**: PE and PP enterprise and social inventories decreased to varying degrees [8]. - **Upstream and Downstream Operating Rates**: PE and PP device operating rates decreased, while PP powder operating rates increased [8]. Glass and Soda Ash - **Price and Spread**: Glass and soda ash futures and spot prices changed, with glass 2601 prices increasing and soda ash 2601 and 2605 prices also rising slightly [9]. - **Operating Rates and Production**: Soda ash operating rates and weekly production decreased, while the photovoltaic daily melting volume increased slightly [9]. - **Inventory**: Glass and soda ash inventories showed different trends, with glass warehouse inventories increasing and soda ash factory and delivery warehouse inventories decreasing [9]. Styrene - **Upstream Price and Spread**: Brent and WTI crude oil prices increased, and prices of raw materials such as CFR Japan naphtha and CFR Northeast Asia ethylene changed [10]. - **Inventory**: Pure benzene and styrene inventories in Jiangsu ports increased [10]. - **Industrial Chain Operating Rates**: Operating rates of various links in the pure benzene and styrene industrial chain changed, with some increasing and some decreasing [10]. Natural Rubber - **Spot Price and Basis**: Spot prices of natural rubber such as Yunnan state - owned standard rubber increased, and the full - cream basis also increased [11]. - **Fundamentals**: Production in major producing countries and regions changed, and tire production, export, and import volumes decreased [11]. - **Inventory**: Bonded area and futures warehouse inventories of natural rubber increased [11]. PVC and Caustic Soda - **Price and Spread**: PVC and caustic soda futures and spot prices changed, with PVC futures prices increasing and caustic soda prices decreasing [12]. - **Supply and Demand**: Caustic soda and PVC supply and demand showed different trends, with caustic soda having supply - demand pressure and PVC having an oversupply situation [12]. - **Inventory**: Liquid caustic soda and PVC inventories changed, with some increasing and some decreasing [12]. Polyester Industry Chain - **Downstream Polyester Product Prices and Cash Flows**: Prices of polyester products such as POY, FDY, and DTY changed, and cash flows also showed different trends [13]. - **PX - Related Prices and Spreads**: CFR China PX prices increased slightly, and various spreads changed [13]. - **PTA - Related Prices and Spreads**: PTA spot and futures prices increased, and the basis and processing fees changed [13]. - **MEG - Related Prices and Spreads**: MEG spot and futures prices increased, and the basis and cash flows changed [13]. LPG - **Price and Spread**: LPG futures prices decreased, and spreads such as PG12 - 01 and PG12 - 02 changed [15]. - **Inventory**: LPG refinery storage capacity ratio remained stable, while port inventory and storage capacity ratio increased [15]. - **Upstream and Downstream Operating Rates**: Upstream refinery operating rates decreased, and downstream PDH and MTBE operating rates decreased, while the alkylation operating rate increased [15].

Report Industry Investment Rating - The mid - term outlook for the industry is "Oscillation", with specific ratings for each variety as follows: steel - oscillation; iron ore - oscillation with an upward bias; scrap steel - oscillation; coke - oscillation; coking coal - oscillation with an upward bias; glass - oscillation; manganese silicon - oscillation; silicon iron - oscillation; soda ash - oscillation [8][12][15][16][19] Core View of the Report - The fundamentals of steel are improving, and with the upcoming Central Economic Work Conference in December and overseas interest - rate cut expectations, the macro - environment is favorable, leading to a low - level rebound in the futures market. However, as the off - season deepens, demand may weaken, and high inventory levels limit the upside potential. Iron ore prices are strong due to potential restocking demand, while scrap steel prices are expected to oscillate. Coke is expected to follow coking coal in oscillation, and coking coal's far - month contracts may oscillate with an upward bias. Manganese silicon and silicon iron are expected to trade around cost levels. Glass and soda ash face over - supply issues, with glass prices likely to oscillate weakly without more cold repairs, and soda ash prices expected to oscillate in the short term and decline in the long run [2][7][10] Summary by Relevant Catalogs Iron Element - Overseas mines' shipments decreased month - on - month, with a significant increase in arrivals this period after a decrease in the previous two weeks. Port inventories slightly declined, and steel mills' imported ore inventories decreased. Short - term hot metal is expected to be supported, and iron ore restocking demand may be released, so iron ore prices are strong. Scrap steel supply increased while demand remained stable, with limited downside space after price drops, and is expected to oscillate [3] Carbon Element - After profit recovery and environmental relaxation, coke supply stabilized. Short - term steel mill demand remained strong, and total inventory continued to decline, but cost support for spot prices weakened, and the market expected price cuts. Coke futures are expected to follow coking coal in oscillation. Coking coal's fundamentals have not significantly weakened, and downstream winter restocking is expected after spot price corrections. The near - month contracts are affected by delivery and are expected to oscillate, while the far - month contracts are expected to oscillate with an upward bias [3] Alloy - Manganese silicon has strong cost support, but the oversupply situation is difficult to reverse, and prices are expected to trade around cost levels. Silicon iron's cost supports the price bottom, but oversupply restricts the upside, and it is also expected to trade around cost levels [4][7] Glass and Soda Ash - Glass supply may be disrupted, but mid - and downstream inventories are relatively high, and the current supply - demand is oversupplied. Without more cold repairs by the end of the year, high inventories will suppress prices, otherwise, prices may rise. Soda ash prices are near 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][15] Steel - Spot market transactions were good, steel mill profitability decreased, but production enthusiasm remained high, and steel output slightly increased. Steel demand was resilient, and overall inventory continued to decline, but inventory levels were still higher than the same period last year. The fundamentals are improving, and the futures market has the driving force for a low - level rebound, but the upside is limited due to the off - season and high inventory [10] Iron Ore - Global shipments decreased month - on - month, and the arrival rhythm fluctuated greatly. Spot prices mostly rose. From a fundamental perspective, overseas mine shipments decreased, arrivals increased this period, and the hurricane affected the arrival rhythm. Hot metal production slightly decreased, and restocking demand has not been significantly released. Short - term ore prices are expected to oscillate with an upward bias [10] Scrap Steel - This week's arrivals slightly increased, and electric furnace profits significantly recovered after the decline in scrap prices and the rise in finished product prices. The total daily consumption of 255 steel mills slightly decreased, and steel mills slightly replenished their inventories. The supply increased while demand remained stable, with limited downside space after price drops, and it is expected to oscillate [11] Coke - Futures followed coking coal in oscillation. Spot prices declined, and supply slightly increased after the improvement of coking profits and the end of environmental restrictions. Demand was weakening as hot metal production declined slightly. Inventory at coke enterprises slightly increased but remained low. In the off - season, supply and demand are both weak, and the futures market is expected to follow coking coal in oscillation [12][13] Coking Coal - Futures were under pressure and oscillated. Spot prices of some varieties declined. Domestic supply remained low, and the fundamentals have not significantly weakened. There is restocking demand for downstream winter storage after price corrections. The near - month contracts are affected by delivery and are expected to oscillate, while the far - month contracts are expected to oscillate with an upward bias [14] Manganese Silicon - Futures prices rose and then fell. Spot market transactions were average, and manufacturers were under cost pressure. Cost support remained strong, but the oversupply situation was difficult to reverse, and prices are expected to trade around cost levels [17] Silicon Iron - Futures prices rose and then fell. Spot market transactions needed improvement. Cost support was strong, but oversupply restricted the upside, and prices are expected to trade around cost levels [18]