1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - Fuel oil is expected to experience wide - range fluctuations, and its price remains weak in the short term. Low - sulfur fuel oil rebounded during the night session, and the price spread between high - and low - sulfur in the overseas spot market has temporarily stabilized [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Data - **Price and Price Changes**: For fuel oil futures contracts (FU2510, FU2511), the closing prices were 2,821 yuan/ton and 2,815 yuan/ton respectively, with daily declines of 2.05% and 2.11%. The settlement prices were 2,829 yuan/ton and 2,817 yuan/ton, with declines of 2.11% and 1.88%. For low - sulfur fuel oil futures contracts (LU2510, LU2511), the closing prices were 3,485 yuan/ton, with daily declines of 1.11% and 1.27%. The settlement prices were 3,487 yuan/ton and 3,489 yuan/ton, with declines of 1.27% and 1.36% [1] - **Trading Volume and Open Interest**: The trading volume of FU2510 was 361,054 lots, a decrease of 14,742 lots, and the open interest was 82,271 lots, a decrease of 15,112 lots. The trading volume of FU2511 was 124,405 lots, a decrease of 14,578 lots, and the open interest was 50,170 lots, a decrease of 24,103 lots. The trading volume of LU2510 was 16,233 lots, an increase of 1,410 lots, and the open interest was 17,012 lots, a decrease of 3,876 lots. The trading volume of LU2511 was 97,234 lots, an increase of 21,163 lots, and the open interest was 70,718 lots, a decrease of 6,857 lots [1] - **Warehouse Receipts**: The total market warehouse receipts of fuel oil (FU) were 119,580, an increase of 19,270. The warehouse receipts of low - sulfur fuel oil (LU) were 35,110, an increase of 24,000 [1] 3.1.2 Spot Price Data - **High - Sulfur Fuel Oil**: In Singapore MOPS, the price was 396.5 US dollars/ton, a daily decline of 0.41%. In Singapore Bunker, it was 410.0 US dollars/ton, unchanged. In other regions like Fujeirah Bunker, Zhoushan Bunker, Shanghai Bunker, Tokyo Bunker, and South Korea Bunker, there were different degrees of price changes, with declines ranging from 0.25% to 0.70% [1] - **Low - Sulfur Fuel Oil**: In Singapore MOPS, the price was 489.5 US dollars/ton, a daily increase of 0.04%. In Singapore Bunker, it was 502.0 US dollars/ton, unchanged. In other regions, there were also different price changes, with increases in some regions such as Fujeirah Bunker (0.60%) and South Korea Bunker (1.17%) [1] 3.1.3 Spread Data - **Contract Spread**: The spread between FU10 - 11 was 6 yuan/ton, and the settlement spread was 12 yuan/ton. The spread between LU10 - 11 was 0 yuan/ton, and the settlement spread was - 2 yuan/ton. The spread between LU10 - FU10 was 664 yuan/ton, and the settlement spread was 670 yuan/ton [1] - **Other Spreads**: The spread between FU2510 and Singapore MOPS (3.5%S) was - 19.0 yuan/ton, a change of - 47.2 yuan/ton compared to the previous day. The spread between LU2510 and Singapore MOPS (0.5%S) was - 21.1 yuan/ton, a change of - 40.4 yuan/ton compared to the previous day. The spread between Singapore MOPS (0.5%S - 3.5%S) was 93.0 US dollars/ton, an increase of 1.9 US dollars/ton compared to the previous day [1] 3.2 Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low - sulfur fuel oil is also 0. The trend intensity ranges from - 2 to 2, where - 2 indicates the most bearish and 2 indicates the most bullish, and 0 represents a neutral view [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The ICE cotton futures price closed lower due to concerns about increased supply caused by good crop conditions in the US. In China, cotton is in a destocking state, with tight supply before the new - cotton harvest, and the spot price remains firm. The total quota for processing trade of imported cotton with sliding - scale duties in China in 2025 is 200,000 tons. Although inland spinning enterprises have no profit, there are expectations for the upcoming "Golden September and Silver October" peak demand season, and the operating rate has slightly rebounded. Overall, the quota news puts short - term downward pressure on the cotton futures price, but tight old - crop supply and improved demand expectations support the price. It is expected to fluctuate, and the medium - term trend is suppressed by the expected increase in new - crop cotton production. The report suggests short - term long positions on dips [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main - contract closing price: 14,075 yuan/ton, down 25 yuan; cotton futures top - 20 net positions: - 54,437 hands, up 3,130 hands; main - contract cotton positions: 508,803 hands, up 739 hands; cotton warehouse receipts: 6,859 sheets, down 118 sheets. - Cotton yarn main - contract closing price: 20,100 yuan/ton, down 30 yuan; cotton yarn futures top - 20 net positions: - 500 hands, up 16 hands; main - contract cotton yarn positions: 22,463 hands, up 200 hands; cotton yarn warehouse receipts: 63 sheets, unchanged [2]. 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B): 15,342 yuan/ton, up 8 yuan; China Imported Cotton Price Index (FCIndexM:1% tariff): 13,492 yuan/ton, down 118 yuan; China Imported Cotton Price Index (FCIndexM:sliding - scale duty): 14,282 yuan/ton, down 85 yuan. - China Yarn Price Index (pure - cotton carded yarn 32S): 20,760 yuan/ton, unchanged; arrival price of imported pure - cotton carded yarn 32S: 21,897 yuan/ton, up 17 yuan; arrival price of imported pure - cotton combed yarn 32S: 23,767 yuan/ton, up 18 yuan [2]. 3.3 Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 0.54 million tons [2]. 3.4 Industry Situation - Cotton - yarn price difference: 5,418 yuan/ton, down 8 yuan; national industrial cotton inventory: 857,000 tons, up 7,000 tons; cotton imports: 50,000 tons, up 20,000 tons; cotton yarn imports: 110,000 tons, unchanged. - Imported cotton profit: 1,052 yuan/ton, up 184 yuan; national commercial cotton inventory: 2.1898 million tons, down 0.64 million tons [2]. 3.5 Downstream Situation - Yarn inventory days: 27.67 days, down 0.69 days; grey - cloth inventory days: 36.14 days, down 1.1 days; monthly cloth output: 2.7 billion meters, down 0.79 billion meters; monthly yarn output: 2.065 million tons, up 0.114 million tons. - Monthly clothing and clothing accessories export value: 1,516,175,900 US dollars, down 10,495,500 US dollars; monthly textile yarn, fabric and product export value: 1,160,400,900 US dollars, down 44,419,800 US dollars [2]. 3.6 Option Market - Implied volatility of at - the - money cotton call options: 10.8%, down 0.54%; implied volatility of at - the - money cotton put options: 10.82%, down 0.53%. - 20 - day historical volatility of cotton: 8.59%, up 0.21%; 60 - day historical volatility of cotton: 5.71%, up 0.03% [2]. 3.7 Industry News - In July 2025, China's textile and clothing sales decreased significantly. The retail sales of clothing, shoes, hats, and needle - textile products were 96.13 billion yuan, a year - on - year increase of 2.74% and a month - on - month decrease of 24.63%. From January to July, the cumulative retail sales were 841.44 billion yuan, a year - on - year increase of 4.25%. - On Tuesday, the ICE December cotton contract closed down 1.05%. On Wednesday, the cotton 2601 contract closed down 0.32%, and the cotton yarn 2511 contract closed down 0.3% [2].

1. Report Industry Investment Ratings - **Oils and Fats**: Neutral, expected to fluctuate [5] - **Protein Meal**: Neutral, expected to fluctuate [7] - **Corn/Starch**: Bearish, expected to fluctuate weakly [7] - **Hogs**: Neutral, expected to fluctuate [9] - **Natural Rubber**: Bullish, expected to fluctuate strongly [12] - **Synthetic Rubber**: Bullish, expected to fluctuate strongly [13] - **Cotton**: Bullish, expected to fluctuate strongly in the short term and bearish when new cotton is listed [13] - **Sugar**: Bearish, expected to fluctuate weakly in the long term and fluctuate within a range in the short term [15] - **Pulp**: Neutral, expected to fluctuate [18] - **Logs**: Bullish, recommended to buy far - month contracts on dips [20] 2. Core Views of the Report - The report analyzes the market conditions of various agricultural products, including factors such as supply and demand, weather, policies, and international trade. It provides short - and long - term outlooks and investment suggestions for each product, considering both domestic and international factors [5][7][9] 3. Summaries by Related Catalogs 3.1 Market Views - **Oils and Fats**: Due to technical pressure, US soybeans fell on Monday, and domestic oils continued to fluctuate. Macro factors such as the strengthening of the US dollar and the rise in crude oil prices, as well as industry factors like high soybean good - rate, uncertain export demand, and different supply - demand situations of different oils, affect the market. It is expected to fluctuate in the short term and be bullish in the medium term [5] - **Protein Meal**: Internationally, US soybean good - rate is high, Brazilian exports are peaking, and CFTC net short positions are decreasing. Domestically, spot is stronger than the futures. It is expected that the outer market will rise more than the inner market, and the basis may bottom out. Suggestions include selling hedges for oil mills and buying basis contracts for downstream enterprises [7] - **Corn/Starch**: The price trend is weak. Supply is gradually tightening, but the market expects a low probability of a supply gap. Demand is weak due to low profits in related industries. New - season corn production is normal, and it is expected to fluctuate weakly in the short term and may attract long - positions in the long term [7][8] - **Hogs**: Supply is abundant in the short, medium, and long term, but there are policies to guide capacity reduction. Demand may increase with the cooling weather, and there was a 10,000 - ton reserve purchase. It is expected to fluctuate, with the spot and near - term contracts remaining weak and the far - term contracts supported by capacity - reduction expectations [9] - **Natural Rubber**: The price may be affected by weather speculation. It is in the seasonal rising period, and there are various positive factors. The short - term supply may decrease, and demand is rigid. It is expected to fluctuate strongly in the short term [12] - **Synthetic Rubber**: The market follows natural rubber and is supported by the short - term tightness of raw material butadiene. It is expected to fluctuate strongly in the short term [13] - **Cotton**: Supply is tight, and the impact of import quotas is limited. Demand is improving, and the expected purchase price of ginned cotton by ginners is rising. It is expected to fluctuate strongly until October and may decline when new cotton is listed [13][14] - **Sugar**: International production in Brazil is increasing, and exports are at a peak. Domestic imports are rising. Supply is increasing, but the short - term downside is limited. It is expected to fluctuate weakly in the long term and within a range in the short term [15] - **Pulp**: The market has both positive and negative factors. The recovery of hardwood pulp trading and cost support are positive, while over - supply of paper and delivery pressure are negative. It is expected to fluctuate [18] - **Logs**: The short - term fundamentals are improving, with rising valuation and reduced supply pressure. However, there is delivery pressure. It is recommended to buy far - month contracts on dips within the range of 790 - 840 [20] 3.2 Variety Data Monitoring - Data monitoring is carried out for various products such as oils and fats, corn, hogs, cotton, sugar, pulp, and logs, but specific data details are not fully presented in the text [22][53][73] 3.3 Rating Standards - The rating standards include categories such as strongly bullish, bullish with fluctuations, neutral with fluctuations, bearish with fluctuations, and strongly bearish, with a time period of 2 - 12 weeks and a standard deviation calculation method provided [170] 3.4 Commodity Index - On August 26, 2025, the comprehensive index, commodity 20 index, and industrial products index all declined. The agricultural products index also declined by 0.49% on that day, with different historical and recent period fluctuations [172][174]

Core Viewpoint - The article emphasizes the importance of a powerful and comprehensive futures information app for investors, highlighting Sina Finance APP as the top choice due to its extensive features and data offerings [1]. Group 1: Comprehensive Functionality - Sina Finance APP provides a one-stop financial information platform that covers various financial markets, including futures, stocks, funds, and foreign exchange, catering to both novice and experienced investors [2]. Group 2: Real-time Market Data and Technical Analysis - The app offers real-time market data for various futures products, including international crude oil, gold, silver, and copper, with high data update frequency to keep investors informed [3] - It supports multiple time frame K-line charts and provides various technical indicators like MACD, KDJ, and Bollinger Bands for in-depth market analysis [3]. Group 3: Economic Calendar and Event Alerts - The economic calendar feature displays key financial events and data release times from major global economies, allowing investors to plan their strategies accordingly [4] - The app includes an event reminder function to alert investors about significant upcoming financial events, ensuring they do not miss critical market information [4]. Group 4: Community and Interaction - The futures community within the app serves as a platform for investors to share experiences, discuss market trends, and exchange trading insights, enhancing collaborative learning [5] - The community features contributions from professional analysts and seasoned investors, providing valuable market analysis and investment strategies [5]. Group 5: Basis Functionality and Hedging - The basis functionality offers detailed basis data and analysis tools, enabling investors to track basis trends and make informed investment decisions [6] - This feature also assists hedgers in formulating effective hedging strategies based on basis fluctuations, helping to mitigate risks associated with price volatility [6]. Group 6: Comprehensive and Accurate Data - The app excels in providing comprehensive and accurate market data from major global futures exchanges, covering sectors such as energy, metals, agricultural products, and finance [8] - Investors can easily access data from both domestic exchanges like Shanghai Futures Exchange and international exchanges like New York Mercantile Exchange and London Metal Exchange [8].

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免责声明 本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发明贫对这些信息的准确性及完整性不作任何保证。本报告反映研究人员的不同观点、见解及 分析方法，并不代表广发明货或亮谢闹初搞的立场。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见并不构成所述品种买卖的出价或狗价，投资者偶此 投资，风险自担。本报告旨在发送给广发明始特定客户及其他专业人士，版权归广发期货所有，未经广发期货书面授权，任何人不得对本报告进行任何形式的发布、复制 。如引用、刊发,需注明出处为"广发期货"。 知识图强, 求实奉献, 客户至上, 合作共赢 | 铁矿石产业期现 | 日报 | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格：证监许可 【2011】1292号 | | | 徐艺丹 | Z0020017 | | | 铁矿石相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 仓单成本： 卡粉 | 798.9 | 807.7 | -8.8 | -1.1% | | | 仓单成本： PB粉 | 816 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The international soybean market's supply - demand situation has improved, but there are still some regional pressures. The domestic soybean market has a high inventory accumulation pressure. For sugar, the international market is expected to be in a state of inventory accumulation, and the domestic sugar price will follow the international trend. The palm oil in Malaysia is expected to continue to increase production and inventory, while the domestic vegetable oil has a relatively stable fundamental situation. The US corn may have a rebound space, and the domestic corn price is expected to decline. The pig price is expected to decline slightly, and the peanut market is expected to be stable with new - season supply increasing. The egg market has obvious supply - side pressure, and the apple market is expected to have a wide - range shock. The cotton market is expected to be slightly stronger in the short term [4][6][10][18][24][30][34][44][52][61]. 3. Summary According to Relevant Catalogs Soybean/Meal - **Market Conditions**: CBOT soybean index fell 0.47% to 1062.75 cents/bu, and CBOT soybean meal index fell 0.41% to 293.4 dollars/short ton [2]. - **Relevant Information**: As of August 24, US soybean crop good - excellent rate was 69%. As of August 21, the US soybean export inspection volume was 382,806 tons. The expected current - year soybean import volume increased by 120 tons to 1.5 million tons. As of August 22, the actual soybean crushing volume of oil mills was 2.27 million tons, with an operating rate of 63.81%. Soybean inventory increased by 0.31% to 6.8253 million tons, and soybean meal inventory increased by 3.8% to 1.0533 million tons [2][3]. - **Logic Analysis**: The international soybean market's supply - demand situation has improved, but Brazilian and Argentine soybeans have price or export pressure. The domestic soybean market has a high inventory accumulation pressure [4][6]. - **Strategy Suggestion**: For single - side trading, buy soybean and rapeseed meal at low prices for far - month contracts; for arbitrage, expand the MRM05 spread; for options, buy call options [7]. Sugar - **Market Conditions**: ICE US raw sugar price fluctuated, with the main contract down 0.05 (- 0.3%) to 16.39 cents/lb. London white sugar price rose in the previous trading day, with the main contract up 3.4 (0.7%) to 486.3 dollars/ton [8]. - **Relevant Information**: As of August 20, the number of ships waiting to load sugar in Brazilian ports decreased, and the waiting sugar volume was 2.9169 million tons. Southern China's sugar quotes were stable with average transactions [9]. - **Logic Analysis**: Internationally, Brazil is in the supply peak, but the actual sugar production is lower than expected, and the price is expected to fluctuate. Domestically, the domestic sugar price is affected by the international price and is expected to follow the international trend [10]. - **Position Suggestion**: For single - side trading, the Zhengzhou sugar price is expected to fluctuate in a narrow range; for arbitrage, wait and see; for options, consider selling out - of - the - money strangles [11][12][13]. Oilseeds - **Market Conditions**: CBOT US soybean oil main price fell 0.94% to 54.84 cents/lb, and BMD Malaysian palm oil main price fell 0.24% to 4482 ringgit/ton [15]. - **Relevant Information**: Malaysia's palm oil exports from August 1 - 25 increased by 10.9%. In July, Canada's rapeseed crushing volume increased by 13.13%. As of August 22, the domestic palm oil inventory decreased by 5.70%, and the soybean oil inventory increased by 3.79% [16][17]. - **Logic Analysis**: Malaysian palm oil is expected to continue to increase production and inventory, but the Indonesian price provides support. The domestic soybean oil pressure is released, and the vegetable oil inventory is decreasing [18]. - **Trading Strategy**: For single - side trading, buy on dips; for arbitrage, expand the P15 spread after a correction; for options, wait and see [19][20]. Corn/Corn Starch - **Market Conditions**: CBOT corn futures fell, with the December main contract down 0.5% to 412.5 cents/bu [21]. - **Relevant Information**: As of August 23, Brazil's second - crop corn harvest rate was 94.8%. The US corn export inspection volume increased. The domestic corn price was weak [22][23]. - **Logic Analysis**: The US corn may rebound, and the domestic corn price is expected to decline [24]. - **Trading Strategy**: For single - side trading, buy the December corn on dips and go long on the 01 corn at the bottom; for arbitrage, wait and see; for options, wait and see [25][27]. Pig - **Relevant Information**: The pig price fluctuated, with some regions falling. Piglet and sow prices changed, and the pork wholesale price was stable [29]. - **Logic Analysis**: The market supply pressure increased, and the price is expected to decline slightly [30]. - **Strategy Suggestion**: For single - side trading, buy far - month contracts at low prices; for arbitrage, conduct LH91 reverse arbitrage; for options, wait and see [31]. Peanut - **Relevant Information**: The peanut price was weakly falling, the oil mill's demand was low, and the peanut oil price was strong. The peanut and peanut oil inventories decreased [33]. - **Logic Analysis**: The peanut market is stable, but the new - season supply is expected to increase [34]. - **Trading Strategy**: For single - side trading, short 11 and 01 peanuts on rallies, wait and see currently, and go long on 05 peanuts lightly; for arbitrage, wait and see; for options, sell pk601 - C - 8200 options [35][37][38]. Egg - **Relevant Information**: The egg price was stable, the in - production laying hen inventory increased, the egg sales volume decreased, and the inventory increased [40][42][43]. - **Trading Logic**: The supply - side pressure is obvious, and the price is expected to decline. Consider shorting on rallies [44]. - **Trading Strategy**: No specific strategies provided in the given text. Apple - **Relevant Information**: The apple cold - storage inventory decreased, the import and export volumes changed, the early - maturing apple price was polarized, and the storage profit decreased [47][51][52]. - **Trading Logic**: The current inventory is low, the demand is in the off - season, and the price is expected to have a wide - range shock [52]. - **Trading Strategy**: For single - side trading, short on rallies; for arbitrage, short near - month contracts and long far - month contracts; for options, sell out - of - the - money call options [49]. Cotton - Cotton Yarn - **Market Conditions**: ICE US cotton fell, with the main contract down 0.62 (0.91%) to 67.38 cents/lb [57]. - **Relevant Information**: As of August 24, the US cotton good - excellent rate was 54%. The 2025 cotton import tariff - rate quota for processing trade was 200,000 tons. As of mid - August, the domestic cotton commercial inventory was at a low level [58]. - **Trading Logic**: The short - term tariff impact is weakened, the supply is tight, and the demand is expected to improve. The price is expected to be slightly stronger [59][61]. - **Trading Strategy**: For single - side trading, the US cotton and Zhengzhou cotton are expected to be slightly stronger; for arbitrage, wait and see; for options, wait and see [62].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The prices of non - ferrous metals are influenced by multiple factors such as supply - demand changes, policy expectations, and macro - economic indicators. Different metals show different trends and investment opportunities [1]. Summary by Relevant Catalog Copper - **Market sentiment and fundamentals**: Market sentiment was affected by actual economic data. Domestic refined copper output in August will remain at a record level, and the impact of maintenance in September and October may increase. The production of recycled copper is restricted, and the social inventory of SHFE copper has decreased. However, except for copper foil orders in power grids and integrated circuits, the market is mainly affected by seasonal factors [1]. - **Price trend**: There may be resistance when the price rises again. First, pay attention to the resistance at the upper level, with the focus in the range of 79,600 - 80,000 yuan. Notice the opportunity to buy put options at 82,000 yuan for the 2510 contract [1]. Aluminum and Alumina - **Alumina**: The price of alumina is in a high - level range historically, and the industry inventory continues to increase. The spot trading is weak, but the cost support limits the downward space. High - selling and low - buying are recommended in the range of 3000 - 3300 yuan [1]. - **Electrolytic aluminum**: The operating capacity of domestic electrolytic aluminum is stable at 4,000 tons, with a small amount of production resuming in Guizhou and Guangxi. The operating rate of downstream processing enterprises has increased, and the exports of aluminum products have changed. The social inventory of aluminum has decreased, and the processing fee has remained stable. The price of SHFE aluminum may be under pressure in the 20,500 - 21,000 yuan area [1]. Lead - **Price trend**: Last week, the price was mainly driven by the fundamentals of supply and demand. The market showed a resonance of spot and futures. It is recommended to wait for short - selling opportunities above 23,500 yuan/ton [1]. Zinc - **Market situation**: The inventory of zinc is at a high level, and the 0 - 3 month backwardation is large. The downstream demand is affected by factors such as transportation and consumption policies. The price is expected to fluctuate in the range of 16,600 - 17,300 yuan/ton [1]. Nickel and Stainless Steel - **Stainless steel**: The destocking of stainless steel has slowed down. New tariff regulations may impact exports. The inventory is at a certain level, and it is recommended to actively intervene in short - selling [1]. Tin - **Market situation**: The price of tin has shown a certain volatility. The supply of domestic tin mines is tight, and the consumption shows seasonal characteristics. The inventory has decreased, and the price center of gravity may rise. The price is expected to be in the range of 265,000 - 280,000 yuan, and the high - level area is above 275,000 yuan [1]. Lithium Carbonate - **Market situation**: The market sentiment is uncertain, and the fundamentals have limited guidance on the price. A long - biased thinking is recommended with good risk control [1]. Industrial Silicon - **Market situation**: The price is under pressure at the 9,000 yuan/ton level. The supply and demand both increase, and the inventory has decreased slightly. The market is expected to fluctuate in the range of 8,100 - 9,000 yuan/ton [1]. Polysilicon - **Market situation**: The policy has not met expectations, and the market will continue to fluctuate [1]. Recommended Strategies - Hold the high - short strategy for SHFE aluminum with a stop - loss at 21,000 yuan/ton [1]. - Buy put options for SHFE copper 2500 contract. Grasp the opportunity of put options [1]. - Allocate long positions for the silver 2512 contract, with a target price of 1050 and a stop - loss of 910% [1].

Report on the Steel Industry Investment Rating - Not provided in the report. Core View - The price of steel has risen again, with the spread between the October and January contracts of rebar decreasing and that of hot-rolled coils strengthening. The spread between coils and rebar is expected to decline from its high. Total apparent demand showed signs of bottoming out and rebounding last week but remained at an off - peak level. Steel prices are expected to remain in a high - level volatile pattern, and it is recommended to try long positions, with reference levels of 3140 yuan for hot - rolled coils and 3380 yuan for rebar [1]. Summary by Directory Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China were 3310 yuan/ton, 3280 yuan/ton, and 3420 yuan/ton respectively; hot - rolled coil spot prices in East China, North China, and South China were 3430 yuan/ton, 3380 yuan/ton, and 3420 yuan/ton respectively [1]. Cost and Profit - The cost of Jiangsu electric - arc furnace rebar was 3344 yuan/ton, and the profit of East China hot - rolled coils was - 41 yuan/ton; the cost of Jiangsu converter rebar was 3200 yuan/ton, and the profit of North China hot - rolled coils was 15 yuan/ton [1]. Production and Inventory - The daily average pig iron output was 240.8 tons, with a slight increase of 0.1 tons. The output of five major steel products was 878.1 tons, an increase of 6.4 tons or 0.7%. The inventory of five major steel products was 1441.0 tons, an increase of 25.1 tons or 1.8% [1]. Transaction and Demand - The building materials trading volume was 11.1 tons, an increase of 1.7 tons or 18.3%. The apparent demand for five major steel products was 853.0 tons, an increase of 22.0 tons or 2.6% [1]. Report on the Iron Ore Industry Investment Rating - Not provided in the report. Core View - The 2601 contract of iron ore showed an oscillating upward trend. The global shipment volume of iron ore decreased, and the arrival volume at 45 ports declined, but the subsequent average arrival volume is expected to recover. The pig iron output remained at a high level, and downstream apparent demand rebounded. It is recommended to switch to long positions on dips and recommend the 1 - 5 positive spread arbitrage [3]. Summary by Directory Iron Ore - Related Prices and Spreads - The warehouse receipt cost of Carajás fines was 807.7 yuan/ton, a 1.9% increase; the 01 contract basis of Carajás fines was 20.7 yuan/ton, a 520.4% increase [3]. Supply and Demand Indicators - The weekly arrival volume at 45 ports was 2393.3 tons, a decrease of 83.3 tons or 3.4%; the weekly global shipment volume was 3315.8 tons, a decrease of 90.8 tons or 2.7% [3]. Inventory Changes - The inventory at 45 ports decreased by 11.2 tons or 0.1% compared to Monday; the inventory of imported ore in 247 steel mills decreased by 70.9 tons or 0.8% [3]. Report on the Coke and Coking Coal Industry Investment Rating - Not provided in the report. Core View - Coke futures showed a strong rebound, and the seventh round of coke price increase was implemented. Due to supply - demand tightness, downstream steel mills still had restocking demand. It is recommended to go long on the 2601 contract of coke on dips and recommend the arbitrage of long coking coal and short coke. Coking coal futures also rebounded strongly, and it is recommended to go long on the 2601 contract of coking coal on dips and recommend the same arbitrage [5]. Summary by Directory Price and Spread - The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) was 1610 yuan/ton, unchanged; the 09 contract of coke was 1627 yuan/ton, an increase of 1.5% [5]. Supply and Demand - The weekly coke output of all - sample coking plants was 65.5 tons, a 0.1% increase; the weekly pig iron output of 247 steel mills was 240.8 tons, a 0.0% increase [5]. Inventory - The total coke inventory was 888.6 tons, an increase of 1.2 tons or 0.1%; the coking coal inventory of all - sample coking plants was 966.4 tons, a decrease of 10.5 tons or 1.1% [5].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - Overnight, US soybeans closed lower, and Dalian soybean meal futures may adjust and fluctuate; Dalian soybean futures are expected to fluctuate weakly [1]. - On August 25, CBOT soybean futures declined due to weakened expectations of Chinese demand and the evaluation of US refineries' biodiesel exemption applications. The US soybean good-to-excellent rate as of August 25 was 69%, up from 68% last week and 67% in the same period last year [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE soybean No.1 2511 closed at 3,992 yuan/ton during the day session, up 3 yuan (+0.08%), and 3,991 yuan/ton at night, down 7 yuan (-0.18%); DCE soybean meal 2601 closed at 3,117 yuan/ton during the day session, up 23 yuan (+0.74%), and 3,112 yuan/ton at night, up 2 yuan (+0.06%); CBOT soybean 11 closed at 1,047.75 cents/bushel, down 10.5 cents (-0.99%); CBOT soybean meal 12 closed at 290.6 dollars/short ton, down 0.4 dollars (-0.14%) [1]. - **Spot Prices**: In Shandong, the spot price of soybean meal (43%) was 3,080 - 3,130 yuan/ton, flat to up 20 yuan compared to the previous day; in East China, it was 3,000 - 3,080 yuan/ton, up 20 yuan or flat; in South China, it was 3,030 - 3,050 yuan/ton, up 20 yuan [1]. - **Industrial Data**: The trading volume of soybean meal was not available on the previous trading day, compared to 13.1 million tons two trading days ago; the inventory was not available, compared to 97.4 million tons two trading days ago [1]. 3.2 Macro and Industry News - On August 25, CBOT soybean futures declined as industry insiders lost confidence in Chinese buyers purchasing US soybeans. The US - China trade tension and the evaluation of US refineries' biodiesel exemption applications contributed to the decline [3]. - The US Department of Agriculture's crop weekly report showed that as of August 25, the US soybean good - to - excellent rate was 69%, up from 68% last week and 67% in the same period last year [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and soybean No.1 was 0, indicating neutrality for the day - session main - contract futures price fluctuations on the report day [3].