投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 晨报 碳酸锂 成材：重心下移 偏弱运行 碳酸锂：供需紧平衡托底，维持区间震荡 右。2024 年 12 月 30 日-2025 年 1 月 5 日，10 个重点城市新建商品房成 交（签约）面积总计 223.4 万平方米，环比下降 40.3%，同比增长 43.2%。 成材昨日继续震荡下行，价格再创近期新低。在供需双弱的格局下， 市场情绪同样偏悲观，导致价格重心持续下移。无论从宏观上还是产业上， 市场近期均无太多亮点。且今年冬储偏低迷，对价格支撑不强。 观点：震荡整理运行。 后期关注/风险因素：宏观政策；下游需求情况。 成 材：武秋婷 原材料：程 鹏 原材料： 冯艳成 基本面来看，供应端原料价格微涨，产能逐步释放。SMM 数据显示，上 周锂辉石、锂云母均价环比微涨 1%，原料端成本支撑持续增强；碳酸锂总 周度 ...

投资咨询业务资格： 晨报 铝锭 成材：重心下移 偏弱运行 铝锭：淡季施压上方空间 关注美联储会议 以伊冲突 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 12 月 10 日 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 证监许可【2011】1452 号 负责人：赵 毅 逻辑:昨日沪铝高位调整。宏观上就业市场数据好于预期，凸显出在美联储 预期降息之前劳动力市场仍有韧性，决策者可能会强调通胀风险，这可能制约进 一步的宽 ...

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：价格支撑较强 关注宏观情绪 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 证监许可【2011】1452 号 逻辑:昨日沪铝偏强运行。宏观上周三美国公布的 ADP 就业报告显示， 11 月份美国私营企业就业岗位减少 3.2 万个，低于经济学家预期的增加 1 万个，美元持续走软，关注更多数据指引。 以伊冲突 于 1 月 ...

成材：重心下移 偏弱运行 铝锭：库存小幅去化 关注宏观情绪 晨报 铝锭 以伊冲突 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 个别钢厂预计 1 月 20 日后停产放假，停产期间日度影响产量 1.62 万吨左 右。2024 年 12 月 30 日-2025 年 1 月 5 日，10 个重点城市新建商品房成 交（签约）面积总计 223.4 万平方米，环比下降 40.3%，同比增长 43.2%。 成材昨日继续震荡下行，价格再创近期新低。在供需双弱的格局下， 市场情绪同样偏悲观，导致价格重心持续下移。无论从宏观上还是产业上， 市场近期均无太多亮点。且今年冬储偏低迷，对价格支撑不强。 观点：震荡整理运行。 后期关注/风险因素：宏观政策；下游需求情况。 成 材：武秋婷 原材料：程 鹏 原材料： 冯艳成 基本面来看，据 SMM 统计，11 月（30 天）中国铝土矿产量环比减少 1.56%， 同比减少 5.26%；11 月份（30 天）国内电解铝产量同比增长 1.47%，环比减少 2.82%。11 月开始电解铝逐 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The supply pressure of polyolefins remains high, with new production capacities being put into operation. The downstream is entering the end of the peak season, and the peak - season performance is below expectations. The demand in the north is decreasing, and the follow - up of orders is limited. The cost support from crude oil is weak. Although there is some boost from the anti - disorderly competition policy, the overall supply - demand pattern of plastics remains unchanged, and polyolefins have insufficient upward momentum. It is expected that the upward space of polyolefins in December is limited. Attention should be paid to the anti - involution policy. [3] 3. Summary by Relevant Catalogs 3.1. Market Analysis - The plastic operating rate has dropped to around 88%, at a neutral level, and the PP enterprise operating rate remains at around 83%, at a slightly low - neutral level. New production capacities such as ExxonMobil (Huizhou) LDPE, PetroChina Guangxi Petrochemical HDPE, and PP have been put into operation, and more are expected in December. [3] - As of the week of November 28, the PE downstream operating rate decreased by 0.39 percentage points to 44.3%, and the PP downstream operating rate increased by 0.26 percentage points to 53.83%. However, the plastic - braiding operating rate of the PP drawing downstream decreased by 0.14 percentage points to 44.1%. [3] - In November, the destocking of petrochemicals slowed down, and the current petrochemical inventory is at a slightly high - neutral level in recent years. The cost support from crude oil is limited, and it is expected that the downstream operating rate will decline in the future. [3] 3.2. Market Review - In late November, the decline of the spot price was greater than that of the futures price, and the basis of plastics decreased but remained at a slightly low - neutral level. The PP basis continued to decline slightly and was at a low level. [15][20] 3.3. Plastic Production - In October 2025, the PE maintenance volume decreased by 14.29% month - on - month to 45.63 million tons, and the PE production increased by 6.54% month - on - month to 2.8836 million tons, reaching a record high. [24] - In October 2025, the PP maintenance volume increased by 2.47% month - on - month to 776,100 tons, and the PP production increased by 4.63% month - on - month to 3.5038 million tons, also reaching a record high. [32] 3.4. Plastic Operating Rate - In October 2025, the PE operating rate increased by 1.58 percentage points to 82.01%. Recently, the plastic operating rate has dropped to around 88%. [28] - In October 2025, the PP operating rate increased by 0.94 percentage points to 77.26%. Recently, the PP enterprise operating rate remains at around 83%. [36] 3.5. PE and PP Imports and Exports - In October 2025, China's PE imports were 1.0112 million tons, a year - on - year decrease of 16.23%, and exports were 83,300 tons, a year - on - year increase of 35.42%. The net imports decreased by 18.99% year - on - year. [43] - In October 2025, China's PP imports were 273,100 tons, a year - on - year decrease of 12.16%, and exports were 235,100 tons, a year - on - year increase of 18.62%. It is expected that PP net imports will decline. [49] 3.6. Polyolefin Downstream - From January to October 2025, the cumulative production of plastic products was 65.573 million tons, a year - on - year increase of 0.5%, and the export amount was 614.55 billion yuan, a year - on - year increase of - 1.0%. [53] - As of the week of November 28, the PE downstream operating rate decreased, and the PP downstream operating rate increased slightly, but the plastic - braiding operating rate of the PP drawing downstream decreased. [57] 3.7. Polyolefin Inventory As of November 28, the petrochemical early - morning inventory was flat at 650,000 tons compared with the previous period, and was 70,000 tons higher than the same period last year. The destocking of petrochemicals slowed down in November, and the inventory is at a slightly high - neutral level in recent years. [61] 3.8. Polyolefin Profit In November, the profits of all processes of LLDPE and PP were in the red. Except for a slight increase in the profit of methanol - made LLDPE and PP, the profits of other processes declined. [65]

郑棉：多空交织下还能再涨吗 弘业期货农产品研究团队 2025/11/28 王晓蓓 从业资格号:F0272777 投资咨询证号：Z0010085 郑棉：多空交织下还能再涨吗 核心观点 市场对增产仍有预期，较高成本皮棉等待套保机会，较低成本皮棉可顺价出售，郑棉套保压力不集中， 不过仍有套保压力；下游需求一般，产成品累库不过整体库存压力不大。现货皮棉基差坚挺、年底下游补 库预期支撑；上方有增产及套保压力，市场暂缺新驱动，预期郑棉短期内维持震荡；长期来看或有上涨机 会。 关注：宏观、需求、政策 美棉销售进度偏慢，中国签约量少 美农周度出口报告显示，截止10月9日当周，2025/26年度美棉总签售量为106.55万吨，占年度预测总出 口量的41%，同比偏慢9个百分点，较过去三年同期均值偏慢15个百分点；累计出口装运量为31.85万吨，占 年度总签约量的30%，较去年同期偏快6个百分点，是近四年同期最快。其中，中国对本年度美棉的签约量仅 有2.8万吨。 国内新棉销售同比偏快 截至11月25日，全国新棉检验量为386.9万吨，同比增加15.88%。 郑棉：多空交织下还能再涨吗 据国家棉花市场监测调查数据显示，截至2025年 ...

Report Summary 1. Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - **Coke and Semi - finished Products**: The price of coke and semi - finished products is expected to move in a sideways pattern. The price center has shifted downward, and it is running weakly. The market is in a situation of weak supply and demand, with pessimistic market sentiment, and this year's winter storage is sluggish, providing little support for prices [1][3]. - **Aluminum Ingot**: The price of aluminum ingots is expected to oscillate at a high level in the short term. The industry has entered the traditional off - season, with overall weak demand. The market still anticipates a tightening of overseas supply, but the domestic off - season has led to a weakening downstream and fluctuating inventory trends [3][4]. 3. Summary by Related Catalogs Coke and Semi - finished Products - **Production Impact**: In the Yunnan - Guizhou region, short - process construction steel enterprises' Spring Festival shutdown and maintenance from mid - January are expected to affect the total output of construction steel by 741,000 tons. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most others will stop around mid - January, with an estimated daily output impact of about 16,200 tons during the shutdown [2][3]. - **Real Estate Transaction**: From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase from the same period last year [3]. - **Market Situation**: Coke and semi - finished products continued to decline yesterday, reaching a new low. The market is in a weak supply - demand situation, with pessimistic sentiment, and this year's winter storage is sluggish, providing little price support [3]. - **Viewpoint**: It is expected to move in a sideways pattern, and future attention should be paid to macro - policies and downstream demand [3]. Aluminum Ingot - **Bauxite Supply**: During the environmental inspection period, the supply of domestic bauxite in the north remains tight, and the price is expected to fluctuate weakly. After the end of the rainy season in Guinea, the shipment of imported bauxite has increased, providing support for future arrivals [3]. - **Aluminum Processing Industry**: The off - season characteristics of the aluminum processing industry have deepened. The primary aluminum alloy maintains a stable supply - demand pattern with a 59.8% operating rate; the aluminum cable has a slight increase in the operating rate to 62.4% due to grid orders. However, most sectors are under downward pressure, with the operating rates of aluminum sheet, aluminum profile, and aluminum foil showing different trends [3]. - **Inventory Situation**: On November 20, the inventory of electrolytic aluminum ingots in the domestic mainstream consumption areas was 621,000 tons, a decrease of 25,000 tons from Monday and the same as last Thursday [3]. - **Market Outlook**: The market is influenced by a mix of long and short sentiments. There are still expectations of a tightening of overseas supply, but the domestic off - season has led to a weakening downstream and fluctuating inventory trends. The price is expected to run at a high level, and future attention should be paid to the inventory - consumption trend and high - level pressure [4]. - **Viewpoint**: It is expected to oscillate at a high level in the short term, and attention should be paid to macro - sentiment and ore - end news [4].

Report Industry Investment Rating - Not provided in the given content Core Views - The price of finished products is expected to move in a volatile and consolidating manner, with its price center continuing to shift downward in a weak supply - demand situation and low winter storage [1][2] - The price of aluminum ingots is expected to be strong in the short - term, running at a high level with fluctuations, and attention should be paid to the macro - sentiment, mine - end news, and high - level pressure [2][3] Summary by Relevant Catalogs Finished Products - Yunnan and Guizhou short - process construction steel enterprises will have a shutdown and maintenance period from mid - January, with a resumption around the 11th to 16th day of the first lunar month, affecting a total of 741,000 tons of construction steel production [1] - Six short - process steel mills in Anhui: one stopped production on January 5, most will stop around mid - January, and a few after January 20, affecting a daily output of about 16,200 tons [2] - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% week - on - week decrease and a 43.2% year - on - year increase [2] - The price of finished products continued to decline in a volatile manner, reaching a new low. With weak supply and demand and pessimistic market sentiment, the price center shifted downward. Winter storage was sluggish this year, providing weak price support [2] Aluminum Ingots - Shanghai aluminum showed a strong performance. With the US government reopening, the US dollar fell, and traders were waiting for economic data [1] - Domestically, the supply of electrolytic aluminum was stable. Overseas, an aluminum plant in Iceland cut production due to electrical equipment failure, and a plant in Mozambique might cut or stop production due to an energy agreement issue, leading to an expected supply tightening [2] - This week, the SMM weekly aluminum - water ratio was 77.25%, a 0.5 - percentage - point week - on - week decrease. The overall starting rate of domestic aluminum downstream processing leading enterprises rose 0.4 percentage points to 62%, showing a structural differentiation [2] - On November 13, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 621,000 tons, a decrease of 6,000 tons from Monday and 1,000 tons from last Thursday [2] - The premium of the US spot aluminum price reached a record high due to high import tariffs and global supply tightness [2] - With a positive macro - environment and expected overseas supply tightening, a large amount of funds flowed into Shanghai aluminum futures, driving up the price. The pattern of strong overseas and weak domestic continued. However, with the arrival of the off - season, the downstream was weakening, and the pressure of inventory accumulation was increasing [3]

Report Industry Investment Rating - Not provided Core Views - The finished products are expected to run in a volatile and consolidating manner, with the price center moving downward and showing a weak trend [1][2] - The aluminum price is expected to run strongly in the short - term, with the macro support being strong and the pattern of strong overseas and weak domestic continuing, but the downstream is weakening and the pressure of inventory accumulation is increasing in the short - term [1][3] Summary by Relevant Content Finished Products - The short - process construction steel enterprises in the Yunnan - Guizhou region will stop production and conduct maintenance from mid - to late January during the Spring Festival, and are expected to resume production between the 11th and 16th day of the first lunar month, with an estimated impact on the total construction steel output of 741,000 tons during the shutdown period [1] - In Anhui Province, 1 out of 6 short - process steel mills stopped production on January 5, and most of the remaining steel mills will stop production and have holidays around mid - January, with an estimated daily impact on output of about 16,200 tons during the shutdown period [2] - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly built commercial housing in 10 key cities was 2.234 million square meters, a month - on - month decrease of 40.3% and a year - on - year increase of 43.2% [2] - The finished products continued to fluctuate downward yesterday, reaching a new low in the recent period. In the pattern of weak supply and demand, the market sentiment is also pessimistic, resulting in a continuous downward shift of the price center. The winter storage this year is sluggish, providing little support for prices [2] - The later focus includes macro - policies and downstream demand [2] Aluminum - Domestically, the output of bauxite has decreased. Although the mine enterprises in Shanxi and Henan that were shut down due to environmental protection policies and the rainy season previously are now eligible for resumption, they still need government approval. Some compliant mines are expected to resume production on a small scale before the end of the year. With sufficient imported supplies, some mining enterprises have increased the proportion of imported high - temperature ore to maintain output, and the price of domestic bauxite is expected to remain stable in the short term [2] - Last week, the operating rate of domestic aluminum downstream processing leading enterprises was 61.6%, a decrease of 0.6 percentage points from the previous week. The operating rate of aluminum cables decreased by 2 percentage points, and the operating rate of the aluminum profile industry dropped to 52.6%. The operating rates of aluminum strip and aluminum foil leading enterprises also decreased slightly. The overall operating rate is expected to continue to shrink [2] - On November 13, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 621,000 tons, a decrease of 6,000 tons from Monday and 1,000 tons from last Thursday [2] - Overseas, affected by high import tariffs and global supply shortages, the premium of the US spot market aluminum price has reached a record high [2] - The aluminum price is expected to run strongly in the short term, with strong macro - support and a pattern of strong overseas and weak domestic continuing. However, with the arrival of the off - season, the downstream is weakening and the pressure of inventory accumulation is increasing. Later, attention should be paid to the inventory - consumption trend and the high - level pressure [3] - The later focus includes changes in macro - expectations, the development of geopolitical crises, mine resumption, and consumption release [3]

1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - **Overall Viewpoint**: The black industry is facing a complex situation with different trends in various sub - sectors.成材 is expected to run at a low level, coal - coke prices need to pay attention to the previous high pressure, and ferroalloys are predicted to have a narrow - range shock and consolidation trend [12][13][14][15]. - **Specific Sub - sector Views** - **成材**：回归基本面逻辑，低位运行，后期需关注宏观政策和下游需求情况 [12][13]. - **Coal - Coke**：Short - term domestic coal mine production has not recovered, supporting the market's confidence in maintaining prices, but demand is in a downward trend. Pay attention to the steel - mill profit situation and production reduction actions [14]. - **Ferroalloys**：Recently, the macro - driving force has weakened. The market trading logic is dominated by the weak reality. The supply - demand contradiction in the alloy market is accumulating, and prices are under pressure but supported by costs, with a narrow - range shock expected [15]. 3. Summary According to the Directory 3.1 01 周度行情回顾 - **Futures and Spot Prices** - **螺纹钢**：The futures price of RB2601 dropped from 3106 to 3034, a decrease of 2.32%, and the spot price of HRB400E: Φ20 in Shanghai decreased from 3230 to 3190, a decrease of 1.24% [8]. - **热轧卷板**：The futures price of HC2601 dropped from 3308 to 3245, a decrease of 1.90%, and the spot price of Q235B:5.75*1500*C in Shanghai decreased from 3330 to 3260, a decrease of 2.10% [8]. - **铁矿石**：The futures price of 12601 dropped from 800 to 760.5, a decrease of 4.94%, and the spot price of Rizhao Port PB powder decreased from 803 to 773, a decrease of 3.74% [8]. - **焦炭**：The futures price of J2601 dropped from 1777 to 1756.5, a decrease of 1.15%, and the spot price of Rizhao Port quasi - first - grade coke ex - warehouse price increased from 1560 to 1570, an increase of 0.64% [8]. - **焦煤**：The futures price of JM2601 dropped from 1286 to 1270, a decrease of 1.24%, and the spot price of Jiexiu medium - sulfur main coking coal ex - factory price increased from 1350 to 1420, an increase of 5.19% [8]. - **锰硅**：The futures price of SM2601 dropped from 5772 to 5760, a decrease of 0.21%, and the spot price of FeMn65Si17 in Inner Mongolia decreased from 5660 to 5620, a decrease of 0.71% [8]. - **硅铁**：The futures price of SF2601 increased from 5500 to 5526, an increase of 0.47%, and the spot price of 72%FeSi in Inner Mongolia decreased from 5250 to 5220, a decrease of 0.57% [8]. - **废钢**：The Mysteel scrap steel price index decreased from 2442.24 to 2438.17, a decrease of 0.17% [8]. 3.2 02 本周黑色行情预判 - **成材** - **Logic**：Last week, the profitability rate of 247 steel mills decreased by 5.19% to 39.83%, the blast furnace operating rate increased by 1.38% to 83.13%, the blast furnace iron - making capacity utilization rate decreased by 0.8% to 87.81%, and the daily average pig iron output decreased by 2.14 tons to 234.22 tons. The impact of steel - mill maintenance on construction steel production increased. After the macro - level positive factors faded, steel prices returned to the fundamental logic, with weak downstream demand and high inventory pressuring prices [13]. - **Viewpoint**：Run at a low level [13]. - **Later Concerns**：Macro - policies and downstream demand [13]. - **Coal - Coke** - **Logic**：Last week, the coal - coke futures prices fluctuated with a slightly lower center of gravity. The spot market was generally stable with a slight upward trend, and the third round of coke price increases was implemented, with some areas starting the fourth round. Shanxi coal mines further reduced production, and the demand was also declining as steel - mill profits continued to shrink [14]. - **Viewpoint**：Pay attention to the previous high pressure of coal - coke prices [14]. - **Later Concerns**：The resumption process of coal - coke - steel production and changes in imported coal clearance [14]. - **Ferroalloys** - **Logic**：The macro - situation has an impact, with the US government shutdown and China's policy window period. The demand in the off - season is weakening. On the supply side, the production and operating rates of silicon - manganese and silicon - iron enterprises have different trends; on the demand side, the demand from steel mills is decreasing; on the inventory side, the inventory of both is increasing; on the cost side, there is some support [15]. - **Viewpoint**：Prices are expected to have a narrow - range shock and consolidation trend [15]. - **Later Concerns**：Domestic macro - policies, terminal demand, steel - mill profits and production, and domestic production - restriction situations [15]. 3.3 03 品种数据 3.3.1 成材 - **螺纹钢** - **Production and Apparent Demand**：Last week, the production was 208.54 tons, a decrease of 4.05 tons compared to the previous week; the apparent demand was 218.52 tons, a decrease of 13.67 tons compared to the previous week [18]. - **Long - and Short - Process Production**：The long - process production was 179.29 tons, a decrease of 3.79 tons compared to the previous week; the short - process production was 29.25 tons, a decrease of 0.26 tons compared to the previous week [24]. - **Inventory**：The social inventory was 425.70 tons, a decrease of 5.11 tons compared to the previous week; the steel - mill inventory was 166.84 tons, a decrease of 4.87 tons compared to the previous week; the total inventory was 592.54 tons, a decrease of 9.98 tons compared to the previous week [28]. - **Basis**：In Shanghai, the basis for January was 156 yuan/ton last Friday, an increase of 32 yuan compared to the previous week; in Beijing, the basis for January was 236 yuan/ton last Friday, an increase of 72 yuan compared to the previous week [44][47]. - **热轧** - **Production and Apparent Demand**：Last week, the production was 318.16 tons, a decrease of 5.40 tons compared to the previous week; the apparent demand was 314.30 tons, a decrease of 17.59 tons compared to the previous week [35]. - **Inventory**：The social inventory was 333.02 tons, an increase of 4.09 tons compared to the previous week; the steel - mill inventory was 77.43 tons, a decrease of 0.23 tons compared to the previous week; the total inventory was 410.45 tons, an increase of 3.86 tons compared to the previous week [40]. - **Basis**：In Shanghai, the basis for January was 15 yuan/ton last Friday, a decrease of 7 yuan compared to the previous week [51]. 3.3.2 煤焦 - **Inventory** - **Coke**：The total inventory (coke enterprises + steel mills + ports) was 887.01 tons last week, a decrease of 13.09 tons compared to the previous week [60]. - **Coking Coal**：The total inventory (coke enterprises + steel mills + coal mines + ports + coal - washing plants) was 2622.17 tons last week, an increase of 34.32 tons compared to the previous week [68]. - **Production and Related Data** - **Coke**：The average profit per ton of independent coke enterprises was - 22 yuan last week, an increase of 10 yuan compared to the previous week; the capacity utilization rate was 72.3%, a decrease of 1.1% compared to the previous week; the daily average coke production was 63.6 tons, a decrease of 1.0 ton compared to the previous week [76]. - **Coking Coal**：The daily average clean - coal production of 523 coking coal mines was 73.8 tons last week, a decrease of 2.0 tons compared to the previous week; the daily average pig - iron output of 247 steel mills was 234.22 tons, a decrease of 2.14 tons compared to the previous week [77]. - **Price Ratios and Basis** - **Price Ratios**：The ratio of coke January to coking coal January was 1.38 last Friday, unchanged compared to the previous week [82]. - **Basis**：For the basis of coke in Rizhao Port, the basis for January was - 68 yuan/ton last Friday, an increase of 31 yuan compared to the previous week [86]. 3.3.3 铁合金 - **Spot Prices** - **Manganese Ore**：The price of semi - carbonate manganese ore (Mn36%, South African origin) in Tianjin Port was 33.8 yuan/dry - ton degree last Friday, unchanged compared to the previous week [99]. - **Silicon - Manganese**：The spot price in Inner Mongolia was 5620 yuan/ton last Friday, a decrease of 40 yuan compared to the previous week [99]. - **Silicon - Iron**：The spot price in Inner Mongolia was 5220 yuan/ton last Friday, a decrease of 30 yuan compared to the previous week [99]. - **Inventory** - **Manganese Ore**：The total port inventory in the week of October 31 was 431.4 tons, a decrease of 11.3 tons compared to the previous week [102]. - **Silicon - Manganese**：The inventory of 63 independent silicon - manganese enterprises on November 7 was 319500 tons, an increase of 5000 tons compared to the previous week [116]. - **Silicon - Iron**：The inventory of 60 independent silicon - iron enterprises on November 7 was 78690 tons, an increase of 6700 tons compared to the previous week [116]. - **Production** - **Silicon - Manganese**：The weekly production of 187 independent silicon - manganese enterprises last week was 201880 tons, a decrease of 5845 tons compared to the previous week [104]. - **Silicon - Iron**：The weekly production of 136 independent silicon - iron enterprises last week was 11.41 tons, an increase of 0.09 tons compared to the previous week [107]. - **Demand** - **Silicon - Manganese**：The demand from five major steel types last week was 121113 tons, a decrease of 3379 tons compared to the previous week [112]. - **Silicon - Iron**：The demand from five major steel types last week was 19813.7 tons, a decrease of 462 tons compared to the previous week [112]. - **Import and Production** - **Manganese Ore**：The import volume in September was 308.49 tons, a decrease of 11.51% compared to the previous month [122]. - **Silicon - Manganese**：The production in October was 91.57 tons, an increase of 1.92% compared to the previous month [122]. - **Silicon - Iron**：The production in October was 50.53 tons, an increase of 3.5% compared to the previous month [122]. - **Steel - Mill Purchase Prices** - **Silicon - Manganese**：Hebei Iron and Steel's purchase price for silicon - manganese 6517 in October was 5820 yuan/ton, a decrease of 200 yuan compared to the previous month [125]. - **Silicon - Iron**：Hebei Iron and Steel's purchase price for silicon - iron FeSi75 - B in October was 5660 yuan/ton, a decrease of 140 yuan compared to the previous month [125].