Report Industry Investment Ratings - **Thread Steel**: ★★★ [1] - **Hot Rolled Coil**: ★★★ [1] - **Iron Ore**: ★★★ [1] - **Coke**: ★★★ [1] - **Coking Coal**: ★★★ [1] - **Silicon Manganese**: ★★★ [1] - **Silicon Iron**: ★★★ [1] Core Views - The overall demand for steel is weak, with the cost center shifting down due to the decline of furnace materials, and the steel plate is under pressure, mainly in a weak shock in the short term [2]. - The iron ore market is expected to be volatile, with the supply side showing some fluctuations and the demand side weakening due to reduced steel demand [3]. - The coke and coking coal markets are facing pressure from reduced downstream demand and abundant carbon element supply, with prices expected to be relatively strong in a shock [4][6]. - The silicon manganese and silicon iron markets are affected by the decline in iron - water production, with different supply - demand situations and price trends [7][8]. Summary by Related Catalogs Steel - In the off - season, the apparent demand and production of thread steel and hot - rolled coil both decline, and the inventory situation varies. Iron - water production falls from a high level, and the negative feedback pressure in the industrial chain needs to be alleviated. The overall domestic demand is weak, and exports have declined from a high level. The demand expectation is pessimistic, and the plate is under pressure [2]. Iron Ore - On the supply side, global shipments have declined month - on - month, and domestic arrivals have dropped significantly but are still at a high level, with port inventories continuing to increase. On the demand side, steel demand in the off - season has decreased, and iron - water production has continued to decrease. The market is trading the reality of a marginally looser iron ore supply, and the trend is expected to be volatile [3]. Coke - The price has declined during the day. The downstream acceptance of the fourth - round price adjustment is poor. Coking profits are average, and daily production has decreased slightly. The inventory has decreased slightly, and the overall supply of carbon elements is abundant, with downstream demand for raw materials decreasing [4]. Coking Coal - The price has declined during the day. Mongolian coal imports have increased, and the production of coking coal mines has decreased slightly. The total inventory has increased slightly, and the market is affected by factors such as safety inspections in coal - producing areas and reduced downstream demand [6]. Silicon Manganese - The price is weakly volatile. The demand has decreased due to the decline in iron - water production. The weekly production has decreased slightly but is still at a high level, and the inventory is slowly increasing. The price of manganese ore has shown some fluctuations [7]. Silicon Iron - The price is weakly volatile. The demand from iron - water production has decreased, but the export demand has increased marginally, and the secondary demand has also increased. The supply is at a high level, and the inventory has decreased. Cost factors may lead to a price rebound [8].

Report Summary 1) Report Industry Investment Rating - No information provided on the report industry investment rating. 2) Core View of the Report - The high - production and high - inventory pattern of caustic soda continues, and the market keeps shorting the chlor - alkali profit. The alumina production and reduction expectations have offsetting effects on caustic soda. The winter is the off - season for chlor - alkali enterprise maintenance, and the supply - demand gap caused by stockpiling may be limited. Non - aluminum downstream support is limited, and exports are under pressure, increasing domestic supply pressure. The valuation of caustic soda is always suppressed by the alumina reduction expectation. The cost increase due to liquid chlorine price reduction can only lead to a low - level valuation repair, and the rebound space of caustic soda is limited without production cuts. In the long run, alumina production reduction will cause negative feedback in the industrial chain. [2] 3) Summary According to Relevant Catalogs [Fundamental Tracking] - On November 11, 2025, the 01 contract futures price of caustic soda was 2349, the price of the cheapest deliverable 32% caustic soda in Shandong was 780, the Shandong spot 32% caustic soda folded to the futures price was 2438, and the basis was 89. [1] [Spot News] - On November 10, the caustic soda market in Shandong showed a differentiated trend. In the western market, due to increased supply and poor demand, some transaction prices continued to decline. In the eastern market, the sales were average, and it remained stable for the time being supported by alumina. [2] [Market Condition Analysis] - The high - production and high - inventory pattern of caustic soda persists, and the market is shorting the chlor - alkali profit. Alumina's production and reduction expectations offset each other's impact on caustic soda. The winter is an off - season for chlor - alkali enterprise maintenance, and the supply - demand gap caused by stockpiling is limited. Non - aluminum downstream support is weak, and exports face pressure, increasing domestic supply pressure. The valuation of caustic soda is suppressed by alumina production reduction expectations. Cost increase from liquid chlorine price reduction can only repair low - level valuations, and the rebound space is limited without production cuts. Long - term alumina production reduction will cause negative feedback in the industrial chain. [2] [Trend Intensity] - The trend intensity of caustic soda is 0, indicating a neutral trend. [2]

Report Industry Investment Ratings - Thread: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Hot Roll: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Iron Ore: ★☆☆, indicating a bullish bias, with a driving force for price increase but limited operability on the trading floor [1] - Coke: ☆☆☆, with the short - term long/short trend in a relatively balanced state and poor operability on the trading floor, suggesting waiting and seeing [1] - Coking Coal: ☆☆☆, with the short - term long/short trend in a relatively balanced state and poor operability on the trading floor, suggesting waiting and seeing [1] - Silicon Manganese: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Silicon Ferrosilicon: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] Core Viewpoints - The steel industry has weak domestic demand, and although the macro - sentiment has improved, the rebound momentum of the futures market is insufficient. The iron ore market is expected to be in a weak and volatile state. Coke and coking coal are expected to be in a strong and volatile state. Silicon manganese has strong price support at the bottom, and silicon ferrosilicon is likely to rise [2][3][4][6][7][8] Summaries by Commodity Steel - Today's futures market rebounded slightly. In the off - season, the apparent demand for thread decreased month - on - month, production declined, and the inventory reduction slowed. The demand for hot roll dropped significantly, production decreased, and inventory increased slightly. The high - level iron - making water production declined, and the downstream's ability to absorb was insufficient. With the decline in steel mill profits, the negative feedback pressure in the industrial chain remains to be alleviated. Domestic demand is weak, and steel exports have declined from the high level. The futures market has gradually stabilized in the short term, but the rebound momentum is still insufficient [2] Iron Ore - Today's futures market fluctuated, and the basis has strengthened recently. The global shipment decreased month - on - month, with Australia and Brazil both showing declines. The domestic arrival volume decreased significantly month - on - month but remained at a high level for the same period. Due to the decline in steel demand in the off - season and increased losses of steel mills, iron - making water production continued to decrease last week. The futures market is expected to be in a weak and volatile state [3] Coke - The price fluctuated during the day. After the third round of price increases was quickly implemented, there is an expectation of a fourth round. Coke production decreased slightly, and inventory decreased slightly. Downstream demand is weak, and the steel industry has a strong desire to suppress raw material prices. The futures price is at a premium, and it is expected to be in a strong and volatile state [4] Coking Coal - The price fluctuated during the day. Recently, Mongolian coal imports have increased, and the customs clearance volume has remained high. Coking coal mine production decreased slightly, and the total inventory increased slightly. With the approaching safety inspection in major coal - producing areas, its impact should be noted. The futures price is at a discount to Mongolian coal, and it is expected to be in a strong and volatile state [6] Silicon Manganese - The price was in a strong and volatile state during the day. The demand side shows a continuous decline in iron - making water production. Silicon manganese production decreased slightly but remained at a high level, and inventory gradually increased. The price of manganese ore has a strong bottom - support, and the price is expected to be stable [7] Silicon Ferrosilicon - The price was in a strong and volatile state during the day. The demand side shows a continuous decline in iron - making water production, but export demand has increased to about 40,000 tons, and the secondary demand has increased marginally. Supply remains high, and inventory has been decreasing. Due to the increase in electricity and blue - carbon prices, the price is likely to rise [8]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The crude oil market faces supply - demand pressure in Q4 and Q1 next year, and short - term sanctions risks on Russian oil are easing. Consider bearish strategies [2]. - The precious metals market is waiting for new drivers, forming a high - level oscillation platform, and it's advisable to wait and see [2]. - Various metal markets, including copper, aluminum, zinc, etc., show different trends. For example, copper consumption is a concern, aluminum has short - term upward resistance but large market divergence, and zinc has opportunities for cross - market reverse arbitrage [3][4][7]. - Energy - related products like fuel oil and asphalt have different trends. Fuel oil is affected by crude oil, and asphalt is in a downward trend due to weak demand [21][22]. - Agricultural products such as soybeans, corn, and livestock products like pigs and eggs have their own market characteristics. For example, soybeans may have inventory reduction in Q1 next year, and pig prices may have a second bottom in H1 next year [36][41]. - Financial products like stocks and bonds also show specific trends. The stock market is expected to be oscillating strongly in the short term, and the bond market's yield curve steepening may end [48][49]. Summaries by Related Catalogs Metals Crude Oil - Last week, international oil prices declined, with the Brent 01 contract down 1.36%. The US government shutdown impacts the employment and jet - fuel demand. The supply - demand pressure in Q4 and Q1 next year needs to be released, and short - term sanctions risks on Russian oil are easing. Consider bearish strategies [2]. Precious Metals - US economic data was stable last week, but the government shutdown brings uncertainties. The market is waiting for new drivers, and it's advisable to wait and see [2]. Copper - Last Friday, copper prices oscillated negatively. The market focuses on copper consumption. China's un - wrought copper imports in October were low, and the US consumer confidence index was poor. Wait for the social inventory data and expect the previous up - rush to cool down. Wait and see [3]. Aluminum - On Friday, Shanghai aluminum prices declined. Since October, domestic inventory and spot performance have been neutral. Macroeconomic sentiment dominates, and the short - term upward resistance is around 21,800 yuan. The high index position reflects large market divergence, so beware of capital flow changes [4]. Cast Aluminum Alloy - The Baotai ADC12 spot price is 20,900 yuan. Scrap aluminum supply is tight, and tax policy adjustments are unclear. It follows aluminum price fluctuations and has no independent market for now [5]. Alumina - Alumina production capacity is at a historical high, inventory is rising, and the supply - surplus situation persists. The spot price decline slows but remains at a discount. It will operate weakly with limited rebound space [6]. Zinc - Domestic zinc ore supply is tightening, and smelting costs are rising. The zinc ingot export window is open, and domestic inventory is falling. There is an expectation of over 10,000 - ton delivery at LME. Consider cross - market reverse arbitrage and short - term long positions on Shanghai zinc, with the upper pressure at 23,200 yuan/ton [7]. Lead - LME lead inventory is decreasing, and the import window is closed. Domestic refineries are resuming production, with tight raw materials and strong cost support. The market is in a multi - empty situation, and Shanghai lead is expected to oscillate between 17,300 - 17,500 yuan/ton [8]. Nickel and Stainless Steel - Shanghai nickel opened high and closed low, with weak downstream demand. Although there are news of stainless - steel plant production cuts, the implementation needs to be observed. The inventory of pure nickel decreased by 700 tons to 48,800 tons, while nickel - iron and stainless - steel inventory increased. Shanghai nickel is in a weak operation [9]. Tin - Last Friday, tin prices oscillated. There are differences in institutional inventory data. The tin market is in a game between short - term supply tightness and long - term supply stability. Tin prices are expected to decline with significant upper resistance. Consider short - selling strategies [10]. Lithium Carbonate - Lithium carbonate prices are rising again, with active trading. The total market inventory decreased by 3,000 tons to 127,000 tons. The spot is supported, and the futures price is strengthening. It is expected to oscillate strongly in the short term [11]. Polysilicon - The polysilicon market is affected by capacity - control policy expectations. In November, production cuts are expected in the southwest, and downstream silicon wafers are also reducing production. The inventory pressure relief is limited, and it will oscillate in the short term [12]. Industrial Silicon - Industrial silicon production in Sichuan and Yunnan is at a low level during the dry season, and downstream polysilicon has seasonal production cuts. It shows a supply - demand weak pattern and will oscillate [13]. Steel Rebar and Hot - Rolled Coil - On Friday night, steel prices oscillated weakly, and Tangshan billet prices dropped by 10 yuan/ton over the weekend. Rebar demand and production decreased, and the de - stocking slowed. Hot - rolled coil demand and production also declined, with a slight inventory increase. The market is under pressure, and pay attention to the support at the lower edge of the oscillation range [14]. Iron Ore - Iron ore prices declined last week. Global shipments are at a high level, and domestic arrivals have increased. Port inventory is rising. Terminal demand is in the off - season, and steel demand and iron - water production are decreasing. It is expected to oscillate weakly [15]. Coke - Coke prices oscillated upward. After the third - round price increase, there is an expectation of a fourth - round increase. Coke inventory decreased slightly, and downstream demand is weak. The price may oscillate strongly [16]. Coking Coal - Coking coal prices oscillated upward. Mongolian coal imports are at a high level, and terminal inventory increased slightly. The carbon - element supply is abundant, and downstream demand is weak. The price may oscillate strongly [17]. Manganese Silicon - Manganese silicon prices oscillated strongly. Iron - water production is decreasing, while manganese silicon production is rising, and inventory is slowly increasing. The price has strong bottom support [18]. Silicon Iron - Silicon iron prices oscillated strongly. Iron - water production is decreasing, but export and secondary demand are rising. Supply is high, and inventory is decreasing. The price has strong bottom support [19]. Shipping Container Freight Index (Europe Line) - Last week, the shipping order pressure existed, and the new SCFI European route price dropped by 1.6% week - on - week. In late November, the freight rate may rise. The upside space is limited, and it's advisable to wait and see. The fire at the TPP port may affect the rotation time of the Gemini European line [20]. Energy - Related Products Fuel Oil and Low - Sulfur Fuel Oil - The fuel oil market oscillates, mainly affected by crude oil. Low - sulfur fuel oil is relatively strong, but its continuous upward momentum is limited. High - sulfur fuel oil's supply will be more abundant in the medium - term. The spread between them may widen [21]. Asphalt - Asphalt has entered the off - season. The demand in the southwest and south can't offset the weakening in the north. Social inventory has been increasing year - on - year since late October. Refineries are cutting prices, and the market is bearish [22]. Liquefied Petroleum Gas - The LPG main contract oscillates narrowly. The chemical and combustion demand has increased, and the inventory rate of refineries and ports has decreased. The fundamentals support the LPG price [23]. Chemical Products Urea - Affected by the new export quota, urea prices rose over the weekend. Autumn fertilizer demand is ending, and production is high with limited inventory accumulation. India's new tender and domestic export liberalization boost the market, but be cautious when chasing long [24]. Methanol - Methanol futures oscillate at a low level. Iranian gas restrictions are delayed, and port inventory is high and rising. Downstream product profits are poor, and demand is weak. It will oscillate weakly until the inventory inflection point [25]. Pure Benzene - Last week, pure benzene prices declined. Port inventory increased, and production rose. The market will consolidate in the short term and face import and demand risks in the medium term. Consider month - spread reverse arbitrage [26]. Styrene - Styrene has insufficient cost support, and the inventory is high. The price will remain weak [27]. Polypropylene, Plastic, and Propylene - Propylene is affected by falling oil prices, and demand is weak. Polyethylene has stable factory prices but cautious downstream purchases. Polypropylene's e - commerce inventory demand is disappointing, and new supply is expected [28]. PVC and Caustic Soda - PVC supply is high, and inventory is rising. Demand is affected by weather and exports. It will operate at a low level. Caustic soda oscillates at a low level, with weak downstream demand [29]. PX and PTA - PX supply increased, and PTA load decreased. Polyester and weaving loads changed slightly. PTA may have inventory accumulation in the medium term. Consider reverse arbitrage [30]. Ethylene Glycol - Ethylene glycol production increased slightly, and port inventory rose. Supply is expected to increase, and demand will weaken. Consider reverse arbitrage, and watch for possible production cuts [31]. Short - Fiber and Bottle - Chip - Short - fiber has no new investment pressure, and the spot market is good, but profits are squeezed. In mid - late November, demand will weaken. Bottle - chip demand is weakening, and capacity is excessive [32]. Building Materials Glass - Glass prices are weak. After the Shahe production halt, prices rose but at a slower pace. Inventory is decreasing, and costs are rising. The decline space is limited, and keep the short - put option [33]. Rubber 20 - Rubber, Natural Rubber, and Butadiene Rubber - International crude oil prices oscillate, and Thai rubber prices vary. Global rubber supply is in the high - yield period, and Chinese tire production and inventory changed slightly. Rubber inventory increased, and cost support is weak. Consider oversold - rebound strategies and cross - variety arbitrage [34]. Chemical Fertilizers Soda Ash - Soda ash prices rose slightly. Supply is high, and inventory is high. The demand for heavy soda decreased due to glass production cuts. It's hard to fall in the short term [35]. Agricultural Products Soybeans and Soybean Meal - Last Friday night, soybean prices oscillated weakly. Importing US soybeans has no price advantage, and domestic soybean inventory may decrease in Q1 next year. Watch for USDA reports and possible long - buying opportunities [36]. Soybean Oil and Palm Oil - US soybean prices declined. Palm oil rebounded, and it's necessary to watch if the rebound is sustainable. Consider the possibility of short - term stabilization of palm oil [37]. Rapeseed and Rapeseed Oil - Canadian rapeseed prices are under pressure due to low sales and limited export markets. Domestic prices will oscillate, and pay attention to Australian rapeseed imports [38]. Bean No. 1 - Bean No. 1 prices fell from a high level. The purchase of domestic soybeans by the state reserve may support the market. Watch for policy guidance [39]. Corn - Northeast corn prices are stable and rising slightly, and Shandong's supply increased. The import tax rate on US corn changed. The market will oscillate weakly at the bottom, and watch for new trade agreements [40]. Pigs - Pig prices were stable over the weekend. The sow inventory decreased in October. Future supply pressure is large, and prices may form a second bottom in H1 next year [41]. Eggs - Egg prices declined over the weekend, and sales were slow. The laying - hen inventory is high, and chick replenishment is low. Consider short - selling at high prices [42]. Cotton - US cotton prices declined. China's cotton procurement may increase. Domestic cotton cost supports the market, but demand is average. Watch for tariff changes and export improvements [43]. Sugar - US sugar prices oscillated. International sugar supply is abundant. In China, the focus is on the new - season sugar production estimate, and the outlook for Guangxi's production is good [44]. Apples - Apple prices oscillated widely. Apple inventory decreased, but the quality is poor, and the selling - reluctance is strong. Consider short - selling strategies [45]. Wood - Wood prices are weak. Supply import is limited due to high foreign prices, and demand supports the price. Inventory is low, and it's advisable to wait and see [46]. Pulp - Pulp prices oscillated upward. Port inventory decreased by 2.6% week - on - week. Demand is average, and the valuation is low. Consider long - buying at low prices or wait and see [47]. Financial Products Stock Index - A - shares oscillated and adjusted, with most futures contracts falling. The inflation data improved, and the US consumer confidence index was low. The stock market is expected to oscillate strongly in the short term. Keep a mid - term focus on technology and advanced manufacturing and balance with cyclical and consumer sectors [48]. Treasury Bonds - Treasury bond futures declined, and short - term Shibor rates rose. The export growth was lower than expected. The yield curve steepening may end [49].

Report Industry Investment Ratings - **Thread Steel**: ★★★ (implied by the context as more positive) [1] - **Hot Rolled Coil**: ★★★ (implied by the context as more positive) [1] - **Iron Ore**: ★☆☆ [1] - **Coke**: ★☆☆ [1] - **Coking Coal**: ★☆☆ [1] - **Silicon Manganese**: ★☆☆ [1] - **Silicon Iron**: ★☆★ [1] Core Viewpoints - The overall steel market is under pressure due to weak demand expectations and declining exports, with the disk remaining under pressure. The iron ore market is expected to be in a weak and volatile state, while the coke and coking coal markets may be in a relatively strong and volatile state. The silicon manganese and silicon iron markets have strong price support at the bottom [1][2][3][5][6][7] Summary by Category Steel - The disk showed a weak and volatile trend. The demand and production of thread steel and hot rolled coil both declined, with inventory changes varying. Iron - water production continued to fall, and the negative feedback pressure in the industrial chain remained to be alleviated. The overall domestic demand was weak, and steel exports declined from the high level. The disk was under pressure, and attention should be paid to the support at the lower edge of the shock range and marginal demand changes [1] Iron Ore - The disk declined. The global iron ore shipment was at a high level, and the domestic arrival volume increased significantly. The port inventory was accumulating. The terminal demand entered the off - season, and the iron - water production continued to decrease. The supply - demand relationship was gradually loosening, and there was still a risk of negative feedback in the off - season industrial chain. It was expected to be in a weak and volatile state [2] Coke - The price fluctuated downward. After the third round of price increase was quickly implemented, there was an expectation of a fourth round. The coking profit was average, and the daily production and inventory decreased slightly. The downstream demand was weak, and the steel mills had a strong desire to lower the price. The disk price was at a premium, and it was expected to be in a relatively strong and volatile state [3] Coking Coal - The price fluctuated downward. The Mongolian coal import volume was high, and the coking coal production decreased slightly. The total inventory increased slightly, and attention should be paid to the impact of safety inspections. The downstream demand was weak, and the steel mills had a strong desire to lower the price. The disk price was at a discount to Mongolian coal, and it was expected to be in a relatively strong and volatile state [5] Silicon Manganese - The price fluctuated. The iron - water production continued to decline, while the weekly production of silicon manganese increased slightly, and the inventory was slowly accumulating. The manganese ore inventory decreased slightly, and the price had strong support at the bottom [6] Silicon Iron - The price fluctuated. The iron - water production continued to decline, but the export demand increased to about 40,000 tons, and the secondary demand increased marginally. The supply remained at a high level, and the inventory decreased. The price had strong support at the bottom [7]

Report Industry Investment Ratings - Thread: ★★★, indicating a clear long trend and a relatively appropriate investment opportunity currently [1] - Hot Roll: ★★★, indicating a clear long trend and a relatively appropriate investment opportunity currently [1] - Iron Ore: ★★★, indicating a clear long trend and a relatively appropriate investment opportunity currently [1] - Coke: ★☆☆, suggesting a bullish bias but poor operability on the trading floor [1] - Coking Coal: ★☆☆, suggesting a bullish bias but poor operability on the trading floor [1] - Silicomanganese: ★☆☆, suggesting a bullish bias but poor operability on the trading floor [1] - Ferrosilicon: ★☆☆, suggesting a bullish bias but poor operability on the trading floor [1] Core Views - The overall demand for steel is still weak, with the expected demand remaining weak. The market sentiment has improved slightly, and the futures prices may fluctuate in the short - term. Iron ore is expected to fluctuate at a high level. Coke has a third - round price increase expectation, and coking coal prices are not expected to fall continuously. Silicomanganese and ferrosilicon prices are likely to rise in a fluctuating manner [2][3][4][6][7][8] Summary by Commodity Steel - Today's futures prices rebounded slightly. Thread demand and production both declined, and the inventory reduction slowed. Hot - roll demand dropped significantly, production decreased, and inventory rose slightly. Iron - water production declined from a high level, and the downstream's ability to absorb was insufficient. The negative feedback pressure in the industrial chain remains to be alleviated. The overall domestic demand is weak, while steel exports remain high. The demand expectation is weak, but the market sentiment has improved. The futures prices may still fluctuate in the short - term [2] Iron Ore - Today's futures prices showed a strong - side oscillation. The global shipment is at a high level for the same period, and there is room for seasonal improvement. The domestic arrival volume has increased significantly, and port inventories are accumulating. Terminal demand has entered the off - season, steel demand has dropped, and steel mills' profitability has shrunk. There is further pressure on iron - water production cuts. After the macro - level positive news was implemented, the market tends to cash in on the benefits and start to trade the fact of a marginally looser iron ore market. It is expected to oscillate at a high level [3] Coke - The price oscillated upwards during the day. There is an expectation of a third - round price increase in the coking industry. Coking profits are average, and daily production has decreased slightly. Coke inventories have hardly changed. Downstream enterprises are making small - scale on - demand purchases, and traders' purchasing intentions are average. The supply of carbon elements is abundant, and high - level iron - water production provides support, but steel mills' profit levels are average, and they have a strong intention to suppress raw material prices. The futures prices are at a premium [4] Coking Coal - The price oscillated upwards during the day. The market sentiment was affected by the resumption of production of a small number of coal mines in the Wuhai production area, but many coal mines facing resource integration have not resumed production, so prices are not expected to fall continuously. The production of coking coal mines has increased slightly, spot auction transactions have improved, and terminal inventories have increased. The total inventory of coking coal has increased slightly compared to the previous period, and producer - side inventories have decreased slightly. High - level iron - water production provides support, but steel mills' profit levels are average, and they have a strong intention to suppress raw material prices. The futures prices are at a discount to Mongolian coal [6] Silicomanganese - Today's futures prices showed a strong - side oscillation. On the demand side, iron - water production remains at a high level above 236. Weekly production of silicomanganese has decreased slightly but remains at a high level, and inventories are slowly accumulating. The forward quotation of manganese ore is flat month - on - month. The price is likely to rise in a fluctuating manner [7] Ferrosilicon - Today's futures prices showed a strong - side oscillation. On the demand side, iron - water production remains at a high level above 236, and export demand has risen to about 40,000 tons. The secondary demand has increased marginally, and overall demand is acceptable. Supply remains at a high level, and on - balance - sheet inventories are continuously decreasing. The price is likely to rise in a fluctuating manner [8]

Report Industry Investment Ratings - Thread steel: Not clearly defined in the given star rating description [1] - Hot-rolled coil: ☆☆☆, indicating a relatively clear bearish trend with current appropriate short - selling opportunities [1] - Iron ore: ★☆★, suggesting a certain bullish drive but with poor operability on the trading floor [1] - Coke: ★☆☆, meaning a slightly bullish bias but with poor operability [1] - Coking coal: ★☆☆, a slightly bullish bias but poor operability [1] - Silicon manganese: ★☆★, a certain bullish drive but poor operability [1] - Ferrosilicon: ★☆★, a certain bullish drive but poor operability [1] Core Views - The steel market is under short - term pressure due to weak demand expectations and low market sentiment. The iron ore market is expected to be in a high - level weak oscillation. The coke and coking coal markets are showing a bullish oscillation, while the silicon manganese and ferrosilicon markets are likely to have narrow - range oscillations [2][3][4] Summary by Related Catalogs Steel - The thread steel's apparent demand faces downward pressure in the off - season, with production at a relatively low level and inventory continuing to decline. The hot - rolled coil's demand has declined, production is still high, and the de - stocking trend has slowed. The iron - making water production has dropped from a high level, and the downstream's carrying capacity is insufficient. The overall domestic demand is weak, and steel exports remain high. The market is short - term pressured, and attention should be paid to the support at the lower edge of the oscillation range and marginal changes in demand [2] Iron Ore - The global shipment of iron ore is at a high level in the same period, and the domestic arrival volume has increased significantly to a new high this year, with port inventory showing a cumulative trend. The iron - making water production has continuously declined from a high level, and the steel mills' profitability has shrunk. After the macro - level positive news is implemented, the market shows a tendency to cash in on the positive, and the market is starting to trade the reality of a marginally looser iron ore supply. It is expected to oscillate weakly at a high level [3] Coke - The coke price oscillated strongly during the day. There is an expectation of a third price increase. The coking profit is average, and the daily production has slightly decreased. The coke inventory has hardly changed, with downstream customers making small - scale on - demand purchases and inventory slightly increasing. The carbon element supply is abundant, and the high - level iron - making water production supports the raw materials, but the steel mills have a strong desire to lower the raw material prices. The coke futures are at a premium, and attention should be paid to the safety production assessment information in the main coking coal production areas [4] Coking Coal - The coking coal price oscillated strongly during the day. Although the price dropped rapidly due to the resumption of production of a small number of coal mines in the Wuhai production area after meeting environmental protection standards, many coal mines facing resource integration have not resumed production, so the price is unlikely to continue to decline. The coking coal production has slightly increased, the spot auction transactions have improved, and the terminal inventory has increased. The total coking coal inventory has slightly increased, and the production - end inventory has slightly decreased. Attention should be paid to the impact of safety inspections in the main coal - producing areas. The carbon element supply is abundant, and the high - level iron - making water production supports the raw materials, but the steel mills have a strong desire to lower the raw material prices. The coking coal futures are at a discount to Mongolian coal, and attention should be paid to the safety production assessment information in the main coking coal production areas [6] Silicon Manganese - The silicon manganese price oscillated strongly during the day. The iron - making water production remains at a high level above 236. The weekly production of silicon manganese has slightly declined but remains at a high level, and the inventory has slightly decreased. The forward quotation of manganese ore has slightly increased, and the spot ore has been boosted by the trading floor. The manganese ore inventory has slightly decreased, and the contradiction is not prominent. The price is likely to oscillate in a narrow range [7] Ferrosilicon - The ferrosilicon price oscillated strongly during the day. The iron - making water production remains at a high level above 236. The export demand has risen to about 40,000 tons, with a marginal impact. The metal magnesium production has slightly increased, and the secondary demand has marginally increased. The overall demand is acceptable. The ferrosilicon supply remains at a high level, and the on - balance - sheet inventory is continuously decreasing. The price is likely to oscillate in a narrow range [8]

1. Report Industry Investment Ratings - Thread steel: ☆☆☆, indicating the short - term long/short trend is in a relatively balanced state, and the current market is less operable, suggesting to wait and see [1] - Hot - rolled coil: ☆☆☆, same as thread steel [1] - Iron ore: ★★★, representing a clearer long - term trend and a relatively appropriate investment opportunity currently [1] - Coke: ☆☆☆, similar to the above balanced state [1] - Coking coal: ☆☆☆, also in a balanced state [1] - Silicon manganese: ☆☆☆, with low operability and a balanced trend [1] - Silicon iron: ☆☆☆, the same as the others [1] 2. Core Views of the Report - The steel market is under pressure in the short - term, with overall low - level range fluctuations. It is necessary to pay attention to demand changes and the progress of domestic demand stimulus policies as the off - season approaches [2] - The iron ore market is expected to fluctuate weakly at a high level, with the market starting to trade the reality of marginal relaxation of fundamentals [3] - The coke market has a third - round price increase expectation, but the steel's pressure on raw material prices is strong. Attention should be paid to safety production assessment information [4] - The coking coal market's price is not expected to decline continuously. Attention should be paid to the impact of safety supervision in major production areas [6] - The silicon manganese and silicon iron markets are likely to fluctuate within a narrow range [7][8] 3. Summary by Related Catalogs Steel - The steel futures market continued to decline. Thread steel's apparent demand improved, production increased, and inventory decreased. Hot - rolled coil demand remained good, production rose slightly, and inventory also decreased [2] - Iron - making water production declined from a high level, and the downstream's carrying capacity was insufficient. The negative feedback pressure in the industrial chain needs to be alleviated [2] - The real estate investment declined significantly, and the growth rates of infrastructure and manufacturing investment continued to fall. Domestic demand was weak, and the market sentiment was low [2] Iron Ore - The iron ore futures market weakened. Global shipments decreased, but were still at a high level. Domestic arrivals reached a new high this year, and port inventory continued to accumulate [3] - Last week, iron - making water production decreased significantly, and the steel mill profitability rate hit a new low this year. There is further production - cut pressure after entering the off - season [3] Coke - The coke price decreased during the day. There is an expectation of a third - round price increase, but the coking profit is average, and downstream demand is limited [4] Coking Coal - The coking coal price decreased. Some coal mines in Wuhai resumed production, but the price is not expected to decline continuously. The total inventory increased slightly [6] Silicon Manganese - The silicon manganese price fluctuated. Iron - making water production remained high, production decreased slightly, and inventory decreased slightly. The manganese ore price increased slightly [7] Silicon Iron - The silicon iron price fluctuated. Iron - making water production remained high, export demand increased to about 40,000 tons, and the supply was at a high level with inventory decreasing [8]

Report Industry Investment Rating - The mid - term outlook for the industry is "oscillation" [7]. Core Viewpoints - At the beginning of this week, the macro and policy fronts "paused", and the subsequent inventory pressure corresponding to the high arrival of iron ore made the iron ore price relatively under pressure. After entering November, the molten iron output will decline seasonally, weakening the demand support for the furnace charge end. However, seasonal production cuts rather than negative - feedback production cuts will put relatively limited downward pressure on the prices of industrial chain varieties. If the macro and policy levels release positive news later, it will still support the prices of sector varieties [1][2]. - The fundamentals of the industrial chain will gradually weaken marginally. Since the decline in molten iron is mainly due to the seasonal production cuts of steel enterprises, the negative feedback on sector varieties is limited. It is recommended to seize the opportunity of macro and policy introduction and pay attention to phased upward opportunities [7]. Summary by Directory Iron Element - The arrival rhythm of iron ore is significantly disturbed, and the port inventory is rapidly accumulating. The fundamentals of iron ore are not optimistic, but the decline of ore price is limited. The scrap steel fundamentals have no prominent contradictions, and it is expected that the scrap steel price will fluctuate following the finished products in the short term [2]. Carbon Element - The cost support for coke continues to strengthen, and the third round of price increase is expected to be implemented. However, under the pressure on both coking and steel mill profits, the price is expected to oscillate. The supply of coking coal is difficult to improve, and the short - term fundamentals are healthy, with the price expected to oscillate [2]. Alloy - The high steel output and stable cost support the prices of ferromanganese - silicon and ferrosilicon in the short term, but the supply of ferromanganese - silicon is expected to remain high, with inventory pressure and limited upward driving force. The supply - demand relationship of ferrosilicon is relatively loose, suppressing the upward price space [3]. Glass and Soda Ash - Some production lines in the Shahe area stopped production, and the supply side faces short - term downward risks. If the production and sales remain weak, the price will return to weak oscillation. In the long term, market - oriented production capacity reduction is needed, and the price may continue to decline oscillating. The over - supply pattern of soda ash remains unchanged, and it is expected to fluctuate widely following the macro situation, with the long - term price center of gravity moving down [3]. Specific Product Analysis Steel - The spot market trading is weak, and the speculative sentiment is poor. The molten iron output declines, the five major steel products output increases, the demand continues to recover, and the inventory continues to decline. However, the inventory level is still higher than the same period last year. The short - term market is expected to be under pressure, and attention should be paid to the macro - policy and supply disturbances [9]. Iron Ore - The spot price has weakened significantly. Overseas mine shipments decreased, and arrivals increased significantly. The demand for molten iron decreased, and the port inventory accumulated rapidly. The short - term price is expected to oscillate [9][10]. Scrap Steel - The supply is slightly tight, the overall daily consumption decreases, and the inventory is de - stocked. The short - term price is expected to fluctuate following the finished products [11]. Coke - The cost support is strengthening, and the third - round price increase is expected to be implemented. However, both coking and steel mill profits are under pressure, and the price is expected to oscillate [12][13]. Coking Coal - The supply is difficult to improve, and the downstream and middle - stream procurement is continuous. The coal mine inventory has reached a low level in recent years, and the short - term price is expected to oscillate [14]. Glass - The short - term supply may decline, but the demand is weak, and the middle - and downstream inventories are moderately high. The short - term price may return to weak oscillation, and in the long term, it is expected to decline oscillating [15]. Soda Ash - The supply - demand fundamentals have no obvious changes, and the industry is at the bottom of the cycle. The cost support is strengthened, and the price bottom support is strong. It is expected to fluctuate widely following the macro situation, with the long - term price center of gravity moving down [16][17]. Ferromanganese - Silicon - The short - term cost is stable, and the high steel output supports the price. However, the supply is expected to remain high, the inventory pressure is difficult to relieve, and the upward driving force for the price is insufficient [18]. Ferrosilicon - The high steel output and increased cost support the price, but the supply - demand relationship is loose, suppressing the upward price space [19].

Report Industry Investment Ratings - Thread: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Hot Roll: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Iron Ore: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Coke: ☆☆☆ (indicating a relatively clear downward trend and a suitable investment opportunity currently) [1] - Coking Coal: The rating is not clearly interpretable from the given symbol [1] - Ferrosilicon Manganese: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Ferrosilicon: The rating is not clearly interpretable from the given symbol [1] Core Viewpoints - The steel market as a whole is under pressure, with the futures market in a low - level range - bound state. The real estate investment continues to decline significantly, and the growth rates of infrastructure and manufacturing investment continue to fall. The overall domestic demand is still weak, and the market sentiment is cautious [2]. - The iron ore market is expected to be in a high - level and weakly volatile state. Although the supply is still at a high level and the demand is under pressure due to the decline in iron - making water production and low steel - mill profitability [2]. - The coke and coking coal markets are likely to be prone to rising and difficult to fall. The carbon element supply is abundant, and the high - level iron - making water production supports the raw materials, but the steel profit is average, and there is a strong sentiment to suppress raw material prices [3][5]. - The ferrosilicon manganese and ferrosilicon markets are likely to have narrow - range fluctuations. The demand is relatively stable, and the supply is at a high level [6][7]. Summary by Related Catalogs Steel - The futures market continued to decline. The apparent demand for thread improved month - on - month, production increased simultaneously, and inventory continued to decline. The demand for hot roll remained good, production increased slightly, and inventory continued to decline [2]. - Iron - making water production declined from a high level, and the downstream's carrying capacity was insufficient. As steel - mill profits declined, the negative feedback pressure in the industrial chain still needed to be alleviated. Attention should be paid to the sustainability of environmental protection production restrictions in places like Tangshan [2]. - From the perspective of downstream industries, real estate investment continued to decline significantly, and the growth rates of infrastructure and manufacturing investment continued to fall. The overall domestic demand was still weak, steel exports remained high, the demand expectation was weak, the market sentiment was cautious, and the futures market was under pressure to decline [2]. Iron Ore - The futures market declined, and the basis fluctuated recently. On the supply side, the global shipments this period declined month - on - month but were still at a high level in the same period. Shipments from Australia and Brazil both decreased, with Brazilian shipments still at a high level in the same period and Australian shipments basically at the level of previous years [2]. - The domestic arrival volume increased significantly this period and reached a new high for the year. On the demand side, the iron - making water production decreased significantly last week, the steel - mill profitability rate reached a new low for the year, and there was further pressure to reduce production in the future [2]. - After the short - term continuous rebound of the iron ore futures market, there was a tendency to realize some positive factors in the market. It is expected that the iron ore will be in a high - level and weakly volatile state [2]. Coke - The price fluctuated downward during the day. There was an expectation of a third round of price increases in the coking industry. The coking profit was average, the daily production decreased slightly, and the coke inventory hardly changed. Currently, downstream customers made small - quantity purchases as needed, and the inventory increased slightly. Traders' purchasing willingness was average [3]. - Overall, the carbon element supply was abundant, the downstream iron - making water production remained at a high level, which supported the raw materials. However, the steel profit level was average, and there was a strong sentiment to suppress the raw material prices. The coke futures market was at a premium, and the market had certain expectations for the safety production assessment in the main coking coal production areas. The price was likely to be prone to rising and difficult to fall [3]. Coking Coal - The price fluctuated downward during the day. The market sentiment was affected by the resumption of production of a small number of coal mines in the Wuhai production area after meeting environmental protection standards, and the price dropped rapidly. However, more coal mines facing resource integration had not resumed production, so it was judged that the price was difficult to continue to decline [5]. - The production of coking coal mines increased slightly, the spot auction transactions improved, the transaction prices generally increased, and the terminal inventory increased. The total inventory of coking coal increased slightly month - on - month, and the production - end inventory decreased slightly. Attention should be paid to the relevant impacts as safety supervision teams were about to enter the main coal production areas [5]. - Overall, the carbon element supply was abundant, the downstream iron - making water production remained at a high level, which supported the raw materials. However, the steel profit level was average, and there was a strong sentiment to suppress the raw material prices. The coking coal futures market was at a discount to Mongolian coal, and the market had certain expectations for the safety production assessment in the main coking coal production areas. The price was likely to be prone to rising and difficult to fall [5]. Ferrosilicon Manganese - The price fluctuated mainly during the day. On the demand side, the iron - making water production remained at a high level above 236. The weekly production of ferrosilicon manganese decreased slightly, and the production remained at a high level. The ferrosilicon manganese inventory decreased slightly, and the spot and futures demand was still good [6]. - The forward quotation of manganese ore increased slightly month - on - month, and the spot ore was boosted following the futures market. The manganese ore inventory decreased slightly, and the contradiction was not prominent. The price was likely to have narrow - range fluctuations [6]. Ferrosilicon - The price fluctuated mainly during the day. On the demand side, the iron - making water production remained at a high level above 236. The export demand increased to about 40,000 tons, with a marginal impact. The production of magnesium metal increased slightly month - on - month, and the secondary demand increased marginally. The overall demand was acceptable [7]. - The ferrosilicon supply remained at a high level, and the on - balance - sheet inventory continued to be depleted. The price was likely to have narrow - range fluctuations [7].