Group 1: Report Overview - Industry: Asphalt [1] - Date: August 27, 2025 [2] Group 2: Market Review and Operation Suggestions - BU2510 opened at 3517 yuan/ton, closed at 3523 yuan/ton, with a high of 3540 yuan/ton, a low of 3512 yuan/ton, a daily increase of 0.54%, and a trading volume of 16.04 million lots. BU2511 opened at 3490 yuan/ton, closed at 3497 yuan/ton, with a high of 3510 yuan/ton, a low of 3483 yuan/ton, a daily increase of 0.78%, and a trading volume of 6.6 million lots [6] - Spot prices in North China, Shandong, South China, and Sichuan-Chongqing markets increased, while prices in other regions were generally stable. The significant increase in crude oil prices at the close yesterday boosted the sentiment of the asphalt spot market [6] - Hebei Xinhai plans to increase asphalt production at the end of the month, but Zhenhai Refining & Chemical may suspend asphalt production temporarily. Some local refineries in Shandong, such as Shengxing Petrochemical, may switch to producing residual oil. It is expected that the asphalt plant operating rate will decline [6] - Demand has not been significantly boosted. Rigid demand is restricted by funds and weather, market sentiment is pessimistic, and speculative demand is released cautiously [6] - Overall, the asphalt market continues to have weak supply and demand with few highlights. The unilateral price mainly follows the upward movement of oil prices. As oil prices stop falling and rebound, asphalt crack spread long positions should temporarily take profits and wait and see [6] Group 3: Industry News - In the Shandong market, the mainstream transaction price of 70 A-grade asphalt is 3490 - 3800 yuan/ton, up 20 yuan/ton from the previous trading day. International oil prices closed higher, asphalt futures fluctuated higher during the session, and some local refineries in Shandong switched to producing residual oil, leading to a decrease in local asphalt supply. Local refineries and traders pushed up asphalt prices, driving up the market price [7] - In the South China market, the mainstream transaction price of 70 A-grade asphalt is 3490 - 3510 yuan/ton, up 10 yuan/ton from the previous trading day. The sales of major refineries are good, and after the futures price rose, spot-futures traders have no low-price contracts for sale, increasing the sentiment of traders to push up prices and driving up the market price [7] Group 4: Data Overview - The report presents multiple data charts, including asphalt daily operating rate (%), Shandong asphalt comprehensive profit (yuan/ton), asphalt crack spread (yuan/ton), asphalt social inventory (tons), Shandong asphalt spot price (yuan/ton), Shandong asphalt basis (yuan/ton), asphalt manufacturer inventory (10,000 tons), and asphalt warehouse receipts (tons), all sourced from Wind and the Research and Development Department of CCB Futures [8][13][16]

Core Viewpoint - The ongoing price increase trend in the coking coal market is highlighted, with the eighth round of price hikes for coke imminent, raising questions about whether coking coal will trigger a new round of price increases and the potential for short sellers to find an "escape" [1] Group 1 - The eighth round of price increases for coke is approaching, indicating a sustained upward trend in prices [1] - Market attention is focused on whether coking coal will ignite a new wave of price increases [1] - There is concern regarding the potential for short sellers to find opportunities to exit their positions [1]

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Views - The market sentiment of rebar and hot-rolled coil is volatile, with wide fluctuations [2][3]. 3. Summary by Related Catalogs 3.1 Fundamental Data - **Futures Data**: The closing prices of RB2510 and HC2510 were 3,138 yuan/ton and 3,389 yuan/ton respectively, with daily increases of 31 yuan/ton, and daily increase rates of 0.71% and 0.92% respectively. The trading volumes were 1,200,313 lots (RB2510) and 508,110 lots (HC2510), and the open interests were 1,347,830 lots (RB2510) and 938,245 lots (HC2510), with changes of -63,773 lots and -59,902 lots respectively [3]. - **Spot Price Data**: The spot prices of rebar and hot-rolled coil in various regions increased to varying degrees, with the largest increase of 30 yuan/ton. The price of Tangshan billet was 3,050 yuan/ton, up 30 yuan/ton [3]. - **Basis and Spread Data**: The basis of RB2510 and HC2510 increased by 11 yuan/ton and 2 yuan/ton respectively. The spreads of RB2510 - RB2601 and HC2601 - RB2601 decreased by 10 yuan/ton and 4 yuan/ton respectively, while the spreads of HC2510 - HC2601, HC2510 - RB2510 increased by 3 yuan/ton and 9 yuan/ton respectively. The spot coil - rebar spread decreased by 1 yuan/ton [3]. 3.2 Macro and Industry News - **Steel Union Weekly Data (August 21)**: Rebar production decreased by 5.8 tons, hot-rolled coil production increased by 9.65 tons, and the total production of five major steel products increased by 6.43 tons. Rebar inventory increased by 19.85 tons, hot-rolled coil inventory increased by 3.97 tons, and the total inventory of five major steel products increased by 25.07 tons. Rebar apparent demand increased by 4.86 tons, hot-rolled coil apparent demand increased by 6.52 tons, and the total apparent demand of five major steel products increased by 21.97 tons [4]. - **Mid - August 2025 Data of Key Steel Enterprises**: The average daily production of crude steel, pig iron, and steel products increased by 2.0%, 0.5%, and 2.2% respectively compared with the previous period. The steel inventory of key enterprises increased by 4.0% compared with the previous ten - day period, by 26.7% compared with the beginning of the year, by 0.1% compared with the same ten - day period of last month, decreased by 4.7% compared with the same ten - day period of last year, and decreased by 5.8% compared with the same ten - day period of the year before last [4][5]. - **Other Data**: The Manufacturing Supply Index (MMSI) in July was 146.13, a month - on - month decrease of 4.83%. From January to July, the national general public budget revenue was 13,583.9 billion yuan, a year - on - year increase of 0.1% [5]. 3.3 Trend Intensity - The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral trend [5].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For palm oil, there is no new fundamental driver, and investors are advised to wait for a price pullback to initiate long positions [1]. - For soybean oil, the trading sentiment related to the potential soybean shortage in the fourth quarter has eased, and the price is expected to fluctuate within a high - level range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Palm oil主力: Closing price (day session) was 9,488 yuan/ton with a - 0.23% change; (night session) 9,542 yuan/ton with a 0.57% change. Trading volume was 36,525 lots, a decrease of 12,233 lots, and open interest was 42,108 lots, a decrease of 13,283 lots [1]. - Soybean oil主力: Closing price (day session) was 8,536 yuan/ton with a 0.52% change; (night session) 8,514 yuan/ton with a - 0.26% change. Trading volume was 35,235 lots, an increase of 1,154 lots, and open interest was 52,615 lots, a decrease of 18,859 lots [1]. - Rapeseed oil主力: Closing price (day session) was 9,998 yuan/ton with a 0.03% change; (night session) 9,918 yuan/ton with a - 0.80% change. Trading volume was 14,288 lots, a decrease of 1,353 lots, and open interest was 24,389 lots, a decrease of 4,695 lots [1]. - Malaysian palm oil主力: Closing price was 4,493 ringgit/ton with a - 0.84% change; (night session) 4,482 ringgit/ton with a - 0.22% change [1]. - CBOT soybean oil主力: Closing price was 54.84 cents/pound with a - 0.87% change [1]. - **Spot Data**: - 24 - degree palm oil in Guangdong: Spot price was 9,620 yuan/ton, with a price increase of 80 yuan/ton [1]. - First - grade soybean oil in Guangdong: Spot price was 8,720 yuan/ton, with a price increase of 50 yuan/ton [1]. - Fourth - grade imported rapeseed oil in Guangxi: Spot price was 9,910 yuan/ton, with a price increase of 30 yuan/ton [1]. - Malaysian palm oil FOB offshore price (continuous contract): Spot price was 1,115 dollars/ton, with a price increase of 15 dollars/ton [1]. - **Basis Data**: - Palm oil in Guangdong: Basis was 132 yuan/ton [1]. - Soybean oil in Guangdong: Basis was 184 yuan/ton [1]. - Rapeseed oil in Guangxi: Basis was - 88 yuan/ton [1]. - **Spread Data**: - Rapeseed - palm oil futures主力 spread: 309 yuan/ton, compared to 298 yuan/ton two days ago [1]. - Soybean - palm oil futures主力 spread: - 1,094 yuan/ton, compared to - 1,134 yuan/ton two days ago [1]. - Palm oil 9 - 1 spread: - 94 yuan/ton, compared to - 82 yuan/ton two days ago [1]. - Soybean oil 9 - 1 spread: 48 yuan/ton, compared to 34 yuan/ton two days ago [1]. - Rapeseed oil 9 - 1 spread: 107 yuan/ton, compared to 105 yuan/ton two days ago [1]. 3.2 Macro and Industry News - ITS reported that Malaysia's palm oil exports from August 1 - 25, 2025, were 1,141,661 tons, a 10.9% increase compared to the same period last month [2]. - Indonesia urged the EU to immediately cancel the anti - subsidy tax on imported biodiesel after the WTO supported several key claims in Indonesia's complaint. Indonesia and the EU are closer to signing a free - trade agreement after a political agreement in July [4]. - USDA's crop growth report showed that as of August 24, 2025, the good - to - excellent rate of US soybeans was 69%, higher than the market expectation of 67%, and the pod - setting rate was 89% [4]. - Secex data indicated that Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August, with an average daily export volume of 453,614.86 tons, a 24% increase compared to the average daily export volume in August last year [4]. - Canada's rapeseed exports in the week ending August 17 decreased by 64.34% to 90,800 tons. From August 1 to August 17, 2025, exports were 355,900 tons, a 46.16% decrease compared to the same period last year. As of August 17, the commercial inventory was 793,400 tons [5]. - In July 2025, Canada's rapeseed crushing volume was 968,515 tons, a 13.13% increase from the previous month and a 3.65% decrease from the same period last year. The rapeseed oil production was 408,898 tons, a 12.15% increase from the previous month and a 5.89% decrease from the same period last year. The rapeseed meal production was 571,012 tons, a 12.62% increase from the previous month and a 1.42% decrease from the same period last year [5]. 3.3 Trend Intensity - Palm oil trend intensity was 0, and soybean oil trend intensity was also 0, indicating a neutral outlook [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Iron ore: The macro risk appetite has not significantly declined, and there is still support [2][5]. - Rebar and hot - rolled coil: Market sentiment is fluctuating, and prices are in wide - range oscillations [2][9][10]. - Ferrosilicon and silicomanganese: Driven by sector sentiment, prices are in wide - range oscillations [2][13]. - Coke and coking coal: Prices are in wide - range oscillations [2][16]. - Logs: Prices are fluctuating repeatedly [2][18]. 3. Summaries According to Related Catalogs Iron Ore - **Fundamental data**: The futures price closed at 787.0 yuan/ton, up 17.0 yuan/ton or 2.21%. The I2601 contract had a position of 464,830 lots, an increase of 12,205 lots. Among spot prices, imported ore prices generally rose by 13 yuan/ton, while domestic ore prices in some areas decreased by 5 yuan/ton. The basis and spreads showed certain changes [6]. - **Macro and industry news**: Shanghai issued the "Six Measures for the Property Market", involving six adjustments such as reducing purchase restrictions, housing provident funds, housing credit, and property tax [6]. - **Trend strength**: The trend strength of iron ore is 1 [6]. Rebar and Hot - Rolled Coil - **Fundamental data**: The RB2510 contract of rebar closed at 3,138 yuan/ton, up 22 yuan/ton or 0.71%, with a trading volume of 1,200,313 lots and a position of 1,347,830 lots, a decrease of 63,773 lots. The HC2510 contract of hot - rolled coil closed at 3,389 yuan/ton, up 31 yuan/ton or 0.92%. Spot prices in various regions generally increased. The basis and spreads also changed [10]. - **Macro and industry news**: On August 21, steel output, inventory, and apparent demand data showed different trends. In mid - August 2025, the output and inventory of key steel enterprises changed. The manufacturing supply index in July decreased. The national general public budget revenue from January to July increased slightly [11][12]. - **Trend strength**: The trend strength of rebar is 0, and that of hot - rolled coil is 0 [12]. Ferrosilicon and Silicomanganese - **Fundamental data**: Futures prices of different contracts of ferrosilicon and silicomanganese had varying increases. Spot prices of related products were provided. The basis, near - far month spreads, and cross - variety spreads showed certain changes [13]. - **Macro and industry news**: On August 25, the prices of ferrosilicon and silicomanganese in different regions were reported. As of August 22, the manganese ore inventory in ports changed [14]. - **Trend strength**: The trend strength of ferrosilicon is 0, and that of silicomanganese is 0 [15]. Coke and Coking Coal - **Fundamental data**: The JM2601 contract of coking coal closed at 1,215.5 yuan/ton, up 53.5 yuan/ton or 4.6%. The J2601 contract of coke closed at 1,736 yuan/ton, up 57.5 yuan/ton or 3.4%. Spot prices of coking coal and coke in some areas remained unchanged, while others changed. The basis and spreads also changed [16]. - **Macro and industry news**: Shanghai issued the "Six Measures for the Property Market", involving six adjustments such as reducing purchase restrictions, housing provident funds, housing credit, and property tax [16]. - **Trend strength**: The trend strength of coke is 0, and that of coking coal is 0 [17]. Logs - **Fundamental data**: The closing prices, trading volumes, and positions of different contracts of logs showed different trends. Spot prices of various types of logs in different regions remained mostly unchanged. The basis and spreads also had certain changes [19]. - **Macro and industry news**: Shanghai issued the "Six Measures for the Property Market", involving six adjustments such as reducing purchase restrictions, housing provident funds, housing credit, and property tax [21]. - **Trend strength**: The trend strength of logs is 1 [21].

Report Industry Investment Rating - The investment rating for sugar is "Sideways" [1]. - The investment rating for cotton is "Sideways" [1]. Core Viewpoints - The strengthening US dollar suppresses commodity prices, leading to short - term adjustments in soft commodities [1]. - For sugar, seasonal consumption growth is driven by summer cold - drink demand, and recent sugar imports have increased significantly due to the widening price difference between domestic and foreign markets. However, the total annual import volume is still expected to be within the forecast range. Extreme precipitation in Yunnan and Inner Mongolia since July may affect sugar production, and continuous monitoring is required [1][3]. - For cotton, most cotton - growing areas in China are at the peak of flowering, with some areas in Xinjiang entering the boll - opening and flocculation stage, and the overall growth progress is ahead of previous years. In August, cotton in Xinjiang and the Yangtze River Basin faces a high risk of heat damage. With the continuous decline of commercial cotton inventory and the approaching peak season of cotton textile, cotton prices are supported [1][3]. Summary by Related Catalogs Information - The spot price of sugar in Nanning is 5970.0 yuan, in Kunming is 5860.0 yuan, and the spot price of cotton in Xinjiang is 15100.0 yuan [1]. Market - The closing price of US sugar is 16.39, with a change of - 0.30%. The closing price of US cotton is 67.38, with a change of - 0.91% [1]. Supply and Demand - Sugar: Driven by summer cold - drink demand, sugar consumption has a seasonal recovery. Due to the widening price difference between domestic and foreign markets, recent sugar imports have increased significantly [1]. - Cotton: In August, high temperatures and low precipitation in Xinjiang and the Yangtze River Basin increase the risk of heat damage to cotton. The continuous decline of commercial cotton inventory and the approaching peak season of cotton textile provide support for cotton prices [1]. Inventory and Warehouse Receipts - The number of Zhengzhou sugar warehouse receipts is 15385.0, with a change of - 1.09%. The number of Zhengzhou cotton warehouse receipts is 7104.0, with a change of - 1.31% [2]. Data Overview - **Foreign Market Quotes**: On August 25, 2025, the price of US sugar was 16.39 dollars, down 0.30% from the previous day; the price of US cotton was 67.38 dollars, down 0.91% [4]. - **Spot Prices**: From August 22 to 25, 2025, the price of Nanning sugar remained unchanged at 5970.0 yuan; the price of Kunming sugar rose from 5855.0 yuan to 5860.0 yuan, an increase of 0.09%; the cotton index 328 decreased from 3281 to 3280, a decrease of 0.05%; the price of Xinjiang cotton rose from 15050.0 yuan to 15100.0 yuan, an increase of 0.33% [4]. - **Price Difference Overview**: From August 24 to 25, 2025, the price differences of SR01 - 05, SR05 - 09, SR09 - 01, CF01 - 05, CF05 - 09, and CF09 - 01 all changed to varying degrees, with the largest increase of 22.11% and the largest decrease of 42.86%. The basis of sugar and cotton contracts also changed, with the largest increase of 8.53% and the largest decrease of 8.08% [4]. - **Import Prices**: From August 22 to 25, 2025, the price of cotton cotlookA remained unchanged at 78.9 [4]. - **Profit Margins**: From August 22 to 25, 2025, the profit from sugar imports remained unchanged at 1515.0 [4]. - **Options**: For options such as SR601C5700, SR601P5700, CF601C14200, and CF601P14200, the implied volatility and historical volatility of the underlying futures are provided [4]. - **Inventory and Warehouse Receipts**: From August 22 to 25, 2025, the number of sugar warehouse receipts decreased from 15555.0 to 15385.0, a decrease of 1.09%; the number of cotton warehouse receipts decreased from 7198.0 to 7104.0, a decrease of 1.31% [4]. Strategy Suggestion - It is recommended to mainly adopt a wait - and - see strategy [3].

Report Industry Investment Ratings - PX: Bullish trend, recommend long on dips and focus on the 11-1 calendar spread [1][3] - PTA: Bullish trend, recommend long on dips, basis and calendar spread long positions, and long PTA short PX (11 contract) [1][4] - MEG: Bullish trend in the short term, but faces significant resistance above 4600, recommend 1-5 reverse calendar spread [1][5] Core Viewpoints - The PX-MX spread has further widened, potentially boosting short - term PX supply. The polyester terminal is strengthening, and PX supply - demand is tight, leading to a positive feedback pattern [1][2][3] - PTA is in a de - stocking pattern in August. Demand is seasonally improving, and the PTA basis and calendar spread have strengthened [4] - Domestic MEG plants' maintenance is mostly over, with increased operating loads. Although port inventory is decreasing, the 01 contract still faces supply increase pressure in October [5] Summary by Related Catalogs Market Data - **Futures Prices**: PX, PTA, and SC futures prices rose slightly yesterday, with PX up 0.11%, PTA up 0.16%, and SC up 0.55%. PF futures price remained unchanged, and MEG rose 0.02% [1] - **Futures Calendar Spreads**: PX9 - 1, PTA9 - 1, PF9 - 1, and SC9 - 10 calendar spreads decreased, while MEG9 - 1 remained unchanged [1] - **Spot Prices**: PX CFR China, PTA East China, and Dated Brent spot prices rose, while MEG spot and MOPJ naphtha prices fell [1] - **Spot Processing Margins**: PX - naphtha, PTA, and short - fiber processing margins increased, while bottle - chip processing margin decreased, and MOPJ naphtha - Dubai crude oil spread remained unchanged [1] Market Dynamics - On August 22, the PX - MX spread in Asia reached a more than five - year high of $166.83/ton [2] - In July, China's PX imports increased by about 2.18% month - on - month to 782,045 tons. Imports from Singapore soared 69% to 25,032 tons, and those from South Korea increased slightly by 0.32% to 359,509 tons. Imports from Brunei increased by 5% to 107,761 tons, while imports from Unv1 decreased by 31.59% to 77,983 tons, and those from Japan decreased by 11.75% to 111,767 tons [2][3] - On August 22, there were bids, offers, and 6 transactions for PX cargoes to be delivered in October and November in the Asian PX Platts closing market assessment [3] Trend Intensity - PX, PTA, and MEG all have a trend intensity of 1, indicating a bullish - biased trend [3] Views and Suggestions - **PX**: Bullish trend, long on dips, focus on the 11 - 1 calendar spread. PX followed PTA's rise due to PTA plant outages, and the PX - MX spread is widening. The polyester peak season is coming, and raw material price - rising ability is strong [3] - **PTA**: Bullish price, long on dips. Basis and calendar spread long positions. Long PTA short PX (11 contract). PTA plant operating rates decreased this week, and it entered a de - stocking pattern in August. Demand is seasonally improving [4] - **MEG**: Bullish in the short term but faces resistance above 4600. Domestic plants' operating loads have increased, port inventory is decreasing, but the 01 contract faces supply increase pressure in October. Recommend 1 - 5 reverse calendar spread [5]

Report Industry Investment Ratings - No industry investment ratings are provided in the report. Core Views - Iron ore's short - term valuation is still supported by macro and micro factors [2][4]. - Rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, and coking coal are expected to have wide - range fluctuations [2][7][8][12][15]. - Logs are expected to fluctuate repeatedly [2][18]. Summaries by Related Catalogs Iron Ore - **Fundamental Data**: Futures price closed at 770 yuan/ton, down 2.5 yuan or 0.32%, and the position increased by 1,051 lots to 452,625 lots. Imported ore prices generally declined, and some domestic ore prices remained stable. Basis and spreads had various changes [4]. - **Macro and Industry News**: Activity at the SimFer mine site is suspended due to a fatal incident. Fed Chair Powell indicated a possible September rate cut [5]. - **Trend Intensity**: The trend intensity is 2, indicating a strong bullish view [6]. Rebar and Hot - Rolled Coil - **Fundamental Data**: Rebar RB2510 closed at 3,119 yuan/ton, down 11 yuan or 0.35%, with a position decrease of 46,508 lots. Hot - rolled coil HC2510 closed at 3,361 yuan/ton, down 29 yuan or 0.86%, with a position decrease of 49,335 lots. Spot prices mostly declined, and basis and spreads also changed [8]. - **Macro and Industry News**: In the week of August 21, rebar production decreased by 5.8 tons, hot - rolled coil production increased by 9.65 tons. In July, national crude steel production was 79.66 million tons, down 4.0% year - on - year [9][10]. - **Trend Intensity**: The trend intensity for both rebar and hot - rolled coil is 0, indicating a neutral view [10]. Ferrosilicon and Silicomanganese - **Fundamental Data**: Ferrosilicon 2511 closed at 5,642 yuan/ton, up 4 yuan. Silicomanganese 2511 closed at 5,820 yuan/ton, unchanged. Spot prices and various spreads had different changes [12]. - **Macro and Industry News**: On August 22, silicon 72 and 75 prices in different regions were reported, and silicon manganese 6517 prices decreased. From January to July, the average monthly import of South African manganese ore increased by 6.71% year - on - year [13]. - **Trend Intensity**: The trend intensity for both ferrosilicon and silicomanganese is 0, indicating a neutral view [14]. Coke and Coking Coal - **Fundamental Data**: Coking coal JM2601 closed at 1,162 yuan/ton, up 15 yuan. Coke J2601 closed at 1,678.5 yuan/ton, up 14.5 yuan. Spot prices and basis had various changes [15]. - **Macro and Industry News**: Fed Chair Powell indicated a possible September rate cut [16]. - **Trend Intensity**: The trend intensity for both coke and coking coal is 0, indicating a neutral view [17]. Logs - **Fundamental Data**: The 2509 contract's closing price decreased by 0.4% daily and 1.2% weekly. The 2511 contract's trading volume increased by 49.2% daily and 70% weekly. Spot prices of most log types remained stable [19]. - **Macro and Industry News**: Fed Chair Powell indicated a possible September rate cut [21]. - **Trend Intensity**: The trend intensity is 1, indicating a moderately bullish view [21].

Group 1 - The article discusses the intense competition and strategic maneuvers surrounding futures trading in the financial markets [1] - It highlights how a seemingly normal financial derivative can significantly impact bond markets, stock markets, and oil prices [1] - The underlying logic and mechanisms driving these market movements are explored [1]

Report Summary 1. Report Industry Investment Rating - No specific industry investment ratings are provided in the report. 2. Core Views - The report provides daily research on the black series futures, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and logs. The views on these commodities are as follows: - Iron ore: Macro - risk appetite has not significantly declined, and there is still support [2][5]. - Rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, and coking coal: All are expected to have wide - range fluctuations [2][8][9][13][16]. - Logs: Expected to fluctuate repeatedly [2][19]. 3. Summary by Commodity Iron Ore - **Fundamental Data**: The closing price of futures contract I2601 was 772.5 yuan/ton, up 3.5 yuan or 0.46%. The import and domestic spot prices mostly increased. The basis and spreads also showed certain changes [6]. - **News**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the scope of a 50% tariff on steel and aluminum imports, including hundreds of derivative products [6]. - **Trend Intensity**: 0, indicating a neutral trend [6]. Rebar and Hot - Rolled Coil - **Fundamental Data**: For rebar contract RB2510, the closing price was 3,121 yuan/ton, down 1 yuan or 0.03%. For hot - rolled coil contract HC2510, the closing price was 3,375 yuan/ton, down 15 yuan or 0.44%. Spot prices in different regions had minor changes, and the basis and spreads also varied [9]. - **News**: On August 21, steel production, inventory, and apparent demand data showed that the production of rebar decreased by 5.8 tons, while that of hot - rolled coil increased by 9.65 tons. In July 2025, national steel production data showed a decline in crude steel and pig iron production year - on - year, and an increase in steel production year - on - year [10][11]. - **Trend Intensity**: 0 for both rebar and hot - rolled coil, indicating a neutral trend [11]. Ferrosilicon and Silicomanganese - **Fundamental Data**: The futures prices of ferrosilicon and silicomanganese showed small changes. The spot prices of ferrosilicon and silicomanganese decreased, and the manganese ore price also decreased slightly. The price spreads had different changes [13]. - **News**: On August 21, the prices of different grades of ferrosilicon in various regions decreased, and the prices of silicomanganese also decreased. The export and import data of silicomanganese in July 2025 were also provided [14]. - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral trend [15]. Coke and Coking Coal - **Fundamental Data**: The closing price of coking coal contract JM2601 was 1147 yuan/ton, down 15.5 yuan or 1.3%. The closing price of coke contract J2601 was 1664 yuan/ton, down 14 yuan or 0.8%. The spot prices of coking coal and coke were mostly stable, and the basis and spreads changed [16]. - **News**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the scope of a 50% tariff on steel and aluminum imports, including hundreds of derivative products [17]. - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral trend [18]. Logs - **Fundamental Data**: The prices of different log contracts showed small fluctuations. The spot prices of most log varieties in Shandong and Jiangsu markets were stable [20]. - **News**: In July, the sales prices of commercial residential buildings in 70 large and medium - sized cities decreased month - on - month, and the year - on - year decline generally narrowed [22]. - **Trend Intensity**: 0, indicating a neutral trend [22].