Core Insights - The industrial silicon market is currently facing a "double weakness" in supply and demand, primarily due to rising costs in the southwest region during the dry season and weak downstream demand [1][2] - The market is experiencing a downward trend with futures fluctuating and spot prices slightly declining, indicating limited upward potential due to unchanged supply-demand fundamentals [1][2] Supply Summary - Increased production in the northwest region and falling prices are offsetting the impact of reduced production and stable prices in the southwest, leading to growing inventory pressure [2] - The northwest's new production and futures warehouse delivery are putting pressure on market prices, while the north's rising transportation costs due to lower temperatures are forcing spot prices down [2] - In the southwest, production costs have significantly increased due to the approaching dry season, causing companies to halt quotes or cautiously raise prices, but the ample supply limits price rebounds [2] Demand Summary - All three major downstream industries are showing weak performance, resulting in insufficient momentum for improving industrial silicon demand [2] - The aluminum alloy market remains stable in price but lacks demand, preventing any increase in procurement [2] - The organic silicon market is struggling with low prices and companies operating at a loss, leading to significantly lower operating rates compared to historical levels and reduced stocking willingness [2] - The polysilicon market's prices remain stable, but some companies are expected to cut production in November, which will be a key factor affecting industrial silicon demand in the short term [2] Price Summary - As of October 22, the national average price for industrial silicon is reported at 9174 yuan/ton, down 33 yuan/ton from the previous week [1][3] - Specific prices for different grades include 553 at 8708 yuan/ton (down 49 yuan), 441 at 9055 yuan/ton (down 37 yuan), and 421 at 9658 yuan/ton (down 14 yuan) [3] - Regional prices show Xinjiang at 8798 yuan/ton, Yunnan at 9753 yuan/ton, and Sichuan at 9950 yuan/ton [3] Freight Summary - The freight cost from Yili to Tianjin Port is 620 yuan/ton, while from Kunming to Huangpu Port it is 350 yuan/ton [5]

Core Viewpoint - The industrial silicon market is experiencing a "futures fluctuation and slight decline in spot prices" trend, with overall supply and demand showing weakness, leading to a challenging market environment [1][2]. Supply Analysis - Increased production in the northwest region and declining prices are offsetting the impact of reduced production and stable prices in the southwest region, resulting in growing inventory pressure [2]. - The northwest region's new production and futures warehouse delivery are putting pressure on market prices, while the north region faces increased transportation costs due to lower temperatures, forcing spot prices down [2]. - In the southwest region, rising production costs due to the approaching dry season have led companies to halt quotes or cautiously raise prices, but ample supply limits price rebounds [2]. Demand Analysis - All three major downstream industries are showing weak performance, lacking momentum for improvement in industrial silicon demand [2]. - The aluminum alloy market remains stable in price but experiences weak demand, hindering incremental purchases [2]. - The organic silicon market is struggling with low prices and companies operating at a loss, resulting in significantly lower operating rates compared to historical levels and reduced willingness to stock [2]. - The polysilicon market's prices remain stable, but some companies are expected to cut production in November, leading to low purchasing intentions, with production cuts being a key short-term factor affecting industrial silicon demand [2]. Market Overview - The industrial silicon market is currently in a "dual weakness" situation regarding supply and demand, with the core market dynamics being the conflict between rising costs in the southwest region and collectively weak downstream demand [2]. - The market's downward space is supported by cost factors, while the upward potential is limited due to the lack of substantial improvement in the supply-demand fundamentals [2].

Group 1: Report Investment Rating - No information provided Group 2: Core Views - This week, tin prices maintained a narrow - range oscillation after a pull - back from the high. The Fed officials sent dovish signals, slightly strengthening the expectation of interest rate cuts again. The gold price remained high, and market sentiment was still pessimistic. The supply side faced significant pressure due to continuous disruptions in domestic and overseas mines and ongoing maintenance of some domestic smelters. Demand in traditional consumer electronics and home appliances was weak, and the increase in emerging fields was uncertain. Overall, it was in a situation of weak supply and demand. Affected by macro - upward drivers and a large proportion of mine - end disturbances, tin is still regarded as a long - position asset. In the short term, enter the market on dips [2] Group 3: Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - Tin prices oscillated narrowly after a pull - back from the high. Macro factors included dovish Fed signals and strengthened interest - rate cut expectations, with high gold prices and pessimistic market sentiment. On the fundamental side, there were continuous disturbances in mines at home and abroad and maintenance of some domestic smelters, leading to supply - side pressure. Demand in traditional sectors was weak, and the increase in emerging fields was uncertain. Tin is considered a long - position asset, and short - term dip - buying is recommended [2] 1.3 Industrial Customer Operation Recommendations - **Price Volatility and Forecast**: The latest closing price of Shanghai tin is 280,750 yuan/ton, the monthly price range forecast is 265,000 - 290,000 yuan/ton, the current volatility is 19.31%, and the historical percentile of the current volatility is 49.6% [18] - **Risk Management Strategies**: For inventory management with high finished - product inventory and fear of price drops, sell 75% of Shanghai tin's main futures contract at around 288,000 yuan/ton and sell 25% of call options (SN2511C290000) when volatility is appropriate. For raw - material management with low raw - material inventory and fear of price increases, buy 50% of Shanghai tin's main futures contract at around 277,000 yuan/ton and sell 25% of put options (SN2511P270000) when volatility is appropriate [21] - **Import Profit and Loss and Processing Fees**: The tin import profit and loss is - 14,530.35 yuan/ton, with a weekly change of 4,721.03 yuan and a weekly decline of 24.52%. The 40% tin ore processing fee is 12,200 yuan/ton with no change, and the 60% tin ore processing fee is 10,050 yuan/ton with no change [21] Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Positive Information**: The US government shutdown has lasted for over half a month. On October 16, the US Senate's tenth vote on the temporary appropriation bill still failed to pass, and there is no sign of the shutdown ending in the short term [22] - **Negative Information**: Alphamin Resources increased its annual tin production forecast to 18,000 - 18,500 tons, with a 26.4% increase in the third - quarter output compared to the previous quarter and a 5.6% increase compared to the same period last year. The Indonesian president transferred six seized tin smelters to a state - owned enterprise. Cornish Metals plans to produce 49,000 tons of tin, 3,800 tons of copper, and 3,200 tons of zinc annually, with production expected to start in mid - 2028. Nathan Trotter started the construction of a secondary tin smelter in the US with an investment of $65 million [23][24][25] - **Spot Transaction Information**: The Shanghai Non - Ferrous tin ingot price is 281,000 yuan/ton, down 2.23% week - on - week. The 1 tin premium is 400 yuan/ton, up 60% week - on - week. The 40% tin concentrate price is 269,000 yuan/ton, down 2.32% week - on - week, and the 60% tin concentrate price is 273,000 yuan/ton, down 2.29% week - on - week. The prices of 60A and 63A solder bars also decreased [24] 2.2 Next Week's Important Events to Watch - China's Q3 GDP annual rate and the US September unadjusted CPI annual rate will be announced [27] Chapter 3: Market Interpretation 3.1 Price - Volume and Capital Interpretation - **Futures Price and Change**: The latest price of the Shanghai tin main contract is 280,750 yuan/ton, down 1.96% week - on - week; the Shanghai tin continuous - one contract is 281,180 yuan/ton, down 1.81% week - on - week; the Shanghai tin continuous - three contract is 281,350 yuan/ton, down 1.81% week - on - week; the LME tin 3M is $35,030/ton, down 0.91% week - on - week; the Shanghai - London ratio is 7.87, up 1.94% week - on - week [27] - **Inventory and Change**: The Shanghai tin warehouse receipts total 5,652 tons, down 2.7% week - on - week; the Shanghai tin inventory is 5,879 tons, down 8.55% week - on - week; the LME tin registered warehouse receipts are 2,505 tons, up 15.44% week - on - week; the LME tin cancelled warehouse receipts are 230 tons, down 4.17% week - on - week; the LME tin inventory is 2,575 tons, up 7.74% week - on - week; the social inventory is 9,644 tons, down 1.13% week - on - week [28] - **Domestic Market**: Tin prices oscillated narrowly this week, closing at 280,700 yuan/ton. Profitable positions were mainly long in net positions. The domestic basis and monthly - spread structure were stable, and the Shanghai tin term structure maintained a C - structure. The LME tin term structure maintained a B - structure, and the forward trading volume was small. The domestic - foreign spread was stable and oscillated narrowly [29][31][35] Chapter 4: Valuation and Profit Analysis 4.1 Upstream and Downstream Profit Tracking in the Industry Chain - Yunnan's tin ore processing fees have been hovering at historical lows, suppressing smelters' profits and production willingness [38] 4.2 Import and Export Profit Tracking - No specific profit - tracking content is summarized, mainly presenting import volume seasonal charts of Chinese tin ore and unforged non - alloy tin [40][41] Chapter 5: Supply - Demand and Inventory Deduction 5.1 Supply - Side and Deduction - Mine - end disturbances and smelter losses have brought significant pressure to the supply side [42] 5.2 Demand - Side and Deduction - No specific demand - side deduction content is summarized, mainly presenting seasonal charts of China's refined tin production, domestic recycled refined tin monthly production, SMM tin solder enterprise monthly starting rate, and tin ingot monthly apparent consumption [48][49]

Core Viewpoint - The reduction in imported canola seed from Canada due to anti-dumping investigations has significantly impacted China's canola seed imports, leading to low domestic crushing volumes and a potential shift in supply dynamics for canola meal and oil [1][4]. Group 1: Impact of Anti-Dumping Investigation - China's imports of canola seed have sharply decreased, with no imports expected in October and November, and only one shipment of 65,000 tons anticipated in December [1]. - The anti-dumping investigation has led to a theoretical profit margin exceeding 1,000 yuan for importing Canadian canola seeds, but the overall international canola prices are under pressure due to increased supply from new harvests [1][5]. - The relationship between China and Canada shows signs of improvement, which could lead to a potential cancellation of the anti-dumping investigation if trade conditions change [2]. Group 2: Supply and Demand Dynamics - From January to August, China imported 2.33 million tons of canola seed, a decrease from 3.42 million tons in the same period last year, with a significant drop in imports from Canada [3]. - The import of canola meal has not declined despite the reduction in canola seed imports, with a notable increase in imports from Dubai and India [4]. - The domestic demand for canola meal is expected to remain stable, with the supply being sufficient to meet the needs despite the seasonal decline in consumption during the fourth quarter [4]. Group 3: International Market Trends - The USDA forecasts a global canola seed production of 89.54 million tons for the 2025/2026 season, which is a slight decrease from previous estimates but still represents a historical high [5]. - International canola prices are under pressure, particularly for Canadian canola, which is experiencing a more significant price drop compared to other major producing regions [5].

Group 1: Report Title and Date - Energy Chemicals Pure Benzene & Styrene Daily Report, published on October 16, 2025 [1] Group 2: Daily Market Summary - Fundamentals - On October 15, the main styrene contract closed down 0.06% at 6,540 yuan/ton, with a basis of 0 (-41 yuan/ton); the main pure benzene contract closed down 0.32% at 5,579 yuan/ton [2] - On October 15, Brent crude closed at $58.7 per barrel (-$0.8 per barrel), and WTI crude closed at $62.4 per barrel (-$0.9 per barrel). The spot price of pure benzene in East China was 5,590 yuan/ton (-35 yuan/ton) [2] - Styrene port inventory was 19.7 tons (-0.5 tons), a 2.7% decline; pure benzene port inventory was 9.1 tons (-1.5 tons), a 14.2% decline [2] - Styrene maintenance units started to resume, with the production rate and supply increasing month-on-month. Currently, the weekly styrene output is 34.8 tons (+1.1 tons), and the factory capacity utilization rate is 73.6% (+2.4%) [2] - The operating rates of downstream 3S varied, with overall demand weakening. The EPS capacity utilization rate was 40.7% (-2.4%), the ABS capacity utilization rate was 72.5% (+1.5%), and the PS capacity utilization rate was 54.6% (-1.7%) [2] Group 3: Daily Market Summary - Views - Pure benzene: On the supply side, the operating rate of petroleum benzene units increased slightly, and the load of hydrobenzene units decreased slightly but had limited impact. Overall, the pure benzene output increased slightly month-on-month. On the demand side, the operating rates of downstream styrene, caprolactam, aniline, and adipic acid units increased to varying degrees, and phenol remained stable, driving the overall weighted operating rate of downstream products to increase month-on-month. However, the recovery of terminal demand was still insufficient. The inventory at East China ports continued to decline slightly, although it was still at a relatively high level. Affected by the weakening of international oil prices and the pressure on downstream product prices, the processing profit of petroleum benzene remained in a low range. Looking ahead to this week, some petroleum benzene and hydrobenzene units are planned to restart, and the supply of pure benzene may continue to increase. In October, new styrene, caprolactam, and phenol units are about to be put into operation, and although the calculated demand has increased, due to styrene maintenance and the reduction of some downstream loads, the overall boost is limited. The external oil price dropped significantly due to the US plan to impose tariffs, weakening the cost support. In the short term, pure benzene may continue to fluctuate weakly [2] - Styrene: On the supply side, two units of Zhejiang Petrochemical restarted, and the load of some units in South China increased, resulting in a month-on-month increase in overall output. On the demand side, the operating rates of EPS, PS, and ABS units decreased, terminal consumption continued to be weak, and spot transactions were light. The inventory at factories and ports continued to decline month-on-month, but the high-level pressure had not been fully released. Affected by the decline in the prices of pure benzene and ethylene, the non-integrated cost decreased, and the profit repair was limited. In the short term, the shutdown and maintenance of units at Jingbosidarei, Anhui Jiaxi, and Guangzhou Petrochemical will partially offset the increase from the restart of Zhejiang Petrochemical, and the capacity utilization rate may increase slightly this week. In October, about 1.2 million tons of new styrene production capacity is still planned to be put into operation, while new downstream EPS, PS, and ABS units are concentrated in November - December, and the supply-demand mismatch may further intensify. The downstream profit is low, and the finished product inventory is high, limiting the demand recovery. Affected by the expectation of US tariff increases, international oil prices weakened, and the cost-side support weakened. In the short term, styrene may continue to fluctuate weakly [2] Group 4: Industrial Chain Data Monitoring - Prices - From October 13 to 14, 2025, the main styrene futures contract decreased from 6,690.0 to 6,544.0 yuan/ton, a 2.18% decline; the styrene spot price remained unchanged at 7,020.0 yuan/ton; the styrene basis increased from 15.0 to 41.0 yuan/ton, a 173.33% increase [4] - The main pure benzene futures contract decreased from 5,682.0 to 5,597.0 yuan/ton, a 1.50% decline; the pure benzene price in East China decreased from 5,710.0 to 5,625.0 yuan/ton, a 1.49% decline; the FOB price of pure benzene in South Korea decreased from 689.6 to 673.0 dollars/ton, a 2.41% decline; the FOB price of pure benzene in the US decreased from 759.6 to 747.5 dollars/ton, a 1.59% decline; the CFR price of pure benzene in China decreased from 703.1 to 688.0 dollars/ton, a 2.15% decline [4] - The spread between domestic pure benzene and CFR increased from -317.9 to -276.2 yuan/ton, a 13.11% increase; the spread between pure benzene in East China and Shandong decreased from -190.0 to -225.0 yuan/ton, an 18.42% decline [4] - Brent crude increased from 58.9 to 59.5 dollars/ton, a 1.00% increase; WTI crude increased from 62.7 to 63.3 dollars/ton, a 0.94% increase; naphtha remained unchanged at 7,411.5 yuan/ton [4] Group 5: Industrial Chain Data Monitoring - Production and Inventory - From October 3 to 10, 2025, the styrene production in China increased from 33.6 to 34.8 tons, a 3.32% increase; the pure benzene production in China increased from 45.7 to 46.0 tons, a 0.70% increase [5] - The styrene port inventory in Jiangsu increased from 19.8 to 20.2 tons, a 2.23% increase; the domestic styrene factory inventory decreased from 20.3 to 19.4 tons, a 4.63% decline; the national pure benzene port inventory decreased from 10.6 to 9.1 tons, a 14.15% decline [5] Group 6: Industrial Chain Data Monitoring - Operating Rates - From October 3 to 10, 2025, the capacity utilization rate of styrene among pure benzene downstream increased from 71.2% to 73.6%, a 2.37% increase; the capacity utilization rate of caprolactam remained unchanged at 96.0%; the capacity utilization rate of phenol decreased from 78.7% to 78.3%, a 0.34% decline; the capacity utilization rate of aniline increased from 76.0% to 77.2%, a 1.12% increase [6] - Among styrene downstream, the EPS capacity utilization rate decreased from 43.1% to 40.7%, a 2.37% decline; the ABS capacity utilization rate increased from 71.0% to 72.5%, a 1.50% increase; the PS capacity utilization rate decreased from 56.3% to 54.6%, a 1.70% decline [6] Group 7: Industry News - OPEC+ production in September increased by 400,000 barrels per day month-on-month, with Saudi Arabia contributing an increase of 320,000 barrels per day. After the resumption of oil exports from the Iraqi Kurdistan region, production in October may further recover [7] - US refineries entered autumn maintenance, and refined oil demand declined seasonally. EIA data showed that US crude oil inventories increased by 3.7 million barrels last week, exceeding expectations [7] - Israel and Hamas reached a ceasefire agreement, the tense situation in the Middle East eased, and the geopolitical premium of crude oil continued to subside [7] Group 8: Industrial Chain Data Charts - The report includes charts on pure benzene price, styrene price, styrene - pure benzene spread, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, aniline weekly capacity utilization rate, caprolactam weekly capacity utilization rate, and phenol weekly capacity utilization rate [8][12][15]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the given content. 2) Core Views - For building materials (成材): Expected to move in a range with a downward - shifting center of gravity, and run in a weak and volatile manner. 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 price support. The view is for volatile consolidation [1][3]. - For aluminum ingots: The price is expected to run in a short - term range. In the short term, the fundamentals are stable, but macro - overseas interference events repeatedly affect market sentiment. The price is currently in a high - level shock, and future attention should be paid to the inventory - consumption trend [4]. 3) Summary by Related Catalogs Building Materials - Production suspension impact: Yunnan - Guizhou short - process building steel enterprises' production suspension during the Spring Festival is expected to affect a total of 741,000 tons of building steel production. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most of the rest will stop production around mid - January, with a daily production impact of about 16,200 tons during the suspension period [2][3]. - Real estate transaction data: 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 40.3% decrease from the previous period and a 43.2% increase year - on - year [3]. - Market situation: The price continued to decline in a volatile manner yesterday, reaching a new low recently. The market is in a situation of weak supply and demand, with no significant highlights in the near term, and this year's winter storage is sluggish, providing little support for prices [3]. - Later focus: Macro - policies and downstream demand [3]. Aluminum - Supply - side situation: After entering October, due to the peak season of downstream processed materials demand, the proportion of direct aluminum water supply is expected to increase, resulting in low aluminum ingot production and reduced market supply, which supports the aluminum price [3]. - Demand - side situation: In early October, the overall performance of the aluminum processing industry was in line with seasonal characteristics, but there was obvious internal differentiation. The overall industry showed resilience, but the "Golden September and Silver October" in the demand side was lackluster, and the high aluminum price and order differentiation restricted the short - term upward space of the operating rate. High prices will gradually suppress downstream purchasing, leading to a marginal weakening of demand and limiting the upward space of aluminum prices [3]. - Inventory data: On October 13, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 650,000 tons, an increase of 1,000 tons from last Thursday and 58,000 tons from last Monday [3]. - Later focus: Macro - expectations, geopolitical crises, mine resumption, and consumption release [4].

Report Summary 1) Industry Investment Rating - No industry investment rating is provided in the report. 2) Core Viewpoint - The steel price of rebar is expected to continue the trend of oscillating to find the bottom, and attention should be paid to the demand performance. The industrial contradictions are accumulating, and the steel price is oscillating to find the bottom. The rebar 2601 is expected to be weak in the short - term and intraday, and oscillating in the medium - term, and attention should be paid to the pressure at the MA5 line [1][2]. 3) Summary by Related Contents a. Variety Viewpoint Reference - For rebar 2601, the short - term view is weakly oscillating, the medium - term view is oscillating, and the intraday view is weakly oscillating. The reference is to pay attention to the pressure at the MA5 line. The core logic is the accumulation of industrial contradictions and the steel price oscillating to find the bottom. The time - cycle definitions are: short - term is within one week, and medium - term is from two weeks to one month. The definitions of price trends are: for varieties with night trading, the starting price is the night - trading closing price, and for those without, it's the previous day's closing price, with the day - trading closing price as the end price; a decline greater than 1% is a fall, a decline of 0 - 1% is weakly oscillating, a rise of 0 - 1% is strongly oscillating, and a rise greater than 1% is an increase. The strong/weak oscillation only applies to intraday views [1]. b. Market Driving Logic - Rebar shows a pattern of weak supply and demand. The production of construction steel mills is weakening, with output continuously falling to a relatively low level, but inventory is high, and the motivation for production reduction during the peak season is not strong, so the positive effect on the supply side is limited. Meanwhile, affected by holidays, the demand is weak, the downstream situation has not improved, and the peak - season performance is expected to be poor. The weak demand is pressuring the steel price. Currently, the fundamentals of rebar are running weakly, industrial contradictions are continuously accumulating, and there is great pressure to reduce inventory under weak demand, so the steel price continues to be under pressure. The relatively positive factor is cost support [2].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The short - term view of rebar 2601 is weak and volatile, the medium - term view is volatile, and the intraday view is also weak and volatile. It is recommended to pay attention to the pressure at the MA20 line. The core logic is the accumulation of industrial contradictions and the steel price is seeking the bottom weakly [1]. - Under the double - weak situation of supply and demand, the industrial contradictions continue to accumulate, the inventory increases significantly during the holiday, the steel price is under pressure again, and the steel price is expected to continue the volatile bottom - seeking trend in the short term. It is necessary to pay attention to the demand recovery after the holiday [2]. 3. Summary by Related Contents 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term is weak and volatile, the medium - term is volatile, and the intraday is weak and volatile. The reference view is to pay attention to the pressure at the MA20 line, and the core logic is the accumulation of industrial contradictions and the steel price is seeking the bottom weakly [1]. 3.2 Market Driving Logic - Due to tariff disturbances, market sentiment has weakened, and the spot price of steel has fallen over the weekend. Rebar continues the double - weak situation of supply and demand. The production of construction steel mills is weakening, supply is shrinking, but the reduction space in the peak season is questionable, and the inventory is relatively high, so the positive effect is not strong. - Affected by the holiday, demand is weak, and there is no improvement in the downstream. The quality of the peak season needs to be tracked. - Currently, rebar supply is shrinking and demand is weak. Under the double - weak situation, industrial contradictions continue to accumulate. The inventory has increased significantly during the holiday, and the steel price is under pressure again. The relative positive factor is cost support. In the short term, the weak sentiment dominates, and the steel price is expected to continue the volatile bottom - seeking trend. It is necessary to pay attention to the demand recovery after the holiday [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The short - term market shows a pattern of weak supply and demand, and prices will maintain a volatile trend. In the medium - to - long - term, attention should be paid to supply disruptions under safety requirements and the replenishment demand of non - power coal [2] Summary by Related Catalogs Market Analysis Price and Spread - As of October 11, the Yulin 5800 - calorie index was 567.0 yuan/ton, down 16 yuan/ton week - on - week; the Ordos 5500 - calorie index was 510.0 yuan/ton, down 13 yuan/ton week - on - week; the Datong 5500 - calorie index was 575.0 yuan/ton, up 5 yuan/ton week - on - week. The CCI Import 4700 index was reported at 70.0 US dollars/ton, up 0.3 US dollars/ton week - on - week, and the CCI Import 3800 index was reported at 54.3 US dollars/ton, up 0.5 US dollars/ton week - on - week [1][5] Supply - In the producing areas, coal mines have resumed production relatively quickly but have not reached full - load production. The import coal market remained stable overall, and quotes were firm due to the rainy season in Indonesia [1][8] Consumption - In the short term, there is insufficient demand support for coal prices. In the medium - to - long - term, the pattern of loose supply remains unchanged, and attention should be paid to the consumption and replenishment of non - power coal [2][9] Inventory - As of October 11, the total inventory of northern ports was 23.37 million tons, an increase of 2.06 million tons from the previous week. The coal inventory of 6 coastal power plants was 14.19 million tons, a month - on - month increase of 58,000 tons; the average available days were 16 days, a month - on - month decrease of 1 day; the daily consumption of 6 coastal power plants was 867,000 tons, a month - on - month increase of 54,000 tons [1][12] Strategy - Not provided

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - During the holiday, both supply and demand of rebar weakened. Supply contracted with a weekly output decrease of 36200 tons, but the reduction space during the peak season is doubtful and inventory is high, so the positive effect is limited. Demand was weak with a decline in weekly apparent demand and high - frequency indicators at low levels in recent years. Weak demand will continue to suppress steel prices. The industry contradiction has been accumulating under the situation of weak supply and demand, inventory increased significantly during the holiday, and steel prices are under pressure. The cost support is relatively positive, and the subsequent trend is expected to continue to fluctuate at a low level. Attention should be paid to the post - holiday demand performance [3]. 3. Summary According to Related Catalogs Supply - The weekly output of rebar was 2.034 million tons, a decrease of 36200 tons compared with the previous week and 328600 tons compared with the same period. The blast furnace capacity utilization rate was 90.55%, a decrease of 0.10 percentage points compared with the previous week and an increase of 3.04 percentage points compared with the same period [1]. Demand - The weekly apparent demand for rebar was 146000 tons, a decrease of 95070 tons compared with the previous week and 102500 tons compared with the same period. The weekly average of steel union building materials transactions was 11990 tons, an increase of 1880 tons compared with the previous week and a decrease of 1240 tons compared with the same period [1]. Inventory - The total inventory of rebar was 659650 tons, an increase of 57400 tons compared with the previous week and 218800 tons compared with the same period. The in - plant inventory was 192340 tons, an increase of 33430 tons compared with the previous week and 53870 tons compared with the same period. The social inventory was 467310 tons, an increase of 23970 tons compared with the previous week and 164930 tons compared with the same period [1].