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

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, steel and ore prices weakened. After the macro - impact subsided, the market focus returned to fundamentals. The lack of improvement in terminal consumption directly hit the black - metal industry chain. Both steel products showed a pattern of weak supply and demand. The weekly production of rebar and hot - rolled coils decreased, and the apparent demand continued to decline, which dampened market confidence. Notably, iron ore weakened significantly this week. The negative feedback from the weak terminal demand was finally transmitted to iron ore, with a large accumulation of port inventories and a significant drop in molten iron production, resulting in iron ore performing weaker than steel products. Looking ahead, given the unfavorable domestic policies and external export conditions, terminal demand is unlikely to improve. The report maintains the view that the pattern of the off - peak season during the peak period for terminals may continue, and with no significant reduction in supply, the overall steel and ore market will remain weak [57] 3. Summary by Directory 3.1 Raw Material Market Condition Analysis - **One - week Data Changes**: PB powder price decreased from 803 yuan/wet ton to 773 yuan/wet ton, a drop of 30 yuan; Ba Hun powder price decreased from 840 yuan/wet ton to 814 yuan/wet ton, a drop of 26 yuan. PB powder spot landing profit increased from - 15.51 yuan/wet ton to - 9.32 yuan/wet ton, an increase of 6.19 yuan; Ba Hun powder spot landing profit increased from 8.41 yuan/wet ton to 19.75 yuan/wet ton, an increase of 11.34 yuan. Australia's shipments to China decreased from 1625.3 tons to 1544.8 tons, a decrease of 80.5 tons; Brazil's shipments decreased from 925.1 tons to 856 tons, a decrease of 69.1 tons. Imported iron ore port inventory increased from 15272.93 tons to 15624.13 tons, an increase of 351.2 tons; imported iron ore arrival volume increased from 2084.3 tons to 3314.1 tons, an increase of 1229.8 tons; imported iron ore port clearance volume increased from 331.22 tons to 335.55 tons, an increase of 4.33 tons. Iron ore port daily trading volume increased from 79.6 tons to 125.8 tons, an increase of 46.2 tons; daily molten iron production decreased from 236.36 tons to 234.22 tons, a decrease of 2.14 tons; steel enterprise profitability rate decreased from 45.02% to 39.83%, a decrease of 5.19 percentage points [6] 3.2 Market Current Situation Analysis - **One - week Data Changes**: Shanghai rebar price decreased from 3230 yuan/ton to 3190 yuan/ton, a drop of 40 yuan; Shanghai hot - rolled coil price decreased from 3330 yuan/ton to 3260 yuan/ton, a drop of 70 yuan. Blast furnace operating rate increased from 81.75% to 83.13%, an increase of 1.38 percentage points; electric furnace operating rate decreased from 68.83% to 67.03%, a decrease of 1.8 percentage points. Rebar blast furnace profit increased from - 57 yuan/ton to - 39 yuan/ton, an increase of 18 yuan; hot - rolled coil blast furnace profit increased from - 114 yuan/ton to - 80 yuan/ton, an increase of 34 yuan; rebar electric furnace profit decreased from - 139 yuan/ton to - 164 yuan/ton, a decrease of 25 yuan. Weekly rebar production decreased from 212.59 tons to 208.54 tons, a decrease of 4.05 tons; weekly hot - rolled coil production decreased from 323.56 tons to 318.16 tons, a decrease of 5.4 tons. Weekly rebar social inventory decreased from 430.81 tons to 425.7 tons, a decrease of 5.11 tons; weekly rebar enterprise inventory decreased from 171.71 tons to 166.84 tons, a decrease of 4.87 tons. Weekly hot - rolled coil social inventory increased from 328.93 tons to 333.02 tons, an increase of 4.09 tons; weekly hot - rolled coil enterprise inventory decreased from 77.66 tons to 77.43 tons, a decrease of 0.23 tons. Weekly rebar apparent consumption decreased from 232.19 tons to 218.52 tons, a decrease of 13.67 tons; weekly hot - rolled coil apparent consumption decreased from 331.89 tons to 314.3 tons, a decrease of 17.59 tons. Building materials trading volume decreased from 89930 tons to 87098 tons, a decrease of 2832 tons [29][31] 3.3 Supply - Demand Data Analysis - **Operating Rates**: Blast furnace and electric furnace operating rates are presented, with the blast furnace operating rate increasing and the electric furnace operating rate decreasing this week [29] - **Production Volumes**: The weekly production of rebar and hot - rolled coils in Chinese steel enterprises shows a decreasing trend [29] - **Profits**: The profits of rebar and hot - rolled coils in blast furnaces increased, while the profit of rebar in electric furnaces decreased [29] - **Inventories**: The social and enterprise inventories of rebar decreased, while the social inventory of hot - rolled coils increased and the enterprise inventory decreased [31] - **Apparent Consumption**: The weekly apparent consumption of both rebar and hot - rolled coils decreased [31] - **Trading Volumes**: The trading volume of building materials decreased [31] - **Export Volumes**: The monthly export volume of steel products in China is presented [53] - **Real Estate Indicators**: The report shows the cumulative year - on - year changes in real estate investment, sales area, new construction area, construction area, completion area, etc. [54][55] - **Manufacturing PMI**: The monthly value of the manufacturing PMI in China is presented [56]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Steel products may show a volatile trend after challenging the previous low support level, as the arrival volume of iron ore at ports has increased significantly, port inventories are accumulating, iron ore valuations are relatively high, the consumption demand for finished products has entered the off - season, and the subsequent improvement in apparent demand is difficult. Additionally, recent macro - sentiment has weakened, and iron ore prices have declined while coking coal prices have corrected [3]. - The iron ore market is in a short - term pattern of "exhausted macro - benefits and pressured fundamentals". With high global shipments, accumulating port inventories, shrinking steel mill profits, falling hot metal production, and high finished product inventory pressure, the upside potential for iron ore prices is limited [22]. - The demand for coking coal and coke has reached a phased peak, and short - term prices may face adjustments. However, in the long - term, due to policies restricting coking coal supply elasticity and upcoming winter storage, the downward adjustment space for coking coal spot prices may be limited. If coking coal supply tightens in the fourth quarter and winter storage demand is released in mid - to late November, the overall valuation center of the black industry may rise [34]. - Ferroalloys are expected to be volatile, as they have returned to the fundamentals of high inventory and weak demand after the macro - sentiment subsided, but are supported by the cost side [46]. - The rigid demand for soda ash is expected to weaken due to the renewed expectation of glass cold repair. Although the cost side is expected to be firm, without production cuts, the valuation has limited upward elasticity. The medium - to long - term supply of soda ash is expected to remain high, and the upper - and middle - stream inventories are high, restricting prices, but there is cost support below [55]. - The coal - to - gas conversion in Shahe will be gradually implemented this month, which may affect market supply and sentiment, but its impact is considered limited as the off - season approaches and the middle - stream inventory is high. The 01 contract of glass may continue to be highly contested until near delivery. Structurally, without unexpected production cuts, the price of the 01 contract of glass will tend to decline, but with cost support and policy expectations in the long - term [83]. Summary by Relevant Catalogs Steel Products - **Prices and Spreads**: - On November 7, 2025, the closing prices of螺纹钢01, 05, and 10 contracts were 3034, 3095, and 3132 yuan/ton respectively, with corresponding price changes compared to November 6. The closing prices of热卷01, 05, and 10 contracts were 3245, 3254, and 3276 yuan/ton respectively [4]. - The spot prices of螺纹钢 and热卷 in different regions also showed certain changes on November 7 compared to November 6. For example, the汇总 price of螺纹钢 in China was 3226 yuan/ton, and the汇总 price of热卷 in Shanghai was 3260 yuan/ton [10][12]. - The卷螺差 and基差 of螺纹 steel and hot - rolled coils also had corresponding values and changes [16][10]. - The ratios of螺纹/铁矿 and螺纹/焦炭 remained stable on November 7 compared to November 6 [19]. Iron Ore - **Prices and Spreads**: - On November 7, 2025, the closing prices of iron ore 01, 05, and 09 contracts were 760.5, 740, and 722 yuan/ton respectively, with corresponding基差 values. The prices of different iron ore varieties such as日照PB粉,日照卡粉, and日照超特 also decreased compared to November 6 [23]. - **Fundamentals**: - The日均铁水产量 was 234.22 million tons on November 7, showing a decreasing trend compared to previous periods. The 45港到港量 increased significantly, and the 45港库存 also continued to accumulate [27]. Coking Coal and Coke - **Prices and Spreads**: - On November 7, 2025, the仓单 costs and基差 of coking coal from different sources (such as唐山蒙5,口岸蒙5, etc.) and coke (such as日照港湿熄,晋中湿熄, etc.) had corresponding values and changes [37]. - The期货月差 of coking coal and coke also showed certain trends [37]. - **Fundamentals**: - The即期焦化利润 improved slightly, but most coking plants still suffered serious losses. The demand for coking coal and coke has reached a phased peak, and the number of steel mills under maintenance has increased [34]. Ferroalloys - **Silicon Iron**: - On November 7, 2025, the硅铁基差 in Ningxia was - 26, and the spot prices in different regions such as Ningxia, Inner Mongolia, etc. remained stable or decreased slightly compared to previous periods. The仓单 quantity increased [46]. - **Silicon Manganese**: - The硅锰基差 in Inner Mongolia was 210 on November 7, and the spot prices in different regions also showed certain changes. The仓单 quantity increased significantly [48]. Soda Ash - **Prices and Spreads**: - On November 7, 2025, the closing prices of纯碱01, 05, and 09 contracts were 1210, 1294, and 1363 yuan/ton respectively, with corresponding月差 values. The基差 values in different regions such as沙河 and Qinghai also changed [56]. - The重碱 and轻碱 market prices in different regions had corresponding values on November 7, and the价差 between重碱 and轻碱 also varied by region [59]. - **Fundamentals**: - The glass cold - repair expectation may lead to a weakening of the rigid demand for soda ash. The supply of soda ash is expected to remain high in the medium - to long - term, and the upper - and middle - stream inventories are high [55]. Glass - **Prices and Spreads**: - On November 7, 2025, the closing prices of玻璃01, 05, and 09 contracts were 1091, 1225, and 1315 yuan/ton respectively, with corresponding月差 values. The基差 values in different regions such as Shahe and Hubei also changed [84]. - **Fundamentals**: - The coal - to - gas conversion in Shahe may affect market supply and sentiment, but the impact is limited due to the approaching off - season and high middle - stream inventory. The 01 contract of glass may continue to be highly contested until near delivery [83].

Report Industry Investment Rating No relevant content provided. Core Views - The overall finished steel is supported by raw material costs and the warming of macro - sentiment, but consumption demand has entered the off - season, and it is difficult for subsequent apparent demand to rebound. It is expected that the finished steel will fluctuate and adjust [3]. - The iron ore market is currently facing a situation of "exhausted macro - benefits and pressured fundamentals" in the short term. With supply remaining high, port inventories accumulating, and demand suppressed by shrinking steel mill profits and falling hot metal production, coupled with the strong coking coal squeezing profits, the upside space for iron ore prices is limited [20]. - Policy on checking over - production and safety production restricts the supply elasticity of coking coal. Coupled with the upcoming winter storage inventory transfer, the downward adjustment space for coking coal spot prices may be relatively limited. If the supply of coking coal continues to tighten in the fourth quarter and the winter storage demand is released in mid - to - late November, the overall valuation center of the black industry is expected to move up [33]. - After the landing of macro - sentiment, ferroalloys return to their fundamentals of high inventory and weak demand, but are supported by the cost side below. It is expected that ferroalloys will fluctuate [49]. - Soda ash is mainly priced by cost. Although the cost side is expected to be firm, with strong expectations for thermal coal and the current low and stable salt price (no trend - like increase has been seen), the valuation has no upward elasticity without production cuts. The medium - to - long - term supply of soda ash is expected to remain high, and normal maintenance continues. Photovoltaic glass has started to accumulate inventory at a low level, and daily melting remains stable. The overall rigid demand for soda ash has stabilized, and the heavy soda balance remains in surplus. In September, soda ash exports exceeded 180,000 tons, which met expectations and continued to relieve domestic pressure to some extent. The high inventory of the upstream and mid - stream restricts the price of soda ash, but the cost support below limits the downward space [60]. - The coal - to - gas conversion in Shahe will be gradually implemented this month, which may affect market supply and sentiment in the short term. However, with the arrival of the off - season and high inventory in the mid - stream, it is rationally considered that the impact is limited and needs to be observed. Currently, the position of the glass 01 contract has reached a new high, and the game may continue until near the delivery. There are still structural contradictions in glass. Without unexpected production cuts, the price of the 01 contract glass will eventually decline, but the realization path may wait until near the delivery. In the long - term, there is cost support and policy expectations [86]. Summary by Related Catalogs Steel - **Futures Prices and Spreads** - On November 3, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3079, 3145, and 3168 yuan/ton respectively; those of hot - rolled coil 01, 05, and 10 contracts were 3295, 3304, and 3324 yuan/ton respectively. Rebar and hot - rolled coil month - spreads remained mostly unchanged compared to October 31, 2025 [4]. - **Spot Prices and Basis** - On October 31, 2025, the rebar summary price in China was 3265 yuan/ton, and prices in different regions such as Shanghai, Beijing, and Hangzhou remained stable compared to October 30. The basis of different rebar contracts in Shanghai and Beijing also showed certain changes. For hot - rolled coil, prices in different regions such as Shanghai, Lecong, and Shenyang had some fluctuations, and the basis of different contracts also changed [8][10]. - **Other Ratios** - The 01, 05, and 10 rebar/iron ore ratios were all 4, and the 01, 05, and 10 rebar/coke ratios were all 2 on November 3, 2025, remaining unchanged compared to October 31 [17]. Iron Ore - **Price Data** - On November 3, 2025, the closing prices of 01, 05, and 09 contracts were 782.5, 760.5, and 740.5 respectively, showing a decline compared to October 31. The basis of each contract increased, and the prices of different types of iron ore in Rizhao such as PB powder, Carajás fines, and Super Special also had some changes [21]. - **Fundamental Data** - In late October 2025, daily average hot metal production decreased, 45 - port desilting volume increased, global and Australia - Brazil shipments increased, 45 - port arrivals increased significantly, 45 - port inventory increased, 247 - steel mill inventory decreased, and the available days of 247 steel mills decreased [27]. Coking Coal and Coke - **Disk Prices and Spreads** - On November 3, 2025, the coking coal warehouse - receipt cost of Tangshan Mongolian 5 remained unchanged, and the basis of different coking coal types and contracts had certain changes. For coke, the warehouse - receipt cost and basis of different regions and contracts also changed, and the month - spreads of coking coal and coke contracts showed some fluctuations [34][37]. - **Spot Prices and Profits** - On November 3, 2025, the prices of different types of coking coal such as Anze low - sulfur main coking coal and Mongolian 5 coal showed different trends, and the prices of different types of coke such as Jinzhong quasi - first - grade wet coke and Lvliang quasi - first - grade dry coke also had some changes. The import profits of different countries' coking coal and the export profit of coke also changed [38][39]. Ferroalloys - **Silicon Iron** - On November 3, 2025, the basis of silicon iron in Ningxia increased, and the month - spreads of different contracts showed certain changes. The spot prices of silicon iron in different regions such as Ningxia, Inner Mongolia, and Qinghai had some fluctuations, and the prices of raw materials such as semi - coke and steam coal remained stable [49]. - **Silicon Manganese** - On October 31, 2025, the basis of silicon manganese in Inner Mongolia increased, and the month - spreads of different contracts changed. The spot prices of silicon manganese in different regions such as Ningxia, Inner Mongolia, and Guizhou had some fluctuations, and the prices of raw materials such as ores and chemical coke remained stable [52]. Soda Ash - **Disk Prices and Spreads** - On November 3, 2025, the prices of soda ash 01, 05, and 09 contracts all declined compared to October 31. The month - spreads of different contracts also changed, and the basis of heavy soda in Shahe and Qinghai remained unchanged [61]. - **Spot Prices and Spreads** - The prices of heavy and light soda ash in different regions such as North China, South China, and East China remained stable on November 3, 2025, and the spreads between heavy and light soda ash in different regions also remained unchanged [62][64]. Glass - **Disk Prices and Spreads** - On November 3, 2025, the prices of glass 01, 05, and 09 contracts all increased compared to October 31. The month - spreads of different contracts changed, and the basis of different contracts in Shahe and Hubei also had some changes [87]. - **Daily Sales and Production** - From October 27 to November 2, 2025, the sales - to - production ratios of glass in Shahe, Hubei, East China, and South China showed different trends [88].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Steel prices are expected to rebound slightly. Although there is no substantial improvement in downstream consumption, there is an expectation of crude steel production cuts, and steel prices will fluctuate subsequently [3]. - The current iron ore market has a loose supply - demand balance, and prices are supported by macro - expectations. After the impact of macro events subsides, iron ore prices are expected to continue to be under pressure [23]. - Recently, due to downstream replenishment and reduced mine production in some areas, coking coal inventory has improved, and the spot market is tight. Coke prices may be strong in the short term, but potential negative feedback risks from the steel industry will limit the rebound height of coking coal and coke prices [35]. - Ferroalloys face a contradiction between high inventory and weak demand. There is a large de - stocking pressure, and the black negative feedback risk is increasing [52]. - Soda ash is mainly priced by cost. With high - level supply expectations and high inventories, the upside potential is limited, but there is cost support at the bottom [62]. - After the price cut of glass, sales have improved, but the high inventory of the middle - stream is being depleted slowly. If there is no real production cut, the price of the 01 contract may decline towards the delivery date, while there is cost support and policy expectations in the long - term [90]. 3. Summary by Relevant Catalogs Steel - **Futures prices and spreads**: On October 29, 2025, compared with the previous day, most steel futures contract prices increased, and some spreads changed. For example, the closing price of the rebar 01 contract was 3133 yuan/ton, up from 3091 yuan/ton on October 28 [4]. - **Spot prices and basis**: Rebar and hot - rolled coil spot prices in different regions showed slight changes. The basis of some contracts decreased, such as the 01 rebar basis in Shanghai, which decreased from 129 yuan/ton on October 28 to 107 yuan/ton on October 29 [9]. - **Other ratios**: Ratios such as the volume - rebar difference, rebar - iron ore ratio, and rebar - coke ratio remained relatively stable [16][20]. Iron Ore - **Price data**: On October 29, 2025, iron ore futures contract prices increased compared with the previous day, while the basis of some contracts decreased. For example, the 01 contract closing price was 804.5 yuan/ton, up 12 yuan/ton from the previous day, and the 01 basis decreased by 3 yuan/ton [24]. - **Fundamental data**: The average daily hot - metal production decreased slightly, the 45 - port inventory continued to accumulate, reaching 14423.59 tons, and the global shipping volume increased slightly [29]. Coking Coal and Coke - **Disk prices and spreads**: Coking coal and coke contract prices, basis, and spreads changed. For example, the coking coal 09 - 01 spread increased by 9.5 yuan/ton on October 29 compared with the previous day [40]. - **Spot prices and profits**: Coking coal and coke spot prices in different regions increased, and some import and production profits changed. The immediate coking profit increased from - 55 yuan/ton on October 28 to - 10 yuan/ton on October 29 [41]. Ferroalloys - **Silicon - iron data**: Silicon - iron basis, spreads, and spot prices changed. The silicon - iron basis in Ningxia decreased by 30 yuan/ton on October 29 compared with the previous day [53]. - **Silicon - manganese data**: Silicon - manganese basis, spreads, and spot prices also changed. The silicon - manganese basis in Inner Mongolia decreased by 62 yuan/ton on October 29 compared with the previous day [55]. Soda Ash - **Disk prices and spreads**: Soda ash contract prices increased on October 29, 2025, and some spreads changed. The soda ash 01 contract increased by 20 yuan/ton compared with the previous day, with a daily increase rate of 1.61% [63]. - **Spot prices**: Soda ash spot prices in different regions remained stable on October 29, and the difference between heavy and light soda ash varied by region [66]. Glass - **Disk prices and spreads**: Glass contract prices increased on October 29, 2025, and some spreads and basis changed. The glass 01 contract increased by 14 yuan/ton compared with the previous day, with a daily increase rate of 1.26% [91]. - **Sales data**: The sales in different regions showed fluctuations. For example, the sales in Shahe on October 28 were 159 [92].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Steel prices are expected to rebound slightly, and will fluctuate later due to the expected reduction in crude steel production despite the lack of substantial improvement in downstream consumption [3]. - The iron ore market faces pressure from abundant supply, high port inventories, and limited demand boost. Prices are expected to remain under pressure [21]. - Recently, due to downstream replenishment and reduced mine production in some areas, coking coal inventory has improved, and short - term coke prices may be strong, but potential negative feedback from the steel market will limit the upside [34]. - Ferroalloys face a contradiction between high inventory and weak demand, with significant destocking pressure [50]. - Soda ash is cost - priced. With high - level supply expected in the medium - to - long - term, prices are restricted by high inventories but supported by costs [60]. - Glass sales are weak, with high intermediate inventories. Without real production cuts, the price of the 01 contract may decline, but there is cost support and policy expectations in the long - term [87]. 3. Summaries by Related Catalogs Steel - **Prices and Spreads**: On October 27, 2025, the closing prices of various steel contracts increased compared to October 24. For example, the closing price of the rebar 01 contract was 3100 yuan/ton, up from 3046 yuan/ton. The spot prices of rebar and hot - rolled coils also generally increased slightly [4][9][11]. - **Market Outlook**: Steel prices are expected to rebound slightly in the short - term and then fluctuate due to the expected reduction in crude steel production and the lack of improvement in downstream consumption [3]. Iron Ore - **Prices and Spreads**: On October 27, 2025, the closing prices of iron ore contracts increased compared to October 24. For example, the 01 contract closed at 786.5 yuan/ton, up 15.5 yuan/ton. The basis of each contract changed slightly [22]. - **Fundamentals**: The average daily hot - metal output decreased, the 45 - port inventory increased, and the global and Australia - Brazil shipments increased [28]. - **Market Outlook**: The iron ore market faces pressure from abundant supply, high port inventories, and limited demand boost. Prices are expected to remain under pressure [21]. Coking Coal and Coke - **Prices and Spreads**: On October 27, 2025, the coking coal and coke basis and spreads changed. For example, the coking coal 09 - 01 spread was 134.5 yuan/ton, and the coke 09 - 01 spread was 204 yuan/ton. The spot prices of coking coal and coke also changed to some extent [40][41]. - **Market Outlook**: Recently, due to downstream replenishment and reduced mine production in some areas, coking coal inventory has improved, and short - term coke prices may be strong, but potential negative feedback from the steel market will limit the upside [34]. Ferroalloys - **Prices and Spreads**: On October 27, 2025, the basis and spreads of ferrosilicon and ferromanganese changed. For example, the ferrosilicon 01 - 05 spread was - 70 yuan/ton, and the ferromanganese 01 - 05 spread was - 42 yuan/ton. The spot prices of ferrosilicon and ferromanganese decreased slightly [51][53]. - **Market Outlook**: Ferroalloys face a contradiction between high inventory and weak demand, with significant destocking pressure [50]. Soda Ash - **Prices and Spreads**: On October 27, 2025, the closing prices of soda ash contracts increased compared to October 24. For example, the soda ash 05 contract closed at 1337 yuan/ton, up 18 yuan/ton. The spreads between contracts also changed [61]. - **Market Outlook**: Soda ash is cost - priced. With high - level supply expected in the medium - to - long - term, prices are restricted by high inventories but supported by costs [60]. Glass - **Prices and Spreads**: On October 27, 2025, the closing prices of glass contracts increased slightly compared to October 24. For example, the glass 05 contract closed at 1246 yuan/ton, up 10 yuan/ton. The spreads between contracts and the basis also changed [88]. - **Market Outlook**: Glass sales are weak, with high intermediate inventories. Without real production cuts, the price of the 01 contract may decline, but there is cost support and policy expectations in the long - term [87].

Report Industry Investment Rating No relevant content provided. Core Views - The steel market is currently focused on the Fourth Plenary Session. Steel prices may experience a slight rebound, but the weak fundamentals limit the upside potential, and a subsequent decline is likely. Short - term outlook is for a rebound, while the medium - to - long - term remains weak [3]. - The iron ore market is operating weakly under macro - sentiment and fundamental pressures. The supply is strong, and demand is weak. The price may be supported if there are positive policy signals [18]. - The coking coal market has strong bottom support due to tight resources and policy expectations, but the rebound space is limited by downstream contradictions. The price rebound depends on the downstream steel supply - demand balance [30]. - The ferroalloy market is under pressure due to weak downstream demand and high inventory. Without unexpected stimulus policies, prices will remain under pressure [48]. - The soda ash market has supply pressure in the long - term. Although exports are better than expected, high inventory restricts the price, with limited downside due to cost support [61]. - The glass market has weak demand and high inventory, and prices are suppressed. The implementation of the coal - to - gas project in Shahe and production line ignition plans need to be monitored [86]. Summary by Directory Steel - **Prices and Spreads** - On October 22, 2025, the closing price of rebar 01 contract was 3068 yuan/ton, up from 3047 yuan/ton on the 21st. The 01 - 05 month - spread was - 52 yuan/ton, up from - 57 yuan/ton [4]. - The hot - rolled coil 01 contract closed at 3247 yuan/ton on the 22nd, up from 3219 yuan/ton on the 21st. The 01 - 05 month - spread was - 12 yuan/ton, up from - 17 yuan/ton [4]. - The rebar - to - iron ore ratio and rebar - to - coke ratio remained stable on the 22nd compared to the 21st [15]. - **Spot Prices and Basis** - The aggregated rebar price in China was 3215 yuan/ton on the 22nd, up slightly from 3212 yuan/ton on the 21st. The 01 rebar basis in Shanghai was 142 yuan/ton, down from 153 yuan/ton [7]. - The aggregated hot - rolled coil price in Shanghai was 3280 yuan/ton on the 22nd, up from 3270 yuan/ton on the 21st. The 01 hot - rolled coil basis in Shanghai was 33 yuan/ton, down from 51 yuan/ton [9]. Iron Ore - **Prices and Basis** - On October 22, 2025, the 01 contract closed at 774 yuan/ton, up 4.5 yuan from the 21st. The 01 basis was 7.5 yuan/ton, down 2.5 yuan from the 21st [19]. - The price of Rizhao PB powder was 779 yuan/ton on the 22nd, up 2 yuan from the 21st [19]. - **Fundamentals** - The daily average pig - iron output was 240.95 million tons on October 17, 2025, down 0.59 million tons week - on - week. The 45 - port inventory was 14278.27 million tons, up 253.77 million tons week - on - week [24]. Coking Coal and Coke - **Prices and Spreads** - On October 22, 2025, the coking coal warehouse - receipt cost (Tangshan Mongolian 5) was 1238 yuan/ton, up 38 yuan week - on - week. The coking coal 09 - 01 month - spread was 153 yuan/ton, up 4 yuan from the 21st [35]. - The coke warehouse - receipt cost (Rizhao Port wet - quenched) was 1594 yuan/ton, unchanged from the 21st. The coke 09 - 01 month - spread was 220 yuan/ton, down 27 yuan from the 21st [35]. - **Spot Prices and Profits** - The ex - factory price of Anze low - sulfur primary coking coal was 1550 yuan/ton on the 22nd, up 20 yuan week - on - week. The immediate coking profit was 31 yuan/ton, down 10 yuan from the 21st [36]. Ferroalloy - **Silicon Iron** - On October 22, 2025, the silicon iron basis in Ningxia was - 8 yuan, down 14 yuan from the 21st. The silicon iron 01 - 05 month - spread was - 60 yuan, down 24 yuan from the 21st [49]. - The silicon iron spot price in Ningxia was 5280 yuan/ton, up 50 yuan from the 21st [49]. - **Silicon Manganese** - The silicon manganese basis in Inner Mongolia was 220 yuan on the 22nd, down 64 yuan from the 21st. The silicon manganese 01 - 05 month - spread was - 38 yuan, down 4 yuan from the 21st [52]. - The silicon manganese spot price in Inner Mongolia was 5680 yuan/ton, unchanged from the 21st [52]. Soda Ash - **Prices and Spreads** - On October 22, 2025, the soda ash 05 contract closed at 1308 yuan/ton, up 10 yuan from the 21st. The 05 - 09 month - spread was - 62 yuan, up 1 yuan from the 21st [62]. - **Spot Prices** - The heavy - soda ash market price in North China was 1300 yuan/ton on the 22nd, unchanged from the 21st. The heavy - soda ash to light - soda ash price difference in North China was 100 yuan/ton [65]. Glass - **Prices and Spreads** - On October 22, 2025, the glass 05 contract closed at 1241 yuan/ton, up 5 yuan from the 21st. The 05 - 09 month - spread was - 89 yuan, down 3 yuan from the 21st [86]. - **Sales and Production** - On October 21, 2025, the sales - to - production ratio in Shahe was 59%, in Hubei was 86%, in East China was 84%, and in South China was 98% [87].

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views - **Steel**: Although steel demand is weak, the cost side provides support. For the January contracts, pay attention to the price supports of 3000 for rebar and 3200 for hot-rolled coils. If the hot-rolled coil apparent demand can recover to the 3.25 million tons level at the end of September, the steel inventory pressure will be low. Rebar production is lower than apparent demand, and with losses in tonnage steel profit, it is expected to maintain a de-stocking trend [2]. - **Iron Ore**: Due to the weak operation of steel prices and the continuous decline in the profitability of steel mills, concerns on the supply side and weakness on the demand side will limit iron ore to fluctuate within a range. Pay attention to whether the steel industry implements the ban on new production capacity and production reduction control in the fourth quarter, as well as the progress of China-Australia iron ore negotiations. Macroscopically, focus on the impact of the China-US tariff war and subsequent negotiations. For strategies, iron ore is still in a balanced and slightly tight pattern, and the weakness of finished products drags down raw materials. Temporarily observe on a single side, with the range referring to 750 - 830, and recommend the arbitrage strategy of going long on iron ore and short on hot-rolled coils [5]. - **Coke**: Speculative investors are advised to go long on Coke 2601 at low prices, with the range referring to 1550 - 1700. The arbitrage strategy is to go long on coking coal and short on coke. Pay attention to the signs of bottom stabilization as the market fluctuates greatly [7]. - **Coking Coal**: It is recommended to go long on Coking Coal 2601 at low prices in the short term, with the range referring to 1080 - 1200. The arbitrage strategy is to go long on coking coal and short on coke. Be cautious as the market fluctuates greatly [7]. 3. Summary by Directory Steel - **Prices and Spreads**: Rebar and hot-rolled coil spot and futures prices mostly declined. For example, rebar 05 contract dropped from 3139 to 3114, and hot-rolled coil 05 contract decreased from 3274 to 3248. Steel billet price decreased by 10 to 2930, and plate billet price remained unchanged at 3730. Profits varied, with East China hot-rolled coil profit dropping by 7 to 62 [2]. - **Production**: Daily average pig iron output decreased by 0.3 to 241.5, a 0.1% decline. The output of five major steel products decreased by 3.8 to 863.3, a 0.4% decline. Rebar production decreased by 3.6 to 203.4, a 1.7% decline, with electric furnace output dropping by 2.5 to 23.3, a 9.8% decline [2]. - **Inventory**: The inventory of five major steel products increased by 127.9 to 1600.7, an 8.7% increase. Rebar inventory increased by 57.4 to 659.6, a 9.5% increase, and hot-rolled coil inventory increased by 32.3 to 412.9, an 8.5% increase [2]. - **Demand**: Apparent demand for five major steel products decreased by 153.4 to 751.4, a 17.0% decline. Rebar apparent demand decreased by 87.9 to 153.2, a 36.5% decline, and hot-rolled coil apparent demand decreased by 29.6 to 295.0, a 9.1% decline [2]. Iron Ore - **Prices and Spreads**: The warehouse receipt costs of various iron ore powders decreased, such as the warehouse receipt cost of Carajás fines dropping by 19.8 to 830.8, a 2.3% decline. Spot prices at Rizhao Port also declined, for example, the price of Carajás fines decreased by 18.0 to 908.0, a 1.9% decline [5]. - **Supply**: The weekly global shipment volume of iron ore decreased by 71.5 to 3207.5, a 2.2% decline, while the 45-port arrival volume increased by 437.1 to 3045.8, a 16.8% increase. The national monthly import volume increased by 61.5 to 10522.5, a 0.6% increase [5]. - **Demand**: The weekly average daily pig iron output of 247 steel mills decreased by 0.3 to 241.5, a 0.1% decline. The weekly average daily port clearance volume of 45 ports decreased by 9.4 to 327.0, a 2.8% decline. The national monthly pig iron output decreased by 100.5 to 6979.3, a 1.4% decline, and the national monthly crude steel output decreased by 229.0 to 7736.9, a 2.9% decline [5]. - **Inventory**: The 45-port inventory increased by 61.6 to 14086.14, a 0.4% increase. The imported ore inventory of 247 steel mills decreased by 990.6 to 9046.2, a 9.9% decline, and the inventory available days of 64 steel mills decreased by 4.0 to 21.0, a 16.0% decline [5]. Coke and Coking Coal - **Prices and Spreads**: The price of Shanxi quasi-primary wet quenched coke (warehouse receipt) remained unchanged at 1561, and the price of Shanxi medium-sulfur primary coking coal (warehouse receipt) also remained unchanged at 1270. Coke 01 contract increased by 12 to 1655, and coking coal 01 contract increased by 8 to 1154 [7]. - **Supply**: The weekly average daily output of all-sample coking plants remained unchanged at 66.1. The weekly output of coke decreased by 0.3 to 241.5, a 0.1% decline. For coking coal, the output of sample coal mines decreased, with raw coal output decreasing by 31.3 to 836.7, a 3.6% decline, and clean coal output decreasing by 19.8 to 426.3, a 4.4% decline [7]. - **Demand**: The weekly pig iron output of 247 steel mills decreased by 0.3 to 241.5, a 0.1% decline. The weekly demand for coke decreased, and the demand for coking coal also weakened as the coking plant's operation rate decreased slightly [7]. - **Inventory**: Coke total inventory decreased by 10.1 to 909.8, a 1.1% decline. The inventory of all-sample coking plants increased by 1.5 to 63.8, a 2.5% increase, while the inventory of 247 steel mills decreased by 12.6 to 650.8, a 1.9% decline. For coking coal, the inventory of all-sample coking plants decreased by 78.7 to 959.1, a 7.6% decline, and the inventory of 247 steel mills decreased by 6.9 to 781.1, a 0.9% decline [7].

Group 1: Steel Industry Report Industry Investment Rating Not provided Core View The short - term macro sentiment is weak due to Sino - US friction, which will cause black metals to decline. There is no trend in the industrial reality. The 1 - month contract of rebar and hot - rolled coil should focus on the support levels around 3000 and 3200 respectively. The steel supply and demand are basically balanced, but the export demand is expected to weaken due to Sino - US friction escalation [2]. Summaries by Relevant Catalogs - **Prices and Spreads**: Rebar and hot - rolled coil spot prices mostly declined. Costs and profits showed mixed trends, with some costs increasing slightly and some profits decreasing. The daily average iron - making water output and the output of five major steel products decreased slightly [2]. - **Output**: The daily average iron - making water output was 241.5 (down 0.3 from the previous value, - 0.1%), the output of five major steel products was 863.3 (down 3.8, - 0.4%), and the rebar output was 203.4 (down 3.6, - 1.7%) [2]. - **Inventory**: The inventory of five major steel products increased by 8.7% to 1600.7, rebar inventory increased by 9.5% to 659.6, and hot - rolled coil inventory increased by 8.5% to 412.9 [2]. - **Trading and Demand**: The building materials trading volume decreased by 7.1%, and the apparent demand for five major steel products decreased by 17.0% [2]. Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core View Last week, iron ore futures fluctuated and rose. The supply concerns have weakened, but the demand is weakening due to the decline in steel mill profit margins and the weakening of steel mill restocking demand. The iron ore will fluctuate within a range. It is recommended to go long on the 2601 contract of iron ore at low prices and carry out an arbitrage strategy of long iron ore and short hot - rolled coil [5][6]. Summaries by Relevant Catalogs - **Prices and Spreads**: The prices of various iron ore varieties and price indices increased slightly. The spreads between different contracts also changed, with the 5 - 9 spread increasing by 4.9% and the 9 - 1 spread decreasing by 5.0% [5]. - **Supply**: The global shipping volume of iron ore decreased by 5.7% week - on - week, while the 45 - port arrival volume increased by 10.5%. The subsequent average arrival volume is expected to decline [5]. - **Demand**: The daily average iron - making water output of 247 steel mills decreased by 0.1%, the 45 - port daily average ore - handling volume decreased by 2.8%, and the national monthly pig iron and crude steel output decreased [5]. - **Inventory**: The 45 - port inventory increased by 0.3%, the imported ore inventory of 247 steel mills decreased by 9.9%, and the inventory - available days of 64 steel mills decreased by 16.0% [5]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core View - **Coke**: Last week, coke futures fluctuated and rebounded. The supply side has some problems, and the demand is weak. The coke inventory is moderately decreasing. The coke futures may fall again due to the weakening of spot prices and the weakening of steel prices. Attention should be paid to the implementation of capacity reduction in the coking industry and the steel market [10]. - **Coking Coal**: Last week, coking coal futures fluctuated and rebounded. The spot market is weakening, and the demand for restocking is weakening. Although the futures rebounded due to supply - side disturbances, the spot weakness may cause the futures to fall. It is recommended to go short on the 2601 contract of coking coal at high prices and carry out an arbitrage strategy of long iron ore and short coking coal [10]. Summaries by Relevant Catalogs - **Prices and Spreads**: Coke and coking coal contract prices showed different trends, with some contracts rising and some falling. The basis and spreads between different contracts also changed [10]. - **Supply**: The output of coking coal mines decreased during the holiday and will gradually resume production. The output of coke and coking coal has changed slightly [10]. - **Demand**: The iron - making water output decreased slightly, and the demand for coke and coking coal restocking is weakening [10]. - **Inventory**: The coke inventory of coking plants increased, while the inventory of steel mills and ports decreased. The coking coal inventory of mines increased, and the inventory of other links decreased [10].

Report Date - The report is dated October 10, 2025 [1] Steel Industry Core View - Yesterday's upward movement in the steel futures market was a rebound driven by events and macro - optimistic sentiment, lacking fundamental support. With the core supply - demand contradiction unresolved, upward resistance is significant, and the market is expected to remain under pressure, but the impact of favorable macro - policies should be watched [3] Price Data - **Futures Prices**: On October 10, 2025, the closing price of the rebar 01 contract was 3103 yuan/ton, up from 3096 yuan/ton on October 9; the hot - rolled coil 01 contract closed at 3285 yuan/ton, down slightly from 3286 yuan/ton on October 9 [4] - **Spot Prices**: The aggregated rebar price in China on October 10 was 3262 yuan/ton, up from 3257 yuan/ton on October 9; the hot - rolled coil price in Shanghai remained at 3350 yuan/ton [7][9] - **Spread Data**: The rebar 01 - 05 month spread on October 10 was - 56 yuan/ton, up from - 63 yuan/ton on October 9; the hot - rolled coil 01 - 05 month spread remained at - 7 yuan/ton [4] Iron Ore Industry Core View - With the seasonal recovery of terminal demand, marginal improvement in fundamentals, and continuous supply - side disturbances, iron ore prices are expected to show an "easily rising and hard - falling" trend in the short term [19] Price Data - **Futures Prices**: On October 10, 2025, the closing price of the iron ore 01 contract was 795 yuan/ton, up 4.5 yuan from the previous day [20] - **Spot Prices**: The price of Rizhao PB powder on October 10 was 789 yuan/ton, up 5 yuan from the previous day [20] Fundamental Data - The daily average pig iron output on October 10 was 241.54 tons, down 0.27 tons from the previous week; the 45 - port ore handling volume was 327 tons, down 9.4 tons from the previous week [23] Coking Coal and Coke Industry Core View - In the fourth quarter, domestic coking coal mine production is restricted by policies. The winter storage this year is expected to be better than last year, providing phased support for coking coal and coke prices. However, the rebound height and sustainability of prices depend on the supply - demand balance of downstream steel [29] Price Data - **Futures Prices**: The coking coal 01 - 05 month spread on October 10 was - 98 yuan/ton, up 1 yuan from the previous day; the coke 01 - 05 month spread was - 152.5 yuan/ton, up 2.5 yuan from the previous day [33] - **Spot Prices**: The ex - factory price of Anze low - sulfur coking coal on October 10 was 1530 yuan/ton, unchanged from the previous day [34] Ferroalloy Industry Core View - The supply of ferroalloys is at a high level in the past five - year historical period, while demand has not improved significantly during the peak season. There is a prominent contradiction between high supply and weak demand. Cost factors and capital outflows also affect prices [43] Price Data - **Silicon Iron**: On October 10, 2025, the silicon iron basis in Ningxia was 94 yuan/ton, up 36 yuan from the previous day [44] - **Silicon Manganese**: The silicon manganese basis in Inner Mongolia on October 10 was 270 yuan/ton, up 8 yuan from the previous day [48] Soda Ash Industry Core View - Market sentiment fluctuations increase soda ash price volatility. With the second - phase ignition of Yuanxing, future supply pressure persists. The supply - demand pattern remains one of strong supply and weak demand, although exports have alleviated some domestic pressure [57] Price Data - **Futures Prices**: On October 10, 2025, the soda ash 05 contract closed at 1332 yuan/ton, down 12 yuan from the previous day [58] - **Spot Prices**: The heavy - soda market price in North China on October 10 was 1300 yuan/ton, unchanged from the previous day [61] Glass Industry Core View - High inventory in the upstream and mid - stream and weak real - world demand limit glass prices. The supply - demand pattern in the near - term is one of strong supply and weak demand. Attention should be paid to supply, cost, and inventory factors [85] Price Data - **Futures Prices**: On October 10, 2025, the glass 05 contract closed at 1334 yuan/ton, down 4 yuan from the previous day [86] - **Spot Prices**: The basis of the glass 05 contract in Shahe on October 10 was - 99 yuan/ton, up 10.8 yuan from the previous day [86]