Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Core Views of the Report - Overnight, copper prices at home and abroad fluctuated weakly. Before the Fed's interest - rate meeting, the market remained cautious. Although a December rate cut has reached a consensus, the future rate - cut path and how the Fed replenishes market liquidity are the focus. With the LME inventory problem hard to solve, the market sentiment may keep copper prices high and even make them continue to strengthen, so a prudent and optimistic outlook is held [1]. - Overnight, alumina and Shanghai aluminum fluctuated weakly, while aluminum alloy fluctuated strongly. After the end of environmental inspections in the north, domestic mines resumed production, and ore supply increased. Alumina supply remained high, and inventory pressure continued to build. Affected by macro - sentiment and copper prices, aluminum followed the upward trend and hit a new high. The end - of - year demand did not decline significantly, and the seasonal pressure on aluminum ingot shipments in Xinjiang helped extend the destocking cycle. Currently, the upward strength of aluminum prices is weakening, and attention should be paid to downstream high - price stocking sentiment [1][2]. - Overnight, LME nickel fell 0.57% to $14,885 per ton, and Shanghai nickel fell 0.19% to 117,800 yuan per ton. The LME nickel inventory increased, and the SHFE nickel warehouse receipts decreased. The nickel - iron price center moved up, and the raw - material support strengthened marginally, but the price upside was limited. In the new - energy industry chain, the raw - material supply was tight, but the output of ternary precursors decreased in December, and the finished - product side was under pressure. In the short term, nickel may still fluctuate, and attention should be paid to macro and overseas industrial - policy changes [2]. Group 3: Summary by Relevant Catalogs 1. Research Views - **Copper**: Macro factors include the Fed's rate - policy stance and China's economic - policy orientation. LME copper inventory increased by 2,000 tons to 164,550 tons, COMEX copper warehouse receipts increased by 2,410 tons to 398,720 tons, and SHFE copper warehouse receipts decreased by 980 tons to 29,956 tons. The market is cautious before the Fed's meeting, but LME inventory issues may support high copper prices [1]. - **Aluminum**: Overnight, AO2601 closed at 2,574 yuan per ton, down 0.27%, and AL2601 closed at 22,120 yuan per ton, down 0.11%. AD2601 closed at 21,060 yuan per ton, up 0.07%. The SMM alumina price dropped to 2,809 yuan per ton, and the aluminum - ingot spot discount widened. After the end of environmental inspections, ore supply increased, and alumina supply remained high. Aluminum prices followed the upward trend but may face downward pressure [1][2]. - **Nickel**: LME nickel fell 0.57% to $14,885 per ton, and Shanghai nickel fell 0.19% to 117,800 yuan per ton. The LME nickel inventory increased by 228 tons to 253,344 tons, and the SHFE warehouse receipts decreased by 264 tons to 34,500 tons. The nickel - iron price center moved up, and the new - energy industry chain faced some pressure. In the short term, nickel may fluctuate [2]. 2. Daily Data Monitoring - **Copper**: The price of flat - water copper increased by 710 yuan per ton, and the flat - water copper premium decreased by 45 yuan per ton. The price of 1 bright scrap copper in Guangdong increased by 1,500 yuan per ton. LME copper inventory increased by 2,000 tons, SHFE copper warehouse receipts decreased by 980 tons, and the total domestic + bonded - area social inventory decreased by 0.4 million tons [4]. - **Lead**: The average price of 1 lead remained unchanged at 17,310 yuan per ton, and the 1 lead - ingot premium in East China increased by 5 yuan per ton. The price of lead concentrates at some locations increased by 100 yuan per ton. The LME lead inventory remained unchanged, and the SHFE lead warehouse receipts decreased by 547 tons [4]. - **Aluminum**: The Wuxi and Nanhai aluminum prices increased, and the Nanhai - Wuxi price difference decreased by 10 yuan per ton. The aluminum - alloy ADC12 price in South China increased by 200 yuan per ton. The LME aluminum inventory decreased by 2,500 tons, and the total SHFE aluminum inventory decreased by 8,439 tons. The alumina social inventory increased by 1 million tons [5]. - **Nickel**: The price of Jinchuan nickel plate increased by 425 yuan per ton. The LME nickel inventory increased by 126 tons, and the SHFE nickel warehouse receipts increased by 2,501 tons. The stainless - steel warehouse receipts decreased by 253 tons, and the nickel social inventory increased by 3,090 tons [5]. - **Zinc**: The main - contract settlement price increased by 0.4% to 22,840 yuan per ton. The LME zinc inventory remained unchanged, and the social inventory decreased by 0.36 million tons. The active - contract import loss decreased [7]. - **Tin**: The main - contract settlement price increased by 2.9% to 318,380 yuan per ton. The LME tin price decreased by 2.1% to $27,540 per ton. The SHFE tin inventory increased by 130 tons, and the active - contract import loss decreased [7]. 3. Chart Analysis - **3.1 Spot Premium**: Charts show the spot premiums of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][11][12] - **3.2 SHFE Near - Far Month Spread**: Charts display the near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [13][17][18] - **3.3 LME Inventory**: Charts present the LME inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [20][22][24] - **3.4 SHFE Inventory**: Charts show the SHFE inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [26][28][30] - **3.5 Social Inventory**: Charts display the social inventories of copper (including bonded areas), aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [32][34][36] - **3.6 Smelting Profit**: Charts present the copper - concentrate index, rough - copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2025 [39][41][43] 4. Non - Ferrous Metals Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious - metals researcher, and has multiple professional titles. He has over a decade of commodity - research experience, serves many leading spot enterprises, and has published many professional articles. His team has won multiple awards [46]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on aluminum and silicon research [46]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on lithium and nickel research [47].

1. Report's Industry Investment Rating - Not provided in the report 2. Core Views of the Report - Steel: Narrow - range consolidation. Although steel exports are at a high level and macro - policies have a positive impact, the sharp decline in coking coal and coke prices drags down the market [1]. - Iron ore: Volatility. The supply from Australia is rising while that from Brazil is falling, iron - water production is decreasing, and inventories are accumulating [1]. - Coking coal: Weak volatility. The supply increase is limited, the actual market demand is insufficient, and the downstream mainly makes rigid - demand purchases [1]. - Coke: Weak volatility. The coke output is increasing, and the terminal consumption demand is average, with the impact of weather on transportation [1]. - Manganese silicon: Volatility. The cost is high, production is decreasing, demand is to be boosted, and inventory is accumulating [1][3]. - Ferrosilicon: Volatility. The cost is high, supply reduction is limited, and the market expectation is weak [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The closing price of the rebar 2605 contract was 3123 yuan/ton, down 34 yuan/ton (1.08% decline), and the position increased by 0.3 million hands. Spot prices declined slightly. In November 2025, China exported 998.0 million tons of steel, a month - on - month increase of 2.0%. The cumulative export from January to November was 10771.7 million tons, a year - on - year increase of 6.7% [1]. - **Iron ore**: The closing price of the iron ore futures main contract i2605 was 760.5 yuan/ton, down 8.5 yuan/ton (1.1% decline). Australian shipments rebounded, Brazilian shipments decreased, iron - water production decreased, and inventories increased [1]. - **Coking coal**: The closing price of the coking coal 2605 contract was 1093.5 yuan/ton, down 46.5 yuan/ton (4.08% decline), and the position increased by 24153 hands. The supply increase was limited, and the actual market demand was insufficient [1]. - **Coke**: The closing price of the coke 2601 contract was 1537 yuan/ton, down 48 yuan/ton (3.03% decline), and the position increased by 1550 hands. The coke output increased, and the terminal consumption demand was average [1]. - **Manganese silicon**: The main contract price of manganese silicon was 5736 yuan/ton, down 0.42%. The production cost was high, the weekly output decreased by 3.5% for 5 consecutive weeks, and the inventory of 63 sample enterprises reached a new high [1][3]. - **Ferrosilicon**: The main contract price of ferrosilicon was 5444 yuan/ton, down 0.69%. After the electricity price adjustment in November, the production reduction intention increased. The inventory of 60 sample enterprises reached a new high [3]. 3.2 Daily Data Monitoring - **Contract spreads**: For example, the 1 - 5 month spread of rebar was - 6.0, and the 5 - 10 month spread was - 41.0 [4]. - **Basis**: The basis of the rebar 01 contract was 163.0, and that of the 05 contract was 157.0 [4]. - **Spot**: The Shanghai rebar spot price was 3280.0 yuan/ton, down 10.0 yuan/ton [4]. - **Profit and spreads**: The rebar's on - disk profit was 27.0, and the long - process profit was - 29.1. The spread between hot - rolled coil and rebar was 168.0 [4]. 3.3 Chart Analysis - **Main contract prices**: There are price trend charts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 - 2025 [6][7][8][9][11][14]. - **Main contract basis**: There are basis trend charts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [16][17][18][20][21][22][23]. - **Inter - period contract spreads**: There are spread trend charts of different contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [25][27][31][33][34][37][38]. - **Inter - variety contract spreads**: There are spread trend charts of main contracts such as hot - rolled coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, etc. [42][44][45]. - **Rebar profit**: There are profit trend charts of rebar's on - disk profit, long - process profit, and short - process profit [48][49][52]. 3.4 Black Research Team Members Introduction - Qiu Yuecheng: Assistant Director and Black Research Director of Everbright Futures Research Institute, with nearly 20 years of experience in the steel industry [54]. - Zhang Xiaojin: Director of Resource Product Research at Everbright Futures Research Institute, with rich industry honors [54]. - Liu Xi: Black researcher at Everbright Futures Research Institute, good at fundamental supply - demand analysis [54]. - Zhang Chunjie: Black researcher at Everbright Futures Research Institute, with experience in investment and futures - spot trading [55].

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | 2025年12月9日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 314000 | 314800 | -800 | -0.25% | | | SMM 1#锡升贴水 | 50 | 50 | 0 | 0.00% | 元/吨 | | 长江 1#锡 | 314500 | 315300 | -800 | -0.25% | | | LME 0-3升贴水 | 70.00 | 70.00 | 0.00 | 0.00% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | मोरिस | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -15329.05 | -16618.50 | 1289.45 | 7.76% | 元/吨 | | 沪伦比值 | 7.9 ...

钢材产业期现日报 投资咨询业务资格：证监许可 【2011】1292号 2025年12月9日 周敏波 Z0010559 | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | --- | --- | --- | --- | --- | --- | | 螺纹钢现货(华东) | 3280 | 3290 | -10 | 163 | | | 螺纹钢现货(华北) | 3180 | 3200 | -20 | ಲಿ | | | 螺纹钢现货(华南) | 3310 | 3330 | -20 | 193 | | | 螺纹钢05合约 | 3123 | 3157 | -34 | 157 | | | 螺纹钢10合约 | 3164 | 3192 | -28 | 116 | | | 螺纹钢01合约 | 3117 | 3137 | -20 | 163 | | | 热卷现货(华东) | 3280 | 3300 | -20 | -10 | 元/吨 | | 热卷现货(华北) | 3220 | 3240 | -20 | -70 | | | 热卷现货(华南) | 3310 | 3330 | -20 | 8 | | | 热卷05合约 | 32 ...

| 天然橡胶产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 2011】1292号 2025年12月8日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品中 | 12月5日 | 12月4日 | 涨跌 | 涨跌幅 | 单位 | | 云南国富全新胶(SCRWF):下海 | 14650 | 14650 | 0 | 0.00% | | | 全乳基差 | -415 | -390 | -25 | -6.41% | 元/吨 | | 泰标混合胶报价 | 14350 | 14450 | -100 | -0.69% | | | 非标价差 | -715 | -590 | -125 | -21.19% | | | 杯胶:国际市场:FOB中间价 | 48.36 | 48.32 | 0.04 | 0.08% | | | 胶水:国际市场:FOB中间价 | 55.50 | 55.50 | 0.00 | 0.00% | 泰铢/公斤 | | 原料:市场主流价:海南 | 13100 | 13100 | ...

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | 2025年12月5日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 张跃 | 张跌幅 | 单位 | | SMM 1#锡 | 317600 | 309300 | 8300 | 2.68% | | | SMM 1#锡升贴水 | 200 | 250 | -50 | -20.00% | 元/吨 | | 长江 1#锡 | 318100 | 309800 | 8300 | 2.68% | | | LME 0-3升贴水 | 133.00 | 92.00 | 41.00 | 44.57% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -17412.99 | -16070.31 | -1342.68 | -8.36% | 元/吨 | | 沪伦比值 ...

Report Industry Investment Ratings No relevant information provided. Core Views - The short - term steel price of rebar may fluctuate strongly, but the upside space is limited due to weak demand in the off - season [1]. - Silver may fluctuate with an upward bias as the US economy is under pressure and the market's expectation of future interest rate cuts increases [1]. - The main contract price of ferrosilicon is expected to remain low as the cost is firm but the market supply - demand is still loose [3]. - Coking coal should be viewed as short - term volatile, with a slight rebound in the futures market and waiting for downstream restocking [4]. - Hog prices will be under pressure in the short term, and it is recommended to short at appropriate times and farmers should hedge at appropriate times [5]. - Palm oil is expected to fluctuate in the short term, and there is a risk of correction [5]. - The short - term price of soybean meal is expected to fluctuate between 2820 - 2860, and follow - up policies and import news should be focused on [6][7]. - The bond market will be short - term volatile and bearish, but the downside space is limited [7]. - Gold may oscillate at a high level in the medium term, and whether gold and silver will diverge should be noted [7]. - Aluminum prices are expected to maintain a high - level oscillation pattern, and follow - up Fed interest rate cut decisions should be monitored [8]. - Methanol is expected to oscillate slightly weakly in the short term due to high port inventory [9]. - Soda ash is expected to oscillate weakly in the short term, and the medium - term downward trend has not ended [9][10]. - PVC market price is expected to oscillate weakly in the short term as supply is high and demand is weak [10]. - It is advisable to wait and see in the crude oil market as supply surplus restricts price increases [11]. - PTA should be considered with a bullish - biased oscillation idea, and be cautious when chasing high prices [11]. - The natural rubber market is expected to oscillate weakly as downstream demand is weak [12]. Summaries by Commodity 1. Rebar - As of the week of December 4, rebar production was 189.31 tons, a decrease of 16.77 tons (8.14%) from the previous week; factory inventory was 142.68 tons, a decrease of 4.05 tons (2.76%); social inventory was 361.13 tons, a decrease of 23.62 tons (6.14%); apparent demand was 216.98 tons, a decrease of 10.96 tons (4.81%). Production and apparent demand have declined for two consecutive weeks, and inventories have declined for eight consecutive weeks [1]. 2. Silver - The number of initial jobless claims in the US last week unexpectedly decreased by 27,000 to 191,000, the lowest level since September 2022. US private data showed that non - farm employment decreased by 9,000 in November, and the October data was revised downwards. The probability of the Fed cutting interest rates by 25 basis points in December is close to 90% [1]. 3. Ferrosilicon - The national inventory of 60 independent ferrosilicon enterprises was 73,050 tons, a decrease of 10.21% (8,310 tons) month - on - month. Inner Mongolia, Ningxia, and Gansu all saw inventory decreases. The cost of ferrosilicon remains high, but the market supply - demand is loose and prices have limited upside [3]. 4. Coking Coal - The capacity utilization rate of 523 coking coal mines was 85.6%, a decrease of 0.4% month - on - month. Raw coal daily output decreased by 0.9 tons, and raw coal and clean coal inventories increased. Some domestic coal mines were affected by safety inspections, while Mongolian coal imports remained high. The real demand for furnace materials is weak, but the market has a short - term rebound [4]. 5. Hog - On December 4, the average wholesale price of pork in the national agricultural products wholesale market was 17.65 yuan/kg, a decrease of 0.5% from the previous day. The supply of hogs exceeds demand, and prices are expected to continue to be under pressure [5]. 6. Palm Oil - Due to declining exports and record - high production in November, Malaysia's palm oil inventory may reach a six - and - a - half - year high. The market is waiting for the MPOB report on December 10 to provide guidance [5]. 7. Soybean Meal - Brazil's soybean export volume in December is expected to be 2.81 million tons, and the soybean meal export volume is expected to be 1.33 million tons. China's policy - based procurement of US soybeans is progressing slowly, and the domestic breeding industry is weak, limiting the growth of soybean meal demand [6][7]. 8. Long - term Treasury Bonds - Shibor short - end varieties mostly increased. The year - end capital market may tighten marginally, which is negative for the bond market, but the downside space is limited [7]. 9. Gold - The US White House official said that the Fed may cut interest rates by about 25 basis points in the next meeting. If a dovish chairman takes office, it will be negative for gold [7]. 10. Aluminum - The ADP employment data in the US in November was weak, increasing the market's expectation of a Fed interest rate cut in December. The supply of domestic electrolytic aluminum is limited, demand has resilience, and the prices of copper and silver in the non - ferrous metal sector also drive up aluminum prices [8]. 11. Methanol - The market price of methanol in Jiangsu Taicang decreased by 10 yuan/ton to 2,112 yuan/ton. The domestic methanol operating rate is high, downstream demand has increased slightly, and port inventory has decreased slightly. High port inventory restricts the upside of prices [9]. 12. Soda Ash - The mainstream price of heavy - quality soda ash is 1,260 yuan/ton, and the price is relatively stable. Production has decreased by 3.15% week - on - week, and inventory has decreased by 3.07%. The demand for soda ash is mainly for rigid replenishment, and the high - level inventory of manufacturers is difficult to resolve [9][10]. 13. PVC - The price of East China SG - 5 type PVC decreased by 40 yuan/ton to 4,460 yuan/ton. The operating rate is expected to increase, supply is high, social inventory continues to accumulate, and domestic demand is in the off - season [10]. 14. Crude Oil - The time for reaching a phased Russia - Ukraine peace negotiation plan is postponed, and the relationship between the US and Venezuela is tense, increasing geopolitical uncertainties. The Fed is likely to cut interest rates in December, but the supply surplus restricts price increases [11]. 15. PTA - The overall inventory of the polyester market is concentrated between 14 - 24 days. PTA supply reduction is more than expected, but the weakening terminal demand restricts the upside of prices [11]. 16. Rubber - The price of Thai rubber latex is 55.5 Thai baht/kg. The retail sales of passenger cars in November decreased by 7% year - on - year. Tire operating rates are low, and downstream demand is weak [12].

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | 2025年12月5日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 张跃 | 张跌幅 | 单位 | | SMM 1#锡 | 317600 | 309300 | 8300 | 2.68% | | | SMM 1#锡升贴水 | 200 | 250 | -50 | -20.00% | 元/吨 | | 长江 1#锡 | 318100 | 309800 | 8300 | 2.68% | | | LME 0-3升贴水 | 133.00 | 92.00 | 41.00 | 44.57% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -17412.99 | -16070.31 | -1342.68 | -8.36% | 元/吨 | | 沪伦比值 ...

Group 1: Steel Industry Report Industry Investment Rating - Not provided Core View - The steel market is expected to maintain a range - bound oscillation. The rebar is expected to fluctuate between 3000 - 3200 yuan/ton, and hot - rolled coils between 3250 - 3400 yuan/ton. The spread between hot - rolled coils and rebar is expected to continue narrowing in January. The long - position rebar and short - position iron ore arbitrage in the January contract can be held [1]. Summary by Directory - **Steel Prices and Spreads**: Rebar and hot - rolled coil prices in different regions and contracts showed various changes. For example, the spot price of rebar in East China remained at 3300 yuan/ton, while the 01 contract price increased by 11 yuan/ton to 3148 yuan/ton. The spot price of hot - rolled coils in East China increased by 10 yuan/ton to 3310 yuan/ton [1]. - **Cost and Profit**: The cost of steel billets remained unchanged at 2990 yuan/ton, while the cost of Jiangsu electric - arc furnace rebar increased by 2 yuan/ton to 3247 yuan/ton. The profit of East China hot - rolled coils decreased by 5 yuan/ton to - 29 yuan/ton [1]. - **Production**: The daily average pig iron output decreased by 2.0 tons to 232.0 tons, a decline of 0.9%. The output of five major steel products decreased by 26.8 tons to 829.0 tons, a decline of 3.1% [1]. - **Inventory**: The inventory of five major steel products decreased by 35.2 tons to 1365.6 tons, a decline of 2.5%. The rebar inventory decreased by 27.7 tons to 503.8 tons, a decline of 5.2% [1]. - **Transaction and Demand**: The building materials trading volume increased by 0.4 to 9.4, a rise of 4.5%. The apparent demand for five major steel products decreased by 23.8 tons to 864.2 tons, a decline of 2.7% [1]. Group 2: Iron Ore Industry Report Industry Investment Rating - Not provided Core View - The iron ore futures are expected to oscillate between 750 - 820 yuan/ton. Although the supply has increased and the demand has decreased, with the improvement of market expectations and the support of downstream restocking and basis repair, the price will not drop significantly [3]. Summary by Directory - **Iron Ore - related Prices and Spreads**: The warehouse receipt cost of various iron ore types decreased slightly. For example, the warehouse receipt cost of Carajás Fine decreased by 6.6 yuan/ton to 796.7 yuan/ton. The 9 - 1 spread increased by 5.0 yuan/ton to - 41.5 yuan/ton, a rise of 10.8% [3]. - **Spot Prices and Price Indexes**: The spot prices of various iron ore types at Rizhao Port decreased slightly. For example, the price of Carajás Fine at Rizhao Port decreased by 6.0 yuan/ton to 877.0 yuan/ton [3]. - **Supply**: The 45 - port arrival volume decreased by 117.8 tons to 2699.3 tons, a decline of 4.2%, while the global shipment volume increased by 44.8 tons to 3323.2 tons, a rise of 1.4% [3]. - **Demand**: The daily average pig iron output of 247 steel mills decreased by 2.4 tons to 232.3 tons, a decline of 1.0%. The 45 - port daily average desulfurization volume increased by 3.6 tons to 330.6 tons, a rise of 1.1% [3]. - **Inventory Changes**: The 45 - port inventory increased by 27.3 tons to 15237.39 tons, a rise of 0.2%. The imported iron ore inventory of 247 steel mills decreased by 58.8 tons to 8942.5 tons, a decline of 0.7% [3]. Group 3: Coke Industry Report Industry Investment Rating - Not provided Core View - The coke futures are expected to oscillate between 1550 - 1700 yuan/ton. The supply - demand relationship has weakened, but the futures have basically over - discounted the spot price cut expectations, and the downward space is limited. The 1 - 5 reverse arbitrage can be recommended [5]. Summary by Directory - **Coke - related Prices and Spreads**: The prices of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) and Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged. The 01 contract price of coke increased by 27 yuan/ton to 1652 yuan/ton [5]. - **Supply**: The daily average output of all - sample coking plants increased by 0.8 tons to 64.5 tons, a rise of 1.2%. The daily average output of 247 steel mills increased by 0.3 tons to 46.6 tons, a rise of 0.6% [5]. - **Demand**: The pig iron output of 247 steel mills decreased by 2.4 tons to 232.3 tons, a decline of 1.0% [5]. - **Inventory Changes**: The total coke inventory decreased slightly by 1.7 tons to 883.0 tons. The inventory of all - sample coking plants increased by 4.7 tons to 76.4 tons, a rise of 6.5% [5]. - **Supply - Demand Gap**: The coke supply - demand gap increased by 1.8 tons to - 2.5 tons, a rise of 74.2% [5]. Group 4: Coking Coal Industry Report Industry Investment Rating - Not provided Core View - The coking coal futures are expected to oscillate between 1050 - 1150 yuan/ton. The market is in a weak state, with supply and demand both showing certain changes, and the 1 - 5 reverse arbitrage can be recommended [5]. Summary by Directory - **Coking Coal - related Prices and Spreads**: The prices of Shanxi medium - sulfur primary coking coal (warehouse receipt) and Mongolian 5 raw coal (warehouse receipt) remained unchanged. The 01 contract price of coking coal increased by 21 yuan/ton to 1092 yuan/ton [5]. - **Supply**: The raw coal output of Fenwei sample coal mines decreased by 2.7 tons to 853.4 tons, a decline of 0.3%. The clean coal output decreased by 0.6 tons to 438.2 tons, a decline of 0.1% [5]. - **Demand**: The demand for coking coal is affected by the decline in pig iron output and the weakening of market restocking demand [5]. - **Inventory Changes**: The clean coal inventory of Fenwei coal mines increased by 9.6 tons to 107.6 tons, a rise of 9.8%. The coking coal inventory of all - sample coking plants decreased by 1.1 tons to 1009.2 tons, a decline of 0.1% [5].

能源化工日报 2025-12-05 2025/12/05 原油 能源化工组 【行情资讯】 张正华 橡胶研究员 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收涨 3.30 元/桶，涨幅 0.73%，报 452.60 元/桶；相关成品油主力期货高硫 燃料油收涨 7.00 元/吨，涨幅 0.29%，报 2442.00 元/吨；低硫燃料油收涨 22.00 元/吨，涨幅 0.73%，报 3024.00 元/吨。 美国 EIA 周度数据出炉，美国原油商业库存累库 0.57 百万桶至 427.50 百万桶，环比累库 0.13%；SPR 补库 0.25 百万桶至 411.67 百万桶，环比补库 0.06%；汽油库存累库 4.52 百万桶 至 214.42 百万桶，环比累库 2.15%；柴油库存累库 2.06 百万桶至 114.29 百万桶，环比累库 1.83%；燃料油库存累库 0.02 百万桶至 22.89 百万桶，环比累库 0.09%；航空煤油库存累库 0.61 百万桶至 43.95 百万桶，环比累库 1.41%。 从业资格号： ...