1. Report Industry Investment Ratings - No investment ratings were provided in the reports [1][3][5][6][7][9][11][12] 2. Core Views of the Reports Rubber Industry - Natural rubber market is expected to enter a range - bound consolidation. If raw material supply is smooth, rubber prices are expected to weaken; if supply is disrupted, prices may range from 15,000 - 15,500 [1] Ester Industry - PX is expected to be range - bound at high levels in the short term, with a tight supply - demand outlook in the medium term. PTA's TA01 may oscillate between 4,500 - 4,800 in the short term. Ethylene glycol is expected to be range - bound at low levels. Short - fiber prices have limited upward drivers, and bottle - chip prices will follow the cost trend [3] Polyolefin Industry - The 01 contracts of LLDPE and PP are under pressure due to increasing supply and decreasing demand [5] Glass and Soda Ash Industry - Soda ash has a bearish supply - demand outlook, and short - selling opportunities are recommended after price rebounds. Glass prices are expected to be weak in the short term, and a 1 - 5 reverse spread strategy is suggested [6] Crude Oil Industry - The crude oil supply - demand pattern remains weak. Short - term support for Brent crude is at $60 per barrel, and geopolitical developments in Russia and Ukraine should be monitored [7] Methanol Industry - The methanol market is under pressure due to high inventories. The current trading logic is "weak reality", and the inventory issue in the 01 contract remains unresolved [9] Pure Benzene and Styrene Industry - Pure benzene is expected to have limited rebound space in the short term, and short - selling opportunities are recommended for BZ2603. Styrene is expected to oscillate in the short term, and changes in its production facilities and export volume should be monitored [11] PVC and Caustic Soda Industry - Caustic soda prices are expected to be weak. PVC is in an oversupply situation, and prices are expected to continue to decline at the bottom [12] 3. Summary by Relevant Catalogs Rubber Industry - **Spot Prices and Basis**: Most rubber spot prices declined on November 21, with the basis of whole milk rubber dropping by 22.50% [1] - **Monthly Spreads**: The 9 - 1 spread decreased by 14.29%, while the 1 - 5 and 5 - 9 spreads increased [1] - **Fundamental Data**: Thailand's and Vietnam's rubber production decreased in September, while India's and China's increased. Tire production and export volume decreased in October [1] - **Inventory Changes**: Bonded area and futures warehouse inventories increased, while the outbound rate of dry rubber in Qingdao decreased [1] Ester Industry - **Upstream Prices**: Crude oil and naphtha prices declined, while ethylene prices remained stable [3] - **PX - Related Prices and Spreads**: CFR China PX prices decreased by 1.1% [3] - **PTA - Related Prices and Spreads**: PTA spot and futures prices declined, and the basis was repaired [3] - **MEG - Related Prices and Spreads**: MEG prices declined, and the basis decreased [3] - **Downstream Product Prices and Cash Flows**: Most polyester product prices and cash flows declined [3] Polyolefin Industry - **Futures Prices and Spreads**: L2601, L2605, PP2601, and PP2605 prices declined, and spreads changed [5] - **Spot Prices and Basis**: Most polyolefin spot prices declined, and the basis of some products increased [5] - **Inventory and Operating Rates**: PE and PP enterprise inventories decreased, and some operating rates changed [5] Glass and Soda Ash Industry - **Glass - Related Prices and Spreads**: Glass prices in some regions declined, and the 01 basis decreased [6] - **Soda Ash - Related Prices and Spreads**: Soda ash prices were stable, and the 01 basis decreased [6] - **Supply and Inventory**: Soda ash production and some inventory decreased [6] - **Real Estate Data**: Real estate new construction, construction, completion, and sales areas all declined [6] Crude Oil Industry - **Crude Oil Prices and Spreads**: Brent, WTI, and SC crude oil prices declined, and spreads changed [7] - **Refined Oil Prices and Spreads**: Most refined oil prices and spreads declined [7] - **Refined Oil Crack Spreads**: Most refined oil crack spreads declined [7] Methanol Industry - **Methanol Prices and Spreads**: Methanol futures prices declined, and the basis increased [9] - **Inventory**: Methanol enterprise, port, and social inventories decreased [9] - **Operating Rates**: Some upstream and downstream operating rates changed slightly [9] Pure Benzene and Styrene Industry - **Pure Benzene - Related Prices and Spreads**: Pure benzene prices declined, and the basis increased [11] - **Styrene - Related Prices and Spreads**: Styrene prices declined, and the basis increased [11] - **Inventory and Operating Rates**: Pure benzene port inventory increased, and styrene port inventory decreased. Some operating rates changed [11] PVC and Caustic Soda Industry - **PVC and Caustic Soda Prices and Spreads**: PVC and caustic soda futures prices declined, and spreads changed [12] - **Supply and Demand**: Caustic soda and PVC supply and demand have certain pressures, and demand is weak [12] - **Inventory**: Some caustic soda and PVC inventories increased or decreased [12]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range - trading strategy of buying low and selling high is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support intention [2]. - For methanol, the futures market is in a weak downward trend. High port inventories persistently suppress prices and the monthly structure. Supply remains high while demand shows little change. The market is trading on weak - reality logic, and prices may further decline [4]. - For urea, prices are oscillating at the bottom and showing relative resilience. With improved demand and cost support, the downside is limited, and it's expected to build a bottom through oscillation. A strategy of buying on dips is recommended [7]. - For PVC, the supply - demand situation is poor with strong supply and weak demand in China. Although the valuation has dropped to a low level, it still can't support the current supply - demand imbalance. A strategy of short - selling on rallies is suggested in the medium term [12]. - For pure benzene and styrene, the port inventory of styrene is decreasing significantly, and with the seasonal peak in demand, styrene prices may stop falling temporarily [18]. - For polyethylene, the price is expected to remain in a low - level oscillation. The cost - driven downward trend has shifted to the issue of South Korean ethylene clearance [21]. - For polypropylene, in a situation of weak supply and demand with high inventory pressure, there is no prominent short - term contradiction. The price may be supported when the supply - surplus situation in the cost side changes in the first quarter of next year [23]. - For PX, it is expected to experience a slight inventory build - up in November. With a neutral valuation and weakening aromatics blending data, there is a risk of valuation correction [27]. - For PTA, the supply of unexpected outages is expected to decrease, and demand may remain high in the short term. However, PTA processing fees have limited upside, and there is a risk of PXN valuation correction [29]. - For ethylene glycol, the supply - demand outlook is weak. Although the inventory build - up may slow down, a strategy of short - selling on rallies is recommended in the medium term [32]. 3. Summary by Related Catalogs 3.1 Crude Oil - **Market Information**: INE's main crude oil futures closed down 7.60 yuan/barrel, a 1.67% decline, at 447.40 yuan/barrel. Singapore's ESG oil product weekly data showed gasoline and diesel inventories increasing, fuel oil inventory decreasing, and total refined oil inventory increasing [9]. - **Strategy Viewpoint**: Maintain a range - trading strategy of buying low and selling high, and wait and see for now [2]. 3.2 Methanol - **Market Information**: Taicang's price remained stable, Lunan's price decreased by 5, Inner Mongolia's price increased by 5, the 01 contract of the futures market decreased by 12 yuan to 2004 yuan/ton, and the basis was - 4. The 1 - 5 spread increased by 3 to - 134 [3]. - **Strategy Viewpoint**: The futures market is in a weak downward trend. High port inventories suppress prices, and there is a risk of further price decline [4]. 3.3 Urea - **Market Information**: Shandong's spot price increased by 10, Henan's increased by 20, Hubei's increased by 10. The 01 contract of the futures market decreased by 11 yuan to 1654 yuan, and the basis was - 24. The 1 - 5 spread decreased by 4 to - 74 [6]. - **Strategy Viewpoint**: Prices are oscillating at the bottom and showing relative resilience. With improved demand and cost support, the downside is limited. A strategy of buying on dips is recommended [7]. 3.4 PVC - **Market Information**: The 01 contract remained unchanged at 4456 yuan. Changzhou's SG - 5 spot price was 4420 yuan/ton, and the basis was - 36. The 1 - 5 spread was - 300. The cost side remained stable, and the overall开工 rate was 78.8%, with an increase of 0.3%. The demand - side downstream开工 rate was 49.2%, with a decrease of 0.3% [11]. - **Strategy Viewpoint**: The supply - demand situation is poor with strong supply and weak demand in China. A strategy of short - selling on rallies is suggested in the medium term [12]. 3.5 Pure Benzene and Styrene - **Market Information**: Pure benzene's spot and futures prices remained unchanged, and the basis widened. Styrene's spot and futures prices increased, and the basis strengthened. The upstream开工 rate decreased by 0.30%, and the port inventory decreased by 2.65 million tons. The demand - side three - S weighted开工率 increased by 0.21% [14]. - **Strategy Viewpoint**: With the significant decrease in styrene's port inventory and the seasonal peak in demand, styrene prices may stop falling temporarily [18]. 3.6 Polyethylene - **Market Information**: The main contract's closing price was 6781 yuan/ton, a decrease of 54 yuan/ton. The spot price remained unchanged at 6855 yuan/ton, and the basis strengthened by 54 yuan to 74. The upstream开工 rate increased by 0.89%. The production enterprise's inventory decreased by 2.59 million tons, and the trader's inventory increased by 0.05 million tons. The downstream average开工率 decreased by 0.29% [20]. - **Strategy Viewpoint**: The price is expected to remain in a low - level oscillation. The cost - driven downward trend has shifted to the issue of South Korean ethylene clearance [21]. 3.7 Polypropylene - **Market Information**: The main contract's closing price was 6400 yuan/ton, a decrease of 34 yuan/ton. The spot price decreased by 15 yuan to 6505 yuan/ton, and the basis strengthened by 19 yuan to 105. The upstream开工率 decreased by 0.68%. The production enterprise's, trader's, and port inventories all decreased. The downstream average开工率 increased by 0.14% [22]. - **Strategy Viewpoint**: In a situation of weak supply and demand with high inventory pressure, there is no prominent short - term contradiction. The price may be supported when the supply - surplus situation in the cost side changes in the first quarter of next year [23]. 3.8 PX - **Market Information**: The 01 contract decreased by 80 yuan to 6750 yuan, and PX CFR decreased by 9 dollars to 824 dollars. The basis was - 19 yuan, and the 1 - 3 spread was - 14 yuan. China's PX负荷 was 89.5%, an increase of 2.7%, and Asia's was 79.7%, an increase of 1.2%. PTA's负荷 was 71%, a decrease of 4.7%. The inventory at the end of September was 402.6 million tons, an increase of 10.8 million tons compared to the previous month [26]. - **Strategy Viewpoint**: It is expected to experience a slight inventory build - up in November. With a neutral valuation and weakening aromatics blending data, there is a risk of valuation correction [27]. 3.9 PTA - **Market Information**: The 01 contract decreased by 30 yuan to 4666 yuan, and the East China spot price decreased by 15 yuan/ton to 4615 yuan. The basis was - 63 yuan, and the 1 - 5 spread was - 44 yuan. PTA's负荷 was 71%, a decrease of 4.7%. The downstream负荷 was 91.3%, an increase of 0.8%. The social inventory on November 7 was 222.7 million tons, an increase of 2 million tons compared to the previous period. The spot processing fee increased by 35 yuan to 199 yuan, and the futures processing fee increased by 22 yuan to 238 yuan [28]. - **Strategy Viewpoint**: The supply of unexpected outages is expected to decrease, and demand may remain high in the short term. However, PTA processing fees have limited upside, and there is a risk of PXN valuation correction [29]. 3.10 Ethylene Glycol - **Market Information**: The EG01 contract decreased by 14 yuan to 3808 yuan, and the East China spot price decreased by 33 yuan to 3852 yuan. The basis was 32 yuan, and the 1 - 5 spread was - 93 yuan. The supply - side负荷 was 70.8%, a decrease of 0.7%. The downstream负荷 was 91.3%, an increase of 0.8%. The port inventory increased by 7.1 million tons to 73.2 million tons [30]. - **Strategy Viewpoint**: The supply - demand outlook is weak. Although the inventory build - up may slow down, a strategy of short - selling on rallies is recommended in the medium term [32].

Core Viewpoint - PTA is currently supported by cost factors, with market focus on the execution of maintenance schedules and the recovery of export orders. The polyester futures prices are expected to remain supported due to cost boosts, domestic "anti-involution" policies, and improved export expectations from India [1] Cost Support - Cost support remains strong, with expectations of oversupply in oil from Q4 to Q1 next year, leading to a weak and fluctuating international oil price. The transmission of oil price changes to downstream industries is relatively mild due to low PTA processing fees [2][3] PX Supply and Demand - Domestic PX operating rates have slightly decreased to 86.8%, a drop of 3 percentage points. Asian PX operating rates are at 78.5%, down 1.7 percentage points. Several PX facilities in Asia are undergoing maintenance, tightening the PX spot market supply. The overall PX supply-demand balance is improving, supporting PTA costs [6] Inventory Pressure - PTA social inventory is approximately 3.1561 million tons, showing a slight accumulation. The inventory structure is reasonable, with polyester factories maintaining raw material stock for 13-14 days. The overall inventory level is lower than in the past two years, indicating limited inventory pressure [8] PTA and Polyester Production - By 2025, PTA production capacity is expected to reach 91.715 million tons, with a growth rate of 9.5%. The polyester industry is projected to maintain a high average operating rate of 88.29%, providing rigid demand support for PTA. However, weak weaving orders may lead to reduced purchasing intentions among polyester companies [11][13] Market Dynamics - The PTA market is currently facing a balance between cost support and demand suppression, with prices expected to fluctuate between 4500 and 4900 yuan per ton [11][13]

Report Industry Investment Ratings - Propylene: ★☆☆ [1] - Polypropylene: ★☆☆ [1] - Plastic: ★☆☆ [1] - Pure Benzene: ☆☆☆ [1] - Styrene: ☆☆☆ [1] - PX: ☆☆☆ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ★★★ [1] - Bottle Chip: ☆☆☆ [1] - Methanol: ★★★ [1] - Urea: ☆☆☆ [1] - PVC: ★☆★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★★★ [1] - Glass: ★★★ [1] Core Views - The futures of olefins and polyolefins are fluctuating widely, with supply - demand contradictions and price trends affected by factors like inventory, cost, and oil prices [2] - Pure benzene price rebounds with uncertain sustainability, and styrene's price is supported by short - term supply - demand improvement [3] - In the polyester industry, prices of PX, PTA, etc., are affected by multiple factors, and the supply of ethylene glycol is under pressure [5] - Methanol and urea markets have their own supply - demand situations and price trends [6] - PVC and caustic soda are in a weak operation state due to supply - demand imbalances [7] - Soda ash shows a long - term oversupply pattern, and glass has limited downward space [8] Summary by Directory Olefins - Polyolefins - Propylene enterprise inventory is low, but downstream polypropylene cost pressure and low international oil prices may affect the market [2] - Polyethylene and polypropylene futures close down, with supply - demand contradictions in both markets [2] Pure Benzene - Styrene - Pure benzene price rebounds with uncertain continuity, and styrene has short - term supply - demand support [3] Polyester - PTA price drops with the decline of PX and oil prices, and the supply of ethylene glycol is under pressure [5] Coal Chemical Industry - Methanol is in a weak operation, and urea may have an oscillating callback [6] Chlor - Alkali - PVC and caustic soda are in a weak state due to supply - demand imbalances [7] Soda Ash - Glass - Soda ash is in an oversupply situation, and glass has limited downward space [8]

Report Industry Investment Ratings - The investment ratings for steel, iron ore, coking coal, coke, and thermal coal are all "oscillating" [1][3][5][7] Core Views - The steel market has inventory pressure, and steel prices will oscillate. The iron ore market has high supply and inventory pressure, and ore prices will likely oscillate. The coking coal and coke markets are pessimistic, with prices running weakly. The thermal coal market has limited supply recovery and high prices, with short - term prices oscillating strongly [1][3][5][7] Summary by Related Catalogs Steel - **Market Analysis**: Yesterday, steel futures prices oscillated weakly, and spot prices followed suit. National building materials trading volume was 84,500 tons, a decrease of 8.15% from the previous day. Rebar production increased, inventory decreased, and apparent demand was better than expected. Hot - rolled coil production increased slightly, inventory decreased, and consumption increased month - on - month [1] - **Supply - Demand and Logic**: Building materials have supply pressure, but inventory reduction is significant, and apparent consumption is good. However, the consumption off - season is approaching, and consumption sustainability needs to be observed. The supply - demand pattern of strip steel has improved, but supply pressure remains, and inventory reduction pressure is still large. Short - term steel prices will oscillate, and future winter storage games and raw material support need to be observed [1] - **Strategy**: Unilateral trading is oscillating, and there are no strategies for inter - period, inter - variety, spot - futures, or options trading [2] Iron Ore - **Market Analysis**: Yesterday, iron ore futures oscillated. Spot prices were generally weak and stable, and trading was dull. The cumulative trading volume of main ports in the country was 918,000 tons, an increase of 27.32% from the previous day. This week, the average daily hot metal output decreased slightly, port inventory decreased slightly, and the number of stranded ships increased [3] - **Supply - Demand and Logic**: Iron ore supply remains high, and inventory pressure persists. With steel mills' losses and production cuts, hot metal output has decreased month - on - month. Port inventory reduction and a decline in arrivals support prices, so the callback space for ore prices is limited, and they will likely oscillate within a range. Future hot metal output and downstream inventory changes need to be observed [3] - **Strategy**: Unilateral trading is oscillating, and there are no strategies for inter - period, inter - variety, spot - futures, or options trading [4] Coking Coal and Coke - **Market Analysis**: Yesterday, the prices of black - sector commodities generally fell, and the prices of coking coal and coke futures continued to decline. Imported Mongolian coal prices weakened due to the decline in futures prices, trading was cold, and trading volume further declined. This week, coking coal production continued to increase, downstream coking plants and ports reduced inventory significantly, coke production decreased slightly, and overall inventory increased slightly [5] - **Supply - Demand and Logic**: For coking coal, domestic mines are gradually resuming production, Mongolian coal customs clearance remains high, and seaborne coal imports have also increased. Short - term coking coal supply has recovered month - on - month, and downstream demand is mainly for rigid needs, with insufficient speculative demand. The market focus is on the value of warehouse receipts. For coke, production restrictions in some areas have ended, supply has improved, hot metal output has decreased slightly, speculative demand has weakened, and coke supply and demand are in a weak balance [6] - **Strategy**: Coking coal and coke trading are both oscillating, and there are no strategies for inter - period, inter - variety, spot - futures, or options trading [6] Thermal Coal - **Market Analysis**: In the production area, coal prices have been slightly adjusted, and supply has tightened in some mines due to environmental protection and other factors, leading to a slight increase in prices. At present, coal prices are relatively high, and downstream buyers only purchase on demand, with speculative demand slowing down. At ports, inventory has accumulated due to navigation bans, market coal trading is sluggish, and downstream buyers are mainly waiting and watching. For imported coal, supply from Indonesia is low, and foreign mine quotes remain high due to existing profits [7] - **Supply - Demand and Logic**: Current supply recovery in the production area is limited, and downstream purchasing is more cautious. However, the consumption peak season has arrived, port inventory accumulation is lower than expected, and non - power demand downstream is strong. Short - term prices will oscillate strongly, and future overall consumption and inventory replenishment need to be observed [7]

Report Industry Investment Ratings - Steel: Sideways [1] - Iron Ore: Sideways [2] - Coking Coal and Coke: Sideways [3][4] - Thermal Coal: Sideways with a Bullish Bias [5] Core Views - Steel has inventory pressure, and prices are expected to fluctuate weakly. Iron ore supply pressure remains, and prices will likely oscillate at high levels. Coking coal and coke prices are expected to fluctuate weakly due to early release of warehouse receipt pressure. Thermal coal prices are expected to fluctuate strongly in the short - term, influenced by the winter heating season and other factors [1][2][3][5] Summary by Related Catalogs Steel - **Market Analysis**: Futures prices fluctuated weakly, and spot transactions were generally dull, with low - price rigid demand as the main driver. National building materials transactions were 9.23 tons, a 4.14% decrease from the previous day. Building materials production and sales declined, inventory decreased, hot - rolled coil production decreased, inventory declined, and consumption increased [1] - **Supply - Demand and Logic**: Building materials production decreased, inventory continued to decline, apparent consumption was weak, and the fundamentals continued to face pressure. The contradictions of high inventory and high production of strip materials have not been resolved. Short - term prices will continue to fluctuate, and subsequent winter storage games and raw material support need to be observed [1] - **Strategy**: Single - side trading: Sideways; Other strategies: None [1] Iron Ore - **Market Analysis**: Futures prices maintained a sideways trend, spot prices rose slightly, and transactions improved. National main port iron ore cumulative transactions were 72.1 tons, an 18.98% increase from the previous day [2] - **Supply - Demand and Logic**: Iron ore supply remained at a high level, inventory continued to increase, and steel mills were losing money and reducing production. There was a seasonal weakening expectation for hot metal. However, considering the limited arrival volume of iron ore, the downward adjustment space for ore prices was insufficient, and they would likely maintain a range - bound operation. Subsequent hot metal production and downstream inventory changes need to be monitored [2] - **Strategy**: Single - side trading: Sideways; Other strategies: None [2] Coking Coal and Coke - **Market Analysis**: Futures prices continued to fluctuate weakly. Imported Mongolian coal prices at ports declined due to the downward transmission of futures prices, and market trading volume continued to decline [3] - **Supply - Demand and Logic**: For coking coal, domestic production gradually recovered, Mongolian coal customs clearance was at a high level, and seaborne coal imports increased. Speculative demand decreased, and downstream maintained a rigid procurement rhythm. For coke, after four rounds of price increases, coking enterprise profits improved, but supply did not increase significantly. Although hot metal increased slightly, further steel mill production reduction plans need to be monitored. Currently, the coking coal trading focus is on the warehouse receipt value, and the market avoids subsequent warehouse receipt pressure through early price drops [3] - **Strategy**: Coking coal: Sideways; Coke: Sideways; Other strategies: None [3][4] Thermal Coal - **Market Analysis**: In the producing areas, coal prices rose slightly, and downstream procurement was acceptable, mostly on a demand - based basis. Supply was relatively stable, but some resources were difficult to ship, and miners were still optimistic. Port inspections were still strict, and some coal mines sold a small amount of goods as their tasks were almost completed. At ports, transactions were mainly long - term contracts, and downstream resistance to high - priced coal was high, with market coal transactions relatively cold. Due to gale - induced port closures, inventory slowly increased. Imported coal still had profit margins, and the market was active [5] - **Supply - Demand and Logic**: Current supply recovery in the producing areas was limited, and downstream procurement was more cautious. However, with the arrival of the winter heating season, port inventory accumulation was lower than expected, and non - power downstream demand was strong. Short - term prices will fluctuate strongly, and overall consumption and restocking need to be monitored [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall finished steel is supported by raw material costs at the bottom, but the upward drive is suppressed by inventory. It is expected to trade in a range, with rebar between 2900 - 3200 and hot - rolled coil between 3100 - 3400. Attention should be paid to the destocking speed and downstream consumption, and the risk lies in the possible negative feedback from the decline in the profitability of steel enterprises [3]. - The iron ore fundamentals show a pattern of strong supply and weak demand, with continuous inventory accumulation, but a structural shortage of deliverable products. The price lacks a strong trend driver. In the short - term, the shipment of iron ore is increasing again, and the output of non - mainstream mines remains high. The iron ore price may be affected by the change in coking coal valuation [20]. - In the short - term, the coal - coke futures and spot prices may face adjustment pressure due to factors such as high spot prices, weak downstream acceptance, and reduced demand. In the long - term, the coal - coke price may rise due to supply restrictions and winter storage demand [30]. - Ferroalloys are facing high inventory and weak demand. The cost center may shift down due to the impact of energy supply guarantee on coking coal prices, but the downside space is limited, and it is expected to trade weakly [42]. - Soda ash is mainly priced by cost. Without production cuts, the valuation has no upward elasticity. The long - term supply is expected to remain high, and the upper - middle stream inventory is high, but the price is supported by cost [52]. - The glass market has weak sales recently, and the high inventory in the middle stream puts pressure on the spot price. The 01 contract may decline towards the delivery date, but the long - term price is supported by cost and policy expectations [75]. 3. Summary by Related Catalogs Steel Products - **Price and Spread Data**: On November 18, 2025, the closing prices of rebar 01, 05, and hot - rolled coil 01, 05 contracts changed compared to the previous day. The rebar 01 - 05 and hot - rolled coil 01 - 05 month - spreads also had corresponding changes [4]. - **Spot Price and Basis**: The spot prices of rebar and hot - rolled coil in different regions on November 18, 2025, showed different changes compared to the previous day. The basis of different contracts also changed [8][10]. - **Ratio Data**: The ratios of rebar to iron ore and rebar to coke for different contracts on November 18, 2025, remained unchanged compared to the previous day [17]. Iron Ore - **Price Data**: On November 18, 2025, the closing prices of iron ore 01, 05, 09 contracts increased compared to the previous day, and the basis of different contracts decreased [21]. - **Fundamental Data**: As of November 14, 2025, the daily average iron - water output increased week - on - week, the global and Australian - Brazilian shipments increased, and the 45 - port inventory increased [24]. Coal - Coke - **Market Analysis**: The short - term price adjustment is due to high spot prices, weak downstream acceptance, and reduced demand. The long - term price may rise due to supply restrictions and winter storage demand [30]. - **Price Data**: On November 18, 2025, the coal - coke futures and spot prices, basis, month - spreads, and other data showed different changes compared to the previous day [32][33][34]. Ferroalloys - **Market Outlook**: Facing high inventory and weak demand, the cost center may shift down, but the downside space is limited, and it is expected to trade weakly [42]. - **Data of Silicon Iron and Manganese Silicon**: On November 18, 2025, the basis, month - spreads, and spot prices of silicon iron and manganese silicon showed different changes compared to the previous day [43][45]. Soda Ash - **Market Analysis**: Priced by cost, without production cuts, the valuation has no upward elasticity. The long - term supply is expected to remain high, and the inventory is high, but the price is supported by cost [52]. - **Price Data**: On November 18, 2025, the soda ash futures prices and month - spreads decreased compared to the previous day [52]. Glass - **Market Analysis**: Weak sales recently, high inventory in the middle stream puts pressure on the spot price. The 01 contract may decline towards the delivery date, but the long - term price is supported by cost and policy expectations [75]. - **Price and Sales Data**: On November 18, 2025, the glass futures prices and month - spreads decreased compared to the previous day. The sales in different regions showed different trends in the recent period [76].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices fluctuated weakly, with the spot import of refined copper in China remaining at a loss. The probability of the Fed cutting interest rates in December is still low, and the instability of the US stock market has increased market concerns about liquidity. The overall global visible inventory is in a state of accumulation and is approaching recent high levels. Without sudden events, copper volatility may remain at a low level, and copper prices will show a high - level oscillating market [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all fluctuated weakly. The alumina futures price repaired narrowly. The macro - sentiment continued to warm up, but the high price had an obvious suppressing effect on demand. The destocking of aluminum ingots was continuously blocked, and the proportion of molten aluminum continued to decline. Aluminum prices continued to be strong but had difficulty rising further. Aluminum alloy had more upward momentum, and the spread between refined and scrap aluminum was expected to narrow [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel both declined. The inventory pressure of primary nickel became prominent, and the LME inventory remained at 250,000 tons and was difficult to digest, putting great pressure on the market. Nickel prices continued to operate weakly, but attention should be paid to macro - disturbances and overseas industrial policy adjustments [2]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Copper**: The Fed's internal division over whether to cut interest rates in December has increased, and the probability of a rate cut remains low. The downstream acceptance of high copper prices has increased, and the overall demand is slowly recovering. However, the high inventory may restrict the upward movement of copper prices in the future [1]. - **Aluminum**: The alumina futures price repaired narrowly. The end of the US government shutdown and the release of China's 14th Five - Year Plan suggestions have warmed up the macro - sentiment. However, high prices have suppressed demand, and the destocking of aluminum ingots has been blocked. Aluminum alloy has more upward momentum [1][2]. - **Nickel**: The inventory pressure of primary nickel is increasing, and the LME inventory is difficult to digest, putting pressure on the market. The price of nickel iron has declined, and the inventory of stainless steel has increased. Nickel prices are still weak, but beware of macro - disturbances and overseas industrial policy adjustments [2]. 3.2 Daily Data Monitoring - **Copper**: On November 17, 2025, the price of flat - water copper was 86,460 yuan/ton, a decrease of 585 yuan compared to November 14. The total inventory (weekly) decreased by 5,628 tons to 109,407 tons [3]. - **Lead**: On November 17, 2025, the average price of 1 lead in the Yangtze River was 17,350 yuan/ton, a decrease of 150 yuan compared to November 14. The inventory (weekly) increased by 4,208 tons to 42,790 tons [3]. - **Aluminum**: On November 17, 2025, the Wuxi quotation was 21,630 yuan/ton, a decrease of 280 yuan compared to November 14. The electrolytic aluminum inventory (weekly) increased by 25,000 tons to 646,000 tons [4]. - **Nickel**: On November 17, 2025, the price of Jinchuan nickel plate was 120,625 yuan/ton, a decrease of 925 yuan compared to November 14. The nickel inventory (weekly) increased by 3,386 tons to 40,573 tons [4]. - **Zinc**: On November 17, 2025, the main settlement price was 22,440 yuan/ton, a decrease of 0.4% compared to November 14. The social inventory (weekly) increased by 1,300 tons to 162,000 tons [6]. - **Tin**: On November 17, 2025, the main settlement price was 289,940 yuan/ton, a decrease of 1.5% compared to November 14. The inventory (weekly) of the Shanghai Futures Exchange increased by 266 tons to 6,258 tons [6]. 3.3 Chart Analysis The report provides multiple charts, including those related to spot premiums and discounts, SHFE near - far month spreads, LME inventory, SHFE inventory, social inventory, and smelting profits of various non - ferrous metals such as copper, aluminum, nickel, zinc, lead, and tin, covering data from 2019 - 2025 [7][14][23][29][35][42].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report This week, the core logic of methanol revolves around supply - demand imbalance and inventory pressure. On the supply side, although domestic production has slightly decreased, the significant increase in imports has significantly boosted the total supply, and the expected resumption of subsequent installations will further increase the supply pressure. In the inventory segment, the port shows an obvious trend of inventory accumulation, and although there are differences in the inland area, overall de - stocking is difficult. High - level inventory continuously suppresses market sentiment. On the demand side, only the profits of some downstream sectors have slightly recovered, the weak pattern of the terminal has not been fundamentally improved, and the model of mainly purchasing on a just - in - time basis can hardly provide strong support for the market. The firm coal price at the cost side provides some support, but the overall industry profit has deteriorated, especially the losses of some processes have intensified, and the cost support is limited. In the short term, the market lacks clear positive drivers. It is recommended to wait and see, focus on subsequent import arrivals and changes in downstream restocking willingness, and avoid blindly gambling on price rebounds [3]. 3. Summary of Each Section Spot Market - **Regional Prices**: The current spot prices are 2047 in Inner Mongolia North Line, 1620 in Shaanxi Guanzhong, 1980 in Xinjiang (outside the region), 1945 in Shandong Linyi, 2160 in Taicang, and 2055 in Henan. Compared with the previous values, the prices in Inner Mongolia North Line, Shaanxi Guanzhong, Xinjiang (outside the region), Taicang, and Henan have decreased by 25, 0, 25, 20, and 5 respectively, while the price in Shandong Linyi remains unchanged [1]. - **Taicang Transaction Price Range**: The transaction price ranges in Taicang from November to December are as follows: 2045 - 2055 in early November, 2035 - 2065 in mid - November, 2045 - 2075 in late November, 2075 - 2105 in late December [3]. Futures Market - **Contract Prices**: The current prices of MA2601 and MA2605 are 2055 and 2163 respectively, with a decline of 2.28% and 2.08% compared with the previous values [1].

Report Industry Investment Ratings - Urea: ★★★ (Trend of rising) [1] - Methanol: ★☆☆ (Slightly bullish, but limited operability on the market) [1] - Pure Benzene: ★★★ (Trend of rising) [1] - Styrene: ★★☆ (Bullish, and the market trend is emerging) [1] - Propylene: ★☆☆ (Slightly bullish, but limited operability on the market) [1] - Plastic: ★☆☆ (Slightly bullish, but limited operability on the market) [1] - PVC: ★★★ (Trend of rising) [1] - Caustic Soda: ☆☆☆ (Trend of falling) [1] - PX: ★★★ (Trend of rising) [1] - PTA: ☆☆☆ (Trend of falling) [1] - Ethylene Glycol: ★☆☆ (Slightly bullish, but limited operability on the market) [1] - Short Fiber: ☆☆☆ (Trend of falling) [1] - Glass: ★★★ (Trend of rising) [1] - Soda Ash: ☆☆☆ (Trend of falling) [1] - Bottle Chip: ★★★ (Trend of rising) [1] Report's Core View - The overall supply in the chemical market is relatively loose, and the demand shows a mixed trend. Some products are affected by factors such as device maintenance, overseas market trends, and seasonal demand changes, and their prices and market trends vary [2][3][5] Summary by Related Catalogs Olefins - Polyolefins - The main contracts of olefin futures fluctuated within a narrow range. The overall supply was loose, and the transaction was average. The demand for propylene had some support due to the resumption of some devices [2] - The main contracts of plastic and polypropylene futures closed slightly higher. The supply of polyethylene was stable, but the demand was weakening. The spot of polypropylene showed signs of stabilizing [2] Pure Benzene - Styrene - The price of pure benzene rose strongly in the morning and then fell in the afternoon. The overseas gasoline trend was strong, but the rebound height should be viewed with caution due to weak downstream profits [3] - The main contract of styrene futures closed significantly higher. The overseas market was strong, but the future supply was expected to increase [3] Polyester - Affected by aromatics blending for gasoline, the prices of PX and PTA rebounded. However, considering the weakening chemical demand and uncertain US demand, a cautious bullish view was taken [5] - The weekly output of ethylene glycol increased slightly, with supply growth pressure. A bearish view was maintained in the medium - term [5] - Short fiber had no new investment pressure, but demand was expected to weaken. Bottle chip demand declined, and over - capacity was a long - term pressure [5] Coal Chemical Industry - The main contract of methanol futures fluctuated at a low level. The port was accumulating inventory, and the short - term was under pressure, but the valuation was low [6] - The urea market was supported by the rumor of export quota release, and the short - term was expected to fluctuate in a range with a slightly upward price center [6] Chlor - Alkali - PVC fluctuated within a narrow range. The cancellation of India's BIS certification had little impact, and the market was in a state of high supply and low demand [7] - Caustic soda showed a weak trend due to high supply pressure and insufficient downstream demand [7] Soda Ash - Glass - Soda ash showed a strong trend. The cost increased, and the short - term price was difficult to fall, but there was an oversupply situation in the long - term [8] - Glass fluctuated within a narrow range. The mid - stream inventory was high, and the price increase was weak, but the decline space was also limited [8]