1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Since this month, affected by factors such as steel mills controlling shipment volume, tight supply of hot - rolled resources, and political unrest in Indonesia, stainless - steel futures prices have fluctuated significantly. Overall, market sentiment is optimistic, raising expectations for stainless steel. However, actual consumption in August was still weak, and dealers' shipment pace was stable, suppressing further price increases. Under the current mature spot - futures business model, a slight deviation of the basis from reality can create arbitrage opportunities for traders. Therefore, before actual demand improves significantly, stainless - steel valuations are expected to remain low. Attention should be paid to the actual release of demand during the traditional peak season and the political stability in Indonesia. Currently, market driving factors are limited, and stainless - steel prices are expected to show a slightly stronger oscillating trend [11][12]. 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Market Data**: On September 5th, the average price of cold - rolled stainless - steel coils in Wuxi was 13,150 yuan/ton, a month - on - month increase of 0.38%; the ex - factory price of 7% - 10% nickel - iron in Shandong was 945 yuan/nickel, a month - on - month increase of 0.53%; the average price of scrap stainless steel was 9,200 yuan/ton, a month - on - month increase of 1.08%. The closing price of the stainless - steel main contract on Friday afternoon was 12,915 yuan/ton, a month - on - month increase of 0.51% [11][16]. - **Supply**: In August, the domestic cold - rolled stainless - steel production plan was 1.4685 million tons. In July, the crude - steel output was 2.8241 million tons, a month - on - month decrease of 47,000 tons, with a cumulative year - on - year increase of 6.48% from January to July. In July, the estimated crude - steel output of 300 - series stainless steel was 1.4039 million tons, a month - on - month decrease of 1.56%; in August, the cold - rolled output of 300 - series was 793,500 tons, a month - on - month increase of 12.38% [11][26][29]. - **Demand**: From January to July 2024, the domestic commercial housing sales area was 515.5977 billion square meters, a year - on - year decrease of 4.00%; in July, the single - month commercial housing sales area was 57.0922 billion square meters, a year - on - year decrease of 8.40%. In July, the year - on - year growth rates of refrigerators, household freezers, washing machines, and air conditioners were 3%, 5%, 1.5%, and 2.4% respectively; the cumulative year - on - year growth rate of the fuel processing industry in July was +16.3% [11][39][42]. - **Inventory**: This week, the total social inventory of stainless steel was 1.083 million tons, a month - on - month decrease of 0.81%; the inventory of futures warehouse receipts this week was 99,700 tons, a decrease of 688 tons from last week. This week, the social inventories of 200/300/400 - series stainless steel were 193,900 tons, 654,500 tons, and 234,500 tons respectively, with the 300 - series inventory decreasing by 0.63% month - on - month. This week, the floating inventory of stainless steel was 42,200 tons, a month - on - month decrease of 1.30%, and the unloading volume was 48,900 tons, a month - on - month decrease of 44.78% [11][49][52]. - **Cost**: This week, the ex - factory price of 7% - 10% nickel - iron in Shandong was 945 yuan/nickel, unchanged from last week. Ironworks in Fujian are currently losing 81 yuan/nickel [11][59]. 3.2 Spot - Futures Market - **Price Changes**: On September 5th, the average price of cold - rolled stainless - steel coils in Wuxi was 13,150 yuan/ton, a month - on - month increase of 0.38%; the ex - factory price of 7% - 10% nickel - iron in Shandong was 945 yuan/nickel, a month - on - month increase of 0.53%; the average price of scrap stainless steel was 9,200 yuan/ton, a month - on - month increase of 1.08%. The closing price of the stainless - steel main contract on Friday afternoon was 12,915 yuan/ton, a month - on - month increase of 0.51% [16]. - **Market Quotes**: The market quotation of Foshan Delong refers to a premium of about - 15 yuan (+35) over the main contract; the market quotation of Wuxi Hongwang refers to a premium of about 35 yuan (- 5) over the main contract. The open interest on the futures market was 267,609 lots, a month - on - month increase of 0.21% [19]. - **Month - to - Month Spread**: The spread between consecutive contracts 1 and 2 was reported at - 70 (+0), and the spread between consecutive contracts 1 and 3 was reported at - 115 (+10) [22]. 3.3 Supply Side - **Domestic Production**: In August, the domestic cold - rolled stainless - steel production plan was 1.4685 million tons. In July, the crude - steel output was 2.8241 million tons, a month - on - month decrease of 47,000 tons, with a cumulative year - on - year increase of 6.48% from January to July. In July, the estimated crude - steel output of 300 - series stainless steel was 1.4039 million tons, a month - on - month decrease of 1.56%; in August, the cold - rolled output of 300 - series was 793,500 tons, a month - on - month increase of 12.38% [26][29]. - **Indonesian Production and Imports**: In July, the estimated monthly output of stainless steel in Indonesia was 380,000 tons, a month - on - month increase of 5.56%. In July, China's imports of stainless steel from Indonesia reached 46,200 tons, a month - on - month decrease of 46.09% [32]. - **Export Situation**: In July, the net export volume of stainless steel was 343,200 tons, a month - on - month increase of 22.37% and a year - on - year increase of 20.57%. From January to July, the cumulative net export volume was 1.0809 million tons, a 65.78% increase compared to the same period last year [35]. 3.4 Demand Side - **Real Estate**: From January to July 2024, the domestic commercial housing sales area was 515.5977 billion square meters, a year - on - year decrease of 4.00%; in July, the single - month commercial housing sales area was 57.0922 billion square meters, a year - on - year decrease of 8.40% [39]. - **Home Appliances**: In July, the year - on - year growth rates of refrigerators, household freezers, washing machines, and air conditioners were 3%, 5%, 1.5%, and 2.4% respectively [42]. - **Fuel Processing Industry**: The cumulative year - on - year growth rate of the fuel processing industry in July was +16.3% [42]. - **Other Industries**: In July, the output of elevators, escalators, and lifts was 115,000 units, a month - on - month decrease of 16.06% and a year - on - year decrease of 2.54%. In July, the automobile sales volume was 2.5934 million units, a month - on - month decrease of 10.71% and a year - on - year increase of 14.66% [45]. 3.5 Inventory - **Total Inventory**: This week, the total social inventory of stainless steel was 1.083 million tons, a month - on - month decrease of 0.81%; the inventory of futures warehouse receipts this week was 99,700 tons, a decrease of 688 tons from last week [49]. - **Inventory by Series**: This week, the social inventories of 200/300/400 - series stainless steel were 193,900 tons, 654,500 tons, and 234,500 tons respectively, with the 300 - series inventory decreasing by 0.63% month - on - month. This week, the floating inventory of stainless steel was 42,200 tons, a month - on - month decrease of 1.30%, and the unloading volume was 48,900 tons, a month - on - month decrease of 44.78% [52]. 3.6 Cost Side - **Nickel Ore**: In July, the nickel - ore import volume was 5.0058 million wet tons, a month - on - month increase of 15.44% and a year - on - year increase of 45.19%. Currently, the quoted price of nickel ore with 1.5% Ni is 56.0 US dollars per wet ton, and the port inventory is 12.5982 million wet tons, a month - on - month increase of 4.48% [56]. - **Nickel Iron**: This week, the ex - factory price of 7% - 10% nickel - iron in Shandong was 945 yuan/nickel, unchanged from last week. Ironworks in Fujian are currently losing 81 yuan/nickel [59]. - **Chromium - Iron Chain**: This week, the quoted price of chrome ore was 56.5 yuan per dry ton, an increase of 0.5 yuan per dry ton compared to last week; the quoted price of high - carbon ferrochrome was 8,400 yuan per 50 - base ton, an increase of 200 yuan per 50 - base ton compared to last week. In July, the output of high - carbon ferrochrome was 801,400 tons, a month - on - month increase of 3.38% [62]. - **Production Profit**: The current gross profit of the self - produced high - nickel - iron production line is - 535 yuan per ton, with a profit margin of - 3.91% [65].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The nickel and stainless steel futures market showed a weak and volatile trend this week, mainly driven by the weakening sentiment in the broader market. The anti - involution sentiment declined, and factors such as the US dollar index, US copper tariffs, and China - US economic and trade talks temporarily suppressed the market. - The price of nickel ore from the Philippines has loosened due to improved rainfall in major mining areas and a seasonal increase in domestic nickel ore arrivals. In Indonesia, the first - phase nickel ore benchmark price in August has increased, but the improvement in premium is limited. - The price of nickel sulfate remained firm this week. It is currently the restocking period for some precursor factories, and nickel salt factories have a certain price - holding sentiment. - The price of ferronickel continued to correct this week. If ferronickel prices continue to rise, the supply of ice - nickel and pure nickel is expected to decrease, which will strongly support the price increase of ferronickel. - The stainless steel market also showed a weak and volatile trend, but the decline was limited. The cost support of ferronickel has strengthened, and the Yarlung Zangbo River Hydropower Station is expected to boost the demand for high - end stainless steel. Stainless steel has been continuously destocked, and spot transactions have improved. Some steel mills may increase production in August. - It is expected that nickel will fluctuate in the range of [118,000 - 126,000] yuan, and stainless steel will fluctuate in the range of [12,500 - 13,100] yuan [3]. 3. Summary by Directory 3.1. Disk Review - The main contract of Shanghai nickel fluctuated weakly, closing at 119,770 yuan/ton, a decrease of 1,850 yuan or 1.52% from the previous week. The main contract of stainless steel closed at 12,840 yuan/ton, with no change from the previous week [2][4][6]. 3.2. Industrial Performance - **Spot Market**: The price of Jinchuan nickel was 121,850 yuan/ton, with a premium of 2,250 yuan/ton. The average price of battery - grade nickel sulfate was 27,370 yuan/ton, and the profit margin of producing nickel sulfate from MHP was adjusted to 0%. The average ex - factory price of 304/2B cut - edge stainless steel was 12,700 yuan/ton, and the profit margin of 304 stainless steel cold - rolling decreased to about - 4.74% [2]. - **Inventory**: The inventory of pure nickel on the Shanghai Futures Exchange was 25,750 tons, and the LME nickel inventory was 209,082 tons. The social inventory of stainless steel was 982,700 tons, and the inventory of ferronickel was 33,415 tons. The ex - factory price of 8% - 12% high - nickel pig iron was adjusted to 912.5 yuan/nickel point [2]. 3.3. Core Logic - **Nickel**: Affected by the broader market sentiment, the nickel market was under pressure. The improvement in the supply of Philippine nickel ore and the increase in the Indonesian nickel ore benchmark price had different impacts on the market. The price of nickel sulfate was firm, and the trend of ferronickel was crucial for the supply of pure nickel [3]. - **Stainless Steel**: Although the market was weak, multiple factors limited the decline. The cost support of ferronickel, the expected increase in demand from the hydropower station, and the destocking trend provided some support. The production plans of steel mills in August need to be closely monitored [3]. 3.4. Market Data - **Nickel Futures**: The main contract of Shanghai nickel and other contracts showed a decline in price, with a decrease in trading volume and a change in open interest and basis [4][5]. - **Stainless Steel Futures**: The main contract of stainless steel remained stable, while other contracts had slight fluctuations. Trading volume and open interest decreased, and the basis remained unchanged [6]. - **Nickel Spot**: The prices of various nickel products such as Jinchuan nickel, imported nickel, and electrolytic nickel all declined [7]. - **Nickel Industry Inventory**: Domestic social inventory decreased, LME nickel inventory increased, stainless steel social inventory decreased slightly, and ferronickel inventory increased [8].

Report Title - Nickel & Stainless Steel: Short-term Bullish and Bearish Factors Intertwined, Focus on Bottom Support [1] Report Industry Investment Rating - Not provided Core Viewpoints - The intraday trend of Shanghai nickel continued to fluctuate. Fundamentally, the inventory of nickel ore arriving from the Philippines increased, weakening the support for nickel ore. The second-phase nickel ore benchmark price in Indonesia in July also decreased, mainly due to weak downstream demand. The intraday transaction price of nickel iron showed a certain stabilization trend, and the latest transactions of iron plants in August increased slightly. Attention should be paid to the subsequent transaction trend. Some large stainless steel manufacturers have entered another production cut cycle. On the spot side, the supply of low-priced resources has decreased, and the futures price has rebounded to some extent. The new energy chain still maintains a production-to-order situation. Indonesia's APNI plans to revise the HPM formula and add elements such as iron and cobalt. If implemented, it will provide some support for the bottom of the nickel price [3]. Summary by Related Catalogs 1. Shanghai Nickel Forecast and Management Strategies - The predicted price range of Shanghai nickel is 117,000 - 126,000 yuan/ton, with a current 20-day rolling volatility of 15.17% and a historical percentile of 3.2% [2]. - Inventory management strategies include shorting Shanghai nickel futures to lock in profits and hedge against spot price declines, selling call options, etc. [2]. - Procurement management strategies include buying Shanghai nickel forward contracts based on production plans, selling put options, and buying out-of-the-money call options [2]. 2. Market Influencing Factors - **Likely positive factors**: The ban on cobalt mines in the Congo continues; Indonesia's APNI plans to revise the HPM formula; Indonesia shortens the nickel ore quota license period from three years to one year; the tariff negotiation between Indonesia and the US may involve the subsequent trend of the nickel industry chain [4]. - **Likely negative factors**: Stainless steel enters the traditional off-season of demand, and inventory reduction is slow; the contradiction in the nickel iron industry chain deepens, and the oversupply situation remains unchanged; the inventory of pure nickel is high; the seasonal inventory of nickel ore increases, and the bottom support weakens [4][5]. 3. Market Data - **Nickel futures**: The latest prices of Shanghai nickel main contract, continuous contracts 1 - 3, and LME nickel 3M all decreased compared with the previous day, with trading volume, open interest, and warehouse receipts also showing different degrees of decline [6]. - **Stainless steel futures**: The latest prices of stainless steel main contract and continuous contracts 1 - 3 increased to varying degrees, with trading volume and open interest increasing, and warehouse receipts decreasing slightly [7]. - **Inventory data**: The domestic social inventory of nickel increased by 1,144 tons, LME nickel inventory decreased by 6 tons, stainless steel social inventory increased by 12.8 tons, and nickel pig iron inventory decreased by 4,301 tons [8].

Core Viewpoint - The stainless steel market is experiencing a mixed trend with slight price increases in the spot market, but overall demand remains weak, leading to a cautious outlook for the industry [3]. Raw Materials - Nickel ore prices are under pressure, with Philippine 1.3% nickel ore trading at FOB 36 and Indonesian nickel ore at CIF 45. The domestic benchmark price for Indonesian nickel ore is expected to decrease by $0.3 to $0.5 [1]. - Nickel iron prices have dropped, with a high nickel iron procurement price of 910 yuan per nickel reported, marking a new low since 1999. Steel mills are adopting a price-cutting strategy for nickel ore procurement due to cost pressures [1]. - Chrome ore prices are weak, and demand from downstream sectors is poor, leading to cautious purchasing behavior from traders [1]. Supply - Domestic stainless steel production is projected to be 3.3623 million tons in June, a month-on-month decrease of 2.91% but a year-on-year increase of 2.24%. The 300 series production is expected to increase slightly [1]. - In May, the production from 43 domestic stainless steel mills was 3.4629 million tons, reflecting a month-on-month decrease of 3.96% but a year-on-year increase of 4.94% [1]. Inventory - Social inventory data shows a slight increase, with 300 series social inventory at 534,200 tons as of June 20, up by 3,400 tons week-on-week. However, stainless steel futures inventory decreased to 112,867 tons, down by 4,112 tons week-on-week [2]. Market Dynamics - The stainless steel market is currently facing seasonal demand weakness and insufficient macroeconomic stimulus. The upcoming National Development and Reform Commission press conference is expected to provide insights into infrastructure project progress [3]. - The overall market sentiment has improved slightly, but the fundamental conditions remain weak, with slow demand recovery and high stainless steel supply levels [3].

Group 1: Report Title and Team - The report focuses on nickel and stainless steel, written by the New Energy & Precious Metals Research Team of Nanhua Futures, including Xia Yingying and Guan Chenghan [1] Group 2: Investment Ratings - No investment ratings provided in the report Group 3: Core Views - The short - term nickel and stainless steel market will mainly fluctuate. There is no obvious upward driving force in the market logic, the impact of macro - sentiment has dissipated, and spot transactions are relatively moderate. Nickel ore supply is expected to increase, the impact of the rainy season in the Philippines is gradually weakening, and the price bottom has loosened. The nickel - iron price has stopped falling and rebounded, which may bring some support. The new energy chain may show a situation of weak supply and demand in the short term, and the price is expected to stabilize. Attention should be paid to the impact of opening nickel contracts to foreign capital and subsequent tariff policies [3] Group 4: Price Forecast and Management Strategies Nickel Price Forecast - The predicted price range of Shanghai nickel is 119,000 - 129,000 yuan/ton, with a current 20 - day rolling volatility of 13.67% and a historical percentile of 0.4% [2] Nickel Management Strategies - **Inventory Management**: When product sales prices may fall and inventory has impairment risks, short Shanghai nickel futures according to inventory levels to lock in profits and hedge against spot price declines (60% hedge ratio), and sell call options (50% hedge ratio) [2] - **Procurement Management**: When a company has future production procurement needs and is worried about rising raw material prices, buy Shanghai nickel forward contracts according to the production plan to lock in production costs, sell put options, and buy out - of - the - money call options, with the hedge ratio based on the procurement plan [2] Group 5: Factors Affecting the Market Positive Factors - China and the US have reached a tariff agreement - The Philippine government plans to ban nickel ore exports in June 2025 - The new resource tax in Indonesia took effect on April 26, raising the overall cost line [4] Negative Factors - At the end of the rainy season in the Philippines, nickel ore supply is gradually increasing - The support of the MHP nickel sulfate link has weakened - Stainless steel inventories remain at a high level, and demand shows no obvious improvement [4] Group 6: Market Data Nickel Market Data - The latest price of Shanghai nickel main continuous contract is 123,400 yuan/ton, with a 0% month - on - month change; the trading volume is 101,218 lots, the open interest is 50,453 lots, and the warehouse receipt volume is 22,562 tons, a 1.96% month - on - month decrease [5] Stainless Steel Market Data - The latest price of the stainless steel main continuous contract is 12,880 yuan/ton, with a 0% month - on - month change; the trading volume is 117,615 lots, the open interest is 123,141 lots, and the warehouse receipt volume is 141,742 tons, a 0.92% month - on - month decrease [6] Inventory Data - Domestic social nickel inventory is 44,151 tons, an increase of 63 tons; LME nickel inventory is 200,910 tons, a decrease of 876 tons; stainless steel social inventory is 980.7 tons, a decrease of 8.4 tons; nickel pig iron inventory is 29,554.5 tons, an increase of 1,158 tons [7]

Group 1: Investment Ratings - There is no information provided regarding the industry investment rating in the report. Group 2: Core Views - The short - term nickel futures market shows a weak and volatile trend. The fundamental logic of the market currently dominates, and the impact of macro - sentiment has diminished. There is an expectation of increased supply in nickel ore, and the support at the bottom is weakening. However, the nickel - iron price has stopped falling and may provide some support. The new - energy sector may experience a situation of weak supply and demand in the short term. Attention should be paid to the impact of subsequent tariff policies at the macro level [3]. - There are both positive and negative factors in the market. Positive factors include the China - US trade tariff agreement, the Philippine government's plan to ban nickel ore exports in June 2025, the implementation of the new Indonesian resource tax on April 26, and the increase in the expectation of interest - rate cuts due to the US CPI data falling short of expectations. Negative factors include the increase in ore supply at the end of the Philippine rainy season, the weakening support of the MHP - nickel sulfate link, the continued negative feedback in the stainless - steel industry, and the high inventory and lack of demand in the stainless - steel market [4]. Group 3: Specific Summaries 1. Nickel Price and Management Strategies - The predicted price range of Shanghai nickel is 119,000 - 129,000 yuan/ton, with a current 20 - day rolling volatility of 13.71% and a historical percentile of 0.4% [2]. - For inventory management, when there is a risk of product price decline and inventory impairment, it is recommended to short Shanghai nickel futures according to inventory levels (60% hedging ratio) and sell call options (50% hedging ratio) to lock in profits and hedge against spot price declines [2]. - For procurement management, when there are future production procurement needs and concerns about rising raw - material prices, it is recommended to buy Shanghai nickel forward contracts according to the production plan to lock in production costs, sell put options, and buy out - of - the - money call options, with the hedging ratio based on the procurement plan [2]. 2. Nickel and Stainless - Steel Disk Data - **Nickel Disk**: The latest price of the Shanghai nickel main - continuous contract is 123,280 yuan/ton, with a 0% change. The prices of other contracts such as Shanghai nickel continuous - one, continuous - two, and continuous - three have increased by 0.33%. The LME nickel 3M price is 15,530 US dollars/ton, up 0.39%. The trading volume and open interest remained unchanged, while the warehouse receipt volume decreased by 0.55%. The basis of the main contract remained unchanged [5]. - **Stainless - Steel Disk**: The latest price of the stainless - steel main - continuous contract is 12,870 yuan/ton, with a 0% change. The prices of other contracts such as stainless - steel continuous - one, continuous - two, and continuous - three increased by 0.23% - 0.31%. The trading volume and open interest remained unchanged, while the warehouse receipt volume decreased by 0.50%. The basis of the main contract increased by 15.28% [6]. 3. Nickel Industry Inventory - The domestic social inventory of nickel is 44,151 tons, an increase of 63 tons. The LME nickel inventory is 201,786 tons, a decrease of 312 tons. The stainless - steel social inventory is 980.7 tons, a decrease of 8.4 tons. The nickel - pig - iron inventory is 29,554.5 tons, an increase of 1,158 tons [7].

Report Title - Nickel & Stainless Steel: Expected to fluctuate in the short term [1] Report Industry Investment Rating - Not provided Core Viewpoints - The intraday market showed a weak and fluctuating trend. The fundamental logic of the market is becoming more prominent. There is an expectation of increased supply in the nickel ore market as the impact of the rainy season in the Philippines weakens. The price of nickel iron has stopped falling and rebounded, which may provide some support. The new energy chain may face a situation of weak supply and demand in the short term. The impact of subsequent tariff policies on the macro - level should be closely monitored [3] Summary by Related Catalogs 1. Nickel Price Forecast and Management Strategies - **Price Forecast**: The predicted price range of Shanghai nickel is 119,000 - 129,000 yuan/ton, with a current volatility of 13.64% and a historical percentile of 0.2% [2] - **Inventory Management Strategies**: When product sales prices fall and inventory has a risk of devaluation, short Shanghai nickel futures according to inventory levels to lock in profits and hedge against spot price decline risks (60% hedging ratio), and sell call options (50% hedging ratio) [2] - **Procurement Management Strategies**: When a company has future production procurement needs and is worried about rising raw material prices, buy Shanghai nickel forward contracts according to the production plan to lock in production costs, sell put options, and buy out - of - the - money call options, with the hedging ratio based on the procurement plan [2] 2. Market Influencing Factors - **Positive Factors**: Reaching a tariff agreement between China and the United States, the Philippine government's plan to ban nickel ore exports in June 2025, the implementation of a new resource tax in Indonesia on April 26th leading to an overall increase in cost, and the lower - than - expected US CPI data increasing the expectation of interest rate cuts [4] - **Negative Factors**: The end of the rainy season in the Philippines leading to increased ore supply, the weakening support of the MHP nickel sulfate chain, the continued negative feedback in the stainless - steel industry with the cost support at the nickel - iron end continuously declining, and the high stainless - steel inventory with no obvious improvement in demand [4] 3. Market Data - **Nickel Disk Daily Data**: The latest price of Shanghai nickel main - continuous contract is 122,870 yuan/ton (0% change), and the LME nickel 3M price is 15,500 US dollars/ton (- 0.86% change). The trading volume is 109,167 lots (0% change), the open interest is 63,519 lots (0% change), the warehouse receipt quantity is 23,142 tons (- 1.40% change), and the basis of the main contract is - 1,735 yuan/ton (- 9.2% change) [5] - **Stainless - Steel Disk Daily Data**: The latest price of the stainless - steel main - continuous contract is 12,840 yuan/ton (0% change). The trading volume is 133,035 lots (0% change), the open interest is 128,677 lots (0% change), the warehouse receipt quantity is 143,780 tons (- 8.05% change), and the basis of the main contract is 720 yuan/ton (2.13% change) [6] - **Nickel Industry Inventory Data**: The domestic social inventory is 44,151 tons (+ 63 tons), the LME nickel inventory is 202,098 tons (+ 90 tons), the stainless - steel social inventory is 980.7 tons (- 8.4 tons), and the nickel pig iron inventory is 29,554.5 tons (+ 1,158 tons) [7]