Group 1: Report Overview - The report is the Agricultural Products Morning Report on November 19, 2025, from Wukuang Futures [1] Group 2: Soybean and Bean Meal Market Information - On Tuesday, CBOT soybeans first rose and then fell. The price of US soybeans reached 1070 cents per bushel, hitting the cost line and triggering a correction. Brazilian soybean premiums fell by 3 - 6 cents per bushel. The cost of imported soybeans fluctuated. The domestic soybean meal spot price decreased slightly by 20 yuan per ton, with the price in East China reported at 2990 yuan per ton. The trading and pick - up of soybean meal were both good. MYSTEEL estimated that the soybean crushing volume of domestic oil mills this week would be 2.3492 million tons, compared with 2.0776 million tons last week. Soybean and soybean meal inventories decreased week - on - week last week but remained high year - on - year [2] - In the next two weeks, the areas in the Brazilian soybean - producing regions with less rainfall in the early stage are expected to receive rainfall, and the sowing is expected to proceed smoothly. As of last Thursday, the planting progress had reached 71%. The USDA monthly report lowered the global new - crop soybean production by about 4.1 million tons and the ending inventory by 2 million tons, tightening the global soybean balance sheet marginally. The US soybean production was lowered by about 1.3 million tons, but the US soybean exports were lowered by 1.36 million tons, resulting in only a 280,000 - ton reduction in US soybean inventory. The US soybean futures price thus corrected at high levels [3] Strategy View - The bottom of the import cost of soybeans may have emerged, but the upward space may require greater production cuts. The current domestic soybean and soybean meal inventories are at high levels, and the crushing margin is under pressure. However, as the de - stocking season approaches, there is some support. Soybean meal is expected to trade in a range [5] Group 3: Oils Market Information - According to ITS and AMSPEC data, Malaysia's palm oil exports from November 1 - 10 decreased by 9.5% - 12.28% compared with the same period last month, and the exports in the first 15 days decreased by 10%. SPPOMA data showed that Malaysia's palm oil production in the first 5 days of November increased by 6.8% month - on - month, decreased by 2.16% in the first 10 days compared with the same period last month, and was expected to increase by 4.09% in the first 15 days. The US Department of Agriculture reported that exporters sold 792,000 tons of soybeans to China for delivery in the 2025/2026 season. Domestic oils fluctuated on Tuesday and rose at night. The expectation of seasonal de - stocking supported the market, and the EPA's proposal for higher biodiesel usage in 2026 than expected also had an impact. The domestic spot basis was stable [7] Strategy View - The higher - than - expected palm oil production in Malaysia and Indonesia has suppressed the palm oil market, but the recent improvement in Malaysian palm oil exports has provided some support. The sustainability of this support needs to be observed. Palm oil may reverse the current situation of inventory accumulation in the fourth quarter and the first quarter of next year. If Indonesia's high production does not continue, the de - stocking time may come earlier. It is recommended to view palm oil as range - bound, and turn to a bullish view if there are signals of production decline [8][10] Group 4: Sugar Market Information - On Tuesday, the Zhengzhou sugar futures price continued to fall. The closing price of the January contract was 5407 yuan per ton, a decrease of 51 yuan per ton or 0.93% from the previous trading day. In the spot market, Guangxi sugar - making groups had no quotes for old sugar; Yunnan sugar - making groups' new sugar was quoted at 5630 yuan per ton, a decrease of 20 yuan per ton from the previous trading day; the mainstream quotation range of processing sugar mills was 5750 - 5870 yuan per ton, a decrease of 0 - 20 yuan per ton from the previous trading day. The International Sugar Organization predicted that there would be a 1.63 - million - ton surplus in the 2025/26 sugar season, compared with a 2.92 - million - ton deficit in the 2024/25 season. It is expected that the global sugar production will increase by 3.15% to 181.77 million tons in the 2025/26 season, while consumption will only increase by 0.6% to 180.14 million tons. In October 2025, China imported 750,000 tons of sugar, an increase of 213,200 tons year - on - year. From January to October 2025, China imported 3.9054 million tons of sugar, an increase of 473,700 tons or 13.8% year - on - year. As of now, 325 sugar mills in India have started production, an increase of 181 compared with the same period last year. The sugarcane crushing volume reached 12.8 million tons, an increase of 3.7 million tons compared with the same period last year; the sugar production reached 1.05 million tons, an increase of 340,000 tons; the average sugar yield was 8.2%, an increase of 0.4 percentage points compared with the same period last year [11][12] Strategy View - Recently, the strengthening of import controls on syrup and premixed powder has driven up the Zhengzhou sugar futures price, but the external market is still weak. Since August this year, due to the significant increase in the proportion of sugarcane - made sugar, the cumulative sugar production in the central - southern region of Brazil has exceeded that of last year, leading to a continuous decline in the raw sugar price. With the expected increase in production in the northern hemisphere's major producing countries in the 2025/26 season, the upward space for raw sugar is limited, and the import profit has reached a five - year high. It is recommended to look for opportunities to short at high prices [13] Group 5: Cotton Market Information - On Tuesday, the Zhengzhou cotton futures price fluctuated and fell. The closing price of the January contract was 13,395 yuan per ton, a decrease of 50 yuan per ton or 0.37% from the previous trading day. In the spot market, the China Cotton Price Index (CCIndex) 3128B was reported at 14,789 yuan per ton, a decrease of 12 yuan per ton from the previous trading day. The basis between the CCIndex 3128B and the Zhengzhou cotton main contract (CF2601) was 1394 yuan per ton. In October 2025, China imported 90,000 tons of cotton, a decrease of 20,000 tons year - on - year. From January to October 2025, China imported 780,000 tons of cotton, a decrease of 1.61 million tons or 67.36% year - on - year. According to the USDA's latest monthly supply - demand report, the global cotton production in the 2025/26 season was revised up by 520,000 tons to 26.14 million tons compared with the September estimate. The US cotton production was revised up by 190,000 tons to 3.07 million tons; the Brazilian production was revised up by 110,000 tons to 4.08 million tons; the Indian production remained at 5.23 million tons; the Chinese production was revised up by 220,000 tons to 7.29 million tons. As of the week of November 14, the spinning mill operating rate was 65.6%, an increase of 0.2 percentage points from last week, a decrease of 4.6 percentage points from the same period last year, and a decrease of 7.4 percentage points from the five - year average. The national commercial cotton inventory was 3.28 million tons, an increase of 370,000 tons year - on - year [15][16] Strategy View - Fundamentally, the downstream demand is weak, and the operating rate of the downstream industry chain has declined significantly compared with the same period in previous years. There is also significant selling - hedging pressure due to this year's domestic bumper harvest. However, the previous decline in the futures price has digested some negative factors. The market currently lacks strong driving forces, and the cotton price is expected to continue to trade in a range in the short term [17] Group 6: Eggs Market Information - The national egg price was stable to lower yesterday. The average price in the main producing areas decreased by 0.08 yuan to 2.84 yuan per catty. The price in Heishan decreased by 0.1 yuan to 2.7 yuan per catty, and the price in Guantao remained unchanged at 2.64 yuan per catty. The supply remained stable, the downstream demand was generally weak, and there was a small amount of inventory pressure. Traders were conservative, and the short - term bearish sentiment was mild. The egg price is expected to be stable to lower today [20] Strategy View - The futures price rebounded earlier than the spot price due to market expectations of a turnaround in the egg - laying hen inventory and increased demand after the temperature drop. The far - month contracts were relatively strong, but the spot price did not rise as expected, leading to an increase in the premium. The futures price fluctuated due to market sentiment. In the short term, the focus is on the strength of demand. The futures price is expected to trade in a range before the spot price realizes the seasonal increase. The near - month contracts are about the premium/discount game, and the far - month contracts reflect the expectation of production capacity reduction. In the medium term, as demand weakens and the focus returns to supply, pay attention to the upper resistance and look for opportunities to short on rebounds [21] Group 7: Pigs Market Information - The domestic pig price was mainly stable with some minor increases yesterday. The average price in Henan increased by 0.09 yuan to 11.62 yuan per kilogram, and the average price in Sichuan increased by 0.02 yuan to 11.27 yuan per kilogram. Farmers were reluctant to sell, and the supply of large - sized pigs was normal. The downstream had difficulty in purchasing at low prices. The pig price is expected to be stable to higher today [23] Strategy View - The current rebound in the pig price is mainly driven by frozen pork storage and second - fattening. The subsequent supply will, together with the basic supply and future pre - supply, create a bearish pattern of high slaughter volume and large pig weight before the Spring Festival. In the context of oversupply, the general direction of the futures price is to short on rebounds. However, the current pattern of low prices and high open interest has formed, and there is a possibility of a rebound in the short term. Considering the large near - term supply and the expectation of production capacity reduction in the long term, the first - recommended strategy is the reverse spread, followed by shorting on rebounds [24]

Report Summary 1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints - The increase of 6413 thousand barrels in US commercial crude oil inventories in the week ending November 7, 2025, and the decrease of 849 thousand barrels per day in net crude oil exports were the main sources of inventory accumulation. After the release of the STEO report this week, the weekly production forecast was raised to a new high of 13.862 million barrels per day, the crude oil processing volume increased by 717 thousand barrels per day, and the refinery utilization rate rebounded from a low level to 89.4%. Gasoline and diesel inventories continued to decline but at a slower pace, and the total inventory of crude oil and petroleum products increased. However, the single - week data has limited indication [4]. 3. Summary by Relevant Catalog Inventory Data - US commercial crude oil inventory change: increased by 6413 thousand barrels, compared with a decrease of 5202 thousand barrels in the previous period [4][6]. - US Cushing crude oil inventory change: decreased by 346 thousand barrels, compared with an increase of 30 thousand barrels in the previous period [6]. - US strategic petroleum inventory change: increased by 798 thousand barrels, compared with 498 thousand barrels in the previous period [6]. - US gasoline inventory change: decreased by 945 thousand barrels, compared with a decrease of 4729 thousand barrels in the previous period [6]. - US diesel inventory change: decreased by 637 thousand barrels, compared with a decrease of 643 thousand barrels in the previous period [6]. - US jet fuel inventory change: increased by 1119 thousand barrels, compared with an increase of 277 thousand barrels in the previous period [6]. - US fuel oil inventory change: increased by 1226 thousand barrels, compared with an increase of 84 thousand barrels in the previous period [6]. - US crude oil and petroleum product inventory change (excluding SPR): increased by 2524 thousand barrels, compared with an increase of 633 thousand barrels in the previous period [6]. Production and Demand Data - US crude oil production: 13.862 million barrels per day, compared with 13.651 million barrels per day in the previous period [6]. - US refined product apparent demand: 20.77 million barrels per day, compared with 20.356 million barrels per day in the previous period [6]. - US gasoline apparent demand: 9.028 million barrels per day, compared with 8.874 million barrels per day in the previous period [6]. - US diesel apparent demand: 4.018 million barrels per day, compared with 3.71 million barrels per day in the previous period [6]. Import and Export Data - US crude oil imports: 5.222 million barrels per day, compared with 5.924 million barrels per day in the previous period [6]. - US crude oil exports: 2.816 million barrels per day, compared with 4.367 million barrels per day in the previous period [6]. Refinery Data - US refinery crude oil processing volume: 15.973 million barrels per day, compared with 15.256 million barrels per day in the previous period [6]. - US refinery utilization rate: 89.4%, compared with 86% in the previous period [6].

Report Industry Investment Rating No relevant content was found. Core View of the Report - Soybean meal is expected to rise in the short - term following the import cost, with the profit from oil extraction recovering, which will stimulate vessel bookings. In the medium - term, the expectation of a loose global soybean supply remains unchanged, and the strategy is still to sell on rallies [4]. - For palm oil, it is recommended to view it with a sideways perspective. If there are signals of a decline in production, a bullish approach can be adopted [8]. - For sugar, it is advisable to wait for the weakening of the rebound momentum and then look for opportunities to short [10]. - Cotton prices are expected to continue to fluctuate in the short - term [13]. - Egg prices are expected to be mainly firm in the short - term, and it is recommended to wait and see or conduct short - term trading. In the medium - term, pay attention to the upper resistance and wait for opportunities to short [17]. - For live pigs, the current strategy first recommends reverse spreads, and second, wait for rallies to short [19]. Summary by Related Catalogs Soybean and Soybean Meal - **Market Conditions**: Overnight, CBOT soybeans rose slightly. The USDA has resumed data release and announced the schedule for the soybean sales report. The Brazilian soybean planting rate as of last Thursday reached 61% of the expected level, lower than 67% in the same period last year. In the next two weeks, rainfall in the southeastern part of the Brazilian soybean - producing area will be uneven and scarce, while it will be normal in other areas. The domestic soybean inventory is at the highest level in history, and the soybean meal inventory is large [2]. - **Strategy**: The import cost is mainly in a volatile state. It is expected that soybean meal will rise in the short - term following the import cost, with the profit from oil extraction recovering. In the medium - term, the strategy is still to sell on rallies as the global soybean supply is expected to be loose [4]. Oils - **Market Conditions**: From November 1 - 10, the export volume of Malaysian palm oil decreased by 9.5% - 12.28% compared with the same period last month. The production in the first 5 days of November increased by 6.8% month - on - month, and from November 1 - 10, it decreased by 2.16% compared with the same period last month. India's palm oil, soybean oil, and sunflower oil imports in October all decreased compared with September. Indonesia plans to start road tests on vehicles using biodiesel with a 50% palm oil content in early December and implement the "B50" mandatory measure in the second half of next year. Domestic oils showed a divergent trend on Thursday, with palm oil being weak and rapeseed oil being strong [6]. - **Strategy**: It is recommended to view palm oil with a sideways perspective. If there are signals of a decline in production, a bullish approach can be adopted [8]. Sugar - **Market Conditions**: On Thursday, the Zhengzhou sugar futures price rebounded. The production of sugar in the central - southern region of Brazil in the second half of October is expected to increase by 7.8% to 1.92 million tons. Datagro has lowered its forecast for the global sugar market surplus in the 2025/26 season [9]. - **Strategy**: It is advisable to wait for the weakening of the rebound momentum and then look for opportunities to short [10]. Cotton - **Market Conditions**: On Thursday, the Zhengzhou cotton futures price continued to fluctuate. As of November 7, the spinning mill operating rate was 65.4%, showing a decline. On November 12, the Xinjiang machine - picked cotton purchase index remained unchanged, while the hand - picked cotton purchase index decreased [12]. - **Strategy**: Cotton prices are expected to continue to fluctuate in the short - term [13]. Eggs - **Market Conditions**: The national egg price was generally stable with a slight decline yesterday. The supply is sufficient, and the market demand is average [15]. - **Strategy**: Egg prices are expected to be mainly firm in the short - term, and it is recommended to wait and see or conduct short - term trading. In the medium - term, pay attention to the upper resistance and wait for opportunities to short [17]. Live Pigs - **Market Conditions**: The domestic live pig price continued to decline yesterday. The demand side shows no sign of improvement, and the upstream breeding side is reluctant to sell at low prices [18]. - **Strategy**: The current strategy first recommends reverse spreads, and second, wait for rallies to short [19].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Protein Meal**: The short - term price of soybean meal is expected to rise with the import cost, and the crushing margin will recover, which will stimulate ship purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and it is still recommended to sell on rebounds [5]. - **Oils**: Palm oil is recommended to be viewed with a range - bound perspective. If there are signals of a decline in production, a bullish approach can be adopted [10]. - **Sugar**: After the rebound strength of Zhengzhou sugar fades, look for opportunities to short [13]. - **Cotton**: The cotton price is expected to continue to fluctuate in the short term [16]. - **Eggs**: In the short term, the price is expected to be relatively strong, and it is advisable to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait to sell on rebounds [19]. - **Pigs**: The current strategy first recommends reverse spreads, and second, wait to sell on rebounds [22]. 3. Summary by Related Catalogs Protein Meal - **Market Information**: Overnight, CBOT soybeans rose slightly. Brazilian soybean premiums were stable on Wednesday, and the cost of imported soybeans remained unchanged. The domestic soybean meal spot price was stable, with the East China price at 2,990 yuan/ton. MYSTEEL statistics showed that the domestic port soybean inventory exceeded 10 million tons last week. MYSTEEL predicted that the soybean crushing volume of oil mills this week would be 2.1579 million tons, compared with 1.8057 million tons last week [2]. - **Strategy**: The short - term price of soybean meal is expected to rise with the import cost, and the crushing margin will recover, which will stimulate ship purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and it is still recommended to sell on rebounds [5]. Oils - **Market Information**: ITS and AMSPEC data showed that the export volume of Malaysian palm oil from November 1 - 10 decreased by 9.5% - 12.28% compared with the same period last month. SPPOMA data showed that the production of Malaysian palm oil in the first 5 days of November increased by 6.8% month - on - month, and the production from November 1 - 10 decreased by 2.16% compared with the same period last month. The 2025/26 annual rapeseed production in Australia is expected to be 6.3 million tons. Malaysia's 2025 crude palm oil production will increase by 3.4% year - on - year to a record 20 million tons. On Wednesday, the domestic oil prices showed a differentiated trend [7]. - **Strategy**: Palm oil is recommended to be viewed with a range - bound perspective. If there are signals of a decline in production, a bullish approach can be adopted [10]. Sugar - **Market Information**: On Wednesday, the Zhengzhou sugar futures price continued to fluctuate. The closing price of the Zhengzhou sugar January contract was 5,478 yuan/ton, a decrease of 2 yuan/ton or 0.04% from the previous trading day. The survey showed that the sugar production in the central and southern regions of Brazil is expected to increase by 7.8% to 1.92 million tons in the second half of October. Datagro lowered its forecast for the global sugar market surplus in the 2025/26 season to 1 million tons [12]. - **Strategy**: After the rebound strength of Zhengzhou sugar fades, look for opportunities to short [13]. Cotton - **Market Information**: On Wednesday, the Zhengzhou cotton futures price continued to fluctuate. The closing price of the Zhengzhou cotton January contract was 13,515 yuan/ton, a decrease of 45 yuan/ton or 0.33% from the previous trading day. As of the week of November 7, the spinning mill operating rate was 65.4%. On November 11, the purchase index of machine - picked cotton in Xinjiang decreased by 0.02 yuan/kg to 6.23 yuan/kg, and the purchase index of hand - picked cotton decreased by 0.02 yuan/kg to 6.92 yuan/kg [15]. - **Strategy**: The cotton price is expected to continue to fluctuate in the short term [16]. Eggs - **Market Information**: The national egg price was generally stable with a slight decline yesterday. The average price in the main production areas dropped by 0.01 yuan to 2.95 yuan/jin. The supply was stable, the market demand was average, and it is expected that today's egg price will be mainly stable with a few narrow adjustments [18]. - **Strategy**: In the short term, the price is expected to be relatively strong, and it is advisable to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait to sell on rebounds [19]. Pigs - **Market Information**: The domestic pig price mainly declined yesterday. The average price in Henan dropped by 0.14 yuan to 11.84 yuan/kg, in Sichuan dropped by 0.1 yuan to 11.43 yuan/kg, and in Guangxi dropped by 0.13 yuan to 11.46 yuan/kg. The demand was weak, and it is expected that today's pig price will continue to decline [21]. - **Strategy**: The current strategy first recommends reverse spreads, and second, wait to sell on rebounds [22].

Industry Investment Ratings No investment ratings are provided in the reports. Core Views Oils and Fats - Market has a bearish outlook on Malaysian palm oil inventory, putting downward pressure on external palm oil prices. The Dalian palm oil is in a rebound phase after an over - decline, and attention should be paid to whether it can break through the resistance in the 8800 - 8900 yuan range. - China will suspend retaliatory tariffs on US agricultural products starting from the 10th, but US soybeans still face a 13% tariff, making them relatively expensive. There is no evidence of large - scale Chinese purchases of US soybeans, so CBOT soybeans lack the momentum to rise continuously. US biodiesel policy uncertainty affects the industrial use of US soybean oil, causing CBOT soybean oil to trade in a narrow range. Domestically, soybean supply is abundant, and the basis price may fluctuate within a certain range [1]. Sugar - The global sugar supply is abundant, causing the raw sugar price to remain weak and reach a five - year low. The domestic sugar market is less affected by the decline due to import quotas. There is an expectation of a delayed start of the sugar - crushing season in Guangxi, and the market consumption is mainly on - demand, with general trading volume. The sugar price is expected to move weakly in a volatile manner [3]. Pork - The market's reluctance to sell and the increase in secondary fattening have supported the pig price to be slightly stronger. According to the planned November slaughter volume, the overall slaughter progress will slow down, which may boost the November pig price. The market is in a range - bound pattern. It is recommended to hold the 3 - 7 reverse spread and be cautiously bullish on single - side operations [5]. Cotton - The upward movement of Zhengzhou cotton faces hedging pressure, but the pressure is not concentrated due to cost differences between northern and southern Xinjiang and pre - hedging of some new cotton. There is cost support at the lower level. The downstream demand is weak, but the finished - product inventory pressure is not large, and textile mills have a rigid demand for cotton. In the short term, the cotton price may trade in a range [7]. Corn - As the early high - moisture corn is released and the weather improves, farmers' willingness to sell is price - sensitive. Due to snow and transportation issues in the Northeast and price support in North China, the supply volume has decreased, and the price has rebounded locally. In November, there is still selling pressure from the concentrated supply of corn, but there is also cost and purchase - storage policy support. The demand side is cautious, and the corn price is expected to be volatile in the short term and may weaken when the selling pressure emerges [8]. Meal - The demand for US soybeans is not well - supported due to the 13% tariff, and it is difficult for US soybeans to continue rising. The domestic soybean and soybean meal inventories are at a high level, but there is strong cost support. The near - term shipping schedule has a negative crushing margin, and there is a 7.5 million - ton supply gap from November to January. The soybean meal price is expected to trade in a range [12]. Eggs - The inventory of laying hens in November is expected to remain relatively stable at a high level, and the egg supply pressure persists. The terminal market demand is general, and the egg price is expected to fluctuate widely at the bottom [15]. Summary by Industry Oils and Fats - **Soybean Oil**: On November 7, the spot price in Jiangsu was 8390 yuan, unchanged from the previous day. The futures price of Y2601 was 8188 yuan, and the basis was 206 yuan. The number of warehouse receipts decreased by 1.69% to 26014 [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong on November 7 was 8560 yuan, up 0.23%. The futures price of P2601 was 8660 yuan, and the basis was - 100 yuan. The盘面 import cost was 9102.5 yuan, and the import profit was - 411 yuan [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu on November 7 was 9800 yuan, up 0.20%. The futures price of OI601 was 9533 yuan, and the basis was 267 yuan [1]. Sugar - **Futures Market**: On November 7, the price of SR2601 was 5457 yuan/ton, up 0.17%. The price of SR2605 was 5397 yuan/ton, up 0.17%. The price of ICE raw sugar was 14.13 cents/pound, down 0.63% [3]. - **Spot Market**: The spot price in Nanning was 5780 yuan/ton, up 0.52%, and the basis was 383 yuan, up 5.80%. The spot price in Kunming was 5650 yuan/ton, down 0.18%, and the basis was 253 yuan, down 6.99% [3]. - **Industry Situation**: The national cumulative sugar production was 1116.21 million tons, up 12.03%. The cumulative national sugar sales volume was 1048.00 million tons, up 9.17%. The national cumulative sugar sales rate was 93.90%, down 2.60% [3]. Pork - **Futures Market**: On November 7, the price of LH2605 was 12005 yuan/ton, down 0.17%. The price of LH2601 was 11865 yuan/ton, down 0.63%. The 1 - 5 spread was - 140 yuan, down 64.71% [5]. - **Spot Market**: The spot price in Henan was 11950 yuan/ton, up 50 yuan. The spot price in Shandong was 12050 yuan/ton, up 50 yuan. The spot price in Sichuan was 11450 yuan/ton, unchanged [5]. - **Industry Situation**: The daily slaughter volume of sample slaughterhouses was 162310, up 1.03%. The weekly white - striped pork price was 0 yuan, down 100%. The weekly piglet price was 17 yuan/kg, down 15% [5]. Cotton - **Futures Market**: On November 7, the price of CF2605 was 13590 yuan/ton, down 0.18%. The price of CF2601 was 13580 yuan/ton, down 0.18%. The price of ICE US cotton was 64.48 cents/pound, down 1.44% [7]. - **Spot Market**: The arrival price of Xinjiang cotton was 14678 yuan/ton, up 0.41%. The CC Index: 3128B was 14859 yuan/ton, up 0.26%. The FC Index:M: 1% was 13087 yuan/ton, down 0.83% [7]. - **Industry Situation**: The industrial inventory was 80.93 million tons, down 4.3%. The import volume was 10 million tons, up 42.9%. The textile industry's inventory year - on - year was - 25% [7]. Corn - **Corn**: On November 7, the price of C2601 was 2149 yuan/ton, down 0.23%. The basis was 11 yuan, up 375%. The 1 - 5 spread was - 92 yuan, down 2.22%. The import profit was 214 yuan, up 9.49% [8]. - **Corn Starch**: The price of CS2601 was 2462 yuan/ton, down 0.28%. The basis was 48 yuan, up 17.07%. The 1 - 5 spread was - 98 yuan, down 2.08% [8]. Meal - **Soybean Meal**: The spot price in Jiangsu was 3060 yuan, unchanged. The futures price of M2601 was 3058 yuan, down 0.33%. The basis was 2 yuan, up 125%. The Brazilian 2 - month shipping schedule's crushing margin was 43 yuan, up 295.5% [12]. - **Rapeseed Meal**: The spot price in Jiangsu was 2540 yuan, down 0.39%. The futures price of RM2601 was 2539 yuan, down 0.39%. The basis was 11 yuan, unchanged. The Canadian 1 - month shipping schedule's crushing margin was 757 yuan, up 3.27% [12]. Eggs - **Futures Market**: On November 7, the price of JD12 was 3219 yuan/500KG, down 0.25%. The price of JD01 was 3391 yuan/500KG, up 0.15%. The 12 - 01 spread was - 172 yuan, down 8.18% [15]. - **Spot Market**: The egg - laying hen farm price was 3.02 yuan/jin, up 3.12%. The basis was - 196 yuan/500KG, up 33.66% [15]. - **Industry Situation**: The price of egg - laying chicken seedlings was 2.80 yuan/feather, unchanged. The price of culled chickens was 4.03 yuan/jin, down 1.95%. The egg - feed ratio was 2.38, up 1.28%. The breeding profit was - 24.44 yuan/feather, up 6.36% [15].

Group 1: Natural Rubber Industry Report Industry Investment Rating No information provided. Core Viewpoint Supply -产区雨水偏多至月底,原料价格上涨,短时成本端支撑胶价,中长线供应放量预期仍在;需求 - 半钢胎企业排产稳定,全钢胎企业出货平稳但部分库存攀升;隔夜美联储对12月降息前景偏鹰,胶价短期承压,后续关注主产区旺产期原料产出及宏观变化,若原料上量顺利胶价有下行空间,若不畅预计胶价在15000 - 15500附近运行 [1] Summary by Directory - **Spot Price and Basis**: 云南国富手机胶等部分现货价格有涨跌,如云南国富手机胶涨0.34%,泰标混合胶跌1.32% [1] - **Inter - monthly Spread**: 9 - 1价差等有变动,如9 - 1价差涨3.45%,1 - 5价差跌12.50% [1] - **Fundamental Data**: 8月部分国家产量有变化,如泰国产量降0.43%,印度产量涨11.11%;轮胎开工率、产量、出口量及橡胶进口量等有不同表现,如8月国内轮胎产量涨9.10%,9月轮胎出口量降10.65% [1] - **Inventory Change**: 保税区库存等有增减,如保税区库存降1.20%,上期所厂库期货库存涨6.28% [1] Group 2: Log Industry Report Industry Investment Rating No information provided. Core Viewpoint 本周供应端到港量大增,但下游订单不足,周边港口价格下行,市场承压;盘面价格处相对低位,内外盘价格倒挂形成进口成本支撑,限制下方空间,供需双弱格局下,原木期货盘面预计仍将维持偏弱震荡运行 [3] Summary by Directory - **Futures and Spot Prices**: 原木期货部分合约价格下跌,如主力LG2601跌1元/立方米;部分现货价格下降,如江苏4米中A辐射松价格降10元/方 [3] - **Cost**: 人民币兑美元汇率及进口理论成本变化小,分别涨0%和0% [3] - **Supply**: 港口发运量和离港船数增加,如新西兰→中日韩港口发运量涨6.00%,离港船数涨4.55% [3] - **Inventory**: 全国针叶原木总库存减少,日均出库量增加,如库存降2.74%,出库量增2% [3] Group 3: Glass and Soda Ash Industry Report Industry Investment Rating No information provided. Core Viewpoint - **Soda Ash**: 宏观因素使商品盘面利空,前期反弹停止;周产高位,刚需过剩,厂家库存转移至中下游;中期下游产能无大幅增量,需求延续刚需格局,供需承压;阶段性利空基本出尽,建议前期空单止盈离场,短期观望,等待反弹空机会 [4] - **Glass**: 宏观因素使商品盘面利空,前期反弹停止;前几日玻璃现货产销转暖带动盘面反弹,中下游补库,期现商采购积极;深加工订单季节性好转但仍弱,地产周期底部竣工缩量,行业需产能出清;前期盘面下跌利空基本兑现,建议前期空单离场,关注现货捕捉短多机会 [4] Summary by Directory - **Glass - related Prices and Spreads**: 玻璃部分合约价格下跌,如玻璃2505跌2.81%,玻璃2509跌2.21% [4] - **Soda Ash - related Prices and Spreads**: 纯碱部分合约价格下跌,如纯碱2505跌1.71%,纯碱2509跌1.34% [4] - **Supply**: 纯碱开工率和周产量下降,光伏日熔量下降,如纯碱开工率降1.72%,周产量降1.71%,光伏日熔量降0.84% [4] - **Inventory**: 玻璃厂库和纯碱厂库库存增加,纯碱交割库库存减少,如玻璃厂库增4.72%,纯碱厂库增2.54%,纯碱交割库降3.18% [4] - **Real Estate Data**: 新开工面积等有变化,如新开工面积涨幅0.09%,施工面积降2.43% [4] Group 4: Industrial Silicone Industry Report Industry Investment Rating No information provided. Core Viewpoint 工业硅现货价格上涨,期货价格先涨后回落;周度供应端产量增加,需求端产量下降或致累库施压价格;华东套利窗口打开或带来套保机会;焦煤价格上涨或带动期价;工业硅供应增加使价格承压,但有成本支撑,预计低位震荡,价格波动区间8500 - 9500元/吨 [5] Summary by Directory - **Spot Price and Main Contract Basis**: 华东通氧SI5530等现货价格上涨,如华东通氧SI5530涨1.07%,华东SI4210涨0.52% [5] - **Inter - monthly Spread**: 部分合约价差有变动,如2512 - 2601价差涨200.00%,2601 - 2602价差跌66.67% [5] - **Fundamental Data**: 全国和部分地区工业硅产量、开工率有变化,如全国工业硅产量涨9.10%,新疆开工率涨22.09%;有机硅DMC等产量有增减,如有机硅DMC产量降5.78%,再生铝合金产量涨7.48% [5] - **Inventory Change**: 新疆厂库等库存有增减,如新疆厂库库存降0.28%,云南厂库库存涨1.47% [5] Group 5: Polysilicon Industry Report Industry Investment Rating No information provided. Core Viewpoint 多晶硅现货价格小幅下跌,期货价格震荡下跌;供应端11月产量有望下降,周度产量和硅片产量均有3 - 4%降幅;需求端硅片排产增加但下游采购减少,库存增加;多晶硅高位震荡,关注平台公司成立、产量控制及需求端订单情况;期货升水现货均价,继续大幅上涨需关注上游套保套利空间 [7] Summary by Directory - **Spot Price and Basis**: N型复投料平均价等有涨跌,如N型复投料平均价跌0.10%,N型颗粒硅平均价持平 [7] - **Futures Price and Inter - monthly Spread**: 主力合约等价格和价差有变动,如主力合约跌0.07%,景月 - 连一价差跌16.06% [7] - **Fundamental Data**: 周度和月度多晶硅、硅片产量等有变化,如周度多晶硅产量降4.41%,月度硅片产量涨5.37% [7] - **Inventory Change**: 多晶硅和硅片库存增加,如多晶硅库存涨1.16%,硅片库存涨2.49% [7]

Group 1: Steel Industry Investment Rating No investment rating for the steel industry is provided in the report. Core Viewpoint The current week saw a good recovery in the apparent demand for the five major steel products, approaching last year's levels, but the off - balance sheet demand for steel is lower year - on - year. The inventory of plates is high, and there are expectations of blast furnace production cuts in Tangshan. If the production cuts can relieve the inventory pressure of plates, steel prices are expected to stabilize. The carbon element cost at the cost end is supportive, and iron ore is expected to have a slight inventory build - up, which may lead to an expansion of the ratio of steel to ore. Steel prices have fallen significantly previously, and steel mill profits have declined. Before the plate inventory is relieved, steel mill profits will continue to decline, suppressing production release. The January contracts for rebar and hot - rolled coils are expected to stabilize around 3,000 and 3,200 yuan respectively and then enter a sideways consolidation trend. It is recommended to wait and see for unilateral positions, continue to hold the arbitrage of going long on coking coal and short on hot - rolled coils, and gradually exit the short position on the spread between hot - rolled coils and rebar. Steel mill profits will continue to converge before the steel production and inventory are cleared [2]. Summary by Directory - **Price and Spread**: Rebar and hot - rolled coil spot and futures prices mostly declined. The basis and spreads of different contracts also showed certain changes. For example, the spot price of rebar in East China decreased by 20 yuan/ton, and the 01 contract price decreased by 25 yuan/ton [2]. - **Cost and Profit**: The billet price decreased by 20 yuan/ton, and the slab price remained unchanged. The profits of steel products in different regions and processes showed different trends. For example, the profit of East China hot - rolled coils increased by 28 yuan/ton [2]. - **Production**: The daily average pig iron output decreased by 1.0 to 239.9 tons, a decrease of 0.4%. The output of the five major steel products increased by 8.4 to 865.3 tons, an increase of 1.0%. The rebar output increased by 5.9 to 207.1 tons, an increase of 2.9% [2]. - **Inventory**: The inventory of the five major steel products decreased by 27.4 to 1554.9 tons, a decrease of 1.7%. The rebar inventory decreased by 18.9 to 622.1 tons, a decrease of 3.0%, and the hot - rolled coil inventory decreased by 4.3 to 414.9 tons, a decrease of 1.0% [2]. - **Transaction and Demand**: The building materials trading volume decreased by 1.4 to 9.1 tons, a decrease of 13.5%. The apparent demand for the five major steel products increased by 17.3 to 892.7 tons, an increase of 2.0%. The apparent demand for rebar increased by 6.3 to 226.0 tons, an increase of 2.8%, and the apparent demand for hot - rolled coils increased by 11.2 to 326.7 tons, an increase of 3.5% [2]. Group 2: Iron Ore Industry Investment Rating No investment rating for the iron ore industry is provided in the report. Core Viewpoint Last week, iron ore futures bottomed out and stabilized. On the supply side, the global iron ore shipment volume increased month - on - month, while the arrival volume at 45 ports decreased significantly. The subsequent average arrival volume is expected to first decrease and then increase. On the demand side, the steel mill profit margin declined slightly, pig iron production decreased from a high level, and the steel mills' demand for restocking weakened. The steel production decreased slightly, the apparent demand increased, the inventory decreased, and the post - holiday demand gradually recovered but was lower than expected. The port inventory increased, the port handling volume decreased month - on - month, and the steel mills' equity ore inventory increased, increasing the inventory pressure. Looking forward, due to the weak operation of steel prices, the weak demand side will force iron ore to operate weakly. The iron ore market is changing from balanced and tight to loose, and the weak performance of finished products will drag down raw materials. It is recommended to wait and see for unilateral positions, with the reference range of 750 - 800, and the arbitrage of going long on coking coal and short on iron ore is recommended [5]. Summary by Directory - **Price and Spread**: The cost of iron ore warehouse receipts and spot prices mostly declined. The spreads between different contracts also changed. For example, the cost of PB powder warehouse receipts decreased by 5.5 to 824.9 yuan/ton, and the 5 - 9 spread decreased by 0.5 to 20.5 [5]. - **Supply**: The weekly arrival volume at 45 ports decreased by 526.4 to 2519.4 tons, a decrease of 17.3%. The global weekly shipment volume increased by 126.0 to 3333.5 tons, an increase of 3.9%. The national monthly import volume increased by 1111.6 to 11632.6 tons, an increase of 10.6% [5]. - **Demand**: The weekly average daily pig iron output of 247 steel mills decreased by 1.0 to 239.9 tons, a decrease of 0.4%. The weekly average daily port handling volume of 45 ports decreased by 23.8 to 312.7 tons, a decrease of 7.1%. The national monthly pig iron output decreased by 374.7 to 6604.6 tons, a decrease of 5.4%, and the national monthly crude steel output decreased by 387.8 to 7349.0 tons, a decrease of 5.0% [5]. - **Inventory**: The weekly port inventory increased by 54.7 to 14423.59 tons, an increase of 0.4%. The weekly imported ore inventory of 247 steel mills increased by 96.5 to 9079.2 tons, an increase of 1.1%. The weekly inventory available days of 64 steel mills decreased by 1.0 to 20.0 days, a decrease of 4.8% [5]. Group 3: Coke and Coking Coal Industry Investment Rating No investment rating for the coke and coking coal industry is provided in the report. Core Viewpoint Last week, coke futures fluctuated and rose, and the spot market's rhythm was inconsistent with the futures market. The mainstream coke enterprises' second - round price increase was implemented, and there is still a possibility of further price increases. The coking coal price rebounded from the bottom, providing cost support, but the coking enterprises' losses led to a decline in production. The steel mill's pig iron output decreased from a high level, steel prices were weak, and downstream demand was not strong during the peak season. The coking plant and steel mill inventories decreased, while the port inventory increased, and the overall inventory decreased slightly. Recently, the production reduction in the Mongolian coal pithead and the increase in Shanxi's auction prices have led to concerns about supply, causing coal and coke to rebound from the bottom. It is recommended to go long on coke 2601 at low prices, with the reference range of 1650 - 1850, and conduct the arbitrage of going long on coking coal and short on coke, paying attention to market fluctuations [8]. Last week, coking coal futures rose strongly, and the spot auction prices in Shanxi were strong. The Mongolian coal quotation continued to rise. After a slight decline in the domestic coking coal market after the holiday, it began to rebound, and downstream procurement and restocking increased. On the supply side, some coal mines in Shanxi and Inner Mongolia reduced production. The imported Mongolian coal's customs clearance volume decreased, and the Mongolian coal quotation was strong. The pig iron output continued to decline, the coking plant's operation rate continued to decline, and there was a restocking demand after significant inventory reduction after the holiday. The coal mine, coal washery, and steel mill inventories decreased, while the coking plant, port, and port - side inventories increased, and the overall inventory increased slightly. It is recommended to go long on coking coal 2601 at low prices in the short - term, with the reference range of 1150 - 1350, and conduct the arbitrage of going long on coking coal and short on coke, paying attention to market fluctuations [8]. Summary by Directory - **Price and Spread**: Coke and coking coal futures prices mostly declined, and the basis and spreads between different contracts changed. For example, the price of the coke 01 contract decreased by 11 to 1758 yuan/ton, and the price of the coking coal 01 contract decreased by 10 to 1249 yuan/ton [8]. - **Supply**: The weekly average daily coke output of all - sample coking plants decreased by 0.7 to 64.6 tons, a decrease of 1.0%. The weekly raw coal output of Fenwei sample coal mines decreased by 6.9 to 848.0 tons, a decrease of 0.8%, and the weekly clean coal output decreased by 4.7 to 433.5 tons, a decrease of 1.1% [8]. - **Demand**: The weekly pig iron output of 247 steel mills decreased by 1.0 to 239.9 tons, a decrease of 0.4%. The weekly average daily coke output of all - sample coking plants decreased by 0.7 to 64.6 tons, a decrease of 1.0% [8]. - **Inventory**: The total coke inventory remained unchanged at 891.9 tons. The coke inventory of all - sample coking plants increased by 1.4 to 58.6 tons, an increase of 2.4%, the steel mill's coke inventory decreased by 6.3 to 633.2 tons, a decrease of 1.0%, and the port inventory increased by 4.9 to 200.1 tons, an increase of 2.5% [8]. The Fenwei coal mine's clean coal inventory decreased by 9.9 to 90.3 tons, a decrease of 9.9%. The all - sample coking plant's coking coal inventory increased by 32.3 to 1029.7 tons, an increase of 3.2%, the 247 steel mills' coking coal inventory decreased by 5.4 to 783.0 tons, a decrease of 0.7%, and the port inventory increased by 2.9 to 275.7 tons, an increase of 1.1% [8].

Core Insights - The Southern Peninsula Palm Oil Millers Association (SPPOMA) reported an increase in Malaysia's palm oil yield for the period from October 1 to October 10, 2025, with a month-on-month rise of 6.02% in yield per hectare [1] - The extraction rate also saw a slight increase of 0.11% compared to the same period last month [1] - Overall production increased by 6.59% month-on-month during the same timeframe [1]

Group 1: Rubber Industry Investment Rating No investment rating information provided. Core View Short - term fundamental contradictions of natural rubber are not prominent, and it is expected that the rubber price will continue to fluctuate. The reference range for the 01 contract is 15,000 - 16,500. Future attention should be paid to the raw material output in the peak production season of the main producing areas and the possible impact of La Nina on supply [1]. Summary by Catalog - **Spot Price and Basis**: From September 29th to September 30th, the price of Yunnan state - owned whole latex (SCRWF) in Shanghai decreased by 250 yuan/ton (-1.72%), the Thai standard mixed rubber quotation decreased by 50 yuan/ton (-0.34%), and the non - standard price difference increased by 205 (56.19%) [1]. - **Inter - month Spread**: The 9 - 1 spread increased by 75 (214.29%), the 1 - 5 spread decreased by 45 (-100.00%), and the 5 - 9 spread decreased by 30 (-300.00%) [1]. - **Fundamental Data**: In August, Thailand's natural rubber production decreased by 2.00 (-0.43%), Indonesia's decreased by 8.50 (-4.30%), India's increased by 5.00 (11.11%), and China's increased by 12.20. The weekly operating rate of semi - steel tires was 73.58 (-0.08), and that of all - steel tires was 65.72 (0.06). The domestic tire production in August increased by 859.00 (9.10%), the tire export quantity decreased by 364.00 (-5.46%), and the total import quantity of natural rubber increased by 4.60 (9.68%) [1]. - **Inventory Change**: From September 29th to September 30th, the bonded area inventory decreased by 4,663 (-1.01%), and the factory - warehouse futures inventory of natural rubber on the SHFE decreased by 908 (-2.11%) [1]. Group 2: Glass and Soda Ash Industry Investment Rating No investment rating information provided. Core View For soda ash, the overall supply - demand pattern is bearish, and a short - selling strategy on rebounds is recommended. For glass, the industry does not have a continuous negative feedback drive for the time being, and over - bearish views are not recommended. In the fourth quarter, the actual implementation of policies in each region and the inventory preparation of downstream industries should be tracked [4]. Summary by Catalog - **Glass - related Price and Spread**: From September 29th to September 30th, glass 2505 decreased by 20 (-1.49%), glass 2509 decreased by 20 (-1.41%), and the 05 basis increased by 20 (15.87%) [4]. - **Soda Ash - related Price and Spread**: From September 29th to September 30th, soda ash 2505 decreased by 17.0 (-1.24%), soda ash 2509 decreased by 17.0 (-1.24%), and the 05 basis increased by 17.0 (25.76%) [4]. - **Supply Volume**: From September 19th to September 26th, the soda ash operating rate decreased by 2.02%, the weekly soda ash production decreased by 1.5 (-2.02%), the float glass daily melting volume decreased by 0.1 (-0.47%), and the photovoltaic daily melting volume remained unchanged [4]. - **Inventory**: From September 19th to September 26th, the glass factory inventory decreased by 67.5 (-1.10%), the soda ash factory warehouse inventory decreased by 4.2 (-2.33%), and the soda ash delivery warehouse inventory increased by 5.9 (10.69%) [4]. Group 3: Industrial Silicon Industry Investment Rating No investment rating information provided. Core View In the short term, the upward driving force of industrial silicon is insufficient, and the silicon price may turn to oscillation again, with the main price fluctuation range between 8,000 - 9,500 yuan/ton. Attention should be paid to the production reduction rhythm of silicon material enterprises and industrial silicon enterprises in Sichuan and Yunnan in the fourth quarter [5]. Summary by Catalog - **Spot Price and Main Contract Basis**: From September 29th to September 30th, the price of East China oxygen - containing SI5530 industrial silicon remained unchanged, the basis of SI4210 decreased by 30 (-3.57%), and the basis of Xinjiang 99 silicon decreased by 30 (-2.63%) [5]. - **Inter - month Spread**: The 2510 - 2511 spread increased by 40 (400.00%), the 2511 - 2512 spread increased by 10 (2.50%), and the 2512 - 2601 spread increased by 5 (9.09%) [5]. - **Fundamental Data (Monthly)**: The national industrial silicon production increased by 3.51 (9.10%), the Xinjiang industrial silicon production increased by 3.36 (19.78%), the Yunnan industrial silicon production increased by 0.14 (2.41%), and the Sichuan industrial silicon production decreased by 0.08 (-1.49%). The national operating rate increased by 6.07 (10.86%), the Xinjiang operating rate increased by 8.02 (15.25%), the Yunnan operating rate increased by 14.50 (44.09%), and the Sichuan operating rate increased by 7.33 (19.83%) [5]. - **Inventory Change**: From September 29th to September 30th, the Xinjiang factory warehouse inventory decreased by 1.40 (-11.63%), the Yunnan factory warehouse inventory increased by 0.09 (2.91%), and the Sichuan factory warehouse inventory increased by 0.07 (3.06%) [5]. Group 4: Polysilicon Industry Investment Rating No investment rating information provided. Core View After the National Day holiday, the polysilicon price is expected to mainly fluctuate within a range. Given the support of the spot price, the fluctuation range may be between 50,000 - 53,000 yuan/ton. Future attention should be paid to the specific schedule and implementation details of the industry's state - reserve policy, the actual operating rate and production reduction implementation of polysilicon enterprises in October, as well as the inventory digestion progress and new order demand of downstream photovoltaic module factories [6]. Summary by Catalog - **Spot Price and Basis**: From September 29th to September 30th, the average price of N - type re - fed material remained unchanged, the average price of N - type granular silicon remained unchanged, and the N - type material basis decreased by 80.00 (-6.30%) [6]. - **Futures Price and Inter - month Spread**: The main contract increased by 80 (0.16%), the spread between the current month and the first - continuous decreased by 205 (-91.11%), and the spread between the first - continuous and the second - continuous decreased by 60 (-2.40%) [6]. - **Fundamental Data (Weekly)**: The silicon wafer production decreased by 0.14 (-1.01%), and the polysilicon production increased by 0.01 (0.32%) [6]. - **Fundamental Data (Monthly)**: The polysilicon production decreased by 0.17 (-1.29%), the polysilicon import volume increased by 0.01 (5.11%), and the polysilicon export volume decreased by 0.01 (-3.92%) [6]. - **Inventory Change**: The polysilicon inventory increased by 2.20 (10.78%), the silicon wafer inventory decreased by 0.64 (-3.79%), and the polysilicon contract increased by 140.00 (1.76%) [6].

Group 1 - The domestic thermal coal and Australian prices continued to rise month-on-month, while South African and European offshore prices fell [1][2] - As of August 22, the Qinhuangdao thermal coal price was 702.00 CNY/ton, an increase of 63 CNY/ton, or 9.86% from the previous month [1][2] - The Newcastle port thermal coal price in Australia was 110.80 USD/ton, up 1.60 USD/ton, or 1.47% month-on-month [1][2] - South African Richards Bay thermal coal price was 89.70 USD/ton, down 4.20 USD/ton, or 4.47% month-on-month [1][2] - European three-port thermal coal price was 98.70 USD/ton, down 3.70 USD/ton, or 3.61% month-on-month [1][2] Group 2 - In July, the monthly output of raw coal decreased both month-on-month and year-on-year; the output from key state-owned coal mines in Shaanxi, Shanxi, and Inner Mongolia also saw a decline [3] - The total raw coal output in July was 38,098.70 million tons, a decrease of 4,008.7 million tons, or 9.52% month-on-month [3] - The coal inventory at the three major ports continued to decline month-on-month, while the average daily coal consumption of the six major power generation groups increased [3] - As of August 22, the total coal inventory at Qinhuangdao, Huanghua, and Caofeidian ports was 1,234.40 million tons, down 98.80 million tons, or 7.41% month-on-month [3] - The average daily coal consumption of the six major power generation groups was 94.04 thousand tons, an increase of 5.82 thousand tons, or 6.60% month-on-month [3] Group 3 - Domestic and international shipping costs continued to rise month-on-month [4] - As of August 22, the shipping cost from Qinhuangdao to Shanghai for 40-50 thousand DWT was 31.30 CNY/ton, a month-on-month increase of 10.21% [4] - The shipping cost from Newcastle, Australia to China was 15.60 USD/ton, up 1.50 USD/ton, or 10.64% month-on-month [4] Group 4 - The conclusion indicates that domestic thermal coal and Australian prices continued to rise month-on-month, while the output of raw coal and key state-owned coal mines in Shaanxi, Shanxi, and Inner Mongolia decreased [5] - The coal inventory at the three major ports continued to decline month-on-month, and the average daily coal consumption of the six major power generation groups increased [5] - Domestic and international shipping costs also saw a month-on-month increase [5]