Group 1: Report Overview - The report is about the weekly situation of coking coal and coke, titled "Zhonghui Futures Coking Coal and Coke Weekly Report: Supply and Demand Both Decline, Short - term Pressure" [1] - The report is issued by Zhonghui Black Research Team of Zhonghui Futures Co., Ltd., with the report date of December 05, 2025 [2] Group 2: Market Summary - This week, black commodities were mainly involved in position - shifting and contract - changing. Coal and coke prices rebounded from low levels and then continued to weaken, while steel and ore showed relatively strong performance. Domestic coal production decreased again on a week - on - week basis, and some coal mines started self - production cuts as their annual production tasks were about to be completed. Downstream, hot metal production decreased again on a week - on - week basis, similar to the levels of the same period in the past two years. There are many steel mill overhauls in December, and there is still some room for the decline of hot metal in the future [4] Group 3: Outlook - Coking coal is currently in a stage of both supply and demand decline. In December, coal mines are not only affected by external factors such as safety inspections but also have the driving force for self - production cuts. It is expected that the short - term supply will continue to remain at a low level, and the demand still needs to pay attention to the decline of hot metal in the future. This week, the main contract of coking coal was switched to the 2605 contract. Considering that the current price has reached the lower edge of the range again and important domestic meetings are coming, it is not advisable to short too much in the short term. For strategies, the previous high - price short positions can be held, and new positions should maintain a wait - and - see attitude [5] Group 4: Coking Coal Market Coking Coal Warehouse - receipt Cost - The report provides the spot prices and warehouse - receipt costs of different coking coal varieties in different locations on specific dates, such as the spot price of Meng 5 in Tangshan on December 05, 2025, is 1390 yuan/ton, and the warehouse - receipt cost is 1163 yuan/ton [11] Basis - The 01 basis of coking coal has strengthened to a high level in the same period. The 1 - month contract has a basis of 241, a week - on - week change of - 143, a basis rate of 20.28%, a one - month average of 245, and an over - seasonality of - 7 [12][14] Supply - **Mine**: This week, the average daily output of raw coal from 523 mines was 190.42 tons, a week - on - week decrease of 0.92 tons; the average daily output of clean coal was 75.37 tons, a week - on - week decrease of 1.04 tons [23] - **Coal Washery**: The average daily output of sample coal washeries was 27.12 tons, a week - on - week increase of 0.54 tons; the capacity utilization rate was 36.53%, a week - on - week increase of 0.21% [26] Import - From January to October, China's cumulative coking coal imports decreased by 4.8% year - on - year. In October, the import volume of Mongolian coal decreased by 10.6% month - on - month and increased by 36.4% year - on - year [27][30] Auction Data - The coking coal auction data shows that the listing volume in the week of November 28, 2025, was 185.14 tons, a decrease of 28.14 tons compared with the week of November 21, 2025; the成交 rate was 53.28%, a decrease of 5.72 percentage points; the non - transaction rate was 46.72%, an increase of 5.72 percentage points [33] Group 5: Coke Market Coking Profit - The coking profit in different regions has decreased on a week - on - week basis. For example, the national coking profit on December 04, 2025, was 30, a decrease of 16 compared with November 27, 2025 [44] Basis - The basis of coke contracts shows different changes. For example, the 1 - month contract has a basis of - 47, a week - on - week change of - 34, a basis rate of - 3.19%, a one - month average of - 34, and an over - seasonality of - 59 [49] Supply and Demand - The report also mentions the supply, demand, total inventory, inventory distribution, registered warehouse receipts, and futures positions of coke, but specific data and analysis are presented in different parts of the report [52][54][56][63][65] Inventory Distribution - As of December 05, 2025, the steel mill inventory was 625.25 tons, a week - on - week decrease of 0.27 tons and a year - on - year increase of 3.50%; the independent coking enterprise inventory was 76.44 tons, a week - on - week increase of 4.68 tons and a year - on - year decrease of 10.60%; the port inventory was 181.3 tons, a week - on - week decrease of 6.1 tons and a year - on - year increase of 7.79% [62]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The supply and demand of industrial silicon have both decreased, and the industrial cost has collapsed. The contract value is approaching the cash cost of leading enterprises, and it is accelerating to find the bottom in the short term [1] Group 3: Summary According to Relevant Catalogs Logic - The industrial silicon spot market was weakly stable yesterday. The price of East China oxygenated 553 silicon was 9,200 - 9,400 yuan/ton, and that of East China 421 silicon was 10,000 - 10,200 yuan/ton. The closing price of the main contract si2506 of industrial silicon futures was 8,325, down 2.57%. It continued to decline with a significant increase in positions. The main contract added 13,001 positions in a single day, with the current position at 179,500 lots and the trading volume at 11.279 billion yuan [1] Supply - end - The industrial silicon production in Gansu was relatively stable, but there might be a shift to production reduction due to price impacts recently. The output of 97 silicon remained low, and it was difficult to increase the short - term production. The operating rate of intermediate frequency furnaces was low, and the price was still at a low level, but the inquiry situation of traders improved. The market continued to decline, some manufacturers lowered their quotes, the "buy on rising" sentiment intensified, and buyers were still dominant. There were a small number of transactions of low - priced goods from some spot - futures traders [1] Demand - end - The price of polysilicon was temporarily stable, but the demand further declined, and the silicon material price was under pressure. The prices of N - type dense material, N - type granular silicon, N - type re - feeding material, and N - type mixed material were 38 - 40 yuan/kg, 35 - 38 yuan/kg, 39 - 43 yuan/kg, and 36 - 38 yuan/kg respectively. The prices of downstream silicon wafers and battery cells were lowered again, and the market was obviously weak. The rapid decline in demand led to an imbalance in supply and demand in each link. The price of organic silicon DMC fluctuated. The market's mainstream opening price was 11,500 - 12,000 yuan/ton (net water delivered). Some new units of monomer plants entered planned maintenance in May, and the price of the organic silicon spot market stopped falling and rebounded. Downstream enterprises were still digesting pre - holiday inventories, and there was no significant increase in demand in the short term. The spot prices of aluminum alloy ingots in some regions decreased, the terminal demand was continuously weak, the phenomenon of production reduction or suspension of procurement by die - casting enterprises increased, the market trading atmosphere was cold, and alloy ingot enterprises were accumulating inventories [1] Inventory - On May 6, the warehouse receipt inventory of industrial silicon was 68,930 lots, a single - day decrease of 360 lots. The warehouse receipt inventory decreased slightly but remained at a high level [1]