展望后市，五矿期货表示，尿素下方有出口政策以及成本支撑，下方空间有限，向上短期无更多利好驱 动，预计震荡筑底为主。后续来看需求主要关注出口以及淡储需求，供应端则关注冬季气头停车以及成 本支撑。策略方面，低价下关注逢低多配为主。 需求端，瑞达期货（002961）指出，近日东北储备需求采购较为集中，但随着前期适当的补充，采购量 或有所放缓。复合肥开工小幅提升，企业陆续排产冬储肥，预计短期复合肥产能利用率窄幅提升。随着 新一批配额的落地，出口需求逐渐增量。 库存方面，据西南期货介绍，本期中国尿素企业总库存量143.72万吨，低于上周预期，尿素港口样本库 存量为10万吨，基本符合上周预期。 11月24日，国内期市能化板块涨跌互现。其中，尿素期货呈现震荡下行走势，截至发稿主力合约报 1634.00元/吨，跌幅1.39%。 供应方面，南华期货（603093）分析称，进入11月，在政策保供与生产利润修复的支撑下，尿素日产预 计将维持高位，高供应对价格构成显著压力。 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月24日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 | | | | | 供给端来看 ， | 上周工业硅供应量为9 | | 1万吨 . | ， | 环比持平 。 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 需求端来看 ， | 上周工业硅需求为8万吨 | | | 环比减少4 ， | 76% . . | 需求持续低迷 | 多 . | | | | | | | 晶硅库存为27 1万吨 . | ， | 处于低位 | ， | 硅片亏损 ， | 电池片亏损 | 组件盈利 ， | 有 ； | | | | | | | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The SA2601 contract is expected to oscillate weakly, with a recommended focus range of 1130 - 1210. The FG2601 is expected to oscillate bearishly, with a recommended focus range of 950 - 1050 [6]. 3. Summary by Relevant Catalogs 3.1 Weekly Key Points Summary - **Market Review**: As of November 20, the soda ash futures dropped 4.4%, and the glass futures fell 4.46%. Soda ash futures declined due to insufficient demand, and glass futures continued to fall due to poor real - estate demand [6]. - **Market Outlook**: For soda ash, the supply side is in a capacity expansion phase. The 1 - million - ton natural soda project of Yuanning Energy's Alxa Base entered the commissioning stage in mid - November, and other expansion projects are in progress. Although there was a temporary inventory reduction, the inventory pressure remains high. The demand side is weak, with the float glass industry (accounting for about 60% of soda ash demand) being sluggish and the new capacity release of photovoltaic glass slowing down. The cost support is weakening. For glass, the supply side faces capacity release pressure and high inventory. The demand side shows seasonal weakness, with poor real - estate completion demand and low orders from deep - processing enterprises. The cost does not provide substantial support [6]. 3.2 Futures and Spot Markets - **Futures Prices**: As of November 20, 2025, the closing price of soda ash futures was 1158 yuan/ton, and that of glass futures was 989 yuan/ton [12]. - **Spot Prices and Basis**: As of November 20, 2025, the spot price of soda ash in the Shahe market was 1130 yuan/ton, and the basis was - 28 yuan/ton. The spot price of glass in the Shahe market was 989 yuan/ton, and the basis was 11 yuan/ton. The soda ash - glass spread was 169 yuan/ton. All spreads are expected to weaken next week [17][23][27]. 3.3 Industry Chain Analysis - **Soda Ash Production**: As of November 20, 2025, the national soda ash operating rate was 82.68%, a 2.12% decline from the previous period, and the weekly output was 72.09 tons, a 2.48% decline. The output is expected to decrease next week [34]. - **Inventory**: As of November 20, 2025, the inventory of domestic soda ash enterprises was 164.44 tons, a 0.44% decline, and the inventory of glass enterprises was 63.303 million weight boxes, a 0.09% increase [40]. - **Profit**: As of November 20, 2025, the theoretical profit of soda ash by the dual - ton joint - alkali method was - 235 yuan/ton, and the cost was 1876 yuan/ton. The theoretical profit of soda ash by the ammonia - alkali method was - 120 yuan/ton, and the cost was 1395 yuan/ton. The weekly average profit of float glass using natural gas as fuel was - 206.84 yuan/ton, a 10.19% decline; using coal - made gas was 25.79 yuan/ton, a 49.68% decline; using petroleum coke was 8.52 yuan/ton, a decline [45]. - **Glass Production**: As of November 20, 2025, there were 296 glass production lines (excluding zombie lines), with 221 in production and 75 cold - repaired. The national float glass output was 111.02 tons, a 0.33% decline from the previous period, and the output is expected to remain low next week [49]. - **Photovoltaic Glass**: As of November 20, 2025, the capacity utilization rate of photovoltaic glass enterprises was 68.35%, unchanged from the previous period, and the daily melting volume was 89380 tons/day, unchanged from the previous period. Both are expected to weaken next week [53]. - **Downstream Demand**: As of November 17, 2025, the average order days of national deep - processing sample enterprises were 9.9 days, indicating low demand [57].

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The supply side shows that the planned output of asphalt from local refineries in November 2025 is 1.312 million tons, a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. The sample capacity utilization rate of domestic petroleum asphalt this week is 30.8006%, a month - on - month decrease of 1.08 percentage points. Refineries have reduced production this week, which will reduce supply pressure next week [8]. - On the demand side, the current demand is lower than the historical average. The heavy - traffic asphalt开工率 is 29%, a month - on - month decrease of 0.02 percentage points; the construction asphalt开工率 is 6.6%, unchanged from the previous month; the modified asphalt开工率 is 11.2169%, a month - on - month increase of 0.79 percentage points; the road - modified asphalt开工率 is 34%, unchanged from the previous month; the waterproofing membrane开工率 is 33%, a month - on - month decrease of 1.00 percentage point [8]. - In terms of cost, the daily asphalt processing profit is - 562.55 yuan/ton, a month - on - month increase of 3.81%. The weekly delayed coking profit of Shandong local refineries is 915.1743 yuan/ton, a month - on - month increase of 14.48%. Asphalt processing losses have increased, and the profit difference between asphalt and delayed coking has increased. Crude oil has weakened, and it is expected that the support will weaken in the short term [8]. - Overall, due to factors such as reduced supply pressure, low demand, and weakened cost support, it is expected that the asphalt market will fluctuate narrowly in the short term, with the asphalt 2601 contract fluctuating in the range of 3034 - 3082 [8]. 3. Summaries According to Relevant Catalogs 3.1 Daily Viewpoints - **Supply**: The planned output of local refinery asphalt in November 2025 is 1.312 million tons, with a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. This week, the capacity utilization rate decreased, production decreased, and the estimated maintenance volume increased, reducing supply pressure [8]. - **Demand**: The开工率 of various types of asphalt and related products is mostly lower than the historical average, indicating that the overall demand is lower than the historical average [8]. - **Cost**: The asphalt processing profit is negative and increasing, the delayed coking profit is increasing, the profit difference is increasing, and crude oil is weakening, so the short - term support is expected to weaken [8]. - **Basis**: On November 20, the Shandong spot price was 3030 yuan/ton, and the basis of the 01 contract was - 28 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The social inventory is decreasing, while the in - factory inventory and port inventory are increasing [8]. - **Disk**: The MA20 is downward, and the price of the 01 contract closed below the MA20 [8]. - **Main Position**: The main position is net short, and the short position is increasing [8]. - **Expectation**: It is expected that the asphalt market will fluctuate narrowly in the short term, with the asphalt 2601 contract fluctuating in the range of 3034 - 3082 [8]. 3.2 Asphalt Market Overview - The report provides the current values, previous values, changes, and change rates of various indicators of asphalt contracts, including futures closing prices, basis, inventory, production, and开工率. For example, the 01 contract price is 3058 yuan/ton, a month - on - month increase of 0.43%; the social inventory is 82.5 million tons, a month - on - month decrease of 8.03% [15]. 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical basis trends of asphalt in Shandong and East China from January 1 to December 31, 2020 - 2025, which helps to understand the relationship between spot and futures prices [18][19]. 3.4 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The historical spread trends of the 1 - 6 and 6 - 12 contracts from January 2 to December 30, 2020 - 2025 are shown, which is useful for spread trading analysis [22][23]. - **Asphalt - Crude Oil Price Trend**: The historical price trends of asphalt, Brent crude oil, and WTI crude oil from January 3 to November 21, 2020 - 2025 are presented, helping to analyze the relationship between asphalt and crude oil prices [26]. - **Crude Oil Crack Spread**: The historical crack spreads of asphalt - SC, asphalt - WTI, and asphalt - Brent from January 2 to December 30, 2020 - 2025 are shown, which is important for understanding the profitability of refining [28][29][30]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The historical price ratio trends of asphalt - SC and asphalt - fuel oil from January 2 to December 30, 2020 - 2025 are presented, providing a reference for price comparison [32][34]. 3.5 Asphalt Spot Market - Market Price Trends in Various Regions - The historical price trend of Shandong heavy - traffic asphalt from January 2 to December 27, 2020 - 2025 is shown, reflecting the price changes in the local asphalt market [35][36]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The historical asphalt profit from January 1 to December 26, 2019 - 2025 is presented, showing the profitability of asphalt production [38][39]. - **Coking - Asphalt Profit Spread Trend**: The historical spread trend of coking - asphalt profit from January 1 to December 29, 2020 - 2025 is shown, which is helpful for analyzing the profit difference between coking and asphalt production [41][42][43]. - **Supply - Side Analysis** - **Shipment Volume**: The historical weekly shipment volume of asphalt from January 1 to December 29, 2020 - 2025 is presented, reflecting the supply situation in the market [44][45]. - **Diluted Asphalt Port Inventory**: The historical domestic diluted asphalt port inventory from January 3 to December 30, 2021 - 2025 is shown, which is important for understanding the supply of raw materials [46][47]. - **Production Volume**: The historical weekly and monthly production volumes of asphalt from January 1, 2019 - 2025 are presented, showing the overall supply capacity [49][50]. - **Marine Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: The historical price of Marine crude oil and the monthly production of Venezuelan crude oil from January 1 to December 26, 2018 - 2025 are shown, which is related to the raw material supply of asphalt [53][54][55]. - **Local Refinery Asphalt Production**: The historical production of local refinery asphalt from January to December, 2019 - 2025 is presented, reflecting the production capacity of local refineries [56][57]. - **Capacity Utilization Rate**: The historical weekly capacity utilization rate of asphalt from January 3 to December 27, 2021 - 2025 is shown, indicating the production efficiency of the industry [59][60]. - **Maintenance Loss Estimation**: The historical maintenance loss estimation of asphalt from January 1 to December 27, 2018 - 2025 is presented, which is related to the supply adjustment of the industry [61][62]. - **Inventory Analysis** - **Exchange Warehouse Receipt**: The historical exchange warehouse receipts (total, social inventory, and factory inventory) of asphalt from January 2 to December 26, 2019 - 2025 are shown, reflecting the inventory situation in the futures market [64][66][67]. - **Social Inventory and In - Factory Inventory**: The historical social inventory (70 samples) and in - factory inventory (54 samples) of asphalt from January 3 to December 23, 2022 - 2025 are presented, showing the overall inventory situation [68][69]. - **In - Factory Inventory Inventory Ratio**: The historical in - factory inventory inventory ratio of asphalt from January 1 to December 27, 2018 - 2025 is shown, which is useful for analyzing the inventory turnover [71][72]. - **Import and Export Situation** - **Export and Import Trends**: The historical export and import trends of asphalt from January to December, 2019 - 2025 are presented, reflecting the international trade situation of asphalt [74][75]. - **South Korean Asphalt Import Spread Trend**: The historical spread trend of South Korean asphalt imports from January 1 to December 26, 2020 - 2025 is shown, which is important for analyzing the import cost [78][79]. - **Demand - Side Analysis** - **Petroleum Coke Production**: The historical production of petroleum coke from January to December, 2019 - 2025 is presented, which is related to the demand for asphalt as a by - product [80][81]. - **Apparent Consumption**: The historical apparent consumption of asphalt from January to December, 2019 - 2025 is shown, reflecting the overall market demand [83][84]. - **Downstream Demand** - **Highway Construction and Related Indicators**: The historical trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 - 2025 are presented, which are related to the demand for asphalt in infrastructure construction [86][87][88]. - **Downstream Machinery Demand**: The historical sales volume of asphalt concrete pavers, the monthly working hours of excavators, and the sales volume of domestic excavators from 2019 - 2025 are shown, reflecting the demand for asphalt in construction machinery [90][91][93]. - **Asphalt开工率** - **Heavy - Traffic Asphalt开工率**: The historical heavy - traffic asphalt开工率 from January 1 to December 25, 2019 - 2025 is presented, reflecting the production activity of heavy - traffic asphalt [95][96]. - **Asphalt开工率 by Use**: The historical开工率 of construction asphalt, modified asphalt from 2019 - 2025 is shown, which is related to different application scenarios of asphalt [98][99]. - **Downstream开工率**: The historical开工率 of shoe - material SBS modified asphalt, road - modified asphalt, waterproofing membrane modified asphalt, etc. from 2019 - 2025 are presented, reflecting the demand in the downstream market [100][101][103]. - **Supply - Demand Balance Sheet**: The monthly asphalt supply - demand balance sheet from January 2024 to November 2025 is provided, including monthly production, import, export, social inventory, factory inventory, port inventory, and downstream demand, which helps to understand the overall supply - demand relationship in the market [105][106].

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年11月21日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：世界金属统计局（WBMS）公布的最新报告显示，2025年8月，全 球锌板产量为115.07万吨，消费量为117.17万吨，供应短缺2.1万吨。2025 年1-8月，全球锌板产量为908.85万吨，消费量为936.98万吨，供应短缺 28.13万吨。2025年8月，全球锌矿产量为106.96万吨。2025年1-8月，全球 锌矿产量为844.57万吨；偏多。 2、基差：现货22570，基差+190；偏多。 3、库存：11月20日LME锌库存较上日增加1000吨至46075吨，11月20日上期 所锌库存仓单较上日减少1646至73668吨；中性。 4、盘面：昨日沪锌震荡下跌走势，收20 ...

GOLDTRUST FUTURES CO.，LTD 金信期货日刊 本刊由金信期货研究院撰写 2025/11/21 GOLDTRUST FUTURES CO.，LTD 鸡蛋期货2601上涨后，后市震荡偏多博弈为主 ibaotu.com 热点聚焦 11月20日，鸡蛋期货2601合约震荡上行，盘中最高触及3248元，收盘涨2.05%报3240元，结束此前连续 回调态势。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 此次上涨主要受短期情绪修复与节日预期支撑，北方灌肠、南方腌腊等消费场景逐步启动，市场对12月备 货需求有所期待。 但中长期来看，供需矛盾未根本缓解。供应端，在产蛋鸡存栏仍处13亿只以上历史高位，后续3个月新增产 能将集中释放，供应压力难快速消解。需求端虽有旺季预期，但猪肉、鸡肉等替代蛋白价格低位运行，一 定程度挤压鸡蛋消费空间。 后市大概率呈现"短期震荡偏多、中期看产能去化"格局。 短期价格或区间波动，需关注存栏数据与降温对消费的拉动效果； 中长期若养殖端加速淘汰老鸡，轻仓 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 纯碱主力合约收盘价(日,元/吨) 纯碱与玻璃价差(日,元/吨) | 1158 169 | -24 玻璃主力合约收盘价(日,元/吨) -4 纯碱主力合约持仓量(日,手) | 989 1330158 | -20 -15566 | | | 玻璃主力合约持仓量(日,手) | 1943651 | -46850 纯碱前20名净持仓 | -255769 | 7405 | | 期货市场 | 玻璃前20名净持仓 | -333971 | -8730 纯碱交易所仓单(日,吨) | 0 | 0 | | | 玻璃交易所仓单(日,吨) | 207 | -2 纯碱基差(日,元/吨) | -27 | 12 | | | 玻璃基差 | 11 | 20 1月-5月玻璃合约 | -130 | 0 | | | 1月-5月纯碱合约 | -74 | 1 | | | | | 华北重碱(日,元/吨) | 1130 | -25 华中重碱(日,元/吨) | 1300 | 0 | | 现货市场 | 华 ...

农产品日报 | 2025-11-19 供强需弱持续，郑棉短期承压 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2601合约13395元/吨，较前一日变动-50元/吨，幅度-0.37%。现货方面，3128B棉新疆到 厂价14558元/吨，较前一日变动-21元/吨，现货基差CF01+1163，较前一日变动+29；3128B棉全国均价14789元/吨， 较前一日变动-12元/吨，现货基差CF01+1394，较前一日变动+38。 近期市场资讯，据海关统计数据，2025年10月我国棉花进口量9万吨，环比（10万吨）减少1万吨，减幅10%；同比 （11万吨）减少2万吨，减幅15.6%。2025年1-10月我国累计进口棉花77万吨，同比减少67.4%。2025/26年度 （2025.9-2026.8）累计进口棉花19万吨，同比减少17.4%。 市场分析 昨日郑棉期价震荡收跌。国际方面，USDA11月月报重启发布，此次报告大幅上调美棉产量，2025/26年度全球棉 花产量、消费量以及期末库存较9月份均增加，整体调整方向偏空，数据发布后美棉期价应声下跌。由于当前北半 球新棉集中上市，阶段性供应压力仍在释放，而全球纺织终 ...

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-11-18） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 价格或暂稳运行。 1、基本面：产地煤矿多数正常生产，安全检查力度不减，部分矿区的库存偏紧，以执行前期的订单为 主。目前下游焦企对部分高价资源较为抵触，采购偏谨慎，部分煤种成交价格有所回落。然主产地煤矿 库存压力暂不明显，报价比较坚挺，个别优质煤种成交价格仍有上涨，竞拍市场涨跌互现，整体煤矿报 价暂稳运行；偏多 2、基差：现货市场价1380，基差170；现货升水期货；偏多 3、库存：钢厂库存781.1万吨，港口库存295万吨，独立焦企库存819.3万吨，总样本库存1895.4万吨， 较上周减少76.2万吨；偏多 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦煤主力净空，多翻空；偏空 6、预期：焦 ...

Report on the Steel Industry 1. Investment Rating No investment rating is provided in the report. 2. Core View - The steel price is not highly valued but lacks upward momentum. Considering the accumulation of iron element inventory, the price is expected to maintain a weak downward trend. It is recommended to take a short - position in unilateral operations. The spread between hot - rolled coils and rebar will continue to converge. The iron element chain has the basis for negative feedback, and going long is not recommended. The long - coking coal and short - hot - rolled coil arbitrage can be continued, but beware of the resumption of coal mine production for supply guarantee [2]. 3. Summary of Relevant Catalogs Steel Prices and Spreads - Rebar: Spot prices in East China decreased by 10 yuan/ton, unchanged in North and South China. Futures contract prices for 05, 10, and 01 increased by 5, 5, and 7 yuan/ton respectively. - Hot - rolled coils: Spot prices in East and North China decreased by 10 yuan/ton, unchanged in South China. Futures contract prices for 05, 10, and 01 increased by 5, 2, and 2 yuan/ton respectively [2]. Cost and Profit - Steel billet price increased by 20 yuan/ton, plate billet price remained unchanged. - The cost of Jiangsu electric - arc furnace rebar decreased by 4 yuan/ton, and the cost of Jiangsu converter rebar increased by 3 yuan/ton. - Profits of hot - rolled coils in East, North, and South China decreased by 25 yuan/ton, and rebar profits in East, North, and South China decreased by 15, 25, and 5 yuan/ton respectively [2]. Production, Inventory, and Demand - Production: The daily average pig iron output increased by 2.6 to 236.8 (1.1% increase). The output of five major steel products decreased by 22.4 to 834.4 (-2.6% decrease), rebar output decreased by 8.5 to 200.0 (-4.1% decrease), and hot - rolled coil output decreased by 4.5 to 313.7 (-1.4% decrease). - Inventory: The inventory of five major steel products decreased by 26.2 to 1477.4 (-1.7% decrease), rebar inventory decreased by 16.4 to 576.2 (-2.8% decrease), and hot - rolled coil inventory remained basically unchanged. - Demand: Building materials trading volume decreased by 0.2 to 10.4 (-1.9% decrease), the apparent demand of five major steel products decreased by 6.3 to 860.6 (-0.7% decrease), rebar apparent demand decreased by 2.2 to 216.4 (-1.0% decrease), and hot - rolled coil apparent demand decreased by 0.7 to 313.6 (-0.2% decrease) [2]. Report on the Iron Ore Industry 1. Investment Rating No investment rating is provided in the report. 2. Core View - After a rapid decline last week, the iron ore futures rebounded. Although the pig iron output increased this week, there is limited room for further growth. With the current profit margin and inventory level of steel mills, it is not enough to trigger negative feedback. It is expected that iron ore will show a high - level oscillating trend, and it is advisable to stay on the sidelines in unilateral operations [4]. 3. Summary of Relevant Catalogs Iron Ore Prices and Spreads - The cost of some warehouse receipts decreased slightly, while the cost of Brazilian mixed powder increased by 2.2 yuan/ton (0.3% increase). - The basis of some 01 contracts decreased slightly, while the basis of Brazilian mixed powder increased by 2.2 yuan/ton (3.2% increase). - The 5 - 9 spread decreased by 0.5 to 22.0 (-2.2% decrease), the 9 - 1 spread decreased by 1.5 to - 51.0 (-3.0% decrease), and the 1 - 5 spread increased by 2.0 to 29.0 (7.4% increase) [4]. Supply and Demand and Inventory - Supply: The global iron ore shipment volume decreased by 144.8 to 3069.0 (-4.5% decrease) week - on - week, and the arrival volume at 45 ports decreased by 477.2 to 2741.2 (-14.8% decrease). - Demand: The daily average pig iron output of 247 steel mills increased by 2.7 to 236.9 (1.1% increase), the daily average port clearance volume increased by 6.0 to 327.0 (1.9% increase), and the monthly production of pig iron and crude steel decreased. - Inventory: The 45 - port inventory increased slightly, the imported ore inventory of 247 steel mills increased by 66.1 to 9076.0 (0.7% increase), and the inventory available days of 64 steel mills remained unchanged [4]. Report on the Coke and Coking Coal Industry 1. Investment Rating No investment rating is provided in the report. 2. Core View - Coke: The futures price showed an oscillating downward trend. Although there is still an expectation of price increase due to cost support, the upward space is limited. It is recommended to view it as an oscillating market with a range of 1650 - 1780 yuan/ton. A long - 01 and short - 05 arbitrage is recommended, but beware of the negative feedback risk caused by the decline in steel prices. - Coking coal: The futures price showed an oscillating downward trend. The spot price is still at a high level, but the downward space of the futures is limited. It is recommended to view it as an oscillating market with a range of 1170 - 1290 yuan/ton. A long - 01 and short - 05 arbitrage is recommended, but beware of the negative feedback risk caused by the decline in steel prices [6]. 3. Summary of Relevant Catalogs Prices and Spreads - Coke: The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged, the 01 contract price decreased by 17 to 1670 (-1.0% decrease), and the 05 contract price decreased by 8 (-0.4% decrease). - Coking coal: The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged, the 01 contract price decreased by 22 to 1192 (-1.8% decrease), and the 05 contract price decreased by 11 to 1250 (-0.9% decrease) [6]. Supply, Demand, and Inventory - Supply: The daily average coke output of all - sample coking plants decreased by 0.6 to 63.0 (-0.9% decrease), and the daily average output of 247 steel mills increased by 0.1 to 46.2 (0.2% increase). The raw coal output of Fenwei sample coal mines increased by 5.4 to 853.8 (0.6% increase). - Demand: The pig iron output of 247 steel mills increased by 2.7 to 236.9 (1.1% increase). - Inventory: Coke total inventory decreased by 7.7 to 879.4 (-0.9% decrease), coking coal inventory in some sectors increased, and in some sectors decreased [6].