Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - Steel demand has officially entered the off - season, with high inventory pressure on hot - rolled coils. In the short term, prices are likely to continue weak and volatile, but there may be a marginal inflection point in demand with policy implementation and macro - environment improvement [3]. - For iron ore, high inventory suppresses prices, but short - term iron ore demand is supported by the rebound in hot metal production. The price will run within a volatile range in the short term [6]. - For the black sector, it is more cost - effective to look for positions to rebound rather than short. The future price increase depends on the introduction and intensity of stimulus policies [10][11]. - Industrial silicon may present a "supply - demand double - weak" pattern. Its price may rise further with开工 rate decline and sentiment boost, otherwise, it may fall [16]. - Polysilicon is still in a tug - of - war between reality and expectation. The supply - demand pattern may improve marginally, but short - term de - stocking is limited, and the price will fluctuate widely within a range [18]. - Glass supply contraction is limited, demand is weak, and the market is expected to remain weak in the short term [21]. - Soda ash supply is relatively high, demand is average, and the price will continue to oscillate at a low level in the short term [23]. 3. Summary by Related Catalogs Steel - **Market Quotes** - The closing price of the rebar main contract was 3070 yuan/ton, down 20 yuan/ton (- 0.64%) from the previous trading day, with registered warehouse receipts of 95087 tons, a net increase of 8415 tons. The main contract's open interest was 1.631133 million lots, a decrease of 24336 lots. The Tianjin and Shanghai rebar summary prices decreased by 10 yuan/ton [2]. - The closing price of the hot - rolled coil main contract was 3277 yuan/ton, down 9 yuan/ton (- 0.27%) from the previous trading day, with registered warehouse receipts of 120567 tons, unchanged. The main contract's open interest was 1.196921 million lots, a decrease of 20253 lots. The Le Cong and Shanghai hot - rolled coil summary prices remained unchanged [2]. - **Strategy Viewpoints** - Rebar shows a pattern of double - decline in supply and demand, with continuous inventory reduction, presenting a neutral overall performance. Hot - rolled coils have weak terminal demand, and inventory is accumulating against the season. In the short term, prices are likely to be weak and volatile, but there may be a demand inflection point later [3]. Iron Ore - **Market Quotes** - The main iron ore contract (I2601) closed at 791.50 yuan/ton, with a change of - 0.06% (- 0.50), and the open interest increased by 9616 lots to 480,900 lots. The weighted open interest was 917,200 lots. The spot price of PB fines at Qingdao Port was 793 yuan/wet ton, with a basis of 51.85 yuan/ton and a basis ratio of 6.15% [5]. - **Strategy Viewpoints** - Supply: Overseas iron ore shipments have rebounded significantly, with increases in both Australian and Brazilian shipments. Demand: The daily average hot metal production has rebounded, but the steel mill profitability rate is declining. Inventory: Port inventory is accumulating, and steel mill inventory has increased slightly. High inventory suppresses prices, but short - term demand is supported by the rebound in hot metal production, and the price will run within a volatile range [6]. Manganese Silicon and Ferrosilicon - **Market Quotes** - On November 19, the main manganese silicon contract (SM601) fell 0.67% to close at 5642 yuan/ton. The Tianjin 6517 manganese silicon spot market price was 5650 yuan/ton, with a premium of 198 yuan/ton over the futures. The main ferrosilicon contract (SF603) fell 0.33% to close at 5504 yuan/ton. The Tianjin 72 ferrosilicon spot market price was 5500 yuan/ton, with a discount of 4 yuan/ton to the futures [9]. - **Strategy Viewpoints** - The black sector has been oscillating downward. As the time approaches December, the macro - expectation is positive. It is more cost - effective to look for positions to rebound. Manganese silicon's fundamentals are not ideal, and attention should be paid to the manganese ore end. Ferrosilicon has no obvious supply - demand contradictions, with low operational cost - effectiveness [10][11]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Quotes** - The main industrial silicon futures contract (SI2601) closed at 9390 yuan/ton, up 4.57% (+ 410). The weighted contract open interest increased by 70215 lots to 470943 lots. The spot prices of East China's non - oxygen - blowing 553 and 421 remained unchanged, with basis of - 40 yuan/ton and - 440 yuan/ton respectively [13]. - **Strategy Viewpoints** - Affected by the new energy sector, the price rose rapidly. It may present a "supply - demand double - weak" pattern. The cost provides support. The price may rise further if the开工 rate declines, otherwise, it may fall [14][16]. - **Polysilicon** - **Market Quotes** - The main polysilicon futures contract (PS2601) closed at 54625 yuan/ton, up 4.63% (+ 2415). The weighted contract open interest decreased by 2906 lots to 233574 lots. The spot prices of N - type granular silicon, N - type dense material, and N - type re - feeding material remained unchanged, with a basis of - 2325 yuan/ton [17]. - **Strategy Viewpoints** - It is in a tug - of - war between reality and expectation. The supply - demand pattern may improve marginally, but short - term de - stocking is limited. The price will fluctuate widely within a range, and attention should be paid to the progress of the platform company and price feedback [18]. Glass and Soda Ash - **Glass** - **Market Quotes** - The glass main contract closed at 1009 yuan/ton on Wednesday, down 0.79% (- 8). The North China and Central China quotes remained unchanged. The weekly inventory of float glass sample enterprises increased by 111,000 boxes (+ 0.18%). The top 20 long - position holders increased their positions by 2020 lots, and the top 20 short - position holders reduced their positions by 11275 lots [20]. - **Strategy Viewpoints** - Supply contraction is limited, demand is weak, inventory is high, and the market is expected to remain weak in the short term [21]. - **Soda Ash** - **Market Quotes** - The soda ash main contract closed at 1182 yuan/ton on Wednesday, down 2.64% (- 32). The Shahe heavy - soda quote decreased by 27. The weekly inventory of soda ash sample enterprises decreased by 0.69 million tons (- 0.18%), with heavy - soda inventory increasing by 0.75 million tons and light - soda inventory decreasing by 1.44 million tons. The top 20 long - position holders increased their positions by 42148 lots, and the top 20 short - position holders increased their positions by 67894 lots [22]. - **Strategy Viewpoints** - Supply is relatively high, demand is average, and the price will continue to oscillate at a low level in the short term [23].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The steel demand has officially entered the off - season, there is still a risk of hot - rolled coil inventory, and future attention should be paid to the production reduction rhythm. With the gradual implementation of the Fed's easing expectations and positive signals from the China - US meeting, the market sentiment and capital environment are expected to improve. The steel consumption side may gradually recover in the future. In the short term, due to the impact of the cost side, the price center of finished products has slightly declined, and the demand is still weak, with prices continuing the weak and volatile trend. However, with the implementation of policies and changes in the macro - environment, future demand is expected to reach an inflection point [2]. - For iron ore, high inventory still suppresses the price. In the short term, the rebound in hot - metal production supports the demand for iron ore on the margin. In the macro vacuum period, the futures price is likely to follow the real - world logic, and the iron ore fundamentals are weak. The short - term ore price will operate within the shock range, with the lower limit between 750 - 760 yuan/ton [5]. - For the black sector, it is considered that looking for a callback position to do a rebound may have a higher cost - performance ratio than continuing to short. The subsequent overseas situation will be a definite situation of both fiscal and monetary easing, and domestic demand - stimulating policies are still expected. For manganese silicon, pay attention to the manganese ore end; for silicon iron, its operability is relatively low [10]. - For industrial silicon, the supply and demand are both weak, and the cost support is temporarily stable. It is expected that the price will consolidate and wait for new drivers [13]. - For polysilicon, with a significant reduction in supply, the supply - demand pattern may improve marginally, but the short - term de - stocking amplitude is expected to be limited. Be cautious about the authenticity of long and short news [16]. - For glass, the current market has limited positive factors, and the short - term rebound momentum is insufficient with limited upside space [19]. - For soda ash, the current supply is relatively high, and the downstream demand is average. The short - term price will continue the low - level shock pattern [21]. 3. Summary According to Related Catalogs Steel Market Information - The closing price of the rebar main contract was 3046 yuan/ton, up 8 yuan/ton (0.263%) from the previous trading day. The registered warehouse receipts decreased by 5166 tons to 90327 tons, and the main contract positions decreased by 10693 lots to 1.857343 million lots. The Tianjin aggregated price of rebar was 3210 yuan/ton, unchanged, and the Shanghai aggregated price was 3200 yuan/ton, up 10 yuan/ton [1]. - The closing price of the hot - rolled coil main contract was 3254 yuan/ton, down 1 yuan/ton (- 0.03%) from the previous trading day. The registered warehouse receipts increased by 12063 tons to 107606 tons, and the main contract positions decreased by 8957 lots to 1.302507 million lots. The aggregated price of hot - rolled coils in Lecong and Shanghai was 3270 yuan/ton, unchanged [1]. Strategy Views - Rebar supply and demand both declined, inventory continued to decline, and the overall performance was neutral. Hot - rolled coils had weak demand, could not absorb the production, and the inventory showed a counter - seasonal accumulation. Overall, steel demand has entered the off - season, and there is still a risk of hot - rolled coil inventory. Future attention should be paid to the production reduction rhythm [2]. Iron Ore Market Information - The main iron ore contract (I2601) closed at 772.50 yuan/ton, with a change of - 0.19% (- 1.50), and the positions decreased by 7106 lots to 494,100 lots. The weighted positions were 910,700 lots. The spot price of PB powder at Qingdao Port was 782 yuan/wet ton, with a basis of 58.73 yuan/ton and a basis ratio of 7.07% [4]. - The Simandou iron ore project was officially put into production on November 11, but it will take time to reach full production, and the increase is expected to be limited this year [4]. Strategy Views - On the supply side, the overseas iron ore shipment volume continued to decline. The shipments from Australia and Brazil decreased, and Vale and Rio Tinto contributed to the reduction. The shipments from non - mainstream countries increased, and the near - end arrivals decreased. On the demand side, the daily average hot - metal production was 236.88 tons, up 2.66 tons. The increase mainly came from Hebei, with an increase in the utilization rate of some blast furnace capacities. The steel mill profitability continued to decline, and some regional steel mills started blast furnace annual inspections due to losses. The port inventory continued to increase, and the steel mill inventory increased slightly. The terminal data was weak. High inventory still suppresses the price, and the short - term rebound in hot - metal production supports the demand for iron ore on the margin [5]. Manganese Silicon and Silicon Iron Market Information - On November 13, the main manganese silicon contract (SM601) closed down 0.10% at 5756 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5700 yuan/ton, with a discount to the futures price of 5890 yuan/ton, unchanged from the previous day, and a premium to the futures price of 134 yuan/ton [7]. - The main silicon iron contract (SF601) closed up 0.29% at 5506 yuan/ton. The spot price of 72 silicon iron in Tianjin was 5500 yuan/ton, unchanged from the previous day, and a discount to the futures price of 6 yuan/ton [8]. Strategy Views - In November, the macro environment entered a relative vacuum period, and the pricing of the black sector returned to the fundamentals. The market was trying a "negative feedback" trading in the black sector, but it was considered a temporary shock and emotional release with limited downside space. For the black sector, it is more cost - effective to look for a callback position to do a rebound. For manganese silicon, pay attention to the manganese ore end; for silicon iron, its operability is relatively low [9][10]. Industrial Silicon and Polysilicon Market Information - The main industrial silicon contract (SI2601) closed at 9145 yuan/ton, with a change of - 0.54% (- 50). The weighted positions increased by 6269 lots to 418,415 lots. The spot price of 553 non - oxygenated silicon in East China was 9350 yuan/ton, unchanged, and the basis of the main contract was 205 yuan/ton; the spot price of 421 silicon was 9750 yuan/ton, unchanged, and the basis of the main contract after conversion was - 195 yuan/ton [12]. - The main polysilicon contract (PS2601) closed at 54195 yuan/ton, with a change of + 1.37% (+ 735). The weighted positions increased by 2397 lots to 237,112 lots. The average price of N - type granular silicon was 50.5 yuan/kg, the average price of N - type dense material was 51 yuan/kg, and the average price of N - type re - feeding material was 52.15 yuan/kg, all unchanged. The basis of the main contract was - 2045 yuan/ton [15]. Strategy Views - For industrial silicon, in October, the production continued to increase. In November, the production in the southwest is expected to decline. The demand for polysilicon decreased, and the organic silicon production is expected to be stable. The supply and demand are both weak, and the price is expected to consolidate [13]. - For polysilicon, in November, some production capacities started maintenance, and the production is expected to decline in the last two months. The downstream silicon wafer production is also expected to decline. The supply - demand pattern may improve marginally, but the short - term de - stocking amplitude is expected to be limited [16]. Glass and Soda Ash Market Information - The glass main contract closed at 1056 yuan/ton, up 0 + 0.67% (+ 7). The North China large - plate price was 1110 yuan, unchanged; the Central China price was 1140 yuan, unchanged. The weekly inventory of float glass sample enterprises was 63.247 million boxes, up 111,000 boxes (+ 0.18%). The top 20 long - position holders reduced 57,921 long positions, and the top 20 short - position holders reduced 52,810 short positions [18]. - The soda ash main contract closed at 1239 yuan/ton, up 2.06% (+ 25). The Shahe heavy - alkali price was 1194 yuan, up 30. The weekly inventory of soda ash sample enterprises was 1.7073 million tons, down 0.69 million tons (- 0.18%), including 907,100 tons of heavy - alkali inventory, up 75,000 tons, and 800,200 tons of light - alkali inventory, down 144,000 tons. The top 20 long - position holders increased 21,477 long positions, and the top 20 short - position holders reduced 16,961 short positions [20]. Strategy Views - For glass, the current market has limited positive factors, the downstream support is insufficient, the production enterprise shipment pressure increases, and the short - term rebound momentum is insufficient with limited upside space [19]. - For soda ash, the current supply is relatively high, the downstream demand is average, especially the consumption of heavy - alkali is weak. Due to the industry - wide losses, some enterprises have a stronger willingness to support prices. The short - term price will continue the low - level shock pattern [21].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoint - The steel mills are suffering losses and reducing production, and the futures market is experiencing a negative feedback loop [2] Summary by Relevant Catalogs 01 Black Plate Performance Comparison - Last week, the black plate declined collectively, with iron ore leading the decline, dropping about 5% week-on-week. The strength relationship among varieties was coke > coking coal > hot-rolled coil > rebar > iron ore [4] 02 Futures Market Rise and Fall Comparison - The performance of different futures was differentiated, with black and energy-chemical futures being relatively weak [8] 03 Spot Prices - Coking coal and coke prices rose, while steel and iron ore prices fell [15] 04 Profit and Valuation - The profitability of steel mills decreased significantly, and the valuation of rebar futures was relatively low [16] 05 Steel Supply and Demand - Both steel production and demand decreased, and the inventory depletion slowed down [18] 06 Iron Ore Supply and Demand - Iron ore arrivals increased significantly month-on-month, and port inventories rebounded [27] 07 Coking Coal Supply and Demand - Coking coal production decreased slightly, and inventories shifted downstream [33] 08 Coke Supply and Demand - Coke production decreased slightly, and inventories were depleted again [35] 09 Variety Spreads - The futures profit continued to decline, and the spread between hot-rolled coil and rebar remained stable [37] 10 Key Data/Policy/Information - On November 3, the Ministry of Finance established a new Debt Management Department. The State Council Tariff Commission adjusted the tariff measures on imported goods from the United States. The "China's Actions for Carbon Peak and Carbon Neutrality" white paper was released. Various economic data such as trade, employment, and reserves were announced, and OPEC+ made production adjustment decisions [42]

投资咨询业务资格：证监许可【2012】31号 【玻璃纯碱（ 】 负反馈交易，产业价格承压 国贸期货 黑色金属研究中心 2025-06-03 黄志鸿 从业资格证号：F3051824 投资咨询证号：Z0015761 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供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 玻璃:供需双弱 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 偏空 | 产量持稳。本周全国浮法玻璃日产量为15.77万吨，比22日+0.64%。行业开工率为76.01%，比22日+0.68个百分点；产能利用率为78.62%，比22 | | | | 日+0.42个百分点。本周2条产线复产点火，1条前期点火产线开始出玻璃，供应量呈现增长趋势。下周1条产线存在冷修预期，产线点火计划尚 | | | | 不完全明确，预计下周产量或将下降。 | | 需求 | 偏空 | 需求预期走弱，淡季来临，需求或边际下滑。不过由于中美贸易谈判顺利且国内政策利好影响逐步释放，需求亦有支撑。中期地产颓势难挽， | | | | 竣工数据同 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Steel Industry - Yesterday, steel prices were still weak with significant declines. The rebar price fell below the valley - electricity cost, but blast - furnace profits remained positive. Terminal orders decreased, affecting cold - rolled steel inventories. After the tariff reduction in May, demand recovered, and the April rush for re - export trade also supported demand. Short - term steel inventory pressure is expected to be low, supporting high production levels. However, steel prices are affected by the decline of carbon elements and the seasonal decline of hot - metal production. Negative - feedback trading may be volatile, and it is recommended to wait and see [1]. Iron Ore Industry - Yesterday, the iron ore 09 contract fell weakly. This week, global iron ore shipments decreased slightly, and arrivals were at a relatively low level. On the demand side, hot - metal production declined from its peak, and direct and indirect export orders for finished products were below expectations. The market is trading the negative - feedback expectation in advance. Although the terminal demand for finished products may weaken in the off - season, it still has some resilience. The decline of hot - metal production is limited. Overseas mines are starting to boost shipments, and the supply pressure will increase. Short - term iron ore prices are under pressure, and attention should be paid to the support around 670 - 680 [4]. Coke Industry - Yesterday, coke futures continued to fluctuate and adjust. The spot price of coke has been lowered twice, and there are still 1 - 2 rounds of expected price cuts. On the supply side, due to the decline of downstream hot - metal production, coke enterprises' shipments slowed down, but production increased slightly, and coking profits improved. On the demand side, hot - metal production remained above 240,000 tons per day in May but declined slightly last week, and blast - furnace开工率 has shown signs of peaking. In terms of inventory, coking plants' inventories are accumulating, port inventories are slightly decreasing, and steel mills' inventories are decreasing. It is recommended to short the coke 2509 contract after a rebound and stop the profit of the strategy of going long on hot - rolled coils and short on coke [6]. Coking Coal Industry - Yesterday, coking coal futures continued to fluctuate and adjust. The spot price of coking coal has been falling, and the futures market has a deep - discount structure with high hedging pressure. The supply is abundant, with high domestic coal production and weak imported coal prices. The demand side shows that coking production is increasing slightly, but downstream hot - metal production may have peaked. Coal mines' inventories are accumulating, and downstream inventories are at a low level. It is recommended to short the coking coal 2509 contract after a rebound and stop the profit of the strategy of going long on hot - rolled coils and short on coking coal [6]. Ferrosilicon Industry - Yesterday, the ferrosilicon futures main contract fell. An Inner Mongolia large - scale factory partially shut down furnaces, reducing daily production. Supply pressure has been relieved after previous production cuts, but inventories are still at a medium - high level. Some producers are suffering losses and reducing production. On the demand side, hot - metal production declined this week, and the demand for ferrosilicon is limited. The cost of semi - coke is weakly stable. In the future, the supply - demand contradiction of ferrosilicon has been alleviated, but short - term demand lacks support, and costs may decline, so the price is expected to fluctuate weakly [7]. Ferromanganese Industry - Yesterday, the ferromanganese futures main contract fluctuated weakly. In Inner Mongolia, some factories are resuming production, and the supply pressure is concentrated in the northern region. On the demand side, hot - metal production is declining, and the market is trading the negative - feedback expectation. The overall finished products are in the process of de - stocking, but the cold - rolled pressure is still large. Manganese ore prices are under pressure due to high future arrivals. In the future, the short - term supply pressure of ferromanganese is increasing, and the price is expected to be weak [7]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices all declined. For example, rebar spot in East China decreased from 3150 to 3130 yuan/ton, and hot - rolled coil spot in East China decreased from 3230 to 3200 yuan/ton [1]. Cost and Profit - Steel billet prices decreased by 20 yuan/ton, and the cost of Jiangsu electric - furnace rebar decreased by 36 yuan/ton. The profits of hot - rolled coils in East, North, and South China all decreased [1]. Production - The daily average hot - metal production decreased by 1.2 to 243.6 tons, a decrease of 0.5%. The production of five major steel products increased by 4.1 to 872.4 tons, an increase of 0.5%. Rebar production increased by 4.9 to 231.5 tons, an increase of 2.2%, while hot - rolled coil production decreased by 6.3 to 305.7 tons, a decrease of 2.0% [1]. Inventory - The inventory of five major steel products decreased by 32.1 to 1398.5 tons, a decrease of 2.2%. Rebar inventory decreased by 15.7 to 604.2 tons, a decrease of 2.5%, and hot - rolled coil inventory decreased by 7.4 to 340.2 tons, a decrease of 2.1% [1]. Transaction and Demand - The building materials trading volume increased by 0.7 to 10.2 tons, an increase of 6.8%. The apparent demand for five major steel products decreased by 9.2 to 904.6 tons, a decrease of 1.0%. The apparent demand for rebar and hot - rolled coils also decreased [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of various iron ore powders decreased, and the 09 - contract basis of various iron ore powders also decreased significantly. For example, the 09 - contract basis of PB powder decreased from 131.7 to 77.0 yuan/ton, a decrease of 41.5% [4]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port decreased, and the prices of the Singapore Exchange 62% Fe swap and the Platts 62% Fe also decreased [4]. Supply - The global weekly iron ore shipments increased by 318.8 to 3347.8 tons, an increase of 10.5%, but the weekly arrivals decreased by 83.3 to 2271.3 tons, a decrease of 3.5% [4]. Demand - The 45 - port average daily ore - removal volume increased by 3.2 to 327.1 tons, an increase of 1.0%. The national monthly crude - steel production decreased by 682.2 to 8601 tons, a decrease of 7.3% [4]. Inventory - The 45 - port iron ore inventory decreased by 129.0 to 13858.79 tons, a decrease of 0.9%. The 247 - steel - mill imported - ore inventory decreased by 35.7 to 8925.5 tons, a decrease of 0.4% [4]. Coke Industry Coke - Related Prices and Spreads - Coke futures prices decreased. The coke 09 contract decreased from 1375 to 1364 yuan/ton, a decrease of 0.8%, and the coke 01 contract decreased from 1391 to 1388 yuan/ton, a decrease of 0.2%. The coking profit decreased by 22 to - 15 yuan/ton, a decrease of 146.7% [6]. Upstream Coking Coal Prices and Spreads - The prices of coking coal decreased. The coking coal (Shanxi warehouse - receipt) decreased from 1030 to 1000 yuan/ton, a decrease of 2.9% [6]. Supply - The daily average production of all - sample coking plants increased by 0.1 to 67.3 tons, an increase of 0.2%, and the daily average production of 247 steel mills remained unchanged [6]. Demand - The 247 - steel - mill hot - metal production decreased by 1.2 to 243.6 tons, a decrease of 0.5% [6]. Inventory - The total coke inventory increased by 1.7 to 984.9 tons, an increase of 0.2%. The coking - plant inventory increased by 9.0 to 103.3 tons, an increase of 9.5%, the steel - mill inventory decreased by 3.2 to 660.6 tons, a decrease of 0.5%, and the port inventory decreased by 4.1 to 221.0 tons, a decrease of 1.8% [6]. Coke Supply - Demand Gap - The coke supply - demand gap increased by 0.6 to - 1.4 tons, an increase of 40.0% [6]. Coking Coal Industry Coking Coal - Related Prices and Spreads - Coking coal futures prices decreased. The coking coal 09 contract decreased from 800 to 799.5 yuan/ton, a decrease of 0.12%, and the coking coal 01 contract decreased from 813 to 815 yuan/ton, a decrease of 0.21%. The sample coal - mine profit decreased by 17 to 382 yuan/ton, a decrease of 4.3% [6]. Overseas Coal Prices - The Australian Peak Downs coking - coal arrival price remained unchanged, while the Jingtang Port Australian main - coking - coal ex - warehouse price increased by 160 to 1390 yuan/ton, an increase of 13.0% [6]. Supply - The weekly raw - coal production of Fenwei sample coal mines increased by 2.8 to 895.8 tons, an increase of 0.3%, and the weekly clean - coal production increased by 1.9 to 459.2 tons, an increase of 0.4% [6]. Demand - The daily average production of all - sample coking plants increased by 0.1 to 67.3 tons, an increase of 0.2%, and the daily average production of 247 steel mills remained unchanged [6]. Inventory - The Fenwei coal - mine clean - coal inventory increased by 19.4 to 230.3 tons, an increase of 9.2%. The all - sample coking - plant coking - coal inventory decreased by 19.2 to 865.7 tons, a decrease of 2.2%, and the port inventory decreased by 5.1 to 301.0 tons, a decrease of 1.7% [6]. Ferrosilicon Industry Ferrosilicon Spot Prices and Spreads - The ferrosilicon futures main - contract price decreased from 5506 to 5452 yuan/ton, a decrease of 1.0%. The spot prices of ferrosilicon in various regions also decreased [7]. Cost and Profit - The production costs of ferrosilicon in Inner Mongolia, Qinghai, and Ningxia remained unchanged, but the production profits decreased. The production profit in Inner Mongolia decreased by 30 to - 156 yuan/ton, a decrease of 23.8% [7]. Supply - The weekly ferrosilicon production decreased by 0.5 to 8.9 tons, a decrease of 4.9%, and the production - enterprise operating rate decreased by 0.8 to 30.4%, a decrease of 2.6% [7]. Demand - The weekly ferrosilicon demand increased by 0.0 to 2.1 tons, an increase of 1.7%. The 247 - steel - mill average daily hot - metal production decreased by 1.2 to 243.6 tons, a decrease of 0.5% [7]. Inventory - The 60 - sample - enterprise ferrosilicon inventory increased by 0.1 to 7.5 tons, an increase of 1.9%, and the downstream average available days decreased by 0.2 to 15.2 days, a decrease of 1.6% [7]. Ferromanganese Industry Ferromanganese Spot Prices and Spreads - The ferromanganese futures main - contract price decreased from 5668 to 5616 yuan/ton, a decrease of 0.9%. The spot prices of ferromanganese in various regions also decreased [7]. Cost and Profit - The prices of manganese ores in Tianjin Port decreased. The production costs of ferromanganese in Inner Mongolia and Guangxi decreased, and the production profit in Inner Mongolia decreased by 32.8 to - 203.4 yuan/ton, a decrease of 19.2% [7]. Manganese Ore Supply - The weekly manganese - ore shipments decreased by 16.5 to 68.6 tons, a decrease of 19.4%, but the weekly arrivals increased by 3.3 to 54.3 tons, an increase of 6.5% [7]. Manganese Ore Inventory - The weekly manganese - ore port inventory increased by 23.2 to 418.0 tons, an increase of 5.9% [7]. Supply - The weekly ferromanganese production increased by 0.2 to 16.5 tons, an increase of 1.5%, and the operating rate increased by 0.6 to 34.2%, an increase of 1.74% [7]. Demand - The ferromanganese demand increased by 0.1 to 12.7 tons, an increase of 0.8%. The ferromanganese procurement volume of Hebei Iron and Steel Group increased by 0.0 to 1.2 tons, an increase of 1.8% [7]. Inventory - The 63 - sample - enterprise ferromanganese inventory decreased by 0.6 to 20.1 tons, a decrease of 2.9%, and the average available days decreased by 1.2 to 15 days, a decrease of 7.0% [7].