1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The overall atmosphere in the commodity market is weak, with the prices of finished steel products showing a weak and volatile trend. The demand for finished products is clearly weak, the profits of steel mills are gradually shrinking, and the weak characteristics of the futures market are becoming more prominent. If the demand cannot be effectively improved in the future, the prices may continue to decline. The raw material end is more resilient than the finished products, and attention should be paid to the potential impact of safety inspections and environmental protection restrictions. It is recommended to continuously track the progress of terminal demand recovery and the support of the cost end for the prices of finished products [3]. - The price of iron ore is expected to be weak and volatile in the short term. The recent increase in overseas mine shipments may bring pressure, and the strong raw material prices continue to affect the profits of steel mills. The fundamentals of finished products are relatively weak, and the futures market shows that raw materials are stronger than finished products. The impact of production restrictions on iron water production in Tangshan steel mills needs to be observed [6]. - The prices of ferrosilicon and manganese silicon continue to be weak. The over - supply pattern of manganese silicon remains unchanged, and its price is expected to remain weak until mid - October. There is no obvious contradiction in the supply - demand fundamentals of ferrosilicon, and attention should be paid to changes in downstream terminal demand and relevant policies. Hedging funds are advised to seize hedging opportunities [9][11]. - The price of industrial silicon is expected to be weak and volatile in the short term, with the supply pressure from resuming production greater than the demand support. The price of polysilicon continues to be in a pattern of "weak reality, strong expectation", with high volatility and possible upward exploration if favorable news is released [14][15]. - The price of glass is expected to be weakly volatile in the short term, and its long - term trend depends on policy support and demand improvement. The price of soda ash is expected to be volatile in the short term, and its price center may gradually rise in the long term, but the upward space is limited due to the contradiction between supply and demand [17][18]. 3. Summary by Related Catalogs Steel - **Futures Market**: The closing price of the rebar main contract was 3117 yuan/ton, up 2 yuan/ton (0.064%) from the previous trading day, with an increase of 3683 tons in registered warrants and 41530 hands in the main contract positions. The closing price of the hot - rolled coil main contract was 3298 yuan/ton, down 5 yuan/ton (-0.15%), with no change in registered warrants and an increase of 22073 hands in the main contract positions [2]. - **Spot Market**: The aggregated price of rebar in Tianjin was 3200 yuan/ton, down 10 yuan/ton; in Shanghai, it was 3240 yuan/ton, down 10 yuan/ton. The aggregated price of hot - rolled coils in Lecong was 3340 yuan/ton, unchanged; in Shanghai, it was 3350 yuan/ton, unchanged [2]. - **Fundamentals**: The production of rebar increased, demand improved slightly but remained weak, and inventory continued to accumulate. For hot - rolled coils, both supply and demand declined, and inventory continued to increase. The overall steel production is high, demand is insufficient, and steel prices are under great pressure [3]. Iron Ore - **Futures Market**: The main contract (I2601) of iron ore closed at 777.00 yuan/ton, up 0.71% (+5.50), with an increase of 12928 hands in positions to 46.59 million hands. The weighted position was 77.35 million hands [5]. - **Spot Market**: The price of PB powder at Qingdao Port was 775 yuan/wet ton, with a basis of 46.52 yuan/ton and a basis rate of 5.65% [5]. - **Fundamentals**: Overseas shipments increased, with a slight decline in Australian shipments and a significant increase in Brazilian shipments. The daily average pig iron production decreased, the profitability of steel mills continued to decline, port inventory decreased slightly, and steel mill inventory decreased. The apparent demand of five major steel products increased, but inventory accumulation did not slow down significantly [6]. Manganese Silicon and Ferrosilicon - **Futures Market**: On September 3, the main contract of manganese silicon (SM509) closed down 0.21% at 5732 yuan/ton; the main contract of ferrosilicon (SF511) closed down 0.14% at 5520 yuan/ton. It is recommended to wait and see for speculative trading [8][9]. - **Market Sentiment and Fundamentals**: The "anti - involution" sentiment in the market declined, and the prices of ferroalloys continued to squeeze out the over - estimated value. The inventory of rebar and hot - rolled coils continued to accumulate, and the market was worried about the demand in the peak season. The over - supply pattern of manganese silicon remained unchanged, and its production continued to increase. There was no obvious contradiction in the supply - demand fundamentals of ferrosilicon [10][11]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Futures Market**: The closing price of the main contract (SI2511) was 8490 yuan/ton, up 0.24% (+20), with a decrease of 6216 hands in weighted positions to 484943 hands [13]. - **Spot Market**: The price of 553 non - oxygenated silicon in East China was 8950 yuan/ton, unchanged; the price of 421 was 9400 yuan/ton, unchanged. The basis of the main contract was 460 yuan/ton and 110 yuan/ton respectively [13]. - **Fundamentals**: The over - capacity, high inventory, and insufficient demand problems remained. The supply increased, and the demand from downstream industries was divided. The price was expected to be weakly volatile in the short term, with a range of 8100 - 9000 yuan/ton [14]. - **Polysilicon** - **Futures Market**: The closing price of the main contract (PS2511) was 52160 yuan/ton, up 0.55% (+285), with an increase of 2757 hands in weighted positions to 320859 hands [14]. - **Spot Market**: The average price of N - type granular silicon was 48.5 yuan/kg, unchanged; the average price of N - type dense material was 50 yuan/kg, unchanged; the average price of N - type re -投料 was 51.5 yuan/kg, unchanged. The basis of the main contract was - 660 yuan/ton [15]. - **Fundamentals**: It continued the pattern of "weak reality, strong expectation". The supply increased, the inventory of silicon wafers decreased, and the spot price increased. The price was expected to be highly volatile, with possible upward exploration if favorable news was released [15]. Glass and Soda Ash - **Glass** - **Spot Market**: The spot price in Shahe was 1130 yuan, unchanged; in Central China, it was 1070 yuan, unchanged. The overall market was stable, and the transaction was average [17]. - **Inventory**: As of August 28, 2025, the total inventory of national float glass sample enterprises was 62.566 million heavy boxes, down 1.63% month - on - month and 11.31% year - on - year, with a decrease of 0.5 days in inventory days [17]. - **Fundamentals**: The production remained high, the inventory pressure decreased, and the downstream real estate demand did not improve significantly. The price was expected to be weakly volatile in the short term, and its long - term trend depended on policy support and demand improvement [17]. - **Soda Ash** - **Spot Market**: The spot price was 1175 yuan, up 10 yuan from the previous day. The overall price of enterprises fluctuated little, with individual price cuts [18]. - **Inventory**: As of September 1, 2025, the total inventory of domestic soda ash manufacturers was 1.8193 million tons, down 2.58% from last Thursday, with a decrease in both light and heavy soda ash inventories [18]. - **Fundamentals**: The supply increased, the inventory pressure decreased, and the downstream glass industry's operating rate changed. The price was expected to be volatile in the short term, and its price center may gradually rise in the long term, but the upward space was limited due to the supply - demand contradiction [18].

Group 1 - The core viewpoint of the article highlights the decline in job vacancies in the US, which fell to 7.181 million in July, the lowest in 10 months, indicating a slowdown in economic activity and consumer spending [1][2] - The Federal Reserve's Beige Book indicates that economic activity across most regions of the US has remained unchanged, with many households' wages not keeping pace with rising prices, leading to stagnant or declining consumer spending [1] - There has been a trend of increasing minimum wage standards across 12 provinces in China this year, with most provinces raising their monthly minimum wage by approximately 8%-12%, resulting in all 31 provinces having a minimum wage exceeding 2000 yuan [1] Group 2 - In the precious metals sector, gold and silver prices are rising, with market focus on upcoming non-farm payroll data. The reduction in job vacancies is seen as a bullish factor for precious metals [2][17] - The dual-fuel market shows weak performance, with coal inventory increasing and steel production remaining stable, indicating a potential pressure on prices due to seasonal demand fluctuations [3][23] - The oil market is experiencing a decline, influenced by geopolitical tensions and changes in US inventory levels, with total US crude oil inventory decreasing to 822.493 million barrels [4][12] Group 3 - Internationally, the Federal Reserve's Waller suggests potential interest rate cuts in upcoming meetings, indicating a shift in monetary policy that could impact various sectors [5] - Domestically, the Chinese Ministry of Commerce has ruled against US fiber optic exporters, indicating ongoing trade tensions and regulatory scrutiny [6] - The FTSE Russell announced changes to the FTSE China 50 index, which will take effect on September 19, impacting the composition of the index and potentially influencing market dynamics [7]

Core Viewpoint - Hainan Mining's stock price has shown a year-to-date increase of 14.12%, but has recently experienced a decline of 1.48% over the past five trading days, indicating volatility in its market performance [2]. Company Overview - Hainan Mining Co., Ltd. was established on August 22, 2007, and listed on December 9, 2014. The company is primarily engaged in the exploration, extraction, processing, and sales of iron ore, as well as oil and natural gas exploration and sales, and bulk commodity trading and processing [2]. - The company's revenue composition includes 40.82% from oil and gas, 28.72% from minerals, with iron ore extraction accounting for 20.96%, and bulk commodity trading and processing contributing 7.76% [2]. Financial Performance - For the first half of 2025, Hainan Mining reported a revenue of 2.415 billion yuan, reflecting a year-on-year growth of 10.46%. However, the net profit attributable to shareholders decreased by 30.36% to 281 million yuan [2]. - Since its A-share listing, Hainan Mining has distributed a total of 934 million yuan in dividends, with 598 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Hainan Mining was 46,700, a decrease of 5.01% from the previous period. The average number of circulating shares per shareholder increased by 5.27% to 42,348 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 10.596 million shares, and several ETFs such as Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, indicating a diversified shareholder base [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For the steel industry, prices have fallen from their highs, with significant declines in steel profits. There are expectations of seasonal demand improvement from September to October, but high production levels still pose a challenge to the demand - absorbing capacity during the peak season. Attention should be paid to coal mine复产 after the September 3rd parade and steel demand during the peak season. Investment strategies include selling out - of - the - money put options and considering long positions in the steel - iron ore ratio [1]. - Regarding the iron ore industry, the current fundamentals lack a strong upward driver. Although the iron water output may decline slightly around the parade, it will remain at a relatively high level in September. The demand during the "Golden September and Silver October" period is uncertain. The strategy is to view it as a range - bound market, with the range reference of 750 - 810, and recommend the arbitrage strategy of long iron ore and short coking coal [3][4]. - In the coke industry, the futures market has shown volatile and downward trends. The supply will gradually become looser after the end of short - term production restrictions, and there is a possibility of price decline in the future. It is recommended to hold previous short positions and consider the arbitrage strategy of long iron ore and short coke [5]. - For the coking coal industry, the futures market is oscillating weakly. The supply - demand situation has eased, and prices may continue to fall in September. It is recommended to hold previous short positions and consider the arbitrage strategy of long iron ore and short coking coal [5]. Summary by Related Catalogs Steel Industry Steel Prices and Spreads - Most steel prices have declined, with the exception of some contracts and regions where prices remained unchanged. For example, the spot price of rebar in the East China region dropped by 10 yuan/ton, and the price of the rebar 10 - contract increased by 8 yuan/ton [1]. Cost and Profit - The cost of steel production has generally decreased, while profits have declined significantly. For instance, the cost of Jiangsu electric - arc furnace rebar decreased by 36 yuan/ton, and the profit of East China hot - rolled coils decreased by 33 yuan/ton [1]. Production and Inventory - The daily average iron water output decreased by 0.7 tons (- 0.3%), while the output of five major steel products increased by 0.7%. The inventory of five major steel products increased by 1.9%, with the rebar inventory rising by 2.7% [1]. Market Analysis - In August, the supply - demand gap widened, and inventory accumulation was obvious. Entering September - October, there are expectations of seasonal demand improvement. However, high production levels still test the demand - absorbing capacity during the peak season [1]. Iron Ore Industry Price and Spread - The basis of most iron ore varieties has increased significantly, and the 5 - 9 spread has widened. For example, the 01 - contract basis of PB powder increased by 32.2 yuan/ton (351.5%) [3]. Supply and Demand - The global iron ore shipment volume increased by 7.3% week - on - week, and the 45 - port arrival volume increased by 5.5%. The demand side saw a decline in iron water output and a decrease in the average daily port clearance volume [3]. Inventory - The 45 - port inventory increased slightly by 0.1%, while the inventory of imported iron ore in 247 steel mills decreased by 0.6% [3]. Market Analysis - The fundamentals currently lack a strong upward driver. Although the iron water output may decline slightly around the parade, it will remain at a relatively high level in September. The demand during the "Golden September and Silver October" period is uncertain [3]. Coke and Coking Coal Industry Price and Spread - Coke and coking coal prices have shown different trends. Coke futures prices have fluctuated and declined, while coking coal futures prices have oscillated weakly. The spreads between different contracts have also changed [5]. Profit - Coking profits and sample coal mine profits have both decreased. The weekly coking profit decreased by 11, and the weekly sample coal mine profit decreased by 4 [5]. Supply and Demand - Coke supply has decreased due to production restrictions, and demand has also declined with the decrease in iron water output. Coking coal supply has been affected by mine accidents and production suspension, and demand has decreased due to steel and coking production restrictions [5]. Inventory - Coke and coking coal inventories have shown different trends. Coke inventories have increased slightly overall, while coking coal inventories have decreased slightly in some sectors and increased in others [5]. Market Analysis - Coke supply will gradually become looser after the end of short - term production restrictions, and there is a possibility of price decline. Coking coal supply - demand has eased, and prices may continue to fall in September [5].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - No relevant content found Group 3: Summary of Iron Ore Spot Market - The latest price of Newman powder is 765, with a daily change of 3 and a weekly change of -2. The discounted price on the disk is 818.3, and the import profit is -33.33 [1] - PB powder's latest price is 769, with a daily change of 4 and a weekly change of -1. The discounted price on the disk is 815.2, and the import profit is -15.16 [1] - The latest price of Mac powder is 755, with a daily change of 5 and a weekly change of -3. The discounted price on the disk is 824.7, and the import profit is -9.56 [1] - Similar data is provided for other iron ore types such as Jimbob, mixed powder, super special powder, etc. [1] Group 4: Summary of Iron Ore Futures Market - For the i2601 contract, the latest price is 771.5, with a daily change of 5.5 and a weekly change of -5.0. The monthly spread is 30.5, and relevant spread data is also given [1] - For the i2605 contract, the latest price is 750.0, with a daily change of 7.0 and a weekly change of -4.0. The monthly spread is 21.5, and relevant spread data is also given [1] - Similar data is provided for other futures contracts such as i2509, FE01, FE05, FE09 [1]

Group 1: Report Industry Investment Rating - Not mentioned Group 2: Core Viewpoints of the Report - The iron ore 2601 contract is expected to oscillate in the short - and medium - term, and show a slightly weak oscillation trend intraday. It is recommended to pay attention to the support at the M20 line. The supply - demand pattern is weakly stable, and the ore price will oscillate at a high level [2]. - The iron ore futures price is relatively strong due to improved market sentiment, but the supply - demand pattern has not improved. Ore demand continues to decline, while supply is rising. The ore fundamentals are expected to weaken, and the high - valued ore price is still under pressure. The positive factors are the peak - season expectation and the support of varietal arbitrage funds. The ore price is expected to continue to oscillate at a high level, and attention should be paid to the performance of steel prices [3]. Group 3: Summaries Based on Related Catalogs Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are oscillation, and the intraday trend is slightly weak oscillation. The key is to focus on the M20 line support. The core logic is the weakly stable supply - demand pattern and high - level ore price oscillation [2]. Market Driving Logic - Market sentiment has improved, but the iron ore supply - demand pattern remains unchanged. Ore demand is falling as steel mill production weakens and steel product contradictions accumulate with shrinking profits. On the supply side, domestic port arrivals have rebounded as expected, and overseas miners' shipments are at a high level. Although domestic ore production is restricted, overall ore supply is increasing. The ore fundamentals are expected to deteriorate, and the high - valued ore price is under pressure. Positive factors include peak - season expectations and varietal arbitrage funds, and the ore price is expected to oscillate at a high level, with attention on steel prices [3].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Overseas, concerns about government fiscal conditions have intensified, leading to multi - year high yields on UK and French government bonds, a decline in the pound and euro, and a rebound in the US dollar. The global risk appetite has cooled. In China, the official manufacturing PMI in August improved slightly to 49.4 but remained below the boom - bust line for the fifth consecutive month. The Ministry of Commerce will introduce policies to expand service consumption in September. The extension of the 90 - day tariff truce between China and the US and the increased expectation of US monetary easing have reduced short - term external risks and increased domestic risk appetite. The market is focused on domestic incremental stimulus policies and easing expectations, with a marginal increase in short - term macro - upward drivers. [2] - For different assets: the stock index is expected to be slightly stronger in the short term, and short - term cautious long positions are recommended; government bonds are expected to oscillate at a high level in the short term, and cautious observation is advised; the black commodity sector is expected to be slightly weaker in the short term, and cautious observation is recommended; the non - ferrous sector is expected to be slightly stronger in the short term, and short - term cautious long positions are recommended; the energy and chemical sector is expected to rebound in the short term, and cautious observation is recommended; precious metals are expected to oscillate strongly at a high level in the short term, and cautious long positions are recommended. [2] Summary by Related Catalogs Macro Finance - **Macro**: Overseas, concerns about government finances have led to high bond yields in the UK and France, a decline in the pound and euro, and a rise in the US dollar. A US federal appellate court's ruling on tariffs and the assessment of Trump's tariff policy have cooled global risk appetite. In China, the August official manufacturing PMI improved slightly but was below the boom - bust line. The Ministry of Commerce will introduce policies to expand service consumption. The extension of the tariff truce and US easing expectations have increased domestic risk appetite. The market focuses on domestic policies and easing expectations, with short - term macro - upward drivers strengthening. [2] - **Stock Index**: Affected by sectors such as communications, electronics, and consumer electronics, the domestic stock market declined slightly. The August official manufacturing PMI improved slightly but was below the boom - bust line. Policy support and reduced external risks have increased domestic risk appetite. The market focuses on domestic policies and easing expectations. Short - term cautious observation is recommended. [3] - **Government Bonds**: Government bonds are expected to oscillate at a high level in the short term, and cautious observation is advised. [2] Black Metals - **Steel**: The domestic steel futures and spot markets continued to be weak on Tuesday, with a slight increase in trading volume. Real - world demand continued to weaken, but there may be a seasonal improvement in September - October. Supply remained high, with the average daily crude steel output of key enterprises in August at 2.115 million tons, a 2% month - on - month increase, and a 4% increase in steel inventories. Although supply may decline temporarily due to production restrictions, steel mills are likely to resume production next week. Coke price increases were blocked and instead decreased. The steel market is likely to remain weak in the short term. [4] - **Iron Ore**: On Tuesday, the spot price of iron ore rebounded slightly, and the futures price oscillated. Due to production restrictions, steel mills' demand decreased, and they mainly replenished inventory on a just - in - time basis. Last week, the pig iron output was over 2.4 million tons but decreased significantly. The global iron ore shipment volume increased by 2.41 million tons to 35.56 million tons this week, and the arrival volume increased by 1.827 million tons. The supply of mainstream Australian powder was stable, but traders were reluctant to sell at low prices. The port inventory decreased slightly by 120,000 tons. Iron ore prices are expected to oscillate in the short term. [6] - **Silicon Manganese/Silicon Iron**: On Tuesday, the spot prices of silicon iron and silicon manganese were flat. The price of 6517 silicon manganese in the northern market was 5,650 - 5,700 yuan/ton, and in the southern market was 5,680 - 5,730 yuan/ton. Manganese ore prices were weak. Inner Mongolia's production was stable, with new high - silicon production this month and planned new capacity in October. Ningxia's production was stable, and some southern factories were in losses. The price of 72 - grade silicon iron in the main production areas was 5,150 - 5,300 yuan/ton, and 75 - grade was 5,750 - 5,950 yuan/ton. Although silicon iron profits were compressed, electricity costs provided support, and producers were reluctant to cut production. The market is expected to oscillate in the short term. [7] - **Soda Ash**: On Tuesday, the main soda ash contract oscillated. Last week, the weekly production of soda ash decreased. With new capacity coming online, supply pressure remained, and the oversupply situation persisted, with new installations planned for the fourth quarter. Demand was stable week - on - week, but overall support from downstream demand was weak. Profits decreased week - on - week, and the industry was in a loss. Soda ash is expected to oscillate in the short term due to high supply, high inventory, and weak demand. [8] - **Glass**: On Tuesday, the main glass contract oscillated. Last week, glass production was stable, with an increase in the start - up rate and the number of production lines. Terminal real estate demand remained weak, but downstream deep - processing orders increased in mid - August, and overall demand was stable. Profits increased slightly. Glass is expected to oscillate in the short term due to stable supply and limited demand growth. [8] Non - ferrous Metals and New Energy - **Copper**: On Tuesday, concerns about the UK economy and rising global bond yields led to a rise in the UK's long - term borrowing costs and a fall in the pound against the US dollar. With the decline of factors such as export rush, over - installation in the photovoltaic industry, and the diminishing marginal effect of the trade - in policy, domestic copper demand will weaken. However, the expected Fed rate cut in September may boost copper prices temporarily. [9] - **Aluminum**: On Tuesday, the closing price of aluminum rose slightly but fell slightly at the end of the session, with a decrease in open interest of 7,398 lots. Aluminum inventory increased to 623,000 tons, exceeding the previous expectation of 600,000 tons. LME aluminum inventory decreased by 1,450 tons, reaching a neutral level. In the medium term, the upside potential of aluminum prices is limited, but in the short term, there is still a peak - season expectation, and there is no strong downward driver, so it is expected to oscillate. The recent rise in gold prices may have a limited positive impact on copper and aluminum prices. [10] - **Aluminum Alloy**: Currently, the supply of scrap aluminum is tight, and the production cost of recycled aluminum plants is rising. It is still the off - season for demand, and manufacturing orders are growing slowly. Considering cost support, the price is expected to oscillate strongly in the short term, but the upside is limited due to weak demand. [10] - **Tin**: The combined start - up rate of Yunnan and Jiangxi decreased by 0.21% to 59.43%. Some smelters in Yunnan were under maintenance, and the supply of tin ore was tight in reality but expected to ease. The import of African tin ore decreased in July due to transportation and power issues. Terminal demand was weak, and the inventory decreased by 117 tons to 9,161 tons last week. As prices rose, downstream procurement slowed down. Tin prices are expected to oscillate in the short term, supported by smelter maintenance and peak - season expectations but restricted by high - tariff risks,复产 expectations, and weak demand. [11] - **Lithium Carbonate**: On Tuesday, the main lithium carbonate contract 2511 fell 4.3% to a settlement price of 74,180 yuan/ton, with an increase in open interest of 19,567 lots to a total of 761,400 lots. The price of battery - grade lithium carbonate was 75,250 yuan/ton, a 1,750 - yuan decrease. The price of Australian lithium spodumene was 860 US dollars/ton, a 20 - dollar decrease. The production profit of purchasing lithium spodumene was 50 yuan/ton. Lithium carbonate inventory is gradually decreasing, and it is expected to oscillate widely, with a short - term bearish and long - term bullish outlook. [11] - **Industrial Silicon**: On Tuesday, the main industrial silicon contract 2511 rose 1.13% to a settlement price of 8,515 yuan/ton, with a decrease in open interest of 12,531 lots to 491,200 lots. The price of oxygen - blown 553 industrial silicon in East China was 9,100 yuan/ton, a 50 - yuan increase. The futures price was at a discount of 630 yuan/ton. The price difference between 421 and 553 in East China was 300 yuan/ton. With polysilicon prices oscillating at a high level, industrial silicon is expected to oscillate in the short term. [12] - **Polysilicon**: On Tuesday, the main polysilicon contract 2511 rose 3.97% to a settlement price of 51,985 yuan/ton, with a decrease in open interest of 8,457 lots to 318,000 lots. The price of N - type polysilicon was 50,500 yuan/ton, a 1,000 - yuan increase. The price of P - type cauliflower - shaped polysilicon was 30,500 yuan/ton, unchanged. The price of N - type silicon wafers was 1.25 yuan/piece, a 0.01 - yuan increase. The price of single - crystal Topcon battery cells (M10) was 0.292 yuan/watt, unchanged. The price of N - type modules (centralized): 182mm was 0.66 yuan/watt, unchanged. The number of polysilicon warehouse receipts was 6,870, a decrease of 10 lots. Rumors of a "industry restructuring plan" by GCL Technology have increased market expectations of capacity integration. Polysilicon prices are expected to oscillate at a high level in the short term, facing a game between strong expectations and weak reality. [13] Energy and Chemicals - **Crude Oil**: Technical buying and supply disruptions drove the rebound of crude oil prices, with the largest increase since the end of July. Ukraine's attacks on Russian refineries have affected crude oil supply, and the US will study sanctions on Russia this week. The Cushing inventory is still low. However, attention should be paid to the OPEC+ production decision this Sunday. [14][15] - **Asphalt**: As crude oil prices rise, the asphalt futures price also increases, driven by cost factors in the short term. Currently, asphalt is still weak, with a slightly decreasing basis. The social inventory has not decreased significantly, and the factory inventory has decreased slightly. Profits have recovered slightly, and the start - up rate has increased significantly. In the future, crude oil prices may be affected by OPEC+ production increases, and the follow - up increase of asphalt prices needs to be monitored. [15] - **PX**: Although crude oil prices are rising, the increase in downstream petrochemical products is limited. The low start - up rate of PTA has kept the PX price weak, supported only by maintenance plans. The PX supply is still tight, with the PXN spread decreasing slightly to 251 US dollars and the PX foreign price rebounding to 848 US dollars. It is expected to oscillate in the short term, waiting for changes in PTA installations. [15] - **PTA**: Recently, the start - up rate of PTA has dropped to a seasonal low due to environmental protection requirements and low processing fees. The high basis has weakened, and the processing fee has recovered, indicating a high possibility of supply recovery. The demand growth has slowed down, with a downstream start - up rate of only 89.8%. PTA is expected to oscillate narrowly in the short term, and attention should be paid to the recovery risks of crude oil and downstream demand. [16] - **Ethylene Glycol**: Due to problems with overseas installations, the import forecast has been low recently, leading to a significant decrease in port inventory to 440,000 tons. The load of syngas - based production units is already high, and there is limited room for further increase. The impact of the petrochemical industry's capacity adjustment on ethylene glycol is relatively limited. It is recommended to go long at low prices in the short term, but attention should be paid to the recovery of downstream start - up rates and crude oil cost fluctuations. [16] - **Short - Fiber**: The price of short - fiber rose with the sector but then declined slightly. The overall strength of the polyester sector is still insufficient. Terminal orders have increased seasonally, and the start - up rate of short - fiber has rebounded slightly, with a limited increase in inventory. Further inventory reduction depends on the continuous recovery of terminal orders. In the medium term, short - fiber is expected to follow the polyester sector and may be shorted on rallies. [16] - **Methanol**: The restart of inland installations and concentrated arrivals have increased supply pressure. As the port price falls, the reflux window has opened, providing some support to the spot market. MTO installations are planned to restart, and the traditional downstream peak season is approaching, indicating a marginal improvement in the fundamentals. However, the oversupply situation remains, and high inventory continues to suppress prices. Methanol prices are expected to oscillate weakly in the short term. [17] - **PP**: The start - up rate of PP installations has increased, and new capacity has been put into operation, resulting in a record - high weekly supply. The downstream start - up rate has increased slightly, but demand growth is weak. Although there is policy support, the downside is limited. The 01 contract is expected to oscillate weakly. [17] - **LLDPE**: Currently, maintenance has relieved some supply pressure, and downstream demand is gradually increasing, with a decrease in inventory. The supply - demand contradiction is not prominent. However, as maintenance ends and supply recovers, pressure will increase, and attention should be paid to the synchronous growth of demand. The price is expected to oscillate. [17] Agricultural Products - **US Soybeans**: Overnight, the November soybean contract on the CBOT closed at 1,040.00, a decrease of 14.50 or 1.38% (settlement price: 1,041.00). As of August 31, 2025, the good - to - excellent rate of US soybeans was 65%, lower than the market expectation of 68%. The pod - setting rate was 94%, and the leaf - falling rate was 11%. The weekly export inspection volume of US soybeans as of August 28, 2025, was 472,914 tons, higher than the market expectation. Since the beginning of this crop year, the cumulative export inspection volume has reached 49.763188 million tons, higher than the same period last year. [19] - **Soybean Meal/Rapeseed Meal**: The CBOT soybean futures price is likely to be under pressure in the short term. In China, the increase in imported soybean sales and the high procurement and start - up rate of oilseeds in the third quarter have increased the inventory pressure. The basis is difficult to repair in the short term. The rapeseed meal market is also weak, and attention should be paid to the trade policy between China and Canada. [20] - **Oils**: Overnight, the CBOT soybean oil futures price rose by 1% due to the decline in soybean oil inventory. The BMD palm oil futures price may open higher, supported by strong palm oil exports from Malaysia and a weakening ringgit. According to high - frequency data, Malaysia's palm oil exports increased by 15.37% (AmSpec) and 30.53% (SGS) in August 2025 compared with the same period last year. Ukraine has imposed a 10% export tax on soybeans and rapeseeds until January 1, 2030, and the tax rate will decrease by 1% annually until it reaches 5%. [20] - **Corn**: New - season corn has started to be harvested in Liaoning, and farmers are reluctant to sell at low prices. The futures market has rebounded recently, which is beneficial to market sentiment. This year, there is no pressure from a large - scale arrival of corn at ports, and the inventory at ports and downstream enterprises is low. The estimated cost of new - season corn in North China is 1,960 - 2,020 yuan/ton, and in Heilongjiang, it is at least 2,100 yuan/ton. Referring to the policy - supported wheat market, it is expected that during the new - season corn harvest period, farmers will be reluctant to sell when the price in North China is below 2,220 yuan/ton and in the northern ports is below 2,130 yuan/ton, and traders will be more willing to store corn. It is estimated that the opening price of the main C2511 contract may be slightly higher than last year, and if there are no unexpected weather risks during the harvest, the main operating range of the opening - price market may be 2,150 - 2,250 yuan/ton. [21] - **Pigs**: In September, the supply and demand of pigs will both increase. In August, large - scale farms increased pre

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall atmosphere in the commodity market is good, but the prices of finished steel products are oscillating. The demand for finished steel products is weak, the profits of steel mills are gradually shrinking, and the weakness of the market is becoming more prominent. If the demand cannot be effectively improved in the future, the prices may continue to decline. The raw material side is more stable than the finished products, and attention should be paid to the potential impact of safety inspections and environmental protection restrictions. [3] - The price of iron ore is expected to be weak and oscillating in the short term. The impact of production restrictions on Tangshan steel mills on the weekly molten iron output is expected to be significant, and attention should be paid to the recovery of molten iron production after the end of the restrictions. [6] - The prices of ferrosilicon and silicomanganese are expected to be weak. For speculative trading, it is recommended to wait and see. The market is gradually shifting from trading based on expectations to trading based on fundamentals, and the prices of the black sector may continue to be under pressure in the future. [10][11] - The price of industrial silicon is expected to be weak and oscillating in the short term, with the range between 8,100 - 9,000 yuan/ton. The price of polysilicon is expected to be highly volatile, and it may continue to rise if there is continuous positive news. [15][16] - The price of glass is expected to be weakly oscillating in the short term, and its valuation should not be overly underestimated. In the long term, it will fluctuate with the macro - sentiment. The price of soda ash is expected to oscillate in the short term, and the price center is expected to gradually rise in the long term, but its upside space is limited. [18][19] Summary by Related Catalogs Steel - **Price and Position Data**: The closing price of the rebar main contract was 3,117 yuan/ton, up 2 yuan/ton (0.064%) from the previous trading day. The closing price of the hot - rolled coil main contract was 3,298 yuan/ton, down 5 yuan/ton (-0.15%) from the previous trading day. [2] - **Market Situation**: The supply of rebar increased, demand improved slightly but remained weak overall, and inventory continued to accumulate. For hot - rolled coils, both supply and demand declined, and inventory continued to increase. [3] Iron Ore - **Price and Position Data**: The main contract of iron ore (I2601) closed at 771.50 yuan/ton, up 0.72% (+5.50), with a position change of - 948 hands to 45.30 million hands. The weighted position was 75.97 million hands. The spot price of PB powder at Qingdao Port was 769 yuan/wet ton, with a basis of 45.42 yuan/ton and a basis rate of 5.56%. [5] - **Market Situation**: Overseas iron ore shipments increased, the daily average molten iron production decreased, the profitability of steel mills continued to decline, port inventory decreased slightly, and the inventory of imported ore in steel mills decreased. [6] Manganese Silicon and Ferrosilicon - **Price and Position Data**: On September 2, the main contract of manganese silicon (SM509) closed up 0.14% at 5,744 yuan/ton. The main contract of ferrosilicon (SF511) closed down 0.07% at 5,528 yuan/ton. [8] - **Market Situation**: The price of manganese silicon is expected to remain weak before mid - October, and the supply - demand fundamentals of ferrosilicon have no obvious contradictions. For speculative trading, it is recommended to wait and see. [10][12] Industrial Silicon and Polysilicon - **Price and Position Data**: The closing price of the main contract of industrial silicon (SI2511) was 8,470 yuan/ton, down 0.29% (-25). The closing price of the main contract of polysilicon (PS2511) was 51,875 yuan/ton, down 0.78% (-410). [14][15] - **Market Situation**: The price of industrial silicon is expected to be weakly oscillating in the short term, and the price of polysilicon is expected to be highly volatile. [15][16] Glass and Soda Ash - **Price and Inventory Data**: The spot price of glass in Shahe was 1,130 yuan, unchanged from the previous day, and the total inventory of national float glass sample enterprises decreased. The spot price of soda ash was 1,165 yuan, unchanged from the previous day, and the total inventory of domestic soda ash manufacturers decreased. [18][19] - **Market Situation**: The price of glass is expected to be weakly oscillating in the short term, and the price of soda ash is expected to oscillate in the short term and its price center may gradually rise in the long term. [18][19]

Report on the Steel Industry Investment Rating - Not provided Core View - In August, the apparent demand for steel decreased month-on-month, the supply-demand gap widened, and inventory accumulation was obvious. In September - October, there is an expectation of seasonal strengthening in demand. If the apparent demand recovers, the supply-demand gap will narrow, and inventory accumulation will slow down, but high production still tests the demand - absorbing capacity during the peak season. Currently, steel prices have fallen from high levels. Unilateral short - selling space is limited, and selling out - of - the - money put options can be considered. With the obvious contraction of steel mill profits and considering the expected reduction in coking coal production, going long on the steel - iron ore ratio can be considered [1]. Summary by Directory Steel Prices and Spreads - The prices of various steel products such as rebar and hot - rolled coils in different regions and contracts have decreased, with rebar 10 - contract dropping by 51 yuan/ton and hot - rolled coil 01 - contract dropping by 43 yuan/ton [1]. Cost and Profit - The billet price decreased by 50 yuan/ton, and the slab price remained unchanged. The profits of hot - rolled coils in different regions showed different trends, with the profit in North China increasing by 22 yuan/ton and that in East China decreasing by 8 yuan/ton [1]. Supply - The daily average pig iron output decreased by 0.7 to 240.1, a decrease of 0.3%. The output of five major steel products increased by 6.5 to 884.6, an increase of 0.7%. Among them, the electric - furnace output increased by 1.5 to 31.3, an increase of 5.0%, and the converter output increased by 4.4 to 189.3, an increase of 2.4% [1]. Inventory - The rebar inventory increased by 16.4 to 623.4, an increase of 2.7%, and the hot - rolled coil inventory increased by 4.0 to 365.5, an increase of 1.1%. The inventory of five major steel products increased by 26.8 to 1467.9, an increase of 1.9% [1]. Transaction and Demand - The building materials trading volume increased by 0.6 to 8.9, an increase of 6.6%. The apparent demand for five major steel products increased by 4.8 to 857.8, an increase of 0.6%. The apparent demand for rebar increased by 9.4 to 204.2, an increase of 4.8%, and that for hot - rolled coils decreased by 0.5 to 320.7, a decrease of 0.2% [1]. Report on the Iron Ore Industry Investment Rating - Not provided Core View - The global iron ore shipping volume has increased significantly to a high for the year, and the arrival volume at 45 ports has risen. The demand side is affected by the high - level steel mill profit rate and the limited production during the military parade in Tangshan, with pig iron output slightly decreasing from a high level. The port inventory has decreased slightly, and the steel mill's equity iron ore inventory has decreased. In the future, pig iron output will slightly decline around the military parade, and the fundamentals are difficult to drive a sharp rise. The demand during the "Golden Nine and Silver Ten" is questionable. Unilateral short - selling at high levels is recommended, and the strategy of going long on iron ore and short on coking coal is recommended [3]. Summary by Directory Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of various iron ore powders have decreased, with the warehouse - receipt cost of Carajás fines decreasing by 19.8 to 792.3, a decrease of 2.4%. The 01 - contract basis of various iron ore powders has increased, with the 01 - contract basis of Carajás fines increasing by 17.2 to 26.3, an increase of 188.8% [3]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port have decreased, with the price of Carajás fines at Rizhao Port decreasing by 18.0 to 873.0, a decrease of 2.0%. The prices of iron ore indexes such as the Singapore Exchange 62% Fe swap have also slightly decreased [3]. Supply - The 45 - port arrival volume (weekly) increased by 132.7 to 2526.0, an increase of 5.5%, and the global shipping volume (weekly) increased by 241.0 to 3556.8, an increase of 7.3%. The national monthly import volume decreased by 131.5 to 10462.3, a decrease of 1.2% [3]. Demand - The daily average pig iron output of 247 steel mills (weekly) decreased by 0.6 to 240.1, a decrease of 0.2%. The daily average port clearance volume of 45 ports (weekly) decreased by 7.1 to 318.6, a decrease of 2.2%. The national monthly pig iron output and crude steel output also decreased [3]. Inventory Changes - The 45 - port inventory decreased by 35.7 to 13763.02, a decrease of 0.3%. The imported iron ore inventory of 247 steel mills (weekly) decreased by 58.3 to 9007.2, a decrease of 0.6% [3]. Report on the Coke Industry Investment Rating - Not provided Core View - The coke futures have shown a volatile downward trend, and the spot price has stabilized after the increase. The supply side has a slight decrease in coking enterprise start - up due to limited production in some areas, and the demand side has a high - level decline in blast furnace pig iron. The inventory in various links has slightly increased, and the overall inventory is at a medium level. There is a possibility of a future price decline. Speculative short - selling at high levels is recommended, and the strategy of going long on iron ore and short on coke is recommended [5]. Summary by Directory Coke - Related Prices and Spreads - The prices of various coke contracts have decreased, with the coke 01 - contract dropping by 49 yuan/ton. The coking profit has decreased, with the weekly steel - union coking profit decreasing by 11 [5]. Supply - The daily average output of all - sample coking plants decreased by 0.9 to 64.5, a decrease of 1.4% [5]. Demand - The pig iron output of 247 steel mills decreased by 0.7 to 240.1, a decrease of 0.3% [5]. Inventory Changes - The total coke inventory decreased by 1.1 to 887.5, a decrease of 0.14%. The inventory of all - sample coking plants, 247 steel mills, and ports showed different trends [5]. Coke Supply - Demand Gap Changes - The coke supply - demand gap decreased by 1.3 to - 5.7, a decrease of 22.4% [5]. Report on the Coking Coal Industry Investment Rating - Not provided Core View - The coking coal futures have shown a volatile downward trend, and the spot market is generally weak and stable. The supply side has a slight decrease in coal mine start - up due to recent mine accidents and production suspension and rectification, and the demand side has a decrease in coking enterprise start - up and a high - level decline in pig iron output. The inventory in various links has a slight accumulation, and the overall inventory has slightly decreased. The coal price may continue to decline in September. Speculative short - selling of coking coal 01 at high levels is recommended, and the strategy of going long on iron ore and short on coking coal is recommended [5]. Summary by Directory Coking Coal - Related Prices and Spreads - The prices of various coking coal contracts have decreased, with the coking coal 01 - contract dropping by 33 yuan/ton. The profit of sample coal mines has decreased by 4, a decrease of 0.9% [5]. Supply - The raw coal output remained unchanged at 860.5, and the clean coal output increased by 1.8 to 444.5, an increase of 0.4% [5]. Demand - The coke output decreased, with the daily average output of all - sample coking plants decreasing by 0.9 to 64.5, a decrease of 1.4% [5]. Inventory Changes - The clean coal inventory of Fenwei coal mines decreased by 0.9 to 116.7, a decrease of 0.8%. The coking coal inventory of all - sample coking plants and 247 steel mills also showed different trends [5].

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Report Core Views Macro and Financial Futures - Domestic supportive policies are gradually taking effect. In September, policies to promote service consumption will be the focus, which will support the growth of total retail sales of consumer goods to some extent, but the actual effect remains to be seen. Policies in the real - estate sector are advancing, but their impact on the overall market may be limited. The profitability of industrial enterprises has not been fundamentally improved. Overseas, the US economy and employment have shown resilience, and key economic data next week should be closely monitored [2]. - The core issue of the RMB exchange rate is the timing and pace of appreciation. In the short - term, the RMB is likely to appreciate, and the market may reach a "triple - price integration" pattern around 7.10. In the medium - term, the RMB needs a clear downward trend of the US dollar index and substantial positive changes in the domestic economy to achieve a trend - strengthening [4][5]. - As the 9.3 parade approaches, the stock index is expected to have increased volatility. The stock market is expected to be volatile and bullish in the short - term, while the bond market may expand its rebound space if the stock market experiences a high - level adjustment after September 3 [7][8]. Commodities Metals - Gold and silver are expected to be bullish in the medium - to - long - term and strong in the short - term. The focus should be on US economic data this week, and the strategy is to buy on dips [12][15]. - Copper is expected to oscillate before the Fed's next interest - rate decision on September 19, with a mid - term strategy of low - level procurement [16][17]. - Aluminum is expected to be volatile and bullish in the short - term, with a price range of 20,500 - 21,000. Alumina is expected to be weakly volatile, and cast aluminum alloy is expected to be volatile and bullish [20][21]. - Zinc is expected to be strongly oscillating at the bottom in the short - term [23][24]. - Nickel and stainless steel prices rose under the influence of the Indonesian riot and strike. The short - term trend remains to be seen, depending on the development of the situation in Indonesia [24][25]. - Tin is expected to be slightly bullish in the short - term due to tight supply [26]. - The lithium carbonate market is in an adjustment phase. If downstream demand is released, prices may be supported; otherwise, it may remain weakly volatile [26][28]. - Industrial silicon and polysilicon are expected to rise in an oscillatory manner. The rise of polysilicon is mainly affected by macro - sentiment and the expectation of a possible storage platform in September [29]. - Lead is expected to oscillate within a narrow range, with limited upside and downside [30]. Black Metals - Steel products continue to accumulate inventory beyond the seasonal norm. If demand does not improve, the downward space of the steel futures market depends on the tolerance of steel mills for profit shrinkage. Short - sellers can consider reducing positions to take profits [32][33]. - Iron ore prices have released risks. After the short - term risk release, short - sellers are advised to take phased profits [34][35]. - Coking coal may maintain a high - level wide - range oscillatory pattern in the short - term. Coke may face a price cut cycle after the parade. Unilateral speculation on short - selling coking coal is not recommended for now [37]. - Silicon iron and silicon manganese are expected to oscillate at the bottom. It is advisable to go long on the spread between the two when the spread reaches - 400 [38][40]. Energy and Chemicals - Crude oil is currently oscillating weakly. In September, the demand decline is a definite negative factor, and the market needs to wait for key events to clarify the direction. The overall outlook is bearish [42][43]. - Propylene's spot market is strong, and the futures market is oscillating. The northern market is tighter than the southern market [44][45]. - PX - TA's market is mainly characterized by structural contradictions. The overall pattern is "tight at the top and loose at the bottom," and the processing fee of PTA01 is recommended to be compressed when it is above 350 [46][49]. - Ethylene glycol is expected to oscillate between 4330 - 4550, and it is advisable to go long on dips [53]. - PP's supply is increasing, and the demand situation is unclear. Its future trend depends on whether downstream demand can maintain high - speed growth [54][55]. - PE is in a pattern of decreasing supply and increasing demand, but the demand recovery is not strong enough to drive the price up significantly. It is expected to oscillate for now [56][57]. - PVC's price has returned to the industrial fundamentals. With high inventory and weak demand, it is advisable to short - allocate it [58][59]. - Pure benzene is expected to be weakly oscillating, and for benzene - styrene, short - selling on the short - term single - side is not recommended. Wait for the end of the decline and then consider low - buying [60][61]. - Fuel oil has a weak rebound driven by cost, but the downward pressure remains. Low - sulfur fuel oil follows cost fluctuations, and it is recommended to wait for long - allocation opportunities [63][64]. - Asphalt is expected to oscillate and strengthen, mainly following cost fluctuations. The short - term peak season has no super - expected performance [65][66]. - Urea is in a stalemate. It is advisable to pay attention to the 1 - 5 reverse spread [67]. Group 3: Summaries by Relevant Catalogs Macro and Financial Futures Market Information - China's September 3 parade will last about 70 minutes. The Shanghai Cooperation Organization's Tianjin Summit has achieved eight results. There are various tariff - related news, including Trump's remarks on India's tariffs and possible US housing policies. There are also speculations about Fed officials' appointments [1]. RMB Exchange Rate - The previous trading day, the on - shore RMB against the US dollar closed at 7.1332, down 2 basis points, and the night - session was at 7.1375. The central parity rate was 7.1072, down 42 basis points. The eurozone's manufacturing PMI in August showed expansion [3]. Stock Index - The stock index rose with reduced volume yesterday. The Shanghai and Shenzhen 300 Index closed up 0.60%. The trading volume of the two markets decreased by 483.37 billion yuan. The futures of stock index also rose with reduced volume. The 9.3 parade is approaching, and key economic data have been released [7]. Bond - Bond futures opened low and closed high on Monday. The yields of medium - and long - term bonds declined. The funding situation was loose, and DR001 dropped to 1.31%. Relevant policies and the end of the summer travel season have been reported [8]. Container Shipping - The futures prices of the container shipping index (European line) opened high and then oscillated. Spot prices of some shipping companies have changed. The Houthi armed forces' remarks have affected the market sentiment. The current market is in the off - season, and the SCFIS European line index has continued to decline [10][11]. Commodities Metals Gold and Silver - On Monday, the precious metals market continued to be strong. COMEX gold closed up 0.84% at 3545.8 dollars per ounce, and silver closed up 2.46% at 41.725 dollars per ounce. The Fed's interest - rate cut expectations and fund positions are stable. Key US economic data and events this week should be monitored [12][15]. Copper - The Shanghai copper index was slightly bullish on Monday. Chile's copper production in July increased slightly. The collapse of a copper mine in July and the reduction of production guidance in August have affected the market. The key factors affecting copper prices are complex, with both bullish and bearish factors in the short - to - medium - term [16][17]. Aluminum and Related Products - The prices of aluminum, alumina, and cast aluminum alloy have changed. The macro - environment is favorable for aluminum prices. The fundamentals of alumina are weak, and the supply of cast aluminum alloy may be affected by tax policies [19][22]. Zinc - The zinc price opened high and closed low. The supply is in an oversupply state, and the demand is stable. The LME inventory is decreasing, and the trading strategy of selling the outer market and buying the inner market can be considered [23][24]. Nickel and Stainless Steel - The price of nickel rose, and stainless steel fell slightly. The spot prices of nickel - related products have changed. The market was affected by the Indonesian riot and strike, and the supply uncertainty has increased [24][25]. Tin - The Shanghai tin index slightly declined on Monday. Yunnan Tin's equipment maintenance and the decrease in refined tin production in August have affected the market. The short - term price may rise slightly due to tight supply [26]. Lithium Carbonate - The futures price of lithium carbonate fell on Monday. The prices of lithium - related products in the spot market have declined. The supply has no new news, and the demand has marginal improvement expectations, but the increase in warehouse receipts may suppress the short - term price [26]. Industrial Silicon and Polysilicon - The prices of industrial silicon and polysilicon rose on Monday. The prices of related products in the spot market are stable. The rise of polysilicon is affected by macro - sentiment and the expectation of a storage platform [26][29]. Lead - The lead price oscillated narrowly. The supply side is weak, and the demand is in a "peak - season not prosperous" situation. The domestic inventory is oscillating, and the LME inventory is high [30]. Black Metals Steel - The prices of rebar and hot - rolled coil decreased. The production of Tangshan's blast furnaces has been affected by inspections, and most are expected to resume production on September 4. The steel market is in a state of over - seasonal inventory accumulation, and the demand has not shown significant seasonal strength [32][33]. Iron Ore - The price of iron ore fell and then rebounded. The global iron ore shipment volume in late August increased. The market is worried about the insufficient demand in the peak season, and short - sellers are advised to take phased profits [34][35]. Coking Coal and Coke - The prices of coking coal and coke declined. The prices of coking coal in some regions have decreased. The downstream's replenishment of raw materials has slowed down, and the supply of coking coal and coke is relatively loose. Coke may face a price cut cycle after the parade [36][37]. Silicon Iron and Silicon Manganese - The production and demand of silicon iron and silicon manganese have changed. The market was affected by the pre - parade steel mill restrictions and the decline of the "anti - involution" hype. The prices have fallen back, and the bottom support exists, but the upside is also under pressure [38][40]. Energy and Chemicals Crude Oil - The prices of US and Brent crude oil rose. There are news about the suspension of oil sales to an Indian refinery, the change in Shandong refineries' crude oil arrivals, and the expectation of OPEC+ to maintain production. The oil market is currently oscillating weakly, and the September demand decline is a negative factor [41][43]. Propylene - The futures prices of propylene rose slightly. The spot prices in different regions have changed. The supply and demand of propylene and its downstream products have changed. The spot market is tight, and the price is affected by multiple factors [44][45]. PTA - PX - The load of PX and PTA plants has changed. The supply of PX in September is expected to increase, and the PTA supply has decreased. The polyester demand has a marginal improvement, but the peak - season performance is not super - expected [46][48]. MEG - Bottle Chip - The inventory of ethylene glycol in East China ports decreased. The supply and demand of ethylene glycol and related products have changed. The market is currently in a state of limited drive, and the price is expected to oscillate [50][53]. PP - The futures price of polypropylene decreased. The supply has increased, and the demand has shown a recovery trend. The inventory has decreased. The market is affected by new device production and the uncertainty of demand [54][55]. PE - The futures price of polyethylene decreased. The supply has decreased slightly, and the demand has increased. The inventory has decreased. The current demand recovery is not strong enough to drive the price up significantly [56][57]. PVC - The production of PVC in August and September is estimated. The demand is weak, and the export has changed. The inventory is accumulating, and the price has returned to the industrial fundamentals [58][59]. Pure Benzene and Styrene - The prices of pure benzene and styrene futures decreased. The inventory of pure benzene and styrene in ports has increased. The supply and demand of both have changed, and the prices are expected to be volatile [60][61]. Fuel Oil - The price of fuel oil rebounded weakly. The supply and demand of fuel oil have changed. The export in August decreased, and the demand is mixed. The market is still under pressure [62][63]. Low - Sulfur Fuel Oil - The price of low - sulfur fuel oil is mainly following cost fluctuations. The supply and demand and inventory of low - sulfur fuel oil have changed. The valuation is low, and it is advisable to wait for long - allocation opportunities [64]. Asphalt - The price of asphalt rose. The supply and demand and inventory of asphalt have changed. The short - term peak season has no super - expected performance, and it mainly follows cost fluctuations [65][66]. Urea - The futures price of urea is in a stalemate. The spot price is stable, and the demand is weak. The inventory has increased. It is advisable to pay attention to the 1 - 5 reverse spread [67].