引言 在展开本文前，若您对我们的深度观察感兴趣，欢迎通过点击"关注"与我们保持联系，未来将持续为您呈现更多有价值的独家解析与行业观察。 文 | 不可史意 编辑 | 不可史意 亲爱的读者朋友们，大家好。作为一名持续追踪加拿大政经走向的评论人，今天我想与大家探讨当前局势。2025年11月26日，北美正遭遇一场罕见的严冬 ——加拿大首都渥太华已被厚厚的积雪覆盖，积雪深度达数十厘米。而比自然气候更令人心寒的，是美国突然宣布实施的50%高额关税，这一举措无疑令本 已疲软的加拿大经济前景更加黯淡。 面对这一突如其来的外部压力，加拿大总理马克・卡尼迅速作出回应，公布了一套双向应对方案：其一，将来自非贸易协定国的钢铁进口配额由原来的50% 压缩至20%；其二，紧急调拨50亿加元，为本国木材行业提供财政支援。 表面看来，这些措施展现了政府捍卫本土产业的果决态度。然而究其实质，这更像是前央行行长卡尼在错综复杂的国际贸易棋局中所采取的一种缓冲策略。 这些政策不仅揭示出加拿大经济结构中根深蒂固的三大软肋，也与每一位普通投资者的财富安全紧密相连。 钢铁业：内忧外患的夹缝求生 首先来看钢铁产业所面临的"堰塞湖"式危机。实际上，自卡尼今年 ...

Report Industry Investment Ratings - Iron ore: Downstream demand has limited space, and the valuation is high [2] - Rebar: Wide - range oscillation [2] - Hot - rolled coil: Wide - range oscillation [2] - Ferrosilicon: Subject to market sentiment disturbances, wide - range oscillation [2] - Silicomanganese: The price of the ore end is firm, wide - range oscillation [2] - Coke: Wide - range oscillation [2] - Coking coal: Wide - range oscillation [2] - Logs: Weak oscillation [2] Core Views - The report provides investment ratings and trend intensities for various black - series commodities, and presents their respective fundamental data and macro - industry news [2][4][7] Summaries by Commodities Iron Ore - **Fundamental Data**: The closing price of I2601 futures was 799.5 yuan/ton, up 2.5 yuan/ton (0.31%); the open interest decreased by 5,496 lots. Imported ore prices generally declined by 2 yuan/ton, and domestic ore prices remained stable. Some basis and spread values changed [4] - **Macro - Industry News**: In October, the year - on - year actual growth rate of the added value of large - scale industries was 4.9%, and the cumulative growth rate from January to October was 6.1% [4] - **Trend Intensity**: - 1, indicating a bearish sentiment [4] Rebar and Hot - rolled Coil - **Fundamental Data**: The closing price of RB2601 futures was 3,093 yuan/ton, down 4 yuan/ton (- 0.13%); the closing price of HC2601 futures was 3,293 yuan/ton, down 9 yuan/ton (- 0.27%). Spot prices in some regions declined, and there were changes in basis and spread values [7] - **Macro - Industry News**: According to the weekly data of Steel Union on November 27, rebar production decreased by 1.88 tons, hot - rolled coil production increased by 3 tons; rebar inventory decreased by 21.86 tons, hot - rolled coil inventory decreased by 1.21 tons; rebar apparent demand decreased by 2.85 tons, hot - rolled coil apparent demand increased by 1.31 tons. In mid - November, the social inventory of 5 major steel products in 21 cities was 871 million tons, a decrease of 22 million tons (2.5%) from the previous month. In October 2025, national crude steel production was 72 million tons, a year - on - year decrease of 12.1%, etc. [8][9] - **Trend Intensity**: Both are 0, indicating a neutral sentiment [9] Ferrosilicon and Silicomanganese - **Fundamental Data**: The closing prices of ferrosilicon 2603 and 2605 futures decreased by 26 yuan/ton and 32 yuan/ton respectively; the closing prices of silicomanganese 2601 and 2605 futures decreased by 4 yuan/ton and 6 yuan/ton respectively. Spot prices and various spread values showed corresponding changes [11] - **Macro - Industry News**: In November, the operating rate of ferrosilicon enterprises in Inner Mongolia was 63.03%, an increase of 0.64% from October, and the output was expected to be 158,700 tons, an increase of 7,300 tons from October; the operating rate of ferrosilicon enterprises in Gansu was 38.67%, a decrease of 2.66% from October, and the output was expected to be 44,700 tons, a decrease of 11,500 tons from October. There were also changes in the production of silicomanganese in other regions [12][13] - **Trend Intensity**: Both are 0, indicating a neutral sentiment [14] Coke and Coking Coal - **Fundamental Data**: The closing price of JM2601 coking coal futures was 1,071 yuan/ton, down 13.5 yuan/ton (- 1.2%); the closing price of J2601 coke futures was 1,607 yuan/ton, down 12 yuan/ton (- 0.7%). Spot prices and basis and spread values changed [15] - **Macro - Industry News**: Recently, the National Development and Reform Commission organized a video conference on energy supply guarantee for the heating season from 2025 - 2026 [15] - **Trend Intensity**: Both are 0, indicating a neutral sentiment [16] Logs - **Fundamental Data**: The prices, trading volumes, open interests, and spread values of different log futures contracts showed various changes. Spot prices in most regions remained stable [18] - **Macro - Industry News**: Starting from November 10, 2025, the General Administration of Customs decided to abolish the announcement on suspending the import of US logs [20] - **Trend Intensity**: 0, indicating a neutral sentiment [20]

Core Points - Canada announced new measures to support its steel and lumber industries in response to U.S. tariffs, aiming to strengthen the domestic market [1][2] - The Canadian government will implement import restrictions on steel, reducing quotas for non-FTA partners from 50% to 20% and for FTA partners from 100% to 75% starting in 2024 [1] - A 25% tariff will be imposed on certain imported steel derivatives, and border control measures will be enhanced to combat steel dumping [1] - Starting in spring 2026, the government will collaborate with railway companies to reduce interprovincial transportation costs for steel and lumber by 50% [1] - The government will prioritize the use of domestic steel and lumber in housing construction and provide financial assistance to affected domestic companies [1][2] Industry Impact - The Canadian economy is shifting from reliance on a single trade partner to a more self-sufficient model that can withstand global shocks [2] - Over 75% of Canada's exports are directed towards the U.S., with significant reliance on the U.S. market for lumber, aluminum, and steel [2] - The steel and lumber industries have been severely impacted by U.S. tariffs, which were raised to 50% for steel and aluminum and additional tariffs were imposed on lumber and its derivatives [2]

Group 1: Energy and Metals Crude Oil - Overnight international oil prices rebounded, with the Brent 01 contract rising 1.41%. The Russia-Ukraine geopolitical risk is entangled between sanctions and peace talks. Supply and demand face greater inventory accumulation expectations in Q4 and Q1 next year, and the downward drive for oil prices remains. Focus on the progress of the Russia-Ukraine peace plan negotiation and the Venezuelan geopolitical risk [1] Precious Metals - Overnight precious metals rose. As several Fed officials advocated a December rate cut, the implied rate cut probability in the interest rate market rose to 80%. The market is uncertain, and precious metals are oscillating at high levels waiting for a directional breakthrough [2] Copper - Overnight copper prices oscillated. LME copper rose with precious metals at the end of the session. The domestic spot market has a certain bullish sentiment, and the SMM social inventory decreased by 1.39 million tons to 18.06 million tons [3] Aluminum - Overnight SHFE aluminum fluctuated narrowly. The social inventory of aluminum ingots and bars decreased by 0.8 million tons on Monday. The aluminum price may continue to adjust, with support around 21,100 yuan [4] Alumina - Alumina's operating capacity is at a historical high, and the supply surplus pattern remains unchanged. It will operate weakly before large-scale production cuts [5] Cast Aluminum Alloy - The spot price of Baotai ADC12 remained at 20,700 yuan. The supply of scrap aluminum is tight, and it will continue to follow the aluminum price, with the possibility of a narrowing spread with AL [6] Zinc - Domestic and overseas mine TC continued to decline. SHFE zinc oscillated in the range of 22,200 - 23,000 yuan/ton. The external demand supports zinc consumption, but the domestic demand is expected to weaken [7] Lead - SHFE lead oscillated in the range of 17,000 - 17,500 yuan/ton. The export of lead-acid batteries is expected to remain under pressure [8] Nickel and Stainless Steel - SHFE nickel rebounded, and stainless steel inventory decreased. However, the short-term contradiction lies in the macro level, and it is advisable to short on rebounds [9] Tin - LME tin closed higher, and SHFE tin oscillated at high levels. It is still advisable to short, and at the same time, match with out-of-the-money call options to hedge risks [10] Lithium Carbonate - The futures price of lithium carbonate opened low and moved lower. The market is highly divergent, and risk control should be prioritized [11] Polysilicon - The fundamentals of polysilicon are weak. The futures price will maintain an oscillating pattern [12] Industrial Silicon - The industrial silicon futures closed slightly lower. It will maintain an oscillating pattern in the short term [13] Iron Ore - The iron ore futures oscillated strongly overnight. The fundamentals are marginally looser, and the price is expected to oscillate [15] Coke - The coke price oscillated. It may oscillate weakly [16] Coking Coal - The coking coal price oscillated weakly. It may oscillate weakly [17] Manganese Silicon - The manganese silicon price oscillated. The bottom support is expected to move down [18] Silicon Ferrosilicon - The silicon ferrosilicon price oscillated. The bottom support will be tested [19] Fuel Oil and Low-Sulfur Fuel Oil - Both high-sulfur and low-sulfur fuel oils face pressure from abundant supply and weak demand [21] Asphalt - The asphalt price is expected to oscillate weakly under pressure [22] Group 2: Chemicals Urea - Urea supply remains sufficient. The market may return to a stalemate [23] Methanol - The methanol futures rose sharply. It is advisable to try to go long on the 5 - 9 spread at low prices [24] Pure Benzene - It is advisable to continue the idea of shorting on rebounds and consider option allocation [25] Styrene - The supply and demand of styrene are in a tight balance, but the support from the cost and demand sides is questionable [26] Polypropylene, Plastic, and Propylene - The market lacks guidance. Polyethylene supply pressure increases, and polypropylene supply is expected to increase slightly [27] PVC and Caustic Soda - PVC may follow the cost. Caustic soda will operate weakly [28] PX and PTA - PX is still strong before new capacity is put into production. PTA is driven by cost [29] Ethylene Glycol - The ethylene glycol price has a short-term rebound expectation, but the rebound space is limited [30] Short Fiber and Bottle Chip - Short fiber prices fluctuate with raw materials. Bottle chip is cost-driven [31] Group 3: Agricultural Products Soybean and Soybean Meal - The soybean meal futures rebounded. Pay attention to the impact of La Niña on South American soybean production [35] Soybean Oil and Palm Oil - Soybean oil and palm oil will oscillate in the short term. Palm oil is weaker [36] Rapeseed Meal and Rapeseed Oil - The rapeseed market focuses on Australian seeds. It is advisable to wait and see in the short term [37] Domestic Soybeans - Domestic soybeans rebounded strongly. Pay attention to the spot market and policy guidance [38] Corn - The corn futures oscillated at a high level. Pay attention to the sales progress of new corn in the Northeast [39] Live Hogs - The far-month hog futures rose, and the near-month is weak. The price may form a double bottom [40] Eggs - The number of newly laid hens is expected to decrease in December. Pay attention to the spot price [41] Cotton - The cotton futures may oscillate in the short term. It is advisable to wait and see [42] Sugar - The international sugar supply is sufficient. Pay attention to the production in India, Thailand, and Guangxi [43] Apples - The apple futures oscillated at a high level. Pay attention to the inventory removal [44] Wood - The wood futures oscillated. It is advisable to wait and see [45] Pulp - The pulp futures fell slightly. It is advisable to wait and see [46] Group 4: Financial Futures Stock Index Futures - A-shares rose in a shrinking volume. The short-term macro liquidity is uncertain. It is advisable to wait and see [47] Treasury Bond Futures - The treasury bond futures oscillated upward. The yield curve may flatten slightly [48] Group 5: Shipping Container Freight Index (European Line) - The SCFIS European route index rose sharply. The 02 contract may maintain a discount [20]

Report Industry Investment Ratings - No information provided Core Viewpoints of the Report - The short - term adjustment of the stock - bond market is expected, but the medium - term trend remains optimistic, and the high - tech industry continues to grow. The interest rate of treasury bonds is consolidating, and the market trend rebounds slightly [3]. - The coal - coke market is adjusting at a high level due to concerns about supply resumption. The supply and demand of finished products are expected to remain stable, and the impact of December's macro - policies on winter storage should be noted [4]. - The market's expectation of the Fed's December interest rate cut is less than 40%, and the long - term support for gold prices comes from the Fed's interest rate cut cycle, central bank gold purchases, and geopolitical risks [5]. - Log prices are expected to fluctuate at the bottom due to weak spot prices, increased supply, and weak demand [6]. - Natural rubber prices will continue to fluctuate in the short term due to strong cost support and weak demand [7]. - Soybean meal is expected to fluctuate weakly in the short term due to sufficient domestic supply and weak demand [8]. - Oil prices rise due to the increased probability of the Fed's December interest rate cut. PX, PTA, and MC show different supply - demand and price trends [9]. - Hog prices may remain volatile as sufficient supply is offset by increased consumption [10]. Summary by Related Categories Stock - Bond Market - The short - term adjustment of the stock - bond market is expected, with the medium - term trend remaining optimistic. The high - tech industry continues to grow. Treasury bond interest rates are consolidating, and the market rebounds slightly [3] Black Industry - Affected by import news and supply - guarantee meetings, the coal - coke market adjusts at a high level. The supply and demand of finished products are expected to be stable, and the impact of December's macro - policies on winter storage should be noted [4] Gold Market - The market's expectation of the Fed's December interest rate cut is less than 40%. The long - term support for gold prices comes from the Fed's interest rate cut cycle, central bank gold purchases, and geopolitical risks [5] Log Market - Spot log prices are weak, supply is under pressure, demand is hard to sustain, and prices are expected to fluctuate at the bottom [6] Rubber Market - Due to rainfall in the main production areas, cost support is strong. Demand is weak, and prices will continue to fluctuate in the short term [7] Soybean and Soybean Meal Market - US soybean export is weak, domestic supply is sufficient, and soybean meal is expected to fluctuate weakly in the short term [8] Oil and Chemical Market - Oil prices rise due to the increased probability of the Fed's December interest rate cut. PX, PTA, and MC show different supply - demand and price trends [9] Hog Market - Hog supply is sufficient, consumption may increase, and prices may remain volatile [10]

Core Insights - The first China Wood Industry High-Quality Development Conference was held in Dalian, focusing on the theme "Linking Futures to Connect the Future" and gathering over 600 representatives from various sectors [1] Industry Changes - The wood industry is a crucial raw material for national economic construction and green development, with its scale growing from hundreds of billions to over ten trillion yuan [2] - China has become the world's largest producer, consumer, and trader of wood and wood products, exporting to over 180 countries and regions [2] - The launch of log futures and options has shown initial success in enhancing the international influence of China's wood market, with a total trading volume exceeding 7.8 million contracts and a transaction value of 464 billion yuan in the past year [2][3] Standardization and Efficiency - Log futures have significantly contributed to the establishment of a unified national market by addressing long-standing issues with inconsistent measurement standards [3] - The introduction of national standards for log measurement has improved efficiency by over five times compared to traditional methods [3] - The promotion of standardized measurement practices has helped enhance the overall efficiency and standardization of the industry [4] Risk Management - Companies are increasingly focusing on the hedging functions of log futures to stabilize their revenues and manage risks effectively [5][6] - Different levels of risk management strategies are available for companies, ranging from basic hedging to advanced options strategies [6] Import Trade Dynamics - The attitude of foreign exporters towards log futures has shifted dramatically, leading to a more dynamic pricing model and improved negotiation power for domestic importers [8][9] - The introduction of log futures has allowed domestic importers to reference market prices in negotiations, enhancing their bargaining power [10] Future Outlook - There is a strong expectation for the future development of the wood industry and log futures, with plans to enhance the integration of the wood industry chain and supply chain [11] - The Dalian government aims to establish a Northeast Asia wood distribution and deep processing base, promoting the export of wood products [11] - The Dalian Commodity Exchange plans to optimize products and enhance the global influence of "Chinese prices" while promoting a modernized wood industry circulation system [12]

Report Date - November 17, 2025 [1][4][8][13][18][21] Investment Ratings for Different Commodities - Iron Ore: Oscillating and fluctuating [2][4] - Rebar: Wide - range oscillation with narrowing decline in apparent demand data [2][9] - Hot - Rolled Coil: Wide - range oscillation with narrowing decline in apparent demand data [2][9] - Ferrosilicon: Wide - range oscillation with cost as the bottom support [2][13] - Silicomanganese: Wide - range oscillation with cost as the bottom support [2][13] - Coke: Following the downward adjustment [2][18] - Coking Coal: Supply expectations are fluctuating, and valuation is declining [2][19] - Logs: Oscillating and fluctuating [2][21] Core Views - Each commodity in the black series has its own market trend characteristics, mainly affected by factors such as fundamentals, macro - economic data, and industry news [2][6][10] Summary by Commodity Iron Ore - **Fundamentals**: Futures closed at 772.5 yuan/ton with no change; some spot prices remained stable, while the price of Super Special (56.5%) decreased by 2 yuan/ton. Some basis and spread values changed slightly [5] - **Macro and Industry News**: In October, the year - on - year actual growth rate of the added value of large - scale industries was 4.9%, and the month - on - month growth rate was 0.17%. From January to October, the year - on - year growth rate was 6.1% [6] - **Trend Intensity**: 0 (neutral) [6] Rebar and Hot - Rolled Coil - **Fundamentals**: For RB2601, yesterday's trading volume was 769,087 lots, and the position decreased by 20,210 lots. Some spot prices changed slightly, and basis and spread values also changed [9] - **Macro and Industry News**: According to the weekly data of Steel Union on November 13, in terms of production, rebar decreased by 8.54 tons, and hot - rolled coil decreased by 4.5 tons. In terms of inventory, rebar decreased by 16.37 tons, and hot - rolled coil increased by 0.07 tons. In terms of apparent demand, rebar decreased by 2.15 tons, and hot - rolled coil decreased by 0.71 tons. In early November 2025, the steel inventory of key steel enterprises increased by 86 tons month - on - month, etc. [10][11] - **Trend Intensity**: 0 (neutral) [12] Ferrosilicon and Silicomanganese - **Fundamentals**: The closing prices of some futures contracts decreased. Spot prices of ferrosilicon and silicomanganese and related raw materials changed to some extent, and basis, near - far month spread, and cross - variety spread values also changed [13] - **Macro and Industry News**: Jupiter and NMT announced the shipment prices of manganese ore to China in December 2025. There were also price and procurement information of ferrosilicon and silicomanganese in different regions. From January to October 2025, the total national output of silicomanganese was 903.96 tons, with Inner Mongolia accounting for 48.5% [13][14][16] - **Trend Intensity**: 0 (neutral) [17] Coke and Coking Coal - **Fundamentals**: Futures prices of JM2601 and J2601 decreased. Some spot prices of coking coal and coke changed, and basis and spread values also changed [19] - **Macro and Industry News**: The National Development and Reform Commission organized a video conference on energy supply guarantee for the heating season from 2025 to 2026 [20] - **Trend Intensity**: 0 (neutral) [20] Logs - **Fundamentals**: The closing prices, trading volumes, and positions of some futures contracts changed. Spot prices of different types of logs in Shandong and Jiangsu markets were mostly stable, with only slight changes in a few cases [22] - **Macro and Industry News**: The General Administration of Customs decided to abolish the announcement on suspending the import of American logs from November 10, 2025 [24] - **Trend Intensity**: 0 (neutral) [24]

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - Iron ore is expected to experience a high - level decline due to the realization of inventory accumulation pressure [2][4]. - Rebar and hot - rolled coil are expected to have wide - range fluctuations [2][6][7]. - Ferrosilicon is expected to have wide - range fluctuations due to sector sentiment resonance, while silicomanganese is expected to have wide - range fluctuations due to the price - supporting sentiment from the ore end [2][11]. - Coke is expected to follow the market downward [2][15]. - Coking coal is expected to see a valuation decline due to the repeated supply expectations [2][16]. - Logs are expected to fluctuate repeatedly [2][18]. 3. Summary by Commodity Iron Ore - **Fundamental Data**: The futures price of iron ore closed at 763.0 yuan/ton, down 2.0 yuan/ton with a decline of 0.26%. The open interest decreased by 11,250 hands. Spot prices remained stable. The basis and some spreads changed slightly [4]. - **News**: Deputy Premier Liu Guozhong will attend the commissioning ceremony of the Simandou Iron Ore Project in Guinea [4]. - **Trend Intensity**: 0, indicating a neutral trend [4]. Rebar and Hot - Rolled Coil - **Fundamental Data**: The closing price of RB2601 was 3,025 yuan/ton, down 10 yuan/ton (-0.33%), and HC2601 was 3,242 yuan/ton, up 1 yuan/ton (0.03%). Open interest and trading volume changed. Spot prices in different regions had minor fluctuations. Basis and spreads also changed [7]. - **News**: In October 2025, China's imported steel decreased in quantity and price. Steel production, inventory, and apparent demand data in November and October showed various trends. The government supported commercial real estate REITs issuance [8][9]. - **Trend Intensity**: 0 for both, indicating a neutral trend [9]. Ferrosilicon and Silicomanganese - **Fundamental Data**: Futures prices of ferrosilicon and silicomanganese declined. Spot prices of ferrosilicon increased slightly, and the price of manganese ore rose. Basis, near - far month spreads, and cross - variety spreads changed [11]. - **News**: There were price quotes and tender information for ferrosilicon and silicomanganese in November. From January to October 2025, the national silicomanganese production was 903.96 million tons, with Inner Mongolia accounting for 48.5%, and there were new capacity plans [11][13]. - **Trend Intensity**: 0 for both, indicating a neutral trend [14]. Coke and Coking Coal - **Fundamental Data**: Futures prices of coking coal (JM2601) and coke (J2601) decreased by 4.1% and 3.4% respectively. Spot prices were mostly stable, with some changes in basis and spreads [16]. - **News**: The National Development and Reform Commission held an energy supply guarantee meeting for the heating season [16]. - **Trend Intensity**: - 1 for both, indicating a bearish trend [17]. Logs - **Fundamental Data**: Futures prices of different log contracts decreased slightly. Trading volume and open interest showed different trends. Spot prices of various log types were mostly stable [19]. - **News**: China decided to lift the suspension of importing US logs from November 10, 2025 [21]. - **Trend Intensity**: 0, indicating a neutral trend [21].

Core Insights - In October 2025, the Producer Price Index (PPI) in Liaoning decreased by 1.2% year-on-year, with the decline narrowing by 1.9 percentage points compared to the previous month [1] - The Industrial Producer Price Index (IPI) fell by 3.8% year-on-year, with a reduction of 1.1 percentage points from the previous month [1] Price Trends - The prices of production materials decreased by 0.7% year-on-year in October, with the mining industry down by 4.3% and processing industry down by 1.1% [1] - Consumer goods prices fell by 3.2% year-on-year, with food prices down by 4.6%, daily necessities down by 2.5%, durable goods down by 2.4%, and clothing down by 0.7% [1] Raw Material Price Movements - In October, the prices of nine major raw materials showed a "three increases and six decreases" trend year-on-year [1] - Prices for non-ferrous metals and wires increased by 0.8%, wood and pulp by 0.6%, and textile raw materials by 0.1% [1] - Other industrial raw materials and semi-finished products decreased by 0.7%, black metal materials by 3.2%, construction materials and non-metallic products by 4.6%, fuel and power by 6.5%, agricultural products by 7.0%, and chemical raw materials by 7.1% [1]

Report Information - Report Date: November 11, 2025 [1] - Report Source: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Black Series Industry Investment Rating - Not provided in the report Core Viewpoints - Iron ore is expected to face inventory build - up pressure and decline from high levels [2][4] - Rebar, hot - rolled coil, ferrosilicon, and silicomanganese are expected to experience wide - range fluctuations [2][7][8][12] - Coke and coking coal are expected to fluctuate around high levels [2][16] - Logs are expected to fluctuate repeatedly [2][18] Summary by Commodity Iron Ore - **Fundamentals**: The previous day's closing price was 765.0 yuan/ton, up 4.5 yuan/ton (0.59%). The previous day's position was 541,602 lots, down 17,806 lots. Spot prices of imported and some domestic ores remained stable, while prices of some domestic ores decreased [4] - **News**: Deputy Premier Liu Guozhong will attend the commissioning ceremony of the Simandou Iron Ore Project on November 11 [5] - **Trend Intensity**: 0 [5] Rebar and Hot - Rolled Coil - **Fundamentals**: For rebar RB2601, the previous day's closing price was 3,044 yuan/ton, up 8 yuan/ton (0.26%); for hot - rolled coil HC2601, it was 3,252 yuan/ton, up 2 yuan/ton (0.06%). There were changes in trading volume, position, and basis [8] - **News**: In October 2025, China imported 50.3 million tons of steel, a decrease of 4.5 million tons (8.2%) from the previous month. There were also changes in production, inventory, and apparent demand in November [9][10] - **Trend Intensity**: 0 for both rebar and hot - rolled coil [10] Ferrosilicon and Silicomanganese - **Fundamentals**: There were price changes in futures contracts of ferrosilicon and silicomanganese. Spot prices and various price differences also had corresponding changes [12] - **News**: There were price changes in raw materials such as semi - coke, and changes in the tender quantity of a large steel group [12][13][14] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese [15] Coke and Coking Coal - **Fundamentals**: The previous day's closing price of JM2601 was 1,265.5 yuan/ton, down 4.5 yuan/ton (- 0.4%); J2601 was 1,743.5 yuan/ton, down 13 yuan/ton (- 0.7%). There were changes in trading volume, position, and basis [16] - **News**: In October 2025, the national consumer price index increased by 0.2% year - on - year [16] - **Trend Intensity**: 0 for both coke and coking coal [16] Logs - **Fundamentals**: There were price, trading volume, and position changes in different log futures contracts. Spot prices of some log varieties remained stable, while others had slight changes [19] - **News**: The General Administration of Customs decided to abolish the announcement on suspending the import of US logs from November 10, 2025 [21] - **Trend Intensity**: 0 [21]