1. Report Industry Investment Ratings - Not mentioned in the provided content 2. Report Core Views Copper - Copper prices strengthened due to improved market risk appetite after China and the US agreed to conduct economic and trade consultations. In the short - term, China - US talks boosted market sentiment, the Fed may stop shrinking its balance sheet, and the COMEX - LME spread widened. Fundamentally, tight copper ore supply supports prices, and high copper prices moderately suppress downstream demand. The terminal demand has strong resilience. The main contract is expected to be supported at 84000 - 85000 [1]. Aluminum - The alumina market remains weak, with supply pressure and weak demand. The futures price is expected to continue to be under pressure, with the main contract oscillating between 2750 - 2950 yuan/ton. Aluminum prices showed a strong - oscillating trend. With stable supply, resilient demand, and declining inventory, the short - term Shanghai aluminum is expected to maintain a high - level oscillation, with the main contract in the range of 20700 - 21300 yuan/ton [3]. Aluminum Alloy - Casting aluminum alloy followed the aluminum price and showed a strong - oscillating trend. Cost support is prominent, but high inventory and policy uncertainty restrict price increases. The short - term ADC12 price is expected to maintain a strong - oscillating pattern, with the main contract in the range of 20200 - 20800 yuan/ton [4]. Zinc - Due to concerns about the LME zinc market squeeze and China - US economic and trade consultations, the Shanghai zinc price rebounded. The supply is loose, and the demand is not outstanding. The short - term price may rise due to macro - drivers but will likely oscillate without a clear inflection point in the supply - loose logic, with the main contract in the range of 21800 - 22800 [8]. Tin - Tin supply is tight, and demand is weak. The tin price continues to oscillate at a high level. If the supply in Myanmar recovers smoothly in the fourth quarter, the tin price may weaken; otherwise, it is expected to continue to run strongly [10]. Nickel - The nickel market is in a state of high - level oscillation. Macro - factors are temporarily stable, and the cost has support, but inventory accumulation restricts the upside space. The main contract is expected to oscillate in the range of 120000 - 126000 [12]. Stainless Steel - The stainless - steel market showed a low - level upward repair. Macro - factors may bring policy expectations. The supply pressure is increasing, and demand improvement is not obvious. The short - term market is expected to oscillate weakly, with the main contract in the range of 12600 - 13000 [14]. Lithium Carbonate - The lithium carbonate market showed a significant upward trend. The supply - demand gap exists in the peak season, and demand is optimistic. The short - term market is expected to run strongly, with the main contract in the range of 76000 - 82000 yuan/ton [16]. 3. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price rose to 85490 yuan/ton, up 0.63% [1]. - The refined - scrap price difference increased by 7.02% to 3366 yuan/ton [1]. Fundamental Data - In September, electrolytic copper production decreased by 4.31% to 112.10 million tons, and imports increased by 26.50% to 33.43 million tons [1]. Aluminum Price and Spread - SMM A00 aluminum price rose to 21040 yuan/ton, up 0.29% [3]. - Alumina prices in various regions showed a downward trend [3]. Fundamental Data - In September, alumina production decreased by 1.74% to 760.37 million tons, and electrolytic aluminum production decreased by 3.16% to 361.48 million tons [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price rose to 21200 yuan/ton, up 0.47% [4]. Fundamental Data - In September, the production of recycled aluminum alloy ingots increased by 7.48% to 66.10 million tons, and the production of primary aluminum alloy ingots increased by 4.43% to 28.30 million tons [4]. Zinc Price and Spread - SMM 0 zinc ingot price rose to 22100 yuan/ton, up 0.91% [8]. Fundamental Data - In September, refined zinc production decreased by 4.17% to 60.01 million tons, and imports decreased by 11.61% to 2.27 million tons [8]. Tin Spot Price and Basis - SMM 1 tin price decreased to 280000 yuan/ton, down 0.36% [10]. Fundamental Data - In September, tin ore imports decreased by 15.13% to 8714, and SMM refined tin production decreased by 31.71% to 10510 [10]. Nickel Price and Basis - SMM 1 electrolytic nickel price rose to 122150 yuan/ton, up 0.04% [12]. Fundamental Data - China's refined nickel production increased by 1.26% to 32200 in September, and imports decreased by 3.00% to 17010 [12]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) remained at 13000 yuan/ton [14]. Fundamental Data - In September, China's 300 - series stainless - steel crude - steel production (43 companies) increased by 0.38% to 182.17 million tons, and Indonesia's production increased by 0.36% to 42.35 million tons [14]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price rose to 74800 yuan/ton, up 0.61% [16]. Fundamental Data - In September, lithium carbonate production increased by 2.37% to 87260, and demand increased by 12.28% to 116801 [16].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Copper - Copper prices were volatile yesterday. High prices are suppressing demand, but terminal demand remains resilient. The supply shortage of copper ore supports the price bottom. It is expected that the domestic refined copper production in October may decline month - on - month. Attention should be paid to the marginal changes in demand and the Sino - US tariff negotiations. The main contract is expected to find support between 84,000 - 85,000 yuan/ton [1]. Aluminum - The alumina market is weak, with supply pressure and weak demand. It is expected that the spot price of alumina will continue to be under pressure in the short term, with the main contract oscillating between 2,750 - 2,950 yuan/ton. Aluminum prices were slightly stronger yesterday. The supply is stable, and the demand shows resilience in the peak season. It is expected that Shanghai aluminum will maintain a high - level oscillation in the short term, with the main contract in the range of 20,700 - 21,300 yuan/ton [3]. Aluminum Alloy - Casting aluminum alloy prices were slightly stronger, with cost support. The supply is restricted by raw materials and policies, and the demand is moderately recovering. The inventory has started to decline slowly. It is expected that the ADC12 price will maintain a slightly stronger oscillation in the short term, with the main contract in the range of 20,200 - 20,800 yuan/ton [5]. Zinc - Due to concerns about a short squeeze in the LME zinc market, the Shanghai zinc price rebounded after hitting the bottom. The supply is abundant, but the increase in domestic zinc smelters in the second half of the year may be limited. The macro - economic environment with high probability of interest rate cuts supports the zinc price. The demand is not exceeding expectations. It is expected that Shanghai zinc will maintain an oscillation in the short term, with the main contract in the range of 21,800 - 22,800 yuan/ton [9]. Tin - The supply of tin ore is tight, and the supply side is strong. The demand is weak, and the new demand cannot make up for the decline in traditional consumption. The tin price continues to oscillate at a high level. Attention should be paid to the macro - economic changes and the supply recovery in Myanmar in the fourth quarter [11]. Nickel - The Shanghai nickel market had a narrow - range oscillation. The macro - economic risk has increased, and the ore end has some positive factors. The refined nickel production remains high, and the inventory is accumulating. It is expected that the market will oscillate in the short term, with the main contract in the range of 120,000 - 126,000 yuan/ton [13]. Stainless Steel - The stainless - steel market had a narrow - range oscillation. The macro - economic environment has some positive factors, but the nickel - iron price is under pressure, and the demand in the peak season is not strongly boosted. It is expected that the market will oscillate weakly in the short term, with the main contract in the range of 12,400 - 12,800 yuan/ton [16]. Lithium Carbonate - The lithium carbonate futures market was strong. The supply - demand gap remains after entering the peak season. The downstream demand is optimistic. The inventory is declining. It is expected that the market will run strongly in the short term, with the main contract in the range of 76,000 - 80,000 yuan/ton [18][20]. 3. Summaries According to Relevant Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper was at 84,955 yuan/ton, down 0.90% from the previous day. The refined - scrap price difference decreased by 6.66% to 3,145 yuan/ton [1]. - **Monthly Spread**: The 2511 - 2512 spread was - 40 yuan/ton, down 20 yuan/ton from the previous day [1]. - **Fundamental Data**: In September, the electrolytic copper production was 112.10 million tons, down 4.31% month - on - month; the import volume was 33.43 million tons, up 26.50% month - on - month [1]. Aluminum - **Price and Spread**: SMM A00 aluminum was at 20,980 yuan/ton, up 0.05% from the previous day. The average price of alumina in Shandong was 2,820 yuan/ton, down 0.35% [3]. - **Monthly Spread**: The 2511 - 2512 spread was - 5 yuan/ton, up 5 yuan/ton from the previous day [3]. - **Fundamental Data**: In September, the alumina production was 760.37 million tons, down 1.74% month - on - month; the electrolytic aluminum production was 361.48 million tons, down 3.16% month - on - month [3]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 was at 21,100 yuan/ton, unchanged from the previous day. The refined - scrap price difference in Foshan for broken primary aluminum increased by 1.12% to 1,809 yuan/ton [5]. - **Monthly Spread**: The 2511 - 2512 spread was - 90 yuan/ton, unchanged from the previous day [5]. - **Fundamental Data**: In September, the regenerated aluminum alloy ingot production was 66.10 million tons, up 7.48% month - on - month; the primary aluminum alloy ingot production was 28.30 million tons, up 4.43% month - on - month [5]. Zinc - **Price and Basis**: SMM 0 zinc ingot was at 21,900 yuan/ton, down 0.18% from the previous day. The import loss was - 6,123 yuan/ton, down 760.42 yuan/ton from the previous day [9]. - **Monthly Spread**: The 2511 - 2512 spread was - 15 yuan/ton, down 10 yuan/ton from the previous day [9]. - **Fundamental Data**: In September, the refined zinc production was 60.01 million tons, down 4.17% month - on - month; the import volume was 2.27 million tons, down 11.61% month - on - month [9]. Tin - **Spot Price and Basis**: SMM 1 tin was at 281,000 yuan/ton, down 0.11% from the previous day. The LME 0 - 3 spread was - 56.00 US dollars/ton, up 50.00% from the previous day [11]. - **Monthly Spread**: The 2511 - 2512 spread was - 370 yuan/ton, up 11.90% from the previous day [11]. - **Fundamental Data**: In September, the tin ore import was 8,714 tons, down 15.13% month - on - month; the SMM refined tin production was 10,510 tons, down 31.71% month - on - month [11]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel was at 122,100 yuan/ton, down 0.33% from the previous day. The 1 Jinchuan nickel premium was 2,500 yuan/ton, up 2.04% from the previous day [13]. - **Monthly Spread**: The 2512 - 2601 spread was - 180 yuan/ton, down 30 yuan/ton from the previous day [13]. - **Supply - Demand and Inventory**: In September, the Chinese refined nickel production was 32,200 tons, up 1.26% month - on - month; the import volume was 17,010 tons, down 3.00% month - on - month [13]. Stainless Steel - **Price and Basis**: SMM 304/2B (Wuxi Hongwang 2.0 coil) was at 13,000 yuan/ton, unchanged from the previous day. The Philippine laterite nickel ore 1.5% (CIF) average price was 58 US dollars/wet ton, up 1.75% from the previous day [16]. - **Monthly Spread**: The 2512 - 2601 spread was - 30 yuan/ton, up 45 yuan/ton from the previous day [16]. - **Fundamental Data**: In September, the Chinese 300 - series stainless - steel crude steel production was 182.17 million tons, up 0.38% month - on - month; the import volume was 12.03 million tons, up 2.70% month - on - month [16]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price was 74,350 yuan/ton, up 0.34% from the previous day. The lithium spodumene concentrate CIF average price was 857 US dollars/ton, up 0.35% from the previous day [18]. - **Monthly Spread**: The 2511 - 2512 spread was - 340 yuan/ton, down 160 yuan/ton from the previous day [18]. - **Fundamental Data**: In September, the lithium carbonate production was 87,260 tons, up 2.37% month - on - month; the demand was 116,801 tons, up 12.28% month - on - month [18].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The nickel and stainless steel markets are currently fluctuating with the broader market, with no significant changes in the fundamentals recently. There is still an expectation of interest rate cuts within the year at the macro - level, and the progress of Sino - US tariffs repeatedly adjusts risk preferences [3]. - In the nickel ore sector, Indonesia has announced regulations for 2026 quota applications. The overall quota in 2025 is in surplus, and the quota in 2026 is expected to decline under regulatory restrictions such as environmental reviews. The new energy sector is entering the peak season, with high downstream procurement demand and rising prices. The nickel - iron price has limited upward momentum, and its center of gravity has declined. Stainless steel prices rose slightly during the day, with active spot transactions, but its upward momentum is insufficient, and it may fluctuate widely, waiting for clear signals [3]. - The WTO's ruling that the EU's additional tax on Indonesian stainless steel is non - compliant and the exemption of India's BIS certification until the end of the year are positive for stainless steel exports [5]. 3. Summary by Related Catalogs 3.1 Price and Volatility Forecast - **Nickel**: The price range forecast for Shanghai nickel is 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [2]. - **Stainless Steel**: The price range forecast for stainless steel is 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 8.23% and a historical percentile of 3.3% [2]. 3.2 Risk Management Strategies - **Nickel Risk Management Strategies** - **Inventory Management**: When product sales prices fall and inventory has impairment risk, sell Shanghai nickel futures (NI main contract) according to inventory levels to lock in profits and hedge against spot price declines, with a hedging ratio of 60%. Also, sell call options (over - the - counter/on - exchange options) with a hedging ratio of 50% [2]. - **Procurement Management**: When the company has future production procurement needs and is worried about rising raw material prices, buy Shanghai nickel forward contracts (far - month NI contracts) according to the production plan to lock in production costs. Also, sell put options and buy out - of - the - money call options (on - exchange/over - the - counter options) according to the procurement plan [2]. - **Stainless Steel Risk Management Strategies** - **Inventory Management**: When product sales prices fall and inventory has impairment risk, sell stainless steel futures (SS main contract) according to inventory levels to lock in profits and hedge against spot price declines, with a hedging ratio of 60%. Also, sell call options (over - the - counter/on - exchange options) with a hedging ratio of 50% [3]. - **Procurement Management**: When the company has future production procurement needs and is worried about rising raw material prices, buy stainless steel forward contracts (far - month SS contracts) according to the production plan to lock in production costs. Also, sell put options and buy out - of - the - money call options (on - exchange/over - the - counter options) according to the procurement plan [3]. 3.3 Market Data - **Nickel Market Data** - **Futures Prices**: The latest price of Shanghai nickel main contract is 121,380 yuan/ton, with a daily change of 200 yuan and a change rate of 0%. The prices of other contracts also showed different degrees of change [6]. - **Inventory Data**: The domestic social inventory of nickel is 47,708 tons, with no change from the previous period; LME nickel inventory is 250,878 tons, an increase of 402 tons; nickel - pig iron inventory is 29,062 tons, a decrease of 174 tons [7]. - **Stainless Steel Market Data** - **Futures Prices**: The latest price of the stainless steel main contract is 12,710 yuan/ton, with a daily change of 45 yuan and a change rate of 0%. The prices of other contracts also showed different degrees of change [6]. - **Inventory Data**: The stainless steel social inventory is 952.6 tons, an increase of 47 tons [7]. 3.4 Market Influencing Factors - **Positive Factors** - Indonesia shortens the nickel ore quota license period from three years to one year. - The Indonesian forestry working group takes over part of the nickel mining area of PT Weda Bay. - CATL and Antam promote the construction of a nickel integrated smelter. - The WTO rules that the EU's additional tax on Indonesian stainless steel is non - compliant. - India's BIS certification exemption is extended to the end of the year [6]. - **Negative Factors** - The inventory of pure nickel is high. - The center of gravity of nickel - iron has moved down, and the bottom support has loosened. - Stainless steel has re - entered the inventory accumulation cycle. - The stainless steel market shows a situation of "not prosperous in the peak season", and the demand recovery is less than expected [6].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The nickel and stainless steel markets are currently following the broader market in a volatile pattern, with no significant changes in the fundamentals recently. There are expectations of interest rate cuts within the year at the macro - level, and the progress of Sino - US tariffs repeatedly adjusts risk preferences [3]. - In the nickel ore sector, Indonesia has announced regulations for the 2026 quota application. The overall quota in 2025 is somewhat excessive, and the quota in 2026 is expected to decline under regulatory restrictions such as environmental reviews [3]. - The new energy sector is entering the peak season, with high downstream procurement demand. The current quotes have been rising for several consecutive weeks, the market circulation is tight, inventories are low, and there are still inquiries, which may remain strong [3]. - The price of ferronickel has insufficient upward momentum, and the overall center of gravity has significantly declined. It may operate weakly under the pressure of stainless - steel profits and weak demand. If ferronickel loses its support, the downward space for the downstream may expand [3]. - The spot trading of stainless steel has improved slightly, leading to a small rebound in the futures market. However, the sentiment of a lackluster peak season is strong. Currently, stainless steel has a large amount of inventory accumulation, and the upward momentum is insufficient compared with the previous continuous destocking cycle. The center of gravity of stainless steel may move down slightly, but export is favorable due to WTO rulings and certification exemptions [3][5]. 3. Summary by Relevant Sections Price and Volatility Forecast - **Nickel (Shanghai Futures Exchange)**: The price range is predicted to be 11,800 - 12,600 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [2]. - **Stainless Steel**: The price range is predicted to be 1,250 - 1,310 yuan/ton, with a current 20 - day rolling volatility of 8.79% and a historical percentile of 5.9% [2]. Risk Management Strategies Nickel - **Inventory Management**: When the product sales price falls and inventory has impairment risk, sell Shanghai nickel futures (NI main contract) with a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) with a 50% hedging ratio [2]. - **Procurement Management**: When the company has future production procurement needs and is worried about rising raw material prices, buy far - month NI contracts according to the production plan, sell put options, and buy out - of - the - money call options, with the hedging ratio based on the procurement plan [2]. Stainless Steel - **Inventory Management**: When the product sales price falls and inventory has impairment risk, sell stainless - steel futures (SS main contract) with a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) with a 50% hedging ratio [3]. - **Procurement Management**: When the company has future production procurement needs and is worried about rising raw material prices, buy far - month SS contracts according to the production plan, sell put options, and buy out - of - the - money call options, with the hedging ratio based on the procurement plan [3]. Market Data Nickel - **Futures Prices**: The latest price of the Shanghai nickel main - continuous contract is 121,180 yuan/ton, with a 0% change; the Shanghai nickel continuous - one contract is 120,860 yuan/ton, down 0.39%; the Shanghai nickel continuous - two contract is 121,100 yuan/ton, down 0.34%; the Shanghai nickel continuous - three contract is 121,340 yuan/ton, down 0.34%; the LME nickel 3M contract is 15,230 US dollars/ton, down 0.34% [6]. - **Volume and Open Interest**: The trading volume is 60,391 lots, down 12.28%; the open interest is 50,388 lots, down 14.10% [6]. - **Warehouse Receipts**: The number of warehouse receipts is 27,026 tons, up 0.59% [6]. - **Basis**: The basis of the main contract is - 240 yuan/ton, down 52.0% [6]. Stainless Steel - **Futures Prices**: The latest price of the stainless - steel main - continuous contract is 12,665 yuan/ton, up 1%; the stainless - steel continuous - one contract is 12,595 yuan/ton, down 0.28%; the stainless - steel continuous - two contract is 12,695 yuan/ton, down 0.12%; the stainless - steel continuous - three contract is 12,780 yuan/ton, up 0.24% [7]. - **Volume and Open Interest**: The trading volume is 126,078 lots, up 1.04%; the open interest is 188,332 lots, down 4.98% [7]. - **Warehouse Receipts**: The number of warehouse receipts is 74,497 tons, down 0.16% [7]. - **Basis**: The basis of the main contract is 775 yuan/ton, up 4.73% [7]. Inventory Data - **Domestic Social Inventory of Nickel**: 47,708 tons, unchanged from the previous period [7]. - **LME Nickel Inventory**: 250,476 tons, unchanged from the previous period [7]. - **Stainless - Steel Social Inventory**: 952.6 tons, an increase of 47 tons [7]. - **Ferronickel Inventory**: 29,062 tons, a decrease of 174 tons [7]. Factors Affecting the Market Positive Factors - Indonesia shortens the nickel ore quota license period from three years to one year [6]. - The Indonesian forestry working group takes over part of the nickel mining area of PT Weda Bay [6]. - CATL and Antam are promoting the construction of an integrated nickel smelter [6]. - The WTO rules that the EU's additional tax on Indonesian stainless steel is illegal [5][6]. - The exemption of the Indian BIS certification is extended to the end of the year [5][6]. Negative Factors - The inventory of pure nickel is high [6]. - The center of gravity of ferronickel has moved down, and the bottom support has loosened [6]. - Stainless steel has re - entered the inventory accumulation stage [6]. - The stainless - steel market shows a lackluster peak season, and the demand recovery is less than expected [6].

Report Industry Investment Ratings No relevant information provided. Core Views of the Report Copper - Copper prices were volatile yesterday, with high prices suppressing demand. In the macro - aspect, attention should be paid to tariff policies, overseas liquidity, and the COMEX - LME spread. In the fundamental aspect, tight copper ore supply supports the price bottom. High copper prices have a certain inhibitory effect on downstream demand, but terminal demand remains resilient. The main contract is expected to find support between 84,000 - 85,000 yuan/ton [1]. Aluminum - The alumina market remains weak, with supply pressure significant and demand weak. The aluminum market is expected to maintain a high - level shock in the short term, with the main contract ranging from 20,700 - 21,300 yuan/ton. Attention should be paid to macro - policy changes, downstream acceptance of high prices, and inventory depletion rhythm [3]. Aluminum Alloy - Casting aluminum alloy followed the aluminum price in a range - bound shock. Cost support is prominent, but high inventory and policy uncertainty pose constraints. The short - term ADC12 price is expected to maintain a strong shock, with the main contract ranging from 20,200 - 20,800 yuan/ton [5]. Zinc - Zinc prices were volatile. The supply - side logic of looseness has been transmitted from zinc ore to zinc ingots. Demand has no unexpected performance. The short - term price may rise due to macro - drivers but has limited upward elasticity. The main contract is expected to range from 21,500 - 22,500 yuan/ton [9]. Tin - The supply of tin ore remains tight, while demand is weak. Considering the strong supply - side influence, attention should be paid to buying points when the macro - sentiment falls. The subsequent trend depends on the recovery of Myanmar's supply in the fourth quarter [11]. Nickel - The nickel market is expected to be range - bound. Macro risks have increased, and there is some positive news from the ore end. However, inventory accumulation exerts pressure. The main contract is expected to range from 120,000 - 126,000 yuan/ton [13]. Stainless Steel - The stainless - steel market is expected to be weakly volatile in the short term. The main contract is expected to range from 12,400 - 12,800 yuan/ton. Attention should be paid to macro - expectations and steel - mill supply [14][16]. Lithium Carbonate - The lithium carbonate market is expected to be strong in the short term. The main contract is expected to range from 75,000 - 78,000 yuan/ton. Attention should be paid to macro risks [17][19]. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price increased by 1.01% to 85,630 yuan/ton, and the SMM 1 electrolytic copper premium increased by 5 yuan/ton to 60 yuan/ton. The refined - scrap spread increased by 31.75% to 3,570 yuan/ton [1]. Fundamental Data - In September, electrolytic copper production decreased by 4.31% month - on - month to 112.10 million tons, while imports increased by 26.50% to 33.43 million tons. The domestic mainstream port copper concentrate inventory increased by 3.11% week - on - week to 68.07 million tons [1]. Aluminum Price and Spread - SMM A00 aluminum price decreased by 0.10% to 20,930 yuan/ton, and the SMM A00 aluminum premium increased by 10 yuan/ton to 10 yuan/ton. Alumina prices in various regions showed a downward trend [3]. Fundamental Data - In September, alumina production decreased by 1.74% month - on - month to 760.37 million tons, and electrolytic aluminum production decreased by 3.16% to 361.48 million tons [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices remained unchanged. The refined - scrap spreads in different regions showed an increasing trend [5]. Fundamental Data - In September, the production of recycled aluminum alloy ingots increased by 7.48% month - on - month to 66.10 million tons, and the production of primary aluminum alloy ingots increased by 4.43% to 28.30 million tons [5]. Zinc Price and Spread - SMM 0 zinc ingot price increased by 0.09% to 21,870 yuan/ton, and the import loss decreased by 101.06 yuan/ton to - 4,429 yuan/ton [9]. Fundamental Data - In September, refined zinc production decreased by 4.17% month - on - month to 60.01 million tons, and imports decreased by 11.61% to 2.27 million tons [9]. Tin Spot Price and Basis - SMM 1 tin price decreased by 0.36% to 280,000 yuan/ton, and the LME 0 - 3 premium decreased by 10.08% to - 142.00 dollars/ton [11]. Fundamental Data - In September, SMM refined tin production decreased by 31.71% month - on - month to 10,510 tons, and the average SMM refined tin operating rate decreased by 31.77% to 63.90% [11]. Nickel Price and Basis - SMM 1 electrolytic nickel price decreased by 0.20% to 122,100 yuan/ton, and the 1 Jinchuan nickel premium increased by 2.08% to 2,400 yuan/ton [13]. Supply and Inventory - China's refined nickel production increased by 1.26% month - on - month to 32,200 tons, and imports decreased by 3.00% to 17,010 tons. SHFE inventory increased by 3.93% week - on - week to 61,188 tons [13]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.38% to 12,950 yuan/ton, and the price of 304/2B (Foshan Hongwang 2.0 coil) remained unchanged [14]. Fundamental Data - China's 300 - series stainless - steel crude - steel production increased by 0.38% month - on - month to 182.17 million tons, and Indonesia's 300 - series stainless - steel crude - steel production increased by 0.36% to 42.35 million tons [14]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate price increased by 0.89% to 74,000 yuan/ton, and the SMM battery - grade lithium carbonate - industrial - grade lithium carbonate spread remained unchanged at 2,250 yuan/ton [17]. Fundamental Data - In September, lithium carbonate production increased by 2.37% month - on - month to 87,260 tons, and the total lithium carbonate inventory increased by 0.38% to 84,538 tons [17].

Report Title - Acceleration of Inventory Accumulation, Nickel Prices Under Pressure [1] Report Industry Investment Rating - Not provided Core Viewpoints - The nickel market is expected to remain in a state of high surplus in the next two years, with increasing global nickel inventories and a difficult - to - reverse supply - demand surplus pattern. Nickel prices are predicted to experience wide - range fluctuations with a downward - shifting center of gravity, testing cost support. Stainless steel may maintain a weak and volatile pattern [5][8]. Summary by Relevant Catalogs 1. Spread Tracking and Inventory 1.1 Nickel - Global Nickel Inventory Rapidly Accumulating - Global visible nickel inventory reaches 300,000 tons, with LME inventory at 250,000 tons (an increase of 13,000 tons this week), SHFE inventory at 34,000 tons, and SMM's six - region social inventory at 48,000 tons (with a slight increase) [13]. 1.2 Stainless Steel - Social Inventory Slightly Increasing After the Holiday - Social inventory increased during the National Day holiday and continued to rise slightly after the holiday, indicating weak current demand [11][18]. 2. Fundamental Analysis 2.1 Nickel 2.1.1 Supply: High - level Supply of Refined Nickel in China and India - SMM statistics show that the cumulative output of refined nickel from January to September increased by 24% year - on - year to 300,000 tons. The total domestic refined nickel output in October is expected to remain high at 36,300 tons, a slight decrease of 200 tons from the previous month. From January to August 2025, the net import of domestic refined nickel was 36,800 tons, compared with a net export of 15,000 tons in the same period last year. The supply of domestic refined nickel from January to August 2025 was 300,000 tons, a cumulative year - on - year increase of 55% [26]. 2.1.2 Demand: Stable Consumption of Electroplating and Alloys - The cumulative consumption of pure nickel for batteries from January to September increased by 1% year - on - year to 216,000 tons. SMM research shows that the downstream demand for nickel decreased slightly in September but remained above the boom - bust line, mainly supported by the stainless - steel PMI at 50. The stainless - steel consumption in October fell short of expectations, which may affect the overall nickel consumption [29]. 2.2 Stainless Steel 2.2.1 Raw Materials - Nickel Ore Prices Stable with an Upward Bias - The FOB price of nickel ore is expected to rise due to the approaching rainy season in the Surigao region of the Philippines and reduced overall market supply. However, price increases are difficult due to the weak nickel - iron market. In Indonesia's domestic trade, the second - round benchmark price of domestic nickel ore in October increased month - on - month, and the premium rose slightly to +$25 - 26 [31]. 2.2.2 Raw Materials - Stable NPI Prices - The prices of high - nickel iron and NPI remained stable. The production of NPI in China and Indonesia from January to September showed certain trends, and the inventory of NPI in China also had corresponding changes [33][34][36]. 2.2.3 Raw Materials - Stable Chromium - based Prices - Chromium ore prices remained stable. The long - term purchase price of high - carbon ferrochrome by Tsingshan Group in October 2025 increased month - on - month. The estimated cold - rolling cash cost is around $13,500 per ton, and the integrated cost reaches $13,000 per ton [38][40]. 2.2.4 Raw Materials - Cold - rolling Cost Inversion - On October 17, the prices of various stainless - steel raw materials showed certain changes compared with the previous days, and the cold - rolling cost was in an inverted state [42]. 2.2.5 Supply - Increased Stainless - steel Mill Production Scheduling in October - It is estimated that the output of stainless - steel crude steel in China and India from January to September was 3.345 million tons, a cumulative year - on - year increase of 5%. In October, the output in both countries increased month - on - month, but production cuts may occur due to cost inversion. From January to August 2025, China's stainless - steel imports decreased by 23% year - on - year, exports increased by 3% year - on - year, and the net export volume increased by 21% year - on - year [51]. 2.2.6 Demand - Shipbuilding Growth Provides Support - The cumulative year - on - year growth of shipbuilding plate output from January to August reached 29%, while the growth rates of other terminal fields were not optimistic [53]. 2.3 New Energy Vehicles 2.3.1 Domestic Sales with Seasonal Month - on - Month Growth - In September, the production and sales of new - energy vehicles reached 1.617 million and 1.604 million respectively, a year - on - year increase of 23.7% and 24.6% respectively. The retail sales of new - energy passenger vehicles in September were 1.296 million, a year - on - year increase of 15.5% and a month - on - month increase of 16.2%. The cumulative retail sales from January to September were 8.866 million, a year - on - year increase of 24.4%. The cumulative year - on - year growth of power battery cell production from January to September was 45.6% to 86.104 GWh [60]. 2.3.2 Slowed Electrification Process in Europe and the United States - From January to August 2025, the cumulative year - on - year growth of global new - energy vehicle sales was 23.5% to 12.371 million, the cumulative year - on - year growth of European new - energy vehicle sales was 27.4% to 2.347 million, and the cumulative year - on - year growth of US new - energy vehicle sales was 8.1% to 1.063 million. From January to September 2025, China's new - energy vehicle exports were 1.727 million, a year - on - year increase of 86% [65]. 2.3.3 Nickel Sulfate Market - Growth of Ternary Materials and Tight Precursor Supply - From January to September, the cumulative year - on - year production of nickel sulfate in China decreased by 13.6% to 246,000 tons, the cumulative year - on - year production of ternary precursors decreased by 13% to 540,000 tons, and the cumulative year - on - year production of ternary cathode materials increased by 12% to 569,000 tons. During the peak production season of power batteries from September to October, the ternary materials increased month - on - month, but the growth of precursor production was less than expected [67]. 2.3.4 Nickel Sulfate Raw Materials - Recovery Growth of Intermediate Product Output - From January to September, the cumulative year - on - year production of MHP in Indonesia increased by 53% to 325,000 tons, and the cumulative year - on - year production of high - grade nickel matte decreased by 34% to 138,000 tons. The cost of MHP increased, and the price remained firm [71]. 2.4 Large Increase in Pure Nickel Imports, Obvious Domestic Surplus - The supply - demand balance of primary nickel and pure nickel in China shows an obvious surplus situation [72]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In the short - term, the fundamentals of the nickel industry are under pressure. The weakening of ferronickel prices and significant refined nickel inventory pressure are dragging down nickel prices. If the refined nickel inventory continues to increase, nickel prices may not rise significantly and could even decline further. However, in the long - term, global fiscal and monetary easing cycles, combined with China's anti - involution policies, will support nickel prices, and the new RKAB approval in the new year also presents potential positive factors for nickel prices. Therefore, it is recommended to wait and see in the short - term. If the nickel price drops sufficiently (115,000 - 118,000 yuan/ton) or the risk preference is high, one can consider gradually establishing long positions. The short - term operating range of the main SHFE nickel contract is expected to be 115,000 - 128,000 yuan/ton, and that of the LME 3M nickel contract is expected to be 14,500 - 16,500 US dollars/ton [11]. 3. Summary by Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - **Resource end**: Nickel ore prices have been stable recently. In the Philippines, despite the decline in domestic ferronickel prices and weakening demand, the approaching rainy season in the main producing areas has strengthened the mines' willingness to hold prices, so the short - term decline of Philippine nickel ore prices is unlikely. In Indonesia, the overall supply - demand remains loose, but due to concerns about the RKAB approval quotas in the fourth quarter and 2026, smelters have accelerated stockpiling, limiting the downward space of ore prices [11]. - **Ferronickel**: Ferronickel prices have continued to weaken recently. The slow de - stocking of stainless steel social inventory, limited support for stainless steel prices during the peak season, and low procurement willingness of steel enterprises have led to the weakening of ferronickel prices. The market has gradually shifted to trading the pessimistic expectation of the fundamentals after the peak season, and there is still room for further decline in the future [11]. - **Intermediate products**: On the supply side, the market's available and tradable supply has remained tight, strengthening the sellers' bargaining power, and some traders have raised their quotes, providing price support. On the demand side, as the downstream industries enter the peak demand season, enterprises' raw material procurement demand has been released. In this context, downstream enterprises' acceptance of high - priced MHP has gradually increased, and the MHP coefficient price has remained strong recently [11]. - **Refined nickel**: After the holiday, affected by the non - ferrous metals sector, nickel prices rebounded strongly. However, as the upward driving force weakened and market sentiment faded, nickel prices adjusted downward. Macroscopically, the US government shutdown and the continued Sino - US trade frictions have significantly reduced market risk appetite. In the spot market, overall transactions were average, and the spot premiums and discounts of various refined nickel brands remained stable [11]. 3.2 Futures and Spot Markets - **Spot market**: The prices of Jinchuan nickel and Russian nickel decreased, with decreases of 1,420 yuan/ton (- 1.14%) and 1,500 yuan/ton (- 1.22%) respectively. The spot price ratio increased by 0.16 (1.99%), and the import loss decreased by 3.05 percentage points [15]. - **Futures market**: The LME closing price decreased by 105 US dollars (- 0.69%), and the SHFE closing price decreased by 1,020 yuan (- 0.83%). The Russian nickel premium remained unchanged, while the LME nickel premium decreased by 8.2 US dollars/ton. The three - month price ratio increased by 0.18 (2.34%). The LME position decreased by 0.36 million lots (- 1.03%), and the SHFE position increased by 1.44 million lots (6.81%) [15]. - **Inventory**: The LME inventory increased by 1.32 million tons (5.54%), the SHFE inventory increased by 0.13 million tons (3.93%), the bonded area inventory decreased by 0.02 million tons (- 4.89%), the nickel plate spot inventory increased by 0.21 million tons (4.86%), and the nickel bean spot inventory decreased by 0.02 million tons (- 11.88%) [15]. 3.3 Cost End - **Nickel ore**: The report provides data on Philippine nickel ore exports, domestic nickel ore imports, port inventories, and prices in Indonesia and the Philippines through multiple charts [29][31][33]. - **Ferronickel**: It shows the monthly production and production profit of ferronickel in Indonesia and China through charts [35][37]. - **Intermediate products**: It presents the production, import volume, and price of Indonesian MHP and ice - nickel, as well as the price and transaction coefficient of intermediate products through charts [39][41][43]. 3.4 Refined Nickel - **Supply**: It shows the monthly production and enterprise operating rate of domestic refined nickel through charts [47]. - **Demand**: It reflects the demand for refined nickel from aspects such as domestic stainless steel production, social inventory, manufacturing terminal demand, and real estate demand through charts [49][51]. - **Import and export**: It shows the import volume and import profit and loss of domestic refined nickel through charts [53]. - **Inventory**: As of September 26, the global visible nickel inventory was reported at 270,000 tons, and the report also shows the domestic refined nickel inventory and LME regional inventory through charts [56][58]. - **Cost**: It shows the production cost and profit margin of domestic refined nickel by raw material and process through charts [59]. 3.5 Nickel Sulfate - **Supply**: It shows the production and net import volume of Chinese nickel sulfate through charts [63]. - **Demand**: It reflects the demand for nickel sulfate from aspects such as ternary power battery loading volume and Chinese ternary precursor production through charts [66]. - **Cost and price**: It shows the production cost, price, and main raw material production profit margin of battery - grade nickel sulfate through charts [68]. 3.6 Supply - Demand Balance - **Global supply outlook**: It shows the global nickel supply outlook through a chart [75]. - **Quarterly supply - demand balance forecast**: From 2023 to 2025, the supply of nickel has generally exceeded the demand, with a total supply - demand surplus of 82,900 tons in 2023, 2,720 tons in 2024, and it is expected to be 166,400 tons in 2025 [75].

Core Viewpoint - The company has entered into a framework agreement with its controlling shareholder, Likun Investment, to provide engineering construction services and materials, enhancing business flexibility and ensuring stable supply at competitive terms [1] Group 1: Agreement Details - The framework agreement will be effective from October 17, 2025, to December 31, 2027, allowing for ongoing provision of services and materials [1] - The decision to establish a framework agreement rather than a one-time agreement is seen as commercially advantageous for the company [1] Group 2: Company Background - The company operates across the entire nickel industry value chain [1] - Likun Investment, established on April 19, 2010, in China, is controlled by Cai Jianyong, who is also an executive director and a major shareholder of the company [1] - As of the announcement date, Likun Investment holds approximately 32.65% of the company's equity, making it the controlling shareholder [1]

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Tin - Supply is tight with low processing fees and uncertain Myanmar supply; demand is weak, and short - term macro - perturbations are expected. Consider buying on macro - sentiment drops. The future price depends on Myanmar's supply recovery [2]. Aluminum Alloy - Cost support is strong, supply has potential pressure, demand is moderately recovering, and inventory is showing a downward trend. ADC12 prices are expected to remain high and fluctuate in the short term [3]. Alumina - The market is in an oversupply situation, with cost support weakening and demand remaining sluggish. Spot prices are expected to remain under pressure, and the main contract may fluctuate in the range of 2750 - 2950 yuan/ton [4]. Aluminum - The macro environment is favorable, and the fundamentals are in a tight - balance state. High prices are suppressing downstream procurement. Aluminum prices are expected to remain high and fluctuate in the short term [4]. Nickel - Macro risks are increasing, there is some positive news in the ore sector, and inventory is accumulating. The price is expected to fluctuate within a range [5]. Stainless Steel - Macro risks are magnified, raw material prices are firm, but downstream demand fails to meet expectations, and inventory is under pressure. The short - term price is expected to be weak and fluctuate [7]. Lithium Carbonate - The supply path is becoming clear, demand in the peak season is strong, and inventory is decreasing. The short - term price is expected to be strong [10]. Copper - High copper prices are suppressing demand. Macro factors and supply shortages will influence the price. The long - term supply shortage will support the price, and the main contract should pay attention to the 84000 - 85000 support level [12][14]. 3. Summary by Related Catalogs Tin Price and Spread - SMM 1 tin decreased by 0.18% to 281200 yuan/ton; LME 0 - 3 spread decreased by 15.05% to - 130.01 dollars/ton [2]. Fundamental Data - August tin ore imports decreased by 0.11%; September SMM refined tin production decreased by 31.71% [2]. Inventory - SHEF inventory decreased by 8.55% to 5879 tons; social inventory decreased by 1.32% to 7786 tons [2]. Aluminum Alloy Price and Spread - SMM ADC12 prices remained unchanged; some scrap - to - refined aluminum price spreads increased [3]. Fundamental Data - September recycled aluminum alloy ingot production increased by 7.48% to 66.10 million tons; August primary aluminum alloy ingot production increased by 1.88% to 27.10 million tons [3]. Inventory - Recycled aluminum alloy ingot social inventory decreased by 2.84% to 5.48 million tons [3]. Alumina Price and Spread - SMM A00 aluminum increased by 0.14% to 20950 yuan/ton; alumina prices in various regions decreased [4]. Fundamental Data - September alumina production decreased by 1.74% to 760.37 million tons; September electrolytic aluminum production decreased by 3.16% to 361.48 million tons [4]. Inventory - Chinese electrolytic aluminum social inventory decreased by 3.39% to 62.70 million tons; LME inventory decreased by 0.73% [4]. Aluminum - Similar to the alumina section in price, spread, fundamental data, and inventory aspects [4]. Nickel Price and Spread - SMM 1 electrolytic nickel decreased by 0.12% to 122150 yuan/ton; some nickel ore and new - energy material prices changed [5]. Fundamental Data - Chinese refined nickel production increased by 1.26% to 32200 tons; refined nickel imports decreased by 3.00% [5]. Inventory - SHFE inventory increased by 1.75% to 29575 tons; social inventory increased by 7.02% to 43694 tons [5]. Stainless Steel Price and Spread - 304/2B (Wuxi Hongwang 2.0 roll) increased by 0.78% to 13000 yuan/ton; some raw material prices changed [7]. Fundamental Data - September 300 - series stainless - steel crude - steel production increased slightly; stainless - steel imports increased by 60.48% in August [7]. Inventory - 300 - series social inventory (Wuxi + Foshan) decreased by 0.56% to 50.18 million tons; SHFE warehouse receipts decreased by 0.92% to 8.32 million tons [7]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate remained unchanged at 73000 yuan/ton; some lithium raw material prices increased [10]. Fundamental Data - September lithium carbonate production increased by 2.37% to 87260 tons; demand increased by 12.28% [10]. Inventory - September lithium carbonate total inventory decreased slightly; downstream inventory increased by 15.29%, and smelter inventory decreased by 19.16% [10]. Copper Price and Spread - SMM 1 electrolytic copper decreased by 0.07% to 85175 yuan/ton; some spreads and premiums changed [12][14]. Fundamental Data - September electrolytic copper production decreased by 4.31% to 112.10 million tons; August electrolytic copper imports decreased by 10.99% [12][14]. Inventory - Domestic social inventory increased by 6.73% to 17.75 million tons; SHFE inventory increased by 15.42% to 10.97 million tons [12][14].

1. Report Industry Investment Rating The given reports do not mention any industry investment ratings. 2. Report's Core Views Copper - Copper prices were volatile yesterday, with high prices suppressing demand. Macro - factors like the approaching China - US tariff extension deadline and the weak US employment report could drive short - term trading. The supply shortage of copper mines will support copper prices in the long - term. The main contract is expected to find support between 84,000 - 85,000 yuan/ton [1]. Aluminum - The alumina market continued to be weak, and the aluminum market was in an oversupply situation. The spot price of aluminum is expected to remain under pressure, with the main contract oscillating between 2,750 - 2,950 yuan/ton. The Shanghai aluminum is expected to maintain a high - level oscillation between 20,700 - 21,300 yuan/ton, supported by macro - easing expectations and a tight - balance fundamentals, but high prices are suppressing downstream procurement [3]. Aluminum Alloy - The price of cast aluminum alloy futures oscillated, with the main contract slightly down. Cost support was prominent, but supply was restricted by raw material shortages and unclear policies. Demand was moderately recovering, and inventory was increasing, suppressing price increases. The ADC12 price is expected to maintain a high - level oscillation between 20,200 - 20,800 yuan/ton [4]. Zinc - Zinc prices oscillated, with pressure above. The supply - side logic of zinc has shifted from mines to zinc ingots. The increase in zinc ingot production is limited. Demand did not exceed expectations. The Shanghai zinc is expected to remain oscillating between 21,500 - 22,500 yuan/ton [7]. Tin - The supply of tin mines remained tight, while demand was weak. The short - term macro - volatility is expected to increase. Consider buying on dips due to macro - sentiment drops. The future trend of tin prices depends on the supply recovery in Myanmar in the fourth quarter [9]. Nickel - The Shanghai nickel market oscillated narrowly. Macro - risks increased, and there were some positive factors in the mining end, but the supply is expected to be loose in the medium - term, restricting price increases. The main contract is expected to oscillate between 120,000 - 126,000 yuan/ton [11]. Stainless Steel - The stainless - steel market oscillated weakly. Macro - risks increased, raw material prices were firm, but the peak - season demand was not met, and inventory pressure was high. The main contract is expected to oscillate between 12,400 - 12,800 yuan/ton [13]. Lithium Carbonate - The lithium carbonate futures market oscillated. The supply - side situation was gradually becoming clear but with many uncertainties. Demand was robust, and the whole - chain inventory was decreasing. The short - term market is expected to oscillate, with the main contract price centered between 70,000 - 75,000 yuan/ton [17][19]. 3. Summaries According to Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price decreased by 0.88% to 85,235 yuan/ton; SMM 1 electrolytic copper premium increased by 40 yuan/ton. Other copper varieties also showed price and premium changes [1]. Fundamental Data - In September, electrolytic copper production decreased by 4.31% to 112.10 million tons; in August, imports decreased by 10.99% to 26.43 million tons. Various inventory data also changed [1]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.10% to 20,920 yuan/ton; SMM A00 aluminum premium increased by 30 yuan/ton. Alumina prices in different regions decreased [3]. Fundamental Data - In September, alumina production decreased by 1.74% to 760.37 million tons; electrolytic aluminum production decreased by 3.16% to 361.48 million tons. Aluminum inventories also changed [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices in different regions decreased by 0.24%. Various scrap - to - refined price differences remained unchanged [4]. Fundamental Data - In September, the production of recycled aluminum alloy ingots increased by 7.48% to 66.10 million tons; the production of primary aluminum alloy ingots increased by 1.88% to 27.10 million tons. The开工 rate of different types of enterprises also changed [4]. Zinc Price and Spread - SMM 0 zinc ingot price decreased by 0.90% to 22,010 yuan/ton. The import loss decreased, and the monthly spread changed [7]. Fundamental Data - In September, refined zinc production decreased by 4.17% to 60.01 million tons; in August, imports increased by 43.30% to 1.79 million tons. The开工 rate of related industries and inventory data also changed [7]. Tin Spot Price and Basis - SMM 1 tin price decreased by 0.11% to 281,700 yuan/ton; SMM 1 tin premium remained unchanged. Other price and spread data also changed [9]. Fundamental Data - In September, SMM refined tin production decreased by 31.71% to 10,510 tons; in August, imports decreased by 40.19% to 1,296 tons. Inventory data also changed [9]. Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 0.16% to 122,300 yuan/ton. Various nickel - related prices and spreads changed [11]. Supply, Demand and Inventory - China's refined nickel production increased by 1.26% to 32,200 tons; imports decreased by 3.00% to 17,010 tons. Inventory data also changed [11]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.39% to 12,900 yuan/ton. The futures - spot spread decreased by 8.11% [13]. Fundamental Data - In October, the production of 300 - series stainless - steel crude steel in China and Indonesia increased slightly. Import and export volumes, as well as inventory data, also changed [13]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price remained unchanged at 73,000 yuan/ton. Various lithium - related prices and spreads changed [17]. Fundamental Data - In September, lithium carbonate production increased by 2.37% to 87,260 tons; demand increased by 12.28% to 116,801 tons. Inventory data also changed [17].