Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the provided content Group 3: Summary by Related Catalogs Spot Market - Newman powder: price 792, daily change 0, weekly change 11, converted to the disk 847.7, import profit -7.70 [1] - PB powder: price 795, daily change 0, weekly change 11, converted to the disk 843.7, import profit -6.48 [1] - Mac powder: price 786, daily change 0, weekly change 8, converted to the disk 858.5, import profit 17.50 [1] - Jinbuba powder: price 746, daily change 0, weekly change 11, converted to the disk 838.8, import profit 11.22 [1] - Mainstream mixed powder: price 728, daily change 0, weekly change -5, converted to the disk 857.0, import profit -16.09 [1] - Super special powder: price 678, daily change 0, weekly change 1, converted to the disk 892.6, import profit -24.44 [1] - Carajás powder: price 885, daily change -7, weekly change 1, converted to the disk 829.5, import profit -9.57 [1] - Brazilian mixed powder: price 834, daily change 2, weekly change 15, converted to the disk 850.3, import profit 9.28 [1] - Brazilian coarse IOC6: price 772, daily change 0, weekly change -12 [1] - Brazilian coarse SSFG: price 777, daily change 0, weekly change -12 [1] - Ukrainian concentrate powder: price 880, daily change -7, weekly change 2 [1] - 61% Indian powder: price 735, daily change 0, weekly change 11 [1] - Karara concentrate powder: price 882, daily change -7, weekly change 2 [1] - Roy Hill powder: price 782, daily change 0, weekly change 11, converted to the disk 860.7, import profit 23.04 [1] - KUMBA powder: price 854, daily change 0, weekly change 11, converted to the disk 845.6 [1] - 57% Indian powder: price 613, daily change 0, weekly change 1 [1] - Atlas powder: price 723, daily change 0, weekly change -5 [1] - Tangshan iron concentrate powder: price 1020, daily change 0, weekly change 12, converted to the disk 907.0 [1] Futures Market - i2601 contract: latest price 791.5, daily change -0.5, weekly change 17.5, monthly spread -61.5 [1] - i2605 contract: latest price 755.0, daily change -2.5, weekly change 7.5, monthly spread 36.5 [1] - i2609 contract: latest price 730.0, daily change -4.0, weekly change 5.5, monthly spread 25.0 [1] - FE01 contract: latest price 101.27, daily change 0.08, weekly change 2.87, monthly spread -4.67 [1] - FE05 contract: latest price 98.73, daily change 0.00, weekly change 2.63, monthly spread 2.54 [1] - FE09 contract: latest price 96.60, daily change 0.00, weekly change 2.60, monthly spread 2.13 [1]

新矿资源(01231)发布公告，集团于截至2025年9月30日止9个月期间取得未经审核净亏损;及集团预期截 至2025年12月31日止年度取得净亏损约220万美元，而截至2024年12月31日止年度取得净亏损约30万美 元。 同时，集团亦将继续物色及发掘新的铁矿石及其他大宗商品供应渠道，使集团的产品供应多元化，并探 索并购、投资或其他合作机遇，以实现可持续发展。 集团于本年度的年度业绩预期下降，主要原因在于：与去年同期相比，鉴于本年度主要供应商的铁矿石 供应量预期减少，导致集团销售额及毛利下降;及由于本年度对集团铁矿石需求疲软，导致铁矿石单位 毛利大幅下降。 此外，如公司于较早前日期为2025年10月24日的公告所披露，Koolan Iron Ore Pty Limited(Koolan)的 Koolan Island作业区主矿坑东侧下盘发生重大落石事故。集团已获通知，Koolan于落石影响区域的补救 工作及恢复采矿作业并不可行。因此，Koolan的采矿活动已经暂停，而Koolan含铁量预期低于55%的低 品位铁矿石仍可继续发货。集团最近亦获通知，若干原定于2025年第四季度进行的发货最近须予以延迟 或取消。 ...

格隆汇11月19日丨新矿资源(01231.HK)公布截至2025年9月30日止9个月期间录得未经审核净亏损；及 (ii)集团预期截至2025年12月31日止年度(「本年度」)录得净亏损约220万美元，而截至2024年12月31日 止年度(「去年同期」)录得净亏损约30万美元。 (i)与去年同期相比，监於本年度主要供应商的铁矿石供应量预期减少，导致集团销售额及毛利下降；及 (ii)由于本年度对集团铁矿石需求疲软，导致铁矿石单位毛利大幅下降。 集团于本年度的年度业绩预期下降，主要原因在于： ...

研究所 黑色研发报告 铁矿石日报 2025 年 11 月 19 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 791.5 | 792.0 | -0.5 | I01-I05 | 36.5 | 34.5 | 2.0 | | DCE05 | 755.0 | 757.5 | -2.5 | I05-I09 | 25.0 | 23.5 | 1.5 | | DCE09 | 730.0 | 734.0 | -4.0 | I09-I01 | -61.5 | -58.0 | -3.5 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | PB粉(60.8%) | 790 | 787 | 3 | 860 | 60 | 95 | 118 | | 纽曼粉 | 792 | 789 | 3 | 859 | 59 | 93 | 117 | | 麦克粉 | 788 | 785 | 3 | 859 | 59 | 94 | 117 | ...

Report on Steel Union's 15-Port Imported Ore Inventory (November 19, 2025) 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Steel Union's 15-port ore inventory has been continuously increasing, with a week-on-week increase of 6060 tons and a narrowing decline, mainly due to the decrease in arrivals [1]. - The inventory of mainstream varieties shows a mixed trend. Among them, the inventory of Brazilian iron ore fines increased by 52,450 tons week-on-week, while the inventory of medium-grade Australian iron ore fines decreased by 61,450 tons, and the pellet inventory continued to decline slightly [1]. - In general, the port inventory of iron ore continues to increase, and industrial contradictions continue to accumulate without structural contradictions [1]. 3. Summary According to Related Catalogs Inventory Quantity and Change - **Total Inventory**: The total inventory is 11,832,910 tons, with a week-on-week increase of 6,060 tons (0.05%), a month-on-month increase of 585,130 tons (5.20%), and a year-on-year decrease of 909,000 tons (-7.13%) [1]. - **High-Grade Australian Iron Ore Fines**: The inventory is 1,576,950 tons, with a week-on-week decrease of 17,900 tons (-1.12%), a month-on-month decrease of 76,730 tons (-4.64%), and a year-on-year decrease of 648,300 tons (-29.13%) [1]. - **Brazilian Iron Ore Fines**: The inventory is 2,165,780 tons, with a week-on-week increase of 52,450 tons (2.48%), a month-on-month increase of 100,040 tons (4.84%), and a year-on-year increase of 419,920 tons (24.05%) [1]. - **Medium-Grade Australian Iron Ore Fines**: The inventory is 670,560 tons, with a week-on-week decrease of 61,450 tons (-8.39%), a month-on-month increase of 70,390 tons (11.73%), and a year-on-year increase of 60,920 tons (9.99%) [1]. - **Australian Iron Ore Lumps**: The inventory is 966,430 tons, with a week-on-week increase of 680 tons (0.07%), a month-on-month increase of 3,210 tons (0.33%), and a year-on-year increase of 148,350 tons (18.13%) [1]. - **Pellets**: The inventory is 29,630 tons, with a week-on-week decrease of 2,130 tons (-6.71%), a month-on-month increase of 3,560 tons (13.66%), and a year-on-year decrease of 75,280 tons (-71.76%) [1].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Overall, finished steel products are supported by raw material costs at the lower end, but their upward drive is suppressed by inventory and demand. They are expected to trade in a range, with rebar likely between 2900 - 3200 and hot - rolled coil between 3100 - 3400. Attention should be paid to the de - stocking speed and downstream consumption, and the risk lies in the possible negative feedback caused by the decline in steel enterprise profitability [3]. - The iron ore fundamentals show a pattern of strong supply and weak demand, with total inventory continuously increasing, but a structural shortage of deliverable products. The price lacks a strong trend driver. The port inventory is accumulating above the seasonal level, but the inventory of deliverable brand coarse powder is decreasing, supporting the basis to strengthen. The coking coal price decline provides a seesaw support for the ore price, but the subsequent recovery of coking coal valuation may squeeze the iron ore [21]. - In the short term, the coal - coke futures and spot prices may face adjustment pressure due to factors such as the high spot price increase, weak downstream acceptance, and seasonal weakening of demand. In the long - term, the supply elasticity of coking coal will be restricted by policies, and the winter storage demand is expected to limit the downward space of coking coal prices [31]. - Ferroalloys face a fundamental situation of high inventory and weak demand. Although the cost center may shift down due to the impact of energy supply - guarantee policies on coking coal prices, the downward space is limited, and they are expected to fluctuate weakly [44]. - Soda ash is mainly priced by cost. Without production cuts, its valuation has limited upward elasticity. The medium - and long - term supply is expected to remain high, and the upper - and middle - stream inventory is high, restricting the price, but there is cost support at the lower end [53]. - The glass market has weak production and sales recently, and the high inventory in the middle stream brings significant spot pressure. The 01 contract may decline towards the delivery date, but there is cost support and policy expectations in the long - term [77]. Summary by Directory Steel - **Price Data**: On November 19, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3070, 3116, and 3162 respectively; those of hot - rolled coil 01, 05, and 10 contracts were 3277, 3281, and 3298 respectively. The rebar and hot - rolled coil spot prices and basis also had corresponding values [4][8][10]. - **Ratio Data**: The 01, 05, and 10 contract ratios of rebar to iron ore were all 4, and those to coke were all 2 on November 19, 2025 [18]. Iron Ore - **Price Data**: On November 19, 2025, the closing prices of 01, 05, and 09 contracts were 791.5, 755, and 730 respectively. The basis of 01, 05, and 09 contracts were 3, 31.5, and 55 respectively. The prices of different types of iron ore in Rizhao also had corresponding values [22]. - **Fundamental Data**: As of November 14, 2025, the daily average hot - metal output was 236.88, the 45 - port desulfurization volume was 326.95, and the global shipping volume was 3516.4. The 45 - port inventory was 15129.71 [25]. Coal - Coke - **Price Data**: On November 19, 2025, the coking coal and coke warehouse - receipt costs and basis had corresponding values. The coking profit on the disk was - 72 [34]. - **Spot Price Data**: On November 18, 2025, the prices of different types of coking coal and coke in different regions had corresponding values, and the import and export profits also had corresponding values [35][36]. Ferroalloys - **Silicon Iron Data**: On November 19, 2025, the basis, month - spreads, and spot prices of silicon iron in different regions had corresponding values, and the number of silicon iron warehouse receipts was 8396 [45]. - **Silicon Manganese Data**: On November 19, 2025, the basis, month - spreads, and spot prices of silicon manganese in different regions had corresponding values, and the number of silicon manganese warehouse receipts was 19744 [46]. Soda Ash - **Price/Month - Spread Data**: On November 19, 2025, the closing prices of 01, 05, and 09 contracts of soda ash were 1182, 1257, and 1325 respectively. The month - spreads and basis also had corresponding values [53]. - **Spot Price/Spread Data**: On November 19, 2025, the heavy - alkali and light - alkali market prices in different regions had corresponding values, and the heavy - alkali minus light - alkali spreads also had corresponding values [56]. Glass - **Price/Month - Spread Data**: On November 19, 2025, the closing prices of 01, 05, and 09 contracts of glass were 1009, 1139, and 1225 respectively. The month - spreads and basis also had corresponding values [78]. - **Production and Sales Data**: From November 11 - 17, 2025, the production and sales of glass in different regions such as Shahe, Hubei, East China, and South China had corresponding values [78].

Core Viewpoint - Jinling Mining has officially initiated its profit distribution work by announcing a cash dividend of 0.50 yuan per 10 shares, totaling approximately 29.77 million yuan, based on a total share capital of 595 million shares, reflecting the company's robust performance and commitment to shareholder returns [1][2]. Financial Performance - For the first three quarters of 2025, Jinling Mining reported a revenue of 1.247 billion yuan, representing a year-on-year increase of 12.98% [1]. - The net profit attributable to shareholders reached 220 million yuan, showing a significant year-on-year growth of 47.09% [1]. - The net cash flow from operating activities surged to 208 million yuan, marking a substantial increase of 130.91% year-on-year, indicating strong profitability and financial resilience [1]. Dividend Strategy - The company's dividend strategy reflects a balance between "steady operation" and "value sharing," reinforcing its position as a high-quality investment target in the resource industry [2]. - With the implementation of this dividend, Jinling Mining will have distributed a total of 125 million yuan in dividends this year, significantly enhancing shareholder returns [1][2]. Governance and Recognition - Jinling Mining has received the highest A-level rating in the information disclosure assessment by the Shanghai and Shenzhen Stock Exchanges for the 2024-2025 period, maintaining this excellent record for five consecutive years, which highlights the company's governance quality and information disclosure standards [2].

1. Report Industry Investment Rating No information provided on the industry investment rating in the report. 2. Core Viewpoints - The steel market is in a state where price suppression lacks safety - margins, but there is no clear upward driving force. Steel production is expected to gradually decline in the future, and it is necessary to wait for the implementation of the production - cut logic [3]. - The supply - demand situation of ferrosilicon and silicomanganese is poor, and prices are under pressure. Despite stronger cost support, the oversupply pattern persists [3]. - For coking coal and coke, the coking coal auction prices mostly declined. The positive factors on the supply side of coking coal are weakening, and demand is marginally weakening. Coal and coke prices are expected to be weak in November, with limited decline, and may rise again around mid - December [3]. - The fundamentals of iron ore are weak, and although there is strong macro - sentiment, the inventory pressure is high, and the price is difficult to break through the range. It is advisable to short on rallies [3]. 3. Summary by Related Catalogs Steel - On Tuesday, the spot and futures prices remained stable, but the spot trading volume declined, and the market's initiative to chase up prices was weak. The next macro - observation period is after early December [2]. - There are contradictions in the industry: low static valuation of steel futures prices, lack of upward driving force, and unresolved concerns about long - term production cuts in steel mills. Steel production is expected to gradually decline, and it is necessary to wait for the implementation of the production - cut logic [3]. - Investment strategy: Hold a wait - and - see attitude for single - side trading; consider participating in cash - and - carry arbitrage for hot - rolled coils or use option strategies to assist spot sales [3]. Ferrosilicon and Silicomanganese - With the pressure on steel prices, steel mill profits have shrunk, iron - water production has decreased, and the direct demand for ferrosilicon and silicomanganese has weakened significantly. The weekly apparent demand has dropped to the lowest point of the year. - Although alloy factory profits are poor, production remains high, and the medium - term supply surplus pressure persists. The inventory of alloy factories and the number of warehouse receipts are accumulating. - Despite the strengthening of cost support due to the rise in coking coal and coke prices, the oversupply pattern continues, and prices will be under pressure. - Investment strategy: Investment clients should short on rallies, and industrial clients can use accumulated put options to protect their spot positions [3]. Coking Coal and Coke - In the spot market, the domestic market sentiment has weakened. Most coking coal spot auctions have declined, and the port - traded quasi - first - grade coke price has decreased. - On the futures side, coking coal and coke prices dropped sharply at the opening, and after the end of speculation, they returned to the original downward trend. - The positive factors on the supply side of coking coal are weakening, and downstream demand is marginally weakening. High valuations are difficult to sustain. - In November, coal prices are under downward pressure and will be weak in a volatile manner. Considering the limited domestic coal production and low coal mine inventories, the decline is expected to be limited. Around mid - December, prices may rise again if there is a new round of restocking. - Investment strategy: Adopt a short - term approach for single - side trading, wait and see for the long - term, and consider partially closing the previously recommended hedging short positions [3]. Iron Ore - In the short term, the arrival of iron ore at ports has weakened slightly, but subsequent shipments are not significantly affected, and inventory will continue to accumulate. - The increase in iron - water production is due to the resumption of production of previously shut - down steel mills and the end of environmental protection restrictions in Hebei. However, steel mill profits are affecting production willingness, and port inventory will continue to rise. - Although the price has rebounded at the bottom of the range, it is difficult to break through the range due to inventory pressure. - Investment strategy: Hold short positions [3]. Futures Market Data - **Futures Closing Prices**: On November 18, for far - month contracts, the closing prices of RB2605, HC2605, I2605, J2605, and JM2605 were 3139.00 yuan/ton, 3295.00 yuan/ton, 757.50 yuan/ton, 1795.00 yuan/ton, and 1232.00 yuan/ton respectively; for near - month contracts, the closing prices of RB2601, HC2601, I2601, J2601, and JM2601 were 3090.00 yuan/ton, 3286.00 yuan/ton, 792.00 yuan/ton, 1649.50 yuan/ton, and 1159.00 yuan/ton respectively [1]. - **Price Changes**: The far - month contracts had price changes of 11.00 yuan/ton, 4.00 yuan/ton, 8.00 yuan/ton, - 47.00 yuan/ton, and - 38.00 yuan/ton respectively, with corresponding percentage changes of 0.35%, 0.12%, 1.07%, - 2.55%, and - 2.99%. The near - month contracts had price changes of 14.00 yuan/ton, 7.00 yuan/ton, 11.00 yuan/ton, - 48.50 yuan/ton, and - 46.50 yuan/ton respectively, with corresponding percentage changes of 0.46%, 0.21%, 1.41%, - 2.86%, and - 3.86% [1]. - **Inter - month Spreads**: On November 18, the inter - month spreads of RB2601 - 2605, HC2601 - 2605, I2601 - 2605, J2601 - 2605, and JM2601 - 2605 were - 49.00 yuan/ton, - 9.00 yuan/ton, 34.50 yuan/ton, - 145.50 yuan/ton, and - 73.00 yuan/ton respectively [1]. - **Spreads/Ratios/Profits**: On November 18, the coil - to - rebar spread was 196.00 yuan/ton, the rebar - to - ore ratio was 3.90, the coal - to - coke ratio was 1.42, the rebar's on - paper profit was - 99.30 yuan/ton, and the coking on - paper profit was 108.03 yuan/ton [1]. - **Spot Prices**: On November 18, the spot prices of Shanghai rebar, Tianjin rebar, Guangzhou rebar, Tangshan billets, and the Platts Index were 3250.00 yuan/ton, 3260.00 yuan/ton, 3420.00 yuan/ton, 2970.00 yuan/ton, and 105.20 respectively [1]. - **Basis**: On November 18, the basis of HC, RB, I, J, and JM were - 16.00 yuan/ton, 160.00 yuan/ton, 30.00 yuan/ton, 84.42 yuan/ton, and 251.00 yuan/ton respectively [1].

Investment Rating - The report assigns an investment rating of "Positive" for the steel industry, indicating an expectation of overall returns exceeding the benchmark index by more than 10% [4]. Core Insights - The Simandou iron ore project in Guinea, which has the largest and highest-grade undeveloped iron ore reserves globally, officially commenced production on November 11, 2025. Chinese enterprises hold over 50% of the equity resources in the project [2][11]. - The initial combined production capacity of the Simandou project is expected to reach 120 million tons per year, with production ramping up from 2026 and expected to reach full capacity around 2030. This project is strategically significant for China to reduce its reliance on Australian and Brazilian iron ore imports [2][16]. - The Simandou project is anticipated to contribute 5% to global iron ore supply upon reaching full production, equivalent to 10% of China's iron ore imports in 2024 [16]. Summary by Sections Project Overview - The Simandou iron ore project is located in southeastern Guinea and features significant reserves of over 4.4 billion tons with an average iron content exceeding 65% [11][12]. - The project is divided into northern and southern blocks, with major Chinese companies like China Baowu and Chalco leading the northern block's development [12][15]. Market Impact - The project is expected to shift the global iron ore supply-demand balance from a tight equilibrium to a more relaxed state, leading to a gradual decline in iron ore prices. The average all-in sustaining cost (AISC) for Simandou is projected to be in the 75th percentile globally, which will pressure higher-cost marginal mines [3][22][23]. - The anticipated increase in supply from Simandou, along with expansions from other major mines, is expected to create downward pressure on iron ore prices, which have been fluctuating around $100 per dry ton [22][23]. Strategic Significance - The Simandou project exemplifies a successful model for Chinese enterprises to secure strategic resources abroad through collaborative efforts, enhancing China's bargaining power in the global iron ore market [24][25]. - The project is part of a broader strategy to diversify China's iron ore import sources and reduce dependency on the four major mining companies that dominate the market [16][20].

Group 1: Steel Industry Report Industry Investment Rating Not provided Core Viewpoints Steel prices are stable, but the basis is weakening. Coke coal prices have dropped significantly, while iron ore prices are rising. The overall demand for five major steel products is declining, and steel mills are reducing production. However, the daily average hot metal production has increased, which is expected to lead to a rebound in the output of finished steel products. In terms of different varieties, the production and inventory of rebar are decreasing, with relatively few contradictions. The supply and demand of hot-rolled coils are basically balanced, but the inventory is at a high level and has not been cleared, so the spread between hot-rolled coils and rebar will continue to converge. The port inventory of iron ore is continuously accumulating, and the supply of iron elements in the January contract is becoming more abundant, so it is not recommended to go long. On a single side, the apparent demand for steel is falling, and the inventory has not been cleared, so a short position can be considered [1]. Summary by Directory - **Prices and Spreads**: The spot prices of rebar and hot-rolled coils in different regions have shown different degrees of change. The prices of rebar 05, 10, and 01 contracts and hot-rolled coils 05, 10, and 01 contracts have all declined. The profit margins of steel products in different regions and production processes have also changed, with some showing an increase and some a decrease [1]. - **Cost and Profit**: The prices of steel billets and slab billets remain unchanged. The cost of electric furnace rebar in Jiangsu is stable, while the cost of converter rebar has decreased. The profit margins of hot-rolled coils in different regions have increased to varying degrees [1]. - **Production**: The daily average hot metal production has increased by 2.6 to 236.8, a rise of 1.1%. The production of five major steel products has decreased by 22.4 to 834.4, a decline of 2.6%. The production of rebar has decreased by 8.5 to 200.0, a decline of 4.1%, including a 4.0% decrease in electric furnace production and a 4.1% decrease in converter production. The production of hot-rolled coils has decreased by 4.5 to 313.7, a decline of 1.4% [1]. - **Inventory**: The inventory of five major steel products has decreased by 26.2 to 1477.4, a decline of 1.7%. The inventory of rebar has decreased by 16.4 to 576.2, a decline of 2.8%. The inventory of hot-rolled coils has remained basically unchanged [1]. - **Transaction and Demand**: The building materials trading volume has decreased by 3.7 to 9.6, a decline of 27.9%. The apparent demand for five major steel products has decreased by 6.3 to 860.6, a decline of 0.7%. The apparent demand for rebar has decreased by 2.2 to 216.4, a decline of 1.0%. The apparent demand for hot-rolled coils has decreased by 0.7 to 313.6, a decline of 0.2% [1]. Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core Viewpoints The iron ore futures continued to rebound yesterday. On the supply side, the global shipment volume of iron ore has increased week-on-week, while the arrival volume at 45 ports has continued to decline. However, based on recent shipment data, the average arrival volume in the future is expected to increase. On the demand side, the profit margin of steel mills has slightly declined, the hot metal production has increased, and the replenishment demand of steel mills has increased. From the data of five major steel products, it can be seen that the production and inventory are continuing to decline seasonally, the apparent demand is decreasing, and the demand is weakening. In terms of inventory, the port inventory is accumulating, but the inventory of deliverable products is low. The port clearance volume has increased, and the equity ore inventory of steel mills has risen. Looking forward, although the hot metal production has increased this week, there is limited room for further increase. The current profit margin and inventory level of steel mills are not sufficient to trigger a negative feedback. It is expected that iron ore will show a high-level oscillating trend, and a wait-and-see approach is recommended for single-side trading [5]. Summary by Directory - **Prices and Spreads**: The basis of iron ore 01 contract for different varieties has decreased to varying degrees. The 5 - 9 spread has decreased by 1.0 to 23.5, a decline of 4.1%. The 9 - 1 spread has decreased by 1.5 to -58.0, a decline of 2.7%. The 1 - 5 spread has increased by 2.5 to 34.5, an increase of 7.8% [5]. - **Supply**: The weekly arrival volume at 45 ports has decreased by 472.3 to 2268.9, a decline of 17.2%. The global weekly shipment volume has increased by 447.4 to 3516.4, an increase of 14.6%. The monthly national import volume has increased by 1111.6 to 11632.6, an increase of 10.6% [5]. - **Demand**: The weekly average daily hot metal production of 247 steel mills has increased by 2.7 to 236.9, an increase of 1.1%. The weekly average daily port clearance volume at 45 ports has increased by 6.0 to 327.0, an increase of 1.9%. The monthly national pig iron production has decreased by 49.7 to 6554.9, a decline of 0.8%. The monthly national crude steel production has decreased by 149.3 to 7199.7, a decline of 2.0% [5]. - **Inventory**: The weekly port inventory at 45 ports has decreased slightly by 0.1% to 15114.45. The weekly imported ore inventory of 247 steel mills has increased by 66.1 to 9076.0, an increase of 0.7%. The inventory available days of 64 steel mills remain unchanged at 21.0 days [5]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core Viewpoints Yesterday, the coke and coking coal futures both showed a weak downward trend. The spot price of coking coal in Shanxi has shown signs of loosening, and the auction price has reached the highest level of the year, providing cost support for coke. The fourth round of price increase for coke has been fully implemented, and it is expected to remain stable in the short term, but mainstream coking enterprises still have plans for further price increases. On the supply side, the production of some停产 coal mines in Shanxi, Luliang, Linfen, and Wuhai is expected to increase, but the production recovery is limited. The customs clearance of Mongolian coal has increased significantly since November, and the inventory at the port has continued to rise. On the demand side, the environmental protection restrictions in Tangshan have been lifted, the hot metal production has increased from a low level, the steel price has oscillated weakly, and the profit of steel mills has decreased, which has a certain suppression effect on the price increase of coke. In terms of inventory, the inventory of coking plants, ports, and steel mills has decreased slightly, and the overall inventory is slightly lower than the middle level, with a tight supply - demand situation for coke and passive destocking by downstream enterprises. For coking coal, the inventory of coking enterprises and ports has decreased, while the inventory of coal mines, coal washing plants, ports, and steel mills has increased, and the overall inventory is slightly higher than the middle level. It is recommended to take a bearish view on single - side trading with an oscillating range for coke between 1600 - 1750 and for coking coal between 1100 - 1250, and to wait and see for the time being [8]. Summary by Directory - **Prices and Spreads**: The prices of coke and coking coal contracts have decreased to varying degrees. The spreads between different contracts of coke and coking coal have also changed. The coking profit of Steel Union (weekly) and the profit of sample coal mines (weekly) have shown different trends [8]. - **Supply**: The daily average production of all - sample coking plants has decreased by 0.6 to 63.0, a decline of 0.9%. The daily average production of 247 steel mills has increased slightly by 0.1 to 46.2, an increase of 0.2%. The production of raw coal and clean coal has increased to varying degrees [8]. - **Demand**: The hot metal production of 247 steel mills has increased by 2.7 to 236.9, an increase of 1.1%. The demand for coke is related to the production of hot metal, and the production of coke has also shown a certain change [8]. - **Inventory**: The total inventory of coke has decreased by 7.7 to 879.4, a decline of 0.9%. The inventory of coking plants, steel mills, and ports has all decreased to varying degrees. The inventory of coking coal has also changed, with the inventory of some parties increasing and some decreasing [8]. - **Supply - Demand Gap**: The calculated supply - demand gap of coke has decreased by 1.8 to -5.5 [8].