Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - The cost - end of the silicon - manganese market has strong support as the quotes of United Mining (CML) and Comilog to China in October 2025 are flat compared to last month, and the current prices of manganese ore and coke are still relatively high [2]. - The supply is increasing as alloy plants in the north and south markets have a good start - up sentiment. However, due to the weakening of the macro - positive sentiment, the silicon - manganese futures market is weak, and the spot price has decreased slightly [2]. - The demand side shows that steel mills in the East China region are pressing down on the purchase price of silicon - manganese, with most around 5950 yuan/ton for acceptance and tax - included delivery to the factory [2]. - Overall, the short - term silicon - manganese market is expected to run in a weak and volatile manner, and attention should be paid to the actual driving effect of the traditional "Golden September" peak season on silicon - manganese alloys [2]. 3) Summary by Directory Manganese Silicon Supply - **Capacity**: There are data on the monthly capacity of Chinese silicon - manganese enterprises and the annual production of silicon - manganese in various regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas [6][7]. - **Production - Annual**: Annual production data of silicon - manganese in different regions are presented [7]. - **Production - Weekly, Monthly, and Start - up Rate**: Weekly and monthly production data of Chinese silicon - manganese and the weekly start - up rate of Chinese silicon - manganese enterprises are provided [10]. - **Production - Regional Production**: Monthly production data of Inner Mongolia, Ningxia, and Guizhou, and daily average production data of Inner Mongolia, Ningxia, Guizhou, and Guangxi are shown [11][12]. Manganese Silicon Demand - **Steel Tender Purchase Price**: Monthly purchase prices of silicon - manganese 6517 by multiple steel companies, such as Baosteel Co., Ltd., Baowu E'gang, Chengde Jianlong, etc., are presented [15]. - **Daily Average Hot Metal and Profit**: Weekly data on the daily average hot metal production and the profitability rate of 247 Chinese steel enterprises are provided [17]. Manganese Silicon Import and Export - Import and export volume data of Chinese silicon - manganese iron are presented on a monthly basis [19]. Manganese Silicon Inventory - Weekly inventory data of 63 sample silicon - manganese enterprises in China, and monthly average available days of silicon - manganese inventory in China, the northern region, and the East China region are provided [21]. Manganese Silicon Cost - **Manganese Ore - Import Volume**: Monthly import volume data of manganese ore from different sources, including trade - mode imports, imports from Gabon, South Africa, and Australia, are presented [23]. - **Manganese Ore - Port Inventory and Available Days**: Weekly port inventory data of manganese ore in China, Qinzhou Port, and Tianjin Port, and weekly average available days of manganese ore inventory in China are provided [25]. - **Manganese Ore - High - Grade Ore Port Inventory**: Weekly port inventory data of high - grade manganese ore from different origins, such as Australia, Gabon, and Brazil, in Qinzhou Port and Tianjin Port are presented [27]. - **Manganese Ore - Tianjin Port Manganese Ore Price**: Daily price data of different types of manganese ore in Tianjin Port are provided [28]. - **Regional Cost**: Daily cost data of silicon - manganese in different regions, including Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi, are presented [29]. Manganese Silicon Profit - Daily profit data of silicon - manganese in different regions, including the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi, are presented [31].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall atmosphere in the commodity market cooled last Friday, and the prices of finished steel products declined slightly. The demand for finished steel products is clearly weak, the profits of steel mills are gradually shrinking, and the weak characteristics of the market are becoming more prominent. If the demand cannot be effectively improved in the future, the prices may continue to decline. The raw material end is more resilient than the finished product end, and attention should be paid to the potential impact of safety inspections and environmental protection restrictions. It is recommended to continuously track the progress of terminal demand recovery and the support of the cost end for the prices of finished products [4]. - The prices of ferroalloys are continuing to extrude the over - valued part caused by the "anti - involution" expectation. The market is gradually shifting from trading expectations to trading the real situation. The continuous accumulation of inventory at the steel and hot - rolled coil ends makes the market worried about the demand in the peak season. The prices of the black sector may continue to be under pressure in the future [12]. - The prices of industrial silicon are pulled down by the weak reality. The over - capacity, high inventory, and insufficient demand problems have not changed fundamentally. The supply pressure exceeds the demand support, and the price is expected to be weakly oscillating in the short term. Polysilicon continues the pattern of "weak reality, strong expectation", and the price fluctuates due to the influence of news, with high uncertainty [16][18]. - The glass market is running stably, with inventory pressure decreasing but demand not significantly improved. The price adjustment space is limited, and it is expected to be weakly oscillating in the short term. The price of soda ash is oscillating, and in the long term, the price center may gradually rise, but the increase space is restricted due to the weak demand [20][21]. Summary by Related Catalogs Steel - **Price and Position Information**: The closing price of the rebar main contract was 3090 yuan/ton, down 39 yuan/ton (-1.24%) from the previous trading day. The registered warehouse receipts increased by 7840 tons to 198,897 tons, and the position decreased by 92,457 lots to 1.05571 million lots. The Tianjin and Shanghai aggregated prices decreased by 20 yuan/ton. The closing price of the hot - rolled coil main contract was 3346 yuan/ton, down 39 yuan/ton (-1.15%). The registered warehouse receipts remained unchanged at 24,760 tons, and the position increased by 387,729 lots to 1.166633 million lots. The Lechong and Shanghai aggregated prices decreased by 20 - 30 yuan/ton [3]. - **Fundamentals**: The production of rebar increased, demand improved slightly but remained weak overall, and inventory continued to accumulate. For hot - rolled coils, both supply and demand declined, and inventory continued to increase. The overall production of steel is high, and the demand is insufficient, putting strong pressure on steel prices [4]. Iron Ore - **Price and Position Information**: The closing price of the iron ore main contract (I2601) was 787.50 yuan/ton, with a change of -0.38% (-3.00), and the position increased by 1118 lots to 473,600 lots. The weighted position was 782,500 lots. The price of PB powder at Qingdao Port was 779 yuan/wet ton, with a basis of 40.43 yuan/ton and a basis ratio of 4.88% [6]. - **Fundamentals**: The overseas iron ore shipping rhythm was stable. Australian shipping increased, Brazilian shipping decreased, and non - mainstream shipping decreased slightly. The near - end arrival volume decreased. The average daily hot metal production decreased, and the steel mill profitability continued to decline. Port inventory decreased slightly, and the steel mill's imported ore inventory decreased. The apparent demand of the five major steel products continued to rise, but the inventory accumulation rate did not slow down significantly. The supply pressure is not significant during the traditional shipping off - season of overseas mines, and attention should be paid to the future shipping progress. The price is expected to be weakly oscillating in the short term [7]. Manganese Silicon and Ferrosilicon - **Price and Position Information**: On August 29, the manganese silicon main contract (SM509) fell 0.86% to 5792 yuan/ton, and the Tianjin spot price was 5650 yuan/ton, with a premium of 48 yuan/ton over the futures. The ferrosilicon main contract (SF509) fell 1.03% to 5566 yuan/ton, and the Tianjin spot price was 5750 yuan/ton, with a premium of 184 yuan/ton over the futures. Last week, the prices of both showed a downward trend [9][10][11]. - **Fundamentals and Trading Suggestions**: The "anti - involution" sentiment in the market has subsided, and the prices are moving closer to the fundamentals. The continuous accumulation of inventory at the steel end makes the market worried about the demand in the peak season. The over - capacity pattern of manganese silicon has not changed, and production is still increasing. It is expected to remain weak before mid - October. The supply - demand of ferrosilicon has no obvious contradiction, and attention should be paid to downstream demand changes. For speculative trading, it is recommended to wait and see, and hedging funds can seize hedging opportunities [12][13]. Industrial Silicon and Polysilicon - **Price and Position Information**: The closing price of the industrial silicon main contract (SI2511) was 8390 yuan/ton, down 2.10% (-180), and the position increased by 15,278 lots to 524,375 lots. The spot prices of different grades decreased. The closing price of the polysilicon main contract (PS2511) was 49,555 yuan/ton, down 0.22% (-110), and the position decreased by 535 lots to 320,807 lots. The spot prices of different types of polysilicon remained unchanged [15][17]. - **Fundamentals and Price Expectations**: The over - capacity, high inventory, and insufficient demand problems of industrial silicon have not changed. The supply pressure exceeds the demand support, and the price is expected to be weakly oscillating in the short term, with a range of 8100 - 9000 yuan/ton. Polysilicon continues the pattern of "weak reality, strong expectation", and the price fluctuates due to news, with high uncertainty. The price is expected to have fluctuations, and the support level is at 47,000 yuan/ton [16][18]. Glass and Soda Ash - **Price and Inventory Information**: The spot prices of glass in Shahe and Central China remained unchanged. As of August 28, 2025, the total inventory of national float glass sample enterprises was 62.566 million heavy boxes, a decrease of 1.63% month - on - month and 11.31% year - on - year, and the inventory days decreased by 0.5 days. The spot price of soda ash was 1180 yuan, down 25 yuan from the previous day. As of August 28, 2025, the total inventory of domestic soda ash manufacturers was 1.8675 million tons, a decrease of 1.09% [20][21]. - **Price Expectations**: The glass market is expected to be weakly oscillating in the short term, and the valuation should not be overly underestimated. In the long term, it follows the macro - sentiment, and the price may rise if there are substantial policies in the real estate sector. The price of soda ash is expected to oscillate in the short term, and the price center may gradually rise in the long term, but the increase space is restricted by weak demand [20][21].

Group 1: Macro Asset Tracking - The bond market shows narrow fluctuations with a slight increase, but the risk of further declines remains high after short-term stabilization [17] - The stock market is experiencing a "shrinking circle" phenomenon, with large-cap indices outperforming small-cap indices, indicating a decrease in market risk appetite [19] - The A-share market's long-term upward trend remains intact, supported by recent policy shifts towards increased fiscal spending targeting residents [19][6] Group 2: A-Share Market Insights - The A-share market saw a trading volume of 2.83 trillion, down nearly 170 billion from the previous trading day, with around 3,200 stocks declining [19] - The market is characterized by increased volatility, suggesting that buying on dips is a better strategy than chasing highs [19] - Recent policies indicate a shift from investment-driven growth to consumer-driven growth, which is expected to support economic recovery [19] Group 3: U.S. Market Overview - The U.S. stock market indices rose, with the Nasdaq up 0.53%, Dow Jones up 0.16%, and S&P 500 up 0.32%, driven by improved GDP and employment data [25] - The U.S. second-quarter GDP growth was revised up to 3.3%, with business investment growth significantly revised from 1.9% to 5.7% [25][40] - The dovish tone from the Federal Reserve Chairman at the Jackson Hole meeting opens the door for potential rate cuts, which may boost market risk appetite [25] Group 4: Currency Market Analysis - The onshore RMB against the USD was reported at 7.1299, down 86 basis points from the previous close, indicating a potential rebound in the dollar [29] - The outlook for the dollar is expected to be weak in the short term, but the cost-effectiveness of shorting the dollar is considered low [30] Group 5: Commodity Market Trends - The Wenhua Commodity Index increased by 0.16%, with construction materials and non-ferrous metals leading the gains, while oilseeds and ferroalloys lagged [34] - The current pricing of domestic commodities remains at historical lows, suggesting that shorting commodities lacks cost-effectiveness [34] Group 6: Important Policies and News - The Ministry of Finance reported that from January to July, state-owned enterprises' total profits were 24,786.4 billion, a year-on-year decrease of 3.3% [37] - The National Development and Reform Commission emphasized the need to avoid disorderly competition in the development of "Artificial Intelligence+" [39]

1. Report Industry Investment Rating - There is no information provided about the report industry investment rating in the given content. 2. Core View of the Report - The supply increase is putting pressure on prices, and the valuation is neutral with some support [1]. 3. Summary by Relevant Catalogs 2.1 Fundamental Situation - Multiple figures show the historical trends of iron alloy prices, including the main contract trends of ferrosilicon and ferromanganese, spot market prices in different regions, and the price difference between the two main contracts [8][10][13] - Figures display the production - related data of ferrosilicon and ferromanganese, such as production enterprise operating rates and monthly production volumes in China [26][29][30] - Data on the demand - side of iron alloys are presented, including daily and seasonal production of crude steel, daily production of hot metal, and blast furnace capacity utilization [33][34][37] - Inventory - related information is shown, such as alloy factory inventories, average available days of steel mill inventories, and warehouse receipt situations for ferrosilicon and ferromanganese [40][42][43] - The cost - related factors of iron alloy production are presented, including prices of raw materials like semi - coke small materials, chemical coke, electricity, and manganese ore, as well as production costs and profits [53][57][63] 2.2 Future Outlook and Strategy Recommendation - There is no specific content about future outlook and strategy recommendation other than the title in the given text.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The steel price is expected to maintain a bottom - oscillating trend in the short - term. In September, attention should be paid to the peak - season demand, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [4][6]. - The prices of coking coal and coke are expected to continue wide - range oscillations in the near future [12]. - The iron ore price will mainly oscillate in the short - term, as the factors driving price increases are weakening [17]. - Silicon - iron and manganese - silicon are expected to have bottom - oscillating trends recently [22]. 3. Summary by Related Categories Steel - **Related Information**: As of August 26, the sample construction site fund availability rate was 59.22%, up 0.43 percentage points week - on - week. The national new local government bond issuance in the first seven months was 3315.9 billion yuan [2]. - **Spot Price**: Shanghai rebar was 3290 yuan, Beijing rebar was 3230 yuan, Shanghai hot - rolled coil was 3400 yuan (+20), and Tianjin hot - rolled coil was 3360 yuan [3]. - **Logic Analysis**: The black sector declined in the night session. Steel production resumed, with rebar increasing and hot - rolled coil slightly decreasing. Steel exports were resilient, and downstream construction site funds improved marginally. As the parade approaches, iron - water production is expected to decrease, putting short - term pressure on steel prices. After August, the coal daily consumption will decline, and the blast furnace may resume production rapidly, potentially worsening the steel fundamentals [4]. - **Trading Strategy**: Unilateral: Maintain a bottom - oscillating trend; Arbitrage: Short the hot - rolled coil to rebar spread; Option: Wait and see [7][8][9]. Coking Coal and Coke - **Related Information**: The average national profit per ton of coke was 55 yuan/ton. The blast furnace operating rate of 247 steel mills was 83.2%, down 0.16 percentage points week - on - week. The daily average iron - water output was 240.13 tons, down 0.62 tons week - on - week [10]. - **Logic Analysis**: The futures prices of coking coal and coke oscillated widely without a clear direction. The spot price of coking coal fluctuated, and the downstream procurement enthusiasm weakened. The eighth round of coke price increase was not responded to by steel mills. The coal mine safety work is expected to be stricter, and the iron - water output will decline, with little change in the overall supply - demand relationship of coking coal [11][12]. - **Trading Strategy**: Unilateral: Wide - range oscillation; Arbitrage: Wait and see; Option: Wait and see; Futures - cash: Wait and see [13]. Iron Ore - **Related Information**: The PB powder spot price at Qingdao Port was 781 (+13), and the basis of the 01 iron ore main contract was 33 [15][16]. - **Logic Analysis**: The iron ore price fell 0.7% in the night session. The shipments of mainstream mines increased year - on - year in the past month, and the non - mainstream ore shipments in August were at a high level year - on - year. The growth rate of manufacturing and infrastructure investment slowed down, suppressing the terminal steel demand [17]. - **Trading Strategy**: No specific trading strategy was clearly given for iron ore in the text, only a note that the views are for reference only [18]. Ferroalloys - **Related Information**: On the 28th, the semi - carbonate Mn36% at Tianjin Port was quoted at 34 yuan/ton degree, and the Gabon block Mn46% was quoted at 40 yuan/ton degree. Comilog's October 2025 quotation for Gabon blocks to China was 4.27 US dollars/ton degree, unchanged from last month [19][20]. - **Logic Analysis**: For silicon - iron, the spot price was stable to weak on the 28th. The supply growth slowed down, and the demand was supported by the increase in steel production and apparent consumption. For manganese - silicon, the manganese ore spot price was stable, and the manganese - silicon spot price decreased. The supply growth also slowed down, and the alloy demand was stable [21][22]. - **Trading Strategy**: Unilateral: Bottom - oscillating; Arbitrage: Gradually take profit on the long - futures short - cash spread; Option: Sell straddle option combinations at high prices [23].

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy, on August 29, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5320 and 5350 respectively, with daily changes of -30 and 0, and weekly changes of -10 and 50 [1]. - The export prices of Tianjin 72 and Tianjin 75 silicon ferroalloy were 1055 and 1105 US dollars respectively, with the latter having a weekly change of -5 [1]. - For silicon manganese, the latest prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5720, 5600, 5750, 5700, and 5700 respectively, with different daily and weekly changes [1]. Supply - The production data of 136 silicon ferroalloy enterprises in China, including monthly and weekly output, and the capacity utilization rate of enterprises in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025 are presented [3]. - The production data of silicon manganese in China from 2021 - 2025, including weekly output and the procurement volume and price of Hebei Iron and Steel Group, are shown [5]. Demand - The demand data of silicon manganese in China from 2021 - 2025, including the estimated demand volume and the relationship with the production of crude steel, are provided [3][6]. - The procurement volume and price data of Hebei Iron and Steel Group for silicon ferroalloy and silicon manganese from 2021 - 2025 are given [3][5]. Inventory - The inventory data of 60 sample silicon ferroalloy enterprises in China, including the inventory in different regions and the warehouse - receipt and effective - forecast data from 2021 - 2025, are presented [4]. - The inventory data of silicon manganese, including warehouse - receipt, effective - forecast, and the inventory of 63 sample enterprises in China from 2021 - 2025, are shown [6]. Cost and Profit - The cost and profit data of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 - 2025, including production cost, profit from converting to the main contract, and spot profit, are provided [4]. - The profit data of silicon manganese in different regions (Inner Mongolia, Guangxi, North, and South) from 2021 - 2025, including the profit from converting to the main contract, are shown [6].

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Viewpoints of the Report The report analyzes the market conditions of various asset classes including macro - finance, stocks, precious metals, black metals, non - ferrous metals, energy chemicals, and agricultural products. It points out that short - term macro upward drivers are marginally strengthening, with focus on domestic incremental stimulus policies, loose expectations, Sino - US trade negotiation progress, and implementation of domestic incremental policies. Different asset classes are expected to have different short - term trends, mainly presenting震荡 (oscillation) or震荡偏强 (oscillation with a slightly upward trend) patterns [2][3]. Summaries by Relevant Catalogs Macro Finance - Overseas: The second - quarter GDP had a year - on - year growth rate of 3.3%, higher than the expected 3.1%. After the New York Fed President Williams hinted at a possible rate cut, market expectations for a Fed rate cut next month increased, the US dollar index was weak, and global risk appetite increased. - Domestic: China's economic data in July slowed down and was below expectations. The Ministry of Commerce will introduce policies to expand service consumption in September. With the extension of the Sino - US tariff truce for 90 days and increased US easing expectations, short - term external risks decreased, and domestic risk appetite increased. - Asset Performance: Stocks are expected to be short - term oscillatory and slightly stronger, with short - term cautious long positions; treasury bonds are expected to be high - level oscillatory in the short term, with cautious observation; commodities: black metals, non - ferrous metals, and energy chemicals are short - term oscillatory, with cautious observation; precious metals are high - level and slightly stronger oscillatory in the short term, with cautious long positions [2]. Stocks - The domestic stock market fell significantly due to the drag of sectors such as clothing and home textiles, biomedicine, and liquor. - The short - term macro upward driver is marginally strengthening, with focus on Sino - US trade negotiation progress and implementation of domestic incremental policies. Short - term cautious observation is recommended [3]. Precious Metals - Gold and silver prices rose on Thursday. The Fed's independence concerns and the weakening US dollar supported the upward movement of precious metals. - The number of initial jobless claims in the US decreased, and the second - quarter GDP was stronger than expected. The market is focused on the PCE data to be released on Friday. Gold has strong short - term support, but be wary of the Fed's changing attitude [3][4]. Black Metals Steel - Steel futures and spot prices rebounded slightly on Thursday, and trading volume increased slightly. The expectation of steel production cuts in the next two years has increased. - The fundamentals remain weak, with an increase in the inventory of five major steel products and a decline in the apparent consumption of some products. Supply is mixed, with an increase in rebar production and a slight decrease in hot - rolled coil production. There is a possibility of further production restrictions in the north in early September, and the steel market may continue to rebound [5]. Iron Ore - Iron ore futures and spot prices rebounded significantly on Thursday. Steel mills' profits are high, but due to production restrictions in the north in the next week, steel mills' procurement is cautious. - Global iron ore shipments and arrivals decreased this week. Port inventories decreased slightly on Monday. Iron ore prices are expected to be range - bound in the short term [5]. Silicon Manganese/Silicon Iron - Silicon iron prices were flat, and silicon manganese prices rebounded slightly on Thursday. The demand for ferroalloys is okay as the production of five major steel products continues to increase. - The production of silicon manganese in Inner Mongolia is stable, with some minor production fluctuations. There are new production capacity plans in the future, and the daily output may be affected by 500 - 800 tons. The prices of ferroalloys are expected to be range - bound in the short term [6][7]. Soda Ash - The soda ash main contract oscillated on Thursday. Supply increased due to the return of previous maintenance, and there is supply pressure with new capacity coming online. - Demand remained stable week - on - week, but overall demand support is weak. Profits decreased week - on - week. Soda ash is expected to be range - bound in the short term [7]. Glass - The glass main contract oscillated on Thursday. Supply remained stable, and demand is difficult to improve significantly. - Profits decreased as glass prices fell. With the support of real - estate news, glass is expected to be range - bound in the short term [7]. Non - Ferrous Metals and New Energy Copper - Due to concerns about US tariffs and the expected tightening of the Japanese central bank's monetary policy, and the weakening of domestic demand, the strong copper price is difficult to sustain [9]. Aluminum - Aluminum prices fell slightly on Thursday, and inventories continued to increase. The medium - term upward space for aluminum prices is limited, and it is expected to be oscillatory in the short term [9]. Aluminum Alloy - The supply of scrap aluminum is tight, the cost of recycled aluminum plants is rising, and demand is weak. The price is expected to be oscillatory and slightly stronger in the short term, but the upward space is limited [9]. Tin - The supply - side开工率 (operating rate) increased, and the mine supply is expected to be loose. The demand side is weak, but the price decline has stimulated downstream replenishment. Tin prices are expected to be oscillatory in the short term, with support from smelter maintenance and peak - season expectations, but restricted by high tariffs,复产 expectations (restoration of production expectations), and weak demand [10]. Lithium Carbonate - The lithium carbonate main contract fell on Thursday. After the previous sentiment subsided, it is expected to be widely oscillatory, with short - term short positions and long - term long positions [11]. Industrial Silicon - The industrial silicon main contract fell on Thursday. With the oscillation of black metals and polysilicon, industrial silicon is expected to be weakly oscillatory [11]. Polysilicon - The polysilicon main contract fell on Thursday. The production in August is approaching 130,000 tons, and the number of warehouse receipts is increasing. It is facing a game between strong expectations and weak reality. It is recommended to short on rebounds [12]. Energy and Chemicals Crude Oil - The possibility of more Russian oil supply entering the market in the short term has decreased, and oil prices rose slightly on Thursday. However, the market has limited risk premium digestion, and short - term oil prices are expected to be weakly oscillatory [14]. Asphalt - Due to limited oil price changes, the asphalt main price remained almost unchanged. The spot market has slightly improved, but inventory removal is limited. Asphalt is expected to be weakly oscillatory in the short term [14]. PX - After the price increase due to Zhejiang Petrochemical's maintenance, PX supply is tight, and it is expected to be oscillatory in the short term, waiting for changes in PTA devices [14]. PTA - The PTA price declined, but there is some support from domestic and South Korean petrochemical capacity adjustments and the temporary shutdown of the Huizhou device. It is expected to be oscillatory in the short term, with attention to the downstream recovery space [15]. Ethylene Glycol - Ethylene glycol prices continued to decline, and port inventories decreased slightly. It is expected to be narrowly oscillatory in the short term, with support from downstream start - up recovery, but supply pressure is still large [16]. Short - Fiber - Short - fiber prices fell slightly due to sector resonance. Terminal orders have increased seasonally, and it is recommended to short on highs in the medium term [16]. Methanol - The restart of inland devices and concentrated arrivals have pressured prices, but there is some support from the reflux window and the planned restart of MTO devices. Methanol is expected to be oscillatory [16]. PP - The supply - side pressure is increasing, and demand is showing signs of recovery. The 09 contract is expected to be weakly oscillatory, and attention should be paid to the peak - season inventory situation of the 01 contract [16]. LLDPE - The supply - side pressure remains, and demand is showing a turning point. The 09 contract is expected to be weakly oscillatory, and attention should be paid to demand and inventory situation of the 01 contract [17]. Agricultural Products US Soybeans - The CBOT soybean price was supported by the continuous improvement of US new - season soybean exports. The export sales of the current market year decreased, while the next - year exports increased significantly. Pakistan is expected to sign a purchase agreement [19]. Soybean Meal and Rapeseed Meal - The pressure of continuous inventory accumulation of domestic oil mills' soybeans and soybean meal has eased, but the near - month/spot risk has not subsided. Rapeseed meal has an upward fluctuation basis due to low inventory and few long - term purchases [19]. Oils - Rapeseed oil port inventories are decreasing, and the supply of soybean oil is expected to strengthen. Palm oil is in the production - increasing cycle, and the market is expected to be oscillatory [20]. Corn - The national corn price is running weakly, but the futures price has entered a relatively low - valuation range, and the possibility of breaking through last year's range is small [20]. Hogs - Group farms continued to reduce weight in August, and the pig price did not rebound as expected at the end of August. The theoretical slaughter volume will increase in September, but there is no need to be overly pessimistic. Some local areas have started purchasing and storage [20][21].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Yesterday, the overall atmosphere in the commodity market was positive, with the prices of finished steel products rebounding slightly. However, the demand for finished products remained weak, and the profit of steel mills was gradually shrinking. If the demand cannot improve effectively in the future, the prices may continue to decline. The raw material side was more resilient than the finished product side. It is recommended to continuously track the progress of terminal demand recovery and the support of the cost side for the prices of finished products [4]. - The prices of ferroalloys dropped rapidly due to the weakening of the "anti - involution" sentiment in the market. It is necessary to be vigilant against the possibility of short - term repeated fluctuations in commodity sentiment. It is not recommended for speculative funds to participate excessively in the short term, while hedging funds can seize hedging opportunities during the repeated fluctuations [11]. - The prices of industrial silicon are expected to fluctuate within the range of 8300 - 9300 yuan/ton. The polysilicon market is in a pattern of "weak reality, strong expectation", and the price is fluctuating and adjusting, with a support level at 47000 yuan/ton [16][17]. - In the short term, glass is expected to fluctuate weakly, and the valuation should not be overly underestimated. In the long run, it follows the macro - sentiment. The price of soda ash is expected to fluctuate in the short term, and the price center may gradually rise in the long term, but the upside space is limited [19][20]. Summary by Directory Steel - **Price and Position Data**: The closing price of the rebar main contract was 3129 yuan/ton, up 18 yuan/ton (0.578%) from the previous trading day. The registered warehouse receipts were 191,057 tons, a net increase of 6730 tons. The position of the main contract was 1.148167 million lots, a net decrease of 86,597 lots. The closing price of the hot - rolled coil main contract was 3385 yuan/ton, up 36 yuan/ton (1.074%) from the previous trading day. The registered warehouse receipts were 24,760 tons, a net decrease of 596 tons. The position of the main contract was 778,904 lots, a net decrease of 75,256 lots [3]. - **Market Analysis**: The export volume increased slightly this week but remained in a weak and volatile pattern. The production of rebar increased, the demand improved slightly but remained weak, and the inventory continued to accumulate. For hot - rolled coils, both supply and demand declined, and the inventory continued to increase. The overall production of steel was high, while the demand was insufficient, and the steel prices were severely suppressed [4]. Iron Ore - **Price and Position Data**: The main contract of iron ore (I2601) closed at 790.50 yuan/ton, with a change of +1.93% (+15.00), and the position increased by 17,754 lots to 472,500 lots. The weighted position was 804,600 lots. The spot price of PB fines at Qingdao Port was 781 yuan/wet ton, with a basis of 39.63 yuan/ton and a basis ratio of 4.77% [6]. - **Market Analysis**: The overseas iron ore shipping rhythm was stable. The shipping volume from Australia increased, while that from Brazil declined. The near - end arrival volume decreased. The daily average pig iron output decreased due to the maintenance of some blast furnaces in North China. The profitability of steel mills continued to decline. The port inventory decreased slightly, and the inventory of imported ore in steel mills also decreased. The price of raw materials was strong, and the finished product fundamentals were relatively weak. The iron ore price was expected to be volatile in the short term [7]. Manganese Silicon and Ferrosilicon - **Price and Position Data**: On August 28, the main contract of manganese silicon (SM601) fluctuated and closed up 0.17% at 5842 yuan/ton. The spot price in Tianjin was 5700 yuan/ton, with a premium of 48 yuan/ton over the futures price. The main contract of ferrosilicon (SF511) fluctuated slightly lower and closed down 0.18% at 5624 yuan/ton. The spot price in Tianjin was 5800 yuan/ton, with a premium of 176 yuan/ton over the futures price [9][10]. - **Market Analysis**: The prices of ferroalloys dropped rapidly due to the weakening of the "anti - involution" sentiment. The polysilicon price was resistant to decline, and the coking coal price rebounded after a coal mine accident. It is necessary to be vigilant against the short - term repeated fluctuations in commodity sentiment. It is not recommended for speculative funds to participate excessively in the short term, while hedging funds can seize hedging opportunities. The over - supply situation of manganese silicon remained unchanged, and the supply of ferrosilicon also continued to increase [11][12]. Industrial Silicon and Polysilicon - **Price and Position Data**: The closing price of the main contract of industrial silicon (SI2511) was 8570 yuan/ton, with a change of +0.53% (+45). The weighted contract position decreased by 7663 lots to 509,097 lots. The spot price of 553 non - oxygen - permeable industrial silicon in East China was 9100 yuan/ton, unchanged from the previous day. The closing price of the main contract of polysilicon (PS2511) was 49,665 yuan/ton, with a change of +2.00% (+975). The weighted contract position decreased by 13,234 lots to 321,342 lots [14][16]. - **Market Analysis**: The over - capacity, high inventory, and insufficient demand of industrial silicon remained unchanged. The production of industrial silicon increased, and the support of the demand side for prices was limited. The price was expected to fluctuate within the range of 8300 - 9300 yuan/ton. The polysilicon market was in a pattern of "weak reality, strong expectation". The price was affected by news and was fluctuating and adjusting, with a support level at 47,000 yuan/ton [15][17]. Glass and Soda Ash - **Price and Inventory Data**: The spot price of glass in Shahe was 1134 yuan, down 4 yuan from the previous day, and the price in Central China was 1070 yuan, unchanged from the previous day. The total inventory of national float glass sample enterprises was 62.566 million weight boxes, a net decrease of 1.04 million weight boxes (-1.63% month - on - month, -11.31% year - on - year). The spot price of soda ash was 1205 yuan, up 5 yuan from the previous day. The total inventory of domestic soda ash manufacturers was 1.8675 million tons, a net decrease of 20,600 tons (a decrease of 1.09%) [19][20]. - **Market Analysis**: The glass market had a strong wait - and - see sentiment, and the price adjusted slightly. In the short term, it was expected to fluctuate weakly, and the valuation should not be overly underestimated. In the long run, it followed the macro - sentiment. The price of soda ash was expected to fluctuate in the short term, and the price center may gradually rise in the long term, but the upside space was limited [19][20].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Views - On August 28, the manganese - silicon 2601 contract was reported at 5842, down 0.24%. The manganese - silicon should be treated as oscillating. The production has been on an upward trend since mid - May, and after the recent price recovery, the inventory has decreased for 5 consecutive weeks to a neutral level. The 8 - month steel mill procurement tender price increased by 150 yuan/ton month - on - month. [2] - On August 28, the ferrosilicon 2511 contract was reported at 5624, down 0.60%. The ferrosilicon should also be treated as oscillating. After the profit improvement, the production has rebounded rapidly in recent weeks, and the inventory is at a neutral level. The 8 - month steel mill procurement tender price increased by 100 yuan/ton month - on - month. [2] 3. Summary by Related Catalogs 3.1 Futures Market - SM (manganese - silicon)主力合约收盘价 was 5,842.00 yuan/ton, up 10.00 yuan; SF (ferrosilicon)主力合约收盘价 was 5,624.00 yuan/ton, down 10.00 yuan. [2] - SM期货合约持仓量 was 550,243.00 hands, down 2,826.00 hands; SF期货合约持仓量 was 416,169.00 hands, down 5,671.00 hands. [2] - The net position of the top 20 in SM was - 73,477.00 hands, down 480.00 hands; the net position of the top 20 in SF was - 36,564.00 hands, down 1,473.00 hands. [2] - The SM1 - 9 month contract spread was 108.00 yuan/ton, up 6.00 yuan; the SF1 - 9 month contract spread was 178.00 yuan/ton, up 8.00 yuan. [2] - SM仓单 was 66,783.00 sheets, down 715.00 sheets; SF仓单 was 19,201.00 sheets, down 125.00 sheets. [2] 3.2 Spot Market - In the spot market, the prices of manganese - silicon in Inner Mongolia, Guizhou, and Yunnan all decreased by 30 yuan/ton, and the prices of ferrosilicon in Inner Mongolia, Qinghai, and Ningxia all decreased by 40 yuan/ton. [2] - The SM主力合约基差 was - 122.00 yuan/ton, down 40.00 yuan; the SF主力合约基差 was - 204.00 yuan/ton, down 30.00 yuan. [2] 3.3 Upstream Situation - The price of South African ore (Mn38 block, Tianjin Port) was 24.00 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210.00 yuan/ton, unchanged. [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,200.00 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 680.00 yuan/ton, unchanged. [2] - The manganese ore port inventory was 444.60 million tons, down 2.00 million tons. [2] 3.4 Industry Situation - The manganese - silicon enterprise start - up rate was 46.37%, up 0.62%; the ferrosilicon enterprise start - up rate was 36.52%, up 0.34%. [2] - The manganese - silicon supply was 211,190.00 tons, up 4,130.00 tons; the ferrosilicon supply was 113,400.00 tons, up 500.00 tons. [2] - The manganese - silicon manufacturer inventory was 156,000.00 tons, down 2,800.00 tons; the ferrosilicon manufacturer inventory was 62,080.00 tons, down 3,100.00 tons. [2] - The national steel mill inventory days of manganese - silicon was 14.24 days, down 1.25 days; the national steel mill inventory days of ferrosilicon was 14.25 days, down 1.13 days. [2] - The demand for manganese - silicon from the five major steel types was 125,285.00 tons, down 97.00 tons; the demand for ferrosilicon from the five major steel types was 20,275.90 tons, down 38.06 tons. [2] 3.5 Downstream Situation - The blast furnace start - up rate of 247 steel mills was 83.34%, down 0.23%; the blast furnace capacity utilization rate of 247 steel mills was 90.27%, up 0.03%. [2] - The crude steel output was 7,965.82 million tons, down 352.58 million tons. [2] 3.6 Industry News - Personal bankruptcy local regulations have been implemented in Xiamen. [2] - Chinese chip manufacturers are seeking to triple the production of AI chips in 2026 to reduce dependence on Nvidia. [2] - PetroChina is studying the possibility of using stablecoins in cross - border settlement payments. [2] - Chinese officials visited Canada and will meet with US officials. [2]

Report Investment Ratings - SDIC Futures gives a three-star rating (★★★) for Iron Ore, Coking Coal, indicating a clear long/short trend and a relatively appropriate current investment opportunity; a white-star rating for Steel, Coke, Manganese Silicon, and Ferrosilicon, suggesting that the short-term long/short trend is in a relatively balanced state, with poor current market operability and a need for observation [1]. Core Views - The steel market faces negative feedback pressure, but with low inventory levels and approaching peak season, the market may stabilize with cost support. Iron ore supply and demand are marginally weakening, and it is expected to fluctuate at high levels. Coke and coking coal prices are affected by "anti-involution" policy expectations and have high short-term volatility. Manganese silicon and ferrosilicon prices are following market trends, with relatively weak rebound strength [2][3][4]. Summary by Industry Steel - Today's steel futures strengthened. Rebar apparent demand improved, production increased, and inventory continued to accumulate. Hot-rolled coil demand and production declined slightly, with inventory also rising. Pig iron production remained high, facing negative feedback pressure, but low inventory limited the downside. With the approaching peak season, construction material demand is expected to pick up, and the market may stabilize [2]. Iron Ore - Iron ore futures rose today. Global shipments declined from the high but remained stronger than last year, and domestic arrivals decreased. Port inventory was volatile with no obvious accumulation pressure. Terminal demand improved seasonally, and although steel mill profitability weakened, there was no strong will to cut production. With the approaching parade, there were expectations of policy-driven production cuts. Overall, supply and demand are weakening, and the market is expected to fluctuate at high levels [3]. Coke - Coke prices rebounded today. With a major event approaching, coking plants in East China are expected to cut production. Pig iron production remained high, and steelmaking profits were good. After the eighth round of price increases, coking profits improved, and daily production increased slightly. Overall inventory increased slightly, and trader purchasing意愿 decreased. The market is affected by policy expectations and has high short-term volatility [4]. Coking Coal - Coking coal prices rebounded today. Coking coal mine production increased slightly, and spot auction results weakened. Terminal inventory decreased slightly, while total inventory increased. With the resumption of previously shut-down mines, production-side inventory is likely to increase in the short term. The market is affected by policy expectations and has high short-term volatility [6]. Manganese Silicon - Manganese silicon prices fluctuated upward with weak rebound strength. Attention is on the shipping of South32's Australian mines. Pig iron production remained above 240, and weekly production of manganese silicon increased. Inventory did not accumulate, and both futures and spot demand were good. Manganese ore prices decreased slightly, but due to pre-event stockpiling, prices are expected to have limited downside [7]. Ferrosilicon - Ferrosilicon prices fluctuated upward with weak rebound strength. Pig iron production decreased slightly but remained above 240. Export demand remained at around 30,000 tons, with a marginal impact. Metal magnesium production decreased slightly, and overall demand was okay. Supply increased significantly, and inventory decreased slightly. The market is following the trend of manganese silicon [8].