Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 775, down 10 daily and 18 weekly; PB powder is 782, down 6 daily and 14 weekly; Mac powder is 779, down 7 daily and 14 weekly; Jinbuba is 734, down 6 daily and 22 weekly; Mixed powder is 745, down 3 daily and 12 weekly; Super special powder is 687, down 5 daily and 22 weekly; Carajás powder is 894, down 5 daily and 24 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian blend is 822, down 2 daily and 12 weekly; Brazilian coarse IOC6 is 784, down 6 daily and 13 weekly; Brazilian coarse SSFG is 789, down 6 daily and 13 weekly [1] - **Other Iron Ores**: Ukrainian concentrate is 890, down 5 daily and 20 weekly; 61% Indian powder is 723, down 6 daily and 22 weekly; Karara concentrate is 890, down 5 daily and 20 weekly; Roy Hill powder is 769, down 6 daily and 14 weekly; KUMBA powder is 841, down 6 daily and 14 weekly; 57% Indian powder is 622, down 5 daily and 22 weekly; Atlas powder is 740, down 3 daily and 12 weekly; Tangshan iron concentrate is 1021, down 5 daily and 12 weekly [1] Futures Market - **DCE Contracts**: i2601 is 775.5, down 7.0 daily and 17.0 weekly; i2605 is 756.0, down 4.5 daily and 12.5 weekly; i2609 is 735.5, down 5.0 daily and 11.5 weekly [1] - **SGX Contracts**: FE01 is 101.93, down 1.07 daily and 0.24 weekly; FE05 is 99.58, down 1.07 daily and 0.42 weekly; FE09 is 97.50, down 1.05 daily and 0.50 weekly [1]

Core Viewpoint - The China International Import Expo (CIIE) serves as a platform for high-level openness and is recognized globally as an international public good, with Vale, a multinational mining giant from Brazil, participating for the eighth consecutive year [2]. Group 1: Company Overview - Vale, established in 1942 and headquartered in Brazil, is a leading global producer of iron ore, copper, and nickel, also producing iron ore pellets, platinum group metals, gold, silver, and cobalt [2]. - Since delivering its first shipment of iron ore to China in 1973, Vale has supplied over 3 billion tons of high-quality iron ore to China, along with copper and nickel [2]. Group 2: Product Offerings - At this year's CIIE, Vale is showcasing a special area for energy transition metals, featuring five high-quality products, including carbonyl nickel spheres [2][3]. - Carbonyl nickel spheres, produced using carbonyl refining technology, are among the highest purity nickel products, widely used in aerospace, electronics, and nuclear energy sectors [3]. - Other products displayed include nickel cakes, nickel powder, NPI (Nickel Pig Iron), and copper concentrate, alongside various high-quality iron ore products [3]. Group 3: Environmental Commitment - Vale's carbonyl nickel spheres have a carbon emission intensity of only 8.1 tons of CO2 equivalent per ton of nickel, making it one of the lowest carbon emission nickel products globally [3]. - The company aims to support China's steel industry in achieving green transformation and sustainable development through the supply of quality mineral products and innovative low-carbon solutions [5]. Group 4: Interactive Exhibit - To celebrate 40 years of operations in the Amazon region, Vale has presented a large interactive installation called "Dynamic Amazon," featuring an 8.5-meter long LED transparent screen and two interactive touch screens [4]. - The installation aims to raise awareness about forest protection and showcase the creativity of contemporary artists from Pará, Brazil, in anticipation of the upcoming 30th UN Climate Change Conference [5].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The main contract price of rebar declined weakly with a daily decline of 1.42%, showing a pattern of shrinking volume and increasing open interest. In the current situation of increasing supply and demand, the fundamentals of rebar have not improved, and steel prices continue to be under pressure. The relatively positive factor is the strong cost support. It is expected that rebar will continue the trend of oscillating to find the bottom, and attention should be paid to the demand performance [4]. - The main contract price of hot-rolled coil plate was running weakly with a daily decline of 1.03%, showing a pattern of shrinking volume and open interest. At present, the situation of high supply and high inventory of hot-rolled coils remains unchanged, and the concerns about demand have not subsided. The fundamentals have not improved substantially. Under the dominance of industrial logic, hot-rolled coils are under pressure to weaken, and attention should be paid to the steel mill production restriction situation [4]. - The main contract price of iron ore declined weakly with a daily decline of 1.71%, showing a pattern of shrinking volume and increasing open interest. At present, the supply of iron ore is high, while the demand continues to weaken, and the weak fundamentals of iron ore remain unchanged. Under the dominance of the real logic, the high-valued iron ore price is prone to decline under pressure, and attention should be paid to the performance of steel [4]. Summary by Related Catalogs Industry Dynamics - In October, China's logistics industry prosperity index was 50.7%, remaining in the expansion range. Although the logistics business volume index had a slight correction, the overall demand maintained an expansion trend. Industrial logistics demand represented by bulk commodities declined to some extent, while consumer logistics demand showed an accelerating growth trend [6]. - Affected by the decline in output and weak demand, the manufacturing activity in the United States shrank for the eighth consecutive month in October. The manufacturing index of the Institute for Supply Management (ISM) dropped 0.4 to 48.7. The output and employment indicators also declined [7]. - On October 31, 2025, Malaysia's Ministry of Investment, Trade and Industry issued an announcement, making a positive final anti-dumping ruling on galvanized sheets originating from or imported from China, South Korea, and Vietnam. Anti-dumping duties will be levied on the涉案 products from these countries at the cost, insurance, and freight (CIF) price. The anti-dumping duty rate for China is 0% - 26.80% [8]. Spot Market - For rebar, the Shanghai price was 3,180 yuan/ton, down 10 yuan/ton; the Tianjin price was 3,190 yuan/ton, unchanged; the national average price was 3,234 yuan/ton, down 11 yuan/ton. For hot-rolled coil plate, the Shanghai price was 3,290 yuan/ton, down 20 yuan/ton; the Tianjin price was 3,210 yuan/ton, down 20 yuan/ton; the national average price was 3,338 yuan/ton, down 14 yuan/ton. The price of Tangshan billet was 2,950 yuan/ton, unchanged; the price of Zhangjiagang heavy scrap was 2,170 yuan/ton, unchanged. The spread between hot-rolled coil and rebar was 110 yuan/ton, down 10 yuan/ton; the spread between rebar and scrap was 1,010 yuan/ton, down 10 yuan/ton [9]. - The price of 61.5% PB powder at Shandong ports was 783 yuan/ton, down 4 yuan/ton; the price of Tangshan iron concentrate powder (wet basis) was 817 yuan/ton, unchanged. The ocean freight from Australia was 9.19 US dollars/ton, down 0.30 US dollars/ton; the ocean freight from Brazil was 23.11 US dollars/ton, down 0.21 US dollars/ton. The SGX swap price (current month) was 105.65 US dollars/ton, down 0.18 US dollars/ton; the Platts index (CFR, 62%) was 105.85 US dollars/ton, down 1.55 US dollars/ton [9]. Futures Market - The closing price of the rebar futures active contract was 3,044 yuan/ton, down 1.42%. The highest price was 3,084 yuan/ton, the lowest price was 3,040 yuan/ton. The trading volume was 1,016,465 lots, a decrease of 134,111 lots; the open interest was 1,966,544 lots, an increase of 47,527 lots [13]. - The closing price of the hot-rolled coil plate futures active contract was 3,265 yuan/ton, down 1.03%. The highest price was 3,299 yuan/ton, the lowest price was 3,260 yuan/ton. The trading volume was 375,271 lots, a decrease of 137,680 lots; the open interest was 1,396,130 lots, a decrease of 26,705 lots [13]. - The closing price of the iron ore futures active contract was 775.5 yuan/ton, down 1.71%. The highest price was 784.0 yuan/ton, the lowest price was 773.0 yuan/ton. The trading volume was 276,598 lots, a decrease of 130,128 lots; the open interest was 547,754 lots, an increase of 12,824 lots [13]. Related Charts - The report includes charts on steel inventories (rebar inventory, hot-rolled coil plate inventory), iron ore inventories (national 45-port iron ore inventory, 247 steel mills' iron ore inventory), steel mill production situation (blast furnace operating rate, electric furnace operating rate, steel mill profitability), etc., but specific data analysis is not provided in the text [15][20][29] 后市研判 - Rebar: Both supply and demand continue to rise. The production of construction steel mills is active, and the weekly output of rebar increased by 5.52 tons week-on-week, reaching a relatively high level this year. The inventory is high, and the pressure has increased. At the same time, the demand for rebar has improved seasonally, with the weekly apparent demand increasing by 6.17 tons week-on-week, and the high-frequency daily trading volume has also increased. However, both supply and demand are still at relatively low levels in recent years, and the downstream industry has not improved, so the improvement space is limited. The fundamentals of rebar have not improved in the current situation of increasing supply and demand, and steel prices continue to be under pressure. The relatively positive factor is the strong cost support. It is expected that rebar will continue the trend of oscillating to find the bottom, and attention should be paid to the demand performance [37]. - Hot-rolled coil plate: The supply-demand pattern has not changed much. The production of plate steel mills is stable, and the weekly output of hot-rolled coils increased by 1.10 tons week-on-week, remaining at a high level this year. The inventory reduction at a high level is limited, and the supply pressure is still relatively large, continuing to put pressure on the price of hot-rolled coils. At the same time, the demand for hot-rolled coils is acceptable, with the weekly apparent demand increasing week-on-week and remaining at a high level in the same period. However, the high-frequency trading volume is relatively weak, and the fundamentals of the main downstream cold-rolled products have not improved, so the demand concerns have not subsided. The relatively positive factor is the marginal improvement in external demand, but it needs to be tracked after the price rebounds. At present, the situation of high supply and high inventory of hot-rolled coils remains unchanged, and the demand concerns have not subsided. The fundamentals have not improved substantially. Under the dominance of industrial logic, hot-rolled coils are under pressure to weaken, and attention should be paid to the steel mill production restriction situation [37]. - Iron ore: The supply-demand pattern continues to weaken. Under the influence of production restrictions, the terminal demand for iron ore continues to decline. Last week, the average daily hot metal output of sample steel mills and the daily consumption of imported ore decreased week-on-week, and the decline continued to expand. The demand is clearly in a weakening trend. Considering that the industrial contradictions in the steel market have not been alleviated, coupled with frequent seasonal production restriction disturbances, the demand for iron ore is expected to continue to decline, and the weak demand is likely to drag down the iron ore price. At the same time, the arrival of goods at domestic ports has rebounded as expected, while the shipments of overseas miners have declined, but both are at relatively high levels. Coupled with the increase in domestic iron ore supply, the supply pressure of iron ore has increased. In general, the supply of iron ore is high, while the demand continues to weaken. The weak fundamentals of iron ore remain unchanged. Under the dominance of the real logic, the high-valued iron ore price is prone to decline under pressure, and attention should be paid to the performance of steel [38].

研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 775.5 | 782.5 | -7.0 | I01-I05 | 19.5 | 22.0 | -2.5 | | DCE05 | 756.0 | 760.5 | -4.5 | I05-I09 | 20.5 | 20.0 | 0.5 | | DCE09 | 735.5 | 740.5 | -5.0 | I09-I01 | -40.0 | -42.0 | 2.0 | | 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%) | 783 | 797 | -14 | 853 | 62 | 84 | 104 | | 纽曼粉 | 785 | 800 | -15 | 850 | 60 | 82 | 102 | | 麦克粉 | 786 | 796 | -10 | 853 | 62 | 84 | 104 | | 金布巴粉(60.5%) | ...

| 投资咨询业务资格:证监许可 [2011] 1292号 2025年11月4日 | 网材产业期现日报 | | 問敏波 | Z0010559 | | | --- | --- | --- | --- | --- | --- | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 削值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3220 | 3230 | -10 | 141 | | | 螺纹钢现货(华北) | 3190 | 3190 | O | 111 | | | 螺纹钢现货(华南) | 3310 | 3320 | -10 | 231 | | | 螺纹钢05合约 | 3145 | 3166 | -21 | 75 | | | 螺纹钢10合约 | 3168 | 3189 | -21 | 52 | | | 螺纹钢01合约 | 3079 | 3106 | -27 | 141 | | | 热卷现货(华东) | 3310 | 3330 | -20 | 15 | 元/吨 | | 热卷现货(华北) | 3230 | 3250 | -20 | -୧2 | | | 热卷现货(华南) | 3310 | ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the forecast period [4]. Core Insights - In Q3 2025, the lithium concentrate production from two operational projects decreased by 5% to 137,000 tons, while the sales volume increased by 5% to 142,000 tons. The average selling price for lithium concentrate was $849 per ton, reflecting a 31% increase quarter-on-quarter [1]. - The recovery rates and capacity optimization projects at Mt Marion and Wodgina have been successfully completed, with Wodgina achieving an average recovery rate of 67% [1]. - The report highlights significant improvements in production and sales volumes for lithium concentrate, with Mt Marion's production increasing by 18% quarter-on-quarter and 7% year-on-year, while Wodgina's production also showed positive growth [2][5]. Summary by Sections Lithium Mining - **Overall Performance**: In Q3 2025, the total lithium concentrate production was 137,000 tons, with a weighted average selling price of $849 per ton, up 31% from the previous quarter [1]. - **Mt Marion**: The total material moved decreased by 46%, while ore mined increased by 58%. The average recovery rate was 59%, and the average selling price was $797 per ton, up 31% quarter-on-quarter [2]. - **Wodgina**: The total material moved decreased by 12%, with ore mined increasing by 15%. The average selling price for lithium concentrate was $881 per ton, reflecting a 31% increase [3][5]. Iron Ore - **Onslow Iron**: The quarterly production was 8.445 million tons, a 37% increase quarter-on-quarter, with an average selling price of $92 per ton [7]. - **Pilbara Hub**: The quarterly production was 2.419 million tons, a 12% decrease quarter-on-quarter, with an average selling price of $87 per ton [8]. Financial Overview - As of September 30, 2025, the company's liquidity and net debt remained stable at 1.1 billion AUD and 5.4 billion AUD, respectively. The capital expenditure for the quarter was approximately 400 million AUD, consistent with previous expectations [12].

1. Report Industry Investment Ratings - Steel: Sideways with a downward bias [2] - Iron ore: Sideways with a downward bias [4] - Coking coal and coke: Sideways [6] - Thermal coal: No specific rating provided [7] 2. Core Views - Steel prices are oscillating due to fluctuating macro - sentiment. The fundamentals of building materials are improving, but inventory is high year - on - year, and demand expectations are cautious. Hot - rolled coil inventory is decreasing, but it's also high year - on - year [1]. - Iron ore prices are oscillating downward. The arrival volume at ports has significantly increased, the supply - demand pattern is loosening, and prices face downward pressure as steel mills cut production due to losses [3]. - Coking coal and coke are oscillating. Coking coal supply is tight, while demand has improved. Coke production has increased, but downstream steel mills purchase on a just - in - time basis due to compressed profits [5][6]. - Thermal coal prices are oscillating strongly in the short term due to the situation at production areas. In the long - term, the supply is ample, but attention should be paid to non - power coal consumption and restocking during the winter heating season [7]. 3. Summary by Related Catalogs Steel Market Analysis - Futures and spot: The main contract of rebar closed at 3079 yuan/ton, and that of hot - rolled coil at 3295 yuan/ton. The overall spot trading of steel was average, with the total national building materials trading volume at 9800 tons. The trading volume in the East China region increased significantly, while that in the North decreased [1]. - Supply - demand and logic: The fundamentals of building materials are improving, but inventory is high year - on - year, and with the approaching end of the peak season, demand expectations are cautious. The inventory of hot - rolled coil is continuously decreasing, and the pace of destocking is accelerating, but the inventory is still high year - on - year [1]. Strategy - Single - sided: Sideways with a downward bias [2] - Inter - period: None [2] - Inter - commodity: None [2] - Futures - spot: None [2] - Options: None [2] Iron Ore Market Analysis - Futures and spot: Iron ore futures prices oscillated downward, and the prices of mainstream imported iron ore varieties declined weakly. Traders' enthusiasm for quoting was average, and steel mills' purchases were mainly for刚需. The total trading volume of iron ore at major ports in the country was 1.293 million tons, a 62.44% increase from the previous day; the total trading volume of forward - looking spot was 965000 tons, a 35.15% increase from the previous day. The global iron ore shipment decreased slightly, with a total shipment volume of 3.2138 billion tons, a 5.15% decrease from the previous period. The arrival volume at 45 ports increased significantly, with a total arrival volume of 3.2184 billion tons, a 58.6% increase from the previous period [3]. - Supply - demand and logic: The arrival volume of iron ore at ports increased significantly this week. The overall valuation of iron ore is neutral, the supply - demand pattern is loosening, and prices face downward pressure. As steel mills cut production due to losses, the resilience of iron ore demand has weakened, and prices face correction pressure [3]. Strategy - Single - sided: Sideways with a downward bias [4] - Inter - period: None [4] - Inter - commodity: None [4] - Futures - spot: None [4] - Options: None [4] Coking Coal and Coke Market Analysis - Futures and spot: The coking coal and coke futures market showed a pattern of mixed gains and losses and oscillating consolidation. The customs clearance volume of imported coal increased slightly, and traders were optimistic about the market and were reluctant to lower prices, with the overall trading atmosphere improving [5]. - Logic and views: For coking coal, safety inspections are being carried out in some domestic production areas, and the customs clearance of imported coal is continuously recovering, but the overall supply is still tight. On the demand side, a new round of price increases for coke is imminent, and the market's purchasing enthusiasm has improved compared with before. For coke, the profits of coking enterprises have improved, and production has increased. On the demand side, downstream steel mills' profits are compressed, and they mainly purchase on a just - in - time basis [6]. Strategy - Coking coal: Sideways [6] - Coke: Sideways [6] - Inter - period: None [6] - Inter - commodity: None [6] - Futures - spot: None [6] - Options: None [6] Thermal Coal Market Analysis - Futures and spot: At production areas, coal prices are strong. Supply in some areas has shrunk due to safety inspections. The inventory level in Inner Mongolia is not high, and miners are optimistic about the future. The transportation by platform traders has improved, and the number of coal - pulling trucks at some mines with large previous price drops has increased. At ports, although prices have increased, the increase is smaller than that at mines, and traders' expectations are divided. Affected by the decrease in shipments and the increase in production - area prices, traders' quotes have increased, and some are reluctant to sell, while others think the price increase will be limited. Downstream users mainly purchase under long - term contracts and are resistant to high - priced coal. Currently, port inventory is low, with a large year - on - year decrease, and the shipment to ports is slow, so prices are unlikely to decline in the short term. For imports, the price support for imported coal is strong, and rainfall in Indonesia still affects shipments. At the beginning of the month, the imported coal market was stable, and demand was mainly for刚需 [7]. - Demand and logic: Affected by production areas, prices will oscillate strongly in the short term. In the long - term, the supply is ample, but attention should be paid to non - power coal consumption and restocking during the winter heating season [7]. Strategy - None [7]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Jining Mining, indicating a decline in stock price and significant trading activity [1] - As of November 4, Jining Mining's stock price decreased by 2.08% to 9.87 CNY per share, with a total market capitalization of 5.876 billion CNY [1] - Year-to-date, Jining Mining's stock has increased by 64.77%, but it has seen a decline of 3.89% over the last five trading days [1] Group 2 - Jining Mining, established on September 28, 1996, primarily engages in iron ore mining and the production and sale of iron concentrate, copper concentrate, cobalt concentrate, and pellet ore [2] - The company's revenue composition includes 76.99% from iron concentrate, 9.03% from pellets, 8.46% from other sources, 5.10% from copper concentrate, and 0.41% from mechanical processing [2] - As of October 31, the number of shareholders increased to 41,100, with an average of 14,491 circulating shares per shareholder [2] Group 3 - Jining Mining has distributed a total of 638 million CNY in dividends since its A-share listing, with 238 million CNY distributed over the past three years [3] - As of September 30, 2025, notable institutional shareholders include Huaxia Excellence Growth Mixed Fund and Guotai Zhongzheng Steel ETF, both of which are new shareholders [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - With the consensus on key economic and trade issues between China and the US, futures prices have declined. The apparent demand for rebar continued to rise last week, production increased, but the total inventory declined slowly. Hot-rolled coil inventory has far exceeded the same period after a significant increase. Coking coal and coke spot prices are running strongly, providing some support for costs. However, due to the significant decline in steel mill margins and the approaching end of the consumption peak, steel mills are expected to cut production, which may trigger a phased negative feedback cycle. Technically, the futures prices of rebar and hot-rolled coil are likely to turn into a volatile trend [2]. - In the iron ore market, the sample steel mill's molten iron production decreased significantly on a weekly basis. Due to the decline in steel mill profits and the end of the consumption peak season, steel mills may continue to cut production, suppressing raw material prices. On the supply side, global shipments have declined from their peak, and the port inventory increase during the consumption peak has suppressed the futures prices. The slow destocking of steel inventories also dampens the overall market sentiment. After the macro positive factors are realized, the futures prices face correction pressure [5]. 3. Summary by Relevant Catalogs 3.1 Rebar and Hot-Rolled Coil - **Price Data**: The closing price of the rebar futures main contract was 3,079 yuan/ton, down 0.87% from the previous day and 0.68% from last week; the closing price of the hot-rolled coil futures main contract was 3,295 yuan/ton, down 0.39% from the previous day and 0.12% from last week. The spot price of rebar (HRB400E 20mm, Shanghai) was 3,220 yuan/ton, down 0.31% from the previous day and up 0.31% from last week; the spot price of hot-rolled coil (Q235 4.75mm, Shanghai) was 3,310 yuan/ton, down 0.60% from the previous day and 0.60% from last week [3]. - **Production and Inventory**: The national rebar production of building material steel mills was 212.59 million tons, up 2.67% from last week; the hot-rolled coil production was 323.56 million tons, up 0.34% from last week. The total social inventory of five major steel products was 1,077.08 million tons, down 2.06% from last week; the rebar social inventory was 430.81 million tons, down 1.52% from last week; the hot-rolled coil social inventory was 328.93 million tons, down 2.56% from last week [3]. - **Apparent Demand**: The apparent demand for five major steel products was 916.4 million tons, up 2.65% from last week; the apparent demand for rebar was 232.18 million tons, up 2.73% from last week; the apparent demand for hot-rolled coil was 331.89 million tons, up 1.58% from last week [3]. - **Operation Suggestion**: Maintain a wait-and-see attitude, do not chase up or sell down, and consider buying on dips after a correction [2]. 3.2 Iron Ore - **Price Data**: The settlement price of the DCE iron ore futures main contract was 782.5 yuan/dry ton, down 2.19% from the previous day and 0.51% from last week; the settlement price of the SGX iron ore continuous contract was 106.79 US dollars/dry ton, down 0.24% from the previous day and up 2.51% from last week [5]. - **Supply and Demand**: The sample steel mill's molten iron production decreased significantly on a weekly basis. Global iron ore shipments declined from the peak, and the port inventory increased during the consumption peak. Steel mills may continue to cut production, suppressing iron ore prices [5]. - **Operation Suggestion**: Maintain a wait-and-see attitude and patiently wait for the price to correct before buying on dips [5]. 3.3 Industry News - From October 27 to November 2, 2025, the total arrival volume at 47 Chinese ports was 33.141 billion tons, a week-on-week increase of 12.298 billion tons; the total arrival volume at 45 Chinese ports was 32.184 billion tons, a week-on-week increase of 11.893 billion tons; the total arrival volume at six northern ports was 15.859 billion tons, a week-on-week increase of 4.9 billion tons [7]. - From October 27 to November 2, 2025, the total global iron ore shipments were 32.138 billion tons, a week-on-week decrease of 1.745 billion tons. The total shipments from Australia and Brazil were 27.592 billion tons, a week-on-week decrease of 1.667 billion tons [7]. - According to the China Iron and Steel Association, at the end of October, the social inventory of five major steel products in 21 cities was 9.05 million tons, a week-on-week decrease of 310,000 tons, a decrease of 3.3%. The inventory continued to decline slightly [7].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoint - No core viewpoint information is provided in the report. Group 3: Summary of Different Categories Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 785, down 15 daily and 4 weekly; PB powder is 788, down 15 daily and 4 weekly; Mac powder is 786, down 9 daily and 1 weekly; Jinbuba powder is 740, down 12 daily and 20 weekly; Mixed powder is 748, down 14 daily and 9 weekly; Super special powder is 692, down 16 daily and 17 weekly; Roy Hill powder is 775, down 15 daily and 4 weekly [1]. - **Brazilian Mainstream Iron Ore**: Brazilian blend is 824, down 16 daily and 5 weekly; Brazilian coarse IOC6 is 790, down 15 daily and 3 weekly; Brazilian coarse SSFG is 795, down 15 daily and 3 weekly [1]. - **Other Iron Ores**: Ukrainian concentrate powder is 895, down 15 daily and 16 weekly; 61% Indian powder is 729, down 12 daily and 20 weekly; 57% Indian powder is 627, down 16 daily and 17 weekly; Atlas powder is 743, down 14 daily and 9 weekly; KUMBA powder is 847, down 15 daily and 4 weekly; Carara concentrate powder is 895, down 15 daily and 16 weekly [1]. - **Domestic Iron Ore**: Tangshan iron concentrate powder is 1026, down 10 daily and 1 weekly [1]. Futures Market - **DCE Contracts**: i2601 is 782.5, down 17.5 daily and 4 weekly; i2605 is 760.5, down 16 daily and 3 weekly; i2609 is 740.5, down 14.5 daily and 2 weekly [1]. - **SGX Contracts**: FE01 is 103.00, down 0.35 daily and up 2.30 weekly; FE05 is 100.65, down 0.36 daily and up 2.11 weekly; FE09 is 98.55, down 0.41 daily and up 2.01 weekly [1].