Report Summary 1. Report Industry Investment Ratings - **Steel**: Unilateral observation; wait for the opportunity to enter the spot-futures positive spread [8] - **Silicon Ferrosilicon and Manganese Silicon**: Temporarily observe [8] - **Coking Coal and Coke**: Fluctuating, industrial customers should do appropriate selling hedging [8] - **Iron Ore**: Hold short positions [8] 2. Core Views of the Report - **Steel**: Prices temporarily stabilized, with small increases of 10 - 20 yuan on Thursday. Trade volume increased significantly. Future steel production is expected to decline, and in the early stage of production cuts, it may suppress furnace materials, while in the later stage, there may be a driving opportunity for the sector to rise in resonance. Due to the large basis, it is not advisable to short on the disk. It is recommended to reduce exposure through physical positions [2] - **Silicon Ferrosilicon and Manganese Silicon**: Affected by external macro factors, market sentiment declined, and the prices of the two silicons followed the adjustment. In the short term, they may trade based on fundamentals. Currently, there are still concerns in the fundamentals, with high supply, large inventory removal pressure, and weak downstream demand. Prices may fluctuate under pressure [2] - **Coking Coal and Coke**: Mongolian coal customs clearance returned to a high level, and coal mine destocking slowed down. Spot coking coal prices continued to rise due to tight supply. However, considering the approaching off - season of steel demand, falling steel mill profitability, and environmental protection restrictions, the tight supply - demand situation of coal and coke may ease. The market is expected to fluctuate. In the short term, it is recommended to observe unilaterally, and in the long term, go long at low prices. Industrial customers can consider selling hedging [4] - **Iron Ore**: There is obvious upward pressure and prices are falling. The supply is within a reasonable range. Affected by environmental protection restrictions in Hebei, molten iron production continued to decline this week. Iron ore port inventories will continue to rise. With weak supply - demand, shorting unilaterally is a good choice [5] 3. Summary by Related Catalogs Futures Market - **Prices and Fluctuations**: On November 6, for far - month contracts, RB2605 closed at 3102.00 yuan/ton with a gain of 11.00 yuan (0.36%); HC2605 closed at 3265.00 yuan/ton with a gain of 7.00 yuan (0.21%); etc. For near - month contracts, RB2601 closed at 3037.00 yuan/ton with a gain of 12.00 yuan (0.40%); HC2601 closed at 3256.00 yuan/ton with a gain of 7.00 yuan (0.22%) [1] - **Spreads and Ratios**: On November 6, the spread between RB2601 and RB2605 was - 65.00 yuan/ton; the coil - to - rebar spread was 219.00 yuan/ton; the rebar - to - ore ratio was 3.91; etc. [1] Spot Market - **Steel**: On November 6, the prices of Shanghai, Tianjin, and Guangzhou rebar were 3200.00 yuan/ton, 3210.00 yuan/ton, and 3260.00 yuan/ton respectively, with price changes of 30.00 yuan, 50.00 yuan, and 0.00 yuan [1] - **Coking Coal and Coke**: On the spot side, coking coal prices continued to rise due to tight supply. The port trade offer for coke was 1560 (-), and the coking coal price index was 1392.6 (+8.7). For Mongolian coal, the market was cold, with prices such as Ganqimaodu Port: Mongolian 5 raw coal at 1165 (-) [4] - **Iron Ore**: The supply was within a reasonable range. Affected by environmental protection restrictions in Hebei, molten iron production continued to decline, and port inventories were expected to rise [5]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report analyzes the market conditions of various asset classes including stocks, bonds, commodities, and agricultural products. It points out that the short - term macro upward drive has weakened, and the market is mainly focused on domestic incremental stimulus policies and economic growth. Different asset classes are expected to have different trends, with most showing short - term oscillations and some having long - term trends influenced by supply - demand fundamentals and policy factors [2][3]. Summary by Directory Macro Finance - The US labor market is weak, with the number of Challenger job cuts in October reaching a 20 - year high. The global risk appetite has significantly cooled. In China, the manufacturing prosperity declined in October, and economic growth slowed down, but policy stimulus expectations have increased after the Fourth Plenary Session of the CPC Central Committee. The short - term macro upward drive has weakened, and the market should focus on domestic economic growth and policy implementation. For assets, stocks are expected to oscillate in the short term, and it is advisable to be cautiously bullish; bonds are expected to oscillate and rebound, and it is advisable to be cautiously bullish; most commodity sectors are expected to oscillate, and it is advisable to be cautiously watchful [2]. Stock Index - Driven by sectors such as phosphoric chemical, aluminum, and semiconductors, the domestic stock market rose significantly. Fundamentally, China's manufacturing prosperity declined in October, and economic growth slowed down, but policy stimulus expectations increased. The short - term macro upward drive has weakened, and it is advisable to be cautiously bullish in the short term [3]. Precious Metals - The precious metals market rose on Thursday night. The main contracts of Shanghai gold and silver increased. It was boosted by the weakening US dollar and rising safe - haven demand. The short - term trend is oscillatory, and the medium - to - long - term upward pattern remains unchanged. It is advisable to watch in the short term and buy on dips in the medium - to - long - term [3]. Black Metals - **Steel**: The spot and futures prices of domestic steel rebounded slightly on Thursday. The market's macro sentiment was repaired, but the fundamentals were still weak. The demand for steel has basically peaked this week, and the inventory decline has slowed down significantly. The supply contraction may further intensify. The short - term steel market is expected to be oscillatory and weak [4]. - **Iron Ore**: The spot and futures prices of iron ore strengthened slightly on Thursday. Although steel mills are still expected to cut production, the molten iron output increased slightly this week. The supply pressure is still large, and the short - term trend is expected to be range - bound [6]. - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese were flat on Thursday, and the futures prices continued to rebound slightly. The demand for ferroalloys decreased as the output of five major steel products declined. The supply of silicon manganese was relatively stable, and the supply of silicon iron was also in a certain state. The futures prices of silicon iron and silicon manganese are expected to continue to oscillate within a range [7]. - **Soda Ash**: The main contract of soda ash oscillated within a range on Thursday. The supply increased this week, and there are capacity expansion plans in the fourth quarter. The supply is in a loose pattern, and the pressure remains. It is advisable to take a bearish view in the medium - to - long - term [8]. - **Glass**: The main contract of glass oscillated on Thursday. Affected by news from Shahe, the price was supported. The supply was stable, the demand was weak year - on - year, and the inventory was relatively high. It is expected to be strong in the short term due to previous large declines and the impact of Shahe, and attention should be paid to the demand during the year - end completion peak [8]. Non - ferrous Metals and New Energy - **Copper**: The number of Challenger job cuts in the US in October increased significantly. The US copper inventory continued to rise, and the domestic refined copper de - stocking was less than expected. The suspension of Indonesia's second - largest copper mine has intensified the global copper shortage, and the short - term trend is expected to be high - level oscillatory [9][10]. - **Aluminum**: The Shanghai aluminum price rose significantly on Thursday. The European aluminum premium rebounded. The domestic de - stocking was not smooth, and the supply and imports were at a high level, while the demand was weakening marginally. The short - term price is expected to oscillate, and it is advisable to try shorting if the price rises above 21,800 [10]. - **Tin**: The supply of tin ore is expected to increase, and the demand is still weak. The tin price is at a historical high, and the high price has begun to suppress physical demand. The short - to - medium - term price is expected to oscillate at a high level [11]. - **Lithium Carbonate**: The main contract of lithium carbonate rose on Thursday. The Jiangxi Natural Resources Department released a mining right transfer income assessment report, which may promote the resumption of production at Jiaxiaowo. It is advisable to hold a light position and wait for the "emotional bottom" [12]. - **Industrial Silicon**: The main contract of industrial silicon rose on Thursday. The demand was relatively stable, and the social inventory increased slightly at a high level. The market is expected to oscillate within a range, and attention should be paid to the cash - flow cost support of large enterprises [12]. - **Polysilicon**: The main contract of polysilicon declined slightly on Thursday. There is a stalemate between strong policy expectations and weak reality. The spot price is supported by policy expectations, but the terminal demand is weak. It is expected to oscillate within a high - level range, and range - bound operations are advisable [13][14]. Energy and Chemicals - **Crude Oil**: The Fed's hawkish stance and employment data have increased the uncertainty of a December interest rate cut. The government shutdown will continue, and the oil price is under medium - to - long - term pressure [15]. - **Asphalt**: The price of asphalt continued to break through the previous low and has not bottomed out yet. The basis is low, and the inventory is accumulating. The supply pressure is increasing, and attention should be paid to the cost fluctuations of crude oil [15]. - **PX**: The price of PX fluctuated due to news of polyester production cuts. The demand is supported by high PTA开工, and the supply is tight. The short - term price is mainly driven by crude oil cost fluctuations [16]. - **PTA**: The price of PTA rose due to production cut news but fell back at night. The market doubts the authenticity of the news. The downstream开工 has declined, and the supply is high. The price is under pressure in the short term [16]. - **Ethylene Glycol**: The price of ethylene glycol rose with the polyester market but is still under pressure. The port inventory is accumulating, and the demand is weak. It is advisable to be cautious before the price reaches a new low [17]. - **Short - fiber**: The price of short - fiber rose slightly with the polyester sector but is under pressure later. The terminal orders are declining seasonally, and the inventory is accumulating. It is advisable to short on rallies in the medium - term [17]. - **Methanol**: The port spot price of methanol rebounded, and the basis strengthened slightly. The port inventory is at a high level but is showing a slight de - stocking trend. The inland inventory is accumulating, and the price is weakening. The short - term price may decline, but the downward space is limited, and it is expected to oscillate later [18]. - **PP**: The market price of PP moved slightly downward. The supply growth rate is higher than the demand recovery rate, but the demand has shown marginal improvement. The crude oil price rebound supports the cost. The price is expected to decline inertia in the short term [19]. - **LLDPE**: The price of LLDPE declined. The supply pressure is increasing, and the demand is weakening after the peak season. The crude oil price provides limited support. The price is expected to continue to decline [19]. - **Urea**: The urea market is stable, with individual enterprises raising prices slightly. The supply is expected to increase, and the demand is mixed. The export price is expected to oscillate at a low level [20]. Agricultural Products - **US Soybeans**: The CBOT soybean price fell overnight. The market is optimistic about the repair of Sino - US soybean trade relations. The USDA will release a report on November 15. If the yield per unit is further lowered, the cost - repair logic of US soybeans will be enhanced [21]. - **Soybean Meal/Rapeseed Meal**: The pressure of concentrated soybean arrivals in China is increasing, and the supply of soybean meal is sufficient. With the repair of Sino - US agricultural trade relations, the soybean meal inventory may increase, which will limit the upside potential [22]. - **Palm Oil**: The price of Malaysian palm oil fell. The over - expected production increase since October has put pressure on the price. India's palm oil imports decreased in October, and the production in Malaysia continued to increase in November [22]. - **Soybean Oil/Rapeseed Oil**: The price of soybean oil adjusted weakly. The supply - demand situation is still unfavorable, but it is relatively resistant to decline. The rapeseed oil inventory is high, but the rapeseed inventory is low, and the basis is strong due to trade concerns [23]. - **Corn**: The price of corn in the northern port has limited upward momentum, and the supply - demand situation in North China is balanced. The supply exceeds demand, but the low downstream inventory and strong wheat price provide some support [23]. - **Pigs**: The national pig price has been falling since November. The supply pressure remains, and the price is unlikely to rebound significantly before the winter solstice pickling peak in December [24].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report comprehensively analyzes various financial derivatives and commodity futures, including stock index futures, Treasury bond futures, precious metals, shipping index futures, and multiple metal and agricultural product futures. It provides market conditions, influencing factors, and operation suggestions for each category, highlighting market trends and potential investment opportunities and risks in different sectors. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - Market condition: A-shares showed resilience, with major indices rebounding after an early decline. Most major contracts of the four stock index futures closed higher, and the basis discount of the main contracts widened. Power resource-related industries performed well, while technology sectors corrected [2][3]. - News: The State Council Tariff Commission adjusted tariff measures on US imports. Overseas, the Bank of Japan's meeting minutes indicated potential interest rate hikes [3][4]. - Capital: On November 5, the trading volume in the A-share market decreased slightly. The central bank conducted reverse repurchase operations, resulting in a net withdrawal of funds [4]. - Operation suggestion: With unclear market directions and cold trading sentiment, it is recommended to wait and see [4]. Treasury Bond Futures - Market performance: Most Treasury bond futures closed lower, with minor changes in the yields of major interest rate bonds in the interbank market [5]. - Capital: The central bank conducted reverse repurchase operations, resulting in a net withdrawal of funds. The interbank liquidity was loose, and the overnight repurchase rate remained stable [5][6]. - Operation suggestion: The upward trend of Treasury bond futures driven by the central bank's bond purchases has paused. It is recommended to buy on dips for the 10-year Treasury bond active bond 250016.IB and consider positive arbitrage strategies [6]. Financial Derivatives - Precious Metals - Market review: The US Supreme Court debated the legality of Trump's large-scale tariffs. US employment data improved slightly, and the government shutdown affected market liquidity [7][8]. - Market situation: Precious metals stopped falling and rebounded. Gold closed at $3,978.75 per ounce, up 1.21%, and silver closed above $48 per ounce, up 1.79% [9]. - Outlook: In the medium to long term, precious metals are expected to enter a bull market, but there may be a 2 - 3 month consolidation period after reaching new highs. Short-term gold is expected to trade between $3,900 - $4,030, and silver between $47 - $49 [9][10]. - Operation suggestion: Hold long positions at low levels and buy on dips [32]. Financial Derivatives - Shipping Index (European Route) - Spot price: As of November 4, the freight quotes for Shanghai - Europe routes varied among different shipping companies [11]. - Shipping index: As of November 3, the SCFIS European route index decreased, while the US West route index increased. As of October 31, the SCFI composite index increased [11]. - Fundamentals: As of November 4, the global container shipping capacity increased year-on-year. The eurozone's October composite PMI was 52.2, and the US October manufacturing PMI was 48.7 [11]. - Logic: The futures market oscillated upward, and the main contract is expected to fluctuate between 1,800 - 2,000 points [12]. - Operation suggestion: Buy on dips for the December contract in the short term [12]. Commodity Futures - Non-ferrous Metals Copper - Spot: As of November 5, the average price of electrolytic copper decreased, and the premium/discount showed mixed changes. Market sentiment was still cautious [12]. - Macro: The US dollar index strengthened, suppressing copper prices. The US October ISM manufacturing PMI was lower than expected, and the Trump tariff case was under review [13]. - Supply: The spot TC of copper concentrate remained low. In October, the production of electrolytic copper decreased, and it is expected to decline slightly in November [13]. - Demand: The downstream demand for copper showed strong resilience, with more purchase orders released after price corrections [14]. - Inventory: LME, COMEX, and domestic social inventories of copper increased [15]. - Logic: The short - term rise in copper prices may suppress demand, but the long - term supply - demand contradiction supports the upward movement of the price bottom. - Operation suggestion: Pay attention to the support at 84,000 and the resistance at 86,500 [16]. Aluminum Oxide - Spot: On November 5, the spot prices of aluminum oxide in different regions showed mixed trends, with a generally loose supply pattern and a weakening price [16]. - Supply: In October, the production of metallurgical - grade aluminum oxide increased year - on - year. The operating capacity decreased slightly, and it is expected to remain in a supply - surplus situation in November [17]. - Inventory: In October, the inventories of aluminum oxide at ports, factories, and electrolytic aluminum plants increased [17]. - Logic: The price of aluminum oxide is expected to remain weakly volatile, with the main contract trading between 2,750 - 2,900 yuan/ton [18]. - Operation suggestion: The main contract is expected to operate between 2,750 - 2,900 yuan/ton [18][19]. Aluminum - Spot: On November 5, the average price of A00 aluminum decreased, and the premium/discount also declined, with limited actual transactions [20]. - Supply: In October, domestic electrolytic aluminum production increased slightly year - on - year and month - on - month. The aluminum - water ratio increased, and the operating capacity remained stable. It is expected that the daily output of aluminum ingots may decline slightly in November [20]. - Demand: In the traditional peak season, the weekly operating rates of downstream aluminum processing products declined [20]. - Inventory: Domestic social inventories of aluminum ingots increased, while LME inventories decreased [21]. - Logic: The short - term price of aluminum will fluctuate between event - driven factors and weak fundamentals. Pay attention to the resistance at 21,500 yuan/ton [22]. - Operation suggestion: The main contract is expected to operate between 20,800 - 21,600 yuan/ton [23]. Aluminum Alloy - Spot: On November 5, the average price of aluminum alloy ADC12 decreased, with weak spot trading [23]. - Supply: In September, the production of recycled aluminum alloy ingots increased, and the operating rate rose. It is expected that the operating rate will remain stable in October [23]. - Demand: In October, demand showed a mild recovery, but the transmission of terminal demand was not smooth, and high prices suppressed purchasing willingness [24]. - Inventory: In October, the social inventory of aluminum alloy increased slightly, and the registered warehouse receipts increased [24]. - Logic: The price of ADC12 is expected to remain strongly volatile, with the main contract trading between 20,400 - 21,000 yuan/ton [25][26]. - Operation suggestion: The main contract is expected to operate between 20,400 - 21,000 yuan/ton. Consider arbitrage strategies [26]. Zinc - Spot: On November 5, the average price of zinc ingots decreased, and downstream procurement was mainly for rigid demand [26]. - Supply: The processing fees of domestic and imported zinc concentrates decreased. From January to October, the cumulative production of refined zinc increased. It is expected that the processing fees will continue to decline in November [27]. - Demand: The operating rates of primary zinc processing industries were generally stable, and overall demand showed no significant improvement [28]. - Inventory: Domestic social inventories of zinc decreased, while LME inventories remained stable [28]. - Logic: Zinc prices are expected to be volatile and strong in the short term, but the fundamentals may limit further upward movement. It may continue to trade within a range [29]. - Operation suggestion: The main contract is expected to operate between 22,300 - 23,000 yuan/ton [29]. Tin - Spot: On November 5, the price of tin decreased, and the spot premium remained unchanged. The market transaction improved slightly [29]. - Supply: In September, domestic tin ore imports decreased, and tin ingot imports also declined. The supply from Myanmar showed signs of improvement [30]. - Demand: The demand for tin remained weak, with a decline in orders in the solder industry. Although some new fields drove tin consumption, it was not enough to make up for the shortfall [31][32]. - Inventory: LME inventories increased, while domestic social inventories decreased [31]. - Logic: Considering the strong fundamentals, it is recommended to hold long positions at low levels and buy on dips. Pay attention to the supply recovery in Myanmar [32]. - Operation suggestion: Hold long positions at low levels and buy on dips [32]. Nickel - Spot: As of November 5, the average price of electrolytic nickel decreased, and the import price also declined [32]. - Supply: In the capacity expansion cycle, the production of refined nickel decreased slightly in October but remained at a high level [33]. - Demand: The demand from electroplating and alloy industries was stable, while the demand from stainless steel was average. The demand for nickel sulfate showed signs of improvement in the short term but faced challenges in the medium term [33]. - Inventory: LME inventories remained high, while domestic social inventories decreased slightly, and bonded area inventories declined [33]. - Logic: The nickel market is expected to remain weakly volatile, with the main contract trading between 118,000 - 124,000 yuan/ton. Pay attention to macro - level changes and Indonesian policies [34]. - Operation suggestion: The main contract is expected to operate between 118,000 - 124,000 yuan/ton [34][35]. Stainless Steel - Spot: As of November 5, the prices of 304 cold - rolled stainless steel in Wuxi and Foshan showed different trends, and the basis increased [36]. - Raw materials: The price of nickel ore remained firm, while the price of nickel iron decreased. The chromium iron market was weak, and the cost support declined [36]. - Supply: In September and October, the production of stainless steel increased. The production of the 300 - series remained at a high level [37]. - Inventory: Social inventories decreased slightly, and the number of warehouse receipts declined [37]. - Logic: The stainless steel market is expected to remain weakly volatile, with the main contract trading between 12,500 - 13,000 yuan/ton. Pay attention to macro - level changes and steel mill supply [38]. - Operation suggestion: The main contract is expected to operate between 12,500 - 13,000 yuan/ton [38][39]. Lithium Carbonate - Spot: As of November 5, the prices of battery - grade and industrial - grade lithium carbonate decreased, and the trading volume was weak [39]. - Supply: In October, the production of lithium carbonate increased. Recently, the output of lithium carbonate from spodumene decreased slightly, while that from mica remained stable [40][42]. - Demand: The overall demand was optimistic, with an increase in production schedules in the iron - lithium and ternary sectors. Pay attention to the demand after November [40][42]. - Inventory: The overall inventory decreased, with a reduction in smelter and downstream inventories [41]. - Logic: The short - term fundamentals support the price, but the trading logic has shifted. The price is expected to fluctuate between 78,000 - 82,000 yuan/ton [42]. - Operation suggestion: The main contract is expected to operate between 78,000 - 82,000 yuan/ton [42][43]. Commodity Futures - Black Metals Steel - Spot: The spot price of steel was weak, and the basis strengthened [43]. - Cost and profit: The cost of iron elements had weak support, while the cost of carbon elements had support. Profits from high to low were billet > hot - rolled coil > rebar > cold - rolled coil [43]. - Supply: From January to September, the production of iron elements increased. In October, the growth rate slowed down, and the output of the five major steel products increased slightly [43]. - Demand: Domestic demand expectations were weak, while exports remained high. The apparent demand for steel increased [44]. - Inventory: The inventory of the five major steel products decreased, and it is expected that the inventory center will increase year - on - year but decrease month - on - month [44]. - Viewpoint: The 1 - month contract has a loose supply of iron elements. It is recommended to hold the strategy of going long on coking coal and short on hot - rolled coils [44]. Iron Ore - Spot: As of November 5, the prices of mainstream iron ore powders decreased [46]. - Futures: The main contract of iron ore increased slightly, while the far - month contract decreased. The 1 - 5 spread widened [47]. - Basis: The basis of different iron ore varieties was positive [48]. - Demand: The daily consumption of imported iron ore decreased, and the profitability of steel mills declined [49]. - Supply: Global iron ore shipments decreased, while the arrivals at 45 ports increased significantly [50]. - Inventory: Port inventories increased, the daily port clearance volume increased, and steel mill inventories decreased [51]. - Viewpoint: The iron ore market is expected to be weakly volatile. It is recommended to wait and see on a single - side basis and consider the strategy of going long on coking coal and short on iron ore [52]. Coking Coal - Spot and futures: As of November 5, coking coal futures rebounded, and the prices of Shanxi and Mongolian coking coal were strong [53]. - Supply: The production of coking coal increased slightly, and the inventory decreased [54]. - Demand: The production of coke increased slightly, while the iron - making output decreased significantly. The demand for coking coal from steel mills weakened [55]. - Inventory: The overall inventory of coking coal decreased slightly, with inventory reductions in mines, ports, and washing plants, and inventory increases in coking plants and steel mills [55]. - Viewpoint: It is recommended to go long on coking coal 2601 on dips and consider the strategy of going long on coking coal and short on coke [55]. Coke - Spot and futures: As of November 5, coke futures rebounded, and the third round of price increases by mainstream coke enterprises was implemented [56]. - Profit: The average profit per ton of coke for independent coking plants was negative, but the loss narrowed after the price increase [56]. - Supply: The price of coking coal increased, providing cost support for coke. The production of coke increased slightly [57]. - Demand: Due to environmental restrictions, the iron - making output decreased, and the demand for coke from steel mills was suppressed [57]. - Inventory: The overall inventory of coke increased slightly, with inventory increases in coking plants and ports and inventory decreases in steel mills [57]. - Viewpoint: It is recommended to go long on coke 2601 on dips and consider the strategy of going long on coking coal and short on coke [58]. Commodity Futures - Agricultural Products Meal - Spot market: On November 5, the prices of domestic soybean meal and rapeseed meal increased, and the trading volume of soybean meal increased [59]. - Fundamentals: The State Council adjusted tariff measures on US imports. Bangladesh agreed to purchase US soybeans, and the estimated soybean yield in the US was adjusted [59][60]. - Market outlook: The adjustment of tariffs on US imports boosted the prices of US soybeans and domestic futures. The cost support for domestic soybean meal has increased [60][61]. Live Pigs - Spot: The spot price of live pigs was weak, with a decline in prices in various regions [62]. - Market data: The profit of live pig breeding decreased, and the average slaughter weight decreased slightly [62]. - Market outlook: The market supply is loose, and the pig price is expected to be weakly volatile. It is recommended to hold the 3 - 7 reverse spread and operate with caution [63]. Corn - Spot price: On November 5, the prices of corn in Northeast China and North China showed different trends, with light market transactions [64]. - Fundamentals: The grain inventory in Guangzhou Port decreased slightly, while the corn inventory increased [64]. - Market outlook: The supply pressure remains, and the upward movement of the corn price is limited [64].

Investment Rating The provided documents do not contain information about the industry investment rating. Core Views - The A - share market showed a downward adjustment, with high - dividend sectors performing strongly and technology - related industries experiencing pullbacks. The four major stock index futures contracts also declined, and it is recommended to wait and see [2][3][4]. - The central bank's bond - buying scale was lower than expected, and Treasury bond futures are likely to be volatile in the short term. It is advisable to go long on Treasury bonds on dips and consider positive arbitrage strategies [5][6]. - Due to tightened liquidity and a stronger US dollar, precious metals prices dropped. In the medium - to - long - term, precious metals are expected to enter a bull market, but in the short term, they will fluctuate widely [7][8][9]. - The container shipping index (European route) is expected to fluctuate within a certain range, and it is recommended to go long on the December contract on dips [11][12]. - For non - ferrous metals, copper prices are affected by a strong US dollar and are expected to be weak in the short term but supported in the medium - to - long - term by supply - demand contradictions; alumina prices are expected to remain weakly volatile; aluminum prices will fluctuate widely; zinc prices will be volatile and slightly strong in the short term; tin prices will maintain a high - level shock; nickel prices will fluctuate within a range; stainless steel prices will be weakly volatile; and lithium carbonate prices will be weakly adjusted [12][17][20][25][28][32][35][38]. - For black metals, steel prices are expected to test support levels, and the strategy of going long on coking coal and short on hot - rolled coils can be continued; iron ore prices are under pressure; coking coal and coke prices are expected to be bullish in the fourth quarter, and it is recommended to go long on dips [41][44][47][51]. - For agricultural products, meal prices are undergoing high - level adjustments; pig prices are weakly volatile; corn prices are in a low - level shock; and sugar prices are in a bottom - level shock [54][57][59][62]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: On Tuesday, the A - share market opened lower and weakened. The four major stock index futures contracts all declined. High - dividend sectors were strong, while technology - related industries pulled back. It is recommended to wait and see as the market direction is unclear [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures mostly closed down. The central bank's bond - buying scale in October was lower than expected, and the bond market may enter a waiting stage. It is advisable to go long on Treasury bonds on dips and consider positive arbitrage strategies [5][6]. Precious Metals - The US government shutdown and potential changes in tariffs have tightened market liquidity, causing the US dollar to strengthen and precious metals prices to drop. In the medium - to - long - term, precious metals are expected to enter a bull market, but in the short term, they will fluctuate widely. Gold and silver prices both declined, with gold closing at $3931 per ounce, down 1.72%, and silver at $47.13 per ounce, down 1.89% [7][8][9]. Container Shipping Index (European Route) - The spot quotes of container shipping vary among different shipping companies. The SCFIS and SCFI indices show different trends. The global container shipping capacity has increased, and the demand in the eurozone and the US shows different performances. The futures price is expected to fluctuate between 1800 - 2000 points, and it is recommended to go long on the December contract on dips [11][12]. Commodity Futures Non - Ferrous Metals - **Copper**: The strong US dollar suppresses copper prices. The supply of copper concentrate is tight, and the production of refined copper may decline slightly in November. The demand for copper has strong resilience. Copper prices are expected to be weak in the short term but supported in the medium - to - long - term. The main contract is expected to find support at 84000 and face resistance at 86500 [12][13][16]. - **Alumina**: The alumina market continues to test the support level of 2750. The supply is in an oversupply situation, and the demand is weak. The price is expected to remain weakly volatile, with the main contract ranging from 2750 - 2900 yuan/ton [17][18][19]. - **Aluminum**: The aluminum price rose strongly recently but then pulled back. The supply may be affected by environmental protection in winter, and the demand is weak. The price is expected to fluctuate widely, with the main contract ranging from 20800 - 21600 yuan/ton [20][21][22]. - **Aluminum Alloy**: The spot trading of aluminum alloy is cold at high prices, and the supply of raw materials is tight. The demand shows a mild recovery. The price is expected to maintain a strong - side shock, with the main contract ranging from 20400 - 21000 yuan/ton [23][24]. - **Zinc**: The zinc price is in a high - level shock. The supply is expected to increase with limited amplitude, and the demand is average. The LME has a risk of short - squeeze, and the export window of zinc ingots may open intermittently. The price is expected to be volatile and slightly strong in the short term, with the main contract ranging from 22300 - 23000 [25][27][28]. - **Tin**: The tin price maintains a high - level shock. The supply of tin ore is tight, and the demand shows a structural differentiation. The price is expected to be adjusted on dips, and it is recommended to go long on dips [28][30][31]. - **Nickel**: The nickel price shows a downward trend. The supply is at a high level, and the demand is stable in some sectors but weak in others. The inventory is high overseas and slightly decreasing in China. The price is expected to fluctuate within a range, with the main contract ranging from 118000 - 126000 [32][33][34]. - **Stainless Steel**: The stainless steel price is weakly volatile. The supply is under pressure, and the demand is insufficient. The social inventory is slowly decreasing. The price is expected to be weakly adjusted, with the main contract ranging from 12500 - 13000 [35][36][37]. - **Lithium Carbonate**: The lithium carbonate price is weakly adjusted. The supply shows a slight decrease, and the demand is more optimistic than expected. The trading logic has switched, and the price is expected to be weakly adjusted, with the main contract ranging from 76000 - 82000 [38][39][40]. Black Metals - **Steel**: The steel price is expected to test support levels. The supply of iron elements is loose, and the profit of steel has declined. The inventory of steel is decreasing, but the winter storage pressure of plates is high. It is recommended to continue holding the strategy of going long on coking coal and short on hot - rolled coils [41][42][43]. - **Iron Ore**: The iron ore price has fallen back. The supply shows a pattern of decreased shipping and increased arrival, and the demand has weakened. The inventory has increased. It is recommended to go short on the 2601 contract on rallies and conduct positive arbitrage between the 1 - 5 contracts [44][45][46]. - **Coking Coal**: The coking coal price is volatile. The supply is expected to increase slightly, and the demand has weakened. The inventory is slightly decreasing. It is recommended to go long on the 2601 contract on dips and conduct the strategy of going long on coking coal and short on coke [47][48][50]. - **Coke**: The coke price is volatile. The third - round price increase of coke has been implemented, and the cost is supported by coking coal. The demand has weakened, and the inventory is slightly increasing. It is recommended to go long on the 2601 contract on dips and conduct the strategy of going long on coking coal and short on coke [51][52][53]. Agricultural Products - **Meals**: The meal price is undergoing high - level adjustments. The domestic soybean meal price has been lowered, and the market is waiting for further details of Sino - US trade. The supply of soybeans and soybean meal in China is high, but the cost support is strong [54][55][56]. - **Pigs**: The pig price is weakly volatile. The market supply is loose, and the secondary fattening enthusiasm has declined. The overall planned slaughter volume in November will slow down, which may boost the pig price to some extent [57][58]. - **Corn**: The corn price is in a low - level shock. The supply pressure exists, and the selling pressure has not been realized. The demand is mainly for rigid needs. In the long - term, the corn market will be in a tight - balance pattern [59][60][61]. - **Sugar**: The sugar price is in a bottom - level shock. The international sugar supply is expected to be in surplus, and the domestic sugar price is under pressure but relatively resistant to decline. The spot market trading is not active [62].

Core Insights - The China Commodity Price Index (CBPI) for October 2025 is reported at 113.2 points, reflecting a month-on-month increase of 1.2% but a year-on-year decrease of 0.1% [2][7] - The index has shown a continuous month-on-month recovery for six months, indicating a positive trend in the commodity market driven by government policies and improved business confidence [2][7] Commodity Price Trends - The non-ferrous price index rose to 136.4 points, with a month-on-month increase of 3.5% and a year-on-year increase of 5.2% [4] - The mineral price index rebounded slightly to 70.9 points, with a month-on-month increase of 0.7% but a year-on-year decrease of 12.5% [4] - The agricultural product price index decreased to 94.8 points, with a month-on-month decline of 2% but a year-on-year increase of 2.1% [4] - The energy price index fell to 96.8 points, with a month-on-month decrease of 1.3% and a year-on-year decrease of 7.3% [4] - The black commodity price index continued to weaken at 77.8 points, with a month-on-month decrease of 1.5% and a year-on-year decrease of 8.3% [4] - The chemical price index accelerated its decline to 96.9 points, with a month-on-month decrease of 3.1% and a year-on-year decrease of 12.7% [5] Market Analysis - Analysts suggest that the overall commodity market is expected to maintain stability in the fourth quarter, supporting the annual economic development goals [7] - The positive signals from the US-China negotiations and the Federal Reserve's interest rate cuts have contributed to increased business confidence and expansion in production [7] - The demand for certain products, such as coking coal, has increased due to domestic supply constraints and seasonal factors [4][5]

Report Investment Ratings The provided content does not mention the industry investment ratings. Core Views - The "15th Five-Year Plan" draft suggests focusing on key areas for future investment. The recent Sino-US trade talks have reached a phased consensus, which will reduce the impact of tariff policies on the market and increase market risk appetite [2]. - The RMB exchange rate is expected to trade between 7.09 - 7.14 this week, with a potentially stronger trend. Enterprises are advised to manage exchange rate risks [4]. - The stock index is expected to continue its short - term correction, especially for small and medium - cap stocks, but there is support below [6]. - Treasury bonds are recommended to be bought on dips [7]. - The container shipping futures for European routes are expected to remain in a high - level volatile pattern in the short term. Traders are advised to be cautious [12]. - Precious metals are in a short - term adjustment phase, and mid - term buying opportunities on dips can be considered [17]. - Copper prices may test the support around 85000; downstream enterprises can use a combination strategy to reduce procurement costs [19]. - Aluminum is expected to be in a high - level shock; alumina is expected to be weak; cast aluminum alloy is expected to be in a high - level shock [20]. - Zinc is expected to be in a high - level shock [21]. - Nickel and stainless steel are in a weak position with significant downward pressure, and macro factors need to be closely monitored [22]. - Tin is expected to be in a high - level shock, and long - term bullish sentiment remains [23]. - Carbonate lithium presents an opportunity for inventory replenishment [25]. - Industrial silicon and polysilicon are in an oscillatory adjustment phase [27]. - Lead is expected to be in a high - level shock in the short term due to supply shortages [28]. - Rebar and hot - rolled coils may test the previous low support [29]. - Iron ore prices have limited upside potential, and short - selling opportunities after valuation repair can be considered [31]. - Coking coal and coke have seen the third round of price increases. They are suitable for long - positions in the black market [33]. - Ferrosilicon and ferromanganese are expected to oscillate due to high inventory and weak demand [34]. - Crude oil is expected to oscillate between 60 - 65 dollars this week [37]. - LPG is expected to fluctuate with crude oil [39]. - PTA - PX is expected to be relatively strong and oscillate with the cost side [43]. - Ethylene glycol is expected to oscillate widely, and short - selling strategies can be considered [47]. - Methanol 01 may continue to decline [49]. - PP is expected to remain weak due to the supply - demand imbalance [51]. - PE is expected to be weak and oscillate due to high supply and limited demand [54]. - Pure benzene and styrene are likely to be weak and lack upward drivers [57]. - Fuel oil is expected to continue its downward trend [58]. - Low - sulfur fuel oil's valuation has increased [59]. - Asphalt is expected to continue its downward trend, and short - term waiting or short - selling can be considered [62]. - Rubber and 20 - numbered rubber are expected to continue their weak trend and search for a bottom [67]. - Urea is expected to be in a weak and oscillatory pattern [69]. - For glass, soda ash, and caustic soda, attention should be paid to the realization of supply expectations [70]. - Pulp and offset paper are expected to be relatively oscillatory in the short term [74]. - Logs are recommended to be short - sold, and attention should be paid to the 01 - 03 reverse spread opportunity [77]. Summary by Directory Financial Futures - **Macro**: Focus on US employment data. The "15th Five - Year Plan" draft provides investment directions. The Sino - US trade talks have reached a phased consensus, but long - term trade frictions still need attention. The US government shutdown and the Fed's interest rate cut are also key factors [1][2]. - **RMB Exchange Rate**: The USD/CNY spot rate is expected to trade between 7.09 - 7.14 this week. Enterprises are advised to manage exchange rate risks [4]. - **Stock Index**: The stock index is expected to continue its short - term correction, especially for small and medium - cap stocks, but there is support below [6]. - **Treasury Bonds**: Treasury bonds are recommended to be bought on dips. The central bank's bond - buying in October was lower than expected [7]. - **Container Shipping for European Routes**: The futures are expected to remain in a high - level volatile pattern in the short term. Traders are advised to be cautious [12]. Commodities Non - ferrous Metals - **Gold & Silver**: Precious metals are in a short - term adjustment phase. Mid - term buying opportunities on dips can be considered [17]. - **Copper**: Copper prices may test the support around 85000. Downstream enterprises can use a combination strategy to reduce procurement costs [19]. - **Aluminum Industry Chain**: Aluminum is expected to be in a high - level shock; alumina is expected to be weak; cast aluminum alloy is expected to be in a high - level shock [20]. - **Zinc**: Zinc is expected to be in a high - level shock [21]. - **Nickel & Stainless Steel**: They are in a weak position with significant downward pressure. Macro factors need to be closely monitored [22]. - **Tin**: Tin is expected to be in a high - level shock, and long - term bullish sentiment remains [23]. - **Carbonate Lithium**: It presents an opportunity for inventory replenishment [25]. - **Industrial Silicon & Polysilicon**: They are in an oscillatory adjustment phase [27]. - **Lead**: Lead is expected to be in a high - level shock in the short term due to supply shortages [28]. Black Metals - **Rebar & Hot - Rolled Coils**: They may test the previous low support. The market is affected by production restrictions, raw material prices, and macro factors [29]. - **Iron Ore**: Iron ore prices have limited upside potential. Short - selling opportunities after valuation repair can be considered [31]. - **Coking Coal & Coke**: The third round of price increases has been implemented. They are suitable for long - positions in the black market [33]. - **Ferrosilicon & Ferromanganese**: They are expected to oscillate due to high inventory and weak demand [34]. Energy & Chemicals - **Crude Oil**: Crude oil is expected to oscillate between 60 - 65 dollars this week [37]. - **LPG**: LPG is expected to fluctuate with crude oil [39]. - **PTA - PX**: They are expected to be relatively strong and oscillate with the cost side [43]. - **Ethylene Glycol**: It is expected to oscillate widely, and short - selling strategies can be considered [47]. - **Methanol**: Methanol 01 may continue to decline [49]. - **PP**: PP is expected to remain weak due to the supply - demand imbalance [51]. - **PE**: PE is expected to be weak and oscillate due to high supply and limited demand [54]. - **Pure Benzene & Styrene**: They are likely to be weak and lack upward drivers [57]. - **Fuel Oil**: Fuel oil is expected to continue its downward trend [58]. - **Low - Sulfur Fuel Oil**: Its valuation has increased [59]. - **Asphalt**: Asphalt is expected to continue its downward trend. Short - term waiting or short - selling can be considered [62]. - **Rubber & 20 - numbered Rubber**: They are expected to continue their weak trend and search for a bottom [67]. - **Urea**: Urea is expected to be in a weak and oscillatory pattern [69]. - **Glass, Soda Ash & Caustic Soda**: Attention should be paid to the realization of supply expectations [70]. - **Pulp & Offset Paper**: They are expected to be relatively oscillatory in the short term [74]. - **Logs**: Logs are recommended to be short - sold, and attention should be paid to the 01 - 03 reverse spread opportunity [77].

黑色建材日报 2025-11-05 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 【行情资讯】 螺纹钢主力合约下午收盘价为 3044 元/吨, 较上一交易日跌 35 元/吨（-1.13%）。当日注册仓单 121242 吨, 环比减少 1798 吨。主力合约持仓量为 196.6544 万手，环比增加 47527 手。现货市场方面, 螺纹钢天 津汇总价格为 3190 元/吨, 环比减少 0/吨; 上海汇总价格为 3210 元/吨, 环比减少 10 元/吨。 热轧板卷 主力合约收盘价为 3265 元/吨, 较上一交易日跌 30 元/吨（-0.91%）。 当日注册仓单 100301 吨, 环比增 加 1764 吨。主力合约持仓量为 139.613 万手，环比减少 26705 手。 现货方面, 热轧板卷乐从汇总价格为 3280 元/吨, 环比减少 30 元/吨; 上海汇总价格为 3290 元/吨, 环比减少 20 元/吨。 ...

Report Overview - Date: November 5, 2025 - Publisher: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Black Series 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - Iron ore is expected to fluctuate at high levels [2][4] - Rebar and hot - rolled coil are likely to experience weak oscillations due to sector sentiment [2][7] - Ferrosilicon and silicomanganese are expected to have wide - range fluctuations influenced by sector sentiment and supply - demand dynamics [2][11] - Coke and coking coal are predicted to fluctuate at high levels [2][14] - Logs are expected to have repeated oscillations [2][16] 3. Summary by Commodity Iron Ore - **Fundamentals**: The previous day's futures closing price was 775.5 yuan/ton, down 7 yuan or 0.89%. The positions increased by 12,824 hands. Spot prices of various iron ore types decreased by 2 yuan/ton, except for domestic ores which remained unchanged. The basis and some spreads changed slightly [4] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [5] - **Trend Intensity**: 0, indicating a neutral trend [5] Rebar and Hot - Rolled Coil - **Fundamentals**: The previous day's closing prices of RB2601 and HC2601 futures were 3,044 yuan/ton and 3,265 yuan/ton, down 44 yuan (-1.42%) and 34 yuan (-1.03%) respectively. Spot prices in major cities decreased. The basis increased, and some spreads changed [7] - **News**: In mid - October 2025, key steel enterprises' average daily production of crude steel decreased by 0.9%, pig iron by 1.3%, and steel increased by 0.8%. On October 30, steel production, inventory, and apparent demand data showed certain changes. Five departments supported commercial real estate REITs issuance. The 15th Five - Year Plan proposed directions for the steel industry. In September, China's steel exports increased while imports also rose slightly [8][9][10] - **Trend Intensity**: 0 for both rebar and hot - rolled coil, indicating a neutral trend [10] Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices of ferrosilicon and silicomanganese decreased. Spot prices of silicon - manganese in Inner Mongolia decreased by 30 yuan/ton. The basis and various spreads changed [11] - **News**: Zhengzhou Commodity Exchange adjusted the centralized cancellation date of ferrosilicon and urea in February 2026. There were price quotes and electricity price changes in the ferrosilicon and manganese - silicon markets. Some steel mills' procurement prices and quantities were announced [11][12][13] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral trend [13] Coke and Coking Coal - **Fundamentals**: Futures prices of coking coal and coke decreased. Some spot prices of coking coal increased, while others remained unchanged. Coke spot prices were mostly stable. The basis and spreads changed [14] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [15] - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral trend [15] Logs - **Fundamentals**: Futures prices of different log contracts showed different degrees of decline. Trading volumes and positions also changed significantly. Spot prices of most log types were stable, with a small number showing slight decreases [17] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [19] - **Trend Intensity**: 0, indicating a neutral trend [19]

Report Overview - Report Title: Commodity Quantitative CTA Weekly Tracking [1] - Report Date: November 4, 2025 [2] - Report Author: Guotou Futures Research Institute, Financial Engineering Group [2] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the proportion of short positions in commodities has rebounded, mainly due to the decline in the factor strength of the black sector and the rebound in agricultural products. Currently, the sectors with relatively strong cross - section are non - ferrous metals and agricultural products, while the relatively weak ones are black and energy sectors [3]. - The short - term momentum of the black sector has declined, with a decrease in the positions of iron ore and rebar, indicating a more cautious sentiment after the realization of positive factors [3]. - The cross - section of agricultural products has reversed, with the short - term momentum of soybean oil slightly decreasing and that of soybean meal increasing, and soybean meal is relatively strong in the short - term cross - section [3]. Summary by Related Content Commodity Market Conditions - **Sector Performance**: The cross - section of non - ferrous and agricultural sectors is strong, while the black and energy sectors are weak. Gold's time - series momentum has marginally rebounded, and the decline in silver's positions is small. In the non - ferrous sector, the position factor has marginally rebounded, and the long - term momentum continues to rise, with copper being strong and alumina being weak. In the black sector, coking coal is relatively strong in the cross - section. The short - term momentum cross - section of the energy - chemical sector has expanded, and the chemical sector is on the short side of the cross - section [3]. - **Factor Performance**: The supply factor increased by 0.98% last week, the demand factor decreased by 0.64%, the inventory factor decreased by 0.48%, and the synthetic factor weakened by 0.62%. This week, the comprehensive signal is short [4]. Specific Commodity Analysis Methanol - **Strategy Net Value**: Last week, the inventory factor decreased by 0.05%, the spread factor weakened by 0.05%, and the synthetic factor decreased by 0.04%. This week, the comprehensive signal is long [15]. - **Fundamental Factors**: The supply side is neutral to short, the demand side is long, the inventory side is short, and the spread side is long [15]. Iron Ore - **Strategy Net Value**: The supply factor increased by 0.49%, the demand factor strengthened by 0.47%, the spread factor decreased by 0.09%, and the synthetic factor strengthened by 0.2%. This week, the comprehensive signal remains short [13]. - **Fundamental Factors**: The supply side signal remains long, the demand side signal turns neutral, the inventory side signal remains neutral, and the spread side signal remains neutral [13]. Glass - **Strategy Net Value**: The supply factor increased slightly, the demand factor is long, the inventory factor is short, and the spread factor is long. This week, the comprehensive signal is long [15]. - **Fundamental Factors**: The supply side is neutral to short, the demand side is long, the inventory side is short, and the spread side is long [15].

1. Report Industry Investment Ratings - Thread steel: ☆☆☆, indicating the short - term long/short trend is in a relatively balanced state, and the current market is less operable, suggesting to wait and see [1] - Hot - rolled coil: ☆☆☆, same as thread steel [1] - Iron ore: ★★★, representing a clearer long - term trend and a relatively appropriate investment opportunity currently [1] - Coke: ☆☆☆, similar to the above balanced state [1] - Coking coal: ☆☆☆, also in a balanced state [1] - Silicon manganese: ☆☆☆, with low operability and a balanced trend [1] - Silicon iron: ☆☆☆, the same as the others [1] 2. Core Views of the Report - The steel market is under pressure in the short - term, with overall low - level range fluctuations. It is necessary to pay attention to demand changes and the progress of domestic demand stimulus policies as the off - season approaches [2] - The iron ore market is expected to fluctuate weakly at a high level, with the market starting to trade the reality of marginal relaxation of fundamentals [3] - The coke market has a third - round price increase expectation, but the steel's pressure on raw material prices is strong. Attention should be paid to safety production assessment information [4] - The coking coal market's price is not expected to decline continuously. Attention should be paid to the impact of safety supervision in major production areas [6] - The silicon manganese and silicon iron markets are likely to fluctuate within a narrow range [7][8] 3. Summary by Related Catalogs Steel - The steel futures market continued to decline. Thread steel's apparent demand improved, production increased, and inventory decreased. Hot - rolled coil demand remained good, production rose slightly, and inventory also decreased [2] - Iron - making water production declined from a high level, and the downstream's carrying capacity was insufficient. The negative feedback pressure in the industrial chain needs to be alleviated [2] - The real estate investment declined significantly, and the growth rates of infrastructure and manufacturing investment continued to fall. Domestic demand was weak, and the market sentiment was low [2] Iron Ore - The iron ore futures market weakened. Global shipments decreased, but were still at a high level. Domestic arrivals reached a new high this year, and port inventory continued to accumulate [3] - Last week, iron - making water production decreased significantly, and the steel mill profitability rate hit a new low this year. There is further production - cut pressure after entering the off - season [3] Coke - The coke price decreased during the day. There is an expectation of a third - round price increase, but the coking profit is average, and downstream demand is limited [4] Coking Coal - The coking coal price decreased. Some coal mines in Wuhai resumed production, but the price is not expected to decline continuously. The total inventory increased slightly [6] Silicon Manganese - The silicon manganese price fluctuated. Iron - making water production remained high, production decreased slightly, and inventory decreased slightly. The manganese ore price increased slightly [7] Silicon Iron - The silicon iron price fluctuated. Iron - making water production remained high, export demand increased to about 40,000 tons, and the supply was at a high level with inventory decreasing [8]