Group 1: Steel Industry Report Industry Investment Rating Not provided Core View of the Report The steel price is expected to maintain a volatile trend. With the current apparent demand and production levels, inventory reduction can be sustained, but it is necessary to pay attention to whether the current apparent demand is a pulse. The iron water output is -0.6 to 236.3 million tons, and the production is prone to decline and difficult to increase. Based on the upward revision of the apparent demand, under the weekly apparent demand of 8.74 million tons in November, the inventory pressure is not large, and the negative feedback of iron elements is not necessary. However, as the raw materials have not stabilized, the steel price is expected to decline within the range, with the rebar referring to the range of 3,000 - 3,200 and the hot-rolled coil referring to the range of 3,250 - 3,400 [1][3] Summary by Relevant Catalogs - **Steel Prices and Spreads**: Rebar and hot-rolled coil spot prices in most regions declined, and futures contract prices also showed a downward trend [1] - **Cost and Profit**: The cost of steel billets and slabs remained unchanged, while the cost of some steel products decreased. The profit of hot-rolled coils in some regions increased, and the profit of rebar in South China increased significantly [1] - **Supply**: The daily average iron water output decreased by 0.6 to 236.3 million tons, and the output of five major steel products increased by 1.9%. The output of rebar increased by 4.0%, with the converter output increasing by 5.4% and the electric furnace output decreasing by 4.6%. The output of hot-rolled coils increased by 0.7% [1] - **Inventory**: The inventory of five major steel products decreased by 3.0%, the inventory of rebar decreased by 4.0%, and the inventory of hot-rolled coils decreased by 2.0% [1] - **Transaction and Demand**: The building material trading volume decreased by 8.0%, and the apparent demand of five major steel products increased by 3.9%. The apparent demand of rebar increased by 6.7%, and the apparent demand of hot-rolled coils increased by 3.5% [1] Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core View of the Report The iron ore futures showed a relatively strong performance. On the supply side, the global iron ore shipments decreased week-on-week last week, while the arrivals at 45 ports increased significantly. On the demand side, the profit margin of steel mills decreased slightly, the iron water output decreased slightly, and the restocking demand of steel mills increased. It is expected that the iron ore will be difficult to have an independent unilateral market and will run in a volatile manner. It is recommended to wait and see on a unilateral basis [4] Summary by Relevant Catalogs - **Iron Ore - Related Prices and Spreads**: The warehouse receipt costs of various iron ore varieties increased slightly, and the basis of some varieties changed slightly. The 5 - 9 spread decreased by 5.7%, the 9 - 1 spread increased by 4.9%, and the 1 - 5 spread decreased by 4.1% [4] - **Spot Prices and Price Indexes**: The spot prices of iron ore in Rizhao Port increased slightly, and the prices of the Singapore Exchange 62% Fe swap and the Platts 62% Fe also increased slightly [4] - **Supply**: The 45 - port arrivals (weekly) increased by 24.2%, the global shipments (weekly) decreased by 6.8%, and the national monthly import volume decreased by 4.3% [4] - **Demand**: The daily average iron water of 247 steel mills (weekly) decreased by 0.3%, the 45 - port daily average port clearance volume (weekly) increased by 0.9%, the national monthly pig iron output decreased by 0.8%, and the national monthly crude steel output decreased by 2.0% [4] - **Inventory Changes**: The 45 - port inventory (weekly) increased by 0.3%, the imported ore inventory of 247 steel mills (weekly) decreased by 0.8%, and the inventory available days of 64 steel mills (weekly) decreased by 4.8% [4] Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core View of the Report - **Coke**: The coke futures showed a volatile downward trend, and the mainstream coke enterprises are expected to be proposed to reduce the price after the fourth round of price increase is fully implemented. The supply side shows that the coking profit has been repaired, but the coke price adjustment lags behind that of coking coal, and the start - up of some enterprises has decreased. The demand side shows that the steel mills' losses increase, the iron water output decreases, and the steel price fluctuates weakly, which has a certain suppression on the coke price. The inventory is slightly reduced, and the coke supply - demand situation has weakened. It is recommended to view the unilateral trend as volatile and bearish, with the range referring to 1,550 - 1,700, and recommend the 1 - 5 reverse spread arbitrage [7] - **Coking Coal**: The coking coal futures showed a volatile and weak trend, and the spot market showed signs of loosening. The supply side shows that some coal mines have stopped production for rectification, and the Mongolian coal customs clearance has increased significantly, and the port inventory has continued to rise. The demand side shows that the steel mills' losses increase, the iron water output decreases, the coking start - up decreases slightly, and the restocking demand weakens. The inventory is slightly reduced. It is recommended to view the unilateral trend as volatile and bearish, with the range referring to 1,050 - 1,150, and recommend the 1 - 5 reverse spread arbitrage [7] Summary by Relevant Catalogs - **Coke - Related Prices and Spreads**: The prices of some coke varieties decreased, and the futures contract prices also declined. The basis of some contracts changed [7] - **Coking Coal - Related Prices and Spreads**: The prices of some coking coal varieties decreased, and the futures contract prices also showed a downward trend. The basis of some contracts decreased [7] - **Supply**: The daily average output of all - sample coking plants decreased by 0.5%, and the daily average output of 247 steel mills remained unchanged. The raw coal output decreased by 0.3%, and the clean coal output decreased by 0.4% [7] - **Demand**: The iron water output of 247 steel mills decreased by 0.3%, and the daily average output of all - sample coking plants decreased by 0.5%, and the daily average output of 247 steel mills remained unchanged [7] - **Inventory Changes**: The total coke inventory increased slightly, the coke inventory of all - sample coking plants increased by 12.3%, the coke inventory of 247 steel mills remained basically unchanged, the port inventory decreased by 2.9%, and the coke supply - demand gap remained unchanged. The clean coal inventory of Fenwei coal mines increased by 11.9%, the coking coal inventory of all - sample coking plants decreased by 2.9%, the coking coal inventory of 247 steel mills increased by 0.9%, and the port inventory decreased by 2.3% [7]

Group 1: Steel Industry Report Industry Investment Rating Not provided Core View The steel price is expected to maintain a volatile trend. With the current apparent demand and production level, inventory reduction can be maintained, but it is necessary to pay attention to whether the current apparent demand is a pulse. The iron water output has decreased, and the production is likely to fall rather than rise. Based on the upward revision of the apparent demand, under the weekly apparent demand of 8.74 million tons in November, the inventory pressure is not significant, and there is little need for negative feedback on iron elements. However, as the raw materials have not stabilized, the steel price is expected to decline within the range, with the reference range for rebar being 3,000 - 3,200 and that for hot - rolled coils being 3,250 - 3,400 [1][3]. Summary by Directory - **Steel Price and Spread**: The prices of rebar and hot - rolled coil spot and futures have shown different degrees of decline. For example, the rebar spot price in North China decreased by 10 yuan to 3,210 yuan, and the rebar 10 - contract price decreased by 17 yuan to 3,155 yuan [1]. - **Cost and Profit**: The costs of steel billets and slabs remained unchanged. The costs of electric - arc furnace and converter rebar in Jiangsu decreased, and the profits of rebar and hot - rolled coils in different regions showed different changes. For instance, the profit of rebar in South China increased by 15 yuan to 108 yuan, and the profit of hot - rolled coils in East China increased by 5 yuan to - 62 yuan [1]. - **Supply**: The daily average pig iron output decreased by 0.6 tons to 236.3 tons, a decrease of 0.3%. The output of five major steel products increased by 15.5 tons to 849.9 tons, an increase of 1.9%. The output of rebar increased by 8.0 tons to 208.0 tons, an increase of 4.0% [1]. - **Inventory**: The inventory of five major steel products decreased by 44.2 tons to 1,433.1 tons, a decrease of 3.0%. The inventory of rebar decreased by 22.8 tons to 553.3 tons, a decrease of 4.0%, and the inventory of hot - rolled coils decreased by 8.4 tons to 402.1 tons, a decrease of 2.0% [1]. - **Transaction and Demand**: The building materials trading volume decreased by 0.8 to 9.3, a decrease of 8.0%. The apparent demand of five major steel products increased by 33.6 tons to 894.2 tons, an increase of 3.9%. The apparent demand of rebar increased by 14.4 tons to 230.8 tons, an increase of 6.7%, and the apparent demand of hot - rolled coils increased by 10.8 tons to 324.4 tons, an increase of 3.5% [1]. Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core View The iron ore futures showed a relatively strong performance. In the supply side, the global iron ore shipment volume decreased last week, while the arrival volume at 45 ports increased significantly. In the demand side, the steel mill profit margin declined slightly, the pig iron output decreased slightly, and the steel mill restocking demand increased. The inventory of ports increased slightly, and the steel mill's equity ore inventory decreased. It is expected that the iron ore will be difficult to have an independent unilateral market and will operate in a volatile manner. It is recommended to wait and see on a unilateral basis [4]. Summary by Directory - **Iron Ore - Related Price and Spread**: The warehouse - receipt costs of various iron ore powders increased slightly, and the basis of the 01 - contract for different iron ore powders showed different changes. For example, the warehouse - receipt cost of PB powder increased by 3.3 yuan to 846.9 yuan, an increase of 0.4%, and the basis of the 01 - contract for PB powder increased by 0.3 yuan to 49.9 yuan, an increase of 0.6% [4]. - **Spot Price and Price Index**: The spot prices of various iron ore powders at Rizhao Port increased slightly, and the prices of the Singapore Exchange 62% Fe swap and the Platts 62% Fe also increased slightly. For instance, the price of PB powder at Rizhao Port increased by 3 yuan to 798 yuan, an increase of 0.4% [4]. - **Supply**: The arrival volume at 45 ports (weekly) increased by 548.2 tons to 2,817.1 tons, an increase of 24.2%, and the global shipment volume (weekly) decreased by 238.0 tons to 3,278.4 tons, a decrease of 6.8%. The national monthly import volume decreased by 500.6 tons to 11,130.9 tons, a decrease of 4.3% [4]. - **Demand**: The daily average pig iron output of 247 steel mills (weekly) decreased by 0.6 tons to 236.3 tons, a decrease of 0.3%. The daily average port clearance volume at 45 ports (weekly) increased by 3.0 tons to 329.9 tons, an increase of 0.9%. The national monthly pig iron output decreased by 49.7 tons to 6,554.9 tons, a decrease of 0.8%, and the national monthly crude steel output decreased by 149.3 tons to 7,199.7 tons, a decrease of 2.0% [4]. - **Inventory Change**: The inventory at 45 ports (weekly, compared with Monday) increased by 46.9 tons to 15,101.54 tons, an increase of 0.3%. The imported ore inventory of 247 steel mills (weekly) decreased by 74.8 tons to 9,001.2 tons, a decrease of 0.8%. The inventory available days of 64 steel mills (weekly) decreased by 1 day to 20 days, a decrease of 4.8% [4]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core View - **Coke**: The coke futures showed a volatile downward trend, and the spot price had a downward expectation after the fourth - round price increase. The supply side saw a decrease in the coking coal price in the Shanxi market, and the coking profit was somewhat repaired. The demand side was affected by the decline in steel mill profits and iron water output, which put pressure on the coke price. The overall inventory decreased slightly, and the coke supply - demand relationship weakened. It is recommended to view it as a unilateral volatile and bearish market, with the reference range being 1,550 - 1,700, and recommend the 1 - 5 reverse spread of coke [7]. - **Coking Coal**: The coking coal futures showed a volatile and weak trend, and the spot price declined. The supply side was affected by the temporary shutdown of some mines and the increase in Mongolian coal customs clearance. The demand side saw a weakening of restocking demand due to the decline in steel mill and coking plant production. The overall inventory decreased slightly. It is recommended to view it as a unilateral volatile and bearish market, with the reference range being 1,050 - 1,150, and recommend the 1 - 5 reverse spread of coking coal [7]. Summary by Directory - **Coke - Related Price and Spread**: The prices of various coke products decreased to different extents. For example, the price of Rizhao Port's quasi - first - grade wet - quenched coke (warehouse - receipt) decreased by 11 yuan to 1,613 yuan, a decrease of 0.7%, and the coke 01 - contract price decreased by 24 yuan to 1,643 yuan, a decrease of 1.5% [7]. - **Coking Coal - Related Price and Spread**: The prices of various coking coal products also decreased. For instance, the price of Mongolian 5 raw coal (warehouse - receipt) decreased by 23 yuan to 1,200 yuan, a decrease of 1.9%, and the coking coal 01 - contract price decreased by 2 yuan to 1,085 yuan, a decrease of 0.1% [7]. - **Supply**: The daily average coke output of all - sample coking plants decreased by 0.3 tons to 62.7 tons, a decrease of 0.5%, and the daily average coke output of 247 steel mills remained unchanged at 46.2 tons. The raw coal output of Fenwei sample coal mines decreased by 2.4 tons to 851.5 tons, a decrease of 0.3%, and the clean coal output decreased by 1.8 tons to 433.8 tons, a decrease of 0.4% [7]. - **Demand**: The iron water output of 247 steel mills decreased by 0.6 tons to 236.3 tons, a decrease of 0.3%. The daily average coke output of all - sample coking plants decreased by 0.3 tons to 62.7 tons, a decrease of 0.5%, and the daily average coke output of 247 steel mills remained unchanged at 46.2 tons [7]. - **Inventory Change**: The total coke inventory increased by 1.3 tons to 880.6 tons, an increase of 0.1%. The coke inventory of all - sample coking plants increased by 7.1 tons to 65.3 tons, an increase of 12.3%, and the coke inventory of 247 steel mills decreased by 0.1 tons to 622.3 tons, a decrease of 0.0%. The coking coal inventory of Fenwei coal mines increased by 10.4 tons to 98.0 tons, an increase of 11.9%, the coking coal inventory of all - sample coking plants decreased by 30.8 tons to 1,038.2 tons, a decrease of 2.9%, and the coking coal inventory of 247 steel mills increased by 6.9 tons to 797.1 tons, an increase of 0.9% [7]. - **Supply - Demand Gap Change**: The coke supply - demand gap remained unchanged at - 5.5 tons [7].

1. Report Industry Investment Rating - No information provided in the reports 2. Core Views Steel - Steel prices are expected to maintain a range - bound oscillation. The reference range for rebar is 3000 - 3200, and for hot - rolled coils is 3250 - 3400. With the current apparent demand and production levels, inventory reduction can be maintained, but it's necessary to monitor if the current apparent demand is a pulse. Iron water production decreased by 0.6 to 236.3 tons, and production is more likely to decline than increase. Given the revised apparent demand, the inventory pressure is not significant under the weekly apparent demand of 8.74 million tons in November, and there is little need for negative feedback of iron elements [1]. Iron Ore - In the absence of new macro - drivers, it is difficult for iron ore to have an independent unilateral market. The market is expected to oscillate with a bullish bias under the condition of a discounted futures price. The supply of iron ore increased last week with a significant rebound in the arrival volume at 45 ports and a recovery in the global shipment volume. On the demand side, the steel mill's profit margin slightly declined, the iron water volume slightly decreased, and the restocking demand increased. The production of the five major steel products increased, the inventory continued to decline seasonally, and the apparent demand rebounded significantly [4]. Coke and Coking Coal - Coke: The coke futures showed an oscillating and rebounding trend during the day and a weak decline at night. The port trade quotation declined. After the fourth round of price increase was fully implemented, there is an expectation of price reduction. The supply - demand of coke has weakened, mainly due to the slowdown of downstream restocking. The strategy is to view it as oscillating and bearish, with a reference range of 1550 - 1700, and an arbitrage of 1 - 5 reverse spread is recommended [7]. - Coking Coal: The coking coal futures showed an oscillating and weakening trend. The spot market weakened, showing a resonance decline in futures and spot. The coal price in the Shanxi market decreased in a wider range, and the coking profit was repaired. The strategy is to view it as oscillating and bearish, with a reference range of 1050 - 1150, and an arbitrage of 1 - 5 reverse spread is recommended [7]. 3. Summary by Directory Steel Steel Prices and Spreads - Rebar: Spot prices in East, North, and South China increased by 10, 10, and 20 respectively compared to the previous day. The 05, 10, and 01 contracts also increased [1]. - Hot - rolled coils: Spot prices in East, North, and South China increased by 10, 20, and 20 respectively. The 05, 10, and 01 contracts also increased [1]. Cost and Profit - Steel billet price remained unchanged at 2980, and slab price remained unchanged at 3730. The cost of Jiangsu electric - arc furnace rebar decreased by 22 to 3231, and the cost of Jiangsu converter rebar decreased by 2 to 3180. The profit of East China hot - rolled coils increased by 18 to - 67, and the profit of North China hot - rolled coils increased by 18 to - 137 [1]. Supply - Daily average iron water production decreased by 0.6 to 236.3 tons, a decrease of 0.3%. The production of the five major steel products increased by 15.5 to 849.9 tons, an increase of 1.9%. Rebar production increased by 8.0 to 208.0 tons, an increase of 4.0%, among which electric - arc furnace production decreased by 1.3 to 26.8 tons, a decrease of 4.6%, and converter production increased by 9.3 to 181.2 tons, an increase of 5.4%. Hot - rolled coil production increased by 2.3 to 316.0 tons, an increase of 0.7% [1]. Inventory - The inventory of the five major steel products decreased by 44.2 to 1433.1 tons, a decrease of 3.0%. Rebar inventory decreased by 22.8 to 553.3 tons, a decrease of 4.0%. Hot - rolled coil inventory decreased by 8.4 to 402.1 tons, a decrease of 2.0% [1]. Transaction and Demand - Building materials trading volume decreased by 3.0 to 10.1 tons, a decrease of 22.7%. The apparent demand of the five major steel products increased by 33.6 to 894.2 tons, an increase of 3.9%. The apparent demand of rebar increased by 14.4 to 230.8 tons, an increase of 6.7%. The apparent demand of hot - rolled coils increased by 10.8 to 324.4 tons, an increase of 3.5% [1]. Iron Ore Iron Ore - related Prices and Spreads - The warehouse receipt costs of various iron ore powders increased slightly, and the basis of some varieties decreased. The 5 - 9 spread decreased by 0.5 to 26.5, a decrease of 1.9%; the 9 - 1 spread increased by 3.0 to - 51.0, an increase of 5.6%; the 1 - 5 spread decreased by 2.5 to 24.5, a decrease of 9.3% [4]. Spot Prices and Price Indexes - Spot prices of various iron ore powders at Rizhao Port increased slightly, and the new - exchange 62% Fe swap and Platts 62% Fe also increased [4]. Supply - The weekly arrival volume at 45 ports increased by 548.2 to 2817.1 tons, an increase of 24.2%. The weekly global shipment volume decreased by 238.0 to 3278.4 tons, a decrease of 6.8%. The monthly national import volume decreased by 500.6 to 11130.9 tons, a decrease of 4.3% [4]. Demand - The weekly average daily iron water production of 247 steel mills decreased by 0.6 to 236.3 tons, a decrease of 0.3%. The weekly average daily ore - handling volume at 45 ports increased by 3.0 to 329.9 tons, an increase of 0.9%. The monthly national pig iron production decreased by 49.7 to 6554.9 tons, a decrease of 0.8%. The monthly national crude steel production decreased by 149.3 to 7199.7 tons, a decrease of 2.0% [4]. Inventory Changes - The inventory at 45 ports increased by 46.9 to 15101.54 tons, an increase of 0.3%. The imported ore inventory of 247 steel mills decreased by 74.8 to 9001.2 tons, a decrease of 0.8%. The inventory available days of 64 steel mills decreased by 1.0 to 20.0 days, a decrease of 4.8% [4]. Coke and Coking Coal Coke - related Prices and Spreads - The prices of Shanxi and Rizhao Port quasi - first - grade wet - quenched coke remained unchanged. The 01 and 05 contracts of coke increased. The coking profit decreased by 11 to - 54 [7]. Coking Coal - related Prices and Spreads - The prices of Shanxi medium - sulfur primary coking coal and Mongolian No. 5 raw coal remained unchanged. The 01 contract of coking coal decreased by 11 to 1086, and the 05 contract increased by 5 to 1184. The sample coal mine profit decreased by 15 to 587 [7]. Supply - Coke production: The daily average production of all - sample coking plants decreased by 0.3 to 62.7 tons, a decrease of 0.5%, and the daily average production of 247 steel mills remained unchanged at 46.2 tons. Coking coal production: The raw coal production decreased by 2.4 to 851.5 tons, a decrease of 0.3%, and the clean coal production decreased by 1.8 to 433.8 tons, a decrease of 0.4% [7]. Demand - Iron water production of 247 steel mills decreased by 0.6 to 236.3 tons, a decrease of 0.3%. Coke production: The daily average production of all - sample coking plants decreased by 0.3 to 62.7 tons, a decrease of 0.5%, and the daily average production of 247 steel mills remained unchanged at 46.2 tons [7]. Inventory Changes - Coke inventory: The total coke inventory increased by 1.3 to 880.6 tons, an increase of 0.1%. The inventory of all - sample coking plants increased by 7.1 to 65.3 tons, an increase of 12.3%, the inventory of 247 steel mills decreased by 0.1 to 622.3 tons, a decrease of 0.0%, and the port inventory decreased by 5.8 to 193.0 tons, a decrease of 2.9%. Coking coal inventory: The clean coal inventory of washing plants increased by 10.4 to 98.0 tons, an increase of 11.9%, the coking coal inventory of all - sample coking plants decreased by 30.8 to 1038.2 tons, a decrease of 2.94%, the coking coal inventory of 247 steel mills increased by 6.9 to 797.1 tons, an increase of 0.9%, and the port inventory decreased by 7.0 to 291.5 tons, a decrease of 2.3% [7]. Supply - demand Gap Changes - The coke supply - demand gap remained at - 5.5 tons, with a change of 0.2% [7].

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - Overseas: On November 21st, the New York Fed President's speech hinted at a possible near - term interest rate cut, significantly boosting the December rate - cut expectation. The Fed's expectation management is turning, and it's advisable to follow key Fed voting members' speeches and potential new chair nominations around Thanksgiving [6]. - Domestic: Domestic endogenous momentum remains weak and stable. The issuance of 500 billion yuan of policy - based financial instruments in October, the accelerated issuance of special bonds in November, and the release of debt - resolution surplus quotas may bring marginal benefits to Q4 infrastructure investment. The loan prime rate has been stable since May's 10 - basis - point cut. New and second - hand housing sales and land supply have rebounded, but land transactions remain low, and real - estate physical work demand and capacity have declined [6]. - Asset Views: Due to differences among Fed policymakers on a December rate cut, the Fed's October meeting minutes being hawkish, and strong September non - farm payrolls data, the December rate - cut expectation was initially suppressed, and the US dollar index rose. After the New York Fed President's dovish speech, the market risk appetite may improve in the short term. It is recommended to consider bottom - fishing opportunities in stock indices, non - ferrous metals (copper, aluminum, tin), and precious metals [6]. 3. Summary by Related Catalogs 3.1 Macro Highlights - **Overseas Macro**: The New York Fed President's speech on November 21st hinted at a near - term rate cut, boosting the December rate - cut expectation. The Fed's expectation management is shifting, and key figures may turn dovish in the next two weeks [6]. - **Domestic Macro**: Endogenous momentum is weak. Policy - based financial instruments, special bond issuance, and debt - resolution surplus quotas may benefit Q4 infrastructure. The loan prime rate has been stable. Housing sales and land supply have rebounded, but real - estate physical work has declined [6]. - **Asset Views**: Due to Fed policy uncertainties, asset prices were initially pressured. After the dovish speech, market risk appetite may improve. It is recommended to consider bottom - fishing in stock indices, non - ferrous metals, and precious metals [6]. 3.2 View Highlights 3.2.1 Financial Sector - **Stock Index Futures**: The decline of the Shanghai Composite Index has slowed, and hedging forces are taking profits. It is expected to fluctuate upwards, with attention on incremental funds [7]. - **Stock Index Options**: Market sentiment has improved, and it is expected to fluctuate, with attention on option market liquidity [7]. - **Treasury Bond Futures**: Treasury bond futures closed higher. It is expected to fluctuate upwards, with attention on the implementation of monetary policies [7]. 3.2.2 Precious Metals - **Gold/Silver**: Geopolitical and trade tensions have eased, leading to a phased adjustment. It is expected to fluctuate, with attention on the US fundamentals, Fed policies, and global equity market trends [7]. 3.2.3 Shipping - **Container Shipping to Europe**: The peak season in Q3 has ended, and there is no upward momentum. It is expected to fluctuate, with attention on the rate of freight decline in September [7]. 3.2.4 Black Building Materials - **Steel Products**: The fundamentals are improving, and the market is expected to fluctuate, with attention on special bond issuance, steel exports, and iron - water production [7]. - **Iron Ore**: Iron - water production has slightly weakened, and the market is expected to fluctuate, with attention on overseas mine production, domestic iron - water production, weather, port inventory, and policies [7]. - **Coke**: Supply and demand have slightly declined, and the market is expected to fluctuate, with attention on steel production, coking costs, and macro sentiment [7]. - **Coking Coal**: Near - month delivery is under pressure, and the market is expected to fluctuate, with attention on steel production, coal mine safety inspections, and macro sentiment [7]. - **Silicon Iron**: The market has weakened with the sector, but cost support remains. It is expected to fluctuate, with attention on raw material costs and steel procurement [7]. - **Manganese Silicon**: The price has declined with the sector, but cost support is strong. It is expected to fluctuate, with attention on cost prices and overseas quotes [7]. - **Glass**: Spot losses are increasing, and cold - repair expectations are rising. It is expected to fluctuate, with attention on spot sales [7]. - **Soda Ash**: Coal prices have fallen, weakening cost support. It is expected to fluctuate, with attention on soda ash inventory [7]. 3.2.5 Non - Ferrous Metals and New Materials - **Copper**: Due to differences within the Fed, copper prices are consolidating at high levels. It is expected to fluctuate upwards, with attention on supply disruptions, domestic policies, Fed policies, and domestic demand [7]. - **Alumina**: The oversupply situation persists, and prices are under pressure. It is expected to fluctuate, with attention on ore production and electrolytic aluminum复产 [7]. - **Aluminum**: Inventory is decreasing, and prices are fluctuating narrowly. It is expected to fluctuate upwards, with attention on macro risks, supply disruptions, and demand [7]. - **Zinc**: The export window is open, and prices are fluctuating at high levels. It is expected to fluctuate, with attention on macro risks and zinc - ore supply [7]. - **Lead**: Social inventory has decreased, and prices are fluctuating. It is expected to fluctuate upwards, with attention on supply disruptions and battery exports [7]. - **Nickel**: Supply and demand are loose, and prices are expected to decline while fluctuating, with attention on macro, geopolitical, and Indonesian policy risks [7]. - **Stainless Steel**: Nickel - iron prices are weak, and stainless - steel prices are under pressure. It is expected to fluctuate, with attention on Indonesian policies and demand [7]. - **Tin**: Raw - material supply is tight, and prices are strongly supported. It is expected to fluctuate upwards, with attention on Wa State's复产 and demand [7]. - **Industrial Silicon**: The oversupply pressure remains, and prices are expected to fluctuate, with attention on supply - side复产 and policies [7]. - **Polysilicon**: Policy expectations are volatile, and prices are fluctuating at high levels. It is expected to fluctuate, with attention on supply - side复产 and domestic photovoltaic policies [7]. - **Lithium Carbonate**: Trading sentiment has cooled, and prices are fluctuating at high levels. It is expected to fluctuate, with attention on demand, supply disruptions, and technological breakthroughs [7]. 3.2.6 Energy and Chemicals - **Crude Oil**: Geopolitical premiums are volatile, and supply pressure continues. It is expected to decline while fluctuating, with attention on OPEC+ production policies and Middle - East geopolitics [9]. - **LPG**: Refinery output has decreased, and import costs are under pressure. It is expected to decline while fluctuating, with attention on cost - side developments [9]. - **Asphalt**: The rise of rebar prices has driven up asphalt futures. It is expected to fluctuate, with attention on sanctions and supply disruptions [9]. - **High - Sulfur Fuel Oil**: The expectation of a Russia - Ukraine agreement has weakened fuel prices. It is expected to decline while fluctuating, with attention on geopolitics and crude - oil prices [9]. - **Low - Sulfur Fuel Oil**: It has followed the weak crude - oil market. It is expected to decline while fluctuating, with attention on crude - oil prices [9]. - **Methanol**: Overseas disturbances are confirmed, and it is expected to be strong in the short term. It is expected to fluctuate, with attention on macro - energy and overseas production stoppages [9]. - **Urea**: Centralized procurement has slowed, and prices are fluctuating narrowly. It is expected to fluctuate, with attention on export quotas and Indian tenders [9]. - **Ethylene Glycol**: The supply - demand situation has improved, and some short - sellers have closed positions. It is expected to rise while fluctuating, with attention on coal and oil prices, port inventory, and Sino - US trade [9]. - **PX**: Market sentiment has cooled, and prices are adjusting. It is expected to fluctuate, with attention on crude - oil fluctuations, macro events, and aromatics blending [9]. - **PTA**: Fundamentals have improved marginally, and profits are being repaired. It is expected to fluctuate, with attention on crude - oil fluctuations and macro events [9]. - **Short - Fiber**: Downstream demand is stable, and it follows the upstream market. It is expected to fluctuate, with attention on downstream purchasing and peak - season demand [9]. - **Bottle Chips**: Cost support has increased, and prices have rebounded slightly. It is expected to fluctuate, with attention on production cuts and new - plant commissioning [9]. - **Propylene**: The spot market is strong, and prices are fluctuating. It is expected to fluctuate, with attention on oil prices and the domestic macro - economy [9]. - **PP**: Fundamental pressure is priced in, and attention should be paid to maintenance. It is expected to fluctuate, with attention on oil prices and the macro - economy [9]. - **Plastic**: Maintenance has increased slightly, and prices are fluctuating. It is expected to fluctuate, with attention on oil prices and the macro - economy [9]. - **Styrene**: The narrative of blending for gasoline has faded, and prices are mainly fluctuating. It is expected to fluctuate, with attention on oil prices, macro policies, and plant operations [9]. - **PVC**: High inventory is suppressing prices, and it may be tied to production cuts. It is expected to fluctuate, with attention on expectations, costs, and supply [9]. - **Caustic Soda**: Low - valuation and weak supply - demand conditions lead to price fluctuations. It is expected to fluctuate, with attention on market sentiment, production, and demand [9]. 3.2.7 Agriculture - **Oils and Fats**: Prices are diverging, with palm oil being weak. It is expected to decline while fluctuating, with attention on US soybean weather and Malaysian palm - oil supply - demand [9]. - **Protein Meal**: Rapeseed - meal prices have risen, and the soybean - rapeseed meal spread is expected to narrow. It is expected to fluctuate, with attention on weather, domestic demand, and trade relations [9]. - **Corn/Starch**: Bullish drivers continue, and prices have risen again. It is expected to rise while fluctuating, with attention on demand, the macro - economy, and weather [9]. - **Hogs**: Supply is abundant, and prices are weak. It is expected to decline while fluctuating, with attention on farming sentiment, epidemics, and policies [9]. - **Natural Rubber**: Floods in production areas have boosted bullish sentiment, but the upside is limited. It is expected to fluctuate, with attention on weather, raw - material prices, and the macro - economy [9]. - **Synthetic Rubber**: Raw - material transactions support prices. It is expected to fluctuate, with attention on crude - oil fluctuations [9]. - **Cotton**: Cotton prices have rebounded, and the 1 - 5 spread has widened. It is expected to fluctuate, with attention on demand and inventory [9]. - **Sugar**: Sugar prices have continued to rebound. It is expected to decline while fluctuating, with attention on imports and Brazilian production [9]. - **Pulp**: The balance of long and short factors remains, and prices are mainly fluctuating. It is expected to fluctuate, with attention on the macro - economy and US dollar - based quotes [9]. - **Offset Paper**: It is following the raw - material market and fluctuating at low levels. It is expected to fluctuate, with attention on sales, education policies, and paper - mill operations [9]. - **Logs**: Supply and demand are loose, and prices are fluctuating at low levels. It is expected to fluctuate, with attention on shipments and dispatches [9].

Group 1: Energy and Metals Crude Oil - Overnight international oil prices rebounded, with the Brent 01 contract rising 1.41%. The Russia-Ukraine geopolitical risk is entangled between sanctions and peace talks. Supply and demand face greater inventory accumulation expectations in Q4 and Q1 next year, and the downward drive for oil prices remains. Focus on the progress of the Russia-Ukraine peace plan negotiation and the Venezuelan geopolitical risk [1] Precious Metals - Overnight precious metals rose. As several Fed officials advocated a December rate cut, the implied rate cut probability in the interest rate market rose to 80%. The market is uncertain, and precious metals are oscillating at high levels waiting for a directional breakthrough [2] Copper - Overnight copper prices oscillated. LME copper rose with precious metals at the end of the session. The domestic spot market has a certain bullish sentiment, and the SMM social inventory decreased by 1.39 million tons to 18.06 million tons [3] Aluminum - Overnight SHFE aluminum fluctuated narrowly. The social inventory of aluminum ingots and bars decreased by 0.8 million tons on Monday. The aluminum price may continue to adjust, with support around 21,100 yuan [4] Alumina - Alumina's operating capacity is at a historical high, and the supply surplus pattern remains unchanged. It will operate weakly before large-scale production cuts [5] Cast Aluminum Alloy - The spot price of Baotai ADC12 remained at 20,700 yuan. The supply of scrap aluminum is tight, and it will continue to follow the aluminum price, with the possibility of a narrowing spread with AL [6] Zinc - Domestic and overseas mine TC continued to decline. SHFE zinc oscillated in the range of 22,200 - 23,000 yuan/ton. The external demand supports zinc consumption, but the domestic demand is expected to weaken [7] Lead - SHFE lead oscillated in the range of 17,000 - 17,500 yuan/ton. The export of lead-acid batteries is expected to remain under pressure [8] Nickel and Stainless Steel - SHFE nickel rebounded, and stainless steel inventory decreased. However, the short-term contradiction lies in the macro level, and it is advisable to short on rebounds [9] Tin - LME tin closed higher, and SHFE tin oscillated at high levels. It is still advisable to short, and at the same time, match with out-of-the-money call options to hedge risks [10] Lithium Carbonate - The futures price of lithium carbonate opened low and moved lower. The market is highly divergent, and risk control should be prioritized [11] Polysilicon - The fundamentals of polysilicon are weak. The futures price will maintain an oscillating pattern [12] Industrial Silicon - The industrial silicon futures closed slightly lower. It will maintain an oscillating pattern in the short term [13] Iron Ore - The iron ore futures oscillated strongly overnight. The fundamentals are marginally looser, and the price is expected to oscillate [15] Coke - The coke price oscillated. It may oscillate weakly [16] Coking Coal - The coking coal price oscillated weakly. It may oscillate weakly [17] Manganese Silicon - The manganese silicon price oscillated. The bottom support is expected to move down [18] Silicon Ferrosilicon - The silicon ferrosilicon price oscillated. The bottom support will be tested [19] Fuel Oil and Low-Sulfur Fuel Oil - Both high-sulfur and low-sulfur fuel oils face pressure from abundant supply and weak demand [21] Asphalt - The asphalt price is expected to oscillate weakly under pressure [22] Group 2: Chemicals Urea - Urea supply remains sufficient. The market may return to a stalemate [23] Methanol - The methanol futures rose sharply. It is advisable to try to go long on the 5 - 9 spread at low prices [24] Pure Benzene - It is advisable to continue the idea of shorting on rebounds and consider option allocation [25] Styrene - The supply and demand of styrene are in a tight balance, but the support from the cost and demand sides is questionable [26] Polypropylene, Plastic, and Propylene - The market lacks guidance. Polyethylene supply pressure increases, and polypropylene supply is expected to increase slightly [27] PVC and Caustic Soda - PVC may follow the cost. Caustic soda will operate weakly [28] PX and PTA - PX is still strong before new capacity is put into production. PTA is driven by cost [29] Ethylene Glycol - The ethylene glycol price has a short-term rebound expectation, but the rebound space is limited [30] Short Fiber and Bottle Chip - Short fiber prices fluctuate with raw materials. Bottle chip is cost-driven [31] Group 3: Agricultural Products Soybean and Soybean Meal - The soybean meal futures rebounded. Pay attention to the impact of La Niña on South American soybean production [35] Soybean Oil and Palm Oil - Soybean oil and palm oil will oscillate in the short term. Palm oil is weaker [36] Rapeseed Meal and Rapeseed Oil - The rapeseed market focuses on Australian seeds. It is advisable to wait and see in the short term [37] Domestic Soybeans - Domestic soybeans rebounded strongly. Pay attention to the spot market and policy guidance [38] Corn - The corn futures oscillated at a high level. Pay attention to the sales progress of new corn in the Northeast [39] Live Hogs - The far-month hog futures rose, and the near-month is weak. The price may form a double bottom [40] Eggs - The number of newly laid hens is expected to decrease in December. Pay attention to the spot price [41] Cotton - The cotton futures may oscillate in the short term. It is advisable to wait and see [42] Sugar - The international sugar supply is sufficient. Pay attention to the production in India, Thailand, and Guangxi [43] Apples - The apple futures oscillated at a high level. Pay attention to the inventory removal [44] Wood - The wood futures oscillated. It is advisable to wait and see [45] Pulp - The pulp futures fell slightly. It is advisable to wait and see [46] Group 4: Financial Futures Stock Index Futures - A-shares rose in a shrinking volume. The short-term macro liquidity is uncertain. It is advisable to wait and see [47] Treasury Bond Futures - The treasury bond futures oscillated upward. The yield curve may flatten slightly [48] Group 5: Shipping Container Freight Index (European Line) - The SCFIS European route index rose sharply. The 02 contract may maintain a discount [20]

Group 1 - Huafeng Co., Ltd. announced a stock suspension due to a potential change in control after signing a share transfer intention agreement [1] - Keshida plans to reduce its shareholding by up to 424,000 shares, representing 0.07% of its total share capital [1] - Jinqilin intends to distribute a cash dividend of 0.10 yuan per share, totaling 19.61 million yuan [1] Group 2 - Rejingshi Biotech has repurchased 904,100 shares, accounting for 0.98% of its total share capital, with a total expenditure of 150 million yuan [2] - Yishitong has repurchased 1,236,500 shares, representing 0.619% of its total share capital, with a total expenditure of approximately 33.49 million yuan [2] Group 3 - Hanjia Design announced the release of a detention on its subsidiary's chairman, allowing him to resume duties [4] - Qingmu Technology plans to acquire 65.83% of Vitalis Pharma AS for 300 million Norwegian Krone (approximately 212 million yuan) [4] - Anda Intelligent's shareholder plans to reduce its stake by up to 2.74% [4] Group 4 - Wansheng Intelligent is a candidate for a project with a pre-bid amount of approximately 42.99 million yuan, representing 4.56% of its audited revenue for 2024 [4] - Yipin Hong received a drug registration certificate for a medication used to treat Alzheimer's symptoms [4] Group 5 - *ST Sansheng received a total of 254 million yuan from restructuring investors [4] - Haichuang Pharmaceutical received approval for clinical trials of HP518 tablets for advanced prostate cancer treatment [4] Group 6 - Ningbo Huaxiang's subsidiary plans to invest 5 million yuan in a venture capital fund focusing on intelligent industries [4] - Petty Co. plans to repurchase shares worth 50 to 70 million yuan [4] Group 7 - Tongji Technology's subsidiary won a construction project with a bid price of 866 million yuan [4] - Prolo Pharmaceutical received a drug registration certificate for a generic drug [4] Group 8 - Jingyan Technology plans to use up to 1.6 billion yuan of idle funds for financial management [4] - Furan De received government subsidies totaling 34.65 million yuan [4] Group 9 - David Medical's subsidiary's medical device registration has been accepted [4] - Jusaylong plans to increase its subsidiary's capital by 170 million yuan through debt-to-equity conversion [4] Group 10 - Heng Rui Pharmaceutical's application for a drug license has been accepted by the National Medical Products Administration [4] - Lege Co. plans to increase its stake in the company by 40 to 80 million yuan [4] Group 11 - New Beiyang's subsidiary won a project with the Bank of Communications [4] - Jiangxi Changyun plans to publicly transfer land use rights and buildings with a starting price of 7.79 million yuan [4] Group 12 - Shenqi Pharmaceutical's subsidiary has paid approximately 16.67 million yuan in tax and penalties [4] - Panjiang Co. plans to invest 1.334 billion yuan in a power plant project [4] Group 13 - Fashilong's vice president resigned for personal reasons [4] - Chunxue Food received government subsidies of 3.79 million yuan [4] Group 14 - China Galaxy completed the repayment of a short-term financing bond totaling 3.025 billion yuan [4] - Jiuzhou Pharmaceutical received approval for a chemical raw material drug [4] Group 15 - Longqi Technology's subsidiary plans to invest 30 million yuan in a venture capital fund [4]

Group 1 - The report highlights a focus on sectors with "inventory stabilization at low levels, capacity structure optimization, and continuous improvement in prosperity" for December [1][5] - The market experienced significant fluctuations due to multiple factors, including the cooling of Federal Reserve interest rate cut expectations and ongoing inflation concerns, with cyclical sectors and defensive industries performing relatively well [1][5] - Recommended sectors for investment include non-bank financials, power equipment (batteries, inverters, wind power equipment), defense and military, coal, basic chemicals, and steel [1][5] Group 2 - Economic data from January to October indicates a continuous slowdown, influenced by high bases, anti-involution policies, and reduced local investment [5] - The report notes that the supply side has seen significant capacity clearance, with some industries beginning to see improvements in capacity utilization rates as demand recovers [5][9] - The report emphasizes that the third quarter saw an unexpected improvement in A-share earnings, particularly in consumer services, resource products, and midstream manufacturing [5][9] Group 3 - The report identifies specific sectors for attention, including non-bank financials, where leading brokerages are accelerating consolidation, and insurance companies are expected to see high growth in profitability [6] - In the power equipment sector, the supply-demand landscape is improving, with prices in the new energy and photovoltaic supply chain continuing to rise [6] - The defense and military sector is expected to benefit from increased global military spending and demand for military trade, driven by geopolitical tensions [6] Group 4 - The coal industry is experiencing a tightening supply due to stricter safety regulations, with winter heating supporting stable demand for thermal coal [6] - Basic chemicals are seeing a structural improvement in demand, particularly in the pesticide sector, which is benefiting from reduced internal competition [6] - The steel industry is expected to see structural opportunities driven by high-end manufacturing demand, particularly from emerging industries like new energy vehicles and humanoid robots [6]

Price-Related Summary - The Nanhua Agricultural Products Index is at 1,045.84, down 16.48 from last week [3] - Brent crude oil futures settled at $63.38 per barrel, an increase of $0.37 from last week, while WTI crude oil settled at $59.00 per barrel, up $0.31 [3] - Average wholesale prices for vegetables decreased by ¥0.04 per kg, fruits by ¥0.01 per kg, pork by ¥0.15 per kg, beef by ¥0.25 per kg, and lamb by ¥0.40 per kg [3] Industrial-Related Summary - The Nanhua Industrial Products Index is at 3,456.21, down 66.82 from last week [14] - Glass futures closed at ¥987 per ton, down ¥45 per ton, and coking coal futures closed at ¥1,103 per ton, down ¥89 per ton [14] - The blast furnace operating rate is recorded at 82.17%, a decrease of 2.08% from last week, while the operating rate for petroleum asphalt is at 24.80%, down 4.20% [14] Real Estate Investment Summary - The land transaction area in 100 major cities is approximately 13,497,800 square meters, an increase of 7,013,200 square meters from last week [21] - The transaction area of commercial housing in 30 major cities is about 1,725,600 square meters, up 330,500 square meters from last week [21] - The second-hand housing listing price index is recorded at 148.80, down 0.26, with the decline rate less than the previous week [21] Transportation and Retail Summary - Subway passenger volumes increased significantly, with Beijing, Shanghai, Guangzhou, and Shenzhen showing changes of -1.16%, 2.41%, 4.17%, and 1.91% respectively [31] - Box office revenue reached ¥656 million, an increase of ¥444 million from last week [31] - Retail sales of passenger cars totaled 67,312 units, up 21,256 units from last week [31] - The number of domestic flights executed was 86,716, an increase of 822 from last week [31]

Group 1: Steel Industry Report Industry Investment Rating Not provided Core Viewpoint The steel price is expected to maintain a range-bound fluctuation, with attention paid to the support level of 3000 for rebar and 3240 for hot-rolled coils. Short positions should be closed, and unilateral trading should be temporarily on hold [1][3] Summary by Directory - **Steel Prices and Spreads**: Rebar and hot-rolled coil spot prices in various regions decreased by 10 yuan/ton, and most futures contracts also declined [1] - **Cost and Profit**: The billet price decreased by 30 yuan/ton, and the slab price remained unchanged. The profits of hot-rolled coils in some regions increased, while the profits of rebar in some regions decreased [1] - **Production and Inventory**: The daily average pig iron output decreased slightly, while the production of five major steel products increased by 1.9%. The inventory of five major steel products decreased by 3.0% [1] - **Trading and Demand**: The building materials trading volume decreased by 8.5%, while the apparent demand for five major steel products increased by 3.9%, with rebar and hot-rolled coils showing significant rebounds [1] Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core Viewpoint The iron ore price is expected to maintain a high-level fluctuation, and unilateral trading should be on hold [4] Summary by Directory - **Iron Ore Prices and Spreads**: The warehouse receipt costs of some iron ore varieties decreased slightly, and the basis of some varieties changed [4] - **Supply and Demand**: The global iron ore shipment volume increased by 14.6% week-on-week, while the arrival volume at 45 ports decreased by 17.2%. The demand side showed a slight decline in pig iron production and an increase in the port's daily average desilting volume [4] - **Inventory Changes**: The port inventory decreased slightly, and the inventory of imported ore in 247 steel mills decreased by 0.8% [4] Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core Viewpoint Both coke and coking coal are viewed as bearish in a range-bound manner. For coke, the reference range is 1550 - 1700, and for coking coal, it is 1050 - 1200. Temporarily hold off on trading [6] Summary by Directory - **Prices and Spreads**: Coke and coking coal futures prices decreased, and the basis of some contracts changed. The profits of coking plants and sample coal mines also changed [6] - **Supply and Demand**: The coke production decreased slightly, and the pig iron production decreased by 0.3%. The coking coal supply is expected to increase, but the production recovery is limited [6] - **Inventory Changes**: The overall inventory of coke and coking coal decreased slightly. The inventory of coking plants, ports, and steel mills decreased, while the inventory of coal mines and ports increased [6]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports [1][5][8] 2. Core Views Steel Industry - The steel market showed a weakening trend with a decline in prices and a decrease in demand. It's recommended to take a bearish approach in trading [1] Iron Ore Industry - The iron ore market is expected to remain volatile at a high level. It's advised to stay on the sidelines for single - sided trading [5] Coke and Coking Coal Industry - Both the coke and coking coal markets are expected to have a bearish and volatile trend. It's recommended to stay on the sidelines, with reference ranges of 1600 - 1700 for coke and 1100 - 1200 for coking coal [8] 3. Summary by Directory Steel Industry Steel Prices and Spreads - Prices of most steel products decreased, such as the 05, 10, and 01 contracts of rebar and hot - rolled coils. The spread between hot - rolled coils and rebar stopped falling and rebounded to 215 yuan/ton [1] Cost and Profit - The cost of steel billet and slab remained unchanged, while the profit of hot - rolled coils in most regions decreased, and the profit of rebar in some regions changed [1] Production - The daily average pig iron output increased by 1.1%, but the output of five major steel products decreased by 2.6%. Rebar and hot - rolled coil production also decreased [1] Inventory - The inventory of five major steel products decreased by 1.7%, with rebar inventory down 2.8%, and hot - rolled coil inventory basically unchanged [1] Transaction and Demand - The building materials trading volume and the apparent demand of five major steel products, rebar, and hot - rolled coils all decreased [1] Iron Ore Industry Iron Ore - related Prices and Spreads - The basis of some iron ore varieties increased, and the 5 - 9 and 1 - 5 spreads increased, while the 9 - 1 spread decreased [5] Supply - The weekly global iron ore shipment volume increased by 14.6%, but the 45 - port arrival volume decreased by 17.2%. The monthly national import volume increased by 10.6% [5] Demand - The weekly average daily pig iron output of 247 steel mills increased by 1.1%, and the average daily port clearance volume increased by 1.9%. The monthly national pig iron and crude steel output decreased [5] Inventory Changes - The 45 - port inventory decreased slightly, the imported ore inventory of 247 steel mills increased, and the inventory available days of 64 steel mills remained unchanged [5] Coke and Coking Coal Industry Prices and Spreads - Coke and coking coal futures prices decreased, and the basis and spreads of some contracts changed. The steel - linked coking profit decreased, while the sample coal mine profit increased [8] Supply - The weekly coke output of full - sample coking plants decreased by 0.9%, and the daily output of 247 steel mills increased slightly. The weekly output of raw coal and clean coal of sample coal mines increased [8] Demand - The weekly pig iron output of 247 steel mills increased by 1.1%, and the coke output of full - sample coking plants and 247 steel mills changed [8] Inventory Changes - Coke inventory in coking plants, steel mills, and ports decreased, and the overall inventory decreased slightly. Coking coal inventory in some sectors increased, and the overall inventory increased slightly [8] Supply - demand Gap - The coke supply - demand gap increased, indicating a more unbalanced supply - demand relationship [8]