资料来源：Mysteel、iFInd、国泰君安期货研究所 2 资料来源 Mysteel 、iFInd国泰君安期货研究所 ： 硅铁&锰硅产业链周度报告 国泰君安期货研究所 黑色金属 李亚飞 投资咨询从业资格号： Z0021184 金园园 （联系人）从业资格号：F03134630 日期： 2025年11月23日 Guotai Junan Futures all rights reserved, please do not reprint 硅铁&锰硅观点：原料端情绪降温，合金补跌偏弱 | 基本面 | 条目 | | 硅铁(宁夏） | | | 锰硅（内蒙古） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 当期值 | 环比 | 同比 | 当期值 | 环比 | 同比 | | 供应 | 周产量（周） | 10.83 | -0.73% | -10.57% | 19.69 | -1.33% | 3.06% | | | 进口数量（9月） | 1.08 | 4.86% | -15.48% | 0.17 | -3.56% | -49.82% | | 需求 | 出 ...

【钢材】 今日盘面震荡为主。本周螺纹表需有所好转，产量同步回升，库存继续下降。热卷需求回暖，产量小幅回升，库存开始下降。 下游承接能力不足，钢厂整体延续亏损状态，后期高炉继续减产可能性较大，供应压力逐步缓解，关注唐山等地环保限产持续 性。从下游行业看，地产投资降幅继续扩大，基建、制造业投资增速持续回落，内需整体依然偏弱，钢材出口高位有所回落。 需求预期仍偏悲观，成本端煤焦依然疲弱，盘面整体依然承压，震荡区间下移仍有一定支撑，短期关注宏观情绪变化。 【铁矿】 铁矿今日盘面震荡。供应端，全球发运偏强,四季度发运量预计维持高位,国内港口库存本周阶段下滑,整体仍然保持累库趋 势，短期存在一定结构性犹动。需求端，钢材表需环比有所反弹，但目前进入淡季并且钢厂盈利情况较差，铁水本周小幅减 产，仍然处于李节性减产趋势中，减产速度有所放缓，短期关注宏观层面是否会有利好政策出台。铁矿石基本面边际转宽松， 我们预计盘面走势震荡为主。 【焦炭】 日内价格下行。焦化利润一般，日产持续微降。焦炭库存微增,目前下游少量按需采购,库存变动不大,贸易商采购意愿一 般。整体来看，碳元素供应充裕，下游铁水仍在高位区间，不过库存小幅下降。炼焦煤总库 ...

减产趋势下价格底部震荡 银河期货研究所 周涛 期货从业证号：F03134259 投资咨询证号：Z0021009 目录 基 础 色 辅 助 色 137/137/137 246/206/207 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 第二章 核心逻辑分析 4 第一章 综合分析与交易策略 2 第三章 周度数据追踪 6 1 资料来源：Wind Bloomberg Mysteel GALAXY FUTURES 基本面方面，供应端硅铁、锰硅样本企业产量双双下降，随着价格来到低位，企业亏损加大后减产趋势初步形成。需求方面，本周 钢联数据显示，钢材产量与表需双双增加。但钢材利润仍处于低位，从高炉检修计划推算，未来生铁产量预计仍将震荡下行，原料 需求仍有走弱预期。成本端方面，近期产区铁合金电价总体坚挺，港口锰矿库存保持同期低位，现货锰矿价格稳中偏强。总体来看， 基本面延续了供需双降，成本端有支撑的格局。 68/84/105 210/10/16 宏观方面，近期风险资产市场情绪整体偏弱。美联储库克鹰派讲话导致美股大幅下跌，带动全球权益市场整体调整。国内商品方面， 焦煤带动整体 ...

| 日本 康家 出版 | 国贸期货出品 TG国贸期货 | 2025/11/21 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可[2012] 31号 | 投资咨询证号 | 执业证号 | 黑色金属研究中心 | | | | | | | | | | | | | | | | | | 张宝慧 | Z0010820 | F0286636 | 黄志鸿 | Z0015761 | F3051824 | | | | | | | | | | | | | | | | 董子勖 | Z0020036 | F03094002 | 薛夏泽 | Z0022680 | F03117750 | | | | | | | | | | | | | | | | 远月合约收盘价 | 7000 | 1000 | 12605 | JM2605 | RB2605 | H ...

| 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | 螺纹钢 | | 螺纹产量及表需环比均上升，库存环比下降，杭州地区库存环比亦小幅下降，绝对水平 | | ★ | 谨慎看空 | 仍然较高，基本面平衡偏弱。铁水产量环比略降，钢厂主动减限产意愿较低。短期维持 | | | | 区间震荡反复。 | | 热卷 | 谨慎看空 | 热卷表需及产量环比回升，库存小幅下降，仍为近年来同期最高。铁水产量小降，钢厂 | | ★ | | 减产意愿不强。短期或维持区间反复。 | | | | 数据来看，铁水环比小幅转降。后续钢厂检修陆续增加，铁水有减量预期，关注其落地 | | 铁矿石 ★ | 多单止盈 | 情况。钢厂、港口去库。外矿发货增加，到货缩量，静态基本面环比转弱，但高铁水支 | | | | 撑下，矿价仍然坚挺。 | | | | 四轮提涨落地后焦企利润小幅改善，市场对于后续提降存在分歧。从需求来看，铁水产 | | 焦炭 | 谨慎看空 | 量环比微降但整体维持高位运行，钢厂按需补库下，短期焦企出货情况尚可，多数维持 | | ★ | | 正常生产。前期盘面快速下行后行情或有反复，观望为主。 | | | ...

黑色商品日报 黑色商品日报（2025 年 11 月 21 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨天螺纹盘面震荡下跌，截止日盘螺纹 2601 合约收盘价格为 3050 元/吨，较上一交易收盘价格 下跌 20 元/吨，跌幅为 0.65%，持仓减少 5.78 万手。现货价格下跌，成交降至低位，唐山地区迁安普方坯 | 窄幅整理 | | | 价格下跌 30 元/吨至 2940 元/吨，杭州市场中天螺纹价格下跌 10 元/吨至 3150 元/吨，全国建材成交量 | | | | 8.45 万吨。据我的钢铁数据，本周全国螺纹产量环比回升 7.96 万吨至 207.96 万吨，同比减少 25.86 万吨； | | | | 社库环比回落 15.73 万吨至 400.02 万吨，同比增加 103.63 万吨；厂库环比回落 7.1 万吨至 153.32 万吨，同 | | | | 比增加 4.6 万吨；螺纹表需环比回升 14.42 万吨至 230.79 吨，同比减少 3.41 万吨。螺纹产量低位回升，库 | | | | 存降幅继续扩大，表需回升，供需数据表 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The steel demand has officially entered the off - season, with high inventory pressure on hot - rolled coils. In the short term, prices are likely to continue weak and volatile, but with policy implementation and macro - environment improvement, steel demand may have a marginal inflection point [2]. - For the black sector, compared with short - selling, the cost - effectiveness of finding positions to rebound may be higher. The subsequent price increase depends on whether stimulus policies are introduced and their intensity [10]. - Industrial silicon may present a situation of "weak supply and demand" and is expected to operate in a volatile manner. Polysilicon is still in a tug - of - war between reality and expectation, and its price will fluctuate widely within the range [13][16]. - The glass industry's fundamentals continue to be weak, and the soda ash market lacks a clear direction and is expected to continue to oscillate at a low level [19][21]. Summary by Categories Steel (Rebar and Hot - Rolled Coil) Market Information - Rebar: The closing price of the main contract was 3050 yuan/ton, down 20 yuan/ton (- 0.65%) from the previous trading day. The registered warehouse receipts decreased by 54306 tons, and the main contract's open interest decreased by 57810 lots. The spot prices in Tianjin and Shanghai decreased by 10 yuan/ton [1]. - Hot - rolled coil: The closing price of the main contract was 3267 yuan/ton, down 10 yuan/ton (- 0.30%) from the previous trading day. The registered warehouse receipts decreased by 4179 tons, and the main contract's open interest decreased by 44323 lots. The spot prices in Lecong and Shanghai decreased by 10 yuan/ton [1]. Strategy Views - Rebar: Supply and demand both decreased, inventory continued to decline, and the overall performance was neutral. - Hot - rolled coil: Terminal demand continued to rise, production declined slightly, but the inventory level was still high. In the short term, prices are likely to weaken, but steel demand may improve with policy implementation [2]. Iron Ore Market Information - The main contract (I2601) closed at 788.50 yuan/ton, with a change of - 0.38% (- 3.00), and the open interest decreased by 3421 lots to 47.75 million lots. The weighted open interest was 93.23 million lots. The spot price of PB powder at Qingdao Port was 790 yuan/wet ton, with a basis of 51.54 yuan/ton and a basis rate of 6.14% [4]. Strategy Views - Supply: Overseas iron ore shipments increased significantly. Demand: The average daily molten iron output decreased, and the number of blast furnace overhauls was more than that of restarts. Inventory: Port inventory decreased slightly, and steel mill inventory decreased. In the short term, iron ore is expected to operate within a volatile range [5]. Manganese Silicon and Ferrosilicon Market Information - Manganese silicon: The main contract (SM601) closed down 0.50% at 5614 yuan/ton. The spot price in Tianjin was 5650 yuan/ton, with a conversion to the physical delivery price of 5840 yuan/ton, a premium of 226 yuan/ton over the futures price. - Ferrosilicon: The main contract (SF603) closed down 1.05% at 5446 yuan/ton. The spot price in Tianjin was 5500 yuan/ton, a premium of 54 yuan/ton over the futures price [7][8]. Strategy Views - As the time approaches December, the impact of macro - expectations on sentiment and prices is expected to be positive. It is recommended to pay attention to the inflection point of market sentiment and corresponding price changes. For manganese silicon, pay attention to the manganese ore end; for ferrosilicon, the cost - effectiveness of operation is low [9][10]. Industrial Silicon and Polysilicon Market Information - Industrial silicon: The closing price of the main contract (SI2601) was 9075 yuan/ton, down 3.35% (- 315). The weighted contract's open interest decreased by 28315 lots to 442628 lots. The spot price of 553 in East China remained unchanged, and the basis was 275 yuan/ton; the price of 421 increased by 50 yuan/ton, and the basis was - 75 yuan/ton [12]. - Polysilicon: The closing price of the main contract (PS2601) was 52450 yuan/ton, down 3.98% (- 2175). The weighted contract's open interest increased by 4824 lots to 238398 lots. The average spot prices of N - type granular silicon, N - type dense material, and N - type re -投料 remained unchanged, and the basis was - 150 yuan/ton [15]. Strategy Views - Industrial silicon: It may present a "weak supply and demand" situation and is expected to operate in a volatile manner. - Polysilicon: It is still in a tug - of - war between reality and expectation. The supply - demand pattern may improve marginally, but the short - term de - stocking range is limited, and the price will fluctuate widely within the range [13][16]. Glass and Soda Ash Market Information - Glass: The main contract closed at 989 yuan/ton, down 1.98% (- 20). The inventory of float glass sample enterprises increased by 5.60 million cases (+ 0.09%). The top 20 long - position holders reduced their positions by 16374 lots, and the top 20 short - position holders reduced their positions by 13285 lots [18]. - Soda ash: The main contract closed at 1158 yuan/ton, down 2.03% (- 24). The inventory of soda ash sample enterprises decreased by 6.29 million tons (- 0.09%), including a decrease of 1.98 million tons in heavy - soda ash inventory and 4.31 million tons in light - soda ash inventory. The top 20 long - position holders reduced their positions by 974 lots, and the top 20 short - position holders reduced their positions by 15205 lots [20]. Strategy Views - Glass: The market lacks positive factors, supply is relatively abundant, demand is weak, inventory is high, and the industry fundamentals continue to be weak. - Soda ash: The supply - side capacity fluctuates little, the terminal glass price is weak, and the market is expected to continue to oscillate at a low level [19][21].

Group 1: Energy - The international oil price fell overnight, with the Brent 01 contract down 0.8%. The geopolitical risk premium of the Russia-Ukraine conflict was suppressed, and the oil price rebound due to geopolitical factors was limited. The market is expected to be weak and volatile [1] - Low-sulfur fuel oil is stronger than high-sulfur fuel oil. The low-sulfur market is supported by supply disruptions and strong diesel cracking, while the high-sulfur market is expected to face supply increases in the medium term [21] - The cost support for asphalt is weakening, and the demand is expected to decline seasonally. The market sentiment is bearish [22] - The expected import cost of liquefied petroleum gas (LPG) is rising in December. The demand from both the chemical and combustion sectors is improving, and the LPG market is expected to be strong [23] Group 2: Metals - Precious metals are oscillating at a high level. The employment data is mixed, and the Fed officials' statements are divided. The possibility of the Fed keeping interest rates unchanged in December is high. Attention should be paid to the directional breakthrough on the technical side [2] - Copper prices fell overnight due to a stronger dollar and weak demand. Short positions can be held with a stop-loss at 87,000 yuan [3] - Aluminum prices fluctuated narrowly. The Fed's interest rate cut prospects are uncertain, and the aluminum market may continue to adjust. Attention should be paid to the support of the middle Bollinger Band [4] - Zinc prices are expected to oscillate in the range of 22,200 - 23,000 yuan/ton. The inventory structure is gradually being repaired, and there is still profit potential for cross-market arbitrage [7] - Lead prices are supported by low inventory levels, but the external market is under pressure due to high inventory. The import window for aluminum ingots may open, and the upward momentum of aluminum prices is insufficient [8] - Nickel prices are weakening. The macro risk is increasing, and the support from the upstream price rebound is weakening. The inventory of nickel and stainless steel is increasing [9] - Tin prices are oscillating. The environmental rectification in Malaysia has limited impact on the market. The import of tin concentrate in China has improved slightly, but the resumption of supply from Myanmar is not strong. Short positions can be held with a stop-loss at 295,000 yuan [10] - Lithium carbonate prices are strengthening. The downstream demand is strong, and the inventory is decreasing. The technical analysis shows a range breakthrough, and a buy-on-dip strategy can be adopted [11] - Polycrystalline silicon prices are falling. The photovoltaic demand is weak, and the actual supply-demand improvement is limited. The price is expected to oscillate in the short term [12] - Industrial silicon prices are undergoing a technical correction. The downstream demand for polycrystalline silicon and organic silicon is expected to improve, which may boost the price [13] Group 3: Building Materials - Steel prices rebounded at night. The demand for rebar and hot-rolled coils is improving, but the supply pressure is gradually easing. Attention should be paid to the environmental protection restrictions in Tangshan [14] - Iron ore prices are oscillating. The supply is strong, and the demand is weak. The market is expected to be range-bound in the short term [15] - Coke and coking coal prices are expected to be weak and oscillating. The supply of carbon elements is abundant, and the downstream demand is stable, but the steel mills' profit is average, and the pressure on raw material prices is high [16][17] - Manganese silicon and silicon iron prices are falling. The market expects coal supply to increase, which may lower the cost. The demand is stable, but the supply is high, and the bottom support may weaken [18][19] Group 4: Chemicals - Urea prices are oscillating narrowly. The Indian tender results will affect the market sentiment. The agricultural demand is weakening, but the industrial demand is improving, and the inventory is decreasing [24] - Methanol prices are in a weak position. The overseas supply is high, and the demand is expected to decline. The market is expected to remain weak in the short term [25] - Pure benzene prices are rebounding, but the sustainability is uncertain. The supply pressure is easing, and the demand is expected to improve, but the export to the US faces challenges [26] - Styrene prices are supported by cost and supply reduction. The demand from the European market is strong [27] - Polypropylene, polyethylene, and propylene prices are expected to be weak. The supply is high, and the demand is low, and the supply-demand contradiction is increasing [28] - PVC and caustic soda prices are falling. The cost support is weakening, and the demand is insufficient. Attention should be paid to the cost changes and profit margins [29] - PX and PTA prices are oscillating. The supply from overseas may be affected, and the demand is weakening. The market is cautiously bullish [30] - Ethylene glycol prices are expected to be bearish. The supply is increasing, and the demand is weakening. A short strategy can be adopted [31] - Short fiber and bottle chip prices are under pressure. The demand is weakening, and the prices are expected to follow the raw material prices [32] Group 5: Agricultural Products - Soybean and soybean meal prices are oscillating. The US soybean planting area is expected to increase, and the impact of La Nina on South American soybean production needs to be monitored. A buy-on-dip strategy can be considered after the correction [36] - Soybean oil and palm oil prices are affected by the US biodiesel policy. The palm oil price may have bottomed out [37] - Rapeseed and rapeseed oil prices are under pressure. The import volume has decreased, and the demand is weak. A bearish strategy is recommended [38] - Corn prices are oscillating. The supply is increasing, and the demand is improving. The Dalian corn futures 01 contract may continue to decline [40] - Hog prices are at a low level. The futures market is trading on the potential supply pressure in the future. The pig price may form a double bottom in the first half of next year [41] - Egg prices are rebounding strongly. The spot price is stable. Attention should be paid to whether the previous price decline has ended [42] - Cotton prices are range-bound. The US cotton export sales are increasing, but the domestic demand is average. The Zhengzhou cotton futures are expected to be range-bound in the short term [43] - Sugar prices are oscillating. The international market supply is sufficient, and the domestic market is focusing on the new season's production estimate. The production in Guangxi is expected to be good [43] - Apple prices are oscillating at a high level. The short-term price is strong due to low inventory, but the long-term inventory pressure may exist. Attention should be paid to the inventory reduction [44] Group 6: Others - The container shipping index (European line) is expected to be stable in early December and may improve in late December. The 02 contract may be slightly discounted compared to the 12 contract, and the far-month contracts are expected to be low and oscillating [20] - Wood prices are oscillating. The low inventory supports the price, and a wait-and-see strategy is recommended [45] - Pulp prices are falling. The supply is abundant, and the demand is weak. The market is expected to remain weak in the short term [46] - Stock index futures are falling. The A-share market is volatile, and the external market is uncertain. A wait-and-see strategy is recommended, and attention can be paid to stable, consumer, and cyclical sectors [47] - Treasury bond futures are falling. The market is trading lightly, and the structure is differentiated. The change in market risk preference may bring new opportunities [48]

铁合金早报 供应 需求 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：72%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：75%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 -2500 -1500 -500 500 1500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁-硅锰主力合约价差（元/吨） 2021 2022 2023 2024 2025 2000 3000 4000 5000 6000 7000 8000 01/01 02/01 03/01 04/01 05/01 06/01 07/ ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Gold: Expectations of interest rate cuts have rebounded [2]. - Silver: In a state of oscillatory adjustment [2]. - Copper: Risk sentiment remains weak, and prices are oscillating [2][10]. - Zinc: Subject to macro - level disturbances [2][13]. - Lead: Reduced inventory restricts price decline [2][16]. - Tin: Prices have fallen from a high level [2][19]. - Aluminum: Affected by macro - level disturbances; Alumina: Ranging within a certain interval; Casting aluminum alloy: Follows the trend of electrolytic aluminum [2][24]. - Nickel: Nickel prices have broken through support levels and are under pressure to move in an oscillatory manner; Stainless steel: Weak market reality suppresses steel prices, but the downside is limited [2][27][28]. - Lithium carbonate: The speed of inventory reduction has slowed down, and a market sentiment cooldown may lead to a price correction [2][33]. - Industrial silicon: The market shows a weak pattern; Polysilicon: Attention should be paid to the lower support level [2][36][37]. - Iron ore: Downstream demand space is limited, and the valuation is relatively high [2][40]. - Rebar: Oscillating weakly; Hot - rolled coil: Oscillating weakly [2][43]. - Ferrosilicon: Wide - range oscillation; Manganese silicon: Wide - range oscillation [2][48]. - Coke: Wide - range oscillation; Coking coal: Wide - range oscillation [2][52]. - Logs: Repeated oscillations [2][54]. - Para - xylene: Supply contraction squeezes downstream profits; PTA: In a single - sided oscillatory market, avoid chasing high prices; MEG: New device launches lead to continued inventory accumulation, and supply pressure persists [2][28]. - Rubber: Oscillating; Synthetic rubber: Oscillating [2][31][33]. - Asphalt: Following the weak trend of crude oil [2][35]. - LLDPE: Agricultural demand may be approaching its peak, pay attention to supply pressure; PP: Do not chase short - term short positions, but there is still pressure in the medium - term trend; Caustic soda: There is still pressure in the trend [2][37][38][39]. - Pulp: Oscillating [2][40]. - Glass: The price of original glass is stable [2][42]. - Methanol: Oscillating weakly, with the downside space narrowing; Urea: Short - term oscillation has support; Styrene: Short - term oscillation; Soda ash: Little change in the spot market [2][43][45][47][48]. - LPG: Supply - demand expectations are tightening, and it is relatively resistant to decline in the short term; Propylene: Spot prices are trending strongly, and the futures market is oscillating at the bottom; PVC: Do not chase short positions, oscillating at a low level; Fuel oil: Short - term strength, continuous rebound at night; Low - sulfur fuel oil: The weak trend continues, and the price spread between high - and low - sulfur fuels in the overseas spot market has slightly declined; Container shipping index (European line): In an oscillatory market; Short - fiber: Short - term oscillatory market; Bottle chips: Short - term oscillatory market, with processing fees being compressed; Offset printing paper: Oscillating at a low level; Pure benzene: Overseas gasoline blending has started, mainly oscillating in the short term; Palm oil: The rebound height is limited, pay attention to the inventory reduction process in the producing areas; Soybean oil: There is no driving force for a breakthrough, mainly oscillating within a certain range; Soybean meal: Oscillating; Soybean: Oscillating; Corn: Oscillating; Sugar: Consolidating at a low level; Cotton: Futures prices maintain an oscillatory trend; Eggs: The volume of culled hens has increased; Pigs: The expectation of temperature drop has materialized, and pressure is gradually being released; Peanuts: Pay attention to the spot market [2][5][49] 3. Summaries According to Relevant Catalogs Gold and Silver - **Fundamental Data**: For gold, the closing prices of domestic and international futures contracts showed declines, trading volumes and positions changed, and ETF positions decreased. For silver, futures prices also declined, trading volumes decreased, and positions increased. Inventory levels of both decreased [6]. - **Macro and Industry News**: The US September non - farm payrolls data was mixed, with unemployment reaching a four - year high. The number of initial jobless claims unexpectedly decreased last week, while the number of continued claims reached a four - year high. Fed officials have different views on interest rate cuts [6][9]. Copper - **Fundamental Data**: Futures prices showed minor fluctuations, trading volumes and positions changed, inventory levels varied, and spot - futures spreads also changed [10]. - **Macro and Industry News**: US employment data was mixed, and the Netherlands suspended intervention in Nexperia. Peru's copper production increased, a copper mine project in Chile obtained environmental approval, China's copper product output decreased, and import and export data for copper - related products changed [10][12]. Zinc - **Fundamental Data**: Futures prices declined slightly, trading volumes decreased, positions increased, inventory levels changed, and various price spreads and premiums also changed [13]. - **News**: The US September non - farm report showed mixed signals in the employment market, which may complicate the Fed's December decision [13]. Lead - **Fundamental Data**: Futures prices decreased, trading volumes and positions declined, inventory levels changed, and price spreads and import - related data also changed [16]. - **News**: Similar to other metals, it was affected by the US employment data [17]. Tin - **Fundamental Data**: Futures prices decreased, trading volumes and positions changed, inventory levels varied, and spot prices and price spreads changed [21]. - **Macro and Industry News**: In addition to the US employment data, there were reports about Trump's AI policy and the White House's pressure on Congress regarding AI chip exports [21][22]. Aluminum, Alumina, and Casting Aluminum Alloy - **Fundamental Data**: For electrolytic aluminum, futures prices, trading volumes, positions, inventory levels, and price spreads changed. For alumina, relevant data also showed certain trends. For casting aluminum alloy, prices and inventory levels changed [24]. - **Comprehensive News**: The number of initial jobless claims in the US decreased, and there were differences within the Fed regarding interest rate cuts [26]. Nickel and Stainless Steel - **Fundamental Data**: Futures prices of nickel and stainless steel decreased, trading volumes and positions changed, and various industrial chain prices and spreads also changed [28]. - **Macro and Industry News**: An Indonesian nickel mine was taken over, China suspended a non - official subsidy for nickel imports, and there were regulations and policies in the Indonesian mining industry. There were also trade - related threats from the US [28][30][31]. Lithium Carbonate - **Fundamental Data**: Futures prices, trading volumes, positions, and inventory levels of lithium carbonate contracts changed, and the prices of related products in the industrial chain also showed certain trends [33]. - **Macro and Industry News**: The price of battery - grade lithium carbonate increased, and production and inventory data for lithium carbonate changed [34]. Industrial Silicon and Polysilicon - **Fundamental Data**: Futures prices, trading volumes, positions, and price spreads of industrial silicon and polysilicon changed, and spot prices, profits, and inventory levels also varied [37]. - **Macro and Industry News**: A 200 - megawatt photovoltaic project in Xinjiang was put into operation [38]. Iron Ore - **Fundamental Data**: Futures prices decreased, trading volumes and positions changed, spot prices declined slightly, and price spreads changed [40]. - **Macro and Industry News**: China's industrial added value data was released [41]. Rebar and Hot - Rolled Coil - **Fundamental Data**: Futures prices decreased, trading volumes and positions changed, spot prices declined, and price spreads changed [43]. - **Macro and Industry News**: Weekly production, inventory, and apparent demand data for steel products were released, and national steel production data from January to October was also provided [44][46]. Ferrosilicon and Manganese Silicon - **Fundamental Data**: Futures prices decreased, trading volumes and positions changed, spot prices and price spreads also changed [48]. - **Macro and Industry News**: Price information for ferrosilicon and manganese silicon was released, and manganese ore import data was provided [49][50]. Coke and Coking Coal - **Fundamental Data**: Futures prices decreased, trading volumes and positions changed, spot prices remained stable, and price spreads changed [52]. - **Macro and Industry News**: The National Development and Reform Commission held a video conference on energy supply during the heating season [53].