Group 1: Rubber Industry Report Industry Investment Rating Not provided. Core View In the short term, rubber prices continue to rebound due to macro - sentiment and rainfall in the producing areas. It is recommended to wait and see for the time being and pay attention to the improvement of raw material supply after the weather in the main producing areas gets better [2]. Summary by Directory - **Spot Price and Basis**: On July 22, the price of Yunnan state - owned whole - latex rubber in Shanghai was 14,950 yuan/ton, up 0.67% from the previous day. The basis of whole - latex rubber (switched to the 2509 contract) was - 110, down 144.44%. The price of Thai standard mixed rubber was 14,650 yuan/ton, up 0.69%. The price of cup rubber in the international market was 49.30 Thai baht/kg, up 1.44%. The price of raw materials in Hainan also increased to varying degrees [2]. - **Monthly Spread**: The 9 - 1 spread was - 795 yuan/ton, down 3.92%; the 1 - 5 spread was - 125 yuan/ton, down 38.89%; the 5 - 9 spread was 920 yuan/ton, up 7.60% [2]. - **Fundamental Data**: In May, Thailand's rubber production was 272,200 tons, up 157.52% from the previous month; Indonesia's production was 200,300 tons, up 3.19%; India's production was 47,700 tons, up 5.07%; China's production was 97,000 tons, up 38,900 tons from the previous month. The weekly starting rates of semi - steel and all - steel tires increased. The domestic tire production in May was 102.749 million pieces, up 0.74%. The export volume of new pneumatic rubber tires was 60.31 million pieces, down 2.44%. The total import volume of natural rubber was 463,400 tons, up 2.21% [2]. - **Inventory Change**: The bonded area inventory was 636,383 tons, up 0.63%. The factory - warehouse futures inventory of natural rubber on the SHFE was 36,691 tons, down 0.82%. The inbound and outbound rates of dry rubber in Qingdao's bonded and general - trade warehouses changed to varying degrees [2]. Group 2: Polysilicon Industry Report Industry Investment Rating Not provided. Core View On July 22, 2025, the futures prices of industrial silicon and polysilicon opened high and closed higher, with multiple contracts hitting the daily limit. Driven by the rise in coal prices and the smooth transmission of price increases in the silicon - based photovoltaic industry chain, there may still be room for price increases in the future. However, as the delivery month approaches, investors need to pay attention to position control and risk management [4]. Summary by Directory - **Spot Price and Basis**: The average price of N - type re - feedstock and N - type granular silicon remained unchanged at 46,000 yuan/ton and 43,000 yuan/ton respectively. The basis of N - type material (average price) was - 3,105 yuan/ton, down 1013.24%. The prices of some silicon wafers, battery cells, and components were stable, while the average price of Topcon components (distributed) and N - type 210mm components (for centralized projects) increased slightly [4]. - **Futures Price and Monthly Spread**: The price of the PS2506 contract was 49,105 yuan/ton, up 7.54%. The spreads between different contracts also changed to varying degrees, such as the PS2506 - PS2507 spread increasing by 15.56% [4]. - **Fundamental Data**: Weekly, the silicon wafer production was 11.10 GM, down 3.48%; the polysilicon production was 23,000 tons, up 0.88%. Monthly, the polysilicon production was 101,000 tons, up 5.10%; the import volume of polysilicon was 11,000 tons, up 16.59%; the export volume was 22,000 tons, up 5.96%. The silicon wafer production was 58.84 GM, up 1.34%; the import volume was 6,000 tons, down 15.41%; the export volume was 61,000 tons, up 11.37% [4]. - **Inventory Change**: The polysilicon inventory was 249,000 tons, down 9.78%; the silicon wafer inventory was 16.02 CM, down 11.64%. The number of polysilicon warehouse receipts remained unchanged at 2,780 hands [4]. Group 3: Industrial Silicon Industry Report Industry Investment Rating Not provided. Core View On July 22, 2025, the futures prices of industrial silicon and polysilicon opened high and closed higher, with multiple contracts hitting the daily limit. Driven by coal price increases and the smooth transmission of price increases in the silicon - based photovoltaic industry chain, the price of industrial silicon may continue to rise. However, attention should be paid to the inventory pressure caused by the decline in silicone demand. For the 09 contract with a large open interest, it is recommended to control positions and manage risks [5]. Summary by Directory - **Spot Price and Basis**: On July 22, the price of East China oxygen - passing S15530 industrial silicon was 9,700 yuan/ton, up 2.11%. The basis of different grades of industrial silicon changed significantly, such as the basis of SI4210 industrial silicon (benchmark) being - 505 yuan/ton, down 62.90% [5]. - **Monthly Spread**: The 2508 - 2509 spread was - 25 yuan/ton, down 25.00%; the 2509 - 2510 spread was 85 yuan/ton, up 21.43%; the 2510 - 2511 spread was 60 yuan/ton, down 25.00%; the 2511 - 2512 spread was - 320 yuan/ton, down 52.38%; the 2512 - 2601 spread was 85 yuan/ton, up 70.00% [5]. - **Fundamental Data**: Monthly, the national industrial silicon production was 300,800 tons, down 12.10%; Xinjiang's production was 167,500 tons, down 20.55%; Yunnan's production was 13,500 tons, up 9.35%; Sichuan's production was 11,300 tons, up 145.65%. The national industrial silicon starting rate was 51.23%, down 11.37%. The production of silicone DMC, polysilicon, and recycled aluminum alloy increased, and the industrial silicon export volume was 60,500 tons, up 1.64% [5]. - **Inventory Change**: The Xinjiang factory - warehouse inventory was 123,600 tons, down 0.24%; the Yunnan factory - warehouse inventory was 27,300 tons, up 0.37%; the Sichuan factory - warehouse inventory was 23,000 tons, down 1.29%. The social inventory was 547,000 tons, down 0.73%; the warehouse - receipt inventory was 250,300 tons, down 0.18%; the non - warehouse - receipt inventory was 296,700 tons, down 1.19% [5]. Group 4: Log Industry Report Industry Investment Rating Not provided. Core View On July 22, the log futures first rose and then fell. In the short term, due to the high - temperature season being the off - season for log demand and the decline in spot prices, it is recommended to be cautious about chasing up. One can consider buying on dips. Attention should be paid to market sentiment changes and policy expectations [6]. Summary by Directory - **Futures and Spot Price**: On July 22, the price of log 2507 was 825 yuan/m³, up 0.61%; the price of log 2509 was 838 yuan/m³, unchanged; the price of log 2511 was 842 yuan/m³, down 0.30%; the price of log 2601 was 853 yuan/m³, down 0.93%. The 9 - 11 spread was - 4 yuan/m³, up 2.5; the 9 - 1 spread was - 15 yuan/m³, up 8. The basis of the 09 contract was - 98 yuan/m³, unchanged. The spot prices of logs in major ports remained stable [6]. - **Supply**: In June, the port shipping volume was 1.76 million m³, up 2.12%. The number of departing ships from New Zealand to China, Japan, and South Korea was 53, down 8.62% [6]. - **Inventory**: As of July 18, the total inventory of coniferous logs in China was 3.29 million m³, up 2.17% from July 11. The inventory in Shandong increased by 2.01%, while the inventory in Jiangsu decreased by 0.67% [6]. - **Demand**: As of July 18, the daily average outbound volume of logs in China was 62,400 m³, up 6.12% from July 11. The daily average outbound volume in Shandong decreased by 5%, while that in Jiangsu increased by 25% [6]. Group 5: Glass and Soda Ash Industry Report Industry Investment Rating Not provided. Core View The market sentiment was boosted by coal - related information, and the futures prices of glass and soda ash hit the daily limit. For soda ash, the supply - demand pattern is still in excess, and there is pressure on the demand side in the second half of the year. For glass, although the spot market has improved, it is currently in the off - season, and the demand side is under pressure. In the short term, the market fluctuates greatly due to policy and news, and risk avoidance should be noted [7]. Summary by Directory - **Glass - Related Price and Spread**: On July 22, the price of glass in North China was 1,200 yuan/ton, up 1.69%; in East China, it was 1,250 yuan/ton, unchanged; in Central China, it was 1,140 yuan/ton, up 0.88%; in South China, it was 1,290 yuan/ton, unchanged. The price of glass 2505 was 1,317 yuan/ton, up 6.21%; the price of glass 2509 was 1,173 yuan/ton, up 8.51%. The 05 basis was - 117 yuan/ton, down 95.00% [7]. - **Soda Ash - Related Price and Spread**: The price of soda ash in North China was 1,350 yuan/ton, unchanged; in East China, it was 1,230 yuan/ton, unchanged; in Central China, it was 1,200 yuan/ton, unchanged; in Northwest China, it was 1,020 yuan/ton, up 4.08%. The price of soda ash 2505 was 1,390 yuan/ton, up 6.43%; the price of soda ash 2509 was 1,295 yuan/ton, up 6.05%. The 05 basis was - 40 yuan/ton, down 190.91% [7]. - **Supply**: The soda ash starting rate was 84.10%, up 3.42%; the weekly soda ash production was 733,200 tons, up 3.41%. The daily melting volume of float glass was 157,800 tons, down 0.38%; the daily melting volume of photovoltaic glass was 91,840 tons, down 2.70% [7]. - **Inventory**: The glass factory - warehouse inventory was 64.939 million heavy boxes, down 3.22%. The soda ash factory - warehouse inventory was 1.9056 million tons, up 2.26%; the soda ash delivery - warehouse inventory was 246,600 tons, up 3.61%. The glass factory's soda ash inventory was 23.4, up 11.34% [7]. - **Real Estate Data**: The year - on - year growth rate of new construction area was - 18.73%, an increase of 2.99 percentage points; the growth rate of construction area was - 33.33%, a decrease of 7.56 percentage points; the growth rate of completion area was - 11.68%, an increase of 15.67 percentage points; the growth rate of sales area was - 1.55%, an increase of 12.13 percentage points [7].

数据来源：Wind、Mysteel、富宝资讯、广发期货研究所。请仔细阅读报告尾端免责声明。 免费声明 体报告中的信息均来源于被广发明货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证。本报告反映研究人员的不同现点、见解 、并不代表广发明货或其附属机构的立场。在任何情况下、报告内容仅供参考．报告中的信息或所表达的意见并不构成所述品种买卖的出价或询价．投资者 风险自担。本报告旨在发送给广发期货特定客户及其他专业人士．版权归广发期货所有．未经广发期货书面授权、任何人不得对本报告进行任何影式的发布 据此报资。 复制。如引用、刊发. 需注明出处为"广发期货"。 | 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年7月23日 | | | 周敏波 | 6560400Z | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 张庆 | 某差 | 单位 | | 螺纹钢现货(华东) | 3370 | 3320 | 50 | 3 | | ...

1. Investment Ratings No investment ratings for the industries are provided in the reports. 2. Core Views PVC and Caustic Soda - The caustic soda futures market is boosted by policies, with expectations of industry capacity - reduction. Spot transactions are average, and prices in Shandong and Guangdong have decreased. Low - grade caustic soda has low inventory in most enterprises due to alumina demand, but non - aluminum downstream resists high prices. Short - term macro disturbances increase trading risks, and it is recommended to take profit on previous long positions and wait and see [2][4]. - The PVC futures market is also boosted by policies, with expectations of industry capacity - reduction. The spot market has light transactions and little price fluctuation. It is in a slack season with increasing supply and decreasing demand, and the fundamentals have not improved significantly. Short - term trading is more influenced by macro - sentiment, and it is recommended to wait and see [4]. Methanol - In the inland market, methanol prices fluctuate slightly. Supply may increase as the maintenance losses in July are high but there are expectations of resumption. Demand is restricted by the traditional off - season, and new capacity launch affects the market. At the port, the basis strengthens, Iranian device production returns, and imports are expected to be 1.25 million tons in July and slightly decline in August. There may be inventory accumulation from July to August due to the combination of import recovery and olefin maintenance [7]. Polyester Industry Chain - PX: Although some PX devices have load fluctuations, and terminal demand feedback is negative, PX supply is still expected to be tight, and PXN has some support. The short - term PX09 is expected to operate in the range of 6,600 - 6,900 yuan/ton, and attention should be paid to the upper - limit pressure [10]. - PTA: The current PTA load is around 80% with new device launch expectations, and terminal demand is weak. Considering the tight PX supply and the strong domestic commodity market sentiment, the TA09 - TA01 spread can be rolled in a reverse way, and the PTA processing fee around 250 yuan/ton can be used for short - selling attempts [10]. - Ethylene Glycol: Multiple coal - based ethylene glycol devices stopped unexpectedly in mid - July, leading to lower - than - expected supply increase and reduced import expectations. Short - term port inventory is expected to remain low, and the short - term EG2509 - P - 4300 put option seller can hold the position [10]. - Short - fiber: Although short - fiber factories plan to cut production in July, the overall supply and demand are weak in the short term, and the absolute price fluctuates with raw materials [10]. - Bottle - chip: July is the peak season for soft - drink consumption, and there are expectations of improved demand. However, considering the high historical supply level, attention should be paid to whether the device production cuts increase and the downstream follow - up situation [10]. Crude Oil - Overnight oil prices fluctuated weakly, mainly due to macro - pressure. The approaching US trade negotiation deadline on August 1st has not alleviated the macro - tension, and the threat of a 30% tariff may suppress oil demand. Although there are expectations of a decline in US crude oil inventory, trade tariff uncertainties are the core contradiction. It is recommended to adopt a short - term band - trading strategy, with support levels at [63, 64] for WTI, [66, 67] for Brent, and [498, 505] for SC. Options can be used to capture volatility opportunities [13][14]. Urea - The core driver of the urea futures market comes from macro - policies. Policies to optimize the industrial structure and eliminate backward production capacity are considered beneficial to the urea industry. Export data shows weakness, and the market focuses on new policy support. The futures price stimulates the spot trading atmosphere, and the basis is expected to be repaired. In the short term, there is no significant reduction in demand and capacity. In the long term, the transformation of coal - based urea capacity structure may be promoted. Attention should be paid to export quota implementation, trading volume recovery, and market expectations [15]. Polyolefins (LLDPE and PP) - In terms of valuation, the marginal profit is gradually recovering, and both PE and PP have supply - demand contraction and inventory accumulation, with weak demand. PP maintenance has reached its peak, PE maintenance first increases and then decreases, and there are few import offers. Demand is expected to pick up seasonally at the end of July. Strategically, the market sentiment is warm, PP is expected to fluctuate weakly, and it is recommended to wait and see for short positions, while PE can be bought in the range [20]. Pure Benzene and Styrene - Pure benzene: The supply - demand situation is expected to improve in July. Although there is news of production cuts from some devices, the impact on loss volume is limited. Downstream price transmission is poor except for styrene, and import expectations are high with high port inventory. Short - term pure benzene may be boosted by the strong domestic commodity market, but the rebound space is limited. The main contract BZ2603 follows the fluctuations of oil prices and styrene [25]. - Styrene: The styrene industry has high - level operation with maintained profits. The basis of near - month contracts weakens, and the profits of some downstream industries are slightly repaired. The supply - demand situation is marginally improved but still weak in expectation, and port inventory continues to increase. Short - term styrene is boosted by the market, but the increase is limited due to weak supply - demand expectations and high valuation. The EB09 is expected to operate in the range of 7,100 - 7,500 yuan/ton, and attention should be paid to the pressure around 7,500 yuan/ton and short - selling opportunities. The EB - BZ spread can be shorted at high levels [25]. 3. Summaries by Catalog PVC and Caustic Soda - **Price Changes**: Shandong 50% caustic soda price decreased by 2.2% from July 21st to July 22nd; East China calcium - carbide - based PVC price increased by 0.8%. Some futures contracts such as SH2509 and V2509 also had significant price increases [2]. - **Supply**: The caustic soda industry's operating rate increased by 1.3% from July 11th to July 18th, and the PVC total operating rate decreased by 0.1% [2]. - **Demand**: The alumina industry's operating rate increased by 1.0%, and the viscose staple fiber industry's operating rate increased by 8.7% from July 11th to July 18th. The PVC downstream product operating rate showed mixed trends [3][4]. - **Inventory**: The liquid caustic soda inventory in East China factories and Shandong increased, while the PVC upstream factory inventory decreased, and the total social inventory increased [4]. Methanol - **Price Changes**: MA2601 and MA2509 prices increased by 2.18% and 1.91% respectively from July 21st to July 22nd. The basis and regional spreads also changed [7]. - **Inventory**: Methanol enterprise inventory decreased by 1.28%, and port inventory increased by 9.92% [7]. - **Operating Rates**: The upstream domestic enterprise operating rate decreased by 1.94%, and some downstream operating rates such as MTBE increased, while others like formaldehyde decreased [7]. Polyester Industry Chain - **Upstream Prices**: Brent and WTI crude oil prices decreased, and prices of other upstream products such as CFR Japan naphtha and CFR China MX also had different degrees of decline [10]. - **PX - Related**: CFR China PX price increased by 0.1%, and PX basis, spreads, and processing fees changed [10]. - **PTA - Related**: PTA spot price decreased by 0.2%, and futures prices increased slightly. PTA processing fees decreased [10]. - **MEG - Related**: MEG spot price increased by 0.4%, and futures prices also increased. MEG basis and spreads changed [10]. Crude Oil - **Price Changes**: Brent oil price decreased by 0.90%, and WTI oil price increased by 0.52% on July 23rd compared to July 22nd. Spreads such as Brent M1 - M3 and WTI M1 - M3 also changed [13]. - **Refined Oil**: NYM RBOB increased by 0.28%, and ICE Gasoil decreased by 2.12%. Refined oil spreads also had different changes [13]. Urea - **Price Changes**: The synthetic ammonia price in Shandong increased by 1.54%, and some urea spot prices in different regions increased slightly [17]. - **Supply and Demand**: Domestic urea daily and weekly production decreased slightly, and factory inventory decreased, while port inventory increased [17]. - **Market Sentiment**: The futures market is affected by policies, and the spot market trading atmosphere is stimulated [17]. Polyolefins (LLDPE and PP) - **Price Changes**: L2601, L2509, PP2601, and PP2509 prices increased, and spot prices of华东PP拉丝 and华北LLDPE膜料 also increased [20]. - **Operating Rates**: PE and PP device operating rates increased slightly, and some downstream operating rates changed [20]. - **Inventory**: PE and PP enterprise inventories increased [20]. Pure Benzene and Styrene - **Upstream Prices**: Brent and WTI crude oil prices decreased, and CFR Japan naphtha price decreased by 1.2% [24]. - **Pure Benzene**: The CFR China pure benzene price increased by 0.5%, and the pure benzene basis and import profit changed [24]. - **Styrene**: The styrene East China spot price decreased by 0.8%, and styrene basis, spreads, and cash - flow changed [24]. - **Inventory and Operating Rates**: Pure benzene and styrene port inventories increased, and the operating rates of related industries changed [25].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of Each Report 2.1. Fats and Oils - Palm oil: Affected by production growth and export decline, the crude palm oil futures may face downward pressure after oscillating around the annual line, testing the support at 4,100 ringgit. Domestically, there is a risk of weakness for domestic palm oil futures, with attention on the support around 8,800 yuan [1]. - Soybean oil: In August, weather impacts on soybean crops increase. Although the latest US soybean good - rate is high, CBOT soybeans may fluctuate narrowly. Domestically, short - term basis quotes may be under pressure, but long - term support exists [1]. 2.2. Sugar - Brazilian sugar production in the second half of June was lower than expected. If the sugar - to - ethanol ratio is adjusted, production may not meet expectations. The short - term bottom of raw sugar prices may appear, but a bearish view is maintained considering the overall production increase. The domestic sugar market is expected to be marginally looser, with a bearish view after rebounds [3][4]. 2.3. Cotton - The demand side of the cotton industry is still weak, but the rising cotton price has led to a follow - up increase in yarn prices. The supply side faces some pressure from the sale of old cotton stocks, but the tight inventory situation is difficult to resolve before new cotton is listed. Short - term domestic cotton prices may oscillate at a high level, and face pressure after new cotton is listed [7]. 2.4. Eggs - The supply of eggs is sufficient, but high - temperature weather has reduced egg weight and laying rates, causing a shortage of large - sized eggs. With the start of the peak demand season, egg prices are expected to rise slightly this week and then stabilize [9]. 2.5. Corn - The corn auction on July 22 had a 27%成交 rate, and the market has digested the news. Supply is tightening due to factors like reduced willingness to sell and bad weather. Demand has some resilience. In the medium - term, supply is tight and demand is increasing, supporting prices. In the short - term, the market is stable, and the futures may oscillate strongly but with limited space [12][13]. 2.6. Meal - US soybeans are bottom - oscillating, and the expected August drought in the main production areas provides support. Brazilian soybeans are firm, but Chinese purchases of US soybeans may suppress Brazilian premiums. Currently, domestic soybean and soybean meal inventories are rising, and the basis is low. After October, the continuity of soybean arrivals is uncertain, and a cautious bullish operation is recommended [16]. 2.7. Pigs - The spot price of pigs is oscillating. Secondary fattening enthusiasm has declined, and market demand is weak, so prices are weak. There is no basis for a sharp decline, but the upside is limited. The futures are affected by macro funds, and caution is needed when chasing up prices in the far - month contracts [19]. 3. Summary According to Relevant Catalogs 3.1. Fats and Oils - **Price Changes**: - Soybean oil: The spot price in Jiangsu decreased by 0.24% to 8,350 yuan/ton, and the futures price (Y2509) decreased by 0.20% to 8,092 yuan/ton [1]. - Palm oil: The spot price in Guangdong increased by 0.33% to 9,000 yuan/ton, and the futures price (P2509) increased by 0.18% to 8,926 yuan/ton [1]. - Rapeseed oil: The spot price in Jiangsu decreased by 0.52% to 9,650 yuan/ton, and the futures price (01509) decreased by 0.90% to 9,477 yuan/ton [1]. 3.2. Sugar - **Price Changes**: - Futures: The price of sugar 2601 decreased by 0.30% to 5,653 yuan/ton, and the price of sugar 2509 decreased by 0.27% to 5,823 yuan/ton [3]. - Spot: The price in Nanning decreased by 0.17% to 6,050 yuan/ton, and the price in Kunming increased by 0.68% to 5,920 yuan/ton [3]. - **Industry Data**: - National sugar production increased by 12.03% to 1,116.21 million tons, and sales increased by 23.07% to 811.38 million tons [3]. 3.3. Cotton - **Price Changes**: - Futures: The price of cotton 2509 increased by 0.28% to 14,225 yuan/ton, and the price of cotton 2601 increased by 0.29% to 14,030 yuan/ton [7]. - Spot: The Xinjiang arrival price of 3128B decreased by 0.41% to 15,416 yuan/ton [7]. - **Industry Data**: - Northern inventory decreased by 10.2% to 254.24 million tons, and industrial inventory decreased by 2.3% to 88.21 million tons [7]. 3.4. Eggs - **Price Changes**: - The price of the egg 09 contract decreased by 0.41% to 3,621 yuan/500KG, and the price of the egg 08 contract decreased by 0.53% to 3,574 yuan/500KG [9]. - The egg - producing area price increased by 1.59% to 3.23 yuan/jin [9]. 3.5. Corn - **Price Changes**: - The price of corn 2509 increased by 0.09% to 2,322 yuan/ton, and the price of corn starch 2509 increased by 0.15% to 2,668 yuan/ton [12]. - **Industry Data**: - The early - morning remaining vehicles at Shandong deep - processing plants decreased by 35.29% to 132 [12]. 3.6. Meal - **Price Changes**: - The spot price of soybean meal in Jiangsu increased by 0.35% to 2,900 yuan/ton, and the futures price (M2509) increased by 0.43% to 3,069 yuan/ton [16]. - The spot price of rapeseed meal in Jiangsu increased by 0.34% to 2,630 yuan/ton, and the futures price (RM2509) increased by 0.18% to 2,727 yuan/ton [16]. 3.7. Pigs - **Price Changes**: - The price of the pig 2511 contract increased by 0.65% to 13,960 yuan/ton, and the price of the pig 2509 contract increased by 0.10% to 14,380 yuan/ton [19]. - **Industry Data**: - The daily slaughter volume of sample points decreased by 1.09% to 133,605 heads, and the monthly fertile sow inventory increased by 0.10% to 4,042 million heads [19].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report The report presents the latest data on the basis, basis rate, historical quantile, spot price, and futures price of various commodities and financial futures on July 23, 2025, including ferrous metals, non - ferrous metals, agricultural products, energy and chemical products, and stock index and bond futures [1]. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF509)**: Futures price is 5678, basis is - 196, basis rate is - 3.34%, and historical quantile is 48.20% [1]. - **Silicon Manganese (SM509)**: Futures price is 5970, basis is - 42, basis rate is - 0.70%, and historical quantile is 19.50% [1]. - **Rebar (RB2510)**: Futures price is 3307, basis is - 7, basis rate is - 0.20%, and historical quantile is 39.10% [1]. - **Hot - Rolled Coil (HC2510)**: Futures price is 3470, basis is 7, basis rate is 0.20%, and historical quantile is 15.00% [1]. - **Iron Ore (I2509)**: Futures price is 837, basis is 14, basis rate is 1.67%, and historical quantile is 14.50% [1]. - **Coke (J2509)**: Futures price is 1461, basis is - 237, basis rate is - 13.94%, and historical quantile is 1.10% [1]. - **Coking Coal (JM2509)**: Futures price is 940, basis is - 109, basis rate is - 10.35%, and historical quantile is 1.40% [1]. Non - Ferrous Metals - **Copper (CU2509)**: Futures price is 79740, basis is 15, basis rate is 0.02%, and historical quantile is 43.54% [1]. - **Aluminum (AL2509)**: Futures price is 20900, basis is 40, basis rate is 0.19%, and historical quantile is 61.04% [1]. - **Alumina (AO2509)**: Futures price is 3231, basis is - 282, basis rate is - 8.03%, and historical quantile is 3.30% [1]. - **Zinc (ZN2509)**: Futures price is 22945, basis is - 235, basis rate is - 1.01%, and historical quantile is 7.91% [1]. - **Tin (SN2508)**: Futures price is 268520, basis is - 2220, basis rate is - 0.83%, and historical quantile is 7.91% [1]. - **Nickel (NI2509)**: Futures price is 123530, basis is - 630, basis rate is - 0.51%, and historical quantile is 26.87% [1]. - **Stainless Steel (SS2509)**: Futures price is 12930, basis is 190, basis rate is 1.47%, and historical quantile is 43.56% [1]. - **Lithium Carbonate (LC2509)**: Futures price is 69100, basis is - 3780, basis rate is - 5.19%, and historical quantile is 10.57% [1]. Agricultural Products - **Soybean Meal (M2509)**: Futures price is 3086, basis is - 186, basis rate is - 6.03%, and historical quantile is 2.80% [1]. - **Soybean Oil (Y2509)**: Futures price is 8076, basis is 64, basis rate is 0.79%, and historical quantile is 4.60% [1]. - **Palm Oil (P2509)**: Futures price is 8926, basis is 34, basis rate is 0.38%, and historical quantile is 20.80% [1]. - **Rapeseed Meal (RM509)**: Futures price is 2736, basis is - 126, basis rate is - 4.61%, and historical quantile is 14.00% [1]. - **Rapeseed Oil (O1509)**: Futures price is 9477, basis is 123, basis rate is 1.30%, and historical quantile is 47.80% [1]. - **Corn (C2509)**: Futures price is 2322, basis is 38, basis rate is 1.64%, and historical quantile is 65.90% [1]. - **Corn Starch (CS2509)**: Futures price is 2668, basis is 72, basis rate is 2.70%, and historical quantile is 32.50% [1]. - **Live Hogs (H2509)**: Futures price is 14380, basis is 20, basis rate is 0.14%, and historical quantile is 42.40% [1]. - **Eggs (JD2509)**: Futures price is 3621, basis is - 511, basis rate is - 14.11%, and historical quantile is 6.10% [1]. - **Cotton (CF509)**: Futures price is 15416, basis is 1191, basis rate is 8.37%, and historical quantile is 83.10% [1]. - **Sugar (SR509)**: Futures price is 5823, basis is 297, basis rate is 5.10%, and historical quantile is 56.40% [1]. - **Apples (AP510)**: Futures price is 7929, basis is 671, basis rate is 8.46%, and historical quantile is 53.00% [1]. - **Red Dates (CJ601)**: Futures price is 8300, basis is - 2190, basis rate is - 20.88%, and historical quantile is 8.50% [1]. Energy and Chemical Products - **Paraxylene (PX509)**: Futures price is 6943, basis is - 57, basis rate is - 0.82%, and historical quantile is 43.50% [1]. - **PTA (TA509)**: Futures price is 4794, basis is - 34, basis rate is - 0.71%, and historical quantile is 39.80% [1]. - **Ethylene Glycol (EG2509)**: Futures price is 4510, basis is 63, basis rate is 1.42%, and historical quantile is 82.60% [1]. - **Polyester Staple Fiber (PF509)**: Futures price is 6470, basis is 130, basis rate is 2.01%, and historical quantile is 74.10% [1]. - **Styrene (EB2509)**: Futures price is 7560, basis is 79, basis rate is 1.06%, and historical quantile is 43.30% [1]. - **Methanol (MA509)**: Futures price is 2457, basis is - 44.5, basis rate is - 1.81%, and historical quantile is 11.00% [1]. - **Urea (UR509)**: Futures price is 1840, basis is 23, basis rate is 1.27%, and historical quantile is 18.30% [1]. - **LLDPE (L2509)**: Futures price is 7425, basis is 57, basis rate is 0.77%, and historical quantile is 35.40% [1]. - **PP (PP2509)**: Futures price is 7168, basis is - 38, basis rate is - 0.53%, and historical quantile is 15.10% [1]. - **PVC (V2509)**: Futures price is 5260, basis is - 210, basis rate is - 3.99%, and historical quantile is 25.20% [1]. - **Caustic Soda (SH209)**: Futures price is 2658, basis is - 64.3, basis rate is - 2.42%, and historical quantile is 40.30% [1]. - **LPG (PG2509)**: Futures price is 3969, basis is 579, basis rate is 14.59%, and historical quantile is 74.10% [1]. - **Asphalt (BU2509)**: Futures price is 3609, basis is 246, basis rate is 6.82%, and historical quantile is 86.10% [1]. - **Butadiene Rubber (BR2509)**: Futures price is 12000, basis is - 100, basis rate is - 0.83%, and historical quantile is 18.80% [1]. - **Glass (FG509)**: Futures price is 1249, basis is - 109, basis rate is - 9.56%, and historical quantile is 24.57% [1]. - **Soda Ash (SA509)**: Futures price is 1375, basis is - 10, basis rate is - 0.73%, and historical quantile is 26.68% [1]. - **Natural Rubber (RU2509)**: Futures price is 15060, basis is - 110, basis rate is - 0.74%, and historical quantile is 87.70% [1]. Stock Index and Bond Futures - **IF2509.CFE**: Futures price is 4119, basis is - 9.2, basis rate is - 0.22%, and historical quantile is 37.60% [1]. - **IH2509.CFE**: Futures price is 2796.8, basis is 4.6, basis rate is 0.17%, and historical quantile is 82.80% [1]. - **IC2509.CFE**: Futures price is 6213.4, basis is 84, basis rate is 1.37%, and historical quantile is 4.90% [1]. - **IM2509.CFE**: Futures price is 6637.1, basis is 121.7, basis rate is 1.80%, and historical quantile is 9.90% [1]. - **TS2509**: Futures price is 102.41, basis is - 2.09, basis rate is - 2.04%, and historical quantile is 24.90% [1]. - **TF2509**: Futures price is 105.89, basis is - 5.08, basis rate is - 4.79%, and historical quantile is 25.50% [1].

Group 1: Steel Industry Report Industry Investment Rating Not provided Core View The steel industry is expected to continue its strong performance. The market sentiment has improved due to the supply contraction expectations from policies and the marginal improvement in the industrial supply - demand situation. It is recommended to avoid short positions and hold long positions [1]. Summary by Directory - **Steel Prices and Spreads**: Prices of various steel products such as rebar and hot - rolled coils have increased. For example, the spot price of rebar in East China rose from 3320 to 3370 yuan/ton, and the 05 - contract price of hot - rolled coils increased from 3413 to 3490 yuan/ton [1]. - **Cost and Profit**: Costs of steel production like billet and plate billet prices have changed, and the profits of different regions and steel types have generally increased. For instance, the East China hot - rolled coil profit rose from 201 to 281 yuan/ton [1]. - **Production**: The daily average hot - metal output increased by 1.1% to 242.6 tons, while the production of five major steel products decreased by 0.5% to 868.2 tons. Rebar production decreased by 3.5% to 209.1 tons [1]. - **Inventory**: The inventory of five major steel products decreased slightly by 0.1% to 1337.7 tons, while the rebar inventory increased by 0.5% to 543.3 tons [1]. - **Trading and Demand**: The daily average building material trading volume increased by 35.6% to 12.8 tons, and the apparent demand for five major steel products decreased by 0.3% to 870.1 tons [1]. Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core View The iron ore market is expected to fluctuate strongly in the short term. With the high - level hot - metal production and the expected supply - side policies, it is recommended to hold long positions and cautiously participate in buying the 2509 contract at low prices [4]. Summary by Directory - **Prices and Spreads**: The prices of iron ore varieties such as warehousing costs and spot prices have increased. For example, the warehousing cost of PB powder rose from 831.5 to 846.9 yuan/ton, and the 09 - contract basis of PB powder increased by 6.1% [4]. - **Supply**: The weekly arrival volume at 45 ports decreased by 10.9% to 2371.2 tons, while the global shipping volume increased by 4.1% to 3109.1 tons [4]. - **Demand**: The weekly average daily hot - metal output of 247 steel mills increased by 1.1% to 242.4 tons, and the weekly average daily port clearance volume increased by 1.0% to 322.7 tons [4]. - **Inventory**: The port inventory decreased slightly by 0.0% to 13783.86 tons, and the imported ore inventory of 247 steel mills decreased by 1.8% to 8822.2 tons [4]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core View Both the coke and coking coal markets are in an upward trend. For coke, it is recommended to conduct hedging operations and hold long positions. For coking coal, it is also recommended to conduct hedging operations and hold long positions and buy the 09 contract at low prices [6]. Summary by Directory - **Coke Prices and Spreads**: The prices of coke contracts such as the 09 and 01 contracts increased by 5.9%. The second - round price increase of spot coke was implemented, and a third - round increase is expected [6]. - **Coking Coal Prices and Spreads**: The prices of coking coal contracts such as the 09 and 01 contracts increased, with the 09 - contract price of coking coal rising by 4.2% [6]. - **Supply and Demand of Coke**: The supply of coke is limited due to the slow resumption of coal mines and the difficulty in increasing production of some loss - making coking enterprises. The demand has increased with the resumption of blast furnaces and the rise in hot - metal output [6]. - **Supply and Demand of Coking Coal**: The supply of coking coal is in short supply as some coal mines are required to stop production. The demand has increased with the increase in coking plant operations and downstream hot - metal production [6]. - **Inventory**: Coke inventories in coking plants and ports decreased, while those in steel mills increased. Coking coal inventories in mines and ports decreased, while those in downstream enterprises increased [6].

Group 1: Rubber Industry Report Industry Investment Rating Not provided Core View Short - term rubber prices are rebounding due to macro - sentiment and rainfall in production areas. It is advisable to wait and see in the short term and pay attention to the improvement of raw material supply after the weather in the main production areas gets better [2] Summary by Directory - **Spot Price and Basis**: On July 22, the price of Yunnan state - owned whole - miscible rubber in Shanghai was 14,950 yuan/ton, up 100 yuan or 0.67% from July 21. The basis of whole milk switched to the 2509 contract was - 110, down 65 or - 144.44%. The price of Thai standard mixed rubber was 14,650 yuan/ton, up 100 yuan or 0.69%. The non - standard price difference was - 410, down 65 or - 18.84%. The FOB intermediate price of cup rubber in the international market was 49.30 Thai baht/kg, up 0.70 Thai baht or 1.44%. The FOB intermediate price of glue in the international market remained unchanged at 54.50 Thai baht/kg [2] - **Fundamental Data**: In May, Thailand's rubber production was 272,200 tons, up 166,500 tons or 157.52% from the previous period; Indonesia's production was 200,300 tons, up 6,200 tons or 3.19%; India's production was 47,700 tons, up 2,300 tons or 5.07%; China's production was 97,000 tons, up 38,900 tons. The weekly opening rate of semi - steel tires for automobile tires was 75.99%, up 3.07 percentage points; the weekly opening rate of all - steel tires was 65.10%, up 0.54 percentage points. The domestic tire production in May was 102.749 million pieces, up 0.74%. The export volume of new pneumatic rubber tires in May was 60.31 million pieces, down 2.44%. The total import volume of natural rubber in May was 463,400 tons, up 2.21% [2] - **Inventory Changes**: On July 22, the bonded area inventory was 636,383 tons, up 0.63% from the previous value. The factory - warehouse futures inventory of natural rubber on the Shanghai Futures Exchange was 36,691 tons, down 0.82% [2] Group 2: Polysilicon Industry Report Industry Investment Rating Not provided Core View On July 22, 2025, the futures prices of industrial silicon and polysilicon opened high and closed high, with multiple contracts hitting the daily limit. Driven by coal price increases and the smooth transmission of price increases in the crystalline silicon photovoltaic industry chain, there may still be room for growth in the future. Attention should be paid to the opening of arbitrage space after the price rises and the increase in warehouse receipts and arbitrage positions. It is necessary to control positions and manage risks [3][4][5] Summary by Directory - **Spot Price and Basis**: On July 22, the average price of N - type re - feeding materials remained at 46,000 yuan/ton; the average price of N - type granular silicon remained at 43,000 yuan/ton; the basis of N - type materials (average price) was - 3,105 yuan/ton, down 3,445 yuan or - 1013.24% [4] - **Futures Price and Inter - month Spread**: On July 22, the price of the PS2506 contract was 49,105 yuan/ton, up 3,445 yuan or 7.54% from July 21. The spread between PS2506 - PS2507 was 260 yuan/ton, up 15.56%; the spread between PS2507 - PS2508 was 235 yuan/ton, up 62.07% [4] - **Fundamental Data**: Weekly, the silicon wafer production was 11.10 GM, down 0.40 GM or - 3.48%; the polysilicon production was 23,000 tons, up 0.88%. Monthly, the polysilicon production was 101,000 tons, up 5.10%; the polysilicon import volume was 11,000 tons, up 16.59%; the polysilicon export volume was 22,000 tons, up 5.96% [4] - **Inventory Changes**: The polysilicon inventory was 249,000 tons, down 9.78%; the silicon wafer inventory was 16.02 CM, down 11.64%; the polysilicon warehouse receipts remained unchanged at 2,780 lots [4] Group 3: Industrial Silicon Industry Report Industry Investment Rating Not provided Core View On July 22, 2025, the futures prices of industrial silicon and polysilicon opened high and closed high, with multiple contracts hitting the daily limit. Driven by coal price increases and the smooth transmission of price increases in the crystalline silicon photovoltaic industry chain, the price may continue to rise. Attention should be paid to whether the spot price will continue to increase. There is a risk of inventory accumulation due to the decline in silicone demand, and it is recommended to control positions and manage risks [5] Summary by Directory - **Spot Price and Main Contract Basis**: On July 22, the price of East China oxygen - passing S15530 industrial silicon was 9,700 yuan/ton, up 200 yuan or 2.11%. The basis of oxygen - passing SI5530 was - 195, down 81.25%. The price of East China SI4210 industrial silicon was 9,750 yuan/ton, up 200 yuan or 2.05%. The basis of SI4210 was - 505, down 195 or - 62.90% [5] - **Inter - month Spread**: On July 22, the spread between 2508 - 2509 was - 25 yuan/ton, down 25.00%; the spread between 2509 - 2510 was 85 yuan/ton, up 21.43% [5] - **Fundamental Data (Monthly)**: In May, the national industrial silicon production was 300,800 tons, down 41,400 tons or - 12.10%. Xinjiang's industrial silicon production was 167,500 tons, down 43,300 tons or - 20.55%. Yunnan's industrial silicon production was 13,500 tons, up 9.35%. Sichuan's industrial silicon production was 11,300 tons, up 145.65% [5] - **Inventory Changes**: The Xinjiang factory - warehouse inventory (weekly) was 123,600 tons, down 0.24%. The Yunnan factory - warehouse inventory (weekly) was 27,300 tons, up 0.37%. The Sichuan factory - warehouse inventory (weekly) was 23,000 tons, down 1.29%. The social inventory (weekly) was 547,000 tons, down 0.73%. The warehouse receipt inventory (daily) was 250,300 tons, down 0.18%. The non - warehouse receipt inventory (daily) was 296,700 tons, down 1.19% [5] Group 4: Log Futures Industry Report Industry Investment Rating Not provided Core View Recently, the sentiment of the log futures market has improved. However, currently, due to the high - temperature season, the demand for logs is in the off - season, and the spot price has declined. It is recommended to be cautious about chasing up in the short term and consider buying on dips during callbacks. Attention should be paid to market sentiment changes and policy expectations [6] Summary by Directory - **Futures and Spot Prices**: On July 22, the price of log 2507 was 825 yuan/m³, up 5 yuan or 0.61%. The price of log 2509 remained at 838 yuan/m³. The price of log 2511 was 842 yuan/m³, down 2.5 yuan or - 0.30%. The price of log 2601 was 853 yuan/m³, down 8 yuan or - 0.93% [6] - **Supply (Monthly)**: In June, the port shipping volume was 1.76 million m³, up 2.12%. The number of departing ships from New Zealand to China, Japan, and South Korea was 53, down 8.62% [6] - **Inventory**: As of July 18, the national coniferous log inventory was 3.29 million m³, up 70,000 m³ or 2.17% from July 11 [6] - **Demand**: As of July 18, the daily average log delivery volume was 62,400 m³, up 0.36 m³ or 6.12% from July 11 [6] Group 5: Glass and Soda Ash Industry Report Industry Investment Rating Not provided Core View - **Soda Ash**: The soda ash market is greatly affected by policies and news in the short term, with significant price fluctuations. In the medium - term, the demand for soda ash has no obvious growth, and there is a risk of inventory accumulation. Attention should be paid to the production adjustment of upstream soda ash plants and risk avoidance [7] - **Glass**: The glass market is also affected by market sentiment. Currently, it is in the off - season, and the demand is under pressure. The industry needs to clear production capacity to reverse the situation. The short - term price is expected to fluctuate greatly, and risk avoidance is necessary [7] Summary by Directory - **Glass - related Prices and Spreads**: On July 22, the north - China glass quotation was 1,200 yuan/ton, up 20 yuan or 1.69%. The east - China quotation remained at 1,250 yuan/ton. The central - China quotation was 1,140 yuan/ton, up 10 yuan or 0.88%. The south - China quotation remained at 1,290 yuan/ton. The price of glass 2505 was 1,317 yuan/ton, up 77 yuan or 6.21%. The price of glass 2509 was 1,173 yuan/ton, up 92 yuan or 8.51% [7] - **Soda Ash - related Prices and Spreads**: The north - China soda ash quotation remained at 1,350 yuan/ton. The east - China quotation remained at 1,230 yuan/ton. The central - China quotation remained at 1,200 yuan/ton. The northwest quotation was 1,020 yuan/ton, up 40 yuan or 4.08%. The price of soda ash 2505 was 1,390 yuan/ton, up 84 yuan or 6.43%. The price of soda ash 2509 was 1,295 yuan/ton, up 79 yuan or 6.05% [7] - **Supply**: On July 18, the soda ash operating rate was 84.10%, up 3.42%. The weekly soda ash production was 733,200 tons, up 3.41%. The daily melting volume of float glass was 157,800 tons, down 0.38%. The daily melting volume of photovoltaic glass was 91,840 tons, down 2.70% [7] - **Inventory**: As of July 18, the glass factory inventory was 64.939 million heavy boxes, down 3.22%. The soda ash factory inventory was 1.9056 million tons, up 2.26%. The soda ash delivery warehouse inventory was 246,600 tons, up 3.61% [7]

| 小期到日 | 24 | | | | | | --- | --- | --- | --- | --- | --- | | 区域语院 语密度主题教 2025年7月23日 星期三 | | | | 同酸成 | Z0015979 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日 涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解铜 | 79755 | 79555 | +200.00 | 0.25% | 元/吨 | | SMM 1#电解铜升贴水 | 240 | 220 | +20.00 | | 元/吨 | | SMM 广东1#电解铜 | 79650 | 79245 | +405.00 | 0.51% | 元/吨 | | SMM 广东1#电解铜升贴水 | -10 | JE | -25.00 | - | 元/吨 | | SMM湿法铜 | 79550 | 79390 | +160.00 | 0.20% | 元/吨 | | SMM湿法铜开贴水 | 35 | 55 | -20.00 | - | 元/吨 | | 精废价差 | 1286 | 1479 | -192.77 | -13.04% | 元/肥 ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 叶倩宁 | Z0016628 | 2025年7月23日 | 品种 | 最新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | 价车 | | | | | | | | | IF期现价差 | 37.60% | -9.16 | 37.70% | 11.65 | H期现价差 | 5.66 | 4.62 | 83.10% | 82.80% | 期现价差 | | | | | | | IC期现价差 | -84.01 | 21.70 | 11.40% | 4.90% | IM期现价左 | -121.70 | 27.36 | 90.00% | 9.90% | -9.00 | 0.80 | 38.70% | 次月-当月 | 31.50% | | | 李月-当月 | -42.60 | -1. ...

Report Industry Investment Ratings No relevant information provided. Core Views of the Report PVC and Caustic Soda - The futures market was boosted by relevant policies, and there are expectations for industry capacity reduction. The caustic soda spot market had average transactions, with prices in Shandong and Guangdong decreasing. Low - concentration caustic soda has low inventory due to alumina demand, but non - aluminum downstream is resistant to high prices. The PVC spot market had light transactions, and the current supply - demand pattern is in the off - season of increasing supply and decreasing demand. It is recommended to take profit on previous long positions in caustic soda and temporarily observe for PVC [6]. Methanol - Inland prices fluctuated slightly. Supply had high maintenance losses in July but there are expectations of resumption. Demand is restricted by the traditional off - season. At the port, the basis strengthened, overseas Iranian device production returned, and there will be inventory accumulation from July to August. It is recommended to observe the market [8]. Polyester Industry Chain - PX supply is less affected, but demand support is weak. PTA supply - demand is expected to be weak, while ethylene glycol supply - demand is expected to improve in the short term. Short - fiber supply and demand are both weak, and bottle - chip supply - demand has improvement expectations but is still affected by high supply and inventory. Different strategies are recommended for each product [11]. Crude Oil - Overnight oil prices fluctuated weakly due to macro - pressure. The approaching US trade negotiation deadline and the lack of progress in negotiations have suppressed demand expectations. Although there are expectations of a decline in US crude oil inventory, trade tariff uncertainty is the core contradiction. It is recommended to adopt short - term band strategies [16]. Urea - The core driver of the urea futures market comes from macro - policies. Although export data shows weakness, policy news boosts market sentiment. The market is expected to fluctuate strongly in the short term [24][25]. Polyolefins - The marginal profit of PP and PE is gradually recovering, and supply and demand are both contracting, with inventory accumulation and weak demand. At the end of July, demand is expected to pick up seasonally. It is recommended to be short - biased on PP and buy within the range for PE [29]. Pure Benzene and Styrene - The supply - demand of pure benzene is expected to improve slightly, but its own driving force is limited due to high import expectations and port inventory. Short - term pure benzene may be boosted but with limited rebound space. The supply - demand of styrene is marginally repaired but still weak, and its increase is limited. Different strategies are recommended for each [31]. Summary by Relevant Catalogs PVC and Caustic Soda - **Prices**: On July 22, compared with July 21, the price of Shandong 50% liquid caustic soda decreased by 2.2%, and the price of East China calcium - carbide - based PVC increased by 0.8%. Futures prices generally rose, and basis and spreads changed significantly [2]. - **Supply**: From July 11 to July 18, the caustic soda industry's operating rate increased by 1.3%, and the PVC total operating rate decreased by 0.1%. The profit of externally - purchased calcium - carbide - based PVC decreased by 2.0% [4]. - **Demand**: From July 11 to July 18, the alumina industry's operating rate increased by 1.0%, and the viscose staple fiber industry's operating rate increased by 8.7%. The operating rate of PVC downstream products such as profiles decreased [5][6]. - **Inventory**: From July 10 to July 17, the inventory of liquid caustic soda in East China factories and Shandong increased, while the upstream factory inventory of PVC decreased, and the total social inventory increased [6]. Methanol - **Prices and Spreads**: On July 22, compared with July 21, the closing prices of MA2601 and MA2509 increased, and the basis and spreads changed. Regional spot prices also had different changes [8]. - **Inventory**: The enterprise inventory of methanol decreased by 1.28%, and the port and social inventories increased [8]. - **Operating Rates**: The upstream domestic enterprise operating rate decreased by 1.94%, and some downstream operating rates changed, such as the MTBE operating rate increasing by 3.46% [8]. Polyester Industry Chain - **Prices**: On July 22, compared with July 21, the prices of most polyester products and upstream raw materials such as crude oil and naphtha changed slightly. PX, PTA, and other prices and spreads also had corresponding adjustments [11]. - **Operating Rates**: The operating rates of Asian and Chinese PX, PTA, and MEG all had different degrees of change, and the comprehensive operating rate of polyester decreased by 0.5% [11]. - **Inventory**: The MEG port inventory decreased by 3.6% from July 14 to July 21 [11]. Crude Oil - **Prices and Spreads**: On July 23, compared with July 22, Brent crude oil decreased by 0.90%, WTI increased by 0.52%. Spreads such as Brent M1 - M3 and WTI M1 - M3 also changed [16]. - **Product Prices and Spreads**: The prices of refined oil products such as NYM RBOB and ICE Gasoil had different changes, and the spreads also changed [16]. Urea - **Futures and Spot Prices**: On July 22, compared with July 21, the futures prices of urea contracts generally increased, and spot prices in different regions also had small increases [19][23]. - **Supply and Demand**: From July 17 to July 18, the domestic urea daily output decreased by 0.25%, and the factory inventory decreased by 7.46% from July 11 to July 18 [24]. Polyolefins - **Prices and Spreads**: On July 22, compared with July 21, the futures prices of L2601 and PP2601 increased, and spot prices of PP and LLDPE also increased. Spreads and basis changed significantly [29]. - **Operating Rates and Inventory**: The operating rates of PE and PP devices increased slightly, and the inventory of PE and PP enterprises and traders increased [29]. Pure Benzene and Styrene - **Prices and Spreads**: On July 22, compared with July 21, the prices of upstream raw materials such as crude oil and naphtha decreased, and the prices of pure benzene and styrene and their spreads changed [31]. - **Inventory and Operating Rates**: The port inventories of pure benzene and styrene increased, and the operating rates of the pure benzene and styrene industries and their downstream industries also had different degrees of change [31].