Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report. 2) Core View of the Report - Due to high macro - policy uncertainty, it is recommended to stay on the sidelines [1]. 3) Summary According to Relevant Catalogs Spot Market - On October 14, 2025, the domestic PVC powder market prices declined, with most mainstream market drops ranging from 10 - 30 yuan/ton. The night - time futures prices decreased, followed by a slight rebound after intraday range - bound trading. Traders' fixed - price quotes in the morning were lowered, high - price transactions were difficult, some basis quotes strengthened, and point - price transactions had price advantages. Downstream procurement enthusiasm was average, and spot transactions were mediocre. For Type 5 calcium carbide materials, the mainstream spot cash self - pick - up prices were 4560 - 4650 yuan/ton in East China, 4620 - 4680 yuan/ton in South China, 4460 - 4550 yuan/ton delivered in Hebei, and 4540 - 4610 yuan/ton delivered in Shandong [1]. Raw Materials and Futures - Coal ash (Q5500) rose from 715 to 720 yuan, an increase of 5 yuan; Shaanxi medium - sized lanthanum charcoal remained unchanged at 730 yuan; Inner Mongolia calcium carbide dropped from 2550 to 2500 yuan, a decrease of 50 yuan; Shandong calcium carbide remained unchanged at 2830 yuan. Futures prices also declined, with Fengli (unspecified) dropping from 4721 to 4692 yuan, a decrease of 29 yuan; East China SG - 5 dropping from 4610 to 4580 yuan, a decrease of 30 yuan; South China SG - 5 dropping by 30 yuan to 4660 yuan [1]. Basis, Profit, and External Market - The basis in East China decreased from - 1118 to - 112, a decrease of 1; in South China, it decreased from - 31 to - 32; another area (marked as R) decreased from - 131 to - 132, a decrease of 1. The profit of Shandong calcium carbide method decreased from - 1210 to - 1240, a decrease of 30; the profit of Inner Mongolia calcium carbide method increased from - 979 to - 889, an increase of 91. In the external market, CFR China remained unchanged at 706; CFR Southeast Asia remained unchanged at 649; FAS Houston dropped from 571 to 551, a decrease of 20 [1]. Operating Rate and Inventory - The overall operating rate decreased from 81.42% to 82.63%, a decrease of 1.21%. The calcium carbide method operating rate decreased from 82.13% to 82.94%, a decrease of 0.81%; the ethylene method operating rate decreased from 79.75% to 81.9%, a decrease of 2.15%. Inventory in East China increased from 48.84 to 50.27, an increase of 1.43; in South China, it increased from 4.93 to 5.43, an increase of 0.5; the social inventory increased from 53.77 to 55.7, an increase of 1.93 [1].

Group 1: Report Overview - Report Title: Log Data Daily Report [3] - Research Institute: ITC Futures Research Institute [4] - Author: Yang Lulin [4] - Date: October 15, 2025 [4] Group 2: Price Information Spot Prices - In Shandong, for Radiata Pine, 3.9m Medium A is priced at 760 yuan, 5.9m Medium A at 800 yuan, 3.9m Small A at 720 yuan, and 5.9m Small A at 760 yuan [5] - In Jiangsu, for Radiata Pine, 4m Medium A is priced at 770 yuan, 6m Medium A at 800 yuan, 4m Small A at 720 yuan, and 6m Small A at 750 yuan [5] Outer - market Quotes - The outer - market quote for 4m Medium A Radiata Pine is in the range of 115 - 117 dollars per JAS cubic meter, with a 2 - dollar increase from September's 113 - 115 dollars [5] Futures Prices - LG2511 contract price is 787.5 yuan per cubic meter, down 15.5 yuan from the previous period; LG2601 contract price is 820 yuan per cubic meter, down 3 yuan from the previous period [5] Downstream Wood Product Prices - The price of 4000*50*100 wood squares in both Shandong and Jiangsu is 1270 yuan, with no change from the previous period [5] Group 3: Supply and Demand Information Import Volume - In August 2025, New Zealand's log import volume was 130.6 million cubic meters, North American timber was 10.1 million cubic meters, and European timber was 14.8 million cubic meters; in July 2025, the corresponding figures were 145.8 million, 10.6 million, and 16.6 million cubic meters respectively [5] Shipment Volume - From September 22 - 28 to October 6 - 12, the shipment volume from New Zealand to China decreased from 35 million JAS cubic meters to 34 million JAS cubic meters [5] Inventory - On October 10, the total inventory was 299 million cubic meters; Shandong's inventory was 189 million cubic meters, and Jiangsu's was 88 million cubic meters [5] Demand - On October 10, the daily average outbound volume was 5.73 million cubic meters; Shandong's outbound volume was 3.44 million cubic meters, and Jiangsu's was 1.79 million cubic meters [5] Group 4: Core View - After the holiday, the log fundamentals weakened slightly, with a slight increase in port inventory and a decrease in outbound volume, but the sustainability of this phenomenon needs further observation [5] - Log spot prices increased steadily, mainly driven by knot - free timber and laminated timber [5] - After a sharp decline, the log futures price is below the delivery cost line, and further short - selling is not recommended [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report views the urea market as oscillating, with macro and cost factors being positive, while weak domestic demand is negative. The current supply - demand situation in the domestic market remains loose, and the recent market trend is still downward [1] 3. Summary by Relevant Catalogs Cost - The prices of coking coal, anthracite small pieces, and natural gas on October 14, 2025, remained unchanged from the previous day at $465.00, $920.00, and $3680.00 respectively [1] Price - On October 14, 2025, prices in regions like Henan, Hebei, Anhui, Shandong, and Shanxi increased by $30.00, $10.00, $10.00, $30.00, and $10.00 respectively compared to the previous day. The FOB prices in China and the Middle East, as well as CFR prices in Southeast Asia and Brazil, remained unchanged [1] Inventory - On October 14, 2025, factory inventory, port inventory, and downstream sample inventory remained unchanged at 144.39, 41.50, and 4050.00 respectively [1] Supply - On October 14, 2025, the 5 - day output, overall开工率, coal - based开工率, and gas - based开工率 remained unchanged. The 5 - day output was 199400.00, the overall开工率 was 85.24, the coal - based开工率 was 89.41, and the gas - based开工率 was 73.39 [1] Demand - On October 14, 2025, the开工 rates of compound fertilizer, melamine, and formaldehyde remained unchanged at 25.50, 65.47, and 34.49 respectively [1] Profit - On October 14, 2025, the profits of fixed - bed, water - coal slurry, and natural gas remained unchanged at - 327.00, 142.00, and - 225.00 respectively. The price of compound fertilizer decreased by $50.00 to $2050.00 [1] Related Products - On October 14, 2025, the prices of melamine and compound fertilizer remained unchanged at $5050.00 and $2450.00 respectively. The price of methanol increased by $10.00 to $2170.00 [1] Futures - On October 14, 2025, the settlement price decreased by $3.00 to $1602.00, the basis increased by $33.00 to - 57.00, the price change rate decreased by 0.44 to - 0.19, the trading volume decreased by 49382.00 to 614111.00, the open interest decreased by 4162.00 to 321992.00, and the number of warehouse receipts decreased by 347.00 to 6570.00 [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On Tuesday, most domestic commodities declined, with industrial products and agricultural products mostly weakening [1]. 3. Summary by Category Black Series - Most black series commodities fell. The market sentiment was weak, with the Shanghai Composite Index dropping from a high. The actual situation of the black series remained weak, and the rebar futures reached a more than three - month low. Last week, the inventory of the five major steel products increased by 8.68% week - on - week to 1.60072 billion tons, with the increase far higher than 3.65% of the same period last year and a year - on - year increase of 19.5%. In the future, the property transactions during the National Day holiday were halved year - on - year, the national replenishment in many places was suspended, the sales of automobiles and home appliances declined, and the accumulated inventory needed time to digest. Exports also faced new challenges, so the fundamental contradictions were prominent, and the upward pressure on prices continued [1]. Basic Metals - Most basic metals declined. In the copper market, there was concern about the Sino - US tariff game. The market had different views on copper, mainly focusing on capital pull and demand pressure in traditional fields. The domestic copper market might continue the feature of "both supply and demand being weak". For aluminum, non - ferrous metals rose and then fell. The spot in East China was at par, and the social inventory of aluminum ingots and aluminum rods had a neutral accumulation. There were signs of inventory reduction in major regions on Tuesday. The apparent consumption of aluminum in the off - season was basically the same year - on - year, and the demand was resilient but lacked a high point. In the short term, Shanghai aluminum would fluctuate, and the upside space should be carefully viewed [1]. Energy and Chemicals - Most energy and chemical products weakened. As the macro - sentiment eased and investors' risk appetite gradually recovered, international crude oil prices rebounded. However, the willingness of domestic funds to chase the rise was relatively cautious, and the main contract of SC crude oil continued to decline. In the future, the market entered the TACO trading mode, and oil prices might fluctuate and repair in the short term. But the unpredictable style of Trump made the macro - level highly uncertain, and the trading rhythm was difficult to grasp. In the medium and long term, as geopolitical risks eased, the price center might move down [1]. Oilseeds and Oils - Most oilseeds and oils declined. The weakening of external - market oils and the decline of crude oil led to a weak overall sentiment in the oil market. According to the National Grain and Oil Information Center, the commercial inventory of the three major domestic oils was 2.41 million tons, up 340,000 tons year - on - year, at a high level in recent years. The fundamentals of oils lacked positive support for the time being, and they were expected to maintain a weak and fluctuating pattern in the short term. Attention should be paid to the trend of crude oil prices. In the long term, palm oil was about to enter the seasonal production - reduction period, and the B50 biodiesel plan in Indonesia would have an impact, so oils still had room to rise. The decline of double - meal (rapeseed meal and soybean meal) widened, and rapeseed meal reached a three - month low. The inventory of imported soybeans and soybean meal in China was at a high level, and the weak fundamentals restricted the upward space of prices. In the short term, double - meal might continue to fluctuate, and attention should be paid to the arrival of imported soybeans and rapeseeds [1]. Others - Shipping futures had a large increase, with the Container Freight Index (European Line) rising 7.36%. All precious metals rose, with Shanghai gold rising 2.70%. Most new - energy materials rose, with polysilicon rising 2.55% [1].

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 数据日报 国贸期货研究院 农产品研究中心 黄向岚 www.itf.com.cn 慎 险 | 指标 | | 10月13日 | 涨跌 | | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 118 | 10 | 1600 | == == | | ===== 19/20 == | == | - 24/25 | ==== 21/22 25/26 | | 43%豆粕现货基差 | 天津 | 108 | 30 | 1200 800 | | | | | | | | | 日照 | 58 | 50 | 400 | | | | | | | | | 张家港 | -2 | | | | | | | | | | (对主力合约) | | | | 400 01/21 | 02/21 03/24 | 04/24 | | 05/25 06/25 07/26 08/26 09/26 | 10/27 | 11/27 12/28 | | ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The report presents the daily data of stock index options, including the performance of major indices, trading volume and open interest of index options, and volatility analysis of different indices [3][4] Summary by Directory Market Review - **Index Performance**: The Shanghai Composite Index fell 0.19% to 3889.5 points, the Shenzhen Component Index fell 0.93%, the ChiNext Index fell 1.11%, the Northbound 50 Index fell 1.29%, the Science and Technology Innovation 50 Index rose 1.4%, the Wind All - A Index fell 0.35%, the Wind A500 Index fell 0.5%, and the CSI A500 Index fell 0.49%. A - share trading volume was 2.37 trillion yuan, down from 2.53 trillion yuan the previous day [4] - **Index Details**: The closing price of the SSE 50 was 2967.206, down 0.26%, with a turnover of 70.16 billion yuan and a trading volume of 1.85783 billion; the CSI 300 closed at 7140.02, down 0.50%, with a turnover of 315.01 billion yuan and a trading volume of 45.939785 billion; the CSI 1000 closed at 7519.7636, down 0.19%, with a turnover of 470.991 billion yuan and a trading volume of 28.84 billion [3] CFFEX Stock Index Options Trading - **Trading Volume and Open Interest**: For the SSE 50, the trading volume of call options was 3.79 million, put options 7.72 million, with a trading volume PCR of 0.72; the open interest of call options was 6.46 million, put options 2.67 million, with an open interest PCR of 0.41. For the CSI 300, the trading volume of call options was 22.43 million, put options 19.79 million, with a trading volume PCR of 0.88; the open interest of call options was 10.54 million, put options 9.25 million, with an open interest PCR of 0.88. For the CSI 1000, the trading volume of call options was 23.21 million, put options 29.23 million, with a trading volume PCR of 1.26; the open interest of call options was 14.72 million, put options 14.51 million, with an open interest PCR of 0.99 [3] Volatility Analysis - **SSE 50**: Historical volatility and volatility smile curves are presented, with the current historical volatility value shown in the historical volatility cone [3][4] - **CSI 300**: Similar to the SSE 50, historical volatility and volatility smile curves are provided [3][4] - **CSI 1000**: Historical volatility and volatility smile curves are also presented [3][4]

Report Title - Shipping Derivatives Data Daily Report [4] Report Date - October 14, 2025 [5] Data Source - Clarksons, Wind [5] Core Viewpoints - In late September, shipping companies collectively cut prices to grab cargo, and freight rates dropped to $1300/FEU. Before the peak season at the end of the year, Maersk took the lead in announcing a $400/FEU increase for late October. However, in October, both supply and demand declined, and it is likely to return to the off - season market. Currently, the mainstream quotation range for late October is between $2000 - $2200. Subsequently, European routes will focus on price stabilization and support during the transition between off - and peak - seasons. Shipping companies' price increases may be difficult to implement, and it is necessary to closely monitor the implementation of price increases, peak - season cargo volume, capacity deployment, and shipping companies' attitude towards price support [8]. - The preliminary progress of the Gaza peace talks creates a theoretical possibility for the resumption of Red Sea shipping, but the shipping industry still needs to face "three hurdles": the stability of agreement implementation, the conditions for the Houthi armed forces to lift the blockade, and the sustainable guarantee of route safety. Before the new long - term agreement cycle in 2026, the market will continue the trend of "falling freight rates and increasing bargaining power of shippers". The resumption of the Suez route will probably be carried out in a phased and verification - based manner, and the second quarter of next year will be the first substantial observation node [8]. Key Data Freight Rate Index | Index | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | SCFI Composite Index | 1115 | 1198 | -6.97% | | CCFI Index | 1087 | 1120 | -2.93% | | SCFI - US West | 1460 | 1636 | -10.76% | | SCFIS - US West | 862 | 876 | -1.60% | | SCFI - US East | 2385 | 2557 | -6.73% | | SCFI - Northwest Europe | 971 | 1052 | -7.70% | | SCFIS - Northwest Europe | 1031 | 1046 | -1.43% | | SCFI - Mediterranean | 1485 | 1638 | -9.34% | [5] Futures Contracts Present Value, Previous Value, and Change Rate | Contract | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | EC2506 | 1268.0 | 1248.6 | 1.55% | | EC2608 | 1395.8 | 1393.6 | 0.16% | | EC2510 | 1129.4 | 1121.1 | 0.74% | | EC2512 | 1562.5 | 1571.0 | -0.54% | | EC5602 | 1359.9 | 1338.0 | 1.64% | | EC2604 | 1098.5 | 1069.0 | 2.76% | [5] Open Interest | Contract | Present Value | Previous Value | Change in Value | | --- | --- | --- | --- | | EC2606 Open Interest | 1483 | 1516 | (33) | | EC2608 Open Interest | 1122 | 1041 | 81 | | EC2410 Open Interest | 16148 | 18352 | (2204) | | EC2412 Open Interest | 28771 | 28056 | 715 | | EC2602 Open Interest | 9376 | 9768 | (392) | | EC2604 Open Interest | 12825 | 12963 | (138) | [5] Monthly Spread | Spread | Present Value | Previous Value | Change in Value | | --- | --- | --- | --- | | 10 - 12 | -433.1 | -449.9 | 16.8 | | 12 - 2 | 202.6 | 233.0 | (30.4) | | 12 - 4 | 464.0 | 502.0 | (38.0) | [5] Spot Prices - GEMINI: The average of the alliance is around 1500. Maersk's wk40 opening price is 1400, and HPL - SPOT is 150 [8]. - OA: The average of the alliance is around 1550. CMA is 1700 (off - line 1500), OOCL is 1600, and EMC is 1700 (off - line 1500) [8]. - PA: The average of the alliance is around 1400. ONE is 1600, HMM is 1600, and IYM is 1300 [8]. - MSC: Reported 1600 in October [8]. Strategies - Go for a long position in the 10 - 12 spread [9]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - Market competition intensifies, crude oil prices drop significantly. PX market trading is sluggish, and transaction prices plunge. Polyester downstream procurement halts. Asian naphtha cracking operates stably, the spread between MX and naphtha narrows from $88/ton last week to $85/ton, and the spread between PX and MX drops to $132, continuing to support PX short - process profit. The US - Asia MX arbitrage window widens to $185, but there is no news of shipments from South Korea to the US. Domestic large - scale PTA plants conduct rotational inspections, domestic PTA production declines, domestic PTA basis weakens, and demand shows stability. Polyester's operating load rebounds to 91%. Due to the weak crude oil, PTA performs weakly. Bottle chips and short fibers continue to follow cost fluctuations [2] Group 3: Data Summary Spot Price Changes - PTA spot price drops from 4490 to 4440, a change of - 50 [2] - MEG inner - market price drops from 4206 to 4171, a change of - 35 [2] - 1.56dtex*38mm semi - bright natural white (1.4D) polyester short - fiber in the East China market: price range is 6170 - 6510 (cash on the spot, tax - included self - pick - up); in the North China market: 6290 - 6630 (cash on the spot, tax - included delivery); in the Fujian market: 6170 - 6400 (cash on the spot, tax - included delivery) [2] - Polyester bottle chips in the Jiangsu and Zhejiang market: mainstream negotiation range is 5700 - 5780 yuan/ton, with the average price dropping 30 yuan/ton compared to the previous working day [2] Futures and Related Index Changes - Polyester short - fiber main futures contract drops 52 to 6132 [2] - Short - fiber basis changes from 165 to 172, an increase of 7 [2] - 11 - 12 spread changes from 38 to 34, a decrease of 4 [2] - Polyester short - fiber cash flow changes from 240 to 246, an increase of 6 [2] - 1.4D imitation large - chemical fiber price drops from 5500 to 5525, a change of - 25 [2] - The spread between 1.4D direct - spinning and imitation large - chemical fiber changes from 910 to 900, a decrease of 10 [2] - East China water - bottle chips price drops from 5743 to 5704, a change of - 39 [2] - Hot - filling polyester bottle chips price drops from 5743 to 5704, a change of - 39 [2] - Carbonated - grade polyester bottle chips price drops from 5843 to 5804, a change of - 39 [2] - Outer - market water - bottle chips price drops from 750 to 755, a change of - 5 [2] - Bottle - chip spot processing fee changes from 495 to 511, an increase of 15.48 [2] - T32S pure polyester yarn price drops from 10290 to 10300, a change of - 10 [2] - T32S pure polyester yarn processing fee changes from 3880 to 3875, a decrease of 5 [2] - Polyester - cotton yarn 65/35 45S price remains unchanged at 16350 [2] - Cotton 328 price drops from 14450 to 14500, a change of - 50 [2] - Polyester - cotton yarn profit changes from 1638 to 1609, a decrease of 28.84 [2] - Primary three - dimensional hollow (with silicon) price drops from 6990 to 7000, a change of - 10 [2] - Hollow short - fiber 6 - 15D cash flow changes from 552 to 597, an increase of 44.48 [2] - Primary low - melting - point short - fiber price remains unchanged at 7350 [2] Operating Load and Production and Sales Data - Direct - spinning short - fiber load (weekly): changes from 94.40% to 93.90%, a decrease of 0.01 [3] - Polyester short - fiber production and sales: changes from 59.00% to 66.00%, an increase of 7.00% [3] - Polyester yarn startup rate (weekly): remains unchanged at 63.50% [3] - Regenerated cotton - type load index (weekly): changes from 51.00% to 51.50%, an increase of 0.01 [3]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The polyester industry is expected to operate weakly as the polyester peak season is ending and the crude oil fundamentals are declining. PTA's game intensifies with the resonance of sentiment and fundamentals, and the sharp decline in crude oil. The PX market has few transactions, and the downstream polyester procurement stagnated during the festival. The domestic PTA production has declined, and the basis has slightly decreased with stable demand. For ethylene glycol, the port inventory in East China remains low, but the domestic device production is putting pressure on the price [2]. 3. Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price dropped from 461.9 yuan/barrel on October 10th to 453.7 yuan/barrel on October 13th, a decrease of 8.2 yuan/barrel [2]. - **PTA**: The PTA-SC spread increased by 35.59 yuan/ton, the PTA/SC ratio increased by 0.0171. The PTA main futures price decreased by 24 yuan/ton, and the spot price decreased by 50 yuan/ton. The spot processing fee increased by 9 yuan/ton, and the disk processing fee increased by 16 yuan/ton. The main basis decreased by 6, and the number of PTA warehouse receipts remained unchanged at 32,580 [2]. - **PX**: CFR China PX price decreased from 798 to 791, and the PX-naphtha spread decreased by 7 [2]. - **MEG**: The MEG main futures price increased by 11 yuan/ton, the MEG-naphtha spread increased by 1.6 yuan/ton, and the MEG domestic price decreased by 35 yuan/ton. The main basis increased by 2 [2]. Industry Chain Start-up Situation - PX start-up rate decreased from 86.21% to 85.57%, a decrease of 0.64%; PTA start-up rate increased from 75.70% to 77.20%, an increase of 1.50%; MEG start-up rate increased from 64.92% to 65.33%, an increase of 0.41%; polyester load remained unchanged at 89.38% [2]. Product Price and Cash Flow - **Polyester Filament**: POY150D/48F price decreased by 25 yuan/ton, and the cash flow increased by 30 yuan/ton; FDY150D/96F price decreased by 35 yuan/ton, and the cash flow increased by 20 yuan/ton; DTY150D/48F price decreased by 25 yuan/ton, and the cash flow increased by 30 yuan/ton. The filament sales rate decreased from 57% to 52%, a decrease of 5% [2]. - **Polyester Staple Fiber**: 1.4D direct-spun polyester staple fiber price decreased by 15 yuan/ton, the cash flow increased by 40 yuan/ton, and the staple fiber sales rate decreased from 61% to 60%, a decrease of 1% [2]. - **Polyester Chip**: Semi - glossy chip price decreased by 70 yuan/ton, the chip cash flow decreased by 15 yuan/ton, and the chip sales rate decreased from 72% to 67%, a decrease of 5% [2]. Device Maintenance - A 1.25 million - ton PTA device in South China is currently restarting, which stopped around September 23rd, and another 1.1 million - ton PTA device has increased its load after operating at a low load last week [2]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for the 2026 contract. The futures price may be priced based on Russian needles and high - quality softwood pulp. The 11 - 1 reverse spread strategy is maintained [5] 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On October 13, 2025, SP2601 was 5158, up 1.58% day - on - day and down 2.16% week - on - week; SP2511 was 4842, up 1.13% day - on - day and down 3.47% week - on - week; SP2505 was 5228, up 1.79% day - on - day and down 1.28% week - on - week [5] - **Spot Prices**: On October 13, 2025, the price of softwood pulp Silver Star was 5500, down 0.36% day - on - day and down 1.79% week - on - week; Russian Needle was 5000, down 0.99% day - on - day and down 2.91% week - on - week; hardwood pulp was 4250, with no change [5] - **Foreign Quotes**: In October 2025, the foreign quote of Chilean Silver Star was 700 dollars/ton, down 2.78% month - on - month; Brazilian Goldfish was 530 dollars/ton, up 3.92% month - on - month; Chilean Venus was 590 dollars/ton, with no change [5] - **Import Costs**: In October 2025, the import cost of Chilean Silver Star was 5721, down 2.75% month - on - month; Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, with no change [5] Pulp Fundamental Data - **Supply**: In August 2025, the import volume of softwood pulp was 61.4 tons, down 4.95% month - on - month; hardwood pulp was 125.8 tons, down 6.88% month - on - month. The domestic production of hardwood pulp in September 2025 was 23.8 tons, and chemimechanical pulp was 22.3 tons [5] - **Inventory**: As of September 25, 2025, the pulp port inventory was 203.3 tons, down 3.7% from the previous period; the futures delivery warehouse inventory was 23.5 tons [5] - **Demand**: In September 2025, the production of offset paper was 21.00 tons, coated paper was 8.50 tons, tissue paper was 28.07 tons, and white cardboard was 35.90 tons [5] Pulp Valuation Data - **Basis**: On October 13, 2025, the basis of Russian Needle was 158, with a quantile level of 0.877; the basis of Silver Star was 658, with a quantile level of 0.886 [5] - **Import Profit**: On October 13, 2025, the import profit of softwood pulp Silver Star was - 221, with a quantile level of 0.284; hardwood pulp Goldfish was - 94, with a quantile level of 0.554 [5]