2026 年 2 月 10 日 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2605 | 元/吨 | 14,580 | 0.00% | 14630 | 0.34% | | | CY2605 | 元/吨 | 20,360 | -0.22% | 20395 | 0.17% | | | ICE美棉3 | 美分/磅 | 61.58 | 0.84% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2605 | 手 | 334,671 | -21,848 | 1,046,048 | 9,162 | | | CY2605 | 手 | 6,709 | -1,999 | 11,525 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较前日变动 | | | 郑棉 | 张 | 10,580 | 5 | 1,168 | -17 | | | 棉纱 | 张 | ...

焦炭：多头止盈，震荡偏弱 焦煤：多头止盈，震荡偏弱 商 品 研 究 2026 年 02 月 10 日 刘豫武 投资咨询从业资格号：Z0023649 liuyuwu2@gtht.com 【基本面跟踪】 焦煤焦炭基本面数据 | | | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | JM2605 | 1147 | 8. 5 | 0. 7% | | 期货价格 | | 12605 | 1703.5 | 5 | 0. 3% | | | | | 昨日成交(手) | 昨日持仓(手) | 持仓变动(手) | | | | JM2605 | 798141 | 469142 | -6791 | | | | J2605 | 16755 | 34909 | -121 | | | | | 昨日价格(元/吨) | 前日价格(元/吨) | 涨跌(元/吨) | | | | 临汾低硫主焦 吕梁低硫主焦 | 1570 1483 | 1570 1483 | 0 0 | | | 焦煤 | 吕梁瘦主焦煤 | 1266 | 1266 | 0 | | | ...

Group 1: Report Overview - Title: "Industrial Silicon: Inventory Accumulation, Monitor Warehouse Receipts; Polysilicon: Monitor Spot Transactions After the Festival" - Date: February 10, 2026 [1][2] Group 2: Investment Ratings and Trend Intensities - Industrial silicon trend intensity: 0 (neutral) - Polysilicon trend intensity: 0 (neutral) [4] Group 3: Core Views - For industrial silicon, pay attention to inventory accumulation and warehouse receipt situations - For polysilicon, focus on spot transactions after the festival - The "China Photovoltaic Industry Development Roadmap (2025 - 2026)" predicts that China's new photovoltaic installed capacity in 2026 will be between 180GW and 240GW, a decline from 2025, and will return to an upward trend after 2027. The average annual new photovoltaic installed capacity during the 15th Five - Year Plan period is expected to be between 238GW and 287GW [1][2][4] Group 4: Fundamental Data Summary Industrial Silicon and Polysilicon Futures Market - Si2605 closing price: 8,450 yuan/ton, down 50 yuan from T - 1, 345 yuan from T - 5, and 85 yuan from T - 22 - Si2605 trading volume: 200,100 lots, down 135,319 lots from T - 1, 266,625 lots from T - 5, and 466,015 lots from T - 22 - Si2605 open interest: 294,910 lots, up 17,899 lots from T - 1, 58,597 lots from T - 5, and 34,379 lots from T - 22 - PS2605 closing price: 49,370 yuan/ton, up 85 yuan from T - 1 and 2,320 yuan from T - 5 - PS2605 trading volume: 4,706 lots, down 5,977 lots from T - 1 and 13,083 lots from T - 5 - PS2605 open interest: 38,347 lots, up 413 lots from T - 1, down 1,931 lots from T - 5 [2] Basis and Price - Industrial silicon spot premium (against East China Si5530): + 850 yuan/ton, up from T - 1, T - 5, and T - 22 - Industrial silicon spot premium (against East China Si4210): + 400 yuan/ton, with changes from T - 1, T - 5, and T - 22 - Industrial silicon spot premium (against Xinjiang 99 silicon): + 250 yuan/ton, with changes from T - 1, T - 5, and T - 22 - Polysilicon spot premium (against N - type recycled feedstock): + 4380 yuan/ton, with changes from T - 1, T - 5, and T - 22 - Xinjiang 99 silicon price: 8700 yuan/ton, unchanged from T - 1, T - 5, and T - 22 - Yunnan Si4210 price: 10000 yuan/ton, unchanged from T - 1, T - 5, and T - 22 - Polysilicon - N - type recycled feedstock price: 53650 yuan/ton, up 50 yuan from T - 1, 2350 yuan from T - 5, and down 1850 yuan from T - 22 [2] Profit - Silicon plant profit (Xinjiang new standard 553): - 2681.5 yuan/ton, down from T - 1, T - 5, and T - 22 - Silicon plant profit (Yunnan new standard 553): - 5874 yuan/ton, down from T - 1, T - 5, and T - 22 - Polysilicon enterprise profit: 9.2 yuan/kg, up 0.5 yuan from T - 1, 0.6 yuan from T - 5, and down 1.0 yuan from T - 22 - DMC enterprise profit: 1980 yuan/ton, up 0 yuan from T - 1, 75 yuan from T - 5, and 368 yuan from T - 22 - Recycled aluminum enterprise profit: 250 yuan/ton, down 160 yuan from T - 1, up 100 yuan from T - 5, and 550 yuan from T - 22 [2] Inventory - Industrial silicon - social inventory (including warehouse receipt inventory): 56.2 tons, up 0.8 tons from T - 5 and 1 ton from T - 22 - Industrial silicon - enterprise inventory (sample enterprises): 20.6 tons, down 0.30 tons from T - 5 and up 0.4 tons from T - 22 - Industrial silicon - industry inventory (social inventory + enterprise inventory): 76.8 tons, up 0.50 tons from T - 5 and 1.36 tons from T - 22 - Industrial silicon - futures warehouse receipt inventory: 8.4 tons, up 0.3 tons from T - 1, 0.9 tons from T - 5, and 3.0 tons from T - 22 - Polysilicon - manufacturer inventory: 34.1 tons, up 0.8 tons from T - 5 and 3.9 tons from T - 22 [2] Raw Material Costs - Silicon ore: Xinjiang 320 yuan/ton, unchanged; Yunnan 230 yuan/ton, unchanged from T - 1 and T - 5, down 20 yuan from T - 22 - Washed coking coal: Xinjiang 1475 yuan/ton, unchanged; Ningxia 1200 yuan/ton, unchanged - Petroleum coke: Maoming coke 1400 yuan/ton, unchanged; Yangtze coke 1740 yuan/ton, down 600 yuan from T - 5 and T - 22 - Electrodes: Graphite electrode 12450 yuan/ton, unchanged; Carbon electrode 7200 yuan/ton, unchanged [2] Photovoltaic and Related Products - Silicon powder (99 silicon): 9850 yuan/ton, unchanged from T - 1 and T - 5, up 50 yuan from T - 22 - Silicon wafer (N - type - 210mm): 1.48 yuan/piece, down 0.02 yuan from T - 1, 0.05 yuan from T - 5, and 0.20 yuan from T - 22 - Battery cell (TOPCon - 210mm): 0.44 yuan/watt, unchanged from T - 1, T - 5, and down 0.83 yuan from T - 22 - Module (N - type - 210mm, centralized): 0.738 yuan/watt, unchanged from T - 1, up 0.002 yuan from T - 5, and 0.038 yuan from T - 22 - Photovoltaic glass (3.2mm): 17.5 yuan/cubic meter, unchanged from T - 1, T - 5, and down 0.5 yuan from T - 22 - Photovoltaic - grade EVA price: 9000 yuan/ton, unchanged from T - 1 and T - 5, up 299 yuan from T - 22 [2] Organic Silicon and Aluminum Alloy - DMC price: 13900 yuan/ton, unchanged from T - 1, T - 5, and up 300 yuan from T - 22 - ADC12 price: 23650 yuan/ton, up 100 yuan from T - 1, down 200 yuan from T - 5, and 50 yuan from T - 22 [2]

2026年02月10日 国泰君安期货商品研究晨报-农产品 观点与策略 | 棕榈油：基本面驱动有限，能源价格支撑 | 2 | | --- | --- | | 豆油：区间震荡 | 2 | | 豆粕：或跟随美豆震荡 | 4 | | 豆一：现货稳定，盘面偏强 | 4 | | 玉米：窄幅震荡 | 6 | | 白糖：关注低基差机会 | 7 | | 棉花：节前预计维持震荡走势20260210 | 8 | | 鸡蛋：震荡调整 | 9 | | 生猪：旺季不旺确认，堰塞湖释放开始 | 10 | | 花生：震荡运行 | 11 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 商 品 研 究 商 品 研 究 2026 年 02 月 10 日 棕榈油：基本面驱动有限，能源价格支撑 豆油：区间震荡 | | | 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） 9,014 | 涨跌幅 -0.13% | 收盘价 （夜盘） 8,974 | 涨跌幅 -0.44% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The report provides daily research and analysis on various futures commodities, including precious metals, base metals, energy, chemicals, agricultural products, etc., and gives corresponding trend judgments and investment suggestions for each commodity [1][2]. Summary by Related Catalogs Precious Metals - **Gold**: The price is expected to show an oscillating rebound trend, with a trend intensity of 0 [2][8][9]. - **Silver**: The price is expected to fall from a high level, with a trend intensity of 1 [2][8][9]. - **Platinum**: The price is expected to oscillate and consolidate, with a trend intensity of 0 [2][29][30]. - **Palladium**: The price is expected to oscillate within a box, with a trend intensity of 0 [2][29]. Base Metals - **Copper**: The decline of the US dollar supports the price, with a trend intensity of 1 [2][13]. - **Zinc**: The price is expected to oscillate within a range, with a trend intensity of 0 [2][16]. - **Lead**: Due to losses in the recycling sector, attention is paid to the lower - level support, with a trend intensity of 0 [2][19]. - **Tin**: Technical repair is underway, with a trend intensity of 1 [2][22]. - **Aluminum**: It is recommended to hold a light position before the holiday, with a trend intensity of 0 [2][26]. - **Alumina**: The price is expected to rebound from the bottom, with a trend intensity of 0 [2][26]. - **Cast Aluminum Alloy**: It follows the trend of electrolytic aluminum, with a trend intensity of 0 [2][26]. - **Nickel**: Affected by the departure of funds before the holiday, the mid - line contradiction lies in Indonesia, with a trend intensity of 0 [2][33]. - **Stainless Steel**: There are frequent maintenance and production cuts in February, and the cost support center moves up, with a trend intensity of 0 [2][33]. Energy and Chemicals - **Carbonate Lithium**: The supply - demand pattern is tight, and the downside space is limited, with a trend intensity of 0 [2][40]. - **Industrial Silicon**: Inventory is accumulating, and attention should be paid to the situation of warehouse receipts, with a trend intensity of 0 [2][44]. - **Polysilicon**: Attention should be paid to the post - holiday spot transactions, with a trend intensity of 0 [2][45]. - **Iron Ore**: The demand expectation is weakening, and the price is oscillating and falling, with a trend intensity of - 1 [2][48]. - **Rebar**: The apparent demand decreases month - on - month, and the price oscillates widely, with a trend intensity of 0 [2][53]. - **Hot - Rolled Coil**: The apparent demand decreases month - on - month, and the price oscillates widely, with a trend intensity of 0 [2][53]. - **Silicon Ferrosilicon**: The sentiment of the sector is weak, and the price oscillates widely, with a trend intensity of 0 [2][57]. - **Manganese Ferrosilicon**: The sentiment of the sector is weak, and the price oscillates widely, with a trend intensity of 0 [2][57]. - **Coke**: Long - position holders take profits, and the price oscillates weakly, with a trend intensity of - 1 [2][61]. - **Coking Coal**: Long - position holders take profits, and the price oscillates weakly, with a trend intensity of - 1 [2][62]. - **Log**: The demand expectation is poor, and the price is falling, with a trend intensity of 0 [2][65]. - **Para - Xylene**: It is in a unilateral oscillating market, and the month - spread is weak, with a trend intensity of 0 [2][70]. - **PTA**: It is in a range - bound market, with a trend intensity of 0 [2][70]. - **MEG**: Interval operation is recommended, with a trend intensity of 0 [2][70]. - **Rubber**: The price is expected to oscillate strongly, with a trend intensity of 1 [2][78]. - **Synthetic Rubber**: The price is expected to oscillate, with a trend intensity of 0 [2][81]. - **LLDPE**: Spot transactions have stagnated, and funds are seeking risk - aversion, showing an oscillating market, with a trend intensity of - 1 [2][84]. - **PP**: The valuation repair is limited, and the weekly export orders are declining, with a trend intensity of 0 [2][87]. - **Caustic Soda**: The cost is rising, and the valuation is being repaired, with a trend intensity of 0 [2][90]. - **Pulp**: The price is expected to oscillate, with a trend intensity of 0 [2][94]. - **Glass**: The price of the original sheet is stable, with a trend intensity of 0 [2][100]. - **Methanol**: The price is expected to oscillate, with a trend intensity of 0 [2][102]. - **Urea**: The price is expected to oscillate with support, with a trend intensity of 0 [2][108]. - **Styrene**: The price is expected to oscillate at a high level, with a trend intensity of 0 [2][111]. - **Soda Ash**: There are few changes in the spot market, with a trend intensity of 0 [2][114]. - **LPG**: Geopolitical disturbances still exist, and the fundamental driving force is downward, with a trend intensity of 0 [2][118]. - **Propylene**: The supply - demand remains tight, and the upward driving force is weakening, with a trend intensity of 0 [2][118]. - **PVC**: The price is expected to oscillate weakly, with a trend intensity of - 1 [2][125]. - **Fuel Oil**: The price rebounded at night, and the short - term weakness was temporarily alleviated, with a trend intensity of 1 [2][128]. - **Low - Sulfur Fuel Oil**: It mainly follows the upward trend, and the spot price spread between high - and low - sulfur in the overseas market rebounded slightly, with a trend intensity of 1 [2][128]. Agricultural Products - **Container Freight Index (European Line)**: Pay attention to the opening guidance of the near - month contract; a light long position can be established in the 7 - 9 positive spread, with a trend intensity of 0 [2][130]. - **Short - Fiber**: It is expected to be in a short - term oscillating market, with a trend intensity of 0 [2][142]. - **Bottle Chip**: It is expected to be in a short - term oscillating market, with a trend intensity of 0 [2][142]. - **Offset Printing Paper**: It is recommended to wait and see before the holiday, with a trend intensity of 0 [2][145]. - **Pure Benzene**: The price is expected to oscillate strongly, with a trend intensity of 0 [2][149]. - **Palm Oil**: The fundamental driving force is limited, and the price is supported by energy prices, with a trend intensity of 0 [2][153]. - **Soybean Oil**: The price is expected to oscillate within a range, with a trend intensity of 0 [2][153]. - **Soybean Meal**: It may oscillate following the US soybean, with a trend intensity of 0 [2][158]. - **Soybean**: The spot price is stable, and the futures price is strong, with a trend intensity of +1 [2][158]. - **Corn**: The price is expected to oscillate narrowly, with a trend intensity of 0 [2][161]. - **Sugar**: Attention should be paid to low - basis opportunities, with a trend intensity of 0 [2][164]. - **Cotton**: It is expected to maintain an oscillating trend before the holiday, with a trend intensity of 1 [2][168]. - **Egg**: The price is expected to oscillate and adjust, with a trend intensity of 0 [2][173]. - **Live Pig**: The peak season is confirmed not to be prosperous, and the release of the backlog has begun, with a trend intensity of - 2 [2][176]. - **Peanut**: The price is expected to oscillate, with a trend intensity of 0 [2][181].

观点与策略 | 对二甲苯：单边震荡市，月差偏弱 | 2 | | --- | --- | | PTA：区间震荡市 | 2 | | MEG：区间操作 | 2 | | 橡胶：震荡偏强20260210 | 4 | | 合成橡胶:震荡运行 | 6 | | LLDPE：现货成交停滞，资金避险偏震荡市 | 8 | | PP：估值修复有限，出口周签单下滑 | 9 | | 烧碱：成本抬升，估值修复 | 10 | | 纸浆：震荡运行20260210 | 11 | | 玻璃：原片价格平稳 | 13 | | 甲醇：震荡运行 | 14 | | 尿素：震荡有支撑 | 16 | | 苯乙烯：高位震荡 | 18 | | 纯碱：现货市场变化不大 | 19 | | LPG：地缘扰动仍存，基本面驱动向下 | 20 | | 丙烯：供需维持偏紧，上行驱动转弱 | 20 | | PVC：偏弱震荡 | 23 | | 燃料油：夜盘反弹，短期弱势暂缓 | 24 | | 低硫燃料油：跟涨走势为主，外盘现货高低硫价差小幅反弹 | 24 | | 集运指数（欧线）：近月关注开舱指引；7-9正套轻仓入场 | 25 | | 短纤：短期震荡市20260210 | 28 | ...

2026 年 02 月 10 日 橡胶：震荡偏强 20260210 | | | 高琳琳 | 投资咨询从业资格号：Z0002332 | gaolinlin@gtht.com | | --- | --- | --- | --- | --- | | 【基本面跟踪】 | | | | | | 表 | 1：基本面数据 | | | | | 项目 | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 橡胶主力 | 日盘收盘价(元/吨) | 16. 245 | 16. 080 | +165 | | | | 夜盘收盘价(元/吨) | 16. 320 | 16. 085 | +235 | | | | 成交量(手) | 197, 424 | 229,543 | -32, 119 | | | (05合约) | 持仓量 (手) | 150, 270 | 146, 030 | +4. 240 | | | | 仓单数量(吨) | 112, 570 | 112. 070 | +200 | | | | 前20名会员净空持仓(手) | 25, ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - PX is in a pre - holiday range - bound market with support at the bottom, and a backwardation spread strategy is recommended. PTA's downside space may be limited, and a short position is recommended when the processing fee is above 450. MEG has increasing inventory and large supply pressure, and a reverse basis and spread strategy is recommended [6][7][8] Summary by Related Catalogs Market Conditions - Yesterday's closing prices of PX, PTA, MEG, PF, and SC were 7290, 5192, 3739, 6606, and 464.2 respectively. Their price changes were 28, 26, - 4, 28, and - 5.6, with percentage changes of 0.39%, 0.50%, - 0.11%, 0.43%, and - 1.19% respectively. The month - spreads of PX5 - 9, PTA5 - 9, MEG5 - 9, PF3 - 4, and SC2 - 3 were 16, 8, - 110, - 80, and 0.1 respectively [4] - Yesterday's spot prices of PX CFR China, PTA in East China, MEG, naphtha MOPJ, and Dated Brent were 900.33 dollars/ton, 5108 yuan/ton, 3635 yuan/ton, 597.88 dollars/ton, and 72.11 dollars/barrel respectively. The price changes were 2.33, 18, 5, - 4.75, and 0.7 respectively [4] - Yesterday's spot processing fees of PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread were 294.05, 378.86, 71.28, 294.17, and - 4.34 respectively. The changes were 5.96, - 49.15, 29.19, 70.13, and 0 respectively [4] Fundamental Data - MEG: The inventory in some major ports in East China is about 93.5 tons, an increase of 3.8 tons from the previous period. From February 2nd to February 8th, the average daily shipment of a mainstream warehouse in Zhangjiagang was about 5400 tons, and that of two mainstream warehouses in Taicang was about 5500 - 6000 tons [5] - PX: The naphtha price was stalemate at the end of the session. A 4 - month Asian spot was traded at 902 dollars/ton, and PX closed at 900 dollars/ton CFR, a 2 - dollar increase from last Friday [5] Trend Intensity - The trend intensities of PX, PTA, and MEG are all 0, indicating a neutral trend [6] PX Analysis - PX is in a pre - holiday range - bound market with support at the bottom. The month - spread is in backwardation. In February, the supply - demand pattern of upstream products in the industrial chain is weakening. This week, the PX operating rate rose to 89.5% (+0.3%), and the Asian operating rate is 82.4% (+0.8%). The PTA operating rate remained at 77.6% (+1%). The PXN processing fee was compressed to 288 dollars/ton, and short PTA processing fees above 450 [6] PTA Analysis - PTA's downside space may be limited, and the month - spread is bearish. Short PTA processing fees above 450. In January, textile domestic sales ended, and foreign trade had orders. The polyester operating rate is expected to be 80.5% in February and 91% in March. The PTA operating rate remained at 77.6%. A 250 - ton device of Xin Fengming will be overhauled in February, and pay attention to the 5100 - yuan/ton support [7] MEG Analysis - MEG inventory continues to rise, and the supply pressure is large. Use a reverse basis and spread strategy. This week, the device operating rate rose to 76.22% (+1.85%). Many overseas devices will be overhauled in March, and the import volume is decreasing. However, due to the large - scale shutdown of polyester on the demand side, the inventory accumulation pressure in February is large, and the post - holiday inventory digestion is difficult [8]

| | | 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） 9,014 | 涨跌幅 -0.13% | 收盘价 （夜盘） 8,974 | 涨跌幅 -0.44% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | 元/吨 | 8,114 | 0.15% | 8,118 | 0.05% | | | 菜油主力 | 元/吨 | 9,137 | -0.08% | 9,144 | 0.08% | | | 马棕主力 | 林吉特/吨 | 4,162 | 0.20% | 4,155 | -0.12% | | 期 货 | CBOT豆油主力 | 美分/磅 | 56.74 | 2.55% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 345,264 | 59821 | 436,227 | -7,895 | | | 豆油主力 | 手 | 192,708 | 29,078 | 678,475 | -8,361 | | | 菜油主力 | 手 | 133,91 ...

Report Industry Investment Rating - No information provided Core Viewpoints - On February 9, the trading in the northern port market was sluggish, with upstream quotes slightly rising. The price center of transaction prices moved up slightly. Some market participants believe that the continuous low port shipping and the weakened price advantage of imported coal may prompt some terminals to turn to domestic coal procurement, supporting the market. It is expected that the port prices will remain stable and slightly strong before the festival [2]. - Due to the expected production cut in Indonesia, the tender price of imported thermal coal has increased [2]. - On February 9, it was reported that some leading mines in Indonesia had their RKAB fully approved, and the approval results of other mines were expected to be announced successively. Affected by market sentiment, the quotes for forward futures contracts from miners have risen significantly. The current market quote for Q3800 large - ships is 54 - 56 US dollars per ton, and the FOB quote of some large mines for Q3800 has reached 60 - 61 US dollars per ton, which is different from the market price. Most traders are on the sidelines. Although the tender price of domestic power plants has also increased, traders' enthusiasm for participation has decreased due to high uncertainties in the future market [2]. Summary by Relevant Catalogs Fundamental Tracking - **Origin Prices**: The price of Shanxi Datong 5500 is 567 yuan/ton, unchanged from the previous period and 29 yuan/ton lower than the same period last year; the price of Inner Mongolia Ordos 5500 is 522 yuan/ton, unchanged from the previous period and 24 yuan/ton lower than the same period last year; the price of Shaanxi Yulin 5800 is 598 yuan/ton, unchanged from the previous period and 6 yuan/ton higher than the same period last year [1]. - **Port Prices**: The price of Qinhuangdao Port's Shanxi - produced Q5500 is 697 yuan/ton, up 2 yuan/ton from the previous period and 45 yuan/ton lower than the same period last year; the price of Qinhuangdao Port's Shanxi - produced Q5000 is 617 yuan/ton, up 4 yuan/ton from the previous period and 35 yuan/ton lower than the same period last year; the price of Qinhuangdao Port's Shanxi - produced Q4500 is 534 yuan/ton, up 1 yuan/ton from the previous period and 44 yuan/ton lower than the same period last year [1]. - **Overseas Prices**: The FOB price of Indonesian Q3800 is 53.5 US dollars/ton, up 1.5 US dollars/ton from the previous period and 3.5 US dollars/ton higher than the same period last year; the FOB price of Australian Q5500 is 80 US dollars/ton, up 4.1 US dollars/ton from the previous period and 1 US dollar/ton higher than the same period last year [1]. - **February Long - term Agreement Prices**: The price of port Q5500 is 680 yuan/ton, down 4 yuan/ton from the previous period and 11 yuan/ton lower than the same period last year; the price of Shanxi Q5500 is 517 yuan/ton, down 23 yuan/ton from the previous period; the price of Shaanxi Q5500 is 461 yuan/ton, down 22 yuan/ton from the previous period; the price of Western Inner Mongolia Q5500 is 431 yuan/ton, down 22 yuan/ton from the previous period [1]. Trend Intensity - The trend intensity of thermal coal (based on the spot price of thermal coal in the northern port) is 1 [2].