芳烃市场周报： 地缘局势紧张，成本面支撑偏强 （PX，纯苯，苯乙烯） 姜周曦琳 F03114700 Z0022394 金融研究院 2026年1月30日 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 近期PX市场 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 • 成本：此前地缘利好因素持续跟进，成本端油价上涨下，PX外盘价格连续上行，期现货价格高位震荡，基差随着期货端快速上涨连续走扩。目 前地缘局势的不确定性仍存，国际油价上涨，伊朗局势仍高度紧张，原油盘面继续计价开战风险。中石化1月PX挂牌价格大幅上调至7500元/吨， 12月中石化PX结算价格7020元/吨。 • 供给：周内浙石化重整检修15-20天，PX负荷延续降低。中化泉州80万吨PX装置11月25日停机检修，周内重启，但尚未有合格品产出。本周PX 产量为74.33万吨，环比+0%。国内PX周均产能利用率89.87%，环比+0%。亚洲PX周度平均产能利用率79.31%，环比+0%。PX工厂的生产积极性仍 维持较好，海内外开工仍处于高位。 • 需求：本周国内PTA周均产能利用率至75.83%，环比持平，同比-4.60%。周内国内装置变化 ...

售粮再次变快，年后余粮有限 2026年1月30日 弘业期货金融研究院 陈春雷 从业资格证号：F3032143 投资咨询证号：Z0014352 玉米主力2603合约触及2314的近年新高点后短暂回调。现货价格先升后降，其中鲅鱼圈玉米平舱价在2330元/吨- 2350元/吨-2335元/吨变化；蛇口港玉米到港价在2450元/吨附近。玉米基差震荡，盘面小幅贴水。 淀粉主力2603合约上下震荡。淀粉价格稳定，潍坊金玉米淀粉价格在2800元/吨，基差震荡走强。 （1）新粮销售再次变快，年后余粮或偏紧。新粮销售短暂放缓后再次加快，据钢联：截至1月29日，全国售粮总进 度为60%，同比快2%；其中东北地区为60%，同比快4%；华北地区为54%，同比慢1%；西北地区为72%，同比持平。全国售 粮进度达6成提前完成，还有2周的时间，年前售粮进度或接近7成，那么年后余粮将有限。中储粮公开竞价持续，截至1 月29日已投放103万吨，成交82.3万吨，成交较为积极。 （2）港口库存不一，下游企业继续增库。据钢联数据：截至1月23日，北港玉米库存为163.1万吨，环比继续回升， 处于近年同期低位；周度下海量为70.6万吨，再次走高。广 ...

融 研 究 院 聚酯：淡季中的强预期 张永鸽 期货从业证号：F0282934 投资咨询证号: Z0011351 业 金 期 货 弘 数据来源：Wind CCF 隆众资讯 弘业期货金融研究院 p 后市研判 风险点：原油 政策 装置变动 数据来源：Wind CCF 隆众资讯 弘业期货金融研究院 融 研 究 院 l 在强预期及资金涌入的带动下，聚酯产业链最近行情火爆。基于预期的好转和供需面的良好，PTA市场表现较为强势，PX的强势支撑和PTA 低开工、聚酯市场降负的缓慢共振。PTA价格在上涨的同时，也带动现货加工费和盘面加工费的纷纷走高。其中现货加工费提升至460元/吨 附近，环比25年末的300元不到的加工费大幅抬升。目前来看PTA市场负荷仍不高，季节性累库幅度不大。不过随着终端降负的加快，2月中 上旬聚酯也将迎来负荷低点，PTA若继续持续拉升或透支未来需求，后期市场或偏强震荡为主，但幅度料有限。 弘 业 期 货 金 l 乙二醇市场作为聚酯产业链中最弱的品种，在供需远期压力下持续走低。上周后半周沙特、科威特及美国等多装置检修停车，海外供应收 窄预期下，资金对于低估值的乙二醇产生做多意愿。国内卫星石化计划2月中转产 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The New Zealand heavy rainfall and floods have caused short - term shipment delays, affecting the supply of logs to China. The log market shows a complex situation with price fluctuations, inventory changes, and demand differences between regions. In the short - term, the 2603 contract is expected to be in a relatively strong oscillation, while in the medium - term, the market will enter a traditional off - season around the Spring Festival in 2026, and the focus will be on factors such as the resumption rate, real - estate policies, cost changes, and demand recovery [2][3][5]. 3. Summary by Relevant Catalogs Log Industry Data - Spot and Futures - Spot: The price of 3.9 - meter medium A radiata pine logs at Rizhao Port is 740 yuan/cubic meter, remaining stable compared to the previous period. The price of 4 - meter medium A radiata pine logs at Taicang Port is 770 yuan/cubic meter, showing an increase. The radiata pine log prices in Jiangsu and Chongqing markets have risen, and the main log contract 2603 first declined and then rebounded. - Futures: As of January 27th, the main log contract 2603 closed at 776 yuan/cubic meter, showing a rebound. In early January 2026, the ocean freight for imported coniferous log bulk carriers from New Zealand to China was 25 US dollars/JAS cubic meter, a decrease of 1 US dollar/JAS cubic meter compared to late December 2025, a month - on - month decrease of 3.85% [2]. Log Industry Data - Supply - The New Zealand weather has led to short - term shipment delays. The expected arrival of New Zealand logs at 13 ports in China from January 26th to February 1st, 2026, is 7 ships, a decrease of 1 ship compared to last week, a week - on - week decrease of 13%, and the arrival volume is about 219,000 cubic meters, a decrease of 27,000 cubic meters compared to last week, a week - on - week decrease of 11%. The actual arrival of New Zealand logs at 13 ports from January 19th to January 25th, 2026, was 8 ships, a decrease of 3 ships compared to last week, a week - on - week decrease of 27%, and the arrival volume was about 246,000 cubic meters, a decrease of 123,000 cubic meters compared to last week, a week - on - week decrease of 33%. In December 2025, China's total coniferous log imports were about 1.7654 million cubic meters, a month - on - month decrease of 20.82% and a year - on - year decrease of 22.45%. Overall, China's total coniferous log imports decreased year - on - year in 2025 [2]. Log Industry Data - Inventory - As of January 27th, the total domestic coniferous log inventory was 2.49 million cubic meters, a decrease of 80,000 cubic meters compared to last week. The radiata pine inventory was 2.12 million cubic meters, a decrease of 50,000 cubic meters; the North American timber inventory was 120,000 cubic meters, a decrease of 10,000 cubic meters; the spruce/fir inventory was 110,000 cubic meters, a decrease of 10,000 cubic meters. The total inventory in Jiangsu has been declining continuously, mainly due to the tight supply of some specifications of port spot. The price difference between Shandong and Jiangsu has expanded, leading to some ships diverting to Jiangsu and a significant decrease in the arrival at Rizhao Market [3]. Log Industry Data - Demand - From January 19th to January 25th, the daily average outbound volume of coniferous logs at 13 ports in 7 provinces in China was 61,800 cubic meters, an increase of 0.32% compared to last week. Among them, the daily average outbound volume of coniferous logs at Shandong ports was 36,100 cubic meters, an increase of 11.42% compared to last week; the daily average outbound volume of coniferous logs at Jiangsu ports was 19,400 cubic meters, a decrease of 14.91% compared to last week. Downstream demand is suppressed by seasonal factors. The demand shows a north - south differentiation. The price of radiata pine logs in the Rizhao area has increased in the short - term due to concerns about reduced supply from New Zealand and tight inventories of some specifications, while the demand side is weakly stable with little short - term change [3]. Log Industry Data - Recent News and Outlook - China's imported radiata pine shows a significant resource - concentration characteristic, with an increasing proportion from New Zealand. The anti - involution policy has an indirect boosting effect in the off - season. The May Sino - US Geneva Joint Statement is beneficial to wood product exports. The resumption of importing US logs has been announced, but the short - term arrival volume will be limited. The New Zealand heavy rainfall and floods may affect local logging and shipping [4]. Log Industry Data - Strategies and Suggestions - In the past, from July to early September, the futures market rebounded significantly, but then entered a low - level oscillation due to weak real - estate demand. In the second half of the year, the near - and far - month contracts showed significant differentiation. In the short - term, the 2603 contract is expected to be in a relatively strong oscillation, and attention should be paid to factors such as foreign quotes and pre - Spring Festival demand contraction. In the medium - term, around the Spring Festival in 2026, the market will enter an off - season, and attention should be paid to factors such as the resumption rate, real - estate policies, cost changes, and demand recovery [5]. Log Supply Source - Radiata pine mainly comes from New Zealand, and fir and spruce mainly come from Europe [13].

沪铅震荡偏弱延续 基本面变化 加工费：2025年12月铅精矿进口量约14.9万吨，环比增加35.8%，同比增加24.63%。铅矿进口量连续两个月环比走高，不过国内 冬季铅精矿市场需求高涨，国内矿端紧张格局紧张延续，SMM显示国内外铅精矿加工费低位进一步回落。2月国内月度加工200- 300元/吨，月度环比下降50元/吨；进口月度加工费位-160--140美元/干吨，月度环比下降5美元/干吨。现货加工费方面，国内 铅矿周度加工费为200-300元/吨，周度环比下降50元/吨；进口周度加工费为-160--140美元/干吨，周度环比下降5美元/干吨。 供应：SMM显示：2025年12月原生铅产量为33.27万吨，环比增加1.56%，同比增加1.56%，当月产量高于预期；2025年12月再生 精铅产量为26.84万吨，环比减少9.35%，同比增加0.83%。上周SMM三省原生铅冶炼厂开工率66.85%，周环比下滑0.19%。河南地 区开工稳定，个别小厂产量边际波动；湖南地区此前粗铅检修的冶炼厂生产恢复后电解铅产量小幅提产至稳定生产。另一冶炼 厂粗铅检修后电解铅产量周度下滑，但暂未完全停产；云南地区冶炼厂生产维持稳定； ...

博士后工作站 | 宏观研究 | 大宗商品 供应宽松，盘面震荡运行 铁矿石周报 20260127 周贵升 从业资格证：F3036194 投资咨询证：Z0015986 交易逻辑：供应宽松，盘面震荡运行 供应：外矿方面，1月19日-1月25日，全球铁矿石发运总量2978.3万吨，环比增加48.5万吨；澳洲发运量1837.4万吨，环比增 加149.3万吨；巴西发运量544.8万吨，环比减少8.9万吨，非主流矿发运量1018.9万吨，环比减少156.7万吨。中国45港到港总 量2530万吨，环比减少129.7万吨。内矿方面，截至1月23日，全国186家矿山铁精粉日均产量46.95万吨，环比增0.28万吨，产 能利用率60.09%，环比增0.37%；矿山精粉库存88.9万吨，环比增1.4万吨。 需求：1月23日当周，日均铁水产量228.1万吨，环比+0.09万吨。钢厂复产节奏有所放缓，铁水产量基本持稳，且钢厂利润偏低， 制约矿石采购积极性，临近春节假期，冬储补库需求有一定支撑。 库存：本期进口矿库存持续回升，在港船舶数量增加1艘至118艘。本期压港小幅增加，到港量小幅回落仍维持高位，疏港量小 幅回落，港口库存持续累积，对 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The domestic soybean sales slow down, the price remains stable, and there is still a certain amount of surplus grain before the Spring Festival; the domestic imported soybeans decline, the port inventory drops, the auction is postponed; the oil - mill operating rate rebounds, the soybean meal inventory decreases, and the demand is strong. It is expected that soybean futures will fluctuate strongly, while soybean meal futures will remain volatile [6]. 3. Summary by Related Catalogs Market Performance - The main soybean contract 2605 quickly soared to 4440 and then quickly fell back, hitting a new high in nearly a year. The spot price was relatively stable, with the market price of Fuyin soybeans around 4400 yuan/ton. The soybean basis weakened in a volatile manner, and the futures price was slightly at a discount. The main soybean meal contract 2605 fluctuated up and down. The spot price of soybean meal rose slightly and steadily, with the price of 43% protein soybean meal in Zhangjiagang rising from 3060 yuan/ton to around 3070 yuan/ton. The basis weakened in a volatile manner, and the futures price was at a high discount [4]. Domestic Soybean Situation - The sales of domestic soybeans slowed down. As of January 23, the remaining grain ratio of Heilongjiang soybeans remained at 40% month - on - month; that of Anhui soybeans dropped to 48%, a 2% month - on - month decrease; that of Henan soybeans dropped to 52%, a 3% month - on - month decrease; and that of Shandong soybeans dropped to 53%, a 3% month - on - month decrease. Due to the differentiation of grain quality, the expectation of tight supply of high - quality domestic soybeans continued. Recently, the state - reserve soybean auction was suspended, and with the approaching of the Spring Festival, enterprise procurement slowed down [4]. Imported Soybean Situation - Imported soybeans continued to decline, and the port soybean inventory continued to drop. In December 2025, China imported 804300 tons of soybeans, a month - on - month decline and a 1.28% year - on - year increase. The cumulative imported soybeans in 2025 were 111818500 tons, a 6.46% year - on - year increase. There was no latest imported soybean auction announcement. The soybeans purchased from the US by China might enter the reserve rotation. The arrival of soybeans at oil mills stabilized, and the port soybean inventory continued to decline. As of January 23, the arrival of soybeans at oil mills was 174200 tons, a slight month - on - month decrease; the port soybean inventory was 721500 tons, a continuous month - on - month decline [4]. US Soybean Situation - US soybeans fluctuated at a low level. The USDA January supply - demand report was bearish. The US soybean production was slightly increased, exports were slightly reduced, but the ending stocks were significantly increased. The Brazilian soybean production was increased, and the global ending stocks were increased. Attention should be paid to the increasing production pressure of the new - season soybeans in South America [5]. Oil - mill and Soybean Meal Situation - The operating rate of oil mills rebounded again, and the soybean meal inventory continued to drop. As of January 23, the operating rate of oil mills was 57.83%, a month - on - month rebound; the soybean crushing volume was 2102100 tons; the soybean inventory of oil mills was 6589900 tons, a month - on - month decline. The soybean meal output was 1661000 tons; the soybean meal inventory of oil mills was 898600 tons, a continuous month - on - month decline; the unfulfilled contracts for soybean meal were 4061600 tons, a month - on - month decline. The inventory days of soybean meal in feed mills were 10.21 days, a continuous month - on - month increase [5]. Feed Demand Situation - The feed demand was strong. In terms of livestock farming, the pig price rebounded, and the breeding profit increased. As of January 23, the breeding profit of purchased piglets was 115.84 yuan per head, an increase in profit; the self - breeding and self - raising profit was 43.35 yuan per head, an increase in profit. The reduction of production capacity achieved certain results. According to the National Bureau of Statistics, the inventory of breeding sows and live pigs in December both decreased. From the situation of large - scale farms, the inventory of breeding sows continued to decline month - on - month in December, the culling of old pigs increased; the birth and sales volume of piglets increased month - on - month, and the replenishment sentiment improved; the inventory of commercial pigs decreased slightly month - on - month for the first time in nearly a year. However, the profit might drag down the pace of future production capacity reduction. In terms of poultry farming, the egg price rebounded, and the breeding turned from loss to profit; the culling of old chickens increased, and the inventory in December decreased slightly month - on - month. The feed demand was still strong, and feed enterprises actively stocked up [6].

Report Title - **Title**: "补库偏谨慎，盘面弱势震荡 双焦周报 20260126" [1] - **Author**: Zhou Guisheng [1] - **Qualification**: F3036194 (从业资格证), Z0015986 (投资咨询证) [1] Report Investment Rating - No relevant information provided Core Views **Coking Coal** - Last week, the coking coal market saw both supply and demand increase. Affected by the news of the closure of the Mongolian coal port during the Spring Festival, there was a certain rebound. After the New Year's Day, coal mines resumed normal production, and domestic supply gradually recovered. In terms of imports, Mongolian coal imports remained at a high level in the new year. On the demand side, the daily average iron - making water output increased slightly, but a sudden accident at a steel mill led to safety inspections affecting part of the iron - making water output. Coke production remained stable for the time being, and coking and steel plants still mainly made rigid - demand purchases. Overall, domestic coal mine operations are gradually picking up, imports remain at a high level year - on - year, supply is gradually increasing, while downstream coking and steel enterprises are not making good profits, and their willingness to accept coking coal price increases is decreasing. The market generally maintains a low - level shock [3]. **Coke** - In terms of supply, most coking enterprises currently maintain normal production, coke production remains stable, and steel mill coke production has increased, with overall supply increasing slightly. On the demand side, terminal steel consumption is still in the off - season, steel mill profits are declining, and since steel mill coke inventories are at medium - to - high levels, they mainly replenish inventory according to demand. Overall, the current coke market has both supply and demand increasing, the inventory level is relatively reasonable, market competition has intensified, and it is expected that the futures market will follow and maintain low - level shocks. Attention should be paid to the winter storage and inventory replenishment demand [4]. Summary by Directory **Part One: Market Views** **Coking Coal Supply** - The operating rate of 523 sample mines was 89.33% (+0.86%), the daily average output of clean coal from 523 sample mines was 77.01 tons (+0.16). The capacity utilization rate of 314 coal - washing plants was 37.41% (+0.62%), and the daily average output of clean coal was 27.63 tons (+0.28). The operating rate of mines and the daily average output of mine clean coal continued to rise month - on - month, and the capacity utilization rate and clean coal output of coal - washing plants also continued to rise month - on - month. In terms of imported coal, the customs clearance volume of Mongolian coal at the Ganqimaodu Port remained at a high level last week, and overall supply gradually increased [3]. **Coking Coal Demand** - The daily output of molten iron from 247 steel plants was 228.1 tons (+0.09), the blast furnace operating rate was 78.68% (-0.16%), the available days of coking coal in 247 steel plants were 12.88 days (-0.03), and the available days of coking coal in 230 independent coking plants were 14.97 days (+0.62). The blast furnace operating rate of steel plants decreased slightly, the daily average output of molten iron increased slightly month - on - month, the available days of coking coal in steel plants decreased slightly, and the available days of coking coal in coking plants increased. There is a certain demand for inventory replenishment in the downstream [3]. **Coking Coal Inventory** - The clean coal inventory of 523 sample mines was 274.35 tons (+1.98), the inventory of all - sample independent coking plants was 1177.71 tons (+44.86), the inventory of steel plants was 803.24 tons (+1.04), the clean coal inventory of 314 sample coal - washing plants was 323.23 tons (-1.89), and the inventory of main ports was 289.38 tons (-9.52). Currently, the inventories of coking coal mines, coking plants, and steel plants have accumulated slightly, while those of coal - washing plants and ports have decreased slightly, and the inventory pressure is relatively small [3]. **Coke Supply** - The average profit per ton of coke in coking plants was - 66 yuan/ton (-1). The capacity utilization rate of all - sample independent coking plants was 72.41% (-0.14%), and the daily output of all - sample independent coking plants was 63.31 tons (-0.14). The daily output of coke from 247 steel plants was 46.9 tons (+0.18). The average profit per ton of coke in coking plants decreased slightly in losses, and steel plants' resistance to the first round of coke price increases increased, putting pressure on coking profits. However, overall production remained stable, mainly because some coking enterprises had smooth shipments, inventory decreased, and production enthusiasm increased [4]. **Coke Demand** - The daily output of molten iron from 247 steel plants was 228.1 tons (+0.09), the blast furnace operating rate was 78.68% (-0.16%), and the available days of coke in 247 steel plants were 12.35 days (+0.38). The daily average output of molten iron increased slightly, the blast furnace operating rate decreased slightly, the inventory usage cycle of steel plant coke increased, and steel plants mainly purchased coke according to demand [4]. **Coke Inventory** - The inventory of all - sample independent coking plants was 81.45 tons (-0.36), the inventory of main ports was 196.06 tons (+7.99), and the inventory of 247 steel plants was 661.46 tons (+11.31). The inventory of coking plants decreased slightly, the inventories of steel plants and ports increased slightly, and the overall social inventory of coke increased [4]. **Part Two: Macro - real Estate Tracking** - The report presents data on national fixed - asset investment cumulative year - on - year, national real estate new construction, construction, completion area, sales area cumulative year - on - year, 30 large - and medium - sized cities' weekly commercial housing transaction area, steel industry purchasing managers' index (PMI), and manufacturing purchasing managers' index (PMI), but no analysis is provided in the text [6][10][14][18] **Part Three: Coking Coal Supply and Demand Tracking** - The report tracks various data related to coking coal, including purchase prices, spot price comparisons, basis spreads, production, operating rates, inventories, and customs clearance vehicle numbers at ports, but no analysis is provided in the text [21][26][31][35][37][39][42][45][51][54] **Part Four: Coke Supply and Demand Tracking** - The report tracks various data related to coke, including factory prices, spot price adjustment schedules, spot price comparisons, basis spreads, profit per ton, production, capacity utilization rates, inventories, and inventory available days, but no analysis is provided in the text [59][61][63][67][73][76][78][83][88]

需求季节性下降，，钢价震荡运行 钢材周报 20250126 周贵升 从业资格证：F3036194 投资咨询证：Z0015986 段怡雯 从业资格证：F03131526 成材：需求季节性下降，钢价震荡运行 （1）供给：部分钢厂复产，全国主要钢厂螺纹钢当周产量为199.55万吨（+9.25），热轧当周产量为305.41万吨（-2.95）。 （2） 需求：需求季节性弱势。上周螺纹表观需求为185.52万吨（-4.82），热轧表观需求309.96万吨(-4.2）。 （3）库存： 螺纹库存累库，热卷库存维持去化，仍有压力。 螺纹钢总库存452.1万吨(+14.03），社会库存303.12万吨(+7.71)，钢厂库存148.98万吨(+6.32); 热轧总库存357.78万吨(-4.55),社会库存281.14万吨(-4.66)，钢厂库存76.64万吨(+0.11)。 （4）基差：截至1月23日，螺纹主力合约基差128元/吨（-9），热轧主力合约基差-15元/吨（0）。 （5）总结： 钢厂盈利率上升至40.69%; 铁水产量228.1万吨，环比增加0.09万吨。 高炉开工率78.68%，环比下降0.16%，高炉产能利用率 ...

Report Industry Investment Rating - Not provided Core Viewpoint of the Report - The supply side constraints remain, the demand in emerging fields is optimistic in the long - term, but the demand side is restricted by high prices in the short - term, and the inventory has increased significantly. The tin price may show a high - level wide - range oscillating trend. Later, attention should be paid to the recovery of Burmese mines and the domestic supply - demand situation [5] Summary by Relevant Catalogs Fundamental Situation - In December, the domestic tin ore import volume was 17,600 tons, a month - on - month increase of 13.3% and a year - on - year increase of 40.2%. The tin ore imported from Myanmar was 6,200 tons, a month - on - month decrease of 13.7% and a year - on - year increase of 438.68%. The recovery of the Burmese mines is slow, and it is expected that the import volume in January will remain stable. The short - term domestic tin ore supply shortage continues, and the domestic tin ore processing fees remain low. The processing fee for 40% tin concentrate in Yunnan is 14,000 yuan/ton, and the processing fee for 60% tin concentrate in Guangxi is 10,000 yuan/ton, both remaining unchanged week - on - week [2] Supply - In December 2025, the domestic refined tin production was 15,950 tons, a month - on - month decrease of 0.06% and a year - on - year decrease of 1.79%. The raw material shortage pattern remains unsolved, and the release space of refined tin supply is limited. In Yunnan, the smelter operating rate remains at a high level of about 87%, and production is basically normal. In Jiangxi, affected by the shortage of scrap tin raw materials, the refined tin production is still low, and the operating rate of some enterprises is insufficient. It is expected that the production in January will remain unchanged month - on - month. In December, China's refined tin imports were 1,548 tons, a year - on - year decrease of 48.24% and a month - on - month increase of 29.54%. The import window was basically closed in December. China exported 2,763 tons of refined tin in December, a year - on - year increase of 32.58% and a month - on - month increase of 41.84%. Currently, the Shanghai - London price ratio is oscillating downward, and tin imports continue to incur increasing losses. In December, Indonesia's tin ingot exports were 5,002.83 tons, a month - on - month decrease of 32.93%, 1.87% higher than the average level in the past four years. The 2026 quota is about 60,000 tons, slightly higher than that in 2025, but policy control is strict, and the actual export rhythm is affected by the approval process [3] Consumption - High prices suppress downstream demand. Except for rigid demand, the willingness for active inventory replenishment has dropped to zero. Since late January, some solder and electronic manufacturing enterprises have entered the holiday mode, and the downstream's ability to accept orders has declined significantly. Usually, there is inventory replenishment demand before the Spring Festival, but this year, affected by high prices, the inventory replenishment volume is significantly lower than in previous years [3][5] Domestic Spot and Inventory - As of January 26, the tin inventory on the Shanghai Futures Exchange increased by 171 tons to 9,720 tons. As of January 23, the total social inventory of SMM ingots in three places was 10,678 tons, an increase of 542 tons from last week's inventory data. The average spot price of tin in the Yangtze River was 423,700 yuan/ton, a week - on - week increase of 9,100 yuan, a rise of 2.19%. The basis of the Yangtze River spot for the tin main contract fluctuated between premium and discount. Last Friday, the basis was a premium of 4,130 yuan, with large basis fluctuations [4] LME Spot and Inventory - As of January 26, the LME tin weekly inventory continued to increase by 1,260 tons to 7,195 tons, at a relatively high level in the past five years. The LME tin spot discount widened, and the discount was $245 last weekend [4]