免责声明:宏源规价有限公司是经中国证监会批准设立的物货经营机构。已具备规货交易咨询业务资格。本报告分析及建议所依据的信息均来源于公开资料。本公 司时这些信息的准确性和完整世不作任何保证。也不保证所依据的信息和建议不会发生任何变化。我们已力求报告内容的客观、公正、但文中的观点、特论称建议 仅供参考。不构成任何投资建议。投资者依据本报告提供的信息进行规模投资所造成的一切后果，本公司概不负责。（风险提示：आ市有风险 人市需谨慎! 研究所 吴金恒（期货从业资格号F03100418 期货投资咨询号Z0021125）,联系电话:010-82293229 数据采源:SMM W 镍与不锈钢日评20250922:低位震荡 | 交易日期(日) | 2025-09-19 | 2025-09-18 | 2025-09-12 | 较昨日变化 | 近两周走势 | 期货近月合约 | 收盘价 | 121500.00 | 120940.00 | 121800.00 | 560.00 | ~~~ | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Report Industry Investment Rating - Not provided Core Viewpoints - The report predicts that PX will operate weakly, PTA will operate weakly, and PR will operate in a volatile manner [2] Summary by Related Catalogs Price Information - **Upstream**: On September 19, 2025, the prices of WTI crude oil, Brent crude oil, naphtha, xylene, etc. all declined compared to the previous values, with decline rates ranging from -0.44% to -1.40% [1] - **PTA Futures and Spot**: The prices of CZCE TA contracts (including main and near - month contracts) and PTA spot prices all decreased, with decline rates between -1.33% and -1.58% [1] - **PX Futures and Spot**: The prices of CZCE PX contracts mostly declined, while the domestic spot price of p - xylene remained unchanged. The PXN and PX - MX spreads also decreased [1] - **PR Futures and Spot**: The prices of CZCE PR contracts and the market prices of polyester bottle - chips in East and South China decreased, with decline rates from -0.68% to -1.43% [1] - **Downstream Products**: The CCFEI price indices of most downstream products such as polyester fibers and slices decreased, with the decline rate of polyester bottle - chips reaching -1.03% [2] Production and Sales - The开工 rates of PX, PTA factories, polyester factories, bottle - chip factories, and Jiangsu - Zhejiang looms remained unchanged on September 19, 2025. The sales rates of polyester filaments increased by 2.43%, while those of polyester staple fibers and polyester chips decreased by 10.19% and 16.55% respectively [1] Device Information - A 700,000 - ton PX device in Northeast China has been under maintenance since September 18, with an expected maintenance period of about 45 days [2] PX Market Summary - **Important Information**: Last week, the PX price was stagnant and then declined. By Friday, the absolute price decreased by 1.9% to 816 dollars/ton CFR, and the weekly average price decreased by 0.5% to 830 dollars/ton CFR. Economic concerns led to a decline in international oil prices, squeezing the cost support of PX. The domestic PX operation remained at a high level, while the PTA factory maintenance increased and polyester demand was weak [2] - **Long - Short Logic**: The PX2511 contract closed at 6594 yuan/ton (-2.51%). The domestic PX operation remained high, overseas devices were relatively stable, and the short - term overseas operation would increase further. The PTA maintenance plans were gradually implemented, and the short - term benefits would be under pressure due to poor supply - demand [2] PTA Market Summary - **Long - Short Logic**: The TA2601 contract closed at 4604 yuan/ton (-2.21%). The cost support was insufficient, the PTA spot supply was abundant, and the market sentiment was weak. The polyester product sales were mediocre, and the demand peak season had not started [2] PR Market Summary - **Important Information**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu - Zhejiang market was 5750 - 5870 yuan/ton, a decrease of 40 yuan/ton compared to the previous trading day. The PTA and bottle - chip futures were weak, the supply - side quotes mostly declined, and the trading atmosphere was light [2] - **Long - Short Logic**: The 2511 contract closed at 5762 yuan/ton (-1.97%). The bottle - chip supply - side operation was stable, the market spot supply was abundant, and the downstream terminals made rigid purchases at low prices [2]

Report Summary 1. Investment Rating - Not provided in the report [1] 2. Core View - The report recommends paying attention to the opportunity of buying the 01 contract on dips. Currently, urea has fallen to a certain cost - effective level, with upstream profits at a relatively low level and the valuation being relatively cheap. There are two possible upward drivers for urea prices in the future: on the supply side, there is an expectation of old - device renewal and transformation, as the proportion of urea devices over 20 years old is about 20% and the current comprehensive operating rate is close to 80% with limited idle capacity; on the demand side, there is an expectation of improved exports, and considering the easing of Sino - Indian relations, urea exports from September to October are quite promising. Therefore, the space for further decline of urea is relatively limited [1] 3. Summary by Relevant Catalogs Urea Futures Price (Closing Price) - UR01: On September 19, it was 1661.00 yuan/ton, down 9.00 yuan or 0.54% from September 18 [1] - UR05: On September 19, it was 1722.00 yuan/ton, down 3.00 yuan or 0.17% from September 18 [1] - UR09: On September 19, it was 1744.00 yuan/ton, down 1.00 yuan or 0.06% from September 18 [1] Domestic Spot Price (Small - Granule) - Shandong: Remained at 1640.00 yuan/ton from September 18 to 19 [1] - Shanxi: On September 19, it was 1510.00 yuan/ton, down 10.00 yuan or 0.66% from September 18 [1] - Henan: On September 19, it was 1640.00 yuan/ton, down 10.00 yuan or 0.61% from September 18 [1] - Hebei: Remained at 1680.00 yuan/ton from September 18 to 19 [1] - Northeast: Remained at 1660.00 yuan/ton from September 18 to 19 [1] - Jiangsu: Remained at 1650.00 yuan/ton from September 18 to 19 [1] Basis and Spread - Shandong Spot - UR: On September 19, it was - 82.00 yuan/ton, up 3.00 yuan from September 18 [1] - 01 - 05 Spread: On September 19, it was - 61.00 yuan/ton, down 6.00 yuan from September 18 [1] Upstream Cost - Anthracite Price: In Henan, it remained at 1000.00 yuan/ton from September 18 to 19; in Shanxi, it remained at 880.00 yuan/ton; in Shandong, it remained at 2930.00 yuan/ton [1] Downstream Price - Compound Fertilizer (45%S) Price in Henan: Remained at 2520.00 yuan/ton from September 18 to 19 [1] - Melamine Price: In Shandong, it remained at 5083.00 yuan/ton from September 18 to 19; in Jiangsu, it remained at 5200.00 yuan/ton [1] Important Information - On the previous trading day, the opening price of the main urea futures contract 2601 was 1672 yuan/ton, the highest price was 1676 yuan/ton, the lowest price was 1656 yuan/ton, the closing price was 1661 yuan/ton, and the settlement price was 1666 yuan/ton [1] Trading Strategy - Pay attention to the opportunity of buying the 01 contract on dips [1]

Report Industry Investment Rating - Not provided in the report Report's Core View - On September 19, the main contract of lithium carbonate futures fluctuated upward. The spot market trading was fair, and the basis changed from premium to discount. Considering cost, spodumene concentrate prices rose, as did mica prices. On the supply side, lithium carbonate production increased last week, with output from different raw materials rising. In terms of downstream demand, lithium iron phosphate production and ternary material production increased last week. In September, lithium cobaltate and lithium phosphate production schedules increased, and power battery production was basically flat last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production slowed in August, 3C shipments were average, and energy - storage battery production increased in September. In terms of inventory, registered warehouse receipts increased by 130 tons to 39484 tons, social inventory decreased, with smelters and others destocking, and downstream restocking. Overall, the current supply and demand are both strong, upstream inventory pressure is not large, and as downstream lithium mine resumption is actively advancing, the expectation of supply contraction weakens. It is expected that lithium carbonate prices will fluctuate at a low level. One should be vigilant about the downstream restocking node and the deadline for Jiangxi mine - end reserve reports [1]. Summary by Relevant Catalogs Lithium Carbonate Futures Market - **Prices**: On September 19, the closing prices of the near - month contract, consecutive - one contract, consecutive - two contract, and consecutive - three contract were 73760 yuan/ton, 73960 yuan/ton, 74040 yuan/ton, and 73960 yuan/ton respectively, with changes of 1140 yuan/ton, 1100 yuan/ton, 1100 yuan/ton, and 1100 yuan/ton compared to the previous day [1]. - **Volume and Open Interest**: The trading volume of lithium carbonate futures was 370359 hands (- 131910), and the open interest was 281264 hands (- 147) [1]. - **Spreads**: The spread between the near - month and consecutive - one contracts was 160 yuan/ton, the spread between consecutive - one and consecutive - two contracts was - 20 yuan/ton, and the spread between consecutive - two and consecutive - three contracts was 0 yuan/ton [1]. - **Basis**: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 1290 yuan/ton [1]. Lithium Ore Prices - **Spodumene Concentrate**: The average price of spodumene concentrate (6%, CIF China) was 842 US dollars/ton [1]. - **Lithium Mica**: The average price of lithium mica (Li2O: 1.5% - 2.0%) was 1150 yuan/ton, and the average price of lithium mica (Li2O: 2.0% - 2.5%) was 1880 yuan/ton [1]. - **Phospho - lithium - aluminum Stone**: The average price of phospho - lithium - aluminum stone (Li2O: 6% - 7%) was 5770 yuan/ton, and the average price of phospho - lithium - aluminum stone (Li2O: 7% - 8%) was 7215 yuan/ton [1]. Lithium Salt Prices - **Lithium Carbonate**: The average price of battery - grade lithium carbonate (99.5%, domestic) was 73500 yuan/ton, and the average price of industrial - grade lithium carbonate (99.2%, domestic) was 71250 yuan/ton [1]. - **Lithium Hydroxide**: The average price of battery - grade lithium hydroxide (56.5%, CIF China, Japan, and South Korea) was 9.3 US dollars/kg, the average price of battery - grade lithium hydroxide (56.5%, coarse - particle, domestic) was 74050 yuan/ton, and the average price of battery - grade lithium hydroxide (56.5%, micron - powder type, domestic) was 78970 yuan/ton [1]. Other Battery Material Prices - **Lithium Iron Phosphate**: The average price of power - type lithium iron phosphate was 33630 yuan/ton, the average price of mid - to high - end energy - storage type lithium iron phosphate was 32235 yuan/ton, and the average price of low - end energy - storage type lithium iron phosphate was 29430 yuan/ton [1]. - **Lithium Cobaltate**: The average price of lithium cobaltate (60%, 4.35V, domestic) was 236500 yuan/ton [1]. - **Electrolyte**: The average price of electrolyte for ternary power batteries was 22250 yuan/ton, the average price of electrolyte for lithium iron phosphate batteries was 18250 yuan/ton, and the average price of electrolyte for lithium cobaltate batteries was 0 yuan/ton [1]. Inventory - **Registered Warehouse Receipts**: The registered warehouse receipts of lithium carbonate were 39484 tons (+ 130) [1]. - **SMM Lithium Carbonate Inventory**: The total SMM lithium carbonate inventory was 137531 tons, with smelters and others destocking and downstream restocking [1]. News and Information - Argentina exported 8099.95 tons of lithium carbonate in August, with 6528 tons exported to China [1]. - The president of the China Non - Ferrous Metals Industry Association stated that many domestic alumina enterprises' projects are accelerating, and lithium battery raw material enterprises should rationally judge the industry scale and supply - demand relationship [1]. Investment Strategy - It is recommended to wait and see [1].

Group 1: Price Information - The spot price of bottle - grade chips is 5820 yuan/ton, with a - 1% change [1] - The CFR Japan naphtha price is 96.5 yuan/ton, with a - 980% change [1] - The Northeast Asia ethylene price is 46.8 yuan/ton, with a - 500% change [1] - The ex - factory average price of ethylene oxide in East China is 6300 yuan/ton [1] - The methanol MA spot price is 4022 yuan/ton, with a - 4500% change [1] - The tax - included pit - mouth price of lignite in Inner Mongolia is 90.2 yuan/ton, with a - 900% change [1] - The DCE EG主力合约收盘价 is 5042 yuan/ton, with a - 6000% change; the settlement price is 5042 yuan/ton, with a - 8000% change; the near - month contract closing price is 3043 yuan/ton, with a - 3000% change; the near - month contract settlement price is 3043 yuan/ton, with a - 3000% change [1] - The market intermediate price of ethylene glycol (MEG) in East China is 6043 yuan/ton, with a - 6000% change [1] - The CCFEI price index of MEG inner - plate is 4043 yuan/ton, with a - 400% change [1] - The near - far month price difference of MEG is 9.5 yuan/ton, with a change from 6.0 to 23.0 [1] - The basis of MEG is 8.7 yuan/ton, with a change from 7.0 to 10 [1] - The CCFEI price index of polyester DTY is 5085 yuan/ton, with a - 5000% change [1] - The CCFEI price index of polyester POY is 5070 yuan/ton, with a - 0000% change [1] - The CCFEI price index of polyester staple fiber is 4064 yuan/ton, with a - 6000% change [1] Group 2: Operating Conditions - The overall ethylene glycol operating rate is 2.6%, with a change from 1.2 [1] - The operating rate of petroleum - based ethylene glycol is 5.6%, with a change from 3.2 [1] - The operating rate of coal - based ethylene glycol is 8.5%, with a change from 8.4 [1] - The PTA industrial chain load rate of polyester factories is 9.8%, with a change from 9.0 [1] - The PTA industrial chain load rate of Jiangsu and Zhejiang looms is 7.6%, with a change from 7.5 [1] Group 3: Cash - flow Situation - The post - tax gross profit of MTO - made MEG is 497 yuan/ton, with a change from 1402 [1] - The post - tax device gross profit of coal - based syngas method is 66.3 yuan/ton [1] - The external - plate price of naphtha - made ethylene glycol is 19.0 yuan/ton, with a change from - 12955 [1] - The external - plate price of ethylene - made ethylene glycol is 39.5 yuan/ton, with a change from 13150 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The report recommends paying attention to the opportunity to go long on the 01 contract on dips. The current urea price has dropped to a certain cost - effective level, with upstream profits at a relatively low level and the urea valuation being cheap. There are two possible upward drivers for the urea price in the future: on the supply side, there is an expectation of renovation of old - fashioned devices; on the demand side, there is an expectation of improved exports. Therefore, the space for further decline in the current urea price is relatively limited [1]. 3. Summary by Relevant Catalogs Urea Futures and Spot Prices - Urea futures prices (closing prices): UR01 decreased from 1681.00 yuan/ton to 1670.00 yuan/ton, a decrease of 0.65%; UR05 decreased from 1734.00 yuan/ton to 1725.00 yuan/ton, a decrease of 0.52%; UR09 decreased from 1755.00 yuan/ton to 1745.00 yuan/ton, a decrease of 0.57% [1]. - Domestic spot prices (small - particle): Shandong decreased from 1650.00 yuan/ton to 1640.00 yuan/ton, a decrease of 0.61%; Shanxi decreased from 1530.00 yuan/ton to 1520.00 yuan/ton, a decrease of 0.65%; Henan decreased from 1660.00 yuan/ton to 1650.00 yuan/ton, a decrease of 0.60%; Hebei, Northeast, and Jiangsu remained unchanged [1]. Basis and Spread - The direct difference between Shandong spot and UR decreased from - 84.00 yuan/ton to - 85.00 yuan/ton, a decrease of 1.00 yuan/ton; the spread between 01 - 05 decreased from - 53.00 yuan/ton to - 55.00 yuan/ton, a decrease of 2.00 yuan/ton [1]. Upstream and Downstream Prices - Upstream cost: The anthracite price in Henan and Shanxi remained unchanged at 1000.00 yuan/ton and 880.00 yuan/ton respectively [1]. - Downstream prices: The price of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2930.00 yuan/ton and 2520.00 yuan/ton respectively; the price of melamine in Shandong and Jiangsu remained unchanged at 5083.00 yuan/ton and 5200.00 yuan/ton respectively [1]. Important Information - On the previous trading day, the opening price of the main urea futures contract 2601 was 1681 yuan/ton, the highest price was 1681 yuan/ton, the lowest price was 1662 yuan/ton, the closing price was 1670 yuan/ton, and the settlement price was 1671 yuan/ton. The 2601 position was 286,823 lots [1]. Long - Short Logic and Trading Strategy - Long - short logic: Urea is cost - effective, with low upstream profits. On the supply side, there is an expectation of renovation of old - fashioned devices (20 - year - old devices account for about 20% and the comprehensive operating rate is close to 80%, with little idle capacity); on the demand side, there is an expectation of improved exports, especially in September - October [1]. - Trading strategy: Pay attention to the opportunity to go long on the 01 contract on dips [1].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The Fed's future hawkish interest - rate cut path weighs on copper prices, but the decline in copper prices stimulates the downstream purchasing sentiment to warm up, which may cause the Shanghai copper price to be weak first and then strong [2]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On September 18, 2025, the closing price of the active contract of Shanghai copper futures was 79,790, down 940 from the previous day; the trading volume was 88,158 lots, an increase of 20,402 lots; the open interest was 171,912 lots, a decrease of 19,604 lots; the inventory was 19,126 tons, a decrease of 822 tons [2]. - **Spot Copper**: The average price of SMM 1 electrolytic copper was 79,745, down 610 from the previous day. The average price of SMM flat - water copper's opening premium/discount was 20, unchanged from the previous day; the average price of SMM premium copper's opening premium/discount was 100, down 5 from the previous day [2]. - **LME Copper**: The closing price of LME 3 - month copper futures (electronic trading) on September 18, 2025, was 9,946, down 28 from the previous day. The LME copper futures 0 - 3 - month contract spread was - 71.09, up 0.04 from the previous day; the 3 - 15 - month contract spread was - 160.28, down 10.03 from the previous day [2]. - **COMEX Copper**: The closing price of the active contract of COMEX copper futures on September 18, 2025, was 4.6, down 0.1 from the previous day. The total inventory was 315,206, an increase of 2,338 from the previous day [2]. Supply - Demand - Inventory Analysis - **Supply**: There are disturbances in the production of multiple copper mines at home and abroad, leading to a negative China copper concentrate import index and a decline compared with last week. The supply of scrap copper is tight and production is cut, and the Zambian government plans to restrict the export of sulfuric acid to the Democratic Republic of the Congo. The expected tight supply - demand of domestic copper concentrates makes the processing fees of domestic blister copper or anode plates tend to decline, and the maintenance capacity of copper smelters in September increases month - on - month. Some small and medium - sized smelters in the Democratic Republic of the Congo face power - supply problems in September 2025 [2]. - **Demand**: The expectation of the traditional consumption peak season leads to a recovery in the demand of some copper processing industries, and the decline in copper prices stimulates the downstream purchasing sentiment to warm up [2]. - **Inventory**: The social inventory of Chinese electrolytic copper decreased compared with last week; the inventory of LME electrolytic copper decreased compared with last week, and the inventory of COMEX copper increased compared with last week [2]. Trading Strategy - Wait for the price to fall and then layout long positions. Pay attention to the support level around 77,000 - 79,000 and the resistance level around 81,000 - 83,000 for Shanghai copper; the support level around 9,600 - 9,900 and the resistance level around 10,200 - 10,500 for LME copper; the support level around 4.3 - 4.5 and the resistance level around 4.8 - 5.0 for COMEX copper [2].

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View - The Fed's dot - plot in September shows 2 rate cuts by the end of 2025 and only 1 in 2026, while the market expects 5 rate cuts from Oct/Dec 2025 and Mar/Jun/Sep 2026, indicating the Fed's future rate - cut path is hawkish. Considering Trump's pressure, geopolitical risks like the Russia - Ukraine conflict, and global central banks' continuous gold purchases, precious metal prices may be weak first and then strong [1]. 3. Summary by Category 3.1 Market Data - **Shanghai Gold**: The closing price was 824.53 yuan/gram, down 5.72 yuan from the previous day and 5.81 yuan from the previous week. The trading volume was 49,462, and the holding volume was 207,592 [1]. - **Shanghai Silver**: The closing price was 9,811 yuan/ten - gram, down 65 yuan from the previous day and 223 yuan from the previous week. The trading volume was 457,876, and the holding volume was 395,854 [1]. - **COMEX Gold**: The closing price was 3,678.20 dollars/ounce, down 2.20 dollars from the previous day and 16.40 dollars from the previous week. The trading volume was 176,290, and the holding volume was 388,882 [1]. - **COMEX Silver**: The closing price was 42.10 dollars/ounce, up 0.11 dollars from the previous day and 0.45 dollars from the previous week. The trading volume was 17,105, and the holding volume was 131,335 [1]. 3.2 Important Information - The Bank of England kept interest rates unchanged and slowed down the pace of quantitative tightening. The number of initial jobless claims in the US last week dropped significantly to 231,000, a decrease of 32,000 from the previous week, the largest drop in nearly four years [1]. - Overseas investors' holdings of US Treasuries reached a new high in July. Japan's holdings hit a new high in over a year, the UK increased its holdings by over $40 billion for two consecutive months, China's holdings were at a 16 - year low, and Canada's holdings decreased by $57.1 billion [1]. 3.3 Trading Strategy - Wait for the price to fall and then mainly layout long positions. For London gold, focus on the support level around 3,400 - 3,500 and the resistance level around 3,750 - 3,840. For Shanghai gold, focus on the support level around 800 - 810 and the resistance level around 840 - 850. For London silver, focus on the support level around 39 - 40 and the resistance level around 43 - 46. For Shanghai silver, focus on the support level around 9,500 - 9,700 and the resistance level around 10,300 - 10,500 [1].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On September 18, 2025, the main contract of lithium carbonate futures fluctuated downward. The current market trading was weak, the basis changed from discount to premium, the price of spodumene concentrate increased, and the price of lithium mica remained flat. Both supply and demand were strong, the upstream inventory pressure was not significant, and the resumption of production of spodumene mines was actively progressing, weakening the expectation of supply contraction. It is expected that the price of lithium carbonate will fluctuate at a low level. Attention should be paid to the inflection point of downstream replenishment. The trading strategy suggests shorting on rallies [1]. Summary by Relevant Catalogs Futures Market - On September 18, 2025, the trading volume of lithium carbonate futures was 502,269 (+158,406), and the open interest was 281,411 (-13,213). The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts all decreased compared to the previous day. The price differences between different contracts and the basis also showed certain changes [1]. Spot Market - The average price of SMM battery - grade lithium carbonate was 570 yuan/ton higher than the closing price of the active lithium carbonate contract. The price of spodumene concentrate (6%, CIF China) was 844 US dollars/ton, and the price of lithium mica remained unchanged. The prices of various lithium - related products such as ternary precursors, ternary materials, and lithium iron phosphate also had different degrees of changes [1]. Supply and Demand - Supply side: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all increased. Demand side: Last week, the production of lithium iron phosphate, ternary materials, and lithium manganate powder increased, and the production of power batteries was basically flat. In September, the production of lithium manganate powder and the production plan of lithium manganate increased. Terminal demand: In August, the year - on - year growth rate of new energy vehicle production and sales slowed down, the 3C shipments were average, and the production plan of energy - storage batteries increased in September [1]. Inventory - On September 18, 2025, the registered warehouse receipts were 39,354 tons (+120), the social inventory decreased, the inventory of smelters and others decreased, and the downstream inventory was tight [1]. Industry News - Bandera now expects to achieve a post - tax net present value of $1.45 billion (previously estimated at $1.31 billion) due to increased reserves and mine design optimization. Saycona Mining's expansion plan for the North American Lithium (NAL) project in Quebec, Canada, will significantly improve project economics by increasing production and reducing costs. The annual average output of spodumene concentrate will increase from 192,000 tons to 315,000 tons, and the unit cost will decrease [1].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The report predicts that PX will operate weakly, PTA will operate in a volatile manner, and PR will also operate in a volatile manner. The PX view is rated -1, while the PTA and PR views are rated 0 [2][3]. Summary by Relevant Catalogs Price Information - **Upstream**: On September 18, 2025, the prices of WTI and Brent crude oil futures decreased by 0.75%. The spot price of naphtha in CFR Japan dropped by 1.56%, and the spot price of xylene (isomeric grade) in FOB Korea decreased by 0.67%. The spot price of para - xylene (PX) in CFR China Main Port fell by 1.10% [1]. - **PTA Price**: The closing price of the CZCE TA main - contract decreased by 0.98%, while the settlement price increased by 0.21%. The spot price of domestic PTA increased by 0.09%, and the CCFEI price index of domestic and foreign PTA also showed slight increases [1]. - **PX Price**: The closing price of the CZCE PX main - contract decreased by 1.30%, and the settlement price decreased by 0.27%. The domestic spot price of PX remained unchanged, and the PXN spread increased by 0.15%, while the PX - MX spread decreased by 2.92% [1]. - **PR Price**: The closing price of the CZCE PR main - contract decreased by 0.89%, and the settlement price increased by 0.38%. The market prices of polyester bottle - chips in the East and South China markets decreased [1]. - **Downstream Price**: The CCFEI price indices of most polyester products remained stable or decreased slightly, such as the price index of polyester bottle - chips decreased by 0.51% [2]. Operating Conditions - The operating rate of the PX in the polyester industry chain decreased by 1.59%. The PTA factory load rate remained unchanged, the polyester factory load rate increased by 0.22%, the bottle - chip factory load rate remained unchanged, and the load rate of Jiangsu and Zhejiang looms increased by 2.01% [1]. - The sales rate of polyester filament decreased by 1.61%, the sales rate of polyester staple fiber increased by 8.96%, and the sales rate of polyester chips decreased by 33.45% [1]. Device Information - The 1.2 - million - ton PTA device of Ningbo Taihua stopped operating on September 5 [2]. Important News and Market Analysis - **PX**: On September 17, due to Ukraine's harassment of Baltic ports, Russia's weekly crude oil exports plummeted, and the overall positive impact on the crude oil supply - demand situation was limited. The cost support for PX was insufficient. The domestic PX operating load was at a high level, and some device maintenance plans were postponed. The demand - side PTA factory maintenance expectations increased, and there was only one transaction heard during the day. The supply of PX increased, and although it was the peak season for downstream polyester, the new orders and load did not exceed expectations, and the PXN was expected to operate weakly [2]. - **PTA**: The fundamentals did not change significantly. The influence of the Fed's interest - rate cut was overdrawn, the crude oil market declined during the session, the sales of polyester filament were flat, and the PTA market increase was limited. The supply of PTA was expected to increase in the short term, and the new PTA device maintenance plans from October to November had limited impact on the current market [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets decreased. The prices of polyester raw materials PTA and bottle - chip futures first rose and then fell. The supply - side quotations were mostly stable, and some were lowered in the afternoon. The downstream terminals were cautious and the trading atmosphere was cold [2].