Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The report suggests that methanol is in a low - level oscillation, and it's necessary to wait before going long. The price is relatively high compared to upstream coal and downstream polyolefins, and the short - term upward driving force is limited due to high port inventory pressure and insufficient downstream restocking drive. The inventory turning point may be around mid - November, and the subsequent driving force may come from potential supply reduction, such as Iran's gas - restriction expectation. The recommended trading strategy is to wait and see [1]. 3. Summary by Relevant Catalogs 3.1. Futures and Spot Prices and Basis - Methanol futures prices: MA01 closed at 2298 yuan/ton on October 15, 2025, up 1.06% from the previous day; MA05 closed at 2311 yuan/ton, up 0.48%; MA09 closed at 2269 yuan/ton, up 0.44%. The spot price in Taicang was 2310 yuan/ton, up 1.09% [1]. - Spot prices in different regions: Shandong remained unchanged at 2305 yuan/ton; Guangdong rose 0.11% to 2270 yuan/ton; Shaanxi decreased 0.36% to 2072.50 yuan/ton; Sichuan - Chongqing and Hubei remained unchanged at 2200 yuan/ton and 2280 yuan/ton respectively; Inner Mongolia decreased 0.84% to 2060 yuan/ton [1]. - Basis: The basis of Taicang spot - MA increased by 1 yuan/ton to 12 yuan/ton [1]. 3.2. Raw Material Prices - Coal prices: Ordos Q5500 increased 0.95% to 530 yuan/ton; Datong Q5500 increased 1.24% to 610 yuan/ton; Yulin Q6000 increased 2.10% to 607.50 yuan/ton [1]. - Natural gas prices: Prices in Hohhot and Chongqing remained unchanged at 3.21 yuan/cubic meter and 3.14 yuan/cubic meter respectively [1]. 3.3. Profit Situation - Methanol production profit: Coal - based methanol profit decreased 6.30 yuan/ton to 312.20 yuan/ton; natural gas - based methanol profit increased 30.20 yuan/ton to - 165.20 yuan/ton [1]. - Downstream profit: Northwest MTO profit remained unchanged at - 502 yuan/ton; East China MTO profit decreased 16.49% to - 1003.07 yuan/ton; acetic acid profit decreased 5.21% to 554.53 yuan/ton; MTBE profit decreased 9.43% to 480.20 yuan/ton; formaldehyde and dimethyl ether profits remained unchanged at - 268 yuan/ton and 340 yuan/ton respectively [1]. 3.4. Important Information - Domestic futures price: The main methanol contract MA2601 fluctuated upwards, opening at 2275 yuan/ton and closing at 2298 yuan/ton, up 1 yuan/ton. Trading volume was 736,803 lots, and open interest was 1,038,960, showing reduced volume and positions [1]. - Foreign information: The US Treasury's Office of Foreign Assets Control (OFAC) added 13 Chinese enterprises to the SDN list and sanctioned multiple ships, with 11 ships sanctioned so far, accounting for about 12% of the shipping capacity from a certain Middle - Eastern country [1]. 3.5. Trading Strategy - The recommended trading strategy is to wait and see, with a view score of 0 [1].

Report Industry Investment Rating - Not provided Core Viewpoints - For lead, the supply - tight pattern has improved, part of the demand was released in September, there is a large pressure for lead ingot inventory accumulation, and prices may be under pressure [1]. - For zinc, the fundamental situation of Shanghai zinc continues the weak trend of strong supply and weak demand, and with macro - disturbances, prices are under pressure. There is a need to be vigilant about overseas structural risks [1]. Summary by Related Catalogs Lead - **Price and Market Data**: On the previous trading day, the average price of SMM1 lead ingots rose 0.15% from the previous day, and the closing price of the Shanghai lead main contract rose 0.35% from the previous day. The LME3 - month lead futures closing price (electronic disk) was $1,986.00, up 0.43%, and the Shanghai - London lead price ratio was 8.62, down 0.08% [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise but hard to fall, not yet affecting smelter operations. Some smelters have maintenance plans, with a slight fluctuation in primary lead production. For recycled lead, previously - maintained smelters are resuming production, increasing supply. On the demand side, the terminal market shows no significant improvement, the peak - season effect is not evident, and dealers mainly digest inventory [1]. - **Trading Strategy**: Temporarily hold off on trading [1]. Zinc - **Price and Market Data**: On the previous trading day, the average price of SMM1 zinc ingots fell 0.90% from the previous day, and the Shanghai zinc main contract fell 0.92% from the previous day. The LME3 - month zinc futures closing price (electronic disk) was $2,940.50, down 0.44%, and the Shanghai - London zinc price ratio was 7.49, down 0.48% [1]. - **Fundamentals**: Smelters have sufficient raw material stocks, zinc ore processing fees are rising. Affected by the low internal - external price ratio, smelters mainly purchase domestic ores. In October, domestic TC may still decline. On the supply side, smelter profits and production enthusiasm have improved, with an obvious trend of increased production. On the demand side, there is no significant improvement, and the zinc ingot export window may open [1]. - **Trading Strategy**: Temporarily hold off on trading [1].

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | | 工业硅&多晶硅日评20251016：关注供给端变动 | | | | --- | --- | --- | --- | | 2025/10/16 | 指标 单位 今值 变动 近期趋势 | | | | 不通氧553#（华东）平均价格 | 元/吨 | 9,300.00 | 0.00% | | 工业硅期现价格 | 期货主力合约收盘价 元/吨 | 8,570.00 | 0.59% | | 基差（华东553#-期货主力） | 元/吨 | 730.00 | -50.00 | | N型多晶硅料 | 元/千克 | 51.25 | 0.00% | | 多晶硅期现价格 | 元/吨 期货主力合约收盘价 | 50,865.00 | 1.75% | | 不通氧553#（华东）平均价格 | 基差 元/吨 元/吨 | 385.00 9,300.00 | -875.00 0.00% | | 不通氧553#（黄埔港）平均价格 | 元/吨 | 9,350.00 | 0.00% | | 不通氧553#（天津港）平均价格 | 元/吨 | 9,250.00 | ...

贵金属周报-黄金和白银 研究所 王文虎 从业资格证号：F03087656 投资咨询从业资格证号：Z0019472 联系方式：021-51801878 黄金和白银 1、伦敦与美国白银市场开展反向套利行为需要预先持有大量白银现货，促使部分交易员包下部分航班 货舱将美国和中国的白银运往伦敦，这种供给紧张局面随着伦敦白银1个月期租赁利率有所下降或初现缓解。 2、美国和荷兰等国家养老金投资计划改革，引发向黄金和股票等风险资产配置预期，形成对贵金属价 格中期支撑。 3、美国就业表现趋弱引导美联储降息预期升温，美德等全球多国财政主动扩张预期，叠加多国央行持 续购金、地缘政治风险难解，形成对贵金属价格长期支撑。 4、欧洲和英国央行2025年底前或最多降息1次；日本东京9月消费端通胀CPI年率为2.5%低于预期和前值， 叠加日本政府政治局势动荡，使日本央行2025年底前或难加息。 美联储未来降息和停止缩表预期支撑贵金属价格 2025年10月15日 投资策略：预计贵金属价格或易涨难跌，建议投资者前期多单谨慎持有或等待逢价格回落后布局多单为 主，需要警惕伦敦白银现货供给紧张缓解、美国联邦政府停摆危机结束等利空因素，伦敦金关注360 ...

Report Industry Investment Rating - No information provided Core Viewpoints - The expectation of the Fed's future interest rate cuts and halt to balance sheet reduction, along with the uncertainty of whether China and the US will impose additional tariffs, and the resumption of tin mines in Wa State, Myanmar, which may not change the tight supply - demand situation, could lead to wide - range fluctuations in Shanghai tin prices. It is recommended that investors mainly wait for price drops to establish long positions, and pay attention to the support and resistance levels of Shanghai tin at around 260,000 - 265,000 and 290,000 - 300,000 respectively, and those of London tin at around 33,000 - 35,000 and 38,000 - 40,000 respectively [3] Summary by Directory Part 1: Spread and Inventory Situation - The basis of Shanghai tin is positive and the monthly spread is negative, both basically within a reasonable range. This is due to the expectation of the Fed's future interest rate cuts and halt to balance sheet reduction, the tight domestic tin ore supply - demand situation, and the resumption expectation of tin mines in Wa State, Myanmar. It is recommended that investors temporarily wait and see for arbitrage opportunities [7][9] - The spread of the LME tin (0 - 3) contract is negative and the (3 - 15) contract spread is positive, both basically within a reasonable range. The ratio of Shanghai - London tin price is lower than the 50% quantile of the past five years. This is due to the expectation of the Fed's future interest rate cuts and halt to balance sheet reduction, and the decreasing inventory of refined tin in the LME. It is recommended to temporarily wait and see for arbitrage opportunities in the spreads of LME tin (0 - 3) and (3 - 15) contracts [11] - The inventory of refined tin in the Shanghai Futures Exchange, the social inventory of tin ingots in China, the inventory of refined tin in the LME, and the total inventory of refined tin at home and abroad have all decreased compared to last week [13] Part 2: Mid - upstream Supply Situation - The daily processing fee of domestic tin concentrates has been oscillating downward, indicating a tight supply expectation of domestic tin ore [19][20] - Multiple factors such as the closure of illegal tin mines in Indonesia, the commissioning of a new plant in Namibia, the resumption of mines in Myanmar and Congo, and the suspension of tin ore transit exports in Thailand may lead to a month - on - month increase in the production and import volume of domestic tin ore in October [22] - The production volume of recycled tin in China in October may increase month - on - month [24] - The capacity utilization rate of refined tin in Yunnan and China (Jiangxi) has increased (remained flat) compared to last week. Yunnan Tin will conduct maintenance on its smelting equipment from August 30 for no more than 45 days. The production (inventory) volume of Chinese refined tin in October may increase (decrease) month - on - month [28] - The import volume of Chinese refined tin in October may increase month - on - month. The new tin smelter in the US and the planned production and export increase in Indonesia are the reasons [29][31] Part 3: Downstream Demand Situation - The daily processing fee of photovoltaic solder strips has decreased month - on - month, which may lead to a month - on - month increase in the capacity utilization rate (inventory) of Chinese tin solder in October [35] - The import (export) volume of Chinese solder strips in October may decrease month - on - month [38][40] - The production volume of Chinese tin - plated sheets in October may increase month - on - month, while the import and export volumes may decrease month - on - month [43] - The capacity utilization rate of Chinese lead - acid batteries has increased compared to last week. Since tin is an important additive in lead - acid batteries, this may also affect the demand for tin [44][46]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The industrial silicon market maintains a pattern of strong supply and weak demand, with the short - term expected to trade in the range of 8,300 - 9,000 yuan/ton. Continued attention should be paid to macro - sentiment fluctuations and supply - side start - up conditions [3]. - The polysilicon market is in a state of high - level range - bound trading due to the game between policy - favorable expectations and weak fundamentals. Continued attention should be paid to the implementation of industrial policies and macro - sentiment [3]. 3. Summary According to the Directory 3.1产业链价格回顾 - **Industrial Silicon Futures and Spot Prices**: On October 10, 2025, the closing price of the industrial silicon futures main contract was 8,685 yuan/ton, up 0.52% from September 30. Most spot prices remained unchanged, with only the price of the oxygen - free 553 at Tianjin Port down 0.53% [12]. - **Polysilicon Futures and Spot Prices**: The closing price of the polysilicon futures main contract on October 10, 2025, was 48,965 yuan/ton, down 4.66% from September 30. Spot prices of various polysilicon types remained unchanged [12]. - **Silicon Wafer, Battery Cell, and Component Prices**: Prices of silicon wafers, battery cells, and components were generally stable, with only minor price changes in some products [12]. - **Organic Silicon and Aluminum Alloy Prices**: As of October 10, the average DMC price was 11,050 yuan/ton, unchanged from the previous period; the 107 - rubber average price was 11,500 yuan/ton, up 3.14% from the previous period; the silicone oil average price was 12,850 yuan/ton, unchanged from the previous period. The ADC12 average price was 21,100 yuan/ton, up 0.96% from the previous period; the A356 average price was 21,450 yuan/ton, up 1.42% from the previous period [12]. 3.2开炉增加，供给持续增量 - **Cost and Profit of Industrial Silicon**: Driven by anti - involution sentiment and increased demand, the prices of silicon coal, petroleum coke, and electrodes have rebounded. The power cost in the southwest production area will gradually increase as it transitions from the wet season to the dry season [3]. - **Supply of Industrial Silicon**: In October, Sichuan and Yunnan are transitioning to the dry season, leading to increased costs and production cuts by some enterprises. In contrast, small factories in Gansu and Ningxia have completed raw material stockpiling, and the start - up rate in Xinjiang has increased. Overall, the start - up rate has increased [3]. - **Demand for Industrial Silicon**: The production of polysilicon in October may still have a slight increase, increasing the demand for industrial silicon. However, some organic silicon enterprises have maintenance plans, and the start - up rate has declined. Overall, the demand for industrial silicon remains weak [3]. - **Inventory of Industrial Silicon**: The futures warehouse receipts have fluctuated slightly. After the holiday, downstream enterprises have successively inquired, but some manufacturers' orders have not been delivered, and factory inventories have accumulated [3]. 3.3光伏产业运行平稳，关注终端需求 - **Polysilicon**: In September, the polysilicon output was 130,000 tons, basically the same as in August. The cumulative output from January to September was 941,600 tons, a cumulative year - on - year decrease of 33%. It is expected that the output in October will maintain an incremental trend, with a month - on - month increase of about 3,000 - 5,000 tons. As of October 9, the total polysilicon inventory was 240,000 tons, and the silicon wafer inventory was 16.78 GW. As of October 10, the registered polysilicon warehouse receipts were 8,140 lots [3]. - **Silicon Wafer**: The market was sluggish during the holiday, with little market trading [80]. - **Battery Cell**: The price was stable [87]. - **Component**: The component installation did not meet expectations, and the price was under pressure. The lifting of the component export tax - refund policy is still undetermined. If the policy is implemented, it may stimulate component export demand in the next few months. The pre - implementation inventory rush of India's "double - anti" policy will also support exports to some extent. Domestically, the front - loaded installation in the first half of the year has overdrawn some demand in the second half, resulting in a decrease in domestic tender and bidding projects, lower - than - expected centralized installation, and a decline in distributed trading volume. The component segment is under great pressure, and there is no obvious restocking action for upstream demand [3]. 3.4支撑有限，有机硅价格大稳小动 - **Start - up Rate**: In September, the start - up rate of China's DMC was 71.25%, a month - on - month decrease of 4.38 percentage points. The DMC output was 210,200 tons, a month - on - month decrease of 12,900 tons. Recently, a monomer factory has a maintenance plan, and the start - up rate may decline slightly [108]. - **Price**: As of October 10, the average DMC price was 11,050 yuan/ton, unchanged from the previous period; the 107 - rubber average price was 11,500 yuan/ton, up 3.14% from the previous period; the silicone oil average price was 12,850 yuan/ton, unchanged from the previous period. Due to factory maintenance, the supply has tightened periodically, and the price has increased [114]. 3.5铝合金开工回升 - **Start - up Rate**: In the week of October 9, the start - up rate of primary aluminum alloy was 58%, a month - on - month decrease of 0.4 percentage points; the start - up rate of recycled aluminum alloy was 58.9%, a month - on - month increase of 2.3 percentage points [122]. - **Price**: As of October 10, the average ADC12 price was 21,100 yuan/ton, up 0.96% from the previous period; the average A356 price was 21,450 yuan/ton, up 1.42% from the previous period [125]. 3.6库存维持高位 - **Industrial Silicon Inventory**: As of October 9, the social inventory of industrial silicon (social inventory + delivery warehouse) was 545,000 tons, a month - on - month increase of 2,000 tons; the total factory inventory in Xinjiang, Yunnan, and Sichuan was 167,900 tons, a month - on - month increase of 54,000 tons. As of October 10, the exchange - registered warehouse receipts were 50,281 lots, equivalent to 251,400 tons of spot [139]. - **Polysilicon Inventory**: As of October 9, the total polysilicon inventory was 240,000 tons, an increase of 14,000 tons [74].

Report Summary 1) Report Industry Investment Rating - Not provided in the report 2) Core View of the Report - The rebound of the urea futures market is mainly due to short - term profit - taking by short sellers. The spot market remains dull, and the previously expected upward drivers (chemical anti - involution and exports) have not materialized. If there is no further change in exports and domestic agricultural demand weakens, domestic demand may struggle to absorb high supply pressure, and urea prices may continue to fluctuate at low levels. However, the current valuation of urea is low, and further short - selling is not recommended. The recommended trading strategy is to wait and see. [1] 3) Summary by Relevant Catalogs Urea Futures Prices (Closing Prices) - UR01: On October 14, it was 1597.00 yuan/ton, down 13.00 yuan (-0.81%) from October 13 [1] - UR05: On October 14, it was 1671.00 yuan/ton, down 7.00 yuan (-0.42%) from October 13 [1] - UR09: On October 14, it was 1707.00 yuan/ton, down 3.00 yuan (-0.18%) from October 13 [1] Domestic Spot Prices (Small - Granule Urea) - Shandong: On October 14, it was 1550.00 yuan/ton, up 20.00 yuan (1.31%) from October 13 [1] - Shanxi: On October 14, it was 1460.00 yuan/ton, up 10.00 yuan (0.69%) from October 13 [1] - Henan: On October 14, it was 1540.00 yuan/ton, up 20.00 yuan (1.32%) from October 13 [1] - Hebei: On October 14, it was 1590.00 yuan/ton, up 20.00 yuan (1.27%) from October 13 [1] - Northeast: On October 14, it was 1620.00 yuan/ton, down 10.00 yuan (-0.61%) from October 13 [1] - Jiangsu: On October 14, it was 1560.00 yuan/ton, up 30.00 yuan (1.96%) from October 13 [1] Spreads - Shandong Spot - UR01: On October 14, it was - 121.00 yuan/ton, up 27.00 yuan from October 13 [1] - 01 - 05 Spread: On October 14, it was - 74.00 yuan/ton, down 6.00 yuan from October 13 [1] Upstream Costs - Anthracite Coal Price (Henan): On October 14, it was 1000.00 yuan/ton, unchanged from October 13 [1] - Anthracite Coal Price (Shanxi): On October 14, it was 880.00 yuan/ton, unchanged from October 13 [1] Downstream Prices - Compound Fertilizer (45%S) Price (Shandong): On October 14, it was 2900.00 yuan/ton, unchanged from October 13 [1] - Compound Fertilizer (45%S) Price (Henan): On October 14, it was 2500.00 yuan/ton, unchanged from October 13 [1] - Melamine Price (Shandong): On October 14, it was 5084.00 yuan/ton, unchanged from October 13 [1] - Melamine Price (Jiangsu): On October 14, it was 5100.00 yuan/ton, down 100.00 yuan (-1.92%) from October 13 [1] Important Information - On the previous trading day, the opening price of the main urea futures contract 2601 was 1606 yuan/ton, the highest price was 1616 yuan/ton, the lowest price was 1592 yuan/ton, the closing price was 1597 yuan/ton, and the settlement price was 1602 yuan/ton. The position volume of 2601 was 321992 lots. [1]

| 贵金属日评20251015:美联储越发接近停止缩表或支撑贵金属价格 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较昨日变化 | 较上周变化 | 2025-10-13 | 2025-09-30 | 2025-10-14 | 收盘价 | 11. 42 | 838. 98 | 927. 56 | 64. 58 | 874. 40 | | | | | 成交重 | 555171.00 | 226548.00 | 328, 623. 00 | 446705.00 | 108. 466. 00 | 期货活跃合约 | 持包重 | 228459.00 | 256876.00 | 239996.00 | -11,537.00 | -28, 417. 00 | | | | 库存(十克) | 72183.00 | 70728.00 | 70728.00 | 1, 455. 00 | 1, 455. 00 | 上海黄 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Due to uncertainties in Sino - US trade tariff re - imposition, expectations of future Fed rate cuts and halt of balance - sheet reduction, and production disruptions in multiple overseas copper mines, the price of Shanghai copper is expected to be weak first and then strong. The report suggests waiting for the price to fall before laying out long positions [1] Group 3: Summary Based on Related Data 1. Shanghai Copper Data - On October 14, 2025, the Shanghai copper inventory was 36,295 tons, an increase of 3,405 tons from the previous day; the SMM 1 electrolytic copper - semi average price was 86,668.945, the SMM premium copper open - discount - average price was 100, the Shanghai copper basis was 1,580, and the trading volume was 210,984 lots, a decrease of 80,438 lots from the previous day [1] 2. London Copper Data - On October 14, 2025, the LME 3 - month copper futures closing price (electronic trading) was 10,598.5, a decrease of 203.5 from the previous day; the LME copper futures 3 - 15 - month contract spread was 153, a decrease of 56.5 from the previous day; the LME copper futures 0 - 3 - month contract spread was 54.87, a decrease of 171.91 from the previous day [1] 3. COMEX Copper Data - On October 14, 2025, the total COMEX copper inventory was 342,280, an increase of 2,755 from the previous day; the copper futures active contract closing price was 4.998, an increase of 0.15 from the previous day; the open interest was 187,566 lots, a decrease of 14,265 lots from the previous day [1] 4. Price Ratio and Premium Data - On October 14, 2025, the Shanghai - London copper price ratio was 7.9643, an increase of 0.08 from the previous day; the SMM Yangshan copper premium (warehouse receipt) - average price was 110, and the SMM Yangshan copper premium (bill of lading) - average price was 53, a decrease of 1 from the previous day [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The report's view on methanol is that it will experience low-level fluctuations, and it's necessary to wait before going long. Methanol prices are relatively high compared to upstream coal and downstream polyolefin prices, and the short - term upward driving force is limited due to high port inventory pressure and insufficient downstream restocking drive. The inventory turning point may be around mid - November, and potential future drivers lie in possible supply reductions, such as Iran's gas restriction expectations [1]. - The recommended trading strategy is to wait and see, with a view score of 0 [1]. Summary by Relevant Catalogs 1. Price Changes - **Methanol Futures Prices**: On October 14, 2025, MA01 was 2274 yuan/ton, down 68 yuan or 2.90% from October 11; MA05 was 2300 yuan/ton, down 54 yuan or 2.29%; MA09 was 2259 yuan/ton, down 59 yuan or 2.55% [1]. - **Methanol Spot Prices**: In Shandong, it was 2305 yuan/ton, down 2.5 yuan or 0.11%; in Guangdong, 2267.5 yuan/ton, down 25 yuan or 1.09%; in Shaanxi, 2080 yuan/ton, down 2.5 yuan or 0.12%; in Sichuan - Chongqing, 2200 yuan/ton, down 5 yuan or 0.23%; in Hubei, 2280 yuan/ton, down 80 yuan or 3.39%; in Inner Mongolia, 2077.5 yuan/ton, down 5 yuan or 0.24% [1]. - **Coal Spot Prices**: The price of Buzhou Kes Q5500 was 525 yuan/ton, up 7.5 yuan or 1.45%; Datong Q5500 was 602.5 yuan/ton, up 10 yuan or 1.69%; Yulin Q6000 was 595 yuan/ton, up 7.5 yuan or 1.28% [1]. - **Industrial Natural Gas Prices**: In Hohhot and Chongqing, there was no change at 3.21 yuan/cubic meter and 3.14 yuan/cubic meter respectively [1]. 2. Profit Situations - **Methanol Production Profits**: Coal - based methanol profit remained at 318.5 yuan/ton, with no change; natural gas - based methanol profit was - 502 yuan/ton, unchanged [1]. - **Downstream Product Profits**: Northwest MTO profit was - 195.4 yuan/ton, down 30 yuan or 18.14%; East China MTO profit was - 861.07 yuan/ton, up 38.5 yuan or 4.28%; acetic acid profit was 585 yuan/ton, up 23.13 yuan or 4.12%; MTBE profit was 530.2 yuan/ton, down 20 yuan or 3.64%; formaldehyde and dimethyl ether profits remained unchanged at - 268 yuan/ton and 340 yuan/ton respectively [1]. 3. Market Information - **Domestic Market**: The main methanol contract MA2601 weakened, opening at 2345 yuan/ton, closing at 2274 yuan/ton, down 61 yuan/ton, with trading volume of 1237490 lots and open interest of 1051360, showing reduced volume and increased open interest [1]. - **Foreign Market**: The US Treasury's Office of Foreign Assets Control (OFAC) added 13 Chinese companies to the SDN list and sanctioned multiple ships. As of now, 11 ships are sanctioned by the US State Department, accounting for about 12% of the shipping capacity from a certain Middle - Eastern country [1].