Group 1: Report Overview - Report Title: Nickel and Stainless Steel Daily Review 20250918: Rate Cut Implemented, Upward Drive Insufficient [1] Group 2: Market Data Summary Nickel Futures - On September 17, 2025, Shanghai nickel futures' closing prices declined, with the active contract's closing price at 121,790 yuan/ton (-820), trading volume at 90,734 lots (-13,858), and open interest at 58,829 lots (-7,709) [2] - LME 3 - month nickel's closing price was $15,250 (-165), trading volume was 6,290 lots ( + 1,202), and the price ratio of Shanghai - LME nickel futures was 7.89 (-0.05) [2] Stainless Steel Futures - On September 17, 2025, Shanghai stainless steel futures' closing prices were mostly down, with the active contract's closing price at 12,840 yuan/ton (-12), trading volume at 170,126 lots (-60,650), and open interest at 127,750 lots (-3,036) [2] Spot Market - SMM 1 electrolytic nickel's average price was 122,800 yuan/ton, with a basis of 990 yuan/ton compared to the active futures contract [2] - The average price of 304/2B coil - trimmed edge (Wuxi) was 13,850 yuan/ton, with a basis of 915 yuan/ton compared to the active futures contract [2] Inventory - Shanghai Futures Exchange's nickel inventory decreased by 26 tons to 26,167 tons; LME nickel inventory increased by 2,034 tons to 228,468 tons [2] - Shanghai Futures Exchange's stainless steel inventory decreased by 480 tons to 95,265 tons [2] Group 3: Industry News - Nickel 28 Capital Corp's Q2 2025 production report showed that the Ramu nickel - cobalt project in Papua New Guinea produced 8,564 tons of MHP nickel metal ( + 22.87% YoY) and 787 tons of cobalt metal, with MHP nickel sales volume at 7,846 tons ( + 27.93% YoY) and cobalt sales volume at 719 tons [2] Group 4: Market Analysis Nickel Market - **Supply**: Nickel ore prices remained flat, last week's nickel ore arrivals decreased, and port inventories increased; nickel - iron mills' losses narrowed, September's domestic production schedule increased, Indonesian production increased, and nickel - iron inventory decreased; September's domestic electrolytic nickel production increased, and export profits expanded [2] - **Demand**: Ternary production decreased; stainless steel mills' production increased; alloy and electroplating demand was stable [2] - **Inventory**: SHFE inventory decreased, LME inventory increased, social inventory increased, and bonded area inventory decreased [2] - **Outlook**: After the Fed's rate cut, the nickel fundamentals are weak with inventory pressure, and nickel prices are expected to fluctuate at a low level [2] Stainless Steel Market - **Supply**: September's stainless steel production schedule increased [2] - **Demand**: Terminal demand was weak [2] - **Cost**: High - nickel pig iron prices and high - carbon ferrochrome prices remained flat [2] - **Outlook**: Although the fundamentals are loose, the cost side provides support, and prices are expected to fluctuate within a range [2] Group 5: Trading Strategies - For nickel, the strategy is to short on rallies [2] - For stainless steel, the suggestion is to wait and see [2]

Group 1: Price Changes - The price of crude oil on September 18, 2025, was $608.88 per ton, up $0.66 or 0.11% from the previous day [1] - The price of ethylene in Northeast Asia on September 18, 2025, was unchanged at $851 per ton [1] - The ex - factory price of ethylene oxide in East China on September 18, 2025, was $6300 per ton, up $50 or 0.8% [1] - The settlement price of the main contract of coal was $4289 per ton on September 17, 2025, down 0.21% [1] - The price of ethylene glycol in the domestic market on September 17, 2025, was $4380 per ton, unchanged [1] Group 2: Production and Operation - The operating rate of polyester factories was 88.88% on September 1, 2025, and that of textile machines in the Jiangsu - Zhejiang region was 65.54% on September 17, 2025 [1] - The operating rate of oil - based ethylene glycol was 65% on September 17, 2025, and that of coal - based ethylene glycol was 8.14% [1] Group 3: Other Indicators - The price index of polyester was $8550 per ton on September 17, 2025, unchanged; the price index of polyester staple fiber was $640 per ton on September 1, 2025, unchanged [1] - The external price of oil - based ethylene glycol was $124.91 per ton on September 16, 2025, down $6.17 from the previous price [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report anticipates that PX, PTA, and PR will operate in a fluctuating manner. The fundamentals of PX are weak, with supply increasing and demand not meeting expectations. PTA's fundamentals remain unchanged, with cost support and some plant maintenance plans, but downstream demand is weak. PR's downstream demand is average, with sufficient market supply and cautious market sentiment [2]. 3. Summary by Related Catalogs Price Information - **Upstream**: On September 17, 2025, WTI crude oil futures settled at $64.05 per barrel, down 0.73%; Brent crude oil futures settled at $67.95 per barrel, down 0.76%. The spot price of naphtha CFR Japan was $608.88 per ton, up 0.66%. The spot price of xylene (isomeric grade) FOB South Korea was $680.50 per ton, down 0.58%. The spot price of paraxylene PX CFR China Main Port was $836 per ton, up 0.20% [1]. - **PTA**: On September 17, 2025, the CZCE TA main - contract closed at 4,712 yuan per ton, up 0.51%; the settlement price was 4,698 yuan per ton, up 0.13%. The spot price of PTA in the domestic market was 4,628 yuan per ton, up 0.22% [1]. - **PX**: On September 17, 2025, the CZCE PX main - contract closed at 6,772 yuan per ton, up 0.15%; the settlement price was 6,782 yuan per ton, down 0.09%. The spot price of paraxylene in the domestic market was 6,656 yuan per ton, unchanged [1]. - **PR**: On September 17, 2025, the CZCE PR main - contract closed at 5,868 yuan per ton, up 0.38%; the settlement price was 5,856 yuan per ton, down 0.07%. The market price of polyester bottle - chips in the East China market was 5,850 yuan per ton, unchanged [1]. Operating Conditions - The operating rates of the polyester industry chain, including PX, PTA factories, polyester factories, bottle - chip factories, and Jiangsu and Zhejiang looms, remained unchanged on September 17, 2025 [1]. - The sales rate of polyester filament was 42.42%, up 1.47 percentage points; the sales rate of polyester staple fiber was 52.32%, down 12.75 percentage points; the sales rate of polyester chips was 102.68%, down 18.06 percentage points [1]. Device Information - Ningbo Taihua's 1.2 million - ton PTA device stopped on September 5 [2]. PX Summary - **Important Information**: Geopolitical factors and the Fed's strong expectation of interest - rate cuts support oil prices. The overnight rise of raw materials expanded, and the morning PX negotiation level strengthened, but the trading atmosphere declined in the late session. The domestic PX operating load is high, but many PTA devices have announced maintenance plans, increasing the game between cost and supply - demand [2]. - **Long - Short Logic**: The fundamentals are weak. The PX2511 contract closed at 6,772 yuan per ton, down 0.24%. The supply has increased due to the delay of Fujia Dahua's maintenance and the restart of some devices. Although it is the peak season for downstream polyester, new orders and loads are not as expected. Naphtha prices are strong, and PXN is expected to run weakly [2]. PTA Summary - **Long - Short Logic**: The fundamentals have no obvious changes. The TA2601 contract closed at 4,712 yuan per ton, up 0.43%. Cost support and some PTA factory maintenance plans are beneficial, but downstream polyester filament sales are only 42%. A 4.5 million - ton PTA device in South China will restart, increasing short - term supply. New maintenance plans from October to November have limited impact on the current market. The overall industry chain shows that the start - up of polyester raw materials has increased significantly, while the start - up of polyester and downstream has recovered slowly. The demand side has not actively destocked, and the market's expectation for peak - season demand has weakened [2]. PR Summary - **Important Information**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets is between 5,830 - 5,900 yuan per ton, up 10 yuan per ton from the previous trading day. Polyester raw materials PTA and bottle - chip futures fluctuate, the supply - side quotation of bottle - chips is stable, and downstream terminals follow up cautiously [2]. - **Long - Short Logic**: The downstream demand is average. The PR2511 contract closed at 5,868 yuan per ton, up 0.14%. The supply - side start - up of bottle - chips is stable, the market supply is sufficient, and the market sentiment is cautious [2].

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core View - The current supply and demand are both weak, with little inventory pressure upstream. As the resumption of lithium mines is approaching actively, the expectation of supply contraction is weakening. It is expected that the price of lithium carbonate will fluctuate at a low level, and it is necessary to wait for the downstream restocking point. The trading strategy is to short on rallies [1]. 3. Summary by Relevant Catalog 3.1 Lithium Carbonate Futures Market - **Prices**: On September 17, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures all increased compared to the previous day. For example, the near - month contract closed at 73,500 yuan/ton, up 440 yuan from the previous day [1]. - **Volume and Open Interest**: The trading volume was 343,863 lots (- 156,404), and the open interest was 294,624 lots (- 5,813) [1]. - **Inventory**: The inventory was 39,234 tons, an increase of 410 tons from the previous day [1]. - **Spreads**: The basis of SMM battery - grade lithium carbonate average price minus the closing price of the active lithium carbonate contract was - 490 yuan/ton, a decrease of 160 yuan from the previous day [1]. 3.2 Lithium - Related Commodity Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 857 US dollars/ton, up 4 US dollars from the previous day; the average price of lithium mica (Li2O: 1.5% - 2.0%) remained at 1,105 yuan/ton [1]. - **Lithium Compounds**: The average price of battery - grade lithium carbonate (99.5%, domestic) was 73,150 yuan/ton, an increase of 300 yuan from the previous day; the average price of industrial - grade lithium carbonate (99.2%, domestic) was 70,900 yuan/ton, an increase of 300 yuan from the previous day [1]. - **Other Lithium - Related Products**: The prices of various lithium - related products such as ternary precursors, ternary materials, and lithium iron phosphate also showed different degrees of change [1]. 3.3 Market News - Pantera Lithium's shareholders voted overwhelmingly in favor of selling its subsidiary Daytona Lithium Pty Ltd to Energy Exploration Technologies (EnergyX). EnergyX is advancing its Lonestar Lithium project in New Markover, and this acquisition will further expand its resource reserves in the Smackover area, where the lithium resource volume may exceed 4 million tons [1]. 3.4 Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all increased. The cost of lithium spodumene concentrate increased, while the price of lithium mica remained flat [1]. - **Demand**: Last week, the production of lithium iron phosphate increased, and the production of ternary materials decreased. In September, the trial production and scheduled production of lithium carbonate increased, and the production of power batteries increased last week. In August, the year - on - year growth rate of new - energy vehicle production slowed down, 3C shipments were average, and the scheduled production of energy - storage batteries increased in September [1]. 3.5 Inventory Situation - The registered warehouse receipts were 39,234 tons (+ 410 tons), the social inventory decreased, the inventories of smelters and other sectors decreased, and the downstream inventory increased [1].

Report Industry Investment Rating - Not provided Core View of the Report - Recommend paying attention to the opportunity to go long on the 01 contract on dips. Currently, urea has fallen to a certain cost - effective level, with upstream profits at a relatively low level and a reasonable valuation. There are two potential upward drivers for urea prices: supply - side expectation of old device renovation (old devices over 20 years account for about 20% and the current comprehensive operating rate is close to 80% with limited idle capacity), and demand - side expectation of improved exports (optimistic about urea exports from September to October due to the easing of Sino - Indian relations). Therefore, the space for further decline of urea is limited [1]. Summary by Relevant Catalogs Urea Futures Prices - On September 17, UR01 closed at 1,681 yuan/ton, down 5 yuan or 0.30% from September 16; UR05 closed at 1,734 yuan/ton, down 3 yuan or 0.17%; UR09 closed at 1,755 yuan/ton, down 2 yuan or 0.11% [1]. Spot Prices - Domestic small - particle urea spot prices in Shandong, Henan, Hebei, Northeast, and Jiangsu remained unchanged on September 17 compared to September 16, while the price in Shanxi dropped 10 yuan/ton or 0.65% to 1,530 yuan/ton [1]. Basis and Spreads - The basis of Shandong spot - UR increased by 3 yuan/ton to - 84 yuan/ton, and the 01 - 05 spread decreased by 2 yuan/ton to - 53 yuan/ton [1]. Upstream Costs - The prices of anthracite coal in Henan and Shanxi remained unchanged at 1,000 yuan/ton and 880 yuan/ton respectively [1]. Downstream Prices - The price of compound fertilizer (45%S) in Shandong dropped 20 yuan/ton or 0.68% to 2,930 yuan/ton, while the price in Henan remained unchanged at 2,520 yuan/ton. The prices of melamine in Shandong and Jiangsu remained unchanged at 5,083 yuan/ton and 5,200 yuan/ton respectively [1]. Important Information - On the previous trading day, the opening price of the main urea futures contract 2601 was 1,685 yuan/ton, the highest was 1,687 yuan/ton, the lowest was 1,676 yuan/ton, the closing price was 1,681 yuan/ton, and the settlement price was 1,681 yuan/ton. The position of 2601 was 281,488 lots [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 for the industry is provided in the report. 2) Core View of the Report The current methanol spot price is in a low - level oscillation. Due to high port inventories and low downstream profits in the inland, the upside space is limited. In the short term, the upward driving force is insufficient because of high absolute port inventory levels and weak restocking motivation of MTO enterprises. However, considering that the current spot price in East China has fallen to a low level and the price difference with the inland is also low, the room for further decline is limited. With the upcoming traditional downstream peak season, it may help relieve the current inventory pressure. Therefore, it is recommended to pay attention to low - buying opportunities [1]. 3) Summary by Relevant Catalogs a) Methanol Futures and Spot Prices - **Futures Prices**: On September 17, 2025, MA01 closed at 2376 yuan/ton, up 1 yuan/ton (0.04%) from the previous day; MA05 remained unchanged at 2397 yuan/ton; MA09 closed at 2371 yuan/ton, up 1 yuan/ton (0.04%) [1]. - **Spot Prices**: Among different regions, prices in Shandong increased by 10 yuan/ton (0.42%) to 2390 yuan/ton, while prices in Guangdong decreased by 12.5 yuan/ton (- 0.55%) to 2275 yuan/ton, and prices in Inner Mongolia decreased by 15 yuan/ton (- 0.70%) to 2120 yuan/ton. Prices in some regions such as Shaanxi, Sichuan - Chongqing, and Hubei remained unchanged [1]. - **Basis**: The basis of Taicang spot - MA was - 96 yuan/ton, down 11 yuan/ton from the previous day [1]. b) Upstream Costs - **Coal Spot Prices**: On September 17, 2025, the price of Bohai Rim Q5500 increased by 10 yuan/ton (1.99%) to 512.5 yuan/ton, the price of Datong Q5500 increased by 7.5 yuan/ton (1.32%) to 575 yuan/ton, and the price of Yulin Q6000 increased by 12.5 yuan/ton (2.16%) to 592.5 yuan/ton [1]. - **Industrial Natural Gas Prices**: The prices in Hohhot and Chongqing remained unchanged at 3.21 yuan/cubic meter and 3.14 yuan/cubic meter respectively [1]. c) Profit Situation - **Methanol Production Profit**: The profit of coal - to - methanol decreased by 6.3 yuan/ton (- 1.42%) to 436.3 yuan/ton, while the profit of natural gas - to - methanol remained unchanged at - 362 yuan/ton [1]. - **Downstream Profit**: The profit of East China MTO increased by 44.5 yuan/ton (7.10%) to - 582.57 yuan/ton, the profit of acetic acid increased by 24.15 yuan/ton (5.03%) to 504.04 yuan/ton, and the profit of MTBE increased by 93.6 yuan/ton (31.46%) to 391.12 yuan/ton [1]. d) Information - **Domestic Information**: The main methanol contract MA2601 was weakly oscillating, opening at 2380 yuan/ton, closing at 2376 yuan/ton, down 18 yuan/ton. The trading volume was 387,439 lots, and the open interest was 836,608 lots, with shrinking volume and increasing positions [1]. - **Foreign Information**: Two methanol plants in Southeast Asia with a total capacity of 2.6 million tons are under maintenance, and a small amount of Chinese goods are exported to Southeast Asia [1].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - For lead, the import of lead concentrates has no expected increase, and processing fees are likely to rise but not fall. However, it has not had a substantial impact on refinery operations. Some refineries have maintenance plans, and the operation of primary lead has a slight decline. The terminal market shows no significant improvement, and the peak - season effect is not evident. The supply is tightened in the short - term, and lead prices are expected to remain high in the short term, but the limited improvement in demand may suppress the upside space [1]. - For zinc, refineries have sufficient raw material stocks, and zinc ore processing fees are rising. The production profit and enthusiasm of refineries have improved, and the output shows an increasing trend. The demand has improved, and the zinc ingot export window may open. Although the fundamentals of Shanghai zinc are weak, the low LME zinc inventory and the back structure support the zinc price. After the interest - rate cut expectation is fulfilled, Shanghai zinc is expected to strengthen in the short term, but the upside space may be limited due to fundamental constraints [1]. 3. Summary by Related Catalogs Lead Price and Spread - The average price of SMM1 lead ingots is 16,950 yuan/ton with no change. The closing price of the lead futures main contract is 17,100 yuan/ton, up 0.26%. The lead basis is - 150 yuan/ton, a decrease of 45 yuan/ton. The LME 0 - 3 lead premium is - 46.43 dollars/ton, and the LME 3 - 15 lead premium is - 70.50 dollars/ton [1]. Trading Volume and Open Interest - The trading volume of the lead futures active contract is 44,958 lots, down 18.23%. The open interest is 42,195 lots, down 6.43%. The trading - to - open - interest ratio is 1.07, down 12.61% [1]. Inventory - The LME lead inventory is 225,350 tons with no change, and the Shanghai lead warehouse receipt inventory is 2,005 tons, down 0.07% [1]. News - The construction of the Zhugongtang lead - zinc mine project in Hezhang County has made phased breakthroughs. The main project of the concentrator has entered the steel - structure construction stage. The project is expected to invest 762 million yuan this year and strive to complete the main systems construction by the end of December and achieve trial production in the first mining area [1]. - On September 16, the LME 0 - 3 lead was at a discount of 49.61 dollars/ton, and the open interest decreased by 277 lots to 165,625 lots [1]. Zinc Price and Spread - The average price of SMM1 zinc ingots is 22,090 yuan/ton, down 0.32%. The closing price of the zinc futures main contract is 22,280 yuan/ton, up 0.11%. The zinc basis is - 95 yuan/ton, a decrease of 190 yuan/ton. The LME 0 - 3 zinc premium is 24.36 dollars/ton [1]. Trading Volume and Open Interest - The trading volume of the zinc futures active contract is 96,254 lots, down 0.40%. The open interest is 78,094 lots, down 8.11%. The trading - to - open - interest ratio is 1.23, up 8.40% [1]. Inventory - The LME zinc inventory is 48,975 tons with no change, and the Shanghai zinc warehouse receipt inventory is 52,720 tons, up 1.05% [1]. News - On September 17, Orion Minerals' subsidiary signed a financing and concentrate purchase agreement with a subsidiary of Glencore for the Prieska project. Orion Minerals plans to achieve the first production of the Prieska Copper Zinc Mine project at the end of 2026 or early 2027 and aims to increase copper production to over 30,000 tons/year and zinc production to 65,000 tons/year [1]. - On September 16, the LME 0 - 3 zinc was at a premium of 41.33 dollars/ton, and the open interest decreased by 2,659 lots [1]. Investment Strategy - For lead, investors with existing long positions should protect their profits [1]. - For zinc, investors can try to go long at low prices with a light position [1]

Report Industry Investment Rating - Not provided in the document Core View - The current supply and demand are balanced, with little inventory pressure upstream. As lithium mines are actively resuming production, the expectation of supply contraction weakens. It is expected that the price of lithium carbonate will fluctuate at a low level, and the key lies in the downstream restocking point. The trading strategy suggests shorting on rallies [1]. Summary by Related Content Lithium Carbonate Futures Market - On September 17, 2025, the closing prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts of lithium carbonate futures increased compared with the previous day, with increases of 440 yuan/ton, 460 yuan/ton, 460 yuan/ton, 460 yuan/ton respectively. The trading volume was 343,863 lots (-156,404), and the open interest was 294,624 lots (-5,813). The inventory was 39,234 tons (+410) [1]. Lithium - Related Product Prices - The average price of lithium spodumene concentrate (6%, CIF China) was 857 US dollars/ton (+4). The average prices of lithium mica remained flat. The average price of battery - grade lithium carbonate (99.5%/domestic) was 73,150 yuan/ton (+300), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 70,900 yuan/ton (+300). The average price of battery - grade lithium hydroxide (56.5% CIF China, Japan, and South Korea) was 9.35 US dollars/kg (+0.05) [1]. Supply and Demand - Supply: Last week, the output of lithium carbonate increased, with the output of lithium carbonate from different raw materials all rising. In September, the production and scheduled production of lithium carbonate increased [1]. - Demand: Last week, the output of lithium iron phosphate increased, while the output of ternary materials decreased. In September, the scheduled production of lithium batteries increased, and the output of power batteries increased last week. In August, the year - on - year growth rate of new energy vehicle production slowed down, 3C shipments were average, and the scheduled production of energy - storage batteries increased in September [1]. Inventory - Registered warehouse receipts were 39,234 tons (+410). Social inventory decreased, with inventory in smelters and other sectors decreasing and downstream inventory increasing [1]. Industry News - Pantera Lithium's shareholders voted overwhelmingly in favor of selling its subsidiary Daytona Lithium Pty Ltd to Energy Exploration Technologies (EnergyX). This acquisition will allow EnergyX to further integrate lithium resources in the Smackover area, and analysts estimate that the lithium resources in this area may exceed 4 million tons [1].

Report Industry Investment Rating - Not provided Core View of the Report - Recommend paying attention to the opportunity to go long on the 01 contract on dips. Currently, urea has fallen to a certain cost - effective level, with upstream profits at a relatively low level and a relatively cheap valuation. There are two possible upward drivers for urea prices in the future: on the supply side, there is an expectation of renovation of old - aged plants, and on the demand side, there is an expectation of improved exports. Therefore, the space for further decline in urea prices is relatively limited [1] Summary According to Related Catalogs Urea Futures Prices (Closing Prices) - UR01: 1681.00 yuan/ton on September 17, down 5.00 yuan (-0.30%) from September 16 [1] - UR05: 1734.00 yuan/ton on September 17, down 3.00 yuan (-0.17%) from September 16 [1] - UR09: 1755.00 yuan/ton on September 17, down 2.00 yuan (-0.11%) from September 16 [1] Domestic Spot Prices (Small - Granules) - Shandong: 1650.00 yuan/ton on September 17, unchanged from September 16 [1] - Shanxi: 1530.00 yuan/ton on September 17, down 10.00 yuan (-0.65%) from September 16 [1] - Henan: 1660.00 yuan/ton on September 17, unchanged from September 16 [1] - Hebei: 1680.00 yuan/ton on September 17, unchanged from September 16 [1] - Northeast: 1660.00 yuan/ton on September 17, unchanged from September 16 [1] - Jiangsu: 1650.00 yuan/ton on September 17, unchanged from September 16 [1] Basis and Spread - Shandong Spot - UR basis: - 84.00 yuan/ton on September 17, up 3.00 yuan from September 16 [1] - 01 - 05 spread: - 53.00 yuan/ton on September 17, down 2.00 yuan from September 16 [1] Upstream Cost - Anthracite coal price in Henan: 1000.00 yuan/ton on September 17, unchanged from September 16 [1] - Anthracite coal price in Shanxi: 880.00 yuan/ton on September 17, unchanged from September 16 [1] Downstream Prices - Compound fertilizer (45%S) price in Shandong: 2930.00 yuan/ton on September 17, down 20.00 yuan (-0.68%) from September 16 [1] - Compound fertilizer (45%S) price in Henan: 2520.00 yuan/ton on September 17, unchanged from September 16 [1] - Melamine price in Shandong: 5083.00 yuan/ton on September 17, unchanged from September 16 [1] - Melamine price in Jiangsu: 5200.00 yuan/ton on September 17, unchanged from September 16 [1] Important Information - The previous trading day, the opening price of the main urea futures contract 2601 was 1685 yuan/ton, the highest price was 1687 yuan/ton, the lowest price was 1676 yuan/ton, the closing price was 1681 yuan/ton, and the settlement price was 1681 yuan/ton. The trading volume of 2601 was 281,488 lots [1]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Report's Core View - The industrial silicon market is currently in a high - level consolidation phase. Supply is increasing steadily, with some previously - shut - down silicon plants in Xinjiang resuming production and enterprises in the southwest region increasing their operations due to low - cost electricity in the wet season. Demand is mixed, with potential demand from some silicon material plants'复产 but limited downstream inventory - building willingness. Considering supply disturbances and potential production cuts by polysilicon enterprises, short - term silicon prices may remain high, but there is a risk of a subsequent decline [1]. - The polysilicon market is also in high - level consolidation. Supply is expected to increase slightly after offsetting production cuts and new capacity additions. Demand has increased in the short term, with significant trading volume and inventory reduction. However, due to high downstream raw material inventory and pressure on terminal demand, there is pressure on further price increases [1]. 3. Summary by Related Catalogs Industrial Silicon - **Price Changes**: The average price of non - oxygen - blown 553 (East China) remained flat at 9,100 yuan/ton, and the 421 (East China) remained flat at 9,600 yuan/ton. The futures main contract's closing price rose 0.56% to 8,965 yuan/ton [1]. - **Supply and Demand**: Supply is increasing steadily as some silicon plants in Xinjiang resume production and southwest enterprises increase operations. On the demand side, polysilicon enterprises are reducing production, with some having复产 plans; the organic silicon market has supply fluctuations; and silicon - aluminum alloy enterprises purchase as needed with low inventory - building willingness [1]. - **Investment Strategy**: Suggest interval operation, continue to hold out - of - the - money put options, and consider participating in the 2511 and 2512 reverse spreads. Be cautious of potential price drops [1]. Polysilicon - **Price Changes**: N - type dense material rose 0.10% to 51.05 yuan/kg, N - type re - feed material rose 0.10% to 52.55 yuan/kg, N - type mixed material rose 0.10% to 50.05 yuan/kg, and N - type granular silicon remained flat at 49.5 yuan/kg. The futures main contract's closing price fell 0.34% to 53,490 yuan/ton [1]. - **Supply and Demand**: Supply is expected to increase slightly after offsetting production cuts and new capacity additions. Demand has increased in the short term, with significant trading volume and inventory reduction, but terminal demand is under pressure [1]. - **Investment Strategy**: Before the implementation of supply - side reform policies, consider lightly testing long positions on price dips [1]. Industry News - Italy received nearly 12GW of renewable energy project applications in its first competitive tender under the FER - X transitional ministerial order, including 10.09GW of photovoltaic and 1.67GW of wind power. Only 8GW of photovoltaic and 2.5GW of wind power will be auctioned, and the results will be announced on December 11, 2025. Italy also launched a second round of expression of interest (EOI) for photovoltaic projects using non - Chinese - made components, with a scale of 200MW - 1.6GW [1].