1. Report Industry Investment Rating - Unilateral: Neutral. There is significant pressure for inventory accumulation in the fourth quarter due to high supply, but the price has dropped to near the April low. With a modest improvement in demand, market sentiment has been boosted. Attention should be paid to issues such as ships involved in US - related matters and shipping fees. No recommendations were made for inter - period or inter - variety strategies [3] 2. Core Viewpoints - Futures and spot markets: The closing price of the main EG contract was 4095 yuan/ton (a change of +44 yuan/ton or +1.09% from the previous trading day), the spot price in the East China EG market was 4186 yuan/ton (a change of +64 yuan/ton or +1.55% from the previous trading day), and the spot basis in East China was 91 yuan/ton (a month - on - month increase of 10 yuan/ton). Due to tight supply during the delivery period and the cancellation of the loading of some Iranian goods, the EG price increased, and the spot basis strengthened simultaneously [1] - Production profit: According to Longzhong data, the production profit of ethylene - based EG was - 63 US dollars/ton (a month - on - month increase of 5 US dollars/ton), and the production profit of coal - based syngas - to - EG was - 632 yuan/ton (a month - on - month increase of 17 yuan/ton) [1] - Inventory: According to CCF data released every Monday, the inventory of MEG at the main ports in East China was 57.9 tons (a month - on - month increase of 3.8 tons); according to Longzhong data released every Thursday, the inventory of MEG at the main ports in East China was 48.3 tons (a month - on - month decrease of 1.0 tons). As of October 23, the total inventory of MEG in the main ports in East China was 48.3 tons, 3 tons lower than on Monday of this week and 1 ton lower than on Thursday of last week [2] - Overall fundamental supply - demand logic: On the supply side, the domestic ethylene glycol load is operating at a high level, and there are still many losses in overseas ethylene glycol supply. More than two sets of Saudi Arabian plants are still in a state of shutdown or low - load operation. However, due to some ships being involved in US - related issues, the supply will be postponed in the short term. On the demand side, with the recent cooling, the downstream polyester market has moderately improved, which has a certain boosting effect on the overall sentiment [2] 3. Summary by Directory 3.1 Price and Basis - The closing price of the main EG contract was 4095 yuan/ton, and the spot price in the East China EG market was 4186 yuan/ton. The spot basis in East China was 91 yuan/ton [1] 3.2 Production Profit and Operating Rate - The production profit of ethylene - based EG was - 63 US dollars/ton, and the production profit of coal - based syngas - to - EG was - 632 yuan/ton [1] 3.3 International Price Difference - No specific data was provided in the text, only the chart of the international price difference between US FOB and Chinese CFR was mentioned [21] 3.4 Downstream Production, Sales, and Operating Rate - No specific data was provided in the text, only charts related to downstream production, sales, and operating rates such as filament production and sales, staple fiber production and sales, polyester load, etc. were mentioned [22][25] 3.5 Inventory Data - According to different data sources, the inventory of MEG at the main ports in East China showed different trends. As of October 23, the total inventory of MEG in the main ports in East China was 48.3 tons [2]

Report Investment Rating - The investment rating for the lead industry is neutral [3] Core Viewpoint - Although terminal consumption has slightly rebounded under the influence of the "Golden September and Silver October" period, there is still a lack of major growth drivers Overall, the lead price is in a range - bound pattern due to low processing fees at the mine end and tight supply of used batteries in some regions The expected trading range for this week is between 16,900 yuan/ton and 17,220 yuan/ton [3] Market News and Key Data Spot Market - On October 23, 2025, the LME lead spot premium was -$39.73/ton The SMM1 lead ingot spot price increased by 125 yuan/ton to 17,125 yuan/ton The SMM Shanghai lead spot premium remained unchanged at -10.00 yuan/ton, the SMM Guangdong lead spot price increased by 175 yuan/ton to 17,250 yuan/ton, the SMM Henan lead spot price increased by 150 yuan/ton to 17,225 yuan/ton, and the SMM Tianjin lead spot premium increased by 175 yuan/ton to 17,275 yuan/ton The lead refined - scrap price difference remained unchanged at -50 yuan/ton, and the prices of used electric vehicle batteries, used white shells, and used black shells remained unchanged at 10,000 yuan/ton, 10,150 yuan/ton, and 10,425 yuan/ton respectively [1] Futures Market - On October 23, 2025, the main SHFE lead contract opened at 17,160 yuan/ton and closed at 17,615 yuan/ton, up 455 yuan/ton from the previous trading day The trading volume was 74,008 lots, an increase of 44,997 lots from the previous trading day, and the open interest was 23,288 lots, a decrease of 3,259 lots from the previous trading day The intraday price fluctuated between 17,160 yuan/ton and 17,760 yuan/ton In the night session, the main SHFE lead contract opened at 17,565 yuan/ton and closed at 17,510 yuan/ton, up 0.52% from the afternoon close [2] Inventory - On October 23, 2025, the total SMM lead ingot inventory was 32,000 tons, a decrease of 5,800 tons from the previous week As of October 23, the LME lead inventory was 239,750 tons, a decrease of 4,375 tons from the previous trading day [2] Strategy - Option strategy: Sell wide - straddles [3]

Report Summary 1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Go long on the gold-silver ratio on dips [9] - Options: Hold off [9] 2. Core Viewpoints - The medium- to long-term logic for being bullish on precious metals remains unchanged, although the current market risk aversion sentiment is weakening, which may slightly reduce the demand for gold investment. It is expected that the gold price will mainly show a volatile and slightly stronger pattern in the near term, and the silver price is also expected to maintain a volatile and slightly stronger pattern [8]. 3. Summary by Relevant Catalogs Market Analysis - Geopolitical aspect: Russian President Putin stated that the US President's decision was more of a postponement rather than a cancellation of the meeting. Russia always advocates dialogue [1]. - Tariff aspect: South Korea and the US are discussing a plan for South Korea to invest $200 billion in the US in phases over the next eight years to reach a tariff negotiation agreement. In the overall $350 billion plan, South Korea will provide $150 billion through credit guarantees and directly invest the remaining $200 billion [1]. Futures Quotes and Volumes - On October 23, 2025, the Shanghai Gold main contract opened at 927.66 yuan/gram and closed at 942.28 yuan/gram, a change of -1.08% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 948.64 yuan/gram, up 0.67% from the afternoon close [2]. - On the same day, the Shanghai Silver main contract opened at 11,255.00 yuan/kg and closed at 11,467.00 yuan/kg, a change of 0.55% from the previous trading day's close. The trading volume was 977,615 lots, and the open interest was 377,229 lots. The night session closed at 11,517 yuan/kg, up 0.44% from the afternoon close [2]. US Treasury Yield and Spread Monitoring - On October 23, 2025, the US 10-year Treasury yield closed at 4.00%, down 0.19 BP from the previous trading day. The 10-year and 2-year spread was 0.51%, down 0.19 BP from the previous trading day [3]. Position and Volume Changes of Gold and Silver on the Shanghai Futures Exchange - On the Au2508 contract, the long position changed by -313 lots, and the short position changed by -119 lots compared to the previous day. The total trading volume of the Shanghai Gold contract was 755,210 lots, a change of -26.20% from the previous trading day [4]. - On the Ag2508 contract, the long position changed by 2 lots, and the short position changed by -2 lots. The total trading volume of the silver contract was 1,562,642 lots, a change of -40.62% from the previous trading day [4]. Precious Metal ETF Position Tracking - The gold ETF position was 1,052.37 tons, unchanged from the previous trading day. The silver ETF position was 15,469 tons, a decrease of 129 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On October 23, 2025, the domestic gold premium was 9.64 yuan/gram, and the domestic silver premium was -943.76 yuan/kg. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 82.17, a change of -1.62% from the previous trading day. The overseas gold-silver ratio was 85.46, a change of -0.15% from the previous trading day [6]. Fundamentals - On October 23, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 63,090 kg, a change of -36.31% from the previous trading day. The trading volume of silver was 985,702 kg, a change of -58.01% from the previous trading day. The gold delivery volume was 6,592 kg, and the silver delivery volume was 2,700 kg [7]. Strategies - Gold: It is expected that the Au2512 contract will oscillate in the range of 930 yuan/gram - 960 yuan/gram [8]. - Silver: It is expected that the Ag2512 contract will oscillate in the range of 11,000 yuan/kg - 11,800 yuan/kg [8]. - Arbitrage: Go long on the gold-silver ratio on dips [9] - Options: Hold off [9]

氯碱日报 | 2025-10-24 PVC开工下降 库存难去 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4730元/吨（+11）；华东基差-90元/吨（-1）;华南基差-20元/吨（-1）。 现货价格：华东电石法报价4640元/吨（+10）；华南电石法报价4710元/吨（+10）。 上游生产利润：兰炭价格690元/吨（+0）；电石价格2830元/吨（+0）；电石利润-12元/吨（+0）；PVC电石法生产毛 利-713元/吨（-91）；PVC乙烯法生产毛利-553元/吨（-14）；PVC出口利润-2.7美元/吨（-1.9）。 PVC库存与开工：PVC厂内库存36.0万吨（-2.3）；PVC社会库存55.6万吨（-0.1）；PVC电石法开工率71.65%（-3.08%）； PVC乙烯法开工率78.56%（+2.46%）；PVC开工率73.74%（-1.40%）。 下游订单情况：生产企业预售量55.6万吨（-2.8）。 烧碱： 期货价格及基差：SH主力收盘价2385元/吨（+5）；山东32%液碱基差178元/吨（-5）。 现货价格：山东32%液碱报价820元/吨（+0）；山东50%液碱报价128 ...

市场分析 上期所燃料油期货主力合约日盘收涨3.42%，报2752元/吨；INE低硫燃料油期货主力合约日盘收涨2.93%，报3193 元/吨。 22日美国财政部部长本森特宣布美国制裁俄罗斯最大的两家石油企业，与此同时欧盟成员国就第19轮对俄制裁达 成一致。在制裁加码的影响下，俄罗斯石油供应与贸易将受到进一步限制。由于此前油价连续下跌包含了俄乌缓 和、美国放松制裁的预期，新的制裁叠加特朗普表示取消与普京的会晤，使得原油隐含的地缘溢价再度攀升。再 叠加近日的一些利多消息，油价从低位强势反弹，并带动能源板块整体上涨。 就燃料油市场而言，由于俄罗斯是高硫燃料油第一大生产国，制裁对高硫燃料油的供应影响将更为显著，当前市 场驱动强于低硫燃料油。参考船期数据，俄罗斯10月高硫燃料油发货量目前预计在188万吨，环比减少101万吨。 低硫燃料油方面，目前基本面保持疲软，但随着Dangote炼厂RFCC装置重启，局部供应压力有望边际缓和。 往前看，无论是俄乌还是中美谈判都缺乏确定性的结果，宏观形势尚不明朗。而原油自身基本面指向转弱的预期， 因此这轮反弹的持续性难以把握，建议保持谨慎。 策略 高硫方面：中性，短期观望为主，等待重要宏 ...

Group 1: Market News and Important Data - The price of light crude oil futures for December delivery on the New York Mercantile Exchange rose $3.29 to $61.79 per barrel, a gain of 5.62%; the price of Brent crude oil futures for December delivery rose $3.40 to $65.99 per barrel, a gain of 5.43%. The SC crude oil main contract closed up 3.48% at 470 yuan per barrel [1] - After the US imposed sanctions on Russian oil giants Rosneft and Lukoil, the supply of Russian oil to major Indian refiners is expected to drop to near zero. India is the largest buyer of Russian oil [1] - As of the week ending October 17, the total US crude oil inventory, including strategic reserves, was 8.31388 billion barrels, down 142,000 barrels from the previous week; the US commercial crude oil inventory was 4.22824 billion barrels, down 961,000 barrels from the previous week. India shows no sign of stopping importing Russian oil [1] - Sinopec's Qiluoye 1 well in the Sichuan Basin tested high - yield shale oil and gas flows, with a daily output of 38.64 cubic meters of shale oil and 10,000 cubic meters of natural gas, marking a new shale oil reserve area with a resource volume of over 100 million tons in the Sichuan Basin [1] - The Ukrainian military attacked Russia's Ryazan refinery at night [1] Group 2: Investment Logic - The US imposed sanctions on Russian oil and Lukoil, and the EU launched the 19th round of sanctions. The market reaction was large because it's Trump's first sanctions on the Russian oil industry and the two sanctioned companies have large export volumes. The total seaborne exports are about 2 million barrels per day (nearly 60%), and pipeline oil exports are 800,000 barrels per day [2] - The market expects Russian oil buyers to cut imports and turn to compliant oil. The trading of Russian oil will become more difficult, and the number of buyers will be more limited. In the future, Russian oil trading may follow the Iranian model. India may cut Russian oil purchases, but the quantity and rhythm are unclear. The discount of Russian oil will widen, and other buyers may increase purchases. The reduction of total Russian oil exports remains to be seen [2] - The game between sanctions and counter - sanctions will continue [2] Group 3: Strategy - The oil price fluctuates greatly in the short term. It is recommended to wait and see, and make a short - position allocation in the medium term [3] Group 4: Industry Investment Rating - Not provided in the report

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The cost side has rebounded, and terminal demand has shown marginal improvement under the cooling weather. However, the contradiction of crude oil supply surplus has emerged, and the macro - situation remains unclear. The investment ratings for PX, TA, PF, and PR are neutral. Attention should be paid to the progress of Sino - US trade negotiations and geopolitical changes [1][2][5] Summary by Directory 1. Price and Basis - TA's main contract spot basis is - 83 yuan/ton (with a month - on - month change of + 5 yuan/ton), and relevant figures for PX, PTA, and short - fiber basis are presented in figures such as Figure 1, Figure 2, Figure 3, and Figure 4 [3][10][11][14] 2. Upstream Profits and Spreads - PXN was 247 dollars/ton (with a month - on - month change of + 2.50 dollars/ton) in the previous trading session. PTA's spot processing fee is 79 yuan/ton (with a month - on - month change of - 26 yuan/ton), and the processing fees of relevant upstream products are also presented in figures like Figure 5, Figure 6, Figure 7, and Figure 8 [2][3][17][20] 3. International Spreads and Import - Export Profits - Figures such as Figure 9, Figure 10, and Figure 11 show the international spreads and import - export profits of products like toluene and PTA [25][27] 4. Upstream PX and PTA Start - up - Recently, China's PX load has gradually recovered to a relatively high level. The PTA load in China, South Korea, and Taiwan is also presented in figures such as Figure 12, Figure 13, Figure 14, Figure 15, and Figure 16 [2][28][31][33] 5. Social Inventory and Warehouse Receipts - The weekly social inventory of PTA and the monthly social inventory of PX are presented in Figure 17 and Figure 18. The warehouse receipts of PTA, PX, and PF are also presented in relevant figures [36][39][40] 6. Downstream Polyester Load - The polyester start - up rate is 91.4% (with a month - on - month change of - 0.1%). The production and sales of filaments and short - fibers, as well as the loads of polyester, direct - spun filaments, polyester staple fibers, and polyester bottle chips are presented in figures such as Figure 23, Figure 24, Figure 25, Figure 26, Figure 27, and Figure 28 [3][49][51][53] 7. PF Detailed Data - PF's spot production profit is 254 yuan/ton (with a month - on - month change of - 43 yuan/ton). Figures such as Figure 37, Figure 38, Figure 39, and Figure 40 show the load, inventory, and other data of PF [4][73][74] 8. PR Fundamental Detailed Data - PR's bottle - chip spot processing fee is 484 yuan/ton (with a month - on - month change of - 61 yuan/ton). Figures such as Figure 49, Figure 50, Figure 51, and Figure 52 show the load, inventory, and processing fees of PR [4][88][95]

1. Report Industry Investment Rating - The investment strategy for apples is neutral [4]. - The investment strategy for red dates is also neutral [8]. 2. Core Views of the Report - For apples, late Fuji apples are sporadically on the market. Affected by the weather, it's difficult to organize a large quantity of red apples. The acquisition period may be shortened. It's expected that the price of high - quality apples will remain stable and firm, with a significant price gap between high - quality and ordinary apples [4]. - For red dates, if the yield and quality are lower than expected, the upward trend of red dates may continue. Otherwise, the futures price of red dates will face a situation of limited upward movement and sufficient downward support, showing a volatile pattern. The new - season red dates in the main producing areas have not been harvested in large quantities, and it's expected that the harvesting work will start after the Frost's Descent [8]. 3. Summary by Related Catalogs Apple Market News and Key Data - Futures: The closing price of the apple 2601 contract yesterday was 8,830 yuan/ton, up 36 yuan/ton or 0.41% from the previous day [1]. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of 70 and above semi - commercial late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day. The spot basis of AP01 was - 1330 in Qixia and - 530 in Luochuan, down 36 from the previous day [1]. Market Information - The trading volume of late Fuji in production areas continues to increase, and the market remains stable and firm. In Shandong, trading has increased slightly, but the proportion of harvested apples is still low. In Gansu, the overall market is stable, and the harvesting progress is fast, with merchants mainly storing apples in warehouses. In Shaanxi, the ordering of high - quality goods is in the middle - late stage, and the price of ordinary goods is chaotic. The price of high - quality apples is expected to remain stable and firm in the short term, while the price of ordinary - quality apples may weaken slightly [2]. Market Analysis - Yesterday, the apple futures price closed slightly higher, and the national apple spot market continued to be stable and firm, with increasing trading volume. The market is characterized by a price gap between high - quality and ordinary apples. The price of high - quality apples is expected to remain stable and firm, while the price of ordinary apples may decline due to increased supply. The game between merchants' purchasing mentality and farmers' selling mentality should be closely monitored [3]. Strategy - The strategy is neutral. It's expected that the price of high - quality apples will remain stable and firm, with a significant price gap between high - quality and ordinary apples [4]. Red Dates Market News and Key Data - Futures: The closing price of the red date 2601 contract yesterday was 11,165 yuan/ton, down 100 yuan/ton or 0.89% from the previous day [5]. - Spot: The price of first - grade grey dates in Hebei was 9.60 yuan/kg, unchanged from the previous day. The spot basis of CJ01 was - 1565, up 100 from the previous day [5]. Market Information - In Xinjiang, the orchard - ordering process in main grey - date producing areas is fast, and the harvesting time is slightly earlier than last year. The mainstream price is 6.50 - 8.00 yuan/kg. In Hebei and Guangdong markets, the price is stable or slightly weak. It's expected that the spot price will remain stable in the short term [6]. Market Analysis - The red date futures price showed a volatile downward trend yesterday. The harvesting and orchard - ordering process in Xinjiang is fast, with the characteristic of "high - quality goods at high prices". The inventory in the sales areas is still under pressure, and the new - season yield is expected to be 56 - 62 tons. The quality of red dates is better than last year [7]. Strategy - The strategy is neutral. If the yield and quality are lower than expected, the upward trend of red dates may continue. Otherwise, the futures price will show a volatile pattern. The harvesting progress and price changes after the Frost's Descent should be monitored [8].

农产品日报 | 2025-10-24 郑棉期价延续反弹，内外糖价走势分化 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2601合约13575元/吨，较前一日变动+40元/吨，幅度+0.30%。现货方面，3128B棉新疆到 厂价14652元/吨，较前一日变动+9元/吨，现货基差CF01+1077，较前一日变动-31；3128B棉全国均价14784元/吨， 较前一日变动+12元/吨，现货基差CF01+1209，较前一日变动-28。 近期市场资讯，据印度商务部数据显示，8月印度棉花进口量约为6.3万吨，环比（5.8万吨）增加8.4%，同比（4.7 万吨）增加33.9%。据澳大利亚当地行业机构消息，至10月初25年度棉花加工工作接近尾声，进度约95%；检验进 度约90%。根据最新统计数据显示，2025年9月份越南商品出口总额为426.7亿美元，环比下降1.65%。 市场分析 昨日郑棉期价延续震荡反弹。国际方面，受美国政府停摆影响，产业多项关键数据推迟发布，使得市场缺乏明确 交易线索，波动进一步放大。由于此前USDA对于部分国家的产量调整或尚未到位，新年度全球棉市供需格局预计 仍将趋于宽松。叠加当前北半球新棉集 ...

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Iran has abundant natural gas resources but is restricted by sanctions and domestic demand, limiting its export potential. Iraq faces a supply - demand imbalance and is accelerating the diversification of gas sources. The future of energy cooperation between the two countries depends on sanctions and geopolitical trends [3][4][5]. Summary by Directory Iran and Iraq Natural Gas Market Overview Geopolitical and National Positioning - Iran and Iraq are key energy countries in the heart of West Asia, connecting the Persian Gulf, the Caspian Sea, and Eurasia. Iran has a large natural gas and oil reserve, while Iraq's economy highly depends on oil exports [10]. Resource and Reserve Distribution - As of December 2023, Iran's proven natural gas reserves are about 1200 trillion cubic feet, ranking second globally. Iraq's reserves are about 131 trillion cubic feet, ranking among the top 12 globally. However, Iran's export potential is restricted by sanctions, and Iraq's production growth is slow due to insufficient investment [12][16]. Infrastructure and Cross - border Trade Network - **Cross - border Pipelines**: Iran supplies gas to Iraq through three cross - border pipelines, but the actual transportation volume is lower than the design capacity. The pipelines are restricted by geopolitics, sanctions, and infrastructure aging [22]. - **LNG Facilities**: Iran's LNG projects are stagnant due to sanctions and lack of funds. Iraq is promoting FSRU projects to diversify gas sources, but these projects are also restricted by financing, pipeline networks, and security [23][27]. Iran: Natural Gas Supply Pattern and Export Potential Assessment Resource Endowment and Production Pattern - Iran has the world's second - largest proven natural gas reserves, but its production growth has slowed down. The South Pars gas field is facing production decline, and new gas fields' development is lagging [31][34]. Domestic Demand Structure and Squeezing Pressure - Iran's domestic natural gas consumption has increased rapidly, mainly for urban gas, power generation, and industry. The energy crisis has intensified the contradiction between domestic demand and export [37][39]. Export Path and Commercialization Prospect - Iran mainly exports natural gas through pipelines to neighboring countries. In the future, it is expected to maintain a mixed mode of "pipeline - based and LNG - supplemented", but its export scale depends on domestic demand and sanctions [44][49]. Sanctions, Investment, and Technical Constraints - US sanctions have restricted Iran's access to international financing and technology, delaying many projects. Domestic budget constraints and policy contradictions also affect the development of the natural gas industry [54][57]. Iraq: Demand Pressure, Gas Shortage Situation, and Emergency Import Plan Resource Endowment, Production Bottlenecks, and Consumption Gap - Iraq has considerable natural gas resources, but its actual production is low due to low associated gas capture efficiency, aging facilities, and insufficient investment. The power system highly depends on natural gas, resulting in a large supply gap [58][65]. Iran Gas Source Dependence and Supply Contraction Challenge - Iraq has long relied on Iranian natural gas, but the supply has been unstable due to Iran's domestic demand, sanctions, and payment issues. Iraq is taking measures to deal with the instability [70][74]. External Dependence, Fiscal, and Geopolitical Risks - Iraq faces financial pressure and external dependence risks in diversifying gas sources. LNG imports are costly, and payment and contract risks may lead to supply interruptions [77][78]. Iran - Iraq Cross - border Natural Gas Cooperation and Bilateral Relations Analysis Agreement Execution Difference Analysis - There are significant differences between the actual execution and the agreement in gas supply volume, payment settlement, and supply stability in the cooperation between Iran and Iraq [79][81]. Geopolitical and Gas Supply Risks - US sanctions, regional security, and payment mechanisms pose risks to the cooperation between the two countries [82]. Bilateral Complementarity and Potential Contradiction Points - The two countries have complementary energy supply and demand, but there are also contradictions in debt, strategic development, and infrastructure investment [83]. Market Transformation and Global Competition Outlook Uncertainty Factor Analysis - The development of the natural gas markets in the two countries is affected by US sanctions, FSRU project progress, Iran's domestic supply - demand balance, international LNG market fluctuations, and debt negotiation progress [84][85]. Medium - and Long - term Outlook - In the next decade, the natural gas markets of the two countries will show a pattern of "complementarity and game coexisting". Iran needs to attract foreign investment and technology, while Iraq needs to ensure the FSRU project and improve domestic production capacity [86].