Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core View of the Report - The pure benzene market shows short - term resilience but faces increasing supply - demand contradictions and price decline risks after September [3]. - The styrene market has a short - term strong and medium - term pressured pattern, with limited upward price movement and a long - term supply - surplus situation [4]. 3) Summary by Relevant Catalogs I. Daily Market Summary - **Fundamentals** - **Price**: On August 25, the styrene main contract closed down 0.65% at 7,330 yuan/ton with a basis of 25 (+28 yuan/ton); the pure benzene main contract closed down 0.03% at 6,206 yuan/ton [2]. - **Cost**: On August 25, Brent crude closed at 63.7 (+0.1 dollars/barrel), WTI crude at 67.7 dollars/barrel, and East China pure benzene spot was 6,072.5 yuan/ton (-17.5 yuan/ton) [2]. - **Inventory**: Styrene sample factory inventory was 20.3 tons (-0.3 tons), a 1.1% de - stocking; Jiangsu port inventory was 16.2 tons (+1.3 tons), an 8.5% stocking. Pure benzene port inventory was 14.4 tons (-0.2 tons), a 1.1% de - stocking [2]. - **Supply**: Styrene may have reduced supply due to plant maintenance at the end of August. Currently, the weekly styrene output is 37.1 tons (+0.2 tons) with a plant capacity utilization of 78.5% (+0.3%) [2]. - **Demand**: The downstream 3S开工率 varies. EPS capacity utilization is 61.0% (+2.9%), ABS 71.1% (+0%), and PS 57.5% (+1.1%), showing a continuous increase [2]. - **Views** - **Pure Benzene**: In the short - term, it maintains resilience due to plant fluctuations and low inventory, but after September, supply - demand contradictions may intensify, and prices may decline [3]. - **Styrene**: It has a short - term strong and medium - term pressured pattern. Short - term price increase is limited, and the medium - term is in an oversupply situation [4]. II. Industrial Chain Data Monitoring - **Price**: The report provides price data for styrene and pure benzene from August 22 to August 25, including futures, spot, and various price differences [6]. - **Output and Inventory**: From August 15 to August 22, styrene output increased by 0.45% to 37.1 tons, and pure benzene output increased by 1.26% to 45.1 tons. Styrene port inventory in Jiangsu increased by 8.53% to 16.2 tons, and pure benzene port inventory decreased by 1.37% to 14.4 tons [7]. - **Capacity Utilization**: From August 15 to August 22, the capacity utilization of styrene increased by 0.35% to 78.5%, and that of some downstream products changed to varying degrees [8]. III. Industry News - On the 22nd, the Russia - Ukraine peace talks faced difficulties, causing international oil prices to rise [9]. - Global diesel shortages support refinery profits, affecting the crude oil and chemical industry chain [9]. - India plans to expand petrochemical production to counter China's dominance in the global petrochemical market [9]. IV. Industrial Chain Data Charts The report includes charts on pure benzene and styrene prices, production, inventory, and capacity utilization from 2020 - 2025 [15][18][21]

Report Industry Investment Rating No relevant content provided. Core View of the Report The current crude oil market shows a characteristic of strong oscillation within a range. The supply side is supported by the US's strengthened export layout and restricted Russian oil supply, but the weak demand in India and potential production increases from OPEC+ (such as the UAE's acquisition) form an upper pressure. In the short term, Trump's energy policy and geopolitical conflict risks may push WTI to continue testing the $65/barrel resistance level, but the spread of weakening Indian demand to other Asian countries should be watched out for. In the medium term, attention should be paid to OPEC+'s production policy adjustment in September and the progress of seasonal refinery maintenance in the Northern Hemisphere. If the expectation of US strategic reserve release rises or the refined oil cracking profit declines, there is a risk of oil price correction, but the geopolitical premium will still support the oil price to oscillate within the range [7][8]. Summary by Relevant Catalogs 1. Daily Market Summary a. Crude Oil Futures Market Data Change Analysis - On August 25, 2025, the price of the SC crude oil main contract slightly declined by 0.14% to 492.9 yuan/barrel, while the WTI and Brent prices remained stable at $63.77 and $67.26 per barrel respectively. The SC-Brent spread strengthened by 12.16% to $1.66/barrel, and the SC-WTI spread widened by 3.62% to $5.15/barrel, indicating an increase in the premium of SC relative to overseas crude oil. The Brent-WTI spread remained flat at $3.49/barrel, and the contango structure (SC continuous - continuous 3) deepened to -2.8 yuan/barrel, suggesting a market expectation of loose future supply [2]. - The warehouse receipt data shows that the warehouse receipts of fuel oil, medium - sulfur crude oil, and low - sulfur fuel oil remained unchanged, indicating limited physical delivery pressure and stable market holding sentiment [3]. b. Industrial Chain Supply - Demand and Inventory Change Analysis - **Supply side**: The Trump administration mentioned expanding oil cooperation with Japan and South Korea in Alaska, which may strengthen US crude oil export capacity; the UAE's Crescent Petroleum Company's acquisition of Vital Energy ($3.1 billion) may drive a marginal increase in Middle East production. India's crude oil imports in July dropped to the lowest level since February 2024 (down 8.7% month - on - month), possibly reflecting the inhibitory effect of OPEC+'s high oil prices on Asian demand. In addition, US sanctions on Russian crude oil supply and EU procurement disputes may limit the inflow of Russian oil into the market, intensifying the expectation of supply tightness [4]. - **Demand side**: India's refined oil imports decreased by 12.8% year - on - year and exports decreased by 2.1%, indicating weak refinery processing demand, possibly affected by seasonal refinery maintenance and high oil prices. The US energy policy shift towards strengthening crude oil exports (such as the agreement with South Korea), combined with WTI breaking through $64/barrel (intraday increase of over 2%), shows short - term speculative funds' bets on demand recovery. The strengthening of fuel oil cracking (the main contract rose 5%) may support refinery start - up, but the risk of shrinking Asian refining profits should be watched out for [5]. - **Inventory side**: The changes in US Cushing and commercial crude oil inventories were not clear, but the widening of the SC and Brent - WTI cross - regional spreads implied regional inventory differentiation. The medium - sulfur crude oil warehouse receipts remained stable at 4.767 million barrels, and the low - sulfur fuel oil warehouse receipts remained at 11,110 tons, indicating limited physical inventory pressure in the Asia - Pacific region. The commercial crude oil inventories of OECD member countries were temporarily neutral in the game between weakening Indian demand and Middle East production increase [6]. c. Price Trend Judgment The current crude oil market shows a characteristic of strong oscillation within a range. The supply side is supported by the US's strengthened export layout and restricted Russian oil supply, but the weak demand in India and potential production increases from OPEC+ (such as the UAE's acquisition) form an upper pressure. The spread structure shows that the widening of the SC premium and the rare inversion of Brent's discount relative to Middle East crude oil reflect regional supply - demand mismatches. In the short term, Trump's energy policy and geopolitical conflict risks may push WTI to continue testing the $65/barrel resistance level, but the spread of weakening Indian demand to other Asian countries should be watched out for. In the medium term, attention should be paid to OPEC+'s production policy adjustment in September and the progress of seasonal refinery maintenance in the Northern Hemisphere. If the expectation of US strategic reserve release rises or the refined oil cracking profit declines, there is a risk of oil price correction, but the geopolitical premium will still support the oil price to oscillate within the range [7][8]. 2. Industrial Chain Price Monitoring a. Crude Oil - **Futures prices**: On August 25, 2025, SC was at 492.90 yuan/barrel (down 0.14% from August 22), WTI was at $64.74/barrel (up 1.52% from August 22), and Brent was at $68.20/barrel (up 1.40% from August 22). - **Spot prices**: The OPEC basket price remained unchanged at $70.26/barrel, and other spot prices had different degrees of increase. - **Spreads**: The SC - Brent spread strengthened by 12.16% to $1.66/barrel, the SC - WTI spread widened by 3.62% to $5.15/barrel, and the Brent - WTI spread remained flat at $3.49/barrel. The SC continuous - continuous 3 contango deepened by 3.70% to -2.80 yuan/barrel. - **Other assets**: The US dollar index rose 0.72% to 98.42, the S&P 500 fell 0.43% to 6,439.32 points, the DAX index fell 0.40% to 24,273.12 points, and the RMB exchange rate fell 0.40% to 7.15. - **Inventory**: US commercial crude oil inventory decreased by 1.41% to 42,068,400 barrels, Cushing inventory increased by 1.82% to 2,347,000 barrels, US strategic reserve inventory increased by 0.06% to 40,342,500 barrels, and API inventory decreased by 0.53% to 45,079,600 barrels. - **Refinery operations**: The US refinery weekly operating rate increased by 0.21% to 96.60%, and the US refinery crude oil processing volume increased by 0.16% to 1,720,800 barrels per day [9]. b. Fuel Oil - **Futures prices**: FU was at 2,907.00 yuan/ton (up 4.61% from August 22), LU was at 3,526.00 yuan/ton (up 0.77% from August 22), and NYMEX fuel oil was at 234.95 cents/gallon (up 1.75% from August 22). - **Spot prices**: Most spot prices of fuel oil had different degrees of increase. - **Spreads**: The Singapore high - low sulfur spread data was not available, the Chinese high - low sulfur spread decreased by 14.03% to 619.00 yuan/ton, the LU - Singapore FOB (0.5%S) spread increased by 1.36% to -1,961.00 yuan/ton, and the FU - Singapore 380CST spread increased by 6.61% to -1,807.00 yuan/ton. - **Platts prices**: Platts (380CST) was at $390.52/ton (up 0.66% from the previous period), and Platts (180CST) was at $403.06/ton (up 0.34% from the previous period). - **Inventory**: Singapore's inventory decreased by 6.53% to 2,303,500 tons, and other US distillate inventory data was not fully available [10]. 3. Industrial Dynamics and Interpretation a. Supply On August 25, according to foreign media reports, India's crude oil imports in July decreased by 8.7% month - on - month to 18.56 million tons, the lowest level since February 2024, and decreased by 4.3% year - on - year. Meanwhile, refined oil imports decreased by about 12.8% year - on - year to 4.31 million tons, and refined oil exports decreased by 2.1% to 5.02 million tons [11][12]. b. Demand On August 25, according to foreign media reports, the Indonesian Ministry of Trade urged the EU to immediately cancel the counter -vailing duties on biodiesel imports because the WTO made a ruling in favor of Indonesia on several key claims in the complaint filed by Indonesia [13]. c. Inventory The night - session fuel oil price increased by nearly 1% [14]. d. Market Information As of the close on August 26, the price of light crude oil futures for October delivery on the New York Mercantile Exchange rose $1.14 to $64.80 per barrel, an increase of 1.79%; the price of Brent crude oil futures for October delivery rose $1.07 to $68.80 per barrel, an increase of 1.58% [15]. 4. Industrial Chain Data Charts The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, the spread statistics between SC and WTI, US weekly crude oil production, OPEC crude oil production, US and Canadian oil rig numbers, global regional oil rig numbers, US refinery weekly operating rates, US refinery crude oil processing volume (4 - week moving average), US weekly net crude oil imports (4 - week moving average), Japanese refinery actual capacity utilization rate, Shandong local refinery (atmospheric and vacuum distillation) operating rate, China's monthly refined oil production (gasoline, diesel, kerosene), US commercial crude oil inventory (excluding strategic reserves), US Cushing crude oil inventory, US strategic crude oil inventory, fuel oil futures price trends, Singapore high - low sulfur spreads, cross - regional high - low sulfur spreads, international port IFO380 spot prices, Chinese high - low sulfur spreads, and fuel oil inventory [17][19][21][23][25][26][30][32][36][37][39][43][44][46][50][51][53][56][57][60][61].

乙二醇维持谨慎偏强对待，关注煤化工开工边际变化 主力合约与基差：乙二醇主力合约价格连续小幅上涨，从4474元/吨升至 4509元/吨，周内涨幅0.78%，盘面维持偏强震荡。华东现货价格同步走强 至4555元/吨，但基差明显收缩至1元/吨（前值36元/吨），远月价差结构 显示5-9价差走扩10元至97元，而9-1价差继续扩大贴水至-59元，市场对中 期供应压力有预期。 持仓与成交：主力合约成交量和持仓量显著回升，成交量增长18.8%至18.6 万手，持仓量增加近2万手至26.9万手，创周内新高，显示资金博弈加剧， 空头补仓或多头主动增仓可能同步存在。 供给端：乙二醇各工艺开工率保持平稳，油制开工率67.11%、煤制 65.12%、乙烯制59.23%，整体供给端未现新增扰动，港口到港量环比下降 6.7万吨至10.17万吨，短期进口压力略有缓解。 需求端： 下游聚酯工厂负荷持稳89.42%，但江浙织机负荷低位僵持63.43%，终端订 单略有改善，聚酯高开工与织造弱需求的矛盾有小幅缓解，需警惕产业链 负反馈风险。 库存端：华东主港库存环比大增5.85万吨至48.57万吨，其中张家港库存周 增40.6%至18万吨，港口 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply - demand pattern of polyester raw materials has improved, and with cost support, prices are likely to rise and difficult to fall. The polyester industry chain is expected to remain relatively strong in the short term, but the fulfillment of peak - season demand needs to be monitored [1][4] 3. Summary by Relevant Catalogs 3.1 Daily Market Summary PTA & PX - On August 25, the PX main contract closed at 6,970.0 yuan/ton, up 0.06% from the previous trading day, with a basis of - 147.0 yuan/ton. The PTA main contract closed at 4,862.0 yuan/ton, down 0.12% from the previous trading day, with a basis of 8.0 yuan/ton. The Brent crude oil main contract closed at 67.26 US dollars/barrel, and WTI closed at 63.77 US dollars/barrel. The total transaction volume of the Light Textile City was 541.0 million meters, with a 15 - day average transaction of 504.67 million meters [2] - On the supply side, PX device load has increased due to the weakening demand for aromatic hydrocarbon blending oil, and there may be复产 pressure on Asian devices in the fourth quarter. PTA has unexpected maintenance currently, but there is an expectation of restart and output increase in September. On the demand side, weaving orders and Light Textile City transactions have seasonally improved, but the year - on - year growth rate is still low, and the sustainability of terminal orders needs verification. The high polyester operating rate depends on speculative restocking caused by raw material price fluctuations. On the inventory side, PTA factory inventory has reached a high level, and the deep basis discount reflects loose spot circulation. Downstream polyester raw material inventory days are in a neutral range, and there is a risk of implicit inventory turning into explicit inventory [3] Polyester - On August 25, the short - fiber main contract closed at 6,596.0 yuan/ton, down 0.27% from the previous trading day. The spot price in the East China market was 6,585.0 yuan/ton, down 15.0 yuan/ton from the previous trading day, with a basis of - 11.0 yuan/ton [3] - From August 15 to August 25, PX and PTA prices both increased, indicating stronger cost support or tighter supply. The Light Textile City MA15 transaction volume fluctuated between 480 - 505 million meters, showing weak terminal demand. The inventory pressure of the polyester industry chain is mainly concentrated in the short - fiber segment. The polyester industry chain is expected to remain strong in the short term, and the fulfillment of peak - season demand needs attention [4] 3.2 Industrial Chain Price Monitoring - For PX, on August 25, the main contract price was 6,970 yuan/ton, up 0.06% from August 22; the main contract trading volume decreased by 8.85%; the main contract position increased by 3.14%. The CFR price at the Chinese main port and the FOB price in South Korea remained unchanged. The PX basis decreased by 2.80% [6] - For PTA, on August 25, the main contract price was 4,862 yuan/ton, down 0.12% from August 22; the main contract trading volume decreased by 7.83%; the main contract position increased by 2.33%. The CFR price at the Chinese main port remained unchanged. The PTA basis increased by 300.00%. The PTA 1 - 5 spread decreased by 72.73%, the 5 - 9 spread increased by 71.43%, and the 9 - 1 spread decreased by 70.00%. The PTA import profit increased by 1.73% [6] - For short - fiber, on August 25, the main contract price was 6,596 yuan/ton, down 0.27% from August 22; the main contract trading volume decreased by 16.55%; the main contract position decreased by 2.75%. The spot price in the East China market decreased by 0.23%. The PF basis increased by 21.43%. The PF 1 - 5 spread increased by 32.56%, the 5 - 9 spread increased by 2.78%, and the 9 - 1 spread decreased by 55.17% [6] - Other industrial chain prices: The prices of Brent crude oil, WTI crude oil, CFR Japanese naphtha, ethylene glycol, polyester chips, polyester bottle chips, polyester POY, polyester DTY, and polyester FDY remained mostly unchanged, with only the polyester bottle chip price decreasing by 0.33% [6] - Processing spreads: The PTA processing spread increased by 4.78%, while the processing spreads of other products remained unchanged. The total trading volume of the Light Textile City decreased by 18.89%, the trading volume of long - fiber fabrics decreased by 10.61%, and the trading volume of short - fiber fabrics decreased by 46.20%. The operating rates of PTA factories, polyester factories, and Jiangsu and Zhejiang looms remained unchanged [7] - Inventory days: From August 14 to August 21, the inventory days of polyester short - fiber decreased by 8.28%, polyester POY decreased by 14.29%, polyester FDY decreased by 2.58%, and polyester DTY decreased by 1.42% [7] 3.3 Industry Dynamics and Interpretation Macroeconomic Dynamics - On August 25, there were various statements from different figures regarding the Fed's interest - rate policy, including views from Harmaak, Trump, Powell, etc. Also, the situation in the Russia - Ukraine conflict may push up the intensity of the battlefield. The National Bureau of Statistics reported that the prices of 27 important production materials in the circulation field rose in mid - August [8] - On August 22, there were statements from potential Fed successor Brad, data on the US S&P Global Composite PMI, initial jobless claims, and continuing jobless claims. The US Department of Justice planned to investigate Fed Governor Cook, and most Fed officials were cautious about interest - rate cuts [8][9] Supply - Demand (Demand) - On August 25, the total trading volume of the Light Textile City was 541.0 million meters, a month - on - month decrease of 18.89%, including 455.0 million meters of long - fiber fabric trading volume and 85.0 million meters of short - fiber fabric trading volume [10] 3.4 Industrial Chain Data Charts - The report provides multiple data charts, including those related to PX and PTA main - contract futures and basis, spot prices, capacity utilization rates, futures spreads, processing profits, industrial chain operating rates, polyester product sales and production situations, Light Textile City trading volume moving averages, and polyester product inventory days [11][13][15][18][22][23][25][27][28][29]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Both the pure benzene and styrene markets show characteristics of being "strong in the short - term and pressured in the medium - term." Pure benzene may face dual pressure from domestic production and imports after September, leading to a mid - term decline. Styrene's mid - term price increase is limited due to supply surplus [3][4] Group 3: Summary of Each Section 1. Daily Market Summary (1) Fundamental Analysis - **Price**: On August 22, the styrene main contract closed up 1.22% at 7378 yuan/ton, with a basis of - 3 (- 29 yuan/ton); the pure benzene main contract closed up 0.13% at 6208 yuan/ton [2] - **Cost**: On August 22, Brent crude oil closed at 63.5 (+0.8 dollars/barrel), WTI crude oil closed at 67.7 (+0.8 dollars/barrel), and the spot price of pure benzene in East China was 6090 yuan/ton (-20 yuan/ton) [2] - **Inventory**: Styrene sample factory inventory was 20.3 million tons (-0.3 million tons), a 1.1% month - on - month decrease; Jiangsu port inventory was 16.2 million tons (+1.3 million tons), an 8.5% month - on - month increase. Pure benzene port inventory was 14.4 million tons (-0.2 million tons), a 1.1% month - on - month decrease [2] - **Supply**: There will be styrene plant maintenance at the end of August, and supply may decrease. Currently, the weekly styrene output is 37.1 million tons (+0.2 million tons), and the factory capacity utilization rate is 78.5% (+0.3%) [2] - **Demand**: The capacity utilization rates of downstream 3S vary. EPS is 61.0% (+2.9%), ABS is 71.1% (+0%), and PS is 57.5% (+1.1%), showing a continuous recovery [2] (2) Viewpoints - **Pure Benzene**: In the short - term, it is relatively firm due to supply - side disturbances and low imports. However, after September, the market may decline due to domestic and import pressures [3] - **Styrene**: It shows short - term strength but medium - term pressure. Although there are some bright spots in demand, it cannot fully offset the pressure from new production capacity [4] 2. Industrial Chain Data Monitoring - **Price**: The prices of styrene and pure benzene futures and spot have different changes, and the prices of upstream Brent and WTI crude oil have increased [6] - **Output and Inventory**: The outputs of styrene and pure benzene in China have increased, styrene port inventory has increased, factory inventory has decreased, and pure benzene port inventory has decreased [7] - **Capacity Utilization**: The capacity utilization rates of some downstream products of pure benzene and styrene have changed. For example, the capacity utilization rate of styrene has increased, and the capacity utilization rates of EPS and PS among styrene downstream products have increased [8] 3. Industry News - On the 22nd, the Russia - Ukraine peace talks faced resistance, causing international oil prices to rise; global diesel shortages support refinery profits, affecting the crude oil and chemical chains; India is accelerating petrochemical expansion to counter China's dominance [9] 4. Industrial Chain Data Charts - The report provides various data charts related to the prices, inventories, and capacity utilization rates of pure benzene and styrene [14][17][19]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The short - term price of ethylene glycol may maintain a range - bound oscillation. The upside is restricted by port inventory pressure and supply increments from increased operating rates, while the downside is supported by peak - season demand expectations and the momentum of near - month basis repair. - In the medium to long term, if there is no seasonal boost on the demand side, the contango structure of the far - month contracts may continue, and there is a risk of the price center falling. Attention should be paid to the impact of crude oil fluctuations on the cost of oil - based production and changes in polyester production and sales data [1][2]. Summary by Related Catalogs 1. Daily Market Summary a. Main Contract and Basis - The main contract of ethylene glycol futures closed at 4,473 yuan/ton, showing an oscillating upward trend in the recent price range of 4,392 - 4,477 yuan/ton. The East China spot price remained stable at 4,510 yuan/ton, with a positive basis structure currently at 27 yuan/ton, slightly wider than before, indicating that the spot market is not significantly pressured. The 1 - 5 spread was - 43 yuan/ton, with the far - month contracts at a discount, reflecting the market's unchanged expectation of medium - to - long - term supply abundance [1]. b. Position and Trading Volume - The position of the main contract increased to 244,437 lots, while the trading volume was 183,696 lots. The increase in position but decrease in trading volume suggest a slowdown in capital game, and the short - covering of some short positions may drive up the price [1]. c. Supply Side - The overall operating rate of ethylene glycol rose to 66.22%, with the oil - based operating rate rebounding significantly by 3 percentage points to 67.11%, which is the main factor driving the supply increase. The coal - based operating rate remained at 65.12%, and the loads of methanol - based and ethylene - based production were stable. The marginal increase in coal - based supply gradually slowed down [1]. d. Demand Side - The load of polyester factories and the load of textile looms in Jiangsu and Zhejiang were 89.42% and 63.43% respectively. At the end of the off - season, the load of polyester factories increased, and the downstream rigid demand was stable. However, the medium - to - long - term demand improvement still needs to be viewed with caution [1]. e. Inventory Side - The inventory at the main ports in East China increased by 5.9 tons to 48.57 tons week - on - week. The inventory in Zhangjiagang soared by 40.6% to 18 tons. The decrease in arrivals but slow port shipments led to a rapid inventory build - up, and the inventory pressure shifted to the spot market [2]. 2. Industrial Chain Price Monitoring - The main contract price of MEG futures increased by 0.02% to 4,474 yuan/ton, the trading volume decreased by 14.92% to 156,291 lots, and the position increased by 2.10% to 249,567 lots. The East China spot price remained unchanged at 4,510 yuan/ton. The MEG basis decreased by 23.40% to 36 yuan/ton, the 1 - 5 spread increased by 23.26% to - 33 yuan/ton, and the 5 - 9 spread decreased by 10.31% to 87 yuan/ton. The coal - based profit decreased by 0.69% to - 292 yuan/ton. The overall operating rate of ethylene glycol, coal - based operating rate, oil - based operating rate, polyester factory load, and Jiangsu and Zhejiang textile loom load remained unchanged. The East China main port inventory increased by 13.69% to 48.6 tons, the Zhangjiagang inventory increased by 40.62% to 18 tons, and the arrivals decreased by 39.72% to 10.17 tons [4]. 3. Industrial Dynamics and Interpretation - On August 22, the East China US dollar market fluctuated narrowly, with near - month cargoes negotiated in the range of 529 - 531 US dollars/ton in the morning and 527 - 529 US dollars/ton in the afternoon, and no transactions were heard. - The spot price of the ethylene glycol market in Shaanxi remained stable at around 3,990 yuan/ton for self - pick - up. The coal market price was firm, and the downstream took goods for rigid demand. - The price in the mainstream market remained stable, and the price quoted by holders in the South China market remained stable at around 4,530 yuan/ton for delivery. - Overnight oil prices rose, providing good cost - side support. The arrival of ethylene glycol ships decreased, and the port spot was tight. However, there were plans to restart two ethylene glycol plants, and the market adjusted narrowly, with the current East China price negotiated at around 4,516 yuan/ton [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the next 1 - 2 weeks, the lithium carbonate market may present a wide - range oscillatory pattern. The upward resistance mainly comes from the insufficient follow - up of the spot market and high inventory pressure, while the downward support stems from raw material - end disturbance risks and the demand expectation for the peak season in September. It is recommended to pay attention to policy changes at the mine end and the restocking rhythm of downstream battery cell enterprises [3]. Summary According to Relevant Catalogs 1. Daily Market Summary a. Analysis of Lithium Carbonate Futures Market Data Changes - On August 21, the main lithium carbonate contract closed at 82,760 yuan/ton, up 2.2% from the previous day, showing signs of a stable rebound. The basis weakened significantly to 540 yuan/ton, with the spot price struggling to follow the increase, indicating a weakening market expectation for the forward price [1]. - The open interest decreased slightly by 1.3% to 390,000 lots, and the trading volume decreased by 7.3% month - on - month. Market sentiment became more cautious, and some funds took profits at high levels and exited [1]. b. Analysis of Industrial Chain Supply - Demand and Inventory Changes - Supply side: The prices of spodumene/mica concentrate remained stable. The suspension of Ningde Times' Yichun mica mine due to the expiration of the mining license may cause regional supply disruptions. Currently, the capacity utilization rate of lithium carbonate remained stable at 63.9%, but raw material suppliers were reluctant to sell due to cost - price inversion, which may suppress the enthusiasm for future lithium salt production [2]. - Demand side: The retail sales of new energy vehicles increased by 9% year - on - year, but the current terminal demand was still in the off - season, and vehicle manufacturers were cautious in stocking. The price of ternary materials rose driven by nickel and cobalt costs, and combined with the fact that the lithium extraction coefficient of manufacturers was linked to the settlement price, it supported the rigid - demand procurement of lithium carbonate. The price of lithium iron phosphate battery cells decreased slightly by 0.2%, and the cost transmission was not fully realized, so the stocking intensity of power battery enterprises was limited [2]. - Inventory and warehouse receipts: The total lithium carbonate inventory decreased slightly by 0.1% month - on - month to 142,300 tons, and the inventory reduction speed was still slow [2]. c. Market Summary - In the short term, lithium carbonate futures may enter a wide - range oscillatory pattern. The upward resistance mainly comes from the insufficient follow - up of the spot market and high inventory pressure, while the downward support comes from raw material - end disturbance risks and the demand expectation for the peak season in September [3]. 2. Industrial Chain Price Monitoring - On August 21, the main lithium carbonate contract was 82,760 yuan/ton, up 2.2% from the previous day; the basis was 540 yuan/ton, down 83.73% from the previous day; the open interest of the main contract was 390,069 lots, down 1.27%; the trading volume of the main contract was 777,827 lots, down 7.28%. The market price of battery - grade lithium carbonate was 83,300 yuan/ton, down 1.19% [5]. - From August 15 to August 21, the capacity utilization rate of lithium carbonate remained unchanged at 63.92%. The lithium carbonate inventory decreased by 0.11% to 142,256 tons [5]. 3. Industry Dynamics and Interpretations a. Spot Market Quotations - On August 21, the SMM battery - grade lithium carbonate index price was 85,224 yuan/ton, down 528 yuan/ton from the previous working day. The price of battery - grade lithium carbonate was in the range of 83,500 - 86,900 yuan/ton, with an average price of 85,200 yuan/ton, down 500 yuan/ton from the previous working day. The price of industrial - grade lithium carbonate was in the range of 82,300 - 83,500 yuan/ton, with an average price of 82,900 yuan/ton, down 500 yuan/ton from the previous working day. The significant correction of the lithium carbonate futures price greatly boosted the procurement and price - fixing enthusiasm of downstream buyers, and the trading volume increased significantly. In the short term, the spot price of lithium carbonate will still remain at a relatively high level [6]. b. Downstream Consumption Situation - From August 1 - 17, the retail sales of the national new energy passenger vehicle market were 502,000 units, up 9% year - on - year and 12% from the same period last month, with a penetration rate of 58.0%. The cumulative retail sales this year were 6.958 million units, up 28% year - on - year. The wholesale volume of the national new energy passenger vehicle market was 474,000 units, up 18% year - on - year and 10% from the same period last month, with a penetration rate of 56.4%. The cumulative wholesale volume this year was 8.108 million units, up 34% year - on - year [6]. c. Industry News - On August 18, Lanxiao Technology won the bid for the adsorption system of the expansion and renovation project for the comprehensive utilization of old brine lithium extraction from the Lop Nur Salt Lake of SDIC Xinjiang Lithium Industry Co., Ltd., with a bid amount of 35.7712 million yuan. The implementation of this project will help the company provide full - life - cycle, one - stop technical optimization and upgrading services, improve its market share and technical control ability in the salt - lake lithium extraction industry, and have a positive impact on the development of its resources and new energy business [7][8]. - On August 15, Ningde Times' Jianxiashan mining area, one of the largest lithium mica mines in Yichun, suspended production due to the expiration of the mining license, which would directly affect the price of lithium carbonate. Yichun local mines mainly mine ceramic soil and tantalum - niobium ore, but the new mining law revision tends to determine the ore type based on actual economic activities. There are a total of eight mines in a similar situation, and local authorities require them to re - apply before September 30 this year [8]. - On August 12, the Lithium Industry Branch of the China Non - Ferrous Metals Industry Association issued an initiative for the healthy development of the lithium industry, calling on the entire industrial chain to jointly resist vicious competition and promote the high - quality development of the lithium industry [9].

利率因素重新掌握铜定价权，近期关注可能预期差 一、日度市场总结 铜期货市场数据变动分析 主力合约与基差： 沪铜主力合约价格8月21日小幅回升至78590元/吨，较前一日微涨0.06%， 但较8月15日仍下跌0.39%，价格短期企稳但中期仍承压。LME三个月期铜价 格8月20日收于9721美元/吨，较前一日上涨0.38%，延续反弹态势。现货升 贴水方面，国内各品类现货升水走弱，升水铜、平水铜、湿法铜升水分别 环比下降11.11%、22.58%、14.29%，反映现货市场供应边际改善；LME（0- 3）贴水收窄至-90.75美元/吨，较前一日缩窄6.1美元，海外现货压力略有 缓解。 持仓与成交： LME铜持仓量8月20日减少2295手至263224手，成交量边际收缩，反映市场 在价格反弹后观望情绪升温。国内SHFE库存8月21日维持15.64万吨，连续 两日持平，表明供需暂时平衡；COMEX库存增至27.05万短吨，环比微增 0.22%，海外隐性库存持续累积或压制上方空间。 产业链供需及库存变化分析 供给端： 智利Codelco埃尔特尼恩特铜矿事故导致2025年产量减少3.3万吨，叠加国 内华北地区因上合峰会货运 ...

Report Industry Investment Rating Not provided Core Viewpoints of the Report Crude oil prices may fluctuate strongly in the short term, but there is still downward pressure in the medium and long term. Support factors include the unexpected decline in US crude oil inventories, the narrowing of the discount of crude oil from the Middle East to Asia, the incomplete dissipation of geopolitical risk premiums, and the structural differentiation of fuel demand at the end of the Northern Hemisphere summer. Suppressing factors include the expectation of OPEC+ to accelerate the exit from production cuts, the increase in US exports, seasonal refinery maintenance, and cautious macro - sentiment [3]. Summary by Relevant Catalogs 1. Daily Market Summary - **Crude Oil Futures Market Data Changes**: On August 21, 2025, the SC crude oil main contract rose 1.68% to 490.9 yuan/barrel, breaking through the recent oscillation range. The prices of WTI and Brent main contracts remained at $62.84/barrel and $67.04/barrel respectively. The SC - Brent spread widened from $0.21/barrel to $1.35/barrel (a 542.86% increase), and the SC - WTI spread rose from $4.41/barrel to $5.55/barrel. The Brent - WTI spread was stable at $4.2/barrel. The spread between the near - month and the third - consecutive contract of SC narrowed from - 4.2 yuan/barrel to - 2.0 yuan/barrel [1]. - **Supply - Demand and Inventory Changes in the Industrial Chain** - **Supply**: US crude oil exports rebounded to over 4 million barrels per day in August - September, the highest since the beginning of the year. OPEC+ accelerating the lifting of 2.2 million barrels per day of voluntary production cuts still suppresses market sentiment. UK sanctions on Iranian business entities may increase the risk of restricted Iranian crude oil exports [2]. - **Demand**: The US gasoline demand peak season is nearing its end, and refinery maintenance may suppress short - term crude oil processing demand. As of the week ending August 15, commercial crude oil inventories in the US dropped by 6 million barrels to 420.7 million barrels. The Asian market is significantly differentiated, with Singapore's light/medium distillate inventories rising to 17 - week and 6 - week highs, and fuel oil inventories dropping to an 8 - week low [2]. - **Inventory**: US natural gas inventories have been accumulating less than expected, indicating energy demand resilience. The narrowing of the SC far - month discount may imply increased spot purchasing momentum in the Asia - Pacific region [2]. - **Price Trend Judgment**: Crude oil prices may fluctuate strongly in the short term, but there is still downward pressure in the medium and long term. Later, attention should be paid to OPEC+ production policy adjustments, the sustainability of US exports, and changes in Asian distillate inventories [3]. 2. Industrial Chain Price Monitoring - **Crude Oil**: The prices of most crude oil futures and spot contracts increased on August 21, 2025. The SC - Brent and SC - WTI spreads widened, while the Brent - WTI spread narrowed. US commercial crude oil inventories decreased, and the US refinery weekly operating rate and crude oil processing volume increased slightly [5]. - **Fuel Oil**: The prices of most fuel oil futures and spot contracts increased on August 21, 2025. Singapore's fuel oil inventories decreased, while some US distillate inventories increased [6]. 3. Industry Dynamics and Interpretations - **Supply**: US crude oil exports are expected to exceed 4 million barrels per day in August and September, reaching the highest level since the beginning of the year, due to refinery maintenance and the price advantage of WTI in Asia [7][8]. - **Demand**: Air Canada expects flights to operate close to the normal schedule tomorrow [9]. - **Inventory**: US natural gas inventories increased by 13 billion cubic feet in the week ending August 15, less than expected. Singapore's light and medium distillate inventories rose to multi - week highs, and fuel oil inventories dropped to an 8 - week low [10][11]. - **Market Information**: The UK imposed sanctions on an Iranian business tycoon and several key enterprises in his network [12]. 4. Industrial Chain Data Charts The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, the spread between SC and WTI, US crude oil production, refinery operating rates, and inventories of various types of oil products [13][15][17]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The pure benzene market maintains a pattern of increasing supply and demand. The supply is driven by the stable operation of refineries and the recovery of hydrobenzene plants, while the demand shows a mixed performance. Overall, the short - term fundamentals have marginally improved, but the contradiction between high latent inventory and insufficient terminal demand remains [3]. - The styrene market rebounded with the cost in the short - term. However, the medium - term trend depends on the implementation of maintenance and the recovery of terminal demand. The supply is currently high, and the demand improvement is limited, but the situation may marginally ease in September [4]. Group 3: Summary of Each Section 1. Daily Market Summary (1) Fundamentals - **Price**: On August 21, the styrene main contract closed up 0.05% at 7289 yuan/ton with a basis of 26 (+36 yuan/ton), and the pure benzene main contract closed down 0.08% at 6200 yuan/ton [2]. - **Cost**: On August 21, Brent crude closed at 62.7 (+0.9 dollars/barrel), WTI at 66.8 (+1.1 dollars/barrel), and the spot price of East China pure benzene was 6110 yuan/ton (+5 yuan/ton) [2]. - **Inventory**: Styrene sample factory inventory was 20.3 tons (-0.3 tons, -1.1% MoM), Jiangsu port inventory was 16.2 tons (+1.3 tons, +8.5% MoM), and pure benzene port inventory was 14.4 tons (-0.2 tons, -1.1% MoM) [2]. - **Supply**: Styrene production may decrease in late August due to plant maintenance. Currently, the weekly output is 37.1 tons (+0.2 tons), and the plant capacity utilization rate is 78.5% (+0.3%) [2]. - **Demand**: The capacity utilization rates of downstream 3S vary. EPS is 61.0% (+2.9%), ABS is 71.1% (+0%), and PS is 57.5% (+1.1%), showing a continuous increase [2]. (2) Views - **Pure benzene**: The supply is relatively stable with some increase, and the demand shows a mixed trend. The cost is supported by the short - term oil price rebound, but the long - term oil price may face pressure. Overall, the short - term fundamentals improve, but problems remain [3]. - **Styrene**: It rebounded with the cost in the short - term. The supply is high, and the demand improvement is limited. In September, the supply may contract due to maintenance, and the demand may enter the peak season, which may ease the supply - demand contradiction [4]. 2. Industry Chain Data Monitoring - **Price**: The prices of styrene and pure benzene futures and spot, as well as related spreads, are presented, showing different trends of increase and decrease. For example, the styrene futures main contract increased by 0.05%, and the pure benzene futures main contract decreased by 0.08% [6]. - **Output and Inventory**: The output of styrene and pure benzene in China increased slightly, and the inventory situation varied. Styrene port inventory increased, while factory inventory and pure benzene port inventory decreased [7]. - **Capacity Utilization Rate**: The capacity utilization rates of styrene and its downstream products, as well as pure benzene downstream products, changed. Some increased, such as EPS and PS, while others decreased, such as aniline and caprolactam [8]. 3. Industry News - China's shale cracking raw material supply affects the cost of naphtha, and the import volume is expected to reach a record high in 2025 [9]. - The global diesel shortage supports refinery profits, having a structural impact on the crude oil and chemical chains [9]. - India plans to accelerate the expansion of petrochemical production to cope with China's leading position in the global petrochemical market [9]. 4. Industry Chain Data Charts - The report provides multiple charts showing the historical data of pure benzene and styrene prices, spreads, inventory, and capacity utilization rates, with data sources from iFinD and Steel Union data [14][21]