Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The industrial silicon market continues to face issues of oversupply and insufficient effective demand in the long - term. The short - term price increase is mainly driven by the "anti - involution" and supply - side reform 2.0 expectations, which have led to a surge in market sentiment. However, there are signs that the short - term exuberant sentiment may fade, and attention should be paid to the risk of a significant price drop when the sentiment wanes. It is also recommended that relevant enterprises seize hedging opportunities while controlling margin (cash flow) safety [16]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Production and Price Data**: The weekly output of polysilicon was 24,400 tons, with a slight week - on - week increase but still significantly lower than the same period in 2024, and the cumulative weekly output decreased by about 46.99%. The price of N - type polysilicon increased by 0.75 yuan/ton to 44.7 yuan/kg. The DMC output was 45,600 tons, a decrease of 2,200 tons week - on - week, and the cumulative weekly output increased by about 15.51% year - on - year. The organic silicon inventory continued to decline week - on - week, remaining at a relatively high level, and the production gross profit continued to be in the red, with the loss narrowing significantly. The price of organic silicon rose by 1,600 yuan/ton to 12,450 yuan/ton. From January to June, the cumulative output of aluminum alloy was 9.097 million tons, a year - on - year increase of 1.089 million tons or 13.6%. From January to June, China's cumulative net export of industrial silicon was 335,500 tons, a year - on - year decrease of 15,800 tons or 4.49% [14]. - **Inventory Data**: The industrial silicon inventory was 691,800 tons, a decrease of 280 tons week - on - week, continuing to decline while remaining at a high level. Among them, the factory inventory was 271,400 tons, an increase of 300 tons week - on - week; the market inventory was 171,500 tons, remaining unchanged; and the registered warehouse receipt inventory was 248,900 tons, a decrease of 3,100 tons week - on - week [14]. - **Spot and Futures Data**: The spot price of 553 (non - oxygen - permeable) industrial silicon in East China was 9,850 yuan/ton, an increase of 750 yuan/ton week - on - week; the spot price of 421 industrial silicon was 10,350 yuan/ton, with a converted futures price of 9,550 yuan/ton, an increase of 700 yuan/ton week - on - week. The futures main contract (SI2509) closed at 9,725 yuan/ton, an increase of 1,030 yuan/ton week - on - week. The 553 (non - oxygen - permeable) had a premium of 125 yuan/ton over the futures main contract, with a basis rate of 1.27%; the 421 had a discount of 175 yuan/ton to the main contract, with a basis rate of - 1.69% [15]. - **Cost Data**: The average production cost in Xinjiang was 8,325 yuan/ton, remaining unchanged week - on - week; in Yunnan, it was 9,530 yuan/ton, an increase of 15 yuan/ton week - on - week; and in Sichuan, it was 9,200 yuan/ton, an increase of 30 yuan/ton week - on - week [15]. - **Supply Data**: The weekly output of industrial silicon was 75,200 tons, an increase of 1,900 tons week - on - week, continuing a slight upward trend. As of this week, the cumulative weekly output decreased by 20.48% year - on - year [15]. - **Demand Situation**: Polysilicon production remained at a low level, DMC production was basically stable, and overall demand was still relatively weak [16]. 2. Spot and Futures Market - As of July 25, 2025, the spot price of 553 (non - oxygen - permeable) industrial silicon in East China was 9,850 yuan/ton, an increase of 750 yuan/ton week - on - week; the spot price of 421 industrial silicon was 10,350 yuan/ton, with a converted futures price of 9,550 yuan/ton, an increase of 700 yuan/ton week - on - week. The futures main contract (SI2509) closed at 9,725 yuan/ton, an increase of 1,030 yuan/ton week - on - week. The 553 (non - oxygen - permeable) had a premium of 125 yuan/ton over the futures main contract, with a basis rate of 1.27%; the 421 had a discount of 175 yuan/ton to the main contract, with a basis rate of - 1.69% [21]. 3. Profit and Cost - **Cost Factors**: The average electricity price in Yunnan and Sichuan decreased by 0.02 yuan/kWh and 0.04 yuan/kWh respectively week - on - week, and the silicon stone price remained unchanged. The silicon coal price in the main production areas increased by 100 yuan/ton week - on - week [26][29]. - **Production Cost**: The average production cost in Xinjiang was 8,325 yuan/ton, remaining unchanged week - on - week; in Yunnan, it was 9,530 yuan/ton, an increase of 15 yuan/ton week - on - week; and in Sichuan, it was 9,200 yuan/ton, an increase of 30 yuan/ton week - on - week [29]. 4. Supply and Demand - **Supply - Total Output**: As of July 25, 2025, the weekly output of industrial silicon was 75,200 tons, an increase of 1,900 tons week - on - week, continuing a slight upward trend. As of this week, the cumulative weekly output decreased by 20.48% year - on - year. In June 2025, the industrial silicon output was 331,000 tons, an increase of 26,000 tons month - on - month, and the cumulative output from January to June decreased by 321,000 tons or 14.74% year - on - year [34]. - **Supply - Main Production Areas Output**: Data on the output of industrial silicon in main production areas such as Xinjiang, Yunnan, Sichuan, Inner Mongolia, Gansu, etc. are presented in the form of graphs, but specific numerical summaries are not provided in the text [36][39][42]. - **Demand - Polysilicon**: As of July 25, 2025, the weekly output of polysilicon was 24,400 tons, with a slight week - on - week increase but still significantly lower than the same period in 2024. As of this week, the cumulative weekly output decreased by about 46.99%. The price of N - type polysilicon increased by 0.75 yuan/ton to 44.7 yuan/kg [46]. - **Demand - Organic Silicon**: As of July 25, 2025, the DMC output was 45,600 tons, a decrease of 2,200 tons week - on - week, and the cumulative weekly output increased by about 15.51% year - on - year. The organic silicon inventory continued to decline week - on - week, remaining at a relatively high level, and the production gross profit continued to be in the red, with the loss narrowing significantly. The price of organic silicon rose by 1,600 yuan/ton to 12,450 yuan/ton [49]. - **Demand - Aluminum Alloy**: As of July 25, 2025, the price of primary aluminum alloy A356 was 21,240 yuan/ton, an increase of 70 yuan/ton week - on - week; the price of recycled aluminum alloy ADC12 was 20,160 yuan/ton, an increase of 30 yuan/ton week - on - week. From January to June, the cumulative output of aluminum alloy was 9.097 million tons, a year - on - year increase of 1.089 million tons or 13.6% [52]. - **Demand - Export**: From January to June, China's cumulative net export of industrial silicon was 335,500 tons, a year - on - year decrease of 15,800 tons or 4.49% [55]. 5. Inventory - As of July 25, 2025, the industrial silicon inventory was 691,800 tons, a decrease of 280 tons week - on - week, continuing to decline while remaining at a high level. Among them, the factory inventory was 271,400 tons, an increase of 300 tons week - on - week; the market inventory was 171,500 tons, remaining unchanged; and the registered warehouse receipt inventory was 248,900 tons, a decrease of 3,100 tons week - on - week [60]. 6. Graphical Trends - From July 21 - 25, the industrial silicon futures price continued to rebound. During the week, it broke through the upper edge of the flag (or expanding horn pattern) and briefly accelerated upwards, once exceeding 10,000 yuan/ton, with a weekly gain of 1,005 yuan/ton or 11.55%. At the daily - line level, the short - term rebound trend continued, but the upward momentum became looser. Short - term attention should be paid to the price performance at the resistance level around 10,000 yuan/ton, and be wary of the risk of price decline [63].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The domestic market is in the best window period for import profit in the past five years, and the pressure of import supply in the second half of the year may increase. Assuming that the outer - disk price does not rebound significantly, the probability of the Zhengzhou sugar price continuing to decline in the future is relatively high [9][10] Group 3: Summary according to the Directory 3.1 Zhoudu Evaluation and Strategy Recommendation - **International Market Review**: This week, the raw sugar price fell. As of Friday, the closing price of the ICE raw sugar October contract was reported at 16.28 cents per pound, a decrease of 0.51 cents per pound from the previous week, with a decline rate of 3.04%. In June, the sugar - cane yield in the central - southern region of Brazil decreased. From June 2025 to the 2025/26 crushing season, the sugar content (ATR) decreased from 125.2 kg/ton to 121.4 kg/ton, a year - on - year decrease of 3.1%; the average yield (TCH) decreased from 88.9 tons/ha to 79.3 tons/ha, a year - on - year decrease of 10.8%. As of the week of July 23, the number of ships waiting to load sugar at Brazilian ports was 76, and the quantity of sugar waiting to be shipped was 3.3408 million tons, a week - on - week increase of 246,500 tons [9] - **Domestic Market Review**: This week, the Zhengzhou sugar price rose slightly. As of Friday, the closing price of the Zhengzhou sugar September contract was reported at 5,876 yuan per ton, an increase of 50 yuan per ton from the previous week, with a growth rate of 0.86%. In June 2025, China imported 115,500 tons of syrup and premixed powder, a year - on - year decrease of 103,500 tons. From January to June 2025, China imported 459,100 tons of syrup and premixed powder, a year - on - year decrease of 492,400 tons [9] - **Viewpoints and Strategies**: With the current good import profit window in the domestic market, the import supply pressure may increase in the second half of the year. Assuming no significant rebound in the outer - disk price, the Zhengzhou sugar price is likely to continue to decline [9][10] - **Fundamental Evaluation**: On July 26, 2025, the basis was 164 yuan/ton, and the multi - empty score was - 0.5; the Zhengzhou sugar 9 - 1 spread was 198 yuan/ton, and the multi - empty score was + 0; the production - sales area spread was - 120 yuan/ton, and the multi - empty score was + 0; the raw - white sugar spread was 115 US dollars/ton, and the multi - empty score was + 0; the raw sugar - alcohol spread was 3.34 cents per pound, and the multi - empty score was + 0; the cost of the October contract within the quota was 4,544 yuan/ton, and the cost outside the quota was 5,672 yuan/ton, and the multi - empty score was - 1. The overall valuation of the disk is high [10] - **Trading Strategy Suggestion**: No trading strategy suggestions were provided [11] 3.2 Spread Trend Review - **Spot Price and Basis**: The report shows the price trend of first - grade white granulated sugar in Nanning, Guangxi, and the basis chart of Nanning spot - Zhengzhou sugar main contract from 2021 to 2025 [17][18] - **Spot - to - Spot Spread**: It includes the processing sugar basis and the production - sales area spread charts from 2021 to 2025, as well as the Zhengzhou sugar 1 - 5 and 9 - 1 spread charts of different contract periods [20][21][24] - **Internal - External Spread**: It presents the charts of the profit of out - of - quota spot import, out - of - quota disk import, raw sugar 10 - 3 and 3 - 5 spreads, London white sugar 8 - 10 and 10 - 3 spreads, raw - white sugar spreads, raw sugar spot premium and discount, and sugar - alcohol ratio from 2021 to 2025 [25][26][28] 3.3 Domestic Market Situation - **National Output**: The report shows the monthly and cumulative sugar production charts in China from 20/21 to 24/25 [41][42] - **Sugar Import Volume**: It includes the monthly and annual cumulative sugar import volume charts, as well as the monthly and annual cumulative import volume charts of syrup and premixed powder from 2021 to 2025 [44][45][47] - **National Sales Volume**: It shows the monthly sugar sales volume and cumulative sales progress charts in China from 20/21 to 24/25 [49][50] - **National Industrial Inventory**: It presents the monthly industrial inventory chart in China from 2021 to 2025 and the Guangxi three - party warehouse inventory chart from 20/21 to 24/25 [52][53] 3.4 International Market Situation - **CFTC Position**: The report shows the CFTC fund net position and commercial net position charts from 2021 to 2025 [57][58] - **Brazilian Central - Southern Production Situation**: It includes the bi - weekly and cumulative sugar production, cumulative sugar - making ratio of sugar cane, and cumulative sugar - cane crushing volume charts in the central - southern region of Brazil from 21/22 to 25/26 [59][60][62] - **Indian Output**: It shows the bi - weekly and cumulative sugar production charts in India from 20/21 to 24/25 [64][65] - **Thai Output**: It presents the bi - weekly and cumulative sugar production charts in Thailand from 20/21 to 24/25 [67][68] - **Brazilian Shipment Volume**: It includes the sugar inventory chart in the central - southern region of Brazil from 2022 to 2025 and the chart of the quantity of sugar waiting to be shipped at Brazilian ports from 21/22 to 25/26 [70][71]

Report Industry Investment Rating No information provided Core Viewpoints - Supply-side contraction policies need further observation. Given the low proportion of backward alumina production capacity and new production expected this year, the overcapacity situation may persist [12][13]. - Short-term commodity buying sentiment is subsiding, and the shortage of tradable spot goods is expected to ease. It is recommended to short at high levels based on market sentiment. The reference operating range for the domestic main contract AO2509 is 3050 - 3500 yuan/ton. Attention should be paid to warrant registration, supply-side policies, and Guinean ore policies [12][13] Summary by Directory 1. Weekly Assessment - **Futures Prices**: As of the night session on July 25, the alumina index rose 3.25% to 3245 yuan/ton this week, with positions increasing by 16,000 lots to 409,000 lots. Policy expectations drove up prices earlier in the week, but prices fell on Friday due to a return to fundamental logic. The Shandong spot price was 3195 yuan/ton, at a discount of 53 yuan/ton to the 08 contract. The spread between the first and third continuous contracts fluctuated, closing at 1 yuan/ton on Friday night [11][24] - **Spot Prices**: Spot prices in various regions rebounded slightly this week. Prices in Guangxi, Guizhou, Henan, Shandong, Shanxi, and Xinjiang increased by 40 yuan/ton, 40 yuan/ton, 55 yuan/ton, 55 yuan/ton, 65 yuan/ton, and 50 yuan/ton respectively, driven by policy and tight spot supply [11][21] - **Inventory**: Alumina social inventory increased by 58,000 tons to 4.047 million tons this week. Warehouse receipts on the SHFE increased by 2,100 tons to 9,000 tons. The registration volume of warehouse receipts rebounded slightly but remained at a historical low [11][69][71] 2. Spot and Futures Prices - **Spot Prices**: Spot prices in various regions rebounded slightly, driven by policy and tight spot supply [21] - **Futures Prices and Basis**: The alumina index rose earlier in the week and fell on Friday. The Shandong spot price was at a discount to the 08 contract. The spread between the first and third continuous contracts fluctuated [24] - **Bauxite Prices**: Bauxite prices in various regions remained unchanged this week. Imported ore prices were under pressure due to high arrivals and rising port inventories [27] 3. Supply Side - **Bauxite**: In June 2025, China's bauxite production was 5.19 million tons, and imports were 18.12 million tons. Imports from Guinea are expected to decline after June, but the annual supply will remain in surplus. The regulatory announcements in Guinea have caused market uncertainty [31][33][35] - **Alumina Production**: In June 2025, alumina production was 7.33 million tons. This week, domestic alumina production reached a new high of 181,200 tons [41][44] - **Alumina Factory Profits**: Alumina factory profits improved with the rebound in spot prices. Profits varied by region and raw material source [47] - **Alumina Imports and Exports**: In June 2025, alumina had a net export of 69,700 tons. The import window opened slightly, and small net exports are expected to become the norm [49] - **Overseas Alumina Production**: In June 2025, overseas alumina production was 5.11 million tons [53] 4. Demand Side - **Electrolytic Aluminum Production**: In June 2025, China's electrolytic aluminum production was 3.65 million tons [58] - **Electrolytic Aluminum Start-up**: In June 2025, the operating capacity of electrolytic aluminum was 44.03 million tons, and the start-up rate decreased slightly [61] 5. Supply - Demand Balance - The alumina balance sheet shows the supply - demand situation from January to August 2025 and the expected situation for July and August [64] 6. Inventory - **Alumina Social Inventory**: It increased by 58,000 tons to 4.047 million tons this week [69] - **SHFE Alumina Inventory**: Warehouse receipts increased, but the registration volume remained low. The inventory in delivery warehouses increased [71]

Report Industry Investment Rating - Not provided in the content Core View of the Report - The overall atmosphere in the commodity market is warm, and the prices of finished products continue to show a strong trend. The cost side provides obvious support for steel prices. The start of the Medog Hydropower Station has significantly increased the market's expectation for the future demand of building materials such as finished products and cement. In the short term, there is an expectation of production capacity reduction on the supply side, and the demand side is boosted by the launch of large - scale infrastructure projects. With the current low inventory levels of finished products, prices may have a basis for continuous strengthening. The market is currently more affected by policies and sentiment, and future attention should be paid to policy signals, terminal demand repair, and cost - side support [10][11] Summary by Relevant Catalogs 1. Week - ly Assessment and Strategy Recommendation - **Cost Side**: The hot - rolled coil's disk profit is 185 yuan/ton, and the spot premium over the disk is about - 167 yuan/ton, with a relatively high valuation [7] - **Supply Side**: This week, the output of hot - rolled coils was 3.17 million tons, a week - on - week change of - 37,000 tons, a year - on - year decrease of about 2.9% for the single week, and a cumulative year - on - year increase of about 0.4%. The daily average pig iron output was 2.4223 million tons, a week - on - week decrease of 210,000 tons, and the pig iron output remained at a relatively high level [8] - **Demand Side**: This week, the consumption of hot - rolled coils was 3.15 million tons, a week - on - week change of - 86,000 tons, a year - on - year decrease of about 3.9% for the single week, and a cumulative year - on - year increase of about 1.3%. Due to the price increase, the actual demand decreased slightly this week [9] - **Inventory**: This week, the hot - rolled coil inventory was 3.4516 million tons, with a slight accumulation [10] - **Trading Strategy**: The recommendation is to wait and see, and no specific trading strategy details are provided [12] 2. Spot and Futures Market - Multiple charts are presented, including the spot price of hot - rolled Q235B 4.75mm, various regional price differences, contract basis, futures price differences, and price ratios between different products, with data sources from MYSTEEL and the research center of Minmetals Futures [18][21][23] 3. Profit and Inventory - Charts show the gross profit per ton of hot - rolled and cold - rolled coils, the profits of blast furnaces and electric furnaces for rebar, and the inventory data of hot - rolled, cold - rolled, and coated plates, with data sources from MYSTEEL and the research center of Minmetals Futures [54][56][59] 4. Cost Side - Charts display the futures closing prices of iron ore, coke, and the price of scrap steel, as well as pig iron output, iron - making cost, and billet price, with data sources from MYSTEEL and the research center of Minmetals Futures [74][76][79] 5. Supply Side - Charts show the weekly output, cumulative year - on - year change, and capacity utilization rate of hot - rolled, cold - rolled, and coated plates in different regions and samples, with data sources from MYSTEEL and the research center of Minmetals Futures [91][93][98] 6. Demand Side - The consumption of hot - rolled coils this week was 3.15 million tons, with a week - on - week change of - 86,000 tons, a year - on - year decrease of about 3.9% for the single week, and a cumulative year - on - year increase of about 1.3%. Multiple charts show the apparent consumption of hot - rolled and cold - rolled coils, as well as the production and sales data of downstream industries such as automobiles, home appliances, and agricultural machinery, with data sources from MYSTEEL and the research center of Minmetals Futures [9][109][110]

下游景气度见底反弹， 原料估值跟随商品情绪修复 聚酯周报 2025/07/26 马桂炎（联系人） 13923915659 magy@wkqh.cn 交易咨询号：Z0020397 从业资格号：F03136381 刘洁文（能源化工组） 从业资格号：F03097315 CONTENTS 目录 01 周度评估及策略推荐 04 PTA基本面 02 期现市场 05 MEG基本面 03 对二甲苯基本面 06 聚酯及终端 01 周度评估及策略推荐 周度总结——PX ◆ 价格表现：上周大幅反弹，09合约单周上涨252元，报7062元。现货端CFR中国上涨35美元，报874美元。现货折算基差上涨28元，截至7月25 日为133元。9-1价差下降28元，截至7月25日为112元。 ◆ 供应端：上周中国负荷79.9%，环比下降1.2%；亚洲负荷72.9%，环比下降0.7%。装置方面，盛虹因前道装置故障进一步降负，天津石化检修， 金陵石化提负。进口方面，7月中上旬韩国PX出口中国23.8万吨，同比下降0.5万吨。整体上，后续国内检修量仍然偏少，负荷持续偏高。 ◆ 需求端：PTA负荷79.7%，环比持平，装置方面，上周变动不大。PTA短 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The PVC industry is currently facing a situation of strong supply and weak demand with high valuations. Fundamentally, the comprehensive profit of enterprises has risen to a high point for the year, but the valuation pressure is significant. In the short term, there is an expectation of supply reduction due to anti - involution and a rebound in the black building materials sector, but there is a risk of a sharp decline after the sentiment fades. In the medium term, the industry is suppressed by large - scale capacity growth and continuous decline in real estate demand. It needs to rely on export growth or the implementation of policies to clear old devices to consume the excess domestic production capacity [11]. 3. Summary According to the Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - **Cost and Profit**: Wuhai calcium carbide price is reported at 2,225 yuan/ton, down 25 yuan/ton week - on - week; Shandong calcium carbide price is reported at 2,780 yuan/ton, down 45 yuan/ton week - on - week; Shaanxi medium - grade semi - coke is at 585 yuan/ton, unchanged week - on - week. The comprehensive profit of chlor - alkali integration has risen to a high point for the year, and the profit of ethylene production has continued to rebound, but the valuation support is currently weak [11]. - **Supply**: The PVC capacity utilization rate is 76.8%, a 0.8% decrease from the previous period. Among them, the calcium carbide method is 79.3%, a 0.5% decrease, and the ethylene method is 70.3%, a 1.7% decrease. The supply load decreased last week due to the maintenance of several enterprises, and it is expected to recover next week. There were more maintenance operations in July than in June, but the supply pressure remains high, and the pressure of new device production in the third quarter is large [11]. - **Demand**: India's anti - dumping policy has been extended to the end of September, alleviating the weak export pressure in the third quarter, with an expectation of pre - tariff export rush. The operating rates of the three major downstream industries have rebounded this week. The overall downstream load is 41.9%, a 1.8% increase from the previous period, but still weak compared to the same period last year. The PVC pre - sales volume last week was 795,000 tons, a 99,000 - ton increase from the previous period [11]. - **Inventory**: Last week, the in - factory inventory was 357,000 tons, a decrease of 10,000 tons from the previous period; the social inventory was 683,000 tons, an increase of 26,000 tons from the previous period; the overall inventory was 1.04 million tons, an increase of 16,000 tons from the previous period; the number of warehouse receipts has increased. In the future, under the pattern of strong domestic supply and weak demand, the supply - demand situation will turn to inventory accumulation, and it is necessary to observe whether the export is better than expected [11]. - **Summary**: Fundamentally, the comprehensive profit of enterprises has risen to a high point for the year, with high valuation pressure. The maintenance volume is gradually decreasing, and the production is at a five - year high. In the short term, multiple sets of devices will be put into production. The domestic downstream operating rate is at a five - year low and still in the off - season. The cost support is weakening. In the medium term, the industry is suppressed by capacity growth and real - estate demand decline. Overall, the fundamentals are poor, and it is necessary to observe whether the subsequent export can reverse the domestic inventory accumulation pattern [11]. 3.2 Futures and Spot Market The report presents multiple charts related to the PVC futures and spot markets, including the term structure, East China SG - 5 price, spot basis, 9 - 1 spread, active contract positions, trading volume, total positions, and total trading volume from 2021 to 2025, but no specific data analysis is provided in the text [16][19][24][26]. 3.3 Profit and Inventory - **Profit**: The profit of chlor - alkali integration has recovered to a high point for the year, with high valuation pressure [37]. - **Inventory**: The report shows multiple charts of PVC inventory, including in - factory inventory, ethylene - based in - factory inventory, calcium - carbide - based in - factory inventory, social inventory, the sum of factory and social inventory, and warehouse receipts from 2021 to 2025 [31][34][36]. 3.4 Cost Side The cost side shows that calcium carbide prices are falling and inventory is accumulating. The report presents charts of Wuhai and Shandong calcium carbide prices, calcium carbide inventory, calcium carbide operating rate, Lanzhou semi - coke price, 32% liquid caustic soda price in Shandong, liquid chlorine price in Shandong, Northeast Asian ethylene CFR spot price from 2021 to 2025 [44][45][48]. 3.5 Supply Side - In 2025, the PVC capacity investment is large, mainly concentrated in the third quarter. The total planned production capacity in 2025 is 2.5 million tons/year, including several enterprises such as Xinpu Chemical, Jintai Chemical, and Wanhua Chemical (Phase II) [57][62]. - The report shows charts of PVC historical capacity trends, 2025 PVC production capacity, and raw materials consumed by 2025 PVC production [58][60][63]. 3.6 Demand Side - The operating rates of the three major downstream industries of PVC have rebounded. The export volume and pre - sales volume have also increased to some extent. India's anti - dumping policy extension may lead to an export rush at the end of the rainy season [11]. - The report presents charts of PVC downstream operating rates (including profiles, films, and pipes), export volume, export volume to India, pre - sales volume, and China's housing completion area rolling cumulative year - on - year from 2021 to 2025 [73][81][86].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The current fundamental market is healthy. With low inventory in Cushing, combined with hurricane expectations and Russia-related events, crude oil has upward momentum. However, the off-season in mid-August will lead to a seasonal decline in demand, limiting the upside potential of crude oil. Given the limited upside potential and window period, a short-term target price of WTI at $70.4 per barrel is set. It is recommended to go long at low prices and take profits, and to make left-side bets on the geopolitical expectations of Russia in September and the hurricane supply disruption season when the oil price drops significantly [14]. - In the medium term, the upside potential of oil prices in the second half of the year is limited. As OPEC's gradual production increase is implemented, the wide - range oscillation center of oil prices is expected to move down slightly. Since shale oil will still play a supporting role, it is difficult to have a continuous trend market, and it is more important to grasp the driving rhythm [19]. Summary by Directory 1. Weekly Assessment & Strategy Recommendation - **Market Review**: With the improvement of China's macro - situation, INE crude oil has significantly re - evaluated compared with international oil prices this week. Affected by Venezuela's return, crude oil prices briefly declined, and the current oil price remains in the previous oscillation range [14]. - **Supply and Demand Changes**: OPEC + members agreed to increase oil supply by 550,000 barrels per day in August. The overall OPEC has begun to fully implement the maximum production increase. The US supply shows price elasticity and maintains dynamic production cuts when oil prices are weak. Iran is expected to return to the global supply, but Russia's shipments are still tight, with the planned port loading volume in August reduced to 1.77 million barrels per day, a month - on - month decrease of 8% [14]. - **Macro - Politics**: In the macro - aspect, the number of initial jobless claims in the US for the week ending July 19 was 217,000, better than expected. The US and Japan reached a trade agreement, and Trump said that Japan would invest $550 billion in the US. Politically, Iran started post - war negotiations, but no clear announcement has been given to the market [14]. - **Short - term Impact Factors**: The US policy has a short - term positive and long - term negative impact on oil prices; geopolitical factors are neutral to positive [15]. - **Medium - term Impact Factors**: Global supply and demand and macro - politics are generally neutral to negative, and oil prices are expected to oscillate with a downward trend [19]. 2. Macro & Geopolitics - **Short - term High - Frequency Indicators**: Various macro - indicators such as the US ISM manufacturing PMI, the Citigroup G10 economic surprise index, the US 10 - year inflation expectation, and the US long - short - term spread are presented, showing the relationship with WTI oil prices [36]. - **Medium - term Forecast Indicators**: Eurozone and US investment confidence indices, PMI, GDP growth rate forecasts, and their relationships with oil consumption are analyzed [39]. - **Geopolitical Indicators**: Important geopolitical events include the end of the Israel - Iran conflict, Libya's plan to increase production, the supply disruption in Iraq's Kurdish region, Venezuela's resumption of production, and Iran's negotiations with E3 [42][43]. 3. Oil Product Spreads - **Forward Curve**: The WTI crude oil forward curve, the near - far structure of various crude oils, and the M1/M4 spreads of WTI and Brent crude oils are presented [47]. - **Inter - regional Spreads**: The spreads of INE/Brent, MRBN/WTI, Brent/WTI, and Brent/Dubai are analyzed [50][55]. - **Product Spreads**: The forward curves of LGO diesel and the near - far structure of refined oils, as well as the spreads of RB/HO and LGO/RB are shown [57][61]. - **Crack Spreads**: The crack spreads of gasoline, diesel, high - sulfur fuel oil, and low - sulfur fuel oil in Singapore, Europe, and the US are presented [65][68][71]. 4. Crude Oil Supply - **Supply: OPEC & OPEC+** - **OPEC Meeting Results**: OPEC and OPEC + have a series of production adjustment decisions from 2023 to 2025, including production cuts, extensions, and production increases [77]. - **Supply Situation**: Various data charts show the production, quota, idle capacity, and unexpected production outages of OPEC and OPEC + countries [79][84][88]. - **Supply: US** - No detailed content is provided in the given text after the "Supply: US" section.

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In the medium to long term, zinc prices are expected to remain bearish as domestic zinc ore supply is still abundant, zinc ingot supply is expected to increase, and inventories are rising. In the short term, zinc prices are expected to show a volatile and slightly stronger trend due to factors such as the dovish atmosphere of the Federal Reserve, high concentration of long positions in the LME zinc market, and strong overall commodity sentiment [11]. Group 3: Summary by Relevant Catalogs 3.1 Week - to - Week Assessment - **Price Review**: The Shanghai Zinc Index closed down 0.57% to 22,868 yuan/ton on Friday, with a total long - only trading position of 234,600 lots. LME Zinc 3S fell 35 to 2,840.5 US dollars/ton, with a total position of 188,300 lots. The average price of SMM 0 zinc ingots was 22,770 yuan/ton, with Shanghai basis at - 20 yuan/ton, Tianjin basis at - 70 yuan/ton, and Guangdong basis at - 90 yuan/ton [11]. - **Domestic Structure**: SHFE zinc ingot futures inventory was 13,300 tons, and domestic social inventory decreased slightly to 92,700 tons. The basis in Shanghai was - 20 yuan/ton, and the spread between consecutive contracts and the first - month contract was - 40 yuan/ton. - **Overseas Structure**: LME zinc ingot inventory was 116,900 tons, and LME zinc ingot cancelled warrants were 55,900 tons. The basis of the cash - 3S contract was - 0.71 US dollars/ton, and the 3 - 15 spread was - 2.5 US dollars/ton. - **Cross - Market Structure**: The ex - exchange Shanghai - London price ratio was 1.126, and the import profit and loss of zinc ingots was - 1,586.89 yuan/ton. - **Industrial Data**: The domestic TC of zinc concentrate was 3,800 yuan/metal ton, and the imported TC index was 76 US dollars/dry ton. The port inventory of zinc concentrate was 275,000 physical tons, and the factory inventory was 599,000 physical tons. The weekly operating rates of galvanized structural parts, die - cast zinc alloys, and zinc oxide were 59.42%, 51.03%, and 55.99% respectively [11]. 3.2 Macro Analysis - The report presents multiple charts related to the US fiscal and debt situation, the Fed's balance sheet, dollar liquidity, manufacturing PMIs of China and the US, and new and unfilled orders in the US manufacturing and non - ferrous metal industries, but no specific analysis conclusions are provided [14][16]. 3.3 Supply Analysis - **Zinc Ore Supply**: In June 2025, domestic zinc ore production was 322,500 metal tons, with a year - on - year change of 2.8% and a month - on - month change of - 0.8%. The net import of zinc ore was 330,000 dry tons, with a year - on - year change of 23.0% and a month - on - month change of - 32.9%. The total domestic zinc ore supply was 471,000 metal tons, with a year - on - year change of 8.4% and a month - on - month change of - 13.8% [25][27]. - **Zinc Ingot Supply**: In June 2025, zinc ingot production was 585,100 tons, with a year - on - year change of 7.2% and a month - on - month change of 6.5%. The net import of zinc ingots was 38,200 tons, with a year - on - year change of 1.7% and a month - on - month change of 50.9%. The total domestic zinc ingot supply was 623,300 tons, with a year - on - year change of 6.8% and a month - on - month change of 8.5% [33][35]. 3.4 Demand Analysis - The weekly operating rates of galvanized structural parts, die - cast zinc alloys, and zinc oxide were 59.42%, 51.03%, and 55.99% respectively. In June 2025, the apparent demand for domestic zinc ingots was 607,800 tons, with a year - on - year change of 0.9% and a month - on - month change of 5.0% [39][41]. 3.5 Supply - Demand and Inventory - **Domestic Zinc Ingot**: In June 2025, the supply - demand gap of domestic zinc ingots was a surplus of 15,400 tons, and the cumulative supply - demand gap from January to June was a surplus of 61,000 tons [52]. - **Overseas Refined Zinc**: In April 2025, the supply - demand gap of overseas refined zinc was a surplus of 67,600 tons, and the cumulative supply - demand gap from January to April was a surplus of 127,700 tons [55]. 3.6 Price Outlook - **Domestic Structure**: SHFE zinc ingot futures inventory was 13,300 tons, and domestic social inventory decreased slightly to 92,700 tons. The basis in Shanghai was - 20 yuan/ton, and the spread between consecutive contracts and the first - month contract was - 40 yuan/ton [60]. - **Overseas Structure**: LME zinc ingot inventory was 116,900 tons, and LME zinc ingot cancelled warrants were 55,900 tons. The basis of the cash - 3S contract was - 0.71 US dollars/ton, and the 3 - 15 spread was - 2.5 US dollars/ton [63]. - **Cross - Market Structure**: The ex - exchange Shanghai - London price ratio was 1.126, and the import profit and loss of zinc ingots was - 1,586.89 yuan/ton [66]. - **Position Analysis**: The net long position of the top 20 in Shanghai Zinc was relatively high, the net long position of investment funds in LME Zinc increased, and the net short position of commercial enterprises also increased, showing a bullish trend from the position perspective [69].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall atmosphere in the commodity market is positive, and the prices of finished steel products continue to show a strong trend. The cost side provides significant support for steel prices. The start - up of the Medog Hydropower Station has boosted market expectations for future demand for building materials. In the short term, there are expectations of production capacity reduction on the supply side and demand is stimulated by large - scale infrastructure projects. With low inventory levels, steel prices may have a basis for continuous increase. The notice on coal production verification has also driven up coal prices, further supporting steel prices. Currently, the market is more influenced by policies and sentiment than by fundamentals [9][10]. 3. Summary by Directory 3.1 Weekly Assessment and Strategy Recommendation - **Supply - side**: This week, the total output of rebar was 2.12 million tons, a week - on - week increase of 1.4% and a year - on - year decrease of 5.2%. The long - process output was 1.88 million tons, a week - on - week increase of 2.9% and a year - on - year decrease of 6.2%. The short - process output was 0.24 million tons, a week - on - week decrease of 9.3% and a year - on - year increase of 3.5%. The daily average pig iron output was 2.4223 million tons, a slight decrease from last week. The blast furnace profit in East China remained around 220 yuan/ton, and the electric furnace profit increased significantly [7]. - **Demand - side**: This week, the apparent demand for rebar was 2.17 million tons, a week - on - week increase of 5.3% and a year - on - year decrease of 4.4%. The demand showed a slight recovery but remained weak overall [7]. - **Imports and Exports**: 155,000 tons of steel billets were imported in June [8]. - **Inventory**: The social inventory of rebar was 3.73 million tons, a week - on - week increase of 0.8% and a year - on - year decrease of 35.5%. The factory inventory was 1.66 million tons, a week - on - week decrease of 4.3% and a year - on - year decrease of 13.7%. The total inventory was 5.39 million tons, a week - on - week decrease of 0.9% and a year - on - year decrease of 30.1%. The rebar inventory continued to decline [8]. - **Profit**: The pig iron cost was 2540 yuan/ton, the blast furnace profit was 256 yuan/ton, and the average profit of independent electric arc furnace steel mills was - 33 yuan/ton. The profitability of steel mills continued to rise, and their production willingness was strong [8]. - **Basis**: The lowest warehouse receipt basis was - 52 yuan/ton, and the basis rate was - 1.6% [9]. - **Trading Strategy**: No trading strategy was recommended [11]. 3.2 Futures - Spot Market - **Price and Basis**: The 01 - contract basis was - 103 yuan/ton, the 05 - contract basis was - 128 yuan/ton, and the 10 - contract basis was - 44 yuan/ton. The 01 - 05 spread of rebar was - 25 yuan/ton, the 05 - 10 spread was 84 yuan/ton, and the 10 - 01 spread was - 59 yuan/ton [19][22]. - **Spreads**: Beijing's coil - rebar spread was 150 yuan/ton (last week: 180 yuan/ton), Shanghai's was 70 yuan/ton (last week: 110 yuan/ton), and Guangzhou's was 0 yuan/ton (last week: - 10 yuan/ton). The Shanghai - Beijing rebar spread was 70 yuan/ton (last week: 60 yuan/ton), and the Guangzhou - Shanghai spread was - 22 yuan/ton (last week: 22 yuan/ton). Beijing's premium for spiral rebar was 130 yuan/ton, Shanghai's was 180 yuan/ton, and Guangzhou's was 190 yuan/ton, remaining unchanged from last week [27][30][33]. - **Prices and Ratios**: The price of 20MnSi billet in Tangshan was 3240 yuan/ton, the aggregated price of HRB400E Φ20 rebar in Beijing was 3340 yuan/ton. The FOB export price of Chinese rebar was 452 US dollars/ton, and the CFR import prices in Southeast Asia, the US, the EU, and the Middle East were 460, 995, 605, and 610 US dollars/ton respectively. The lowest spot price of rebar was 3250 yuan/ton, the lowest spot price of coke was 1438 yuan/ton, and the lowest spot price of iron ore was 871 yuan/ton [36][39]. 3.3 Profit - The electric furnace profit was - 33 yuan/ton, an increase of 51 yuan/ton from last week. The blast furnace profit of rebar was 256 yuan/ton, an increase of 85 yuan/ton from last week. The scrap steel arrival price was 2242 yuan/ton, the pig iron cost was 3358 yuan/ton, and the average pig iron cost of 64 steel mills was 2540 yuan/ton [42][50]. 3.4 Supply - side - **Weekly Output**: The total weekly output of rebar was 2.12 million tons, a week - on - week increase of 1.4% and a year - on - year decrease of 5.2%. The long - process output was 1.88 million tons, a week - on - week increase of 2.9% and a year - on - year decrease of 6.2%. The short - process output was 0.24 million tons, a week - on - week decrease of 9.3% and a year - on - year increase of 3.5% [54]. - **Capacity Utilization**: The blast furnace capacity utilization rate was 91% (unchanged from last week), and the electric furnace capacity utilization rate was 55%, a week - on - week increase from 52% [57]. - **Pig Iron Output**: The daily average pig iron output was 2.42 million tons, the same as last week [61]. - **Regional Output**: The rebar output in the northern region was 500,000 tons (last week: 450,000 tons), and in the southern region was 740,000 tons (last week: 770,000 tons). In the East China region, it was 880,000 tons, including 340,000 tons in Jiangsu, 80,000 tons in Shandong, and 210,000 tons in Anhui. In Guangdong, it was 200,000 tons, and in Guangxi, it was 60,000 tons [65][68][71]. 3.5 Demand - side - **Building Material Transactions**: The weekly average building material transactions of 237 national distributors were 117,741 tons (last week: 105,098 tons), and in Shanghai, it was 16,600 tons (unchanged from last week). The transactions of building steel in different regions are also provided [75]. - **Rebar Consumption**: The weekly consumption of rebar was 2.17 million tons, and in East China, it was 0.84 million tons. In the Southwest, it was 0.3 million tons, and in South China, it was 0.29 million tons. Other regional consumption data are also available [85][87]. - **Related Prices**: The price of P.O42.5 cement in Hangzhou was 470 yuan/ton, and in Shanghai was 465 yuan/ton [95]. 3.6 Inventory - **Total and Social Inventory**: The social inventory of rebar was 3.73 million tons, a week - on - week increase of 0.8% and a year - on - year decrease of 35.5%. The factory inventory was 1.66 million tons, a week - on - week decrease of 4.3% and a year - on - year decrease of 13.7%. The total inventory was 5.39 million tons, a week - on - week decrease of 0.9% and a year - on - year decrease of 30.1%. The steel billet inventory in Tangshan was 1.07 million tons (last week: 1.04 million tons) [8][100]. - **Regional Inventory**: The social inventory of rebar in 132 cities was 5.47 million tons, in East China was 2.45 million tons, in Hangzhou was 0.57 million tons, and in Shanghai was 0.17 million tons. Other regional inventory data are also provided [103].

Report Industry Investment Rating No relevant content provided. Core Viewpoint The primary lead production rate declined slightly, while the secondary lead production rate increased from a low level, maintaining a relatively loose supply of lead ingots. The price of lead-acid batteries stopped falling and stabilized, and with the approaching peak season, the purchasing of downstream battery manufacturers improved slightly. However, according to SMM information, the Middle East will impose anti-dumping duties ranging from 25% to 70% on some Chinese or Chinese-invested lead-acid battery enterprises, which will suppress the consumption expectation of lead ingots to some extent. Overall, the supply and demand of lead ingots are slightly in surplus, and there are deliveries in both domestic and overseas inventories. It is expected that the domestic lead price will run weakly [11]. Summary by Directory 01. Weekly Assessment - Price Review: The Shanghai Lead Index closed up 0.36% at 16,958 yuan/ton on Friday, with a total unilateral trading position of 106,900 lots. As of 15:00 on Friday afternoon, LME Lead 3S fell 2.5 to $2,030.5/ton compared with the same period of the previous day, with a total position of 140,700 lots. The average price of SMM 1 lead ingots was 16,750 yuan/ton, and the average price of secondary refined lead was 16,750 yuan/ton, with a flat price difference between refined and scrap lead. The average price of waste electric vehicle batteries was 10,250 yuan/ton [11]. - Domestic Structure: According to Steelhome data, the domestic social inventory slightly decreased to 65,800 tons. The futures inventory of lead ingots on the Shanghai Futures Exchange was recorded at 60,000 tons, with an internal primary basis of -135 yuan/ton and a spread of -30 yuan/ton between consecutive contracts and the first consecutive contract. Overseas Structure: The LME lead ingot inventory was recorded at 269,300 tons, and the LME lead ingot cancelled warrants were recorded at 70,800 tons. The external cash - 3S contract basis was -$24.27/ton, and the 3 - 15 spread was -$58.2/ton. Cross - Market Structure: After excluding exchange rates, the on - screen Shanghai - London ratio was recorded at 1.17, and the import profit and loss of lead ingots was -834.57 yuan/ton [11]. - Industry Data: At the primary end, the port inventory of lead concentrates was 14,000 tons, and the factory inventory was 439,000 tons, equivalent to 26.4 days. The imported TC of lead concentrates was -$60/dry ton, and the domestic TC was 500 yuan/metal ton. The primary production rate was recorded at 63.37%, and the primary ingot factory inventory was 6,000 tons. At the secondary end, the scrap lead inventory was 89,000 tons, the weekly production of secondary lead ingots was 32,000 tons, and the secondary ingot factory inventory was 10,000 tons. At the demand end, the operating rate of lead - acid batteries was 71.86% [11]. 02. Primary Supply - Import and Production Data: In June 2025, the net import of lead concentrates was 118,000 physical tons, a year - on - year change of 31.7% and a month - on - month change of 13.6%. From January to June, the cumulative net import of lead concentrates was 669,400 physical tons, a cumulative year - on - year change of 37.6%. In June 2025, the net import of silver concentrates was 126,000 physical tons, a year - on - year change of -1.2% and a month - on - month change of -7.5%. From January to June, the cumulative net import of silver concentrates was 847,500 physical tons, a cumulative year - on - year change of 2.6%. In June 2025, China's lead concentrate production was 153,100 metal tons, a year - on - year change of 14.9% and a month - on - month change of 2.5%. From January to June, the total production of lead concentrates was 787,000 metal tons, a cumulative year - on - year change of 13.1%. In June 2025, the net import of lead - containing ores was 121,200 metal tons, a year - on - year change of 15.7% and a month - on - month change of 3.8%. From January to June, the cumulative net import of lead - containing ores was 740,700 metal tons, a cumulative year - on - year change of 19.0% [15][17]. - Total Supply: In June 2025, the total supply of Chinese lead concentrates was 274,300 metal tons, a year - on - year change of 15.3% and a month - on - month change of 3.1%. From January to June, the cumulative supply of lead concentrates was 1,527,700 metal tons, a cumulative year - on - year change of 15.9%. In April 2025, the global lead ore production was 380,100 tons, a year - on - year change of 5.3% and a month - on - month change of 0.0%. From January to April, the total production of lead ore was 1,483,500 tons, a cumulative year - on - year change of 7.2% [19]. - Inventory and Processing Fees: At the primary end, the port inventory of lead concentrates was 14,000 tons, and the factory inventory was 439,000 tons, equivalent to 26.4 days. The imported TC of lead concentrates was -$60/dry ton, and the domestic TC was 500 yuan/metal ton [21][23]. - Smelting Data: The primary production rate was recorded at 63.37%, and the primary ingot factory inventory was 6,000 tons. In June 2025, China's primary lead production was 328,600 tons, a year - on - year change of 16.2% and a month - on - month change of -0.8%. From January to June, the total production of primary lead ingots was 1,884,700 tons, a cumulative year - on - year change of 9.2% [26]. 03. Secondary Supply - Raw Material and Production: At the secondary end, the scrap lead inventory was 89,000 tons. The weekly production of secondary lead ingots was 32,000 tons, and the secondary ingot factory inventory was 10,000 tons. In June 2025, China's secondary lead production was 286,600 tons, a year - on - year change of -13.6% and a month - on - month change of 2.4%. From January to June, the total production of secondary lead ingots was 1,933,700 tons, a cumulative year - on - year change of -0.1% [31][33]. - Import and Total Supply: In June 2025, the net export of lead ingots was -7,200 tons, a year - on - year change of 43.5% and a month - on - month change of -22.1%. From January to June, the cumulative net export of lead ingots was -43,900 tons, a cumulative year - on - year change of 448.2%. In June 2025, the total domestic supply of lead ingots was 622,400 tons, a year - on - year change of 0.5% and a month - on - month change of 0.3%. From January to June, the cumulative domestic supply of lead ingots was 3,862,300 tons, a cumulative year - on - year change of 5.3% [35]. 04. Demand Analysis - Battery Demand: At the demand end, the operating rate of lead - acid batteries was 71.86%. In June 2025, the apparent domestic demand for lead ingots was 624,900 tons, a year - on - year change of 0.0% and a month - on - month change of 4.5%. From January to June, the cumulative apparent domestic demand for lead ingots was 3,826,600 tons, a cumulative year - on - year change of 3.5% [38]. - Battery Export: In June 2025, the net export volume of batteries was 1,825,850 units, and the net export weight was 99,200 tons. It is estimated that the net export of lead in batteries was 62,000 tons, a year - on - year change of -16.9% and a month - on - month change of -5.0%. From January to June, the total net export of lead in batteries was 366,300 tons, and the cumulative net export of lead in batteries increased by -3.1% year - on - year [41]. - Inventory Days: In June 2025, the enterprise finished - product inventory days slightly decreased to 26 days, and the distributor inventory days slightly increased to 39.88 days [44]. - Terminal Demand: In the two - wheeled vehicle sector, although the decline in electric bicycle production directly dragged down the new installation demand, the continuous growth of delivery scenarios such as express delivery and takeaway drove the improvement of the new installation consumption of electric two - and three - wheeled vehicles. In the automobile sector, the contribution of lead demand is expected to maintain stable growth. Although new energy vehicles are gradually replacing lead - acid starting batteries with lithium - iron phosphate starting batteries, the current high vehicle ownership and high replacement demand for existing vehicles support the relatively high operating rate of starting batteries and domestic lead ingot consumption. In the base station sector, the rapid development of communication technology and the increasing number of communication base stations and 5G base stations across the country drive the steady increase in the demand for lead - acid batteries [48][50][53]. 05. Supply - Demand Inventory - Domestic Balance: In June 2025, the domestic supply - demand gap of lead ingots was a shortage of 35,700 tons. From January to June, the cumulative domestic supply - demand gap of lead ingots was a surplus of 0 tons [62]. - Global Balance: In April 2025, the global refined lead supply - demand gap was a surplus of 6,900 tons. From January to April, the cumulative global refined lead supply - demand gap was a surplus of 3,700 tons [65]. 06. Price Outlook - Domestic Structure: According to Steelhome data, the domestic social inventory slightly decreased to 65,800 tons. The futures inventory of lead ingots on the Shanghai Futures Exchange was recorded at 60,000 tons, the internal primary basis was -135 yuan/ton, and the spread between consecutive contracts and the first consecutive contract was -30 yuan/ton [70]. - Overseas Structure: The LME lead ingot inventory was recorded at 269,300 tons, and the LME lead ingot cancelled warrants were recorded at 70,800 tons. The external cash - 3S contract basis was -$24.27/ton, and the 3 - 15 spread was -$58.2/ton [73]. - Cross - Market Structure: After excluding exchange rates, the on - screen Shanghai - London ratio was recorded at 1.17, and the import profit and loss of lead ingots was -834.57 yuan/ton [76]. - Position Analysis: The top 20 net positions of Shanghai Lead turned to net short, the net long positions of LME lead investment funds decreased, and the net short positions of commercial enterprises increased. The position perspective indicates a bearish trend [79].