s 加安期货 周度变化 -23 -23 87 2 -11 -2 -157 93852 4073 -1250 -1.3 -180 -180 -180 -70 -79 -21 2025 ·2019 -2024 =2021 -2022 2020 =2023 -2025 2019 -2024 -2025 -2021 =2023 ·2020 -2022 BU12-03 BU12-01 200 300 250 150 200 150 100 100 50 50 0 0 -50 N3 67 1/10 0/6 /1$ 0/27 /6 8/1 7 8 -100 -50 -150 -100 -200 2019 2019 -2021 2022 -2023 ·2024 2021 -2024 2020 2025 2020 2022 2023 ·2025 BU主力合约 BU远期结构 5000 3400 3350 4500 3300 3250 4000 3200 3150 3500 3100 3050 3000 3000 TW 2950 2900 S 2500 2850 3/1 2/1 4/1 6/1 7/1 8/1 9/1 11/1 1 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalog BR (Butadiene Rubber) - **Futures Information**: On November 10, the BR主力合约(12) was at 10275, with a daily change of 85 and a weekly change of 70. The holding volume was 83698, down 1988 from the previous day and up 47828 for the week. The trading volume was 114254, up 7936 daily and 22564 weekly. The warrant quantity was 12300, unchanged from the previous day and up 3720 for the week. The long - short ratio was 34.02, down 1 from the previous day and up 13 for the week [4]. - **Basis/Spread/Inter - Variety Spread**: The butadiene rubber basis was 25, down 85 daily and 70 weekly. The styrene - butadiene basis was 475, down 85 daily and 120 weekly. The 12 - 01 spread was 70, up 5 daily and down 20 weekly. The 01 - 02 spread was - 5, down 5 daily and 5 weekly. The RU - BR spread was 4835, up 30 daily and 165 weekly. The NR - BR spread was 1890, up 45 daily and 135 weekly [4]. - **Spot Price**: The Shandong market price was 10300, unchanged from the previous day and for the week. The Transfar market price was 10200, unchanged from the previous day and up 50 for the week. The Qilu ex - factory price was 10200, unchanged from the previous day and down 300 for the week. The CFR Northeast Asia price was 1450, unchanged from the previous day and for the week. The CFR Southeast Asia price was 1700, unchanged from the previous day and for the week [4]. - **Profit**: The spot processing profit was 1062, up 102 daily and 153 weekly. The import profit was - 1871, up 6 daily and 17 weekly. The export profit was 2494, down 6 daily [4]. BD (Butadiene) - **Spot Price**: The Shandong market price was 6900, down 100 from the previous day. The Yangzi ex - factory price was 6900, unchanged from the previous day and for the week. The CFR China price was 790, down 10 from the previous day and 60 for the week [4]. - **Profit**: The ethylene cracking profit was not available. The carbon four extraction profit was not available. The butadiene oxidation dehydrogenation profit was - 1824, down 50 from the previous day. The import profit was 345, up 34 daily and 542 weekly. The export profit was - 841, down 244 daily and 1726 weekly. The styrene - butadiene production profit was 1175, unchanged from the previous day and down 288 weekly. The ABS production profit was not available. The SBS production profit was 210, unchanged from the previous day and down 285 weekly [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - No information provided Group 3: Summary by Related Catalogs Spot Market - For Australian mainstream iron ore, Newman powder was priced at 772 with a daily increase of 2 and a weekly decrease of 13, PB powder at 775 (daily +2, weekly -13), Mac powder at 772 (daily +2, weekly -14), Jinbuba at 726 (daily +2, weekly -14), mainstream mixed powder at 728 (daily +3, weekly -20), super special powder at 674 (daily +1, weekly -18), and Carra powder at 878 (daily 0, weekly -21) [1] - Brazilian mainstream iron ore included Ba Hun at 816 (daily +2, weekly -8), Ba Coarse IOC6 at 777 (daily +2, weekly -13), and Ba Coarse SSFG at 782 (daily +2, weekly -13) [1] - Other varieties such as Ukrainian concentrate powder was at 876 (daily +1, weekly -19), 61% Indian powder at 715 (daily +2, weekly -14), Karara concentrate powder at 878 (daily +1, weekly -17), Roy Hill powder at 762 (daily +2, weekly -13), KUMBA powder at 834 (daily +2, weekly -13), 57% Indian powder at 609 (daily +1, weekly -18), and Atlas powder at 723 (daily +3, weekly -20) [1] - Domestic iron ore, Tangshan iron concentrate powder was priced at 1002 with a daily decrease of 6 and a weekly decrease of 24 [1] Futures Market - For Dalian Commodity Exchange contracts, i2601 was at 765.0 (daily +4.5, weekly -17.5), i2605 at 742.0 (daily +2.0, weekly -18.5), and i2609 at 722.0 (daily 0.0, weekly -18.5) [1] - For Singapore Exchange contracts, FE01 was at 98.20 (daily -2.55, weekly -4.80), FE05 at 96.09 (daily -2.41, weekly -4.56), and FE09 at 94.12 (daily -2.31, weekly -4.43) [1] Other Information - The Platts 62 - index was 104.70 with a daily decrease of 0.20 and a weekly decrease of 3.00 [1]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Report's Core View - For PTA, the near - end TA partial device maintenance leads to a decline in the start - up rate, polyester load remains stable, inventory accumulates, and the basis is weak. The PX domestic start - up rate rises. In the future, as the low processing fee of TA lasts long and terminal data improves, the processing fee center may gradually recover [2]. - For MEG, the near - end domestic oil - based operation is stable, coal - based has maintenance and load reduction, the load declines, overseas devices operate stably, port inventory accumulates, and the basis weakens. In the short - term, inventory accumulation may continue, but the supply may be reduced due to low efficiency, and in the long - term, the pattern may weaken [2]. - For polyester staple fiber, the start - up rate rises, sales decline, inventory remains stable, demand from the polyester yarn end is stable, and the overall inventory pressure is limited. Pay attention to the opportunity of expanding processing fees and the situation of warehouse receipts [2]. - For natural rubber, the national explicit inventory is stable, the Thai cup - rubber price is stable, and rainfall affects rubber tapping. The strategy is to wait and see [5]. 3. Summary by Product PTA - **Price and Index Changes**: From November 4 to 10, 2025, the PTA spot price increased by 30, the polyester staple fiber price decreased by 5, the naphtha cracking spread decreased by 3.15, the PX processing spread remained unchanged, the PTA processing spread remained unchanged, the polyester gross profit decreased by 27, the PTA balance load and PTA load remained unchanged, the warehouse receipts + valid forecasts increased by 2134, the TA basis increased by 1, and the sales - to - production ratio decreased by 0.20 [2]. - **Device Changes**: Sichuan Energy Investment's 1 million - ton device is under maintenance [2]. MEG - **Price and Index Changes**: From November 4 to 10, 2025, the MEG outer - disk price decreased by 3, the MEG inner - disk price decreased by 10, the MEG East - China price decreased by 10, the MEG far - month price decreased by 13, the MEG coal - based profit decreased by 10, the MEG inner - disk cash flow (ethylene) remained unchanged, the MEG total load, coal - based MEG load, and non - coal - based load remained unchanged, and the MEG port inventory remained unchanged [2]. - **Device Changes**: Yankuang's 400,000 - ton device and Sinochem's 300,000 - ton device are under maintenance [2]. Polyester Staple Fiber - **Price and Index Changes**: From November 4 to 10, 2025, the prices of 1.4D cotton - type, low - melting - point staple fiber, etc. remained unchanged, the native staple fiber load, recycled cotton - type load, and polyester yarn start - up rate remained unchanged, the short - fiber profit and pure - polyester yarn profit remained unchanged, the cotton - polyester staple fiber price difference decreased by 25, and the viscose - polyester staple fiber price difference remained unchanged [2]. - **Device Changes**: There is no device maintenance information this week, and Fujian Shanli restarts, with the start - up rate increasing to 96.8% [2]. Natural Rubber - **Price Changes**: From November 4 to 10, 2025, the US - dollar Thai standard increased by 15, the US - dollar Thai mixed increased by 5, the RMB mixed rubber increased by 30, the Shanghai whole - milk increased by 15, the Shanghai 3L increased by 50, the Thai glue remained unchanged, the Thai cup - rubber decreased by 1, the Yunnan glue remained unchanged, the Hainan glue decreased by 150, the cis - butadiene rubber remained unchanged, the RU main contract increased by 15, and the NR main contract decreased by 35 [5]. - **Related Index Changes**: The difference between the mixed rubber and the RU main contract, the difference between the US - dollar Thai standard and the NR main contract, etc. have corresponding changes, and the Shanghai Futures Exchange RU warehouse receipts decreased by 2310 [5]. Styrene - **Price Changes**: From November 4 to 10, 2025, the ethylene (CFR Northeast Asia) remained unchanged, the pure benzene (CFR China) remained unchanged, the pure benzene (East China) decreased by 40, the hydrogenated benzene (Shandong) remained unchanged, the styrene (CFR China) increased by 2, the styrene (Jiangsu) decreased by 20, the styrene (South China) decreased by 10, and the EPS (East China ordinary material) remained unchanged [8]. - **Profit Changes**: The domestic profit of styrene increased by 10, the domestic profit of EPS increased by 10, and the domestic profit of PS and ABS had corresponding changes [8].

纯碱现货：重碱河北交割库现货报价在1140左右，送到沙河1170左右 纯碱产业：中上游库存整体持平 1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1087 1113 1087 1050 980 1069 1205 1292 900 1000 1100 1200 1300 1400 1500 沙河德金 沙河安全 沙河低价 湖北低价 11合约 01合约 05合约 09合约 玻璃价格结构 今日(11/10） 昨日(11/7） 一周前(11/3） 一月前(10/10） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 玻璃：河北低价大板 ...

Report Industry Investment Rating - No relevant content found Core View of the Report - The report provides multi - dimensional arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 11, 2025, covering cross - market, cross - term, spot - futures, and cross - variety arbitrage [1][2][3][6] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 11, 2025, the domestic spot price was 86,530, the LME price was 10,765, with a ratio of 7.99; the three - month domestic price was 86,520, the LME price was 10,780, with a ratio of 8.03. The equilibrium ratio for spot import was 8.08, and the profit was - 519.15. The profit for spot export was 112.61 [1] - **Zinc**: The domestic spot price was 22,560, the LME price was 3,254, with a ratio of 6.93; the three - month domestic price was 22,710, the LME price was 3,077, with a ratio of 5.69. The equilibrium ratio for spot import was 8.50, and the profit was - 5,080.28 [1] - **Aluminum**: The domestic spot price was 21,490, the LME price was 2,866, with a ratio of 7.49; the three - month domestic price was 21,725, the LME price was 2,882, with a ratio of 7.52. The equilibrium ratio for spot import was 8.33, and the profit was - 2,390.99 [1] - **Nickel**: The domestic spot price was 122,800, the LME price was 14,899, with a ratio of 8.24. The equilibrium ratio for spot import was 8.18, and the profit was - 1,720.63 [1] - **Lead**: The domestic spot price was 17,300, the LME price was 2,042, with a ratio of 8.47; the three - month domestic price was 17,505, the LME price was 2,054, with a ratio of 11.02. The equilibrium ratio for spot import was 8.72, and the profit was - 503.78 [6] Cross - Term Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 560, 600, 610, and 610 respectively, while the theoretical spreads were 532, 961, 1400, and 1838 [2] - **Zinc**: The spreads were 10, 50, 45, and 85, and the theoretical spreads were 216, 339, 461, and 583 [2] - **Aluminum**: The spreads were 130, 175, 175, and 185, and the theoretical spreads were 219, 339, 458, and 578 [2] - **Lead**: The spreads were 145, 145, 130, and 155, and the theoretical spreads were 212, 320, 427, and 535 [2] - **Nickel**: The spreads were 540, 710, 920, and 1190 [2] - **Tin**: The spread for 5 - 1 was - 630, and the theoretical spread was 5926 [2] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 570 and - 10 respectively, and the theoretical spreads were 59 and 619 [2] - **Zinc**: The spreads were 100 and 110, and the theoretical spreads were 103 and 235 [2] - **Lead**: The spreads were 60 and 205, and the theoretical spreads were 100 and 215 [3] Cross - Variety Arbitrage Tracking - On November 11, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.81, 3.98, 4.94, 0.96, 1.24, and 0.77 respectively; in London (three - continuous), they were 3.50, 3.76, 5.24, 0.93, 1.39, and 0.67 [3]

Report Summary 1. Report Information - Report Title: Scrap Steel Morning Report [1] - Research Team: Black Team of the Research Center - Date: November 11, 2025 [1] 2. Core Viewpoints - The report presents the scrap steel prices in different regions (East China, North China, Central China, South China, Northeast China, and Southwest China) from November 4 to November 10, 2025, along with the week - on - week changes [2]. 3. Key Data Summary | Region | Price on 2025/11/04 | Price on 2025/11/10 | Week - on - Week Change | | --- | --- | --- | --- | | East China | 2231 | 2209 | -7 [2] | | North China | 2292 | 2277 | 0 [2] | | Central China | 2052 | 2034 | -4 [2] | | South China | 2223 | 2206 | 0 [2] | | Northeast China | 2247 | 2222 | -3 [2] | | Southwest China | 2116 | 2096 | -3 [2] | 4. Industry Investment Rating - No industry investment rating is provided in the report.

Group 1: Coal Price Information - The latest price of Qinhuangdao 5500 is 820.0, with a daily change of 5.0, a weekly change of 44.0, a monthly change of 105.0, and an annual change of -35.0 [1] - The latest price of Qinhuangdao 5000 is 728.0, with a daily change of 5.0, a weekly change of 45.0, a monthly change of 103.0, and an annual change of -27.0 [1] - The latest price of Guangzhou Port 5500 is 865.0, with a daily change of 10.0, a weekly change of 55.0, a monthly change of 95.0, and an annual change of -45.0 [1] - The latest price of Ordos 5500 is 595.0, with a daily change of 10.0, a weekly change of 45.0, a monthly change of 110.0, and an annual change of -35.0 [1] - The latest price of Datong 5500 is 645.0, with a daily change of 10.0, a weekly change of 45.0, a monthly change of 110.0, and an annual change of -65.0 [1] - The latest price of Yulin 6000 is 712.0, with a daily change of 0.0, a weekly change of 30.0, a monthly change of 70.0, and an annual change of -110.0 [1] - The latest price of Yulin 6200 is 740.0, with a daily change of 0.0, a weekly change of 30.0, a monthly change of 70.0, and an annual change of -110.0 [1] Group 2: Terminal and Inventory Information - The 25 - province terminal available days are 25.5, with a daily change of -0.1, a weekly change of 5.5, a monthly change of 4.6, and an annual change of 7.9 [1] - The 25 - province terminal coal supply is 519.4, with a daily change of 4.6, a weekly change of -89.2, a monthly change of -120.7, and an annual change of -103.5 [1] - The 25 - province terminal daily consumption is 514.8, with a daily change of 3.1, a weekly change of -128.4, a monthly change of -131.2, and an annual change of -139.6 [1] - The 25 - province terminal inventory is 13107.6, with a daily change of 30.4, a weekly change of 287.1, a monthly change of -396.9, and an annual change of 1590.1 [1] Group 3: Northern Port Information - The northern port inventory is 2254.0, with a daily change of 38.0, a weekly change of 59.0, a monthly change of -109.0, and an annual change of -231.5 [1] - The number of northern anchored ships is 128.0, with a daily change of 12.0, a weekly change of 62.0, a monthly change of 32.0, and an annual change of 88.0 [1] - The northern port inbound volume is 173.0, with a daily change of 11.6, a weekly change of 16.2, a monthly change of 44.9, and an annual change of 7.5 [1] - The northern port throughput is 161.8, with a daily change of 0.2, a weekly change of 12.0, a monthly change of 85.3, and an annual change of 1.3 [1] Group 4: Shipping Index and Freight Information - The CBCFI shipping index is 1137.2, with a daily change of 17.2, a weekly change of 108.1, a monthly change of 188.9, and an annual change of 292.0 [1] - The freight from Qinhuangdao to Shanghai (4 - 5DWT) is 48.4, with a daily change of 0.9, a weekly change of 5.4, a monthly change of 9.6, and an annual change of 13.8 [1] - The freight from Qinhuangdao to Guangzhou (5 - 6DWT) is 60.6, with a daily change of 0.6, a weekly change of 4.7, a monthly change of 8.1, and an annual change of 14.0 [1]

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Report Summary 1. Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The market continued to fluctuate weakly on Friday. With the subsequent peak season and the long - term contract signing period in December as positive drivers, it is recommended to take a dip - buying approach overall. The market is expected to mainly follow the trend of the December contract in the short term. Observe the cargo - picking situation during the peak season. Freight rate highs usually occur 4 - 5 weeks before the Spring Festival (mid - January next year). If the peak season is gradually realized, the February contract may have more upside potential. The April contract is for the off - season, and it is recommended to take a short - selling approach considering the expected greater supply pressure and the off - season in April next year [3] 3. Summary by Relevant Catalogs Futures Market - **Contract Prices and Changes**: The EC2512 contract closed at 1812.0, down 1.96% (-603.3); EC2602 at 1592.0, down 0.56% (-383.3); EC2604 at 1164.6, down 1.14% (44.1); EC2606 at 1376.1, down 2.69% (-167.4); EC2608 at 1499.2, up 1.02% (-290.5); EC2610 at 1133.4, down 0.58% (75.3) [2] - **Volume and Open Interest**: The trading volume of EC2512 was 17121, and the open interest was 25887 with a decrease of 2525; EC2602 had a volume of 5303, open interest of 22939 with an increase of 314; EC2604 had a volume of 1193, open interest of 14330 with an increase of 122; EC2606 had a volume of 74, open interest of 1452 with a decrease of 3; EC2608 had a volume not fully shown, open interest of 1311 with an increase of 5; EC2610 had a volume of 154, open interest of 1464 with an increase of 32 [2] - **Month - to - Month Spreads**: The spread of EC2512 - 2504 was 647.4, with a daily decrease of 22.8 and a weekly decrease of 20.5; EC2512 - 2602 was 220.0, with a daily decrease of 27.2 and a weekly decrease of 40.8; EC2502 - 2604 was 427.4, with a daily increase of 4.4 and a weekly increase of 20.3 [2] Spot Market - **SCFIS**: Updated weekly on Mondays, as of November 3, 2025, it was 1208.71 points, down 7.92% from the previous period [2] - **SCFI (European Line)**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 1323 dollars/TEU, down 1.56% from the previous period [2] - **CCFI (European Line)**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 1366.85 points, up 3.25% from the previous period [2] - **NCFI**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 911.73 points, down 5.58% from the previous period [2] Recent European Line Quotation - **45th Week**: The average landed price was about 2050 US dollars (equivalent to 1450 points on the futures market) [3] - **46th Week**: The average landed price was 2000 US dollars (equivalent to 1400 points on the futures market). Shipping companies announced a price increase to 2365 - 2950 US dollars for the second half of November, but MSK opened at 2250 US dollars (a 50 - dollar increase from the previous period), and it is expected that other shipping companies' quotes will be gradually lowered this week. There may also be a price increase announcement for December [3] Related News - On November 9, the Qassam Brigades of Hamas stated that armed personnel in the Rafah area under Israeli control would not surrender to Israel. They urged mediators to take responsibility to avoid the breakdown of the cease - fire. Egypt had proposed a plan allowing about 200 armed personnel in Rafah to have safe passage on the condition of handing over weapons and providing the location of underground tunnels, but the Qassam Brigades strongly rejected it [4] - On November 10, the Houthi armed forces warned that if the cease - fire in the Gaza Strip breaks down, they will resume attacks on Israel and ban Israeli ships from sailing in the Red Sea and the Arabian Sea [4] Index Delay - The XSI - C index is delayed by three working days [5]