Group 1: Report Information - Report date: August 19, 2025 [2] - Report team: Research Center's Black Team [2] Group 2: Regional Price Data - Regional price data from August 12 - 18, 2025 includes prices in East China, Central China, South China, Northeast China, and Southwest China. For example, on August 12, 2025, the price in East China was 2255, and on August 18, it was 2254. There were also price changes in other regions during this period [3] Group 3: Price Trends Charts - Charts show price trends of Sandsteel Heavy - Three (tax - included), Zhenjiang Hongtai Sheared Material (tax - excluded) from 2022 - 2025 [4][6] Group 4: Consumption and Arrival Data Charts - Charts display short - process daily consumption, Zhangjiagang scrap arrival, long - process daily consumption, 147 steel mills' scrap arrival from 2022 - 2025 [7][8][12][13] Group 5: Inventory and Profit Data Charts - Charts present scrap social inventory from 2019 - 2025, steel mills' scrap inventory from 2022 - 2025, East China screw - scrap price difference, and Jiangsu electric furnace rebar profit from 2022 - 2025 [9][10][13]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The report presents the latest price, production and sales, and inventory data of glass and soda ash, reflecting the current market situation of these two industries [2][3] 3. Summary by Related Catalogs Glass - **Price Changes**: From August 11th to August 18th, the prices of various glass products showed different trends. For example, the price of 5mm large - plate glass from Shahe Anquan decreased from 1173.0 to 1164.0, a weekly decrease of 9.0; the FG09 contract price dropped from 1068.0 to 1030.0, a weekly decrease of 38.0 [3] - **Production and Sales**: Shahe's glass production and sales rate was 114, Hubei's was 85, East China's was 103, and South China's was 93 [3] - **Profit Situation**: The profits of different production methods and regions also changed. For instance, the profit of North China's coal - fired glass decreased from 247.8 to 229.2, a weekly decrease of 18.6; the 09FG disk natural gas profit decreased from - 300.0 to - 342.4, a weekly decrease of 42.4 [3] Soda Ash - **Price Changes**: From August 11th to August 18th, the prices of various soda ash products also had fluctuations. The price of Shahe heavy soda increased from 1240.0 to 1260.0, a weekly increase of 20.0; the SA05 contract price rose from 1400.0 to 1442.0, a weekly increase of 42.0 [3] - **Industry Situation**: The factory inventory of soda ash continued to accumulate slightly, and the heavy - soda delivery price in Hebei was about 1220, and about 1260 when delivered to Shahe. Downstream customers replenished at low prices but did not accept high - priced goods [3]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - Not provided in the given content 3) Summary by Related Data Coal Price - The latest price of Qinhuangdao 5500 is 699.0, with a daily change of 2.0, weekly change of 14.0, monthly change of 59.0, and annual change of -146.0 [1] - The latest price of Qinhuangdao 5000 is 632.0, with a daily change of 0.0, weekly change of 9.0, monthly change of 55.0, and annual change of -113.0 [1] - The latest price of Guangzhou Port 5500 is 765.0, with a daily change of 0.0, weekly change of 5.0, monthly change of 40.0, and annual change of -145.0 [1] - The latest price of Ordos 5500 is 490.0, with a daily change of 0.0, weekly change of 15.0, monthly change of 65.0, and annual change of -140.0 [1] - The latest price of Datong 5500 is 560.0, with a daily change of 0.0, weekly change of 10.0, monthly change of 65.0, and annual change of -130.0 [1] - The latest price of Yulin 6000 is 622.0, with a daily change of 0.0, weekly change of 20.0, monthly change of 55.0, and annual change of -191.0 [1] - The latest price of Yulin 6200 is 650.0, with a daily change of 0.0, weekly change of 20.0, monthly change of 55.0, and annual change of -190.0 [1] Terminal Data - The latest 25 - province terminal available days is 20.5, with a daily change of 0.3, weekly change of 0.6, monthly change of -0.4, and annual change of 2.9 [1] - The latest 25 - province terminal coal supply is 605.7, with a daily change of -4.2, weekly change of -2.9, monthly change of -34.4, and annual change of -17.2 [1] - The latest 25 - province terminal daily consumption is 586.5, with a daily change of -8.7, weekly change of -56.7, monthly change of -59.5, and annual change of -67.9 [1] - The latest 25 - province terminal inventory is 12024.4, with a daily change of -1.2, weekly change of -796.1, monthly change of -1480.1, and annual change of 506.9 [1] Port Data - The latest northern port inventory is 2343.0, with a daily change of 9.0, weekly change of -50.0, monthly change of -347.0, and annual change of -92.3 [1] - The latest number of northern anchored ships is 70.0, with a daily change of -3.0, weekly change of -5.0, monthly change of -43.0, and annual change of 14.0 [1] - The latest northern port inbound volume is 164.1, with a daily change of 5.1, weekly change of 7.7, monthly change of 3.9, and annual change of 9.5 [1] - The latest northern port throughput is 168.2, with a daily change of 3.0, weekly change of 12.0, monthly change of 7.0, and annual change of -8.6 [1] Shipping Index and Freight - The latest CBCFI shipping index is 864.2, with a daily change of 1.3, weekly change of 82.5, monthly change of 146.3, and annual change of 287.7 [1] - The latest freight from Qinhuangdao to Shanghai (4 - 5DWT) is 34.3, with a daily change of 0.1, weekly change of 3.9, monthly change of 6.5, and annual change of 12.9 [1] - The latest freight from Qinhuangdao to Guangzhou (5 - 6DWT) is 49.5, with a daily change of 0.0, weekly change of 3.6, monthly change of 7.5, and annual change of 15.0 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Views - Corn: In the short - term, corn prices will continue to fluctuate with an upper limit and a lower support. In the long - term, prices are expected to decline under pressure until domestic consumption improves or there is a reluctance to sell in production areas [3]. - Starch: In the short - term, the starch market will continue to fluctuate weakly. In the long - term, a bearish view on starch prices is maintained [3]. - Sugar: Internationally, Brazilian sugar production has uncertainties. Domestically, Zheng sugar follows the trend of raw sugar, and there is significant upward pressure on the futures price due to the upcoming arrival of a large amount of imported sugar [6]. - Cotton: It has entered a consolidation phase, waiting for demand verification. If there are no major macro - risks, the price decline is limited, and attention should be paid to changes in demand [9]. - Eggs: Due to supply - demand imbalance, egg prices declined in early August. Attention should be paid to the pace of old hen culling and the release of cold - stored eggs [12]. - Apples: The new - season apple production is expected to be similar to last year. The current consumption is in the off - season, and attention should be paid to the situation after bag removal [14]. - Pigs: There is still medium - term supply pressure, and futures prices are at a premium. Short - term spot prices are weakly fluctuating, and attention should be paid to factors such as the pace of slaughter, weather, and policies [14]. 3. Summary by Commodity Corn/Starch - **Price Data**: From August 12 - 18, the price in Changchun remained unchanged, while in Jinzhou it decreased by 10 yuan/ton, and in Weifang it increased by 40 yuan/ton. For starch, the prices in Heilongjiang and Weifang remained unchanged [2]. - **Market Analysis**: In the short - term, corn prices will fluctuate, and starch prices will be weakly fluctuating. In the long - term, corn prices are expected to decline, and a bearish view on starch prices is maintained [3]. Sugar - **Price Data**: From August 12 - 18, the spot prices in Liuzhou and Nanning remained unchanged, while in Kunming it decreased by 5 yuan/ton. The import profit increased, and the number of warehouse receipts decreased by 172 [6]. - **Market Analysis**: Internationally, Brazilian sugar production has uncertainties. Domestically, there is significant upward pressure on the futures price due to the upcoming arrival of a large amount of imported sugar [6]. Cotton/Cotton Yarn - **Price Data**: From August 12 - 18, the price of 3128 cotton remained unchanged, and the price of imported M - grade US cotton decreased slightly. The spot price of Vietnamese yarn increased by 50 yuan/ton [9]. - **Market Analysis**: Cotton has entered a consolidation phase, waiting for demand verification. If there are no major macro - risks, the price decline is limited [9]. Eggs - **Price Data**: From August 12 - 18, egg prices in various production areas increased, with the largest increase of 0.22 yuan in Hebei and Liaoning. The basis decreased by 30 [12]. - **Market Analysis**: Due to supply - demand imbalance, egg prices declined in early August. Attention should be paid to the pace of old hen culling and the release of cold - stored eggs [12]. Apples - **Price Data**: From August 12 - 18, the price of Shandong 80 first - and second - grade apples remained unchanged, and the national apple inventory decreased by 76,000 tons [13][14]. - **Market Analysis**: The new - season apple production is expected to be similar to last year. The current consumption is in the off - season, and attention should be paid to the situation after bag removal [14]. Pigs - **Price Data**: From August 12 - 18, pig prices in various production areas decreased slightly, and the basis increased by 25 [14]. - **Market Analysis**: There is still medium - term supply pressure, and futures prices are at a premium. Short - term spot prices are weakly fluctuating, and attention should be paid to factors such as the pace of slaughter, weather, and policies [14].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, the near - term TA开工 is rising, polyester load is slightly increasing, inventory is accumulating, and basis is weak. The subsequent supply - demand may improve, and it's advisable to focus on opportunities to expand processing margins at low prices [2] - For MEG, the near - term domestic device restarts are postponed, and overseas there are unexpected maintenance. The port inventory is expected to remain low in the short term, and it's advisable to focus on the satellite restart progress [2] - For polyester staple fiber, the near - term start - up is slightly increasing, and downstream demand is improving. Considering the low processing margins on the disk, it's advisable to focus on opportunities to expand processing margins at low prices [2] - For natural rubber and 20 - number rubber, the national explicit inventory is stable, and the Thai cup - rubber price has rebounded. The recommended strategy is to wait and see [2] - For styrene, price data for related products are provided, but no clear overall view is given Summary by Related Catalogs PTA - Price and data: PTA spot daily average basis is 2509(-11), and the change in relevant data from August 12 - 18 shows fluctuations. For example, the PX CFR price has changed by 0.7, and the PTA internal - market spot price has changed in its own range [2] - Device changes: Yisheng Hainan's 2 million - ton device is under maintenance [2] - Market situation: Near - term TA开工 is rising, polyester load is slightly increasing, inventory is accumulating, basis is weak, and spot processing margins are still low. PX domestic开工 is slightly rising, overseas maintenance and restart co - exist, PXN is strengthening, and the US - Asia aromatic hydrocarbon spread is slightly rising [2] - Outlook: TA additional maintenance is increasing due to low processing margins. The filament sales are weak, but there will be no further short - term production cuts. The bottle - chip inventory is decreasing under low start - up. Overall, polyester开工 is expected to stabilize and has upward potential, and supply - demand may improve [2] MEG - Price and data: MEG spot basis is around 09(+87), and the change in relevant data from August 12 - 18 shows that some prices have decreased, such as the MEG external - market price which has dropped by 2 [2] - Device changes: Xinjiang Tianying's 15 - thousand - ton device has restarted [2] - Market situation: Near - term domestic device restarts are postponed, and overseas there are unexpected maintenance. The port inventory is expected to accumulate due to increased arrivals and stable shipments. Downstream stocking levels are rising, basis is stable, and oil - based profits have recovered [2] - Outlook: EG supply has postponed restarts and overseas unexpected maintenance. The short - term inventory accumulation pressure is small, and the port inventory is expected to remain low. The long - term is expected to accumulate inventory, and it is expected to fluctuate widely, depending on the satellite restart progress [2] Polyester Staple Fiber - Price and data: The price of 1.4D cotton - type staple fiber on August 12 was 6570, and there were slight price changes in subsequent days. The daily change on August 18 shows that some prices remained unchanged, and some profits increased [2] - Device changes: Ningbo Dafa's technical - reform device has resumed operation [2] - Market situation: Near - term start - up has slightly increased to 91.1%, sales are stable, and inventory has remained unchanged. Downstream polyester yarn start - up has increased, raw - material stocking has increased, finished - product inventory has decreased, and profits have been maintained [2] - Outlook: As the downstream finished - product inventory decreases, downstream start - up may continue to rise. Although staple - fiber supply may also increase, the overall space is limited. Considering the low processing margins on the disk, focus on opportunities to expand processing margins at low prices [2] Natural Rubber and 20 - number Rubber - Price and data: The price of US - dollar Thai standard rubber on August 12 was 1805, and there were price changes in subsequent days. The daily and weekly changes in various price spreads and related data are also provided [2] - Market situation: The national explicit inventory is stable, and the Thai cup - rubber price has rebounded due to rainfall affecting rubber tapping [2] - Strategy: Wait and see [2] Styrene - Price and data: From August 12 - 18, the price of ethylene (CFR Northeast Asia) remained at 825, while the prices of other related products such as pure benzene and styrene showed different degrees of decline. The daily change on August 18 shows that some prices decreased, and some profits increased [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The LPG market is expected to continue its weak and volatile consolidation trend. Although there are some improvements in the international spot market and the market sentiment has improved due to low valuation, the overall supply exceeds demand, and the weak combustion demand persists, despite being gradually approaching the end [1]. 3. Summary by Relevant Information 3.1. Price Data - **Daily Price Changes**: On August 18, 2025, compared with the previous day, the price of South China LPG increased by 50 to 4450, the price of Shandong LPG increased by 20 to 4440, the price of propane CFR South decreased by 2 to 561, the price of propane CIF Japan decreased by 7 to 520, and the CP forecast contract price decreased by 2 to 517. The price of Shandong ether - post - carbon four decreased by 40 to 4890, and the price of Shandong alkylated oil decreased by 30 to 7800. The paper import profit increased by 65 to - 188, and the main basis increased by 60 to 599 [1]. - **Weekly Price and Market Indicators**: The basis strengthened to 539 (+67), the 9 - 10 spread was - 471 (+9), the number of registered warehouse receipts was 12888 lots (+2709). PG - CP reached 8.9 (+12), PG - FEI reached 20.7 (+12), FEI - MOPJ was 39.6 (-1.6), and the naphtha crack spread strengthened slightly [1]. 3.2. Market Conditions - **Domestic Market**: The cheapest deliverable was East China civil LPG at 4410. The PG futures market was volatile. The rebound was due to the improvement of the international spot market and low valuation. The domestic supply increased while demand was weak, the spot price center shifted downward, and the port inventory decreased by 2.06%, the refinery commodity volume decreased by 1.68%, and the refinery inventory increased by 0.07%. The PDH operating rate was 76.33% (+2.49pct) [1]. - **International Market**: The international market was volatile, freight rates were generally high and volatile, and the waiting time for VLGCs at the Panama Canal decreased. FEI and CP discounts strengthened significantly [1]. 3.3. Profit Situation - The production profit of PP made from FEI and CP strengthened slightly, and the CP production cost was lower than that of FEI. The spot profit of PDH - made PP weakened, and the paper profit fluctuated. The production gross profit of alkylated oil and MTBE decreased [1].

Group 1: Report Core Information - As of the week ending August 17, 2025, the good-to-excellent rate of US soybeans was 68%, higher than the market expectation of 67%, the same as the previous week and the same period last year. The flowering rate was 95%, and the pod-setting rate was 82% [1]. - As of the week ending August 14, 2025, the US soybean export inspection volume was 473,605 tons, within the market forecast range of 200,000 - 730,000 tons. The export inspection volume to the Chinese mainland was 0 tons. The cumulative export inspection volume this crop year was 48,867,578 tons, compared with 43,794,726 tons in the same period of the previous year [1]. - From August 1 - 15, 2025, the crude palm oil production in Malaysia increased by 0.88% month-on-month, with a 1.78% decrease in fresh fruit bunch yield per unit and a 0.51% increase in oil extraction rate [1]. - As of the week ending August 10, 2025, the Canadian canola export volume increased by 864.4% to 254,600 tons compared with the previous week. From August 1 - 10, 2025, the export volume was 254,600 tons, a 33.6% decrease compared with the same period last year. As of August 10, the commercial inventory of Canadian canola was 940,200 tons [1]. Group 2: Spot Price Information - From August 12 - 18, 2025, the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu fluctuated [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread fluctuated, and the EW spread fluctuated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the internal - external spread of FU01 slightly weakened to -$0.8. The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the internal - external spread of LU11 oscillated at $9 [3][4]. - This week, Singapore's on - shore inventory decreased, but the inventory was still not the highest in the same historical period. The floating storage decreased significantly month - on - month. Saudi Arabia's shipments decreased significantly, the arrivals oscillated this week, the shipments from the UAE rebounded month - on - month, and the net exports increased significantly. The on - shore inventory in Fujairah, the Middle East decreased, the floating storage of high - sulfur and low - sulfur increased significantly, the residue inventory in ARA increased, and the residue inventory in the US decreased, showing a large inventory contradiction [4]. - The east - west divergence of high - sulfur fuel oil continued. In the heavy - oil pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. A two - way regression is expected in the future. This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated. The LU quota was issued, and the internal - external spread oscillated. In the short term, pay attention to the opportunity of the widening of the high - sulfur 380 EW spread. Fundamentally, the supply of high - sulfur fuel oil is expected to increase, and the supply - demand pattern will weaken [4]. Group 3: Data Summary Rotterdam Fuel Oil | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 396.94 | 389.64 | 394.21 | 390.27 | 388.24 | -2.03 | | Rotterdam 0.5% VLS FO Swap M1 | 452.82 | 448.06 | 453.27 | 452.69 | 450.47 | -2.22 | | Rotterdam HSFO - Brent M1 | -3.23 | -3.58 | -3.95 | -4.33 | -4.85 | -0.52 | | Rotterdam 10ppm Gasoil Swap M1 | 638.66 | 628.39 | 631.89 | 635.32 | 624.89 | -10.43 | | Rotterdam VLSFO - Gasoil M1 | -185.84 | -180.33 | -178.62 | -182.63 | -174.42 | 8.21 | | LGO - Brent M1 | 22.10 | 21.18 | 20.51 | 21.97 | 19.81 | -2.16 | | Rotterdam VLSFO - HSFO M1 | 55.88 | 58.42 | 59.06 | 62.42 | 62.23 | -0.19 | [1] Singapore Fuel Oil | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 401.22 | 394.38 | 391.90 | 390.95 | 390.54 | - | | Singapore 180cst M1 | 411.88 | 405.63 | 403.65 | 403.51 | 401.94 | - | | Singapore VLSFO M1 | 484.51 | 476.53 | 476.59 | 476.79 | 479.27 | - | | Singapore Gasoil M1 | 85.26 | 83.31 | 83.35 | 82.76 | 82.47 | - | | Singapore 380cst - Brent M1 | -3.02 | -3.07 | -3.49 | -4.09 | -4.49 | - | | Singapore VLSFO - Gasoil M1 | -146.41 | -139.96 | -140.20 | -135.63 | -131.01 | - | [1] Singapore Fuel Oil Spot | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 396.64 | 388.41 | 387.09 | 387.36 | 387.68 | 0.32 | | FOB VLSFO | 483.55 | 475.21 | 476.12 | 477.51 | 475.97 | -1.54 | | 380 Basis | -3.95 | -4.05 | -3.95 | -3.40 | -2.90 | 0.50 | | High - sulfur Internal - External Spread | 1.5 | 4.5 | 2.4 | 2.5 | 0.1 | -2.4 | | Low - sulfur Internal - External Spread | 8.8 | 9.4 | 6.8 | 8.2 | 8.7 | 0.5 | [2] Domestic FU | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2800 | 2772 | 2750 | 2746 | 2739 | -7 | | FU 05 | 2770 | 2751 | 2736 | 2741 | 2735 | -6 | | FU 09 | 2770 | 2730 | 2700 | 2691 | 2713 | 22 | | FU 01 - 05 | 30 | 21 | 14 | 5 | 4 | -1 | | FU 05 - 09 | 0 | 21 | 36 | 50 | 22 | -28 | | FU 09 - 01 | -30 | -42 | -50 | -55 | -26 | 29 | [2] Domestic LU | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3457 | 3430 | 3417 | 3420 | 3426 | 6 | | LU 05 | 3417 | 3394 | 3390 | 3395 | 3391 | -4 | | LU 09 | 3489 | 3442 | 3429 | 3423 | 3477 | 54 | | LU 01 - 05 | 40 | 36 | 27 | 25 | 35 | 10 | | LU 05 - 09 | -72 | -48 | -39 | -28 | -86 | -58 | | LU 09 - 01 | 32 | 12 | 12 | 3 | 51 | 48 | [3]

Group 1 - The financial option implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity option implied volatility index is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility: a larger difference indicates that the implied volatility is relatively higher than historical volatility, and a smaller difference means it is relatively lower [3] Group 2 - The implied volatility quantile represents the current level of a variety's implied volatility in history. A high quantile means the current implied volatility is high, and a low quantile means it is low [5] - The volatility spread is the implied volatility index minus the historical volatility [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall strategy maintains the logic of shorting on rallies. This is because the market pattern in September is loose, the subsequent driving forces continue to weaken, the current price of the October contract is at a discount of about 450 points to the spot price, and there is still room for decline. The valuation of the far - month contracts is unclear, more affected by driving forces, and due to low positions, they are greatly influenced by macro and capital behaviors [2]. 3. Summary by Relevant Catalogs EC Futures Contract Price and Related Data - **Contract Prices**: EC2508 is 2083.8, EC2512 is 1763.0, EC2510 is 1373.6, EC2602 is 1530.1, EC2604 is 1332.0, and EC2606 is 1487.5. The price changes of EC2510, EC2602, EC2604, and EC2606 are 2.30%, 0.57%, - 0.22%, and - 0.50% respectively [2]. - **Trading Volumes and Open Interests**: The trading volume of EC2508 is 31099, and the open interest is 2506 with a change of - 1839. The open interests of EC2512, EC2510, EC2602, EC2604, and EC2606 are 11324, 54859, 4438, 5549, and 822 respectively, with changes of 0, 193, 14, 90, and - 13 respectively [2]. - **Month - to - Month Spreads**: The spreads of EC2508 - 2510, EC2510 - 2512, and EC2512 - 2602 are 710.2, - 389.4, and 232.9 respectively, with day - on - day changes of - 14.2, - 25.6, and 31.0 respectively [2]. Shipping Indexes - **SCHIS**: Updated weekly, announced on 2025/8/11, the current value is 2235.48, with a month - on - month change of - 2.71% and a week - on - week change of - 0.81% [2]. - **SCFI (European Line)**: Updated weekly, announced on 2025/8/15, the current value is 1820 dollars/TEU, with a month - on - month change of - 7.19% and a week - on - week change of - 4.39% [2]. - **CCFI**: Updated weekly, announced on 2025/8/15, the current value is 1790.47 points, with a month - on - month change of - 0.48% and a week - on - week change of 0.53% [2]. - **NCFI**: Updated weekly, announced on 2025/8/15, the current value is 1188.69 points, with a month - on - month change of - 5.49% and a week - on - week change of - 8.37% [2]. Downstream Booking and Market Fundamentals - **Booking Situation**: Downstream is currently booking space for the second half of August (week34 - 35). The average price of week34 is 2850 dollars (2000 points), and the current average quote of week35 is 2625 dollars (1840 points). The PA alliance quotes 2500 dollars, MSK quotes 2300 dollars, and the OA alliance quotes 2700 - 2800 dollars [2][3]. - **Receiving Situation**: In week33, MSK had better receiving, OA was average, and PA was poor. In week34, receiving became significantly weaker, and some shipping companies faced pressure in taking orders [2]. - **Capacity Situation**: The average weekly capacities in August, September (tentative), and October (tentative) 2025 are 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as cancellations, they are 328,000, 297,000, and 283,000 TEU respectively [2].