Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The overall strategy maintains the logic of shorting on rallies. The subsequent drivers continue to be weak. The current discount of the October contract to the spot is around 450 points, and there is still expected to be room for decline. The valuation of the far - month contracts is unclear, more affected by drivers, and due to low positions, they are greatly influenced by macro and capital behaviors [2][16] Group 3: Summary According to Related Catalogs Futures Contracts - **Contract Prices and Changes**: EC2508 closed at 2083.8 with 0.00% change, EC2510 at 1373.6 with 1.04% change, EC2512 at 1763.0 with 2.30% change, EC2602 at 1530.1 with 0.57% change, EC2604 at 1332.0 with - 0.22% change, and EC2606 at 1487.5 with - 0.50% change [2][16] - **Trading Volumes and Open Interests**: Trading volumes for EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 were 82, 31099, 6018, 1011, 1068, and 93 respectively. Open interests were 2506, 54859, 11324, 4438, 5549, and 822 respectively, with changes of - 50, - 1839, 193, 14, 90, and - 13 [2][16] - **Month - to - Month Spreads**: EC2508 - 2510 spread was 710.2 with a daily change of - 14.2 and a weekly change of 39.0; EC2510 - 2512 spread was - 389.4 with a daily change of - 25.6 and a weekly change of - 48.2; EC2512 - 2602 spread was 232.9 with a daily change of 31.0 and a weekly change of 0.0 [2][16] Indexes - **Totenit**: Updated on 2025/8/11, the current value is 2235.48 points, with a monthly change of - 2.71% and a quarterly change of - 0.31% [2][16] - **SCF (European Line)**: Updated on 2025/8/15, the current value is 1820 dollars/TEU, with a monthly change of - 7.19% and a quarterly change of - 4.39% [2][16] - **CCFI**: Updated weekly on 2025/8/15, the current value is 1790.47 points, with a monthly change of - 0.48% and a quarterly change of 0.53% [2][16] - **NCFI**: Updated every Friday on 2025/8/15, the current value is 1188.69 points, with a monthly change of - 5.49% [2][16] Recent European Line Quotes - Downstream is currently booking space for the second half of August (week 34 - 35). The average price for week 34 is 2850 US dollars (2000 points), and the current average quote for week 35 is 2625 US dollars (1840 points). Among them, the PA alliance quotes 2500 US dollars, MSK quotes 2300 US dollars, and the OA alliance quotes 2700 - 2800 US dollars [3][17] Related News - On 8/13, the leader of the German Left Party called for a complete halt to arms supplies to Israel. On 8/17, Israel began transporting supplies to Gaza in preparation for military operations, and the Israeli Prime Minister's Office stated that the unconditional release of all detainees is a prerequisite for a cease - fire. On 8/16, Trump said he would temporarily not impose tariffs on China for buying Russian oil [4][18]

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - No explicit core viewpoints are presented in the provided content. The report mainly offers data on global asset market performance, including bond yields, exchange - rates, stock indices, and futures trading data. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - year Treasury Yields of Major Economies**: On August 15, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.319%, 4.696%, 3.467% respectively. The latest changes, weekly changes, monthly changes, and annual changes varied among different countries. For example, the US had a latest change of 0.033, a weekly change of 0.035, a monthly change of - 0.099, and an annual change of 0.375 [3]. - **2 - year Treasury Yields of Major Economies**: The 2 - year Treasury yields of the US, UK, Germany, etc. on August 15, 2025, were 3.927%, 1.970%, 0.822% respectively. Similar to the 10 - year yields, the changes in different time - frames differed across countries [3]. - **Exchange Rates of the US Dollar Against Major Emerging Economies' Currencies**: On August 15, 2025, the exchange rates against South Africa's ZAR, Brazil, Russia, etc. were presented, along with their latest, weekly, monthly, and annual changes. For instance, against South Africa's ZAR, the latest change was - 0.29%, the weekly change was - 0.61%, the monthly change was - 4.12%, and the annual change was not provided in the context [3]. - **Stock Indices of Major Economies**: Stock indices such as the Dow Jones, S&P 500, France CAC, etc. had their closing prices on August 15, 2025, and their latest, weekly, monthly, and annual changes. For example, the Dow Jones closed at 6449.800, with a latest change of - 0.29%, a weekly change of 0.94%, a monthly change of 2.43%, and an annual change of 24.05% [3]. - **Credit Bond Indices**: The indices of emerging economies' investment - grade and high - yield credit bonds, US investment - grade and high - yield credit bonds, and euro - zone investment - grade and high - yield credit bonds had their latest, weekly, monthly, and annual changes. For example, the emerging economies' investment - grade credit bond index had a latest change of - 0.10%, a weekly change of 0.19%, a monthly change of 1.48%, and an annual change of 5.08% [3][4]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were provided. For example, the A - share closed at 3696.77 with a 0.83% increase [5]. - **Valuation**: The PE (TTM) and their环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX were presented. For example, the PE (TTM) of CSI 300 was 13.46 with a 0.04环比 change [5]. - **Risk Premium**: The risk premiums (1/PE - 10 - year interest rate) and their环比 changes of S&P 500 and Germany DAX were given. For example, the risk premium of S&P 500 was - 0.66 with a - 0.02环比 change [5]. - **Fund Flow**: The latest values and 5 - day average values of fund flows in A - shares, the main board, small and medium - sized enterprise board, ChiNext, and CSI 300 were provided. For example, the latest fund flow in A - shares was 931.56, and the 5 - day average was - 217.38 [5]. - **Trading Volume**: The latest trading volumes and环比 changes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small and medium - sized board, and ChiNext were presented. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 22446.12 with a - 345.97环比 change [5]. - **Main Contract Basis and Spread**: The basis and spread of IF, IH, and IC were provided. For example, the basis of IF was 7.05 with a 0.17% spread [5]. Treasury Bond Futures Trading Data - The closing prices and percentage changes of T00, TF00, T01, and TF01 were presented. For example, T00 closed at 108.295 with a - 0.10% change [6]. - The money market interest rates (R001, R007, SHIBOR - 3M) and their daily changes (BP) were provided. For example, R001 was 1.4391% with a - 3.00 BP daily change [6].

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Not provided in the content 3. Summary by Relevant Catalogs BR (High - cis Polybutadiene Rubber) - **Futures Market Indicators**: The closing price of the main contract on August 15 was 11815, with a daily increase of 170 and an interval increase of 300. The open interest of the main contract was 20356, a daily decrease of 3317 and an interval decrease of 2569. The trading volume of the main contract was 63265, a daily decrease of 4888 and an interval increase of 21895 [3][14][25]. - **Spot Market**: The Shandong market price was 11700, with no daily change and an interval increase of 100. The Chuanhua market price was 11600, a daily decrease of 50 and an interval increase of 150. The Qilu ex - factory price was 11800, with no daily change and an interval increase of 300 [3][14][25]. - **Basis and Spread**: The cis - butyl basis was - 115, a daily decrease of 170 and an interval decrease of 200. The 8 - 9 month spread was in a certain state of change, with a daily decrease of 190 and an interval decrease of 40 [3][14][25]. - **Processing and Import - Export**: The spot processing profit was - 37, a daily increase of 51 and an interval increase of 126. The on - screen processing profit was 78, a daily increase of 221 and an interval increase of 326. The export profit was - 420, a daily increase of 3 and an interval decrease of 92 [3][14][25]. BD (Butadiene) - **Spot Market**: The Shandong market price was 9350, a daily decrease of 50 and an interval decrease of 25. The Jiangsu market price was 9300, with no daily and interval change. The Yangzi ex - factory price was 9300, with no daily and interval change [3][14][25]. - **Processing and Import - Export**: The carbon - four extraction profit had values at different times, and the butene oxidative dehydrogenation profit was 206 on August 15, with no daily change and an interval change of 0. The import profit was 468, a daily decrease of 2 and an interval increase of 86. The export profit was - 1061, a daily increase of 2 and an interval increase of 140 [3][14][25]. - **Downstream Profits**: The cis - butyl production profit was 78, a daily increase of 221 and an interval increase of 326. The styrene - butadiene production profit was 838, with no daily change and an interval increase of 288. The SBS production profit (791 - H) was 1145, with no daily change and an interval increase of 185 [3][14][25]. Price Spreads - **Inter - Variety Spreads**: The Thailand mixed - cis - butyl spread was 2950 on August 15, a daily increase of 230 and an interval increase of 170. The 3L - styrene - butadiene spread was 2650, a daily increase of 200 and an interval increase of 50 [3][14][25]. - **Intra - Variety Spreads**: The spread between the standard and non - standard cis - butyl products was 200, with no daily change and an interval decrease of 50. The spread between styrene - butadiene 1502 and 1712 was 1000, with no daily change and an interval decrease of 50 [3][14][25].

Group 1: Report Information - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on August 18, 2025 [2] Group 2: SP Main Contract Closing Price - On August 15, 2025, the closing price of the SP main contract was 5306.00 [3] - From August 11 - 15, 2025, the closing price, converted US - dollar price, daily change, Shandong Yinxing basis, and Jiangsu - Zhejiang - Shanghai Yinxing basis of the main contract are presented in a table [3] Group 3: Import Information - Calculated with a 13% VAT, for Canadian brands (Jinshi and Xiongshi) and Chilean brand (Yinxing), port US - dollar prices, Shandong region RMB prices, and import profits are provided [4] - The exchange rate on the previous day was 7.18, and US - dollar and RMB prices are from Zhuochuang data [4] Group 4: Price Averages - From August 11 - 15, 2025, the national and Shandong region price averages of different pulp types (coniferous, broad - leaf, natural color, and chemimechanical pulp) remained unchanged [4] - During the same period, the price indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper (living index) remained unchanged [4] - The profit margins of different paper types (double - offset, double - copper, white card, and living paper) also remained unchanged from August 12 - 15, 2025 [4] Group 5: Price Spreads - From August 11 - 15, 2025, the price spreads between coniferous and broad - leaf pulp, coniferous and natural color pulp, coniferous and chemimechanical pulp, and coniferous pulp and waste paper are presented in a table [4]

Price Performance - London Gold: Latest price is 3335.50, change is -8.35 [2] - London Silver: Latest price is 37.73, change is -0.59 [2] - London Platinum: Latest price is 1353.00, change is 16.00 [2] - London Palladium: Latest price is 1140.00, change is 18.00 [2] - WTI Crude Oil: Latest price is 62.80, change is -1.16 [2] - LME Copper: Latest price is 9764.50, change is -9.50 [2] - US Dollar Index: Latest price is 97.85, change is -0.36 [2] - Euro to US Dollar: Latest price is 1.17, change is 0.01 [2] - British Pound to US Dollar: Latest price is 1.36, change is 0.00 [2] - US Dollar to Japanese Yen: Latest price is 147.16, change is -0.58 [2] - US 10 - year TIPS: Latest price is 1.95, change is 0.05 [2] Trading Data - COMEX Silver: Inventory data not available [3] - SHFE Silver: Latest inventory is 1141.56, change is -9.22 [3] - Gold ETF Holdings: Latest is 965.37, change is 4.01 [3] - Silver ETF Holdings: Latest is 15071.31, change is 0.00 [3] - SGE Silver (Inventory): Data not available [3] - SGE Gold (Deferred Fee Payment Direction): Latest is 1, change is 0.00 [3] - SGE Silver (Deferred Fee Payment Direction): Latest is 1, change is 0.00 [3]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views - The overall market risk preference remains high despite the poor domestic economic and financial data. In August, there may be a slight inventory build - up, but the market may focus more on the tight - balance pattern after the off - season [1] - For aluminum, supply increases slightly, demand is in the seasonal off - season in August with a possible slight improvement in the middle and late stages. An inventory build - up is expected in August [2] - Zinc prices fluctuate widely this week. In the short term, it shows an external - strong and internal - weak pattern, and in the long - term, a short - position configuration is recommended. The internal - external positive spread can be held, and attention can be paid to the positive spread opportunity between months [5] - Nickel's short - term fundamental situation is average, and attention can be continued to be paid to the opportunity of narrowing the nickel - stainless steel price ratio [9] - Stainless steel's fundamentals remain weak. In the short term, it follows the anti - involution expectation, and attention should be paid to the later policy direction [12] - Lead prices fluctuate this week. It is expected that lead prices will maintain a low - level fluctuation next week [15] - Tin prices fluctuate widely. In the short term, supply - demand is weak, and it is recommended to short at high prices lightly; in the long - term, hold at low prices close to the cost line [17] - For industrial silicon, in the short term, there is a slight inventory reduction in August, and in the long - term, it will fluctuate at the cycle bottom [18] - Lithium carbonate prices have a large short - term upward elasticity and strong downward support under the current macro - sentiment [19] Group 3: Summary by Metals Copper - Macro sentiment shows a recovery in risk preference. The downstream order support around 7.8 is verified this week. The spot market trading is okay, and attention should be paid to the impact of the decline in recycled rod production on refined copper consumption [1] Aluminum - Supply increases slightly, demand is in the off - season in August with a possible improvement later. Aluminum exports improve, but photovoltaic and overseas demand decline. An inventory build - up is expected in August [2] Zinc - Supply: Domestic TC has difficulty rising, and imported TC increases. The smelting increment is further realized in August. Demand: Domestic demand is seasonally weak but has some resilience, and overseas European demand is average. There may be a short - term supply shortage. Stocks: Domestic social inventory rises, and overseas L inventory decreases rapidly [5] Nickel - Supply: Pure nickel production remains at a high level. Demand: It is weak overall, and the premium is stable recently. Inventory: Domestic and overseas nickel plate inventories remain unchanged [9] Stainless Steel - Supply: Some steel mills cut production passively. Demand: It is mainly for rigid needs, and some restocking increases due to the macro - atmosphere. Cost: The prices of ferronickel and ferrochrome remain stable. Inventory: Inventories in Xijiao and Foshan decrease slightly, and exchange warehouse receipts remain unchanged [12] Lead - Supply: Scrap volume is weak year - on - year, and the recycled lead production is at a low level due to high costs. Demand: Battery finished - product inventory is high, and the market fails to reach the peak - season level. Inventory: Exchange inventory reaches a historical high of 70,000 tons [15] Tin - Supply: Domestic smelting production may decline slightly in July - August. Overseas, there are signals of复产, but the specific quantity needs to be observed. Demand: Solder demand has limited elasticity, and terminal electronics and photovoltaic growth are expected to decline. Inventory: Domestic inventory rises, and overseas LME inventory is at a low level with a risk of short - squeeze [17] Industrial Silicon - Production: Xinjiang's leading enterprises' production recovery is less than expected, while Sichuan and Yunnan's production increases slightly. Supply - demand: In August, there is a slight inventory reduction, and future supply - demand depends on the production recovery of Hesheng and Southwest enterprises [18] Lithium Carbonate - Market: Affected by factors such as inventory reduction data, the market is strong. Supply - demand: Upstream enterprises are willing to sell, downstream procurement is for rigid needs with stronger restocking willingness, and trader transactions are more active [19]

Report Industry Investment Rating - No relevant content provided 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 FU01 internal - external spread weakened slightly to -$0.8. The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the LU11 internal - external spread oscillated at $9. [3][4] - This week, Singapore's onshore inventory decreased, but it was still not the highest in the same period of history. The floating storage decreased significantly month - on - month. Saudi Arabia's shipments decreased significantly, and the arrivals this week oscillated. UAE's shipments rebounded month - on - month, and net exports increased significantly. The onshore inventory in Fujairah, the Middle East, decreased, the floating storage of high - sulfur and low - sulfur increased significantly, the ARA residue inventory increased, and the US residue inventory 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. After the LU quota was issued, the internal - external spread oscillated. [4] - In the short term, pay attention to the opportunity of the high - sulfur 380 EW spread widening. Fundamentally, the supply of high - sulfur fuel oil is expected to increase, and the supply - demand pattern will weaken. [4] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From August 11 to August 15, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by $3.94, the price of Rotterdam 0.5% VLS FO swap M1 decreased by $0.58, the Rotterdam HSFO - Brent M1 decreased by $0.38, the Rotterdam 10ppm Gasoil swap M1 increased by $3.43, the Rotterdam VLSFO - Gasoil M1 decreased by $4.01, the LGO - Brent M1 increased by $1.46, and the Rotterdam VLSFO - HSFO M1 increased by $3.36. [1] Singapore Fuel Oil Swap Data - From August 11 to August 15, 2025, the price of Singapore 380cst M1 decreased by $0.95, the price of Singapore 180cst M1 decreased by $0.14, the price of Singapore VLSFO M1 increased by $0.20, the price of Singapore Gasoil M1 decreased by $0.59, the Singapore 380cst - Brent M1 decreased by $0.60, and the Singapore VLSFO - Gasoil M1 increased by $4.57. [1][9] Singapore Fuel Oil Spot Data - From August 11 to August 15, 2025, the FOB 380cst price increased by $0.27, the FOB VLSFO price increased by $1.39, the 380 basis increased by $0.55, the high - sulfur internal - external spread increased by $0.1, and the low - sulfur internal - external spread increased by $1.4. [2] Domestic FU Data - From August 11 to August 15, 2025, the price of FU 01 decreased by 4, the price of FU 05 increased by 5, the price of FU 09 decreased by 9, the FU 01 - 05 spread decreased by 9, the FU 05 - 09 spread increased by 14, and the FU 09 - 01 spread decreased by 5. [2] Domestic LU Data - From August 11 to August 15, 2025, the price of LU 01 increased by 3, the price of LU 05 increased by 5, the price of LU 09 decreased by 6, the LU 01 - 05 spread decreased by 2, the LU 05 - 09 spread increased by 11, and the LU 09 - 01 spread decreased by 9. [3]

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 18, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 18, 2025, the domestic spot price was 79130, LME spot price was 9671, and the spot ratio was 8.19. The equilibrium ratio for spot import was 8.17, with a profit of 79.57. The domestic March price was 79050, LME March price was 9765, and the March ratio was 8.09 [1] - **Zinc**: The domestic spot price was 22450, LME spot price was 2830, and the spot ratio was 7.93. The equilibrium ratio for spot import was 8.66, with a profit of - 2054.98. The domestic March price was 22530, LME March price was 2836, and the March ratio was 5.92 [1] - **Aluminum**: The domestic spot price was 20710, LME spot price was 2621, and the spot ratio was 7.90. The equilibrium ratio for spot import was 8.47, with a profit of - 1487.44. The domestic March price was 20750, LME March price was 2620, and the March ratio was 7.91 [1] - **Nickel**: The domestic spot price was 119400, LME spot price was 14847, and the spot ratio was 8.04. The equilibrium ratio for spot import was 8.26, with a profit of - 1524.77 [1] - **Lead**: The domestic spot price was 16625, LME spot price was 1942, and the spot ratio was 8.60. The equilibrium ratio for spot import was 8.87, with a profit of - 519.03. The domestic March price was 16855, LME March price was 1986, and the March ratio was 11.33 [3] Cross - Period Arbitrage Tracking - **Copper**: On August 18, 2025, the spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 80, 70, 60, and 60 respectively, while the theoretical spreads were 497, 892, 1296, and 1700 [4] - **Zinc**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 25, 50, 65, and 55 respectively, and the theoretical spreads were 215, 337, 458, and 580 [4] - **Aluminum**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 55, 35, - 10, and - 50 respectively, and the theoretical spreads were 215, 330, 446, and 561 [4] - **Lead**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 120, 125, 145, and 175 respectively, and the theoretical spreads were 209, 313, 418, and 523 [4] - **Nickel**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were - 400, - 230, - 30, and 210 respectively [4] - **Tin**: The 5 - 1 spread was 1190, and the theoretical spread was 5541 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month contract - spot and the next - month contract - spot were - 170 and - 90 respectively, and the theoretical spreads were 483 and 933 [4] - **Zinc**: The spreads for the current - month contract - spot and the next - month contract - spot were 30 and 55 respectively, and the theoretical spreads were 204 and 335 [4] - **Lead**: The spreads for the current - month contract - spot and the next - month contract - spot were 105 and 225 respectively, and the theoretical spreads were 199 and 310 [5] Cross - Variety Arbitrage Tracking - On August 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.51, 3.81, 4.69, 0.92, 1.23, and 0.75 respectively, and for London (three - continuous) were 3.50, 3.75, 4.93, 0.93, 1.32, and 0.71 respectively [5]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - No explicit core viewpoints provided. The report mainly presents the price, profit, production and sales, and inventory data of glass and soda ash. 3. Summary by Related Catalogs Glass - **Price Changes**: From August 8th to 15th, 2025, the price of 5mm glass plates in various regions showed different degrees of change. For example, the Wuhan Changli 5mm large - plate price dropped from 1200.0 to 1100.0, a decrease of 100.0 [1]. - **Contract Price Changes**: The FG09 contract price decreased from 1063.0 to 1046.0, a decrease of 17.0; the FG01 contract price increased from 1196.0 to 1211.0, an increase of 15.0 [1]. - **Profit Changes**: The North China coal - fired profit decreased from 249.2 to 231.0, a decrease of 18.2; the South China natural gas profit remained at - 129.1 [1]. - **Production and Sales**: The production and sales rate in Shahe was 102, in Hubei was 84, in East China was 96, and in South China was 88 [1]. - **Market Conditions**: The production and sales of Shahe factories improved slightly, but the sales of traders were average, and the spot - futures sales basically had no transactions. The price of factories in Hubei was around 1000, and the spot - futures transaction was average [1]. Soda Ash - **Price Changes**: From August 8th to 15th, 2025, the price of heavy soda ash in various regions changed. For example, the price of Shahe heavy soda ash increased from 1240.0 to 1280.0, an increase of 40.0 [1]. - **Contract Price Changes**: The SA05 contract price increased from 1392.0 to 1450.0, an increase of 58.0; the SA01 contract price increased from 1332.0 to 1395.0, an increase of 63.0 [1]. - **Profit Changes**: The North China ammonia - alkali profit increased from - 132.8 to - 102.9, an increase of 29.8; the North China combined - alkali profit increased from - 220.6 to - 134.2, an increase of 86.4 [1]. - **Market Conditions**: The spot price of heavy soda ash in Hebei delivery warehouses was around 1240, and the price delivered to Shahe was around 1280. Downstream customers replenished at low prices but did not accept high - priced goods, with the intended price being 1220 - 1250 delivered. Factory inventories continued to accumulate, and delivery warehouse inventories increased slightly [1].

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