Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The IPG main contract fluctuated upward. The domestic trading atmosphere is expected to improve, and prices may rise slightly, but the upward momentum may be limited due to the decline in the official CP price [1] Group 3: Summary by Relevant Catalog Price Changes - On Thursday, for civil gas, the price in East China was 4374 (+33), in Shandong 4360 (+0), and in South China 4440 (+50). The price of etherified carbon four was 4520 (-90). The lowest delivery location was Shandong [1] - The FEI was 490 (-14) and the CP was 463 (-7) dollars per ton. The IPG main contract fluctuated upward. The basis was -14 (+55), and the December - January spread was 80 (-33) [1] - The cheapest deliverable was civil gas in East China at 4279; Shandong was 4300 (-60), East China 4279 (+0), and South China 4400 (-5). The etherified carbon four in Shandong was 4420 (-50) [1] - The number of warehouse receipts was 4194 lots (+1778). The external market price increased, and the oil - gas ratio decreased. The FEI monthly spread was -5 dollars (-1.75), and the CP monthly spread was -14.4 dollars (-6.4) [1] - The official November CP price dropped to 475/460 (-20/-15). The domestic and foreign PG - CP was 133 (-18); PG - FEI was 97 (-18.6). The US - Asia arbitrage window was closed. The FEI - CP was 35.75 (+0.75) [1] - The on - shore account water for propane in East China was 85 (+6). The freight from the US Gulf to Japan was 129 (+13), and from the Middle East to the Far East was 68 (+12). The FEI - MOPI was -66.7 (-15.8) [1] Profit and Demand - The profit of PDH decreased slightly. The profit of alkylation units declined significantly, and the production gross profit of MTBE changed little. Domestic production decreased, imports increased, port inventory rebounded, but there was an expected increase in chemical demand [1] Market Structure - The basis changed by +55 to -14, and the December - January spread changed by -33 to 80. The lowest delivery location was Shandong, and the basis changed by +63 to 26, and the December - January spread changed by -16 to 72 [1]

Report Summary Core Viewpoint - This week, the 380 fuel oil crack spread fluctuated, the monthly spread weakened month-on-month, the basis fluctuated weakly, the European HSFO crack spread strengthened, and the EW weakened significantly. The 0.5 low-sulfur crack spread in Singapore oscillated at a low level, and the monthly spread and basis oscillated at a low level. In terms of inventory, Singapore's residual fuel oil inventory increased, floating storage increased, ARA's residual fuel oil inventory decreased, floating storage increased, and EIA's residual fuel oil inventory decreased slightly. In terms of shipments, Russia's residual fuel oil shipments rebounded this week but were still low year-on-year. Overall, Russia's residual fuel oil shipments decreased month-on-month in October. Saudi Arabia's residual fuel oil shipments oscillated at a high level, and the UAE's shipments decreased month-on-month. This week, Singapore's arrivals were neutral, and China's residual fuel oil arrivals increased month-on-month. This week, the domestic and foreign spreads of high and low sulfur rebounded significantly. The external low-sulfur market remained weak, and the Singapore market for high sulfur had a poor basis. However, EW and raw material premiums supported the 380 crack spread, resulting in a short-term oscillating pattern [6][7]. Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 393.07 | 387.22 | 378.21 | 380.30 | 371.92 | -8.38 | | Rotterdam 0.5% VLS FO Swap M1 | 416.37 | 421.01 | 414.84 | 414.98 | 410.97 | -4.01 | | Rotterdam HSFO - Brent M1 | -2.40 | -3.40 | -4.53 | -4.15 | -4.65 | -0.50 | | Rotterdam 10ppm Gasoil Swap M1 | 688.48 | 679.38 | 676.92 | 689.54 | 695.68 | 6.14 | | Rotterdam VLSFO - Gasoil M1 | -272.11 | -258.37 | -262.08 | -274.56 | -284.71 | -10.15 | | LGO - Brent M1 | 28.89 | 27.83 | 27.98 | 30.41 | 30.48 | 0.07 | | Rotterdam VLSFO - HSFO M1 | 23.30 | 33.79 | 36.63 | 34.68 | 39.05 | 4.37 | [4] Singapore Fuel Oil Swap Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 375.53 | 380.33 | 377.74 | 373.88 | 368.80 | -5.08 | | Singapore 180cst M1 | 382.28 | 388.78 | 384.87 | 380.75 | 374.53 | -6.22 | | Singapore VLSFO M1 | 449.25 | 456.36 | 451.67 | 450.22 | 447.92 | -2.30 | | Singapore Gasoil M1 | 92.03 | 89.51 | 88.48 | 89.97 | 90.12 | 0.15 | | Singapore 380cst - Brent M1 | -4.98 | -4.44 | -4.37 | -5.09 | -5.14 | -0.05 | | Singapore VLSFO - Gasoil M1 | -231.77 | -206.01 | -203.08 | -215.56 | -218.97 | -3.41 | [4][10] Singapore Fuel Oil Spot Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 374.81 | - | 369.12 | 365.13 | - | - | | FOB VLSFO | 448.61 | 456.00 | 448.83 | 447.76 | 445.59 | -2.17 | | 380 Basis | -1.75 | -3.75 | -6.00 | -6.00 | -6.05 | -0.05 | | High Sulfur Domestic - Foreign Spread | - | 8.0 | 7.9 | 7.8 | 6.0 | -1.8 | | Low Sulfur Domestic - Foreign Spread | - | 10.2 | 9.4 | 11.0 | 8.6 | -2.4 | [5] Domestic FU Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2745 | 2790 | 2764 | 2743 | 2728 | -15 | | FU 05 | 2712 | 2755 | 2732 | 2725 | 2711 | -14 | | FU 09 | 2653 | 2683 | 2671 | 2665 | 2659 | -6 | | FU 01 - 05 | 33 | 35 | 32 | 18 | 17 | -1 | | FU 05 - 09 | 59 | 72 | 61 | 60 | 52 | -8 | | FU 09 - 01 | -92 | -107 | -93 | -78 | -69 | 9 | [5] Domestic LU Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3268 | 3335 | 3290 | 3297 | 3269 | -28 | | LU 05 | 3239 | 3288 | 3261 | 3260 | 3237 | -23 | | LU 09 | 3252 | 3288 | 3254 | 3246 | 3235 | -11 | | LU 01 - 05 | 29 | 47 | 29 | 37 | 32 | -5 | | LU 05 - 09 | -13 | 0 | 7 | 14 | 2 | -12 | | LU 09 - 01 | -16 | -47 | -36 | -51 | -34 | 17 | [6]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The report presents overnight market information on the oilseeds and oils industry, including production and export data from major producing countries and analyst forecasts for U.S. export sales. It also provides precipitation conditions, import profit margins, and price data for soybeans, palm oil, and related products [1]. 3) Summary by Relevant Catalogs Overnight Market Information - Malaysia's palm oil production from November 1 - 5, 2025, increased by 6.8% month - on - month, with fresh fruit bunch yield up 5.12% and oil extraction rate up 0.32% [1]. - Brazil's projected soybean exports in November 2025 are 377 million tons, compared to 234 million tons in the same period last year. The projected export of soybean meal is 223 million tons, compared to 173 million tons last year [1]. - Analysts expect U.S. 2025/26 soybean export sales to net increase by 40 - 200 million tons for the week ending October 30; soybean meal export sales to net increase by 5 - 45 million tons; and soybean oil export sales to net increase by 0.5 - 2.5 million tons [1]. - Brazil exported 6,727,845.14 tons of soybeans in October 2025, a 43% year - on - year increase, with a daily average export volume of 305,811.14 tons, also a 43% increase [1][2]. Other Information - The report also includes data on precipitation in major producing countries, import profit margins for soybeans and oils, and price data for protein meals, oils, and related products from October 31 to November 6, 2025 [1][3].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For PTA, the near - term TA partial device load reduction leads to a slight decline in start - up, while polyester load increases, inventory accumulates slightly, and the basis strengthens. PX domestic start - up recovers, and PXN expands. Considering the long - term low processing fees and improved terminal data, the processing fee center may gradually recover [2]. - For MEG, the near - term domestic oil - based restart and overseas device restart lead to a decline in port inventory at the beginning of the week, but the long - term pattern is bearish due to high inventory. However, there may be negative feedback on the supply side after the decline in coal - based benefits, and attention should be paid to coal - based cost support [3]. - For polyester staple fiber, the near - term restart of Fujian Shanli increases the start - up, but sales decline. The overall efficiency and start - up of the polyester yarn end have not improved significantly. With high exports and good spot efficiency, the overall inventory pressure is limited, and attention should be paid to the opportunity of expanding processing fees and warehouse receipts [3]. - For natural rubber and 20 - grade rubber, the national explicit inventory is stable at a relatively low level, and the Thai cup - rubber price is stable with rainfall affecting tapping. The strategy is to wait and see [6]. Summary by Related Catalogs PTA - **Price and Index Changes**: From October 31 to November 6, 2025, the price of crude oil decreased by 0.1, PTA internal - market spot price increased by 35, and the PTA processing fee increased by 24. The basis was - 76, and the average daily trading basis was 2601(-76) [2]. - **Device Changes**: Shandong Weilian's 2.5 - million - ton device reduced its load [2]. MEG - **Price and Index Changes**: From October 31 to November 6, 2025, the MEG internal - market price decreased by 2, and the MEG coal - based profit decreased by 2. The basis was around +76 for 01 [3]. - **Device Changes**: Tongliao's 300,000 - ton device restarted [3]. Polyester Staple Fiber - **Price and Index Changes**: From October 31 to November 6, 2025, the price of 1.4D cotton - type staple fiber increased by 15, and the short - fiber profit decreased by 25. The spot price was around 6332, and the market basis was around - 10 for 12 [3]. - **Device Changes**: Fujian Shanli restarted, and the start - up increased to 96.8% [3]. Natural Rubber and 20 - grade Rubber - **Price Changes**: From October 31 to November 6, 2025, the price of US - dollar Thai standard rubber increased by 20, and the price of Shanghai full - latex rubber increased by 195. The mixed - rubber price increased by 200 [6]. - **Key Indicators Changes**: The mixed - rubber to RU main contract spread increased by 5, and the US - dollar Thai standard rubber to NR main contract spread decreased by 66 [6]. Styrene - **Price Changes**: From October 31 to November 6, 2025, the price of pure benzene (CFR China) decreased by 10, and the price of styrene (Jiangsu) decreased by 160 [9]. - **Profit Changes**: The styrene domestic profit increased by 30, and the EPS domestic profit increased by 28 [9].

Report Industry Investment Rating - No information provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 7, 2025 [1][3][4] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 7, 2025, the domestic spot price was 86030, the LME spot price was 10736, with a spot import equilibrium ratio of 8.09 and a loss of 384.81 for spot import, while there was a profit of 524.53 for spot export. The domestic three - month price was 86350, the LME three - month price was 10767, and the ratio was 7.97 [1] - **Zinc**: The domestic spot price was 22490, the LME spot price was 3159, with a ratio of 7.12. The domestic three - month price was 22710, the LME three - month price was 3055, and the ratio was 5.69. The spot import equilibrium ratio was 8.51, and the loss for spot import was 4386.00 [1] - **Aluminum**: The domestic spot price was 21360, the LME spot price was 2857, with a ratio of 7.47. The domestic three - month price was 21665, the LME three - month price was 2872, and the ratio was 7.46. The spot import equilibrium ratio was 8.33, and the loss for spot import was 2439.70 [1] - **Nickel**: The domestic spot price was 121850, the LME spot price was 14891, with a ratio of 8.18. The spot import equilibrium ratio was 8.18, and the loss for spot import was 2113.55 [1] - **Lead**: The domestic spot price was 17200, the LME spot price was 2007, with a ratio of 8.58. The domestic three - month price was 17450, the LME three - month price was 2022, and the ratio was 11.15. The spot import equilibrium ratio was 8.73, and the loss for spot import was 292.83 [3] Cross - Period Arbitrage Tracking - **Copper**: On November 7, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 20, 50, 50, and 20 respectively, while the theoretical spreads were 534, 965, 1406, and 1846 [4] - **Zinc**: The spreads were 45, 80, 85, and 85 respectively, and the theoretical spreads were 216, 338, 460, and 583 [4] - **Aluminum**: The spreads were 35, 70, 80, and 90 respectively, and the theoretical spreads were 219, 339, 459, and 579 [4] - **Lead**: The spreads were 60, 80, 75, and 65 respectively, and the theoretical spreads were 212, 320, 428, and 535 [4] - **Nickel**: The spreads were 270, 490, 710, and 970 respectively [4] - **Tin**: The spread between the 5 - month and 1 - month contracts was - 750, and the theoretical spread was 5863 [4] Spot - Futures Arbitrage Tracking - **Copper**: On November 7, 2025, the spreads between the current - month and next - month contracts and the spot were 335 and 355 respectively, while the theoretical spreads were 250 and 729 [4] - **Zinc**: The spreads were 140 and 185 respectively, and the theoretical spreads were 132 and 263 [4] - **Lead**: The spreads were 170 and 230 respectively, and the theoretical spreads were 132 and 246 [5] Cross - Variety Arbitrage Tracking - On November 7, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.80, 3.99, 4.95, 0.95, 1.24, and 0.77 respectively, and for London (three - continuous contracts) were 3.51, 3.76, 5.26, 0.93, 1.40, and 0.67 respectively [5]

焦炭日报 研究中心黑色团队 | | 最新 1591.62 | 日变化 周变化 0.00 | 54.61 | 月变化 109.23 | 同比 -15.71% | | 最新 日变化 88.61 | 周变化 | 月变化 -1.33 | 同比 -2.04 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | | | | | | 高炉开工率 | | | | | 0.15% | | 河北准一干熄 | 1845.00 | 0.00 | 55.00 | 110.00 | 1.93% | 铁水日均产量 | 234.22 | | -2.14 | -7.32 | 0.07% | | 山东准一干熄 | 1770.00 | 0.00 | 55.00 | 110.00 | -14.29% | 盘面05 | 1905.5 | 23.00 | -24.50 | 115.00 | -8.67% | | 江苏准一干熄 | 1810.00 | 0.00 | 55.00 | 110.00 | -14.01% | 盘面09 | ...

、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 810.0 16.0 44.0 104.0 -45.0 25省终端可用天数 26.0 0.1 6.1 5.1 8.4 秦皇岛5000 718.0 17.0 42.0 103.0 -37.0 25省终端供煤 513.4 -0.9 -95.2 -126.7 -109.5 广州港5500 840.0 15.0 35.0 75.0 -70.0 北方港库存 2189.0 -9.0 33.0 -61.0 -250.5 鄂尔多斯5500 575.0 10.0 35.0 90.0 -55.0 北方锚地船舶 94.0 4.0 -14.0 19.0 48.0 大同5500 625.0 10.0 35.0 85.0 -85.0 北方港调入量 167.3 -12.5 0.0 13.8 13.6 榆林6000 712.0 0.0 30.0 70.0 -108.0 北方港吞吐量 169.5 -20.4 3.2 49.8 69.9 榆林6200 74 ...

| 玉米/淀粉 | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 长春 | 潍坊 | 锦州 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/10/31 2010 | 2110 | 2080 | 2260 | -50 | 30 108 | 2700 | 2800 | 215 | 27 | | 2025/11/03 2010 | 2180 | 2100 | 2240 | -41 | -10 88 | 2700 | 2800 | 202 | 32 | | 2025/11/04 2030 | 2140 | 2100 | 2240 | -35 | -10 88 | 2700 | 2800 | 211 | 32 | | 2025/11/05 2030 | 2140 | 2100 | 2240 | -34 | -10 103 | 2700 | 2800 | 204 | 28 | | 2025/11/06 2050 | 2140 | ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Related Catalogs Price - For silicon ferroalloy, on November 7, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5150 yuan, with no daily change and a weekly decrease of 70 yuan; the main contract price was 5586 yuan, with a daily increase of 26 yuan and a weekly increase of 36 yuan [2]. - For silicon manganese alloy, on the same day, the ex - factory price of Inner Mongolia 6517 silicon manganese alloy was 5620 yuan, with no daily change and a weekly decrease of 60 yuan; the main contract price was 5798 yuan, with a daily increase of 22 yuan and a weekly decrease of 44 yuan [2]. Supply - The production data of 136 silicon ferroalloy production enterprises in China over the years from 2021 - 2025 are presented, including monthly production, weekly production (with a capacity ratio of 95%), and monthly capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4]. - The weekly production data of silicon manganese alloy in China from 2021 - 2025 are also provided [6]. Demand - The report shows the demand data of silicon manganese alloy in China (in ten thousand tons, according to the Steel Union's caliber) from 2021 - 2025, as well as the monthly production forecast data of crude steel in China [4][7]. - It also includes the monthly procurement volume and price data of FeSi75 - B by Hebei Iron and Steel Group, and the monthly procurement volume and price data of 6517 silicon manganese alloy by Hebei Iron and Steel Group [4][6]. Inventory - For silicon ferroalloy, the weekly inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 are presented, along with daily data on warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts [5]. - For silicon manganese alloy, the daily data on warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory in China from 2021 - 2025 are provided, as well as the weekly inventory data of 63 sample enterprises in China [7]. Cost - Profit - The cost - profit data of silicon ferroalloy include electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of small - sized blue charcoal in Shaanxi, the production profit of blue charcoal in China, and the production cost and profit of silicon ferroalloy in Inner Mongolia and Ningxia [5]. - The cost - profit data of silicon manganese alloy include the profit data in Inner Mongolia, Guangxi, the northern region, and the southern region (according to the Steel Union's caliber), and the profit data of silicon manganese alloy in Ningxia and Guangxi converted to the main contract [7].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Methanol**: The current situation remains poor. Iranian plant shutdowns are slower than expected, and high imports are likely in November. The contradiction in the 01 contract is difficult to resolve. Port sanctions are expected to be resolved before the end of gas restrictions, but inventory reduction is difficult. Methanol has limited upside potential, and the downside space depends on the situation in the inland region. Recently, coal prices have strengthened, but it has no impact on profits [1]. - **Polyethylene**: Overall inventory is neutral. The 09 basis is about -110 in North China and -50 in East China. Import profits are around -200 with no further increase for now. Non-standard HD injection molding prices are stable, while other price differentials are fluctuating, and LD is weakening. Domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US price quotes. New device pressure is high in 2025 [6]. - **Polypropylene**: Upstream and mid - stream inventories are decreasing. The basis is -60, non - standard price differentials are neutral, and import profits are around -700. Exports have been good this year. Non - standard price differentials are neutral. PDH profits are around -400, and propylene prices are fluctuating. The subsequent supply is expected to increase slightly. Under the background of overcapacity, the 01 contract is expected to face moderate to excessive pressure. If exports continue to increase or there are many PDH device overhauls, the supply pressure can be alleviated to a neutral level [6]. - **PVC**: The basis remains at 01 - 270, and the factory - pickup basis is -480. Downstream开工率 is seasonally weakening, and the willingness to hold inventory at low prices is strong. Mid - and upstream inventories are continuously accumulating. In Q4, attention should be paid to production capacity implementation and export sustainability. Near - term export orders have slightly decreased. Coal sentiment is positive, and costs are stable. Static inventory contradictions are accumulating slowly. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and开工率 [6]. 3. Summary by Commodity Methanol - **Price Data**: From October 31, 2025, to November 6, 2025, the power coal futures price remained at 801. The prices of various regional spot and futures showed different degrees of decline, with the most significant decline in the port price of 15 [1]. - **Analysis**: The high import volume in November and the difficulty in resolving the 01 contract contradiction lead to limited inventory reduction and weak price increases [1]. Polyethylene - **Price Data**: From October 31, 2025, to November 6, 2025, the price of Northeast Asian ethylene remained at 740. The prices of various regional spot and futures showed a downward trend, with the主力期货 price dropping by 9 on November 6 compared with the previous day [6]. - **Analysis**: Overall inventory is neutral, and the market is affected by factors such as import profits, production, and new device pressure [6]. Polypropylene - **Price Data**: From October 31, 2025, to November 6, 2025, the prices of Shandong propylene and Northeast Asian propylene showed a downward trend, and the prices of various regional spot and futures also decreased. The主力期货 price dropped by 20 on November 6 compared with the previous day [6]. - **Analysis**: Inventory is decreasing, and the market is affected by factors such as valuation, supply, and demand [6]. PVC - **Price Data**: From October 31, 2025, to November 6, 2025, the prices of Northwest calcium carbide and Shandong caustic soda remained stable, while the prices of various PVC products showed a downward trend, with the price of calcium carbide - based PVC in East China dropping by 20 [6]. - **Analysis**: The basis remains stable, downstream开工率 is weakening, and inventories are accumulating. Attention should be paid to production capacity implementation and export sustainability [6].