Group 1: Report Summary - The report provides market data and analysis for various agricultural products including corn, starch, sugar, cotton, eggs, apples, and pigs on August 18, 2025 [2][3] Group 2: Corn and Starch Market Data - This week, 395,000 tons of imported corn were auctioned, with 67,000 tons sold, and the trading situation became sluggish. The price of starch was slightly reduced, and enterprises were still operating at a loss [3] Market Analysis - Short - term: Corn prices will continue to fluctuate within a certain range. Starch prices will follow the raw material price fluctuations and are expected to continue to fluctuate weakly [3] - Long - term: Corn prices are expected to decline under pressure, and the starch price outlook remains bearish [3] Group 3: Sugar Market Data - From August 11 - 15, the spot prices in Liuzhou, Nanning, and Kunming remained mostly stable, the basis decreased by 5, and the import profit increased [6] Market Analysis - Internationally, the sugar price is under pressure due to the peak crushing season in Brazil. Domestically, the Zhengzhou sugar futures price has a smaller fluctuation range, and the futures price faces upward pressure [6] Group 4: Cotton Market Data - From August 11 - 15, the price of 3128 cotton increased by 30, the import profit of M - grade US cotton was relatively stable, and the number of warehouse receipts and forecasts decreased by 117 [9] Market Analysis - The cotton market has entered a consolidation phase. If there are no major macro - risks, the low in April can be regarded as the long - term bottom, and the downside space is limited. Attention should be paid to changes in demand [9] Group 5: Eggs Market Data - From August 11 - 15, the egg prices in Hebei and Liaoning remained stable, while those in Shandong and Henan increased by 0.1. The basis increased by 50 [14] Market Analysis - In July, the egg price rebounded rapidly due to supply and demand factors. In early August, due to sufficient inventory in food factories and weak demand, the egg price declined. Attention should be paid to the chicken culling rhythm and cold - storage egg release [14] Group 6: Apples Market Data - From August 11 - 15, the price of Shandong 80 first - and second - grade apples remained at 7800 on August 11 - 13 and then dropped to 7300 on August 14 - 15. The national inventory decreased by 44 [15][16] Market Analysis - The new - season apples are in the growth stage. The yield in the western region may increase, while that in Shandong is expected to decrease by about 20%. The current - season apple consumption is in the off - season, and the inventory is at a five - year low [16] Group 7: Pigs Market Data - From August 11 - 15, the pig prices in different regions showed slight fluctuations, and the basis decreased by 95 [16] Market Analysis - The reduction of pig production capacity is insufficient, and there is still medium - term supply pressure. The futures price has a premium. The short - term spot price will fluctuate weakly, and attention should be paid to factors such as the slaughter rhythm, weather, and policies [16]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The LPG market is expected to continue its weak and volatile consolidation. The supply has increased while the demand is weak, causing the spot price to decline. The PG futures market has rebounded due to the improvement in the international spot market and low valuation. The basis has strengthened, and the monthly spread has fluctuated. The international market is volatile, and the freight rates are high. The PDH - PP production profit has weakened, and the production margins of alkylation oil and MTBE have declined. The port inventory has decreased, the chemical demand has slightly increased, and the refinery output has decreased. The combustion demand is still weak but approaching the end [1] Group 3: Summary by Relevant Catalogs Daily Data - On August 15, 2025, the propane CFR South China was 4400, the South China LPG was 4410, the East China LPG was 4410, the Shandong LPG was 4420, etc. The daily changes showed that the propane CFR South China increased by 35, the South China LPG increased by 9, etc. The cheapest deliverable was the East China civil LPG at 4410. The FEI and CP first rose and then fell. The PP fluctuated weakly, and the production profit of PP from FEI and CP slightly weakened. The PG futures fluctuated, and the 09 - 10 spread was - 471 (+9). The US - Far East arbitrage window was closed [1] Weekly View - The spot price declined due to increased supply and weak demand, with the cheapest deliverable being East China civil LPG at 4410. The PG futures rebounded because of the improved international spot market and low valuation. The basis strengthened to 539 (+67), and the 9 - 10 spread was - 471 (+9). The warehouse receipt registration volume was 12888 lots (+2709). The international market was volatile, and the freight rates were high. The FEI and CP discounts strengthened significantly. The port inventory decreased by 2.06%, the refinery output decreased by 1.68%, and the refinery inventory increased by 0.07%. The PDH - PP spot profit weakened, and the paper profit fluctuated. The production margins of alkylation oil and MTBE declined. The PDH plant operating rate was 76.33% (+2.49 pct), and the combustion demand was still weak but approaching the end [1]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - There are no explicit core viewpoints presented in the given content. The report mainly offers a comprehensive set of data on the ferroalloy market, including prices, supply, demand, inventory, and cost - profit aspects. 3. Summary by Related Catalogs Price - **Silicon Iron**: On August 18, 2025, the latest price of Ningxia 72 silicon iron natural block was 5450 yuan, with a daily change of - 50 yuan and a weekly change of 50 yuan; the price of Inner Mongolia 72 was 5450 yuan, with no daily or weekly change; the price of Shaanxi 75 was 5800 yuan, with no change. The export price of Tianjin 72 was 1025 US dollars, and that of Tianjin 75 was 1075 US dollars, both with no change [2]. - **Silicon Manganese**: The latest price of Inner Mongolia 6517 silicon manganese was 5800 yuan, with no change; Ningxia 6517 was 5800 yuan, with a daily change of - 70 yuan; Guangxi 6517 was 5900 yuan, with a weekly change of 30 yuan [2]. Supply - **Silicon Iron**: The report shows historical data on the production of 136 silicon - iron enterprises in China (monthly and weekly), and the capacity utilization rate of these enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) from 2021 - 2025 [4]. - **Silicon Manganese**: It provides historical data on the production of silicon manganese in China (weekly) from 2021 - 2025, as well as the procurement price and quantity of Hebei Iron and Steel Group (monthly) [6]. Demand - **Silicon Iron**: Related demand data includes the production forecast of Chinese crude steel (monthly), the production of Chinese stainless - steel crude steel (monthly), and the procurement volume of Hebei Iron and Steel Group (monthly) from 2021 - 2025 [4]. - **Silicon Manganese**: The report presents the demand volume of silicon manganese in China (in ten thousand tons, according to the Steel Union's data) from 2021 - 2025 [7]. Inventory - **Silicon Iron**: It contains historical data on the inventory of 60 sample enterprises in China (weekly), the inventory in Ningxia, Inner Mongolia, and Shaanxi (weekly), and the inventory in different regions (monthly) from 2021 - 2025 [5]. - **Silicon Manganese**: The report shows historical data on the total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory (daily), as well as the inventory of 63 sample enterprises in China (weekly, in tons) from 2021 - 2025 [7]. Cost - Profit - **Silicon Iron**: Data includes electricity prices in different regions (daily), the market price of blue charcoal (daily), the production profit of blue charcoal (daily), and the production cost and profit of silicon iron in Inner Mongolia and Ningxia from 2021 - 2025 [5]. - **Silicon Manganese**: It provides the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions (in yuan per ton, according to the Steel Union's data), and the profit of Guangxi and Ningxia silicon manganese converted to the main contract from 2021 - 2025 [7].

Report Information - Report Name: Coke Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: August 18, 2025 [1] Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Not mentioned in the provided content Data Summary Coke Price - The latest price of Shanxi quasi - first wet quenching coke is 1481.33, with no daily change, a weekly increase of 54.61, a monthly increase of 273.06, and a year - on - year decrease of 17.31% [2] - The latest price of Hebei quasi - first wet quenching coke is 1725.00, with no daily change, a weekly increase of 75.00, a monthly increase of 295.00, and a year - on - year decrease of 14.81% [2] - The latest price of Shandong quasi - first dry quenching coke is 1660.00, with no daily change, a weekly increase of 55.00, a monthly increase of 275.00, and a year - on - year decrease of 19.61% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1700.00, with no daily change, a weekly increase of 55.00, a monthly increase of 275.00, and a year - on - year decrease of 19.24% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with no daily change, a weekly increase of 50.00, a monthly increase of 250.00, and a year - on - year decrease of 18.62% [2] Production and Inventory - The blast furnace operating rate is 90.22, with a weekly increase of 0.13, a monthly decrease of 0.67, and a year - on - year increase of 3.68% [2] - The daily average iron water output is 240.66, with a weekly increase of 0.34, a monthly decrease of 1.78, and a year - on - year increase of 5.20% [2] - The coking plant inventory is 39.31, with a weekly decrease of 5.32, a monthly decrease of 16.24, and a year - on - year decrease of 13.98% [2] - The port inventory is 215.11, with a weekly decrease of 3.04, a monthly increase of 16.00, and a year - on - year increase of 14.29% [2] - The steel mill inventory is 609.80, with a weekly decrease of 9.48, a monthly decrease of 29.19, and a year - on - year increase of 14.24% [2] - The steel mill inventory days are 10.83, with a weekly decrease of 0.08, a monthly decrease of 0.63, and a year - on - year increase of 1.50% [2] - The coking capacity utilization rate is 73.75, with a weekly increase of 0.27, a monthly increase of 1.03, and a year - on - year increase of 1.12% [2] - The daily average coke output is 51.67, with a weekly decrease of 0.11, a monthly decrease of 1.53, and a year - on - year decrease of 3.78% [2] Futures Market - The latest price of the 05 contract on the futures market is 1817.5, with a daily increase of 4.50, a weekly decrease of 1.00, a monthly increase of 233.00, and a year - on - year decrease of 7.32% [2] - The latest price of the 09 contract on the futures market is 1649.5, with a daily decrease of 0.50, a weekly decrease of 11.00, a monthly increase of 150.00, and a year - on - year decrease of 11.17% [2] - The latest price of the 01 contract on the futures market is 1729, with a daily increase of 8.00, a weekly decrease of 5.00, a monthly increase of 186.50, and a year - on - year decrease of 9.00% [2] - The 05 basis is - 36.50, with a daily decrease of 4.50, a weekly increase of 65.10, a monthly increase of 71.37, and a year - on - year decrease of 173.80 [2] - The 09 basis is 131.50, with a daily increase of 0.50, a weekly increase of 75.10, a monthly increase of 154.37, and a year - on - year decrease of 109.80 [2] - The 01 basis is 52.00, with a daily decrease of 8.00, a weekly increase of 69.10, a monthly increase of 117.87, and a year - on - year decrease of 146.30 [2] - The 5 - 9 spread is - 88.50, with a daily increase of 3.50, a weekly decrease of 4.00, a monthly decrease of 46.50, and a year - on - year decrease of 27.50 [2] - The 9 - 1 spread is 168.00, with a daily increase of 5.00, a weekly increase of 10.00, a monthly increase of 83.00, and a year - on - year increase of 64.00 [2] - The 1 - 5 spread is - 79.50, with a daily decrease of 8.50, a weekly decrease of 6.00, a monthly decrease of 36.50, and a year - on - year decrease of 36.50 [2]

沙河驿进口主焦 A11, V26, S0.7, G80, Y15, CSR60 普氏中挥发 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1月 焦煤总库存 炼焦煤煤矿库存 进口炼焦煤港口库存 5500.00 550.00 550.00 500.00 500.00 5000.00 450.00 450.00 400.00 4500.00 400.00 350.00 350.00 300.00 4000.00 300.00 250.00 3500.00 250.00 200.00 200.00 150.00 3000.00 150.00 100.00 2500.00 100.00 50.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1月 2月 4月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 =2021 === 2023 === 2023 === 2024 === 2025 =2021 == 2022 == 2023 == 2024 ...

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View No core view is provided in the report. 3) Summary by Relevant Catalogs Price and Profit - The report shows the spot prices of various steel products in different regions from August 11 to August 15, 2025, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. It also presents the price changes during this period, such as a 0 change in most rebar prices and - 20 for Tianjin hot - rolled coil, - 30 for Tianjin cold - rolled coil [1]. Output and Inventory No content related to output and inventory is provided in the report. Basis and Spread No content related to basis and spread is provided in the report.

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - No information provided 3. Summary by Related Catalogs 3.1. Regional Scrap Steel Prices - Scrap steel prices in different regions (East China, Central, Northeast, South China, Southwest) from August 11 - 15, 2025 are presented, with price changes in some regions showing decreases in the latest period [1] - The prices of Shagang Heavy Three (tax - included) and Zhenjiang Hongtai Sheared Material (tax - excluded) from 2022 - 2025 are shown, with overall price fluctuations over the years [1] 3.2. Consumption and Inventory - Long - process daily consumption data from 2022 - 2025 is presented, showing consumption trends over different months and years [2] - Short - process daily consumption data from 2022 - 2025 is presented, showing consumption trends over different months and years [6] - The arrival of scrap steel at 147 steel mills is mentioned, but no specific data details are provided [3] - The arrival of scrap steel in Zhangjiagang from 2022 - 2025 is presented, showing arrival trends over different months and years [6] - Steel mill scrap steel inventory data from 2022 - 2025 is presented, but no specific data details are provided [5] - Scrap steel social inventory data from 2019 - 2025 is presented, showing inventory trends over different years [8] 3.3. Price Difference and Profit - The screw - scrap price difference in East China from 2022 - 2025 is presented, showing price difference trends over different months and years [7] - The profit of Jiangsu electric - furnace threaded steel from 2022 - 2025 is presented, showing profit trends over different months and years [7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - No relevant content provided Group 3: Summary of Iron Ore Spot Data - **Australian mainstream iron ore**: Newman powder price is 767 with no daily or weekly change, PB powder price is 772 with a daily increase of 1 and a weekly increase of 2, Macfarlane powder price is 763 with a daily increase of 1 and a weekly increase of 3, etc [1] - **Brazilian mainstream iron ore**: Ba Hun price is 810 with a daily increase of 3 and a weekly increase of 1, Ba Coarse IOC6 price is 764 with a daily increase of 1 and a weekly increase of 4 [1] - **Other regions' iron ore**: Ukrainian fine powder price is 876 with a daily decrease of 1 and a weekly increase of 11, 61% Indian powder price is 733 with a daily increase of 1 and a weekly increase of 2 [1] - **Domestic iron ore**: Tangshan iron concentrate price is 977 with no daily change and a weekly increase of 19 [1] Group 4: Summary of Iron Ore Futures Data - **DCE contracts**: i2601 price is 776.0 with a daily increase of 1.0 and a weekly increase of 2.5, i2605 price is 755.5 with a daily increase of 2.5 and a weekly increase of 2.5, i2509 price is 792.0 with a daily increase of 1.0 and a weekly increase of 2.0 [1] - **SGX contracts**: FE01 price is 101.24 with a daily decrease of 1.44 and a weekly decrease of 0.82, FE05 price is 98.80 with a daily decrease of 1.60 and a weekly decrease of 1.24, FE09 price is 102.09 with a daily decrease of 1.42 and a weekly decrease of 0.16 [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current major contradiction in the EC market is the decline rate during the off - season, affected by uncertainties in geopolitics and tariffs and the repeated domestic macro - sentiment [2][17] - In terms of fundamentals, in Week 33, the collection situation of the MSK improved, OA was average, and PA was poor; in Week 34, the collection significantly declined [2][17] - EMC canceled its independent ship in Week 35, and OA added a sailing suspension in Week 39. The weekly average capacities in August, September, and October 2025 (tentatively) are still high, with a slight decline [2][17] - Currently, the October contract is at a large discount to the spot. The decline of shipping companies in the past two weeks is in line with market expectations. The decline of the December contract did not drive the market down further. Due to the high liquidity and the support from continuous position - shifting, but the overall future drive is downward, and there is still room for valuation adjustment. It is recommended to hold the short position of the October contract and maintain the logic of shorting on rallies [2][17] Summary by Related Catalogs Futures Contract Information - EC2508: Yesterday's closing price was 2083.9, with a change of 0.04%, trading volume of 92, open interest of 2556, and a change in open interest of - 73 [2][17] - EC2510: Closing price of 1359.5, change of 1.98%, trading volume of 32077, open interest of 56698, and a change in open interest of - 4042 [2][17] - EC2512: Closing price of 1723.3, change of 1.36%, trading volume of 6322, open interest of 11131, and a change in open interest of - 334 [2][17] - EC2602: Closing price of 1521.4, change of 2.24%, trading volume of 1393, open interest of 4424, and a change in open interest of - 35 [2][17] - EC2604: Closing price of 1335.0, change of 0.48%, trading volume of 1327, open interest of 5459, and a change in open interest of - 92 [2][17] - EC2606: Closing price of 1495.0, change of 1.49%, trading volume of 107, open interest of 832, and a change in open interest of 7 [2][17] Month - to - Month Spread - EC2508 - 2510: The spread was 724.4, with a day - on - day change of - 25.5 [2][17] - EC2510 - 2512: The spread was - 363.8, with a day - on - day change of 3.2 [2][17] - EC2512 - 2602: The spread was 201.9, with a day - on - day change of - 10.2 [2][17] Spot Index Information - SCHIS: Updated weekly on Mondays. On August 11, 2025, it was 2235.48 points, with a decline of 2.71% from the previous period and a decline of 0.81% in the previous period [2][17] - SCH (European line): Updated weekly on Fridays. On August 8, 2025, it was 1961 dollars/TEU, with a decline of 4.39% from the previous period and a decline of 1.87% in the previous period [2][17] - CCFI: Updated weekly on Fridays. On August 8, 2025, it was 1799.05 points, with a change of 0 - 3% from the previous period and an increase of 0.13% in the previous period [2][17] - NCFI: On August 8, 2025, it was 1257.71 points, with a decline of 8.57% from the previous period and a decline of 3.53% in the previous period [2][17] Recent European Line Quotations - Week 34: Shipping companies' prices dropped by 200 - 300 dollars, with an average of 2850 dollars (2000 points). PA Alliance was 2700 dollars, MSK was 2600 dollars, and OA Alliance was 2900 - 3000 dollars [3][18] - Week 35: The current average shipping company quotation is 2630 dollars (1800 points). MSK opened at 2200 dollars. HPL dropped 400 dollars to 2435 dollars, EMC dropped 200 dollars to 2934 dollars. On Thursday, HMM dropped 200 dollars to 2500 dollars, OOCL dropped 300 dollars to 2800 dollars, and ONE dropped 200 dollars to 2508 dollars [3][18] Related News - On August 14, Hamas proposed a cease - fire request, promising to evacuate and ensure the safety of the detained personnel [3][18] - On August 14, Israeli Deputy Foreign Minister Haskell said that there must be a non - Israeli, peaceful, and non - armed government in Gaza after the war [3][18] Index Release Delay - The release of the XSI - C index was delayed by three working days [4][19]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View No clear core view presented in the given content. The report mainly shows the performance data of global asset markets. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On August 14, 2025, the 10 - year Treasury yields of major economies varied. For example, the US was 4.286%, the UK was 4.639%. The latest changes, weekly changes, monthly changes, and annual changes also differed among countries. For instance, the US had a latest change of 0.051, a weekly change of 0.035, a monthly change of - 0.167, and an annual change of 0.393 [3]. - **2 - Year Treasury Yields**: The 2 - year Treasury yields of major economies on August 14, 2025, were as follows: the US was 3.720, the UK was 3.904. The changes in different time - spans were also provided, such as the US having a latest change of - 0.040, a weekly change of 0.000, a monthly change of - 0.160, and an annual change not fully shown [3]. - **Exchange Rates**: The US dollar's exchange rates against major emerging economies' currencies on August 14, 2025, were presented, like 5.417 against the South African zar. The latest, weekly, monthly, and annual changes were given, e.g., the South African zar had a latest change of - 0.14%, a weekly change of - 2.32%, a monthly change of - 4.34% [3]. - **Stock Indices**: On August 14, 2025, major economies' stock indices had different values. For example, the Dow Jones was 6468.540, the S&P 500 was 44911.260. The latest, weekly, monthly, and annual changes were also provided, such as the Dow Jones having a latest change of 0.03%, a weekly change of 2.03%, a monthly change of 23.44%, and an annual change not fully shown [3]. - **Credit Bond Indices**: The credit bond indices of different regions and types had various changes. For example, the emerging economies' investment - grade credit bond index had a latest change of - 0.28%, a weekly change of 0.05%, a monthly change of 1.74%, and an annual change of 4.89% [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 presented. For example, the closing price of A - shares was 3666.44 with a - 0.46% change [5]. - **Valuation**: The PE (TTM) and their环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were given. For example, the PE (TTM) of CSI 300 was 13.42 with a 0.00环比 change [5]. - **Risk Premium**: The risk premiums (1/PE - 10 interest rate) and their环比 changes of some indices were provided, such as the S&P 500 having a risk premium of - 0.64 with a - 0.05环比 change [5]. - **Fund Flow**: The latest values and 5 - day average values of fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 were shown. For example, the latest fund flow of A - shares was - 1980.11 [5]. - **Trading Volume**: The latest trading volumes and环比 changes of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext were presented. For example, the latest trading volume of Shanghai and Shenzhen stock markets was 22792.09 with a 1282.72环比 change [5]. - **Main Contract Premium/Discount**: The basis and percentage of premium/discount of IF, IH, and IC were given. For example, the basis of IF was - 9.51 with a - 0.23% magnitude [5]. Treasury Futures Trading Data - The closing prices and percentage changes of Treasury futures T00, TF00, T01, TF01 were presented. For example, the closing price of T00 was 108.325 with a 0.01% change [6]. - The money market's capital interest rates (R001, R007, SHIBOR - 3M) and their daily changes (BP) were provided. For example, R001 was 1.3518% with a - 12.00 BP daily change [6].