Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. [2] - The 0.5 cracking of Singapore oscillated and continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [2] - This week, Singapore's on - shore inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month, Saudi Arabia's shipments were at a historical high in the same period, the arrival volume rebounded this week, and the shipments from the UAE rebounded significantly month - on - month, with a large increase in net exports. [3] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered changes in logistics. In the heavy - quality pattern, the cracking of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. A two - way regression is expected in the future. [3] - The weakening of LU this week was realized, the spot price of the external MF0.5 weakened slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. [3] - Pay attention to the opportunity of the widening of the high - sulfur 380 EW spread, and exit the short - term short allocation of LU. [3] 3) Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam Fuel Oil**: From August 8th to 14th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 3.36, Rotterdam 0.5% VLS FO swap M1 changed by 5.58, Rotterdam HSFO - Brent M1 changed by - 0.67, etc. [1] - **Singapore Fuel Oil Swap**: During the same period, the price of Singapore 380cst M1 changed, and other related swap prices also had corresponding changes. For example, Singapore 380cst M1 price changed from 407.04 on August 8th to 394.13 on August 14th. [1] - **Singapore Fuel Oil Spot**: From August 8th to 14th, the FOB 380cst price changed by - 1.32, FOB VLSFO changed by 0.91, etc. [2] - **Domestic FU**: The prices of FU 01, FU 05, and FU 09 all decreased from August 8th to 14th, with changes of - 22, - 15, and - 30 respectively. [2] - **Domestic LU**: The prices of LU 01, LU 05, and LU 09 also had certain changes, with LU 01 and LU 09 changing by - 13, and LU 05 changing by - 4. [2]

Key Information Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Content - The report presents the scrap steel prices in different regions (East China, North China, Central China, South China, Northeast China, and Southwest China) from August 8th to August 14th, 2025, along with the week - on - week changes [3] - On August 8th, scrap steel prices in East China, North China, Central China, South China, Northeast China, and Southwest China were 2238, 2314, 2068, 2266, 2280, and 2168 respectively [3] - On August 11th, the prices were 2248, 2315, 2070, 2262, 2285, and 2171 respectively [3] - On August 12th, the prices were 2255, 2320, 2076, 2272, 2292, and 2182 respectively [3] - On August 13th, the prices were 2258, 2324, 2087, 2274, 2296, and 2183 respectively [3] - On August 14th, the prices were 2258, 2322, 2085, 2270, 2296, and 2174 respectively [3] - The week - on - week changes were 0, - 2, - 2, - 4, 0, and - 9 respectively [3]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 15, 2025, providing data for investors to analyze potential arbitrage opportunities. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 15, 2025, the domestic spot price was 79,415, the LME price was 9,685, and the ratio was 8.22. The equilibrium ratio for spot import was 8.17, with a profit of - 184.92 [1]. - **Zinc**: The domestic spot price was 22,510, the LME price was 2,816, and the ratio was 7.99. The equilibrium ratio for spot import was 8.66, with a profit of - 1,868.19 [1]. - **Aluminum**: The domestic spot price was 20,710, the LME price was 2,607, and the ratio was 7.94. The equilibrium ratio for spot import was 8.46, with a profit of - 1,366.84 [1]. - **Nickel**: The domestic spot price was 121,500, the LME price was 14,964, and the ratio was 8.12. The equilibrium ratio for spot import was 8.25, with a profit of - 1,860.66 [1]. - **Lead**: The domestic spot price was 16,650, the LME price was 1,943, and the ratio was 8.60. The equilibrium ratio for spot import was 8.86, with a profit of - 515.45 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 420, - 440, - 450, and - 450 respectively, while the theoretical spreads were 499, 896, 1302, and 1707 [4]. - **Zinc**: The spreads were - 120, - 105, - 95, and - 110, and the theoretical spreads were 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads were - 60, - 85, - 125, and - 180, and the theoretical spreads were 215, 331, 447, and 563 [4]. - **Lead**: The spreads were - 100, - 80, - 70, and - 45, and the theoretical spreads were 209, 315, 420, and 525 [4]. - **Nickel**: The spreads were - 1280, - 1140, - 950, and - 660 [4]. - **Tin**: The 5 - 1 spread was 1690, and the theoretical spread was 5542 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 15 and - 435, and the theoretical spreads were 75 and 453 [4]. - **Zinc**: The spreads were 90 and - 30, and the theoretical spreads were 65 and 196 [4]. - **Lead**: The spreads were 220 and 120, and the theoretical spreads were 108 and 219 [5]. Cross - Variety Arbitrage Tracking - On August 15, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - contract) were 3.51, 3.81, 4.70, 0.92, 1.23, and 0.75 respectively; for London (three - contract), they were 3.43, 3.73, 4.91, 0.92, 1.32, and 0.70 [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - The report provides price, profit, and inventory data for glass and soda ash, as well as their contract prices and spreads, to reflect the market conditions of these two industries [1] Group 3: Glass Market Summary Price - From August 7th to 14th, 2025, the prices of 5mm glass in different regions showed various changes. For example, the price of Wuhan Changli 5mm large - plate decreased by 40.0, while the price of Shahe Great Wall 5mm large - plate increased by 17.0 [1] Contract - FG09 contract price decreased by 23.0 from August 7th to 14th, and FG01 contract price remained unchanged during the same period [1] Spread - FG 9 - 1 spread decreased by 23.0 from August 7th to 14th [1] Basis - 09 Hebei basis decreased by 148.0 from August 7th to 14th [1] Profit - North China coal - fired profit decreased by 14.3 from August 7th to 14th, and South China natural gas profit remained unchanged [1] Sales and Production - The sales - to - production ratios in different regions are as follows: Shahe 98, Hubei 97, East China 95, and South China 96 [2] Group 4: Soda Ash Market Summary Price - From August 7th to 14th, 2025, the prices of heavy and light soda ash in different regions showed different trends. For example, the price of Shahe heavy soda ash increased by 20.0 [1] Contract - SA05 contract price increased by 40.0 from August 7th to 14th, and SA01 contract price increased by 43.0 [1] Spread - SA09 - 01 spread decreased by 16.0 from August 7th to 14th [1] Basis - SA09 Shahe basis decreased by 7.0 from August 7th to 14th [1] Profit - North China ammonia - soda process profit increased by 9.2 from August 7th to 14th, and North China combined - soda process profit increased by 60.3 [1] Inventory - Factory inventory and delivery - warehouse inventory of soda ash continued to accumulate [1]

中断、延迟、遗漏、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 694.0 4.0 21.0 61.0 -156.0 25省终端可用天数 19.7 -0.4 -0.3 -1.2 2.1 秦皇岛5000 630.0 3.0 19.0 60.0 -120.0 25省终端供煤 612.5 -1.0 4.0 -27.5 -10.3 广州港5500 760.0 0.0 10.0 40.0 -155.0 北方港库存 2363.0 -13.0 -123.0 -341.0 -123.5 鄂尔多斯5500 485.0 0.0 20.0 70.0 -145.0 北方锚地船舶 75.0 0.0 14.0 -18.0 16.0 大同5500 555.0 0.0 10.0 70.0 -135.0 北方港调入量 138.7 -6.1 14.1 -26.1 -8.1 榆林6000 612.0 10.0 20.0 45.0 -200.0 北方港吞吐量 153.6 14.8 0.9 9.8 14.1 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Corn: In the short - term, with reserve auctions and new - season corn approaching, the market supply increases slightly and prices weaken, but the downside is limited. In the long - term, potential import increases and lower new - season production costs may pressure prices [1] - Starch: In the short - term, prices are expected to fluctuate weakly due to raw material price changes and high inventory. In the long - term, high inventory and lower raw material costs lead to a bearish outlook [2] - Sugar: Internationally, Brazilian sugar production has uncertainties, and there may be a rebound. Domestically, Zheng sugar follows raw sugar with a smaller amplitude, and the upcoming large - scale arrival of imported sugar creates upward pressure on the market [5] - Cotton: The market is in a consolidation phase, awaiting demand verification. Without major macro - risks, the downside of cotton prices is limited [6] - Eggs: After a rebound and a subsequent correction, demand is expected to pick up in mid - August, but high inventory may restrict the price increase [7] - Apples: The new - season production is expected to be similar to last year. Consumption is in the off - season, and prices are currently stable [9] - Pigs: Spot prices rebounded on weekends, but demand has not improved significantly. There is still medium - term supply pressure, and futures prices await spot verification [9] Group 3: Summary by Commodity Corn - This week, 592,500 tons of imported corn were auctioned, with 117,700 tons sold. In the short - term, reserve auctions and new - season corn approaching ease the market, but the downside is limited. In the long - term, potential import increases and lower production costs may affect prices [1] Starch - This week, starch prices decreased slightly, and production remained unprofitable. In the short - term, prices fluctuate with raw materials, and high inventory leads to a weak outlook. In the long - term, high inventory and lower raw material costs are bearish factors [2] Sugar - Brazilian sugar production has uncertainties due to low yields and sugar - extraction rates. Domestically, Zheng sugar follows raw sugar, and the upcoming arrival of imported sugar creates upward pressure [5] Cotton - The market is in a consolidation phase. Without major macro - risks, the downside of cotton prices is limited, and attention should be paid to demand changes [6] Eggs - In mid - July, egg prices rebounded due to supply - demand factors, then corrected. In mid - August, demand is expected to pick up, but high inventory may restrict price increases [7] Apples - The new - season apples are in the growth phase. Western regions may have increased yields, while Shandong may see a 20% reduction. Consumption is in the off - season, and prices are stable [9] Pigs - Spot prices rebounded on weekends due to reduced supply in some areas. Demand has not improved, and there is medium - term supply pressure. Futures prices await spot verification [9]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The basis is strong, the disk valuation is low, and there is no fundamental driving force. The overall situation is expected to be mainly volatile [1] Group 3: Summary by Relevant Catalog Spot Market - The center of the spot price has moved down, and the cheapest deliverable is the South China civil gas at 4365 on Thursday. The PG disk strengthened, and the 09 - 10 spread was -450 (+15). The US - Far East arbitrage window is closed [1] - The basis strengthened to 606 (+161), the monthly reverse spread continued to strengthen, the 9 - 10 spread was -478 (-39), and the warehouse receipt registration volume was 10179 lots (+420) [1] International Market - The international market fundamentals are loose. FEI and CP are oscillating, and MB is weakening. The oil - gas price ratio in North Asia and the Middle East has decreased, while that in North America has slightly increased [1] - The internal - external price difference has dropped significantly. PG - CP is 9.3 (-21); PG - FEI is -2.5 (-16). The US - Asia arbitrage window is open [1] - The freight from the US Gulf to Japan is 148 (+16), and that from the Middle East to the Far East is 85 (+11). The waiting time for VLGCs at the Panama Canal has increased, but it is expected to decline next [1] Industrial Profit - The FEI - MOPJ has significantly narrowed to -38 (+15), and the naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve [1] - The production gross profit of alkylated oil has decreased. The MTBE gas fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased [1] Fundamental Data - The unloading port volume has increased, the port inventory has risen, the factory inventory has decreased by 0.51%, and the commodity volume has increased by 0.57% [1] - The PDH operating rate is 73.84% (+1.21 pct). Tianjin Bohua has resumed operation, Jiangsu Ruiheng has restarted, but Binhua has stopped due to a fault for an expected 20 days. Wanda Tianhong is expected to restart next week [1]

Report Information - Report Title: Yong'an Synthetic Rubber Morning Report [2][12][22] - Research Team: Research Center Energy and Chemical Team [2][12][22] - Report Date: August 15, 2025 [2][12][22] Core Data Summary BR (Butadiene Rubber) - **Contract and Position Data**: The closing price of the main contract on August 14 was 11,645, a daily decrease of 105 and a weekly increase of 110; the position volume was 23,673, a daily decrease of 2,884 and a weekly decrease of 2,783; the trading volume was 68,153, a daily decrease of 12,028 and a weekly increase of 8,042; the warrant quantity remained at 10,470, with a weekly increase of 160; the virtual - real ratio was 11.31, a daily decrease of 1 and a weekly decrease of 2 [3][13][23]. - **Basis and Spread Data**: The butadiene - styrene basis was 90 higher on the week; the 8 - 9 month spread increased by 325 on the week, and the 9 - 10 month spread decreased by 25 on the week [3][13][23]. - **Price and Profit Data**: The Shandong market price was 11,700, a daily decrease of 100 and a weekly increase of 150; the Chuanhua market price was 11,650, a daily decrease of 50 and a weekly increase of 200; the Qilu ex - factory price remained at 11,800, with a weekly increase of 300; the CFR Northeast Asia price remained at 1,450, and the CFR Southeast Asia price was 1,735, a weekly decrease of 15; the spot processing profit was - 88, a daily decrease of 24 and a weekly increase of 125; the on - disk processing profit was - 143, a daily decrease of 29 and a weekly increase of 82; the import profit was - 84,482, a daily increase of 14 and a weekly decrease of 2,201; the export profit was - 427, a daily increase of 75 and a weekly decrease of 139 [3][13][23]. BD (Butadiene) - **Price and Profit Data**: The Shandong market price was 9,400, a daily decrease of 75; the Jiangsu market price was 9,300, a daily decrease of 100; the Yangzi ex - factory price remained at 9,400; the CFR China price was 1,070, a weekly decrease of 10; the carbon four extraction profit data after August 13 was unavailable; the butene oxidative dehydrogenation profit was 206, a daily decrease of 100 and unchanged on the week; the import profit was 475, a daily decrease of 90 and a weekly increase of 89; the export profit was - 1,066, a daily increase of 78 and a weekly increase of 137 [3][13][23]. Downstream Product Profits - The butadiene - styrene production profit remained at 838, with a weekly increase of 288; the ABS production profit was 221, a daily increase of 249 and unchanged on the week; the SBS (791 - H) production profit remained at 1,145, with a weekly increase of 185 [3][13][23]. Variety Spreads - The RU - BR spread was - 8,038, a daily increase of 2,719 and a weekly increase of 2,893; the NR - BR spread was - 11,183, a daily increase of 2,764 and a weekly increase of 2,923; the Thai mixed - butadiene spread was 2,720, a daily decrease of 80 and a weekly decrease of 80; the 3L - butadiene - styrene spread was 2,450, a daily decrease of 50 and a weekly decrease of 150; the butadiene - styrene 1502 - 1712 spread remained at 1,000, with a weekly decrease of 100 [3][13][23].

铁合金早报 | | | | | | | | | | 2025/8/15 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5500 | 0 | 0 | 5800 | 主力合约 | 5744 | -50 | -90 | | | 内蒙#72 | 5450 | 0 | -50 | 5800 | 01合约 | 5904 | -60 | -108 | | 产区汇总价 | 青海#72 | 5500 | 0 | 0 | 5830 | 05合约 | 6038 | -64 | -52 | | | 陕西#72 | 5450 | 0 | 0 | 5750 | 09合约 | 5744 | -50 | -90 | | | 陕西#75 | 5800 | 0 | -50 | | 主力月基差 | 56 | 50 | 90 | | 硅铁合格块 | 江苏#72 ...

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