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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Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: August 15, 2025 [1] Price Changes Spot Prices - **柳林主焦**: The latest price is 1404.00, with no daily or weekly change, a monthly increase of 254.00, and an annual decrease of 14.91% [2] - **原煤口岸库提价**: The latest price is 996.00, a daily decrease of 44.00, a weekly decrease of 4.00, a monthly increase of 206.00, and an annual decrease of 18.36% [2] - **沙河驿蒙5**: The latest price is 1380.00, with no daily or weekly change, a monthly increase of 280.00, and an annual decrease of 21.14% [2] - **安泽主焦**: The latest price is 1470.00, with no daily change, a weekly decrease of 30.00, a monthly increase of 170.00, and an annual decrease of 16.00% [2] Futures Prices - **盘面05**: The latest price is 1259.50, a daily decrease of 60.50, a weekly increase of 4.50, a monthly increase of 283.00, and an annual decrease of 9.91% [2] - **盘面09**: The latest price is 1087.50, a daily decrease of 64.00, a weekly increase of 21.00, a monthly increase of 184.50, and an annual decrease of 19.65% [2] - **盘面01**: The latest price is 1226.00, a daily decrease of 69.00, a weekly increase of 6.50, a monthly increase of 274.50, and an annual decrease of 10.58% [2] Inventory Changes - **总库存**: The latest inventory is 3423.57, a weekly decrease of 14.41, a monthly decrease of 223.47, and an annual decrease of 3.99% [2] - **煤矿库存**: The latest inventory is 257.67, a weekly increase of 12.01, a monthly decrease of 81.40, and an annual decrease of 16.47% [2] - **港口库存**: The latest inventory is 277.34, a weekly decrease of 4.77, a monthly decrease of 44.30, and an annual decrease of 11.24% [2] - **钢厂焦煤库存**: The latest inventory is 808.66, a weekly increase of 4.87, a monthly increase of 25.73, and an annual increase of 11.88% [2] - **焦化焦煤库存**: The latest inventory is 987.92, a weekly decrease of 4.81, a monthly increase of 95.57, and an annual increase of 17.00% [2] Other Indicators - **焦化产能利用率**: The latest utilization rate is 74.34, a weekly increase of 0.31, a monthly increase of 1.33, and an annual increase of 2.07% [2] - **焦化焦炭库存**: The latest inventory is 86.17, a weekly decrease of 0.13, a monthly decrease of 0.67, and an annual decrease of 0.95% [2] - **05基差**: The latest value is -6.97, a daily increase of 60.50, a weekly increase of 40.33, a monthly decrease of 8.29, and an annual decrease of 207.48 [2] - **09基差**: The latest value is 165.03, a daily increase of 64.00, a weekly increase of 23.83, a monthly increase of 90.21, and an annual decrease of 0.33 [2] - **01基差**: The latest value is 26.53, a daily increase of 69.00, a weekly increase of 38.33, a monthly increase of 0.21, and an annual decrease of 0.88 [2] - **5 - 9价差**: The latest value is 172.00, a daily increase of 3.50, a weekly decrease of 16.50, a monthly increase of 98.50, and an annual increase of 2.87 [2] - **9 - 1价差**: The latest value is -138.50, a daily increase of 5.00, a weekly increase of 14.50, a monthly decrease of 90.00, and an annual increase of 6.91 [2] - **1 - 5价差**: The latest value is -33.50, a daily decrease of 8.50, a weekly increase of 2.00, a monthly decrease of 8.50, and an annual increase of 0.24 [2]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - No clear core viewpoints are presented in the given content. It mainly provides data on various iron ore varieties, including spot prices, daily and weekly changes, import profits, and futures contract information. 3. Summary by Relevant Catalogs Spot Market - **Australian Iron Ore**: Newman powder price is 767, with a daily change of -14 and a weekly change of -2; PB powder price is 771, with a daily change of -13 and a weekly change of -2; etc. [1] - **Brazilian Iron Ore**: Ba Hun price is 807, with a daily change of -15 and a weekly change of -5; Ba Cu IOC6 price is 763, with a daily change of -11 and a weekly change of 0; etc. [1] - **Other Regions' Iron Ore**: Ukrainian concentrate powder price is 877, with a daily change of -11 and a weekly change of 11; 61% Indian powder price is 732, with a daily change of -15 and a weekly change of -2; etc. [1] - **Domestic Iron Ore**: Tangshan iron concentrate powder price is 977, with a daily change of -6 and a weekly change of 19. [1] Futures Market - **DCE Contracts**: i2601 price is 775.0, with a daily change of -20.0 and a weekly change of 0.5; i2605 price is 753.0, with a daily change of -21.0 and a weekly change of 0.5; i2509 price is 791.0, with a daily change of -14.5 and a weekly change of -2.0. [1] - **New Exchange Contracts**: FE01 price is 102.68, with a daily change of -1.26 and a weekly change of 0.77; FE05 price is 100.40, with a daily change of -1.36 and a weekly change of 0.54; FE09 price is 103.51, with a daily change of -0.92 and a weekly change of 1.71. [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Futures Contract Data - The BU main contract price decreased from 3623 on 7/16 to 3472 on 8/14, a daily change of -31 and an interval change of -57 [4]. - The trading volume increased from 151,019 on 7/16 to 222,526 on 8/14, with a daily increase of 45,805 and an interval increase of 3,002 [4]. - The open interest decreased from 468,408 on 7/16 to 438,140 on 8/14, a daily decrease of 6,340 and an interval decrease of 17,227 [4]. Spot Market Prices - The low - end price in the Shandong market remained at 3,520 on 8/12 - 8/14, with no daily change and an interval decrease of 10 compared to 7/16 [4]. - The low - end price in the East China market decreased from 3,670 on 7/16 to 3,600 on 8/14, a daily decrease of 50 and an interval decrease of 50 [4]. - The low - end price in the North China market was 3,680 on 8/13 - 8/14, with no daily change and an interval increase of 20 compared to 7/16 [4]. Basis and Spread - The Shandong basis increased from - 63 on 7/16 to 48 on 8/14, a daily increase of 31 and an interval increase of 47 [4]. - The 06 - 09 spread increased from - 235 on 7/16 to - 185 on 8/14, a daily increase of 11 and an interval increase of 0 [4]. Crack Spread and Profit - The asphalt Brent crack spread increased from - 38 on 7/16 to 82 on 8/14, a daily increase of 30 and an interval increase of 36 [4]. - The asphalt Ma Rui profit increased from - 102 on 7/16 to 7 on 8/14, a daily increase of 27 and an interval increase of 33 [4]. - The comprehensive profit of ordinary refineries increased from 446 on 7/16 to 533 on 8/14 [4]. Related Prices - Brent crude oil price decreased from 68.7 on 7/16 to 65.6 on 8/14, a daily decrease of 0.5 and an interval decrease of 0.8 [4]. - The Shandong market price of gasoline decreased from 7,810 on 7/16 to 7,715 on 8/14, a daily decrease of 17 and an interval decrease of 12 [4]. - The Shandong market price of diesel decreased from 6,692 on 7/16 to 6,557 on 8/14, a daily decrease of 5 and an interval decrease of 6 [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. It mainly provides data on the synthetic rubber market, including prices, volumes, and profit margins. 3. Summary by Directory BR (Butadiene Rubber) - **Prices and Volumes**: The closing price of the BR main contract on August 14 was 11,645, a daily decrease of 105 and a weekly increase of 110. The position volume decreased by 2,884 daily and 2,783 weekly to 23,673. The trading volume decreased by 12,028 daily but increased by 8,042 weekly to 68,153. The number of warehouse receipts remained unchanged at 10,470, with a weekly increase of 160 [4]. - **Basis and Spread**: The virtual - real ratio decreased by 1 daily and 2 weekly to 11.31. The butadiene basis (two - oil) increased by 105 daily and 190 weekly to 155. The 8 - 9 spread increased by 185 daily and 325 weekly [4]. - **Market Prices**: The Shandong market price decreased by 100 daily but increased by 150 weekly to 11,700. The Chuanhua market price decreased by 50 daily and increased by 200 weekly to 11,650. The Qilu ex - factory price remained unchanged at 11,800, with a weekly increase of 300 [4]. - **Profit Margins**: The spot processing profit decreased by 24 daily but increased by 125 weekly to - 88. The on - disk processing profit decreased by 29 daily and increased by 89 weekly to - 143. The import profit increased by 14 daily but decreased by 2,201 weekly to - 84,482. The export profit increased by 75 daily and decreased by 139 weekly to - 427 [4]. BD (Butadiene) - **Market Prices**: The Shandong market price decreased by 75 daily and increased by 25 weekly to 9,400. The Jiangsu market price decreased by 100 daily and remained unchanged weekly at 9,300. The Yangzi ex - factory price remained unchanged at 9,400 [4]. - **Profit Margins**: The carbon - four extraction profit was not available for the latest data, with previous values showing an upward trend. The butene oxidative dehydrogenation profit decreased by 100 daily and remained unchanged weekly at 206. The import profit decreased by 90 daily and increased by 89 weekly to 475. The export profit increased by 78 daily and 137 weekly to - 1,066 [4]. Downstream Profits - The butadiene - styrene production profit remained unchanged at 838, with a weekly increase of 288. The ABS production profit increased by 249 daily and remained unchanged weekly at 221. The SBS (791 - H) production profit remained unchanged at 1,145, with a weekly increase of 185 [4]. Spreads - **Inter - Variety Spreads**: The RU - BR spread increased by 2,719 daily and 2,893 weekly to - 8,038. The NR - BR spread increased by 2,764 daily and 2,923 weekly to - 11,183. The Thai mixed - butadiene spread decreased by 80 daily and 80 weekly to 2,720. The 3L - butadiene - styrene spread decreased by 50 daily and 150 weekly to 2,450 [4]. - **Intra - Variety Spreads**: The butadiene standard - non - standard price spread remained unchanged at 200. The butadiene - styrene 1502 - 1712 spread remained unchanged at 1,000, with a weekly decrease of 100 [4].