Report Information - Report Title: Synthetic Rubber Morning Report [2][10] - Research Team: Energy and Chemicals Team of the Research Center [3][11] - Report Date: November 3, 2025 [3][11] Core Data Summary BR (Butadiene Rubber) - **Futures Information**: On October 30, the BR主力合约(12) was at 10,800, with a daily change of 5 and an interval change of -195. The holding volume was 47,385, down 4,831 from the previous day and 2,233 from the interval. The trading volume was 125,337, a daily decrease of 70,313 and an interval decrease of 6,643. The warehouse receipt quantity was 8,580, unchanged from the previous day and down 340 from the interval [4][12]. - **Basis/Spread/Inter - Variety Data**: The 12 - 01 spread was 25, unchanged; the 01 - 02 spread was -25, with a daily change of -5 and an interval change of -15. The RU - BR spread was 4,600, a daily decrease of 230 and an interval increase of 215; the NR - BR spread was 1,725, a daily decrease of 200 and an interval increase of 180 [4][12]. - **Spot Price**: The Shandong market price was 10,800, unchanged from the previous day and down 200 from the interval; the Transfar market price was 10,700, unchanged from the previous day and down 200 from the interval; the Qilu ex - factory price was 11,000, unchanged from the previous day and down 200 from the interval. CFR Northeast Asia was 1,450, unchanged from the previous day and down 25 from the interval; CFR Southeast Asia was 1,700, unchanged [4][12]. - **Profit Data**: The spot processing profit was 848, a daily increase of 51 and an interval increase of 387; the import profit was -1,336, a daily increase of 1 and an interval increase of 21; the export profit was 2,025, a daily decrease of 1 and an interval increase of 154 [4][12]. BD (Butadiene) - **Spot Price**: The Shandong market price was 7,600, a daily decrease of 50 and an interval decrease of 575; the Jiangsu market price was 7,575, a daily decrease of 25 and an interval decrease of 252; the Yangzi ex - factory price was 7,900, unchanged from the previous day and down 400 from the interval. CFR China was 930 (data for October 30 is N/A) [4][12]. - **Profit Data**: The carbon four extraction profit was 911 (data for October 30 and later is N/A). The butene oxidation dehydrogenation profit was -864, a daily increase of 70 and an interval decrease of 360. The import profit was -10 (data for October 30 and later is N/A) [4][12].

Group 1: Price and Profit - Spot prices of various steel products from Oct 27 - Oct 31, 2025 are presented including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan for rebar; Tianjin, Shanghai, and Lecong for hot - rolled and cold - rolled coils. Price changes are also provided, e.g., Shanghai hot - rolled coil price had no change while Lecong hot - rolled coil price dropped by 60 [1] Group 2: Basis and Spread - No specific content provided Group 3: Production and Inventory - No specific content provided Group 4: Report Industry Investment Rating - No information provided Group 5: Core View - No information provided

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the reports. 2. Core Viewpoints - PTA: TA low processing fee has persisted for a long time, and the improving terminal data support the continuation of polyester operation. Pay attention to additional maintenance, and the processing fee center may gradually recover as far - month production is limited [2]. - MEG: EG is in a continuous inventory accumulation phase with a long - term bearish pattern, but there may be some negative feedback on the supply side after the weakening of coal - based efficiency and ratio. Focus on coal - based cost support [8]. - Polyester Staple Fiber: The overall efficiency and operation of the polyester yarn end have not improved significantly. Staple fiber exports remain highly increased. With acceptable spot efficiency, high operation is maintained, and the overall inventory pressure is limited. Pay attention to opportunities to expand spreads at low prices and warehouse receipt situations [8]. - Natural Rubber & 20 - number Rubber: The national explicit inventory is stable at a relatively low level, and the price of Thai cup rubber is stable with rainfall affecting tapping. The strategy is to wait and see [8]. - Styrene: No clear long - term view is provided in the given data. 3. Summary by Product PTA - **Price and Margin Changes**: From 2025/10/27 to 2025/10/31, crude oil increased by 0.1 to 65.1, PTA internal spot decreased by 25 to 4510, and PTA processing margin changed from 49 to 115. The average daily trading basis of PTA spot was 2601(-70) [1][9]. - **Device Changes**: Dushan Energy's 3 million - ton device was put into production, and some proximal TA devices reduced load with a slight decline in operation [1][2]. MEG - **Price and Margin Changes**: From 2025/10/27 to 2025/10/31, Northeast Asian ethylene decreased by 25 to 740, MEG internal price decreased by 41 to 4106, and MEG coal - based profit decreased by 5.8 to - 182. The basis was around 01(+76) [8]. - **Device Changes**: Fulian's 400,000 - ton device restarted. Proximal domestic oil - based devices restarted, and some overseas devices restarted [8]. Polyester Staple Fiber - **Price and Margin Changes**: Daily changes from 2025/10/27 to 2025/10/31 included a - 25 change in 1.4D cotton - type price, a 60 increase in low - melting - point staple fiber price, and a 10 profit increase. The spot price was around 6336, and the market basis was around 12 - 20 [8]. - **Device and Operation Changes**: Fujian Shanli restarted, with operation increasing to 96.8%, sales - to - production ratio weakened, and inventory remained stable. Polyester yarn operation was stable, with increased raw material inventory and finished - product inventory and slightly weakened efficiency [8]. Natural Rubber & 20 - number Rubber - **Price Changes**: Daily changes on 2025/10/31 included a - 50 change in Shanghai full - latex price, a - 315 change in RU main contract price, and a - 295 change in NR main contract price. - **Strategy**: Due to stable national explicit inventory and stable Thai cup rubber price affected by rainfall, the strategy is to wait and see [8]. Styrene - **Price Changes**: From 2025/10/27 to 2025/10/31, ethylene (CFR Northeast Asia) remained at 750 on 2025/10/31, and benzene - ethylene (CFR China) increased by 5 to 795 [8].

Group 1: Report Investment Rating - No information provided Group 2: Core Views - In the short term, corn spot prices will be under pressure due to concentrated grain listings, but after the first peak of grain sales, prices may rebound as farmers may hold back supply. Starch prices are pressured by high inventory in the short term, and downstream consumption rhythm is the key factor in the long term. Sugar prices are affected by international supply pressure and domestic import regulations, and domestic sugar cost is a support. Cotton prices are in a range - bound state, and the downside is limited if there are no major macro - risks. Egg prices have rebounded slightly due to supply and demand factors, and the focus is on the chicken culling rhythm. Apple prices are expected to be volatile and upward in the short term due to production and quality issues. Pig prices are affected by supply and demand and inventory, and the key is the path of production and inventory reduction [2][5][7][13][15] Group 3: Corn/Starch Price Data - From 2025/10/27 to 2025/10/31, corn prices in Changchun remained unchanged, increased by 10 in Jinzhou and Weifang, and remained unchanged in Shekou. The corn basis decreased by 9, trade profit decreased by 10, and import profit remained unchanged. Starch prices in Heilongjiang and Weifang remained unchanged, the basis decreased by 21, and processing profit data was not provided [1] Market Analysis - Short - term: Corn spot prices are pressured by concentrated grain listings. Starch prices follow raw material prices, and high inventory suppresses prices. Long - term: After the first peak of grain sales, corn prices may rebound as farmers may hold back supply. For starch, downstream consumption rhythm is the key factor [2] Group 4: Sugar Price Data - From 2025/10/27 to 2025/10/30, sugar spot prices in Liuzhou and Nanning remained unchanged, decreased by 20 in Kunming, the Liuzhou basis decreased by 31, and the Zhengzhou futures price decreased by 11 [3][4] Market Analysis - Internationally, Brazilian supply pressure weighs on sugar prices, and the ethanol cost provides support. Domestically, short - term Zhengzhou sugar is stronger than the international market due to import regulations, and the domestic sugar cost is a support, but it may be broken if the global sugar surplus intensifies [5] Group 5: Cotton/Cotton Yarn Price Data - From 2025/10/27 to 2025/10/31, the price of 3128 cotton decreased by 5, the price of imported M - grade US cotton decreased by 1, the import profit decreased, the number of warehouse receipts + forecasts increased by 196, the price of Vietnamese yarn increased by 20, the Vietnamese yarn import profit decreased by 10, and the 32S spinning profit increased by 25 [6] Market Analysis - Cotton prices are in a range - bound state. If there are no major macro - risks, the downside is limited, and the focus is on demand - side changes [7] Group 6: Eggs Price Data - From 2025/10/27 to 2025/10/31, egg prices in Hebei, Liaoning, Shandong, and Henan remained unchanged, increased by 0.06 in Hubei, the basis increased by 14, the price of white - feather broilers remained unchanged, the price of yellow - feather broilers increased by 0.05, and the price of pigs decreased by 0.16 [13] Market Analysis - Supply pressure is relieved by ordered chicken culling and reduced new production. Demand is boosted by longer storage time. The price has rebounded slightly, and the focus is on the chicken culling rhythm [13] Group 7: Apples Price Data - From 2025/10/27 to 2025/10/31, the price of Shandong 80 first - and second - grade apples remained unchanged, increased by 30 in other areas, the 1 - month basis increased by 79, the 5 - month basis increased by 9, and the 10 - month basis increased [14][15] Market Analysis - New - season apples have production and quality issues. The opening price is higher than last year, and prices are expected to be volatile and upward in the short term [15] Group 8: Pigs Price Data - From 2025/10/27 to 2025/10/31, pig prices in Henan Kaifeng, Hubei Xiangyang, and Anhui Hefei increased by 0.05, remained unchanged in Shandong Linyi, and the basis increased by 115 [15] Market Analysis - Spot prices are weak on weekends. The second - fattening is weak after price increases, and slaughter volume is down. The key is the path of production and inventory reduction, and the focus is on factors like slaughter rhythm, diseases, and policies [15]

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 769.0 3.0 0.0 63.0 -86.0 25省终端可用天数 25.2 -1.5 5.3 4.3 7.6 秦皇岛5000 677.0 1.0 -1.0 62.0 -78.0 25省终端供煤 536.1 0.4 -72.5 -104.0 -86.8 广州港5500 805.0 0.0 0.0 40.0 -105.0 北方港库存 2156.0 -25.0 -57.0 44.0 -187.1 鄂尔多斯5500 540.0 0.0 -20.0 30.0 -90.0 北方锚地船舶 86.0 -22.0 -22.0 20.0 47.0 大同5500 590.0 0.0 -20.0 25.0 -120.0 北方港调入量 162.8 -4.5 -1.3 -6.5 -2.9 榆林6000 682.0 0.0 0.0 40.0 -138.0 北方港吞吐量 176.7 10.4 2.6 8.4 15.7 榆林6200 710.0 0.0 0.0 40.0 -138.0 CBCFI海运指数 962.2 19.1 34.9 302.0 ...

Group 1: Report Information - Report Name: Fuel Oil Morning Report [3] - Report Date: November 3, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] Group 2: Market Data - Rotterdam | Product | Change from 2025/10/27 to 2025/10/31 | | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 1.02 [4] | | Rotterdam 0.5% VLS FO Swap M1 | -1.59 [4] | | Rotterdam HSFO - Brent M1 | 0.23 [4] | | Rotterdam 10ppm Gasoil Swap M1 | -3.51 [4] | | Rotterdam VLSFO - Gasoil M1 | 1.92 [4] | | LGO - Brent M1 | -0.54 [4] | | Rotterdam VLSFO - HSFO M1 | -2.61 [4] | Group 3: Market Data - Singapore | Product | Change from 2025/10/27 to 2025/10/31 | | --- | --- | | Singapore 380cst M1 | 2.18 [4] | | Singapore 180cst M1 | 3.37 [4] | | Singapore VLSFO M1 | 5.55 [4] | | Singapore GO M1 | 1.45 [4] | | Singapore 380cst - Brent M1 | -0.05 [4] | | Singapore VLSFO - Gasoil M1 | -5.18 [4] | Group 4: Market Data - Singapore Fuel Oil Spot | Product | Change from 2025/10/27 to 2025/10/30 | | --- | --- | | FOB 380cst | -14.46 [5] | | FOB VLSFO | -3.42 [5] | | 380 Basis | -1.05 [5] | | High - Sulfur Domestic - Foreign Spread | 1 [5] | | Low - Sulfur Domestic - Foreign Spread | 6.7 [5] | Group 5: Market Data - Domestic FU | Product | Change from 2025/10/27 to 2025/10/31 | | --- | --- | | FU 01 | -6 [5] | | FU 05 | -1 [5] | | FU 09 | -4 [5] | | FU 01 - 05 | -5 [5] | | FU 05 - 09 | 3 [5] | | FU 09 - 01 | 2 [5] | Group 6: Market Data - Domestic LU | Product | Change from 2025/10/27 to 2025/10/31 | | --- | --- | | LU 01 | 13 [6] | | LU 05 | 16 [6] | | LU 09 | 15 [6] | | LU 01 - 05 | -3 [6] | | LU 05 - 09 | 1 [6] | | LU 09 - 01 | 2 [6] | Group 7: Core Views - This week, the 380 fuel oil crack spread oscillated, the monthly spread weakened month - on - month, the basis oscillated and weakened, the European HSFO crack spread strengthened, and the EW spread 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 [6]. - 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 [6][10]. - In terms of shipments, Russia's residual fuel oil shipments rebounded this week but were still low year - on - year. Russia's overall residual fuel oil shipments in October decreased month - on - month. Saudi Arabia's residual fuel oil shipments oscillated at a high level, the UAE's shipments decreased month - on - month. Singapore's arrivals were neutral this week, and domestic residual fuel oil arrivals increased month - on - month [10]. - This week, the domestic - foreign spreads of high - and low - sulfur fuel oil rebounded significantly. The external low - sulfur market remained weak, the Singapore high - sulfur market had a poor basis, but the EW spread and raw material premiums supported the 380 crack spread, showing a short - term oscillating pattern [10].

甲醇聚烯烃早报 研究中心能化团队 2025/11/03 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 801 2232 2238 2475 2490 2435 2638 262 324 -24 -55 - 801 2212 2213 2450 2495 2425 2610 262 324 -41 -50 - 2025/10/2 9 801 2220 2215 2440 2495 2415 2610 - 324 - -50 - 2025/10/3 0 801 2190 2190 2440 2495 2415 2620 - 324 - -50 - 2025/10/3 1 801 - - - 2495 - - - - - -55 - 日度变化 0 - - - 0 - - - - - -5 - 观点 现实差继续，伊朗停车慢于预期，11月应还是高进口，01矛盾较难处理，港口制裁的事情预计能在限气结束前解 决，库存去化较 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得 ...

废钢早报 研究中心黑色团队 2025/11/03 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/27 | 2235 | 2302 | 2053 | 2230 | 2258 | 2129 | | 2025/10/28 | 2238 | 2302 | 2054 | 2235 | 2261 | 2129 | | 2025/10/29 | 2238 | 2305 | 2054 | 2245 | 2261 | 2129 | | 2025/10/30 | 2238 | 2304 | 2056 | 2243 | 2261 | 2129 | | 2025/10/31 | 2239 | 2303 | 2056 | 2242 | 2261 | 2129 | | 环比 | 1 | -1 | 0 | -1 | 0 | 0 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The IPG main contract fluctuated upward with an expected improvement in the domestic trading atmosphere and a possible slight price increase, but the upward momentum may be limited due to the decline in CP official prices despite the positive impact of the Sino - US tariff agreement on FEI and MB [1] - PDH profit slightly decreased, alkylation unit profit significantly declined, and MTBE production gross profit changed little [1] - Domestic production decreased, imports increased, port inventories rebounded, but there is an expected growth in chemical demand [1] Group 3: Summary According to Related Data Price Data - **Liquefied Petroleum Gas (LPG)**: On Friday, in the civil gas market, the price in East China was 4279 (-6), in Shandong was 4300 (+20), and in South China was 4400 (+0). The price of ether - post carbon four was 4420 (+50). The lowest delivery location was Shandong with a basis of - 14 (+55), and the 12 - 01 month spread was 80 (-33) [1] - **External Market Prices**: FEI was 508 (-4), CP was 472.6 (-1.7) dollars/ton. FEI month spread was - 5 dollars (-1.75), CP month spread was - 14.4 dollars (-6.4). The 11 - month CP official price dropped to 475/460 (-20/-15). The internal and external PG - CP was 133 (-18.6). The FEI - CP was 35.75 (+0.75). The East China propane arrival discount 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] Inventory and Production Data - **Port Inventory**: Domestic production decreased, imports increased, and port inventories rebounded [1] - **PDH开工率**: The PDH operating rate was 73.85% (+2.6 pct). Next week, Binhuahua will undergo maintenance, but Lihuayi Weiyuan will increase production and Donghua Zhangjiagang will restart [1] Warehouse Receipt Data - The number of warehouse receipts was 4194 lots (+1778), including 2300 from Wanhua, 1628 (+1628) from Jingbo, 150 (+150) from Ouhua, 64 from Yunda, and 52 from Haiyu Petrochemical [1]

Group 1: Spot Market - Newman powder price is 800, with a daily change of -2 and a weekly change of 25, and the import profit is -22.53 [1] - PB powder price is 803, with a daily change of -2 and a weekly change of 25, and the import profit is -14.83 [1] - Macfarlane powder price is 795, with a daily change of 0 and a weekly change of 20, and the import profit is 4.34 [1] - Jinbuba powder price is 752, with a daily change of -3 and a weekly change of 6, and the import profit is -4.31 [1] - Mainstream mixed powder price is 762, with a daily change of -1 and a weekly change of 15, and the import profit is 3.13 [1] - Super special powder price is 708, with a daily change of -6 and a weekly change of 6, and the import profit is -4.17 [1] - Carajás powder price is 913, with a daily change of -7 and a weekly change of 12, and the import profit is -1.82 [1] - Brazilian mixed powder price is 840, with a daily change of -2 and a weekly change of 25, and the import profit is -1.07 [1] - Brazilian coarse IOC6 price is 805, with a daily change of -2 and a weekly change of 26 [1] - Brazilian coarse SSFG price is 810, with a daily change of -2 and a weekly change of 26 [1] - Ukrainian concentrate price is 910, with a daily change of -7 and a weekly change of 10 [1] - 61% Indian powder price is 741, with a daily change of -3 and a weekly change of 6 [1] - Karara concentrate price is 910, with a daily change of -7 and a weekly change of 10 [1] - Roy Hill powder price is 790, with a daily change of -2 and a weekly change of 25, and the import profit is 14.58 [1] - KUMBA powder price is 862, with a daily change of -2 and a weekly change of 25 [1] - 57% Indian powder price is 643, with a daily change of -6 and a weekly change of 6 [1] - Atlas powder price is 757, with a daily change of -1 and a weekly change of 15 [1] - Tangshan iron concentrate price is 1036, with a daily change of -2 and a weekly change of 15 [1] Group 2: Futures Market - i2601 contract price is 800.0, with a daily change of -2.5 and a weekly change of 29.0, and the monthly spread is -45.0 [1] - i2605 contract price is 776.5, with a daily change of -3.0 and a weekly change of 26.0, and the monthly spread is 23.5 [1] - i2609 contract price is 755.0, with a daily change of -3.5 and a weekly change of 25.0, and the monthly spread is 21.5 [1] - FE01 contract price is 103.35, with a daily change of -0.67 and a weekly change of 2.15, and the monthly spread is -4.39 [1] - FE05 contract price is 101.01, with a daily change of -0.65 and a weekly change of 1.74, and the monthly spread is 2.34 [1] - FE09 contract price is 98.96, with a daily change of -0.54 and a weekly change of 1.88, and the monthly spread is 2.05 [1]