Group 1: Report Industry Investment Rating - No investment rating information is provided in the report [1] Group 2: Core Viewpoints - The spot price center has moved down, with the cheapest deliverable being South China civil LPG at 4380. The PG futures market is running weakly. The basis has strengthened to 606 (+161). The inter - monthly reverse spread has continued to strengthen, with the September - October spread at - 478 (-39). The registered warrants have increased to 10179 lots (+420). The international market fundamentals are loose, with FEI and CP fluctuating and MB weakening. The North Asian - Middle East oil - gas price ratio has declined, and the North American oil - gas price ratio has slightly increased. The internal - external price difference has decreased significantly. The US - Asia arbitrage window has opened. The freight rates from the US Gulf to Japan and the Middle East to the Far East have increased. The waiting time for VLGCs at the Panama Canal has increased but is expected to decline. The FEI - MOPJ spread has significantly narrowed. The naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve. The alkylation oil production gross profit has decreased. The MTBE gas - fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased. Fundamentally, the unloading volume has increased, port inventories have risen, factory inventories have decreased by 0.51%, and the commodity volume has increased by 0.57%. The PDH operating rate is 73.84% (+1.21pct). Overall, without fundamental drivers, the market is expected to fluctuate [1] Group 3: Summary by Relevant Catalog Market Data - From August 7 to August 13, 2025, the prices of South China LPG, East China LPG, and Shandong LPG have shown different degrees of change. The daily change on August 13 shows that South China LPG decreased by 10, Shandong LPG decreased by 20, while East China LPG remained unchanged. The prices of propane CFR South China, propane CIF Japan, MB propane spot, and CP forecast contract price also had corresponding changes. The paper import profit decreased by 7, and the main basis decreased by 12 [1] Wednesday Situation - On Wednesday, the cheapest deliverable was South China civil LPG at 4350. FEI and CP decreased. PP fluctuated weakly. The production profits of PP made from FEI and CP fluctuated, and the CP production cost was lower than that of FEI. The PG futures market fluctuated, and the 09 - 10 month spread was - 473 (+8). The US - Far East arbitrage window was closed [1] Weekly Viewpoints - The spot price center has moved down, and the PG futures market is running weakly. The basis has strengthened, and the inter - monthly reverse spread has continued to strengthen. The registered warrants have increased. The international market fundamentals are loose. The North Asian - Middle East oil - gas price ratio has declined, and the North American oil - gas price ratio has slightly increased. The internal - external price difference has decreased significantly. The US - Asia arbitrage window has opened. The freight rates have increased. The waiting time for VLGCs at the Panama Canal has increased but is expected to decline. The FEI - MOPJ spread has significantly narrowed. The naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve. The alkylation oil production gross profit has decreased. The MTBE gas - fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased. Fundamentally, the unloading volume has increased, port inventories have risen, factory inventories have decreased by 0.51%, and the commodity volume has increased by 0.57%. The PDH operating rate is 73.84% (+1.21pct) [1]

jis 灰安期货 永安合成橡胶早报 研究中心能化团队 2025/8/14 | | | 指标 | 7/14 | 8/6 | 8/11 | 8/12 | 8/13 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 主力合约收盘价 | 11625 | 11505 | 11785 | 11825 | 11750 | -75 | 245 | | | | 主力合约持仓量 | 24429 | 28087 | 28088 | 26687 | 26557 | -130 | -1530 | | | 第1章 | 主力合约成交量 | 74986 | 51579 | 138315 | 60045 | 80181 | 20136 | 28602 | | | | | 9200 | | 10470 | | 10470 | 0 | 160 | | | | 仓単数量 | | 10310 | | 10470 | | | | | | | 虚实比 | 13.28 | 13.62 | 13.41 | 12.74 | 12.68 | 0 ...

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铁合金早报 仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5500 0 0 5800 主力合约 5794 -26 -114 内蒙#72 5450 0 -50 5800 01合约 5964 -48 -104 青海#72 5500 0 50 5830 05合约 6102 -34 -32 陕西#72 5450 0 0 5750 09合约 5794 -26 -114 陕西#75 5800 0 -50 主力月基差 6 26 114 江苏#72 5550 -50 -50 1-5月差 -138 -14 -72 天津#72 5900 50 -150 5-9月差 308 -8 82 天津#72 1025 0 0 9-1月差 -170 22 -10 天津#75 1075 0 0 双硅主力价差 -280 10 -92 内蒙#6517 5800 0 -50 6100 主力合约 6074 -36 -22 宁夏#6517 5900 50 100 6300 01合约 6162 -44 -32 广西#6517 5900 30 0 6390 05合约 6214 -42 -14 贵州#6517 5870 20 20 64 ...

Group 1: Report Information - Report Title: Coke Daily Report [1] - Report Date: August 14, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core View - No core view is provided in the report. Group 4: Key Data Summary Coke Prices - The latest prices of different types of coke in various regions are as follows: Shanxi quasi - first wet quenching is 1426.72, Hebei quasi - first wet quenching is 1650.00, Shandong quasi - first dry quenching is 1605.00, Jiangsu quasi - first dry quenching is 1645.00, and Inner Mongolia secondary is 1130.00. There is no daily change in these prices [2]. Production and Utilization Rates - The blast furnace开工率 is 90.09%, with a weekly decrease of 0.15 and a monthly increase of 0.19. The iron water daily average output is 240.32, with a weekly decrease of 0.39 and a monthly increase of 0.51. The coking capacity utilization rate is 73.48%, with a weekly decrease of 0.13 and a monthly increase of 0.28. The coke daily average output is 51.78, with a weekly decrease of 0.39 and a monthly decrease of 1.81 [2]. Inventory - Coking plant inventory is 44.63, with a weekly decrease of 1.89 and a monthly decrease of 14.95. Port inventory is 218.15, with a weekly increase of 3.05 and a monthly increase of 18.07. Steel mill inventory is 619.28, with a weekly decrease of 7.41 and a monthly decrease of 18.52. Steel mill inventory days are 10.91, with a weekly decrease of 0.26 and a monthly decrease of 0.73 [2]. Futures Market - The latest prices of different futures contracts are: Disk 05 is 1865.5, Disk 09 is 1708, and Disk 01 is 1784. The 05 - 09 spread is - 81.50, the 09 - 01 spread is 157.50, and the 01 - 05 spread is - 76.00 [2].

Report Information - Report Title: Asphalt Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: August 14, 2025 [3] Key Data Summary Futures Contracts - **Prices**: On August 13, BU主力合约 was 3503, down 3 from the previous day and 41 from July 15; BU06 was 3338, down 2 from the previous day and 26 from July 15; BU09 was 3534, down 5 from the previous day and 10 from July 15; BU12 was 3406, unchanged from the previous day and down 25 from July 15; BU03 was 3340, down 13 from the previous day and 35 from July 15 [4]. - **Volume and Open Interest**: On August 13, the trading volume was 176,721, an increase of 8,072 from the previous day and a decrease of 109,417 from July 15; the open interest was 444,480, a decrease of 2,094 from the previous day and 19,393 from July 15 [4]. - **Delivery Quantity**: On August 13, it was 32,040, unchanged from the previous day and a decrease of 8,200 from July 15 [4]. Spot Market - **Low - end Prices**: On August 13, the low - end price in the Shandong market was 3520, unchanged from the previous day and down 50 from July 15; in the East China market, it was 3650, unchanged from the previous day and down 20 from July 15; in the North China market, it was 3680, up 30 from the previous day and 10 from July 15 [4]. - **Base and Spread**: On August 13, the Shandong - East China spread was - 130, unchanged from the previous day and down 30 from July 15; the Shandong - Northeast spread was not available; the East China - South China spread was not available; the Shandong base was 17, up 3 from the previous day and down 9 from July 15; the East China base was 147, up 3 from the previous day and 21 from July 15 [4]. Spread and Profit - **Spreads**: On August 13, the 03 - 06 spread was 1, down 11 from the previous day and 9 from July 15; the 06 - 09 spread was - 196, up 3 from the previous day and down 16 from July 15; the 09 - 12 spread was 128, down 5 from the previous day and up 15 from July 15; the 12 - 03 spread was 66, up 13 from the previous day and 10 from July 15 [4]. - **Profits**: On August 13, the ordinary refinery's comprehensive profit was 509, up 24 from the previous day and 32 from July 15; the import profit (South Korea - East China) was - 197, up 2 from the previous day and down 17 from July 15 [4]. Related Prices - On August 13, Brent crude oil was 66.1, down 0.5 from the previous day and 0.8 from July 15; the Shandong market price of gasoline was 7732, down 6 from the previous day and 12 from July 15; the Shandong market price of diesel was 6562, up 7 from the previous day and down 14 from July 15; the Shandong market price of residual oil was 3630, unchanged from the previous day and down 20 from July 15 [4]

Report Overview - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Research Center Energy and Chemicals Team - Date: August 14, 2025 [3] - Data Sources: Mysteel, Wind [10] Report Industry Investment Rating - No investment rating information is provided in the report. Report Core View - No core view is explicitly stated in the report. The report mainly presents data on the synthetic rubber market, including prices, positions, trading volumes, and profit margins. Summary by Relevant Catalog BR (Butadiene Rubber) 1. Futures Contract Information - **Closing Price**: The closing price of the main contract on August 13 was 11,750, a daily decrease of 75 and a weekly increase of 245 compared to July 14 [4]. - **Open Interest**: The open interest of the main contract on August 13 was 26,557, a daily decrease of 130 and a weekly decrease of 1,530 [4]. - **Trading Volume**: The trading volume of the main contract on August 13 was 80,181, a daily increase of 20,136 and a weekly increase of 28,602 [4]. - **Warehouse Receipts**: The number of warehouse receipts on August 13 was 10,470, with no daily change and a weekly increase of 160 [4]. - **Virtual - Physical Ratio**: The virtual - physical ratio on August 13 was 12.68, with no daily change and a weekly decrease of 1 [4]. 2. Basis and Spread - **Cis - Butadiene Basis**: The cis - butadiene basis on August 13 was 100, a daily increase of 175 and a weekly increase of 5 [4]. - **Cis - Butadiene Basis (Two - Oil)**: The cis - butadiene basis (two - oil) on August 13 was - 50, a daily increase of 75 and a weekly decrease of 45 [4]. - **Styrene - Butadiene Basis**: The styrene - butadiene basis on August 13 was 550, a daily increase of 125 [4]. - **8 - 9 Month Spread**: The 8 - 9 month spread on August 13 was 70, a daily increase of 75 and a weekly increase of 15 [4]. - **9 - 10 Month Spread**: The 9 - 10 month spread on August 13 was - 15, a daily decrease of 20 and a weekly decrease of 20 [4]. 3. Price Information - **Shandong Market Price**: The Shandong market price on August 13 was 11,850, a daily increase of 100 and a weekly increase of 250 [4]. - **Chuanhua Market Price**: The Chuanhua market price on August 13 was 11,850, a daily increase of 150 and a weekly increase of 350 [4]. - **Qilu Factory Price**: The Qilu factory price on August 13 was 11,700, with no daily change and a weekly increase of 200 [4]. - **CFR Northeast Asia**: The CFR Northeast Asia price on August 13 was 1,450, with no daily or weekly change [4]. - **CFR Southeast Asia**: The CFR Southeast Asia price on August 13 was 1,735, with no daily change and a weekly decrease of 15 [4]. 4. Processing and Import - Export - **Spot Processing Profit**: The spot processing profit on August 13 was - 15, a daily increase of 64 and a weekly increase of 148 [4]. - **Futures Processing Profit**: The futures processing profit on August 13 was - 115, a daily decrease of 111 and a weekly increase of 143 [4]. - **Import Profit**: The import profit on August 13 was - 83,634, a daily increase of 1 and a weekly decrease of 1,367 [4]. - **Export Profit**: The export profit on August 13 was - 546, a daily decrease of 94 and a weekly decrease of 218 [4]. BD (Butadiene) 1. Price Information - **Shandong Market Price**: The Shandong market price on August 13 was 9,475, a weekly increase of 100 [4]. - **Jiangsu Market Price**: The Jiangsu market price on August 13 was 9,400, a daily increase of 50 and a weekly increase of 50 [4]. - **Yangzi Factory Price**: The Yangzi factory price on August 13 was 9,400, with no daily or weekly change [4]. - **CFR China**: The CFR China price on August 13 was 1,070, with no daily change and a weekly decrease of 10 [4]. 2. Processing and Import - Export - **Carbon Four Extraction Profit**: The carbon four extraction profit on August 11 was 2,338 [4]. - **Butene Oxidative Dehydrogenation Profit**: The butene oxidative dehydrogenation profit on August 13 was 306, a daily increase of 50 and a weekly decrease of 20 [4]. - **Import Profit**: The import profit on August 13 was 564, a daily increase of 56 and a weekly increase of 132 [4]. - **Export Profit**: The export profit on August 13 was - 1,144, a daily decrease of 49 and a weekly increase of 100 [4]. 3. Downstream Profit - **Cis - Butadiene Production Profit**: The cis - butadiene production profit on August 13 was - 115, a daily decrease of 111 and a weekly increase of 143 [4]. - **Styrene - Butadiene Production Profit**: The styrene - butadiene production profit on August 13 was 750, with no daily change and a weekly increase of 200 [4]. - **ABS Production Profit**: Data on August 11 and later is N/A [4]. - **SBS Production Profit (791 - H)**: The SBS production profit (791 - H) on August 13 was 1,145, a daily decrease of 15 and a weekly increase of 185 [4]. Spread 1. Inter - Variety Spread - **RU - BR**: The RU - BR spread on August 13 was - 10,757, a daily increase of 70 and a weekly increase of 1,832 [4]. - **NR - BR**: The NR - BR spread on August 13 was - 13,947, a daily increase of 75 and a weekly increase of 1,820 [4]. - **Thai Mixed - Cis - Butadiene**: The Thai mixed - cis - butadiene spread on August 13 was 2,750, a daily decrease of 120 and a weekly increase of 30 [4]. - **3L - Styrene - Butadiene**: The 3L - styrene - butadiene spread on August 13 was 2,500, a daily decrease of 100 and a weekly decrease of 150 [4]. 2. Intra - Variety Spread - **Cis - Butadiene Standard - Non - Standard Price Difference**: The cis - butadiene standard - non - standard price difference on August 13 was 150, a daily decrease of 50 and a weekly decrease of 100 [4]. - **Styrene - Butadiene 1502 - 1712**: The styrene - butadiene 1502 - 1712 spread on August 13 was 1,000, with no daily change and a weekly decrease of 150 [4].

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - Not provided in the given content 3) Summary by Relevant Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 781, down 2 from the previous day and up 9 for the week; PB powder is at 784, down 3 and up 8; Mac powder is at 774, down 1 and up 9; Jinbuba powder is at 758, down 3 and up 9; Mixed powder is at 708, down 5 and up 8; Super special powder is at 658, down 4 and up 8; Carajás powder is at 888, unchanged and up 8 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder is at 822, up 1 and up 19; Brazilian coarse IOC6 is at 774, down 3 and up 8; Brazilian coarse SSFG is at 779, down 3 and up 8 [1]. - **Other Iron Ores**: Ukrainian concentrate is at 888, down 2 and up 20; 61% Indian powder is at 747, down 3 and up 9; Karara concentrate is at 888, down 2 and up 20; Roy Hill powder is at 754, down 3 and up 8; KUMBA powder is at 844, down 3 and up 8; 57% Indian powder is at 603, down 4 and up 8; Atlas powder is at 703, down 5 and up 8 [1]. - **Domestic Iron Ore**: Tangshan iron concentrate is at 983, unchanged and up 31 [1]. Futures Market - **DCE Contracts**: i2601 is at 795.0, down 6.0 and up 17.5; i2605 is at 774.0, down 5.5 and up 19.5; i2509 is at 805.5, down 2.0 and up 11.0 [1]. - **SGX Contracts**: FE01 is at 103.94, up 0.77 and up 1.71; FE05 is at 101.76, up 0.64 and up 1.61; FE09 is at 104.43, up 0.93 and up 1.96 [1]. Other Information - **Import Profits**: Import profits vary for different iron ore varieties, such as -28.43 for Newman powder, -10.91 for PB powder, etc. [1] - **Monthly Spreads**: For DCE contracts, the monthly spreads of i2601, i2605, and i2509 are 10.5, 21.0, and -31.5 respectively, with corresponding daily and weekly changes [1]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints are explicitly stated in the provided reports Glass Market Summary - **Price Changes**: Between August 6 and August 13, 2025, prices of various 5mm glass products showed different trends. For example, the price of Wuhan Changli 5mm large - plate decreased by 40.0, while the price of Shandong 5mm large - plate dropped by 100.0 [1] - **Contract Price Changes**: FG09 contract price decreased by 22.0, FG01 contract price decreased by 17.0, and FG 9 - 1 spread decreased by 5.0 during the same period [1] - **Profit and Cost**:华北燃煤利润 decreased by 8.7, and华北燃煤成本 increased by 4.7 from August 6 to August 13 [1] - **Sales and Production**: Glass sales - to - production ratios were 102 in Shahe, 84 in Hubei, 96 in East China, and 88 in South China [1] Soda Ash Market Summary - **Price Changes**: From August 6 to August 13, 2025, the price of Shahe heavy - soda decreased by 10.0, and the price of Qinghai heavy - soda increased by 30.0 [1] - **Contract Price Changes**: SA05 contract price increased by 13.0, SA01 contract price increased by 13.0, and SA09 contract price decreased by 3.0 during this period [1] - **Profit and Cost**:华北氨碱利润 decreased by 22.1, and华北联碱利润 increased by 21.3 from August 6 to August 13 [1] - **Inventory Situation**: Soda ash factory inventory continued to accumulate, and delivery warehouse inventory increased slightly [1]

观点 本周跟随煤炭波动，甲醇自身基本面变化不大，仍在累库途中，进口多，估值目前正常，短期偏向震荡。 甲醇聚烯烃早报 研究中心能化团队 2025/08/13 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 货 | | 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 | | 2025/08/0 6 | 801 | 2395 | 2390 | 2558 | 2535 | 2535 | 2710 | 272 | 333 | 44 | -12 | -1237 | | 2025/08/0 7 | 801 | 2387 | 2385 | 2555 | 2535 | 2535 | 2710 | 272 | 333 | 37 | -10 | -1237 | | 2025/08/0 8 | 801 | 23 ...