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燃料油早报-20250924
Yong An Qi Huo· 2025-09-24 00:44
Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again and fluctuated widely recently, and the domestic and foreign near - months of FU oscillated. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period. The spread was weakly sorted, the domestic and foreign prices of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated. From a fundamental perspective, Singapore's residue decreased, floating storage oscillated, ARA residue inventory decreased slightly, EIA residue decreased slightly, Fujairah inventory decreased, and high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. Supported by logistics reshaping and Singapore's high - sulfur marine fuel demand, the EW spread has been repaired. Recently, refinery feedstock purchases have supported the 380 cracking level, and the short - term downward space is limited. It is expected that the 380 cracking will maintain an oscillating pattern, and domestic FU should have a short - term domestic and foreign oscillating and bullish mindset. This week, the LU market was still weak. The issuance of the third batch of export quotas was in line with expectations, and the external MF0.5 basis oscillated at a low level. In the fourth quarter, the domestic and foreign spreads of LU can be expanded on dips, and attention should be paid to the quota usage [3][4]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From 2025/09/16 to 2025/09/17, for Rotterdam 3.5% HSF O swap M1, the price changed from 385.64 to 384.75 with a change of - 0.89; for Rotterdam 0.5% VLS FO swap M1, it changed from 443.49 to 441.33 with a change of - 2.16; for Rotterdam HSFO - Brent M1, it changed from - 7.14 to - 6.96 with a change of 0.18; for Rotterdam 10ppm Gasoil swap M1, it changed from 686.03 to 679.88 with a change of - 6.15; for Rotterdam VLSFO - Gasoil M1, it changed from - 242.54 to - 238.55 with a change of 3.99; for LGO - Brent M1, it changed from 25.32 to 24.97 with a change of - 0.35; for Rotterdam VLSFO - HSFO M1, it changed from 57.85 to 56.58 with a change of - 1.27 [1]. - From 2025/09/18 to 2025/09/22, for Rotterdam 3.5% HSF O swap M1, the price changed from 383.35 to 386.97 with a change of 3.62; for Rotterdam 0.5% VLS FO swap M1, it changed from 434.21 to 427.29 with a change of - 6.92; for Rotterdam HSFO - Brent M1, it changed from - 6.64 to - 4.97 with a change of 1.67; for Rotterdam 10ppm Gasoil swap M1, it changed from 677.55 to 664.85 with a change of - 12.7; for Rotterdam VLSFO - Gasoil M1, it changed from - 243.34 to - 237.56 with a change of 5.78; for LGO - Brent M1, it changed from 25.18 to 24.40 with a change of - 0.78; for Rotterdam VLSFO - HSFO M1, it changed from 50.86 to 40.32 with a change of - 10.54 [1][9]. Singapore Fuel Oil Data - For Singapore 380cst M1 from 2025/09/16 to 2025/09/22, the price changed from 392.01 to 393.02 with a change of 1.01; for Singapore 180cst M1, it changed from 403.72 to 403.27 with a change of - 0.45; for Singapore VLSFO M1, it changed from 469.70 to 465.33 with a change of - 4.37; for Singapore Gasoil M1, it changed from 87.75 to 87.43 with a change of - 0.32; for Singapore 380cst - Brent M1, it changed from - 5.19 to - 4.47 with a change of 0.72; for Singapore VLSFO - Gasoil M1, it changed from - 179.65 to - 181.65 with a change of - 2 [1]. - For Singapore fuel oil spot from 2025/09/16 to 2025/09/22, FOB 380cst changed from 393.21 to 393.48 with a change of 0.27; FOB VLSFO changed from 472.39 to 463.33 with a change of - 9.06; the 380 basis changed from - 1.65 to 0.60 with a change of 2.25; the high - sulfur internal - external spread on 2025/09/17 was 7.6, on 2025/09/18 was 7.5, and on 2025/09/22 was 6.0; the low - sulfur internal - external spread on 2025/09/17 was 9.3, on 2025/09/18 was 9.7, and on 2025/09/22 was 9.7 [2]. Domestic FU Data - From 2025/09/16 to 2025/09/22, for FU 01, the price changed from 2795 to 2784 with a change of - 11; for FU 05, it changed from 2751 to 2743 with a change of - 8; for FU 09, it changed from 2700 to 2697 with a change of - 3; for FU 01 - 05, it changed from 44 to 41 with a change of - 3; for FU 05 - 09, it changed from 51 to 46 with a change of - 5; for FU 09 - 01, it changed from - 95 to - 87 with a change of 8 [2]. Domestic LU Data - From 2025/09/16 to 2025/09/22, for LU 01, the price changed from 3368 to 3351 with a change of - 17; for LU 05, it changed from 3341 to 3342 with a change of 1; for LU 09, it changed from 3345 to 3306 with a change of - 39; for LU 01 - 05, it changed from 27 to 9 with a change of - 18; for LU 05 - 09, it changed from - 4 to 36 with a change of 40; for LU 09 - 01, it changed from - 23 to - 45 with a change of - 22 [3].
农产品早报-20250924
Yong An Qi Huo· 2025-09-24 00:44
白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/09/17 5970 5870 5860 441 487 668 10988 2025/09/18 5960 5840 5850 486 517 698 10629 2025/09/19 5940 5830 5845 479 470 651 10364 2025/09/22 5900 5800 5820 448 493 674 10315 2025/09/23 5890 5790 5810 - - - 10022 变化 -10 -10 -10 - - - -293 【行情分析】: 白糖:国际市场方面,现阶段巴西正处于压榨高峰期,供应压力使得国际糖价承压。截至目前,巴西单产和出糖率同比持续偏低,但制糖比屡 创新高,后期产量不确定性增加,关注双周报制糖比拐点出现时点。国内整体跟随原糖,进口糖陆续到港,加工糖报价下调明显,盘面上方压 力较大。 | | | | | | | | | | 研究中心农产品团队 2025/09/24 | | | | --- | --- | --- | --- | --- | --- | --- ...
动力煤早报-20250924
Yong An Qi Huo· 2025-09-24 00:42
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 709.0 1.0 19.0 7.0 -161.0 25省终端可用天数 23.7 -0.4 3.7 2.8 6.1 秦皇岛5000 619.0 1.0 21.0 -7.0 -151.0 25省终端供煤 572.3 -5.9 -36.3 -67.8 -50.6 广州港5500 765.0 0.0 5.0 0.0 -150.0 北方港库存 2094.0 25.0 25.0 76.0 -162.1 鄂尔多斯5500 510.0 0.0 30.0 25.0 -120.0 北方锚地船舶 106.0 11.0 20.0 17.0 49.0 大同5500 565.0 0.0 25.0 15.0 -155.0 北方港调入量 149.3 -11.9 -3.7 -10.8 0.5 榆林6000 642.0 0.0 25.0 40.0 -205.0 北方港吞吐量 137.6 -25.6 -19.1 -26.2 8.5 榆林6200 670.0 0.0 25.0 40.0 -205.0 CBCFI海运指数 694.5 -3.9 12.0 45 ...
油脂油料早报-20250924
Yong An Qi Huo· 2025-09-24 00:39
1. Report Industry Investment Rating - No investment rating information is provided in the report 2. Core Viewpoints of the Report - The Malaysian palm oil market shows that the August production increased by 4.3 million tons (+2.4%) to 1.85 million tons, mainly driven by the increase in Sabah and Sarawak, while the production in the Malaysian Peninsula declined after peaking in July [1] - August exports were basically the same as in July, at 1.32 million tons, with different trends in different regions [1] - Due to increased production and flat exports, August palm oil inventories reached 2.2 million tons, the highest since January 2024, and are expected to decline starting in November [1] - Palm oil led the rise in the vegetable oil market in the third quarter, with a 10.9% increase, while the performance of other vegetable oils varied, but the overall market sentiment is optimistic and the upward trend is expected to continue into the fourth quarter [1] - In 2026, the consumption growth rate of the four major vegetable oils is expected to exceed the production growth rate, resulting in a small supply gap, which may support vegetable oil prices to remain firm for the rest of 2025 [1] 3. Summary According to Relevant Catalogs Overnight Market Information - Malaysian palm oil production in August increased by 4.3 million tons (+2.4%) to 1.85 million tons, driven by Sabah and Sarawak, while the Malaysian Peninsula's production declined [1] - August exports were flat at 1.32 million tons, with varying trends in different regions [1] - August inventories reached 2.2 million tons, the highest since January 2024, expected to rise slightly from September to October and decline starting in November [1] - Palm oil led the vegetable oil market in the third quarter, rising 10.9% quarter - on - quarter, while other vegetable oils had different performances, and the overall market sentiment is optimistic with the upward trend expected to continue into the fourth quarter [1] - In 2026, the consumption growth of the four major vegetable oils is expected to exceed production, leading to a supply gap, and factors such as increased biodiesel quotas in the US, Brazil, and potentially in Indonesia may support vegetable oil prices in the rest of 2025 [1] Spot Prices - Spot prices of various products (soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu) from September 17 to September 23, 2025 are provided [1]
废钢早报-20250924
Yong An Qi Huo· 2025-09-24 00:33
废钢早报 研究中心黑色团队 2025/09/24 华东 स्क 中部 东北 日期 华南 2025/09/17 B 2259 2080 2268 2286 2333 原点 2290 2025/09/18 2258 2332 2081 2261 2290 2025/09/19 2258 2330 2081 2259 2025/09/22 2261 2333 2081 2261 2293 2025/09/23 = 容 2263 ~ 2331 原占 2083 2262 原 2293 环比 2 -2 2 1 0 镇江鸿泰剪切料价格 (不含税) 沙钢重三价格 (含税) ◆ 2022 ↓ 2023 ↓ 2024 ↓ 2025 ◆ 2022 ◆ 2023 ◆ 2024 ◆ 2025 4,200 3,600 3,900 3,600 3,300 3,000 2,700 2,400 2,100 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 长流程日耗 ◆ 2022 ↓ 2023 ↓ 2024 ↓ 2025 ng 18 16 14 12 10 00 6 1月 2月 3月 4月 5月 6月 7月 8月 9月 ...
永安橡胶早报-20250923
Yong An Qi Huo· 2025-09-23 02:54
Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2][12][22] - Research Team: Research Center Energy and Chemicals Team [2][12][22] - Report Date: September 23, 2025 [2][12][22] Core Data Summary BR (Butadiene Rubber) - **Price and Volume Metrics**: On September 22, the closing price of the main contract was 11,505, up 60 from the previous day and down 200 from the same period last month; the open interest was 70,306, down 4,953 from the previous day and up 51,521 from the same period last month; the trading volume was 95,866, up 1,305 from the previous day and up 59,284 from the same period last month; the warrant quantity was 9,190, down 1,040 from the previous day and down 4,480 from the same period last month; the virtual - to - real ratio was 38.25 [3][13][23]. - **Basis and Spread Metrics**: The butadiene basis was 45, down 110 from the previous day and up 50 from the same period last month; the 8 - 9 month spread was 125, down 60 from the previous day and down 30 from the same period last month; the 9 - 10 month spread was 90, down 40 from the previous day and up 120 from the same period last month [3][13][23]. - **Price and Profit Metrics**: The Shandong market price was 11,550, down 50 from the previous day and down 150 from the same period last month; the spot processing profit was - 238; the on - screen processing profit was - 283, up 162 from the previous day and down 200 from the same period last month; the export profit was 111, up 44 from the previous day and up 124 from the same period last month [3][13][23]. BD (Butadiene) - **Price and Profit Metrics**: The CFR China price was 1,060, down 10 from the previous day and down 30 from the same period last month; the carbon tetrachloride extraction profit was N/A; the butene oxidative dehydrogenation profit was 196, up 90 from the previous day and up 110 from the same period last month; the import profit was 527, up 80 from the previous day and up 197 from the same period last month; the export profit was - 896, unchanged from the previous day and up 110 from the same period last month [3][13][23]. Downstream Products - **Profit Metrics**: The butadiene - styrene production profit was 1,063, up 100 from the previous day and down 50 from the same period last month; the SBS (791 - H) production profit was 882, up 70 from the previous day and up 130 from the same period last month; the ABS production profit was N/A [3][13][23]. Variety Spreads - **Spread Metrics**: The Thai mixed - butadiene spread was 3,300, up 170 from the previous day and down 150 from the same period last month; the 3L - butadiene - styrene spread was 3,100, unchanged from the previous day and unchanged from the same period last month; the butadiene standard - non - standard spread was 150, down 50 from the previous day and down 50 from the same period last month; the butadiene - styrene 1502 - 1712 spread was 1,000, unchanged from the previous day and unchanged from the same period last month; the RU - BR spread was - 54,691, up 5,033 from the previous day; the NR - BR spread was - 57,881, down 51,806 from the same period last month [3][13][23].
铁矿石早报-20250923
Yong An Qi Huo· 2025-09-23 01:35
| | | | | | 现货 | | | | 远期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 地区 | 品种 | 最新 | 日变化 | 周变化 | | 折盘面 | 最新 | 日变化 | 周变化 | 进口利润 | | | 普氏62指数 | | 106.55 | 1.35 | 0.20 | | | | | | | | | | 纽曼粉 | 795 | 0 | 10 | | 850.9 | 104.50 | 0.15 | 1.15 | -35.39 | | | | PB粉 | 799 | 0 | 10 | | 848.1 | 107.30 | 0.30 | 1.50 | -16.11 | | | 澳洲 | 麦克粉 | 789 | 2 | 12 | | 861.7 | 103.25 | 0.00 | 1.15 | -7.00 | | | | 金布巴 | 770 | 0 | 10 | | 864.6 | 100.50 | -0.10 | 0.65 | -11.52 | | | 主流 | 混合粉 | ...
甲醇聚烯烃早报-20250923
Yong An Qi Huo· 2025-09-23 01:28
研究中心能化团队 2025/09/23 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 2025/09/1 6 801 2290 2288 2580 2555 2570 2735 266 326 0 -105 -1255 2025/09/1 7 801 2282 2283 2590 2555 2570 2715 266 326 -9 -100 -1255 2025/09/1 8 801 2267 2270 2585 2545 2570 2690 262 326 -10 -110 -1255 2025/09/1 9 801 2260 2268 2580 2545 2570 2685 262 326 6 -105 -1255 2025/09/2 2 801 2257 2258 2563 2545 2570 2685 262 326 6 -110 -1255 日度变化 0 -3 -10 -17 0 0 0 0 0 0 -5 0 观点 仍是交易港口压力传导到内地得逻辑,内地后期有季节性备货需求+联泓 ...
永安期货铁合金早报-20250923
Yong An Qi Huo· 2025-09-23 01:21
Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy, prices vary by region and type, e.g., Ningxia 72 natural block is 5380 with a daily change of 30 and a weekly change of 100; Tianjin 72 export price is 1025 USD with no daily or weekly change. For silicon manganese, Inner Mongolia 6517 factory - ex price is 5730 with a weekly change of 50 [1]. - Multiple price charts for different types of silicon ferroalloy and silicon manganese from 2021 - 2025 are presented, including market prices, contract closing prices, and basis prices [2][6]. Supply - 136 silicon ferroalloy enterprises' production data in China is presented, including monthly and weekly production, and capacity utilization in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025. Silicon manganese production in China is also shown on a weekly basis from 2021 - 2025 [4][6]. Demand - Indicators related to demand such as China's estimated and actual crude steel production, metal magnesium production and prices, silicon ferroalloy and silicon manganese procurement volume and price of Hebei Iron and Steel Group, and silicon manganese demand in China are presented from 2021 - 2025 [4][7]. Inventory - Inventory data of silicon ferroalloy and silicon manganese are provided, including inventory of 60 sample enterprises in different regions, warehouse - receipt quantity, effective forecast, and inventory average available days from 2021 - 2025 [5][7]. Cost and Profit - Cost - related data like electricity prices in different regions, market prices of raw materials such as semi - carbonated manganese ore and manganese blocks, and profit - related data such as production profit of silicon ferroalloy and silicon manganese in different regions from 2021 - 2025 are presented [5][7].
钢材早报-20250923
Yong An Qi Huo· 2025-09-23 01:21
Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints No information provided. 3) Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from September 16 to September 22, 2025, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. It also shows the price changes during this period. For example, the price of Beijing rebar increased by 10 yuan, and the price of Tianjin hot - rolled coil increased by 60 yuan [1]. Output and Inventory No information provided. Basis and Spread No information provided.