1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Due to the price cut in week49 and Maersk's low - opening expectation for week50, the near - month contract disk dropped significantly. The FC2512 contract is moving towards the delivery logic and follows the spot price, with P1 around 1600 points, and P2 and P3 corresponding to the second half of December. Observe the shipping companies' price increase announcements and implementation [2][13]. - The valuation of the EC2602 contract is moderately low. It's difficult to prove or disprove the off - peak season in the short term, especially when the price support in early December was not ideal. This year, the Chinese New Year is late, and pre - Spring Festival shipments have not fully started, so it's normal that the price has not significantly recovered. The overall cargo volume on the European route this year is good. Although the shipping capacity is high from December to January, if the peak season is gradually realized later, the EC2602 contract may have more upside potential, and an overly pessimistic outlook is not given. Subsequently, observe the cargo - booking situation [2][13]. - For the EC2604 contract, a short - selling approach on rallies is still recommended [2][13]. 3. Summary by Related Catalogs 3.1 Futures Contract Data - **Contract Prices and Changes**: The closing prices of FC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 on the previous day were 1650.0, 1453.5, 1126.4, 1338.0, 1464.0, and 1108.0 respectively, with price changes of - 7.29%, - 7.34%, - 1.37%, - 1.49%, - 1.62%, and - 0.18% respectively [2][13]. - **Trading Volume and Open Interest**: The previous trading volumes of FC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 were 6884, 51412, 5004, 272, 171, and 563 respectively, and the open interests were 6454, 48279, 17016, 1629, 1399, and 2556 respectively, with changes in open interest of - 403, 4946, 920, 95, 74, and 65 respectively [2][13]. - **Month - spread Data**: The month - spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 on the previous day were 523.6, 196.5, and 327.1 respectively, with daily changes of - 114.0, - 14.6, and - 99.4 respectively, and weekly changes of - 81.0, 130.2, and - 211.2 respectively [2][13]. 3.2 Spot Market Data - **Spot Indexes**: The SCHI (European route) index on November 24, 2025, was 1639.37 US dollars/TEU, with a period - on - period increase of 20.75% and a previous - period decrease of - 9.78%. The CCFI index on November 21, 2025, was 1432.96 points, with a period - on - period increase of 2.09% and a previous - period increase of 2.69%. The NCFI index on November 21, 2025, was 951.65 points, with a period - on - period decrease of - 2.83% and a previous - period increase of 7.42% [2][13]. - **Recent Spot Situation**: The overall average price of week48 was about 2200 US dollars (equivalent to about 1540 points on the disk). In week49, the offline quotes of the GEMINI and PA alliances were between 2300 - 2500 US dollars, and that of the OA alliance was between 2300 - 2600 US dollars, with an average of about 2400 US dollars (equivalent to about 1650 points on the disk). Subsequently, OOCL reduced the price to 2530 US dollars, CMA to 2645 US dollars, HPL to 2300 US dollars, and OOCL to 2300 US dollars. Maersk opened the cabin at 2200 US dollars for week50 [3][14]. 3.3 Related News - On November 25, local time, the Egyptian Intelligence Bureau Director and the Qatari Deputy Prime Minister and Foreign Minister held talks in Cairo on the Gaza cease - fire. They agreed to continue to strengthen cooperation and coordination with the US to maintain the cease - fire and implement the second phase of the cease - fire agreement [4][15]. - Maersk's CEO stated that due to the significant progress in Gaza and the Bab el - Mandeb Strait, Maersk will take measures to resume shipping through the Suez Canal. Maersk's spokesperson said that the previous statement by the Suez Canal Authority about resuming navigation in December was false [4][15].

纸浆早报 研究中心能化团队 2025/11/26 SP主力合约收盘价： 5212.00 | 日期 | 2025/11/25 | 2025/11/24 | 2025/11/21 | 2025/11/20 | 2025/11/19 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5212.00 | 5220.00 | 5228.00 | 5298.00 | 5396.00 | | 折美元价 | 641.40 | 641.40 | 641.97 | 650.10 | 662.95 | | 距上一日涨跌 | -0.15326% | -0.15302% | -1.32125% | -1.81616% | -0.22189% | | 山东银星基差 | 253 | 270 | 262 | 212 | 154 | | 江浙沪银星基差 | 238 | 280 | 272 | 212 | 144 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - This week, copper prices first rose and then declined slightly. Downstream consumption remains weak, and the negotiation of long - term contracts between copper producers and downstream users is ongoing. The 85,000 - yuan level may be a psychological price for downstream point - pricing [1] - Aluminum prices are expected to fluctuate in the short term. Supply and demand are expected to be relatively loose in early 2026 and then gradually tighten [1][2] - Zinc prices oscillated this week. The domestic fundamentals are poor, but there may be a phased reduction in supply at the end of the year. It is recommended to wait and see for unilateral operations, pay attention to reverse arbitrage opportunities, and the positive arbitrage opportunity of 01 - 03 contracts [5] - The short - term fundamentals of nickel are weak. With continuous inventory accumulation at home and abroad, and considering the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [6][7] - The fundamentals of stainless steel remain weak. With high inventory and the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [10] - Lead prices declined this week. Supply is loose, and demand is expected to weaken. It is expected that lead prices will fluctuate narrowly next week, and cautious operation is recommended [13][14] - Tin prices increased this week. The short - term fundamentals are acceptable, and it is recommended to wait and see. In the long - term, it is advisable to hold at low prices near the cost line or use it as a long - position allocation in non - ferrous metals [17] - The supply and demand of industrial silicon in Q4 are expected to be in a balanced and slightly loose state, and prices are expected to oscillate. In the long - term, prices are expected to oscillate at the bottom of the cycle [20] - The price of lithium carbonate has fluctuated greatly. In the long - term, if energy storage demand remains high and power demand is stable, the pattern may change in the next 1 - 2 years [22] Group 3: Summary by Metal Copper - This week, copper prices first rose and then declined slightly. Downstream consumption was weak, and long - term contract negotiations were ongoing. LME copper had concentrated warehouse - receipts, and the spread between refined and scrap copper widened. The 85,000 - yuan level may be a psychological price for downstream point - pricing [1] Aluminum - Aluminum prices decreased with reduced positions. Aluminum ingot inventory remained flat, and downstream consumption was acceptable. In the short term, prices are expected to oscillate. Supply and demand are expected to be relatively loose in early 2026 and then gradually tighten [1][2] Zinc - Zinc prices oscillated. Supply - side TC declined, and there was a new production capacity in November. In December, most smelters' maintenance was expected to reduce production by over 10,000 tons. Demand was weak both at home and abroad. The export window has opened. It is recommended to wait and see for unilateral operations, pay attention to reverse arbitrage opportunities, and the positive arbitrage opportunity of 01 - 03 contracts [5] Nickel - The price of nickel ore remained stable. The short - term fundamentals were weak, with continuous inventory accumulation at home and abroad. Considering the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [6][7] Stainless Steel - The prices of stainless steel products declined slightly. Supply increased slightly in October, demand was mainly for rigid needs, costs remained stable, and inventory was high. With the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [10] Lead - Lead prices declined. Supply was loose, and demand was expected to weaken. The contradiction between supply and demand was alleviated, and social inventory began to accumulate. It is expected that lead prices will fluctuate narrowly next week, and cautious operation is recommended [13][14] Tin - Tin prices increased. The supply - side processing fee was low, and there were some disturbances in overseas production. Demand was mainly rigid. In the short term, it is recommended to wait and see. In the long - term, it is advisable to hold at low prices near the cost line or use it as a long - position allocation in non - ferrous metals [17] Industrial Silicon - The supply and demand of industrial silicon in Q4 are expected to be in a balanced and slightly loose state, and prices are expected to oscillate. In the long - term, prices are expected to oscillate at the bottom of the cycle [20] Lithium Carbonate - The price of lithium carbonate fluctuated greatly. The market sentiment declined, and there was news of mine resumption in Jiangxi. The supply - side had high price elasticity, and if energy storage demand remained high and power demand was stable, the pattern may change in the next 1 - 2 years [22]

1. Report's Investment Rating for the Industry - No information about the industry investment rating is provided in the report. 2. Core View of the Report - This week, oil prices closed lower. Significant progress has been made in the Russia-Ukraine negotiations. Zelensky and Trump will discuss the peace plan next week, and Russia is open to it, but no substantial discussions have taken place between Russia and the US. The risk premium of the crack spread for gasoline and diesel in Europe and the US has rapidly reversed, and the monthly spread of crude oil has declined, showing a weekly rebound. Global onshore inventories have increased, while the total onshore and offshore inventories have slightly decreased, reaching a new high since 2020. US EIA commercial crude oil inventories have decreased, while gasoline and diesel inventories have increased. The number of drilling rigs and fracturing operations in the US has increased, and the refinery operating rates in Europe and the US have risen. Recently, there is still room for downward correction in US gasoline and European diesel. With a supply-demand surplus, the strategy of shorting crude oil from a high level is maintained. The price of Brent crude oil is expected to be between $55 - $60 per barrel in the fourth quarter. Short-term focus should be on the Russia-Ukraine conflict resolution plan drafted by the US [6]. 3. Summary by Relevant Catalog 3.1 Oil Price Data - From November 19 - 25, 2025, WTI crude oil decreased by $0.89, BRENT increased by $0.26, and DUBAI decreased by $0.17. The SC increased by 0.70, and OMAN decreased by 0.47. The price of Japanese naphtha CFR is unavailable for the change, and the Singapore fuel oil 380CST premium increased by 0.75 [3]. 3.2 Daily News - The initial 28 - point peace plan drafted by the US has been further refined, with only a few differences remaining. The crude oil production of Kazakhstan's Tengiz oil field from November 1 - 23 increased by 8.5% month - on - month but did not reach the planned target. Analysts believe that Russia may not accept the US - Ukraine peace plan. Ukrainian and US delegations have reached an agreement on the terms of a potential peace deal. The Russian Black Sea's Novorossiysk and CPC oil terminals have resumed shipments after a drone attack [3][4]. 3.3 Inventory - For the week ending November 21, US API crude oil inventories decreased by 1.859 million barrels, gasoline inventories increased by 0.539 million barrels, and refined oil inventories increased by 0.753 million barrels. For the week of November 14, US crude oil exports increased by 1.342 million barrels per day to 4.158 million barrels per day, domestic crude oil production decreased by 0.028 million barrels to 13.834 million barrels per day, commercial crude oil inventories (excluding strategic reserves) decreased by 3.426 million barrels to 424 million barrels (a decrease of 0.8%), and strategic petroleum reserve (SPR) inventories increased by 0.533 million barrels to 410.9 million barrels (an increase of 0.13%). From November 14 - 20, both gasoline and diesel inventories decreased, with gasoline dropping by 1.75% to 10.2331 million tons and diesel dropping by 4.25% to 12.2708 million tons. The comprehensive refining profit of major refineries rebounded month - on - month, while the comprehensive profit of local refineries fluctuated [4][5].

Group 1: Report Overview - This is an asphalt morning report released by Jia'an Futures' research center's energy and chemical team on November 26, 2025 [2][5] Group 2: Investment Rating - No investment rating information is provided in the report Group 3: Core View - No clear core view is presented in the provided content Group 4: Data Summary Basis and Spread - The Shandong basis (+80) (Hongrun) decreased from 121 on October 24 to -8 on November 25, with a daily change of -18 on November 25 [3] - The East China basis (Zhenjiang Warehouse) decreased from 101 on October 24 to 22 on November 25, with a daily change of -18 on November 25 [3] - The South China basis (Foshan Warehouse) decreased from 61 on October 24 to -18 on November 25, with a daily change of -38 on November 25 [3] - The 12 - 01 spread was -4 on November 25, with a daily change of 6 [3] - The 12 - 03 spread was -19 on November 25, with a daily change of 13 [3] - The 01 - 02 spread was 8 on November 25, with a daily change of 10 [3] Futures Contract - The BU main contract (01) was 3068 on November 25, with a daily change of 8 [3] - The trading volume was 242,577 on November 25, a decrease of 106,170 from the previous day [3] - The open interest was 343,749 on November 25, an increase of 4,014 from the previous day [3] - The combined order F remained at 4,690 from November 19 to November 25 [3] Spot Market - Brent crude oil price was $63.4 on November 25, with a daily change of $0.8 [3] - Jingbo's asphalt price decreased from 3,350 on October 24 to 3,000 on November 25, with a daily change of -20 on November 25 [3] - Hongrun's asphalt price decreased from 3,340 on October 24 to 2,980 on November 25, with a daily change of -10 on November 25 [3] - Zhenjiang Warehouse's asphalt price decreased from 3,400 on October 24 to 3,090 on November 25, with a daily change of -10 on November 25 [3] - Foshan Warehouse's asphalt price decreased from 3,360 on October 24 to 3,050 on November 25, with a daily change of -30 on November 25 [3] Profit - The asphalt - Ma Rui profit decreased from 264 on October 24 to 171 on November 25, with a daily change of -46 on November 25 [3] - The comprehensive profit of Ma Rui - type refineries decreased from 749 on October 24 to 758 on November 25, with a daily change of -34 on November 25 [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore weakened rapidly, the monthly spread ran at a historical low, the basis weakened and then fluctuated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO cracking dropped rapidly. The EW continued to strengthen this week. The 0.5% cracking in Singapore weakened oscillatingly this week, the monthly spread weakened oscillatingly, and the basis strengthened slightly [6]. - In terms of inventory, global residue inventory increased, Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujeirah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased [7]. - The expectation of Russia - Ukraine peace talks strengthened, the prices of external gasoline and diesel dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week. After the Al Zour refinery caught fire and shut down on October 21, the Singapore basis started to rebound recently [7]. - Global residue has entered an inventory - building cycle. The external cracking is expected to be supported by the decline in crude oil prices, showing a short - term oscillating pattern. Maintain the idea of shorting the FU01 externally and internally, and consider arranging 1 - 2 reverse spreads. The short - term downside space of low - sulfur fuel oil is limited [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Index | Change | | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | -3.18 | | Rotterdam 0.5% VLS FO Swap M1 | -3.63 | | Rotterdam HSFO - Brent M1 | -0.20 | | Rotterdam 10ppm Gasoil Swap M1 | -9.68 | | Rotterdam VLSFO - Gasoil M1 | 6.05 | | LGO - Brent M1 | -0.89 | | Rotterdam VLSFO - HSFO M1 | -0.45 | [4] Singapore Fuel Oil Swap Data | Index | Change | | --- | --- | | Singapore 380cst M1 | -2.60 | | Singapore 180cst M1 | 0.83 | | Singapore VLSFO M1 | -0.25 | | Singapore Gasoil M1 | -1.80 | | Singapore 380cst - Brent M1 | -0.72 | | Singapore VLSFO - Gasoil M1 | 13.07 | [4] Singapore Fuel Oil Spot Data | Index | Change | | --- | --- | | FOB 380cst | -1.99 | | FOB VLSFO | -1.29 | | 380 Basis | 0.75 | | High - sulfur Internal - External Price Difference | 2.1 | | Low - sulfur Internal - External Price Difference | 0.5 | [5] Domestic FU Data | Index | Change | | --- | --- | | FU 01 | -21 | | FU 05 | -16 | | FU 09 | -4 | | FU 01 - 05 | -5 | | FU 05 - 09 | -12 | | FU 09 - 01 | 17 | [5] Domestic LU Data | Index | Change | | --- | --- | | LU 01 | -26 | | LU 05 | -13 | | LU 09 | -13 | | LU 01 - 05 | -13 | | LU 05 - 09 | 0 | | LU 09 - 01 | 13 | [6]

Report Title - Synthetic Rubber Morning Report [2] Report Date - November 26, 2025 [3] Report Team - Research Center's Energy and Chemicals Team [3] Key Points from Data Table BR (Butadiene Rubber) - **Futures Information**: On November 25, the BR12 main contract price was 10,270, down 125 from the previous day and 435 from the previous week. The open interest was 68,735, down 1,588 daily and 2,643 weekly. The trading volume was 114,069, down 17,086 daily and 6,411 weekly. The warrant quantity was 12,500, unchanged daily and up 470 weekly. The long - short ratio was 27.49, down 1 daily and 2 weekly [4]. - **Basis/Spread Information**: The butadiene rubber basis was 230, up 125 daily and 335 weekly. The styrene - butadiene basis was 680, up 25 daily and 285 weekly. The 12 - 01 spread was - 30, down 30 daily and up 10 weekly. The 01 - 02 spread was 15, down 5 daily and unchanged weekly. The RU - BR spread was 4,855, down 70 daily and up 120 weekly. The NR - BR spread was 1,880, unchanged daily and up 105 weekly [4]. - **Spot and Price Information**: The Shandong market price was 10,500, unchanged daily and down 100 weekly. The Transfar market price was 10,300, down 50 daily and 150 weekly. The Qilu ex - factory price was 10,700, unchanged daily and weekly. The CFR Northeast Asia price was 1,325, down 25 daily and weekly. The CFR Southeast Asia price was 1,600, down 40 daily and weekly [4]. - **Profit Information**: The spot processing profit was 1,007, up 26 daily and 257 weekly. The import profit was - 640, up 205 daily and 112 weekly. The export profit was 1,582, down 289 daily and 209 weekly [4]. BD (Butadiene) - **Spot and Price Information**: The Shandong market price was 7,150, down 25 daily and 350 weekly. The Jiangsu market price was 6,950, down 50 daily and 275 weekly. The Yangzi ex - factory price was 7,200, unchanged daily and weekly. The CFR China price was 800, up 30 daily and weekly [4]. - **Profit Information**: The ethylene cracking profit was N/A. The carbon - four extraction profit was N/A. The butene oxidative dehydrogenation profit was - 1,864, down 50 daily and 275 weekly. The import profit was 379, down 288 daily and 509 weekly. The export profit was - 1,224, up 42 daily and down 1,117 weekly. The styrene - butadiene production profit was N/A. The ABS production profit was N/A. The SBS production profit was - 345, unchanged daily and up 15 weekly [4] Data Sources - Mysteel, Wind [8]

铅：跨市套利跟踪 2025/11/26 国内价格 LME价格 比价 现货 16950 1950 8.72 三月 17045 1986 11.28 均衡比价 盈利 现货进口 8.70 34.58 有色套利早报 研究中心有色团队 2025/11/26 铜：跨市套利跟踪 2025/11/26 国内价格 LME价格 比价 现货 86620 10867 7.93 三月 86600 10857 7.99 均衡比价 盈利 现货进口 8.04 -787.48 现货出口 269.01 锌：跨市套利跟踪 2025/11/26 国内价格 LME价格 比价 现货 22400 3130 7.16 三月 22380 3009 5.67 均衡比价 盈利 现货进口 8.47 -4106.26 铝：跨市套利跟踪 2025/11/26 国内价格 LME价格 比价 现货 21440 2789 7.69 三月 21505 2820 7.63 均衡比价 盈利 现货进口 8.32 -1760.57 镍：跨市套利跟踪 2025/11/26 国内价格 LME价格 比价 现货 119500 14494 8.24 均衡比价 盈利 现货进口 8.14 -1774 ...

Week48整体均值2200美金 (折盘1540点左右) Week49线下GEMIN[和PA联盟报价在2300-2500之间，OA在2300-2600，均值约2400美金（折盘1650点左右） 周一，OOCL调降至2530，CMA调降至2645美金, HPL降价到2300，OOCL降到2300。 周 马士基对week50开舱2200美金 集运星报 | | | | | | | 研究中心能化团队 | | | 2025/11/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 台的 | | 昨日收盘价 | 涨跌 | 募 | 昨日成交量 | | 昨日持命量 | 持仓变动 | | 期货 | EC2512 | | 1650.0 | -7 229% | -10.6 | 6884 | | 6454 | -408 | | | EC2602 | | 1453.5 | -7.34% | 185.9 | 51412 | | 48279 | 4946 | | | EC2604 | | 1126.4 | -1 -37% | 513.0 | 5004 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core Viewpoints - For methanol, the current situation remains poor. Iranian shutdown is slower than expected, and there should still be high imports in November. The contradiction in contract 01 is difficult to resolve. The port sanctions issue is expected to be resolved before the end of gas restrictions, and inventory reduction is difficult. Methanol has limited upward momentum, and the downside space depends on the inland situation. Recently, coal prices have strengthened, but it does not affect profits [1]. - For polyethylene, the inventory of Sinopec and PetroChina is neutral year - on - year. Upstream Sinopec and PetroChina and coal - chemical enterprises are reducing inventory, social inventory is flat. Downstream raw material and finished - product inventories are neutral. Overall inventory is neutral. The basis of contract 09 is about - 110 in North China and - 50 in East China. Overseas markets in Europe, America, and Southeast Asia are stable. Import profit is around - 200 with no further increase for now. Non - standard HD injection molding prices are stable, other price differences are fluctuating, and LD is weakening. The number of maintenance in September is flat month - on - month, and the domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US quotes. In 2025, new device pressure is high, and the commissioning of new devices should be monitored [5]. - For polypropylene, the upstream Sinopec and PetroChina and the middle - stream are reducing inventory. In terms of valuation, the basis is - 60, non - standard price differences are neutral, and the import profit is around - 700. Exports have been good this year. Non - standard price differences are neutral. European and American markets are stable. PDH profit is around - 400, propylene price is fluctuating, and powder production start - up is stable. The proportion of drawing production is neutral. Future supply is expected to increase slightly month - on - month. Current downstream orders are average, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the pressure on contract 01 is expected to be moderately excessive. If exports continue to increase or there are many PDH device maintenance, the supply pressure can be alleviated to a neutral level [5]. - For PVC, the basis of contract 01 is maintained at - 270, and the factory - pick - up basis is - 480. Downstream start - up is seasonally weakening, and the willingness to hold goods at low prices is strong. The inventory of middle and upstream is continuously accumulating. In summer, Northwest devices have seasonal maintenance, and the load center is between the spring maintenance and the high production in Q1. In Q4, attention should be paid to the commissioning of new devices and the sustainability of exports. Recent export orders have declined slightly. The coal market sentiment is positive, and the cost of semi - coke is stable. The profit of calcium carbide is under pressure due to PVC maintenance. The counter - offer for caustic soda exports is FOB380. Attention should be paid to whether subsequent export orders can support high - price caustic soda. The comprehensive profit of PVC is - 100. Currently, the static inventory contradiction is accumulating slowly, the cost is stable, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and start - up [5]. Group 3: Summary by Related Catalogs Methanol - **Price Data**: From November 19 to 25, 2025, the power coal futures price remained at 801. The prices of Jiangsu and South China spot, and other regional prices showed certain changes. For example, the Jiangsu spot price increased from 1995 to 2057, with a daily increase of 4 on the 25th compared to the previous day. The import profit, main contract basis, and other indicators also had corresponding changes [1]. Plastic (Polyethylene) - **Price Data**: From November 19 to 25, 2025, the Northeast Asia ethylene price remained at 730 on some days. The prices of North China LL, East China LL, etc. had minor changes. For example, the main contract futures price decreased from 6833 to 6762, with a daily decrease of 31 on the 25th compared to the previous day. The two - oil inventory decreased from 70 to 11701, with a daily decrease of 20 on the 25th [5]. PP (Polypropylene) - **Price Data**: From November 19 to 25, 2025, the Shandong propylene price increased from 5920 to 5920 (with a change process in between), and the main contract futures price decreased from 6434 to 6317, with a daily decrease of 55 on the 25th compared to the previous day. The two - oil inventory decreased from 70 to 15668, with a daily decrease of 65 on the 25th [5]. PVC - **Price Data**: From November 19 to 25, 2025, the Northwest calcium carbide price remained at 2400 on some days, and the prices of calcium - carbide - based PVC in East China and other regions had minor changes. The basis of high - end delivery products remained at - 90 on some days and then changed to - 70 [5].