Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy on October 29, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 are 5170 and 5220 respectively, with daily changes of 0 and weekly changes of 40 and 70 [2]. - The latest price of Shaanxi 75 silicon ferroalloy is 5750, with a daily and weekly change of -50 [2]. - The export prices of Tianjin 72 and Tianjin 75 silicon ferroalloy are 1055 and 1105 (in US dollars) respectively, with no daily or weekly changes [2]. - For silicon manganese, the latest prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 are 5680, 5580, 5650, 5600, and 5600 respectively, with no daily changes [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and capacity utilization in different regions such as Inner Mongolia, Ningxia, and Shaanxi [5]. - The production data of silicon manganese in China from 2021 - 2025 are also shown, including weekly production and the procurement volume and price of Hebei Iron and Steel Group [7]. Demand - The demand - related data of silicon ferroalloy and silicon manganese in China from 2021 - 2025 are provided, such as the estimated production of crude steel, the production of stainless - steel crude steel, and the demand for silicon manganese (Steel Union caliber) [5][8]. Inventory - The inventory data of 60 sample silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including weekly inventory in different regions and the number of warehouse receipts and effective forecasts [6]. - The inventory data of silicon manganese from 2021 - 2025 are also shown, including the number of warehouse receipts, effective forecasts, and the inventory of 63 sample enterprises in China [8]. Cost and Profit - The cost - related data of silicon ferroalloy from 2021 - 2025 are provided, such as electricity prices in different regions, the market price of semi - coke, and the production cost and profit in Inner Mongolia and Ningxia [6]. - The cost - related data of silicon manganese from 2021 - 2025 are also presented, including the price of chemical coke, the price of manganese ore, and the profit in different regions [7][8].

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 Iron Ore Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 793, up 4 daily and 17 weekly; PB powder price is 796, up 4 daily and 19 weekly; Macarthur powder price is 793, up 6 daily and 17 weekly; Jinbuba powder price is 756, down 4 daily and up 9 weekly; Roy Hill powder price is 783, up 4 daily and 19 weekly [1]. - **Brazilian Mainstream Iron Ore**: Brazilian blend price is 834, up 5 daily and 21 weekly; Brazilian coarse IOC6 price is 797, up 4 daily and 19 weekly; Brazilian coarse SSFG price is 802, up 4 daily and 19 weekly [1]. - **Other Iron Ore**: Ukrainian concentrate price is 910, down 1 daily and up 13 weekly; 61% Indian powder price is 745, down 4 daily and up 9 weekly; Karara concentrate price is 910, down 1 daily and up 13 weekly; 57% Indian powder price is 644, unchanged daily and up 9 weekly; Atlas powder price is 752, unchanged daily and up 18 weekly [1]. - **Domestic Iron Ore**: Tangshan iron concentrate price is 1033, up 6 daily and 12 weekly [1]. Iron Ore Futures Market - **DCE Contracts**: i2601 contract price is 792.5, up 6 daily and 23 weekly; i2605 contract price is 768.5, up 5 daily and 19 weekly; i2609 contract price is 747, up 4.5 daily and 17.5 weekly [1]. - **SGX Contracts**: FE01 contract price is 102.17, up 1.47 daily and 2.02 weekly; FE05 contract price is 100, up 1.46 daily and 1.8 weekly; FE09 contract price is 98, up 1.46 daily and 1.83 weekly [1].

Report Summary 1. Report Information - Report Name: Scrap Steel Morning Report [1] - Research Team: Black Team of the Research Center [3] - Date: October 29, 2025 [3] 2. Core Data - Scrap steel prices in different regions from October 22 - 28, 2025 are as follows: | Region | 2025/10/22 | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 |环比 | | --- | --- | --- | --- | --- | --- | --- | | East China | 2227 | 2228 | 2228 | 2235 | 2238 | 3 | | North China | 2302 | 2304 | 2304 | 2302 | 2302 | 0 | | Central China | 2053 | 2053 | 2053 | 2053 | 2054 | 1 | | South China | 2228 | 2231 | 2230 | 2230 | 2235 | 5 | | Northeast China | 2250 | 2250 | 2250 | 2258 | 2261 | 3 | | Southwest China | 2135 | 2134 | 2131 | 2129 | 2129 | 0 | [4]

Group 1: Glass Price and Spread - The price of 5mm glass in Shahe Safety decreased from 1143.0 on Oct 21 to 1113.0 on Oct 28, a weekly change of -30.0 [2] - The FG05 contract price increased from 1236.0 on Oct 21 to 1263.0 on Oct 28, a weekly change of 27.0 [2] - The FG 1 - 5 spread changed from -149.0 on Oct 21 to -150.0 on Oct 28, a weekly change of -1.0 [2] Profit - North China coal - fired glass profit changed from 203.3 on Oct 21 to 182.9 on Oct 28, a weekly change of -20.4 [2] - 05FG盘面 natural gas profit increased from -141.8 on Oct 21 to -121.8 on Oct 28, a weekly change of 20.1 [2] Production and Sales - Shahe factory's glass production and sales improved, with the low - price of Shahe traders around 1095 and average shipment. Hubei's factory price was around 1040 with good factory transactions [2] - Glass production and sales: Shahe 98, Hubei 118, East China 98, South China 99 [2] Group 2: Soda Ash Price and Spread - The price of Shahe heavy soda ash increased from 1150.0 on Oct 27 to 1200.0 on Oct 28, a daily change of -10.0 and a weekly change of 40.0 [2] - The SA05 contract price decreased from 1337.0 on Oct 27 to 1331.0 on Oct 28, a daily change of -6.0 and a weekly change of 33.0 [2] - The SA01 - 5 spread changed from -91.0 on Oct 27 to -92.0 on Oct 28, a daily change of -1.0 and a weekly change of -4.0 [2] Profit - North China ammonia - soda process profit changed from -226.7 on Oct 27 to -236.7 on Oct 28, a daily change of -10.0 and a weekly change of 44.9 [2] - North China combined - soda process profit changed from -242.1 on Oct 27 to -252.1 on Oct 28, a daily change of -10.0 and a weekly change of 45.8 [2] Industry Situation - The upstream inventory of soda ash remained stable [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Corn**: New - season corn has been listed, with prices dropping significantly during the National Day. Short - term prices will be weak due to concentrated supply. Mid - to long - term prices depend on the game between farmers and traders. A large price drop may trigger farmers' resistance and price rebound [4]. - **Starch**: After the holiday, raw material prices are weakening, but starch price adjustment is limited by high production costs. Short - term prices are expected to decline, and inventory accumulation may restrict price rebound. Mid - to long - term prices depend on downstream consumption [4]. - **Sugar**: Internationally, Brazilian sugar supply pressure weighs on prices, and future production is uncertain. Domestically, prices follow international trends, and imported sugar arrival and processed sugar price cuts put pressure on the market [5]. - **Cotton**: The market is in a consolidation phase, waiting for demand verification. Without major macro - risks, the April low may be the long - term bottom, and the downside is limited. Attention should be paid to demand changes [7]. - **Eggs**: Supply pressure is partially relieved by orderly chicken culling and reduced new production. Demand increases as the weather cools. The price has rebounded slightly, and future price trends depend on the culling rhythm [13]. - **Apples**: New - season late - maturing Fuji apples are on the market. Yields are expected to decrease in some areas, and quality is affected by rain. The average opening price is above 3.5 yuan/jin, and the short - term price may fluctuate upward [17]. - **Pigs**: Weekend spot prices are stable with a slight increase. The short - term price rebounds due to factors like slow - down in slaughter and downstream demand. However, mid - term supply pressure remains due to insufficient capacity reduction [17]. 3. Summary by Commodity Corn/Starch - **Price Data**: From 2025/10/22 to 2025/10/28, corn prices in some regions decreased (e.g., Changchun down 20, Weifang down 20), and starch prices showed little change. Corn's import profit decreased by 25, and starch's processing profit remained at 112 [3]. - **Analysis**: New - season corn listing leads to short - term price weakness. Starch prices are affected by raw material prices and cost factors [4]. Sugar - **Price Data**: From 2025/10/22 to 2025/10/28, the spot price in Kunming decreased by 5, the basis in Liuzhou decreased by 38, and the number of warehouse receipts decreased by 100 [5]. - **Analysis**: International supply pressure and domestic import factors affect sugar prices [5]. Cotton - **Price Data**: From 2025/10/22 to 2025/10/28, the price of 3128 cotton decreased by 40, and the number of warehouse receipts increased by 96. The 32S spinning profit increased by 42 [7]. - **Analysis**: The market is in a wait - and - see state, and the downside is limited [7]. Eggs - **Price Data**: From 2025/10/22 to 2025/10/28, the basis increased by 65, and the price of live pigs increased by 0.07 [12]. - **Analysis**: Supply and demand factors jointly drive the price rebound, and the future depends on the culling rhythm [13]. Apples - **Price Data**: From 2025/10/22 to 2025/10/28, the spot price in Shandong remained at 7500, and the basis for different contracts changed [16][17]. - **Analysis**: Yield and quality issues affect prices, and the short - term price may rise [17]. Pigs - **Price Data**: From 2025/10/22 to 2025/10/28, prices in various regions increased (e.g., Henan Kaifeng up 0.15, Shandong Linyi up 0.30), and the basis increased by 320 [17]. - **Analysis**: Short - term price rebounds, but mid - term supply pressure remains [17].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The PG main contract fluctuated upward. Domestic civil gas prices dropped significantly, while external market prices rose sharply. The profit of PDH decreased. With low arrivals, reduced external supply, and decreased port and factory inventories, supported by chemical demand and the expected recovery of combustion demand, and considering that there is no pressure on inventory and downstream purchasing willingness has increased, it is expected that the spot price will maintain a slight increase. Propane is still greatly affected by the China - US tariff policy, and cautious participation is recommended [4] 3. Summary by Relevant Catalogs Daily Changes - On Tuesday, the decline of civil gas continued. In the East China region, the price was 4274 (-8), in Shandong it was 4260 (-10), and in South China it was 4400 (-10). The price of ether - post carbon four was 4400 (-30). The lowest delivery location was Shandong, with a basis of -87 (-18). The 11 - 12 spread was 89 (+2), and the 12 - 01 spread was 98 (-5). FEI and CP increased to 504 (+9) and 462 (+4) US dollars/ton respectively [4] Weekly View - The PG main contract fluctuated upward. The basis was -69 (-49), the 11 - 12 spread was 90 (-47), and the 12 - 01 spread was 113 (-1). Domestic civil gas prices dropped significantly. The cheapest delivery product was East China civil gas at 4279 (-66); in Shandong it was 4360 (+160), and in South China it was 4405 (-55). There were 2416 warehouse receipts, with 2300 from Wanhua, an increase of 64 from Yunda, and an increase of 52 from Haiyu Petrochemical. External market prices rose sharply; the FEI spread was -6.25 US dollars (+3.75), and the CP spread was -8 US dollars (-4). PG - CP was 114 (-17); PG - FEI was 79 (-33). FEI - CP was 35 (+15). The US - Asia arbitrage window opened. The CP South China CIF discount was 74 (-4). The freight from the US Gulf to Japan was 116 (+0), and from the Middle East to the Far East was 56 (-4). The FEI - MOPJ decreased but the switching window was still open, at -82.5 (-11.5). The PDH profit decreased. With low arrivals and reduced external supply, both port and factory inventories decreased. Supported by chemical demand and the expected recovery of combustion demand, the PDH operating rate was 71.66% (+2.9 pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but the second - phase of Zhongjing shut down again. Next week, Lihuayi Weiyuan is expected to resume production [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - ANEC estimates Brazil's soybean exports in October 2025 to be 7 million tons, down from the previous week's estimate of 7.34 million tons; the country's October 2025 soybean meal exports are expected to be 2.08 million tons, slightly lower than the previous week's 2.09 million tons [1] - GAPKI states that due to favorable weather and strong prices, Indonesia's palm oil production in 2025 is expected to increase by 10% to around 56 million tons, up from the previous estimate of 53.63 million tons; exports are expected to reach 30 - 31 million tons, higher than 29 million tons in 2024 [1] - GAPKI predicts that Indonesia's palm oil production will increase by another 5% in 2026, and plans to use insect - pollination to boost production by the end of 2026 or early 2027 [1] 3. Section Summaries Overnight Market Information - Brazil's October 2025 soybean and soybean meal export volume estimates are adjusted downward [1] - Indonesia's 2025 palm oil production is expected to grow by 10%, exports to increase, and production in 2026 to rise by 5%; the country's August 2025 palm oil inventory decreased by 1%, exports fell by 1.8%, and production remained stable [1] Spot Prices - From October 22 to 28, 2025, the spot prices of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil in different regions showed fluctuations [2] Protein Meal Basis and Oil Basis - Not detailed in the given content Oil and Oilseed Futures Spreads - Not detailed in the given content

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, the current situation has persisted for a long time, and the improvement in terminal data on a month - on - month basis supports the continuation of polyester operation. Attention should be paid to additional maintenance. With limited new capacity coming online in the far - month, the processing fee center may gradually recover [3] - For MEG, the domestic oil - based maintenance has been implemented in the near - term with some unexpected events, leading to a decline in the load on a month - on - month basis. Overseas operations are stable, and port inventories will continue to accumulate slightly at the beginning of next week. The arrival forecast for the week has declined, and the basis has strengthened on a month - on - month basis. The profitability and price ratio of coal - based MEG have rebounded. In the future, with the high - level operation of existing EG capacity and new capacity coming online, it will enter a continuous inventory accumulation stage. However, after the weakening of coal - based profitability and price ratio, there may be some negative feedback on the supply side. Considering the recent strengthening of coal prices, attention should be paid to the opportunity of selling put options near the coal - based cost [8] - For polyester staple fiber, the near - term device operation is stable, with the operation rate maintained at 94.3%. The production and sales have improved on a month - on - month basis, and the inventory has continued to decline. On the demand side, the operation rate of polyester yarn has remained stable, raw material inventory has increased, and finished - product inventory has decreased, with a slight weakening in profitability. In the future, the overall profitability and operation rate of polyester yarn have not significantly improved. The export of staple fiber itself has maintained high growth. With the decent spot profitability, the high operation rate will be maintained, and the overall inventory pressure is limited. The processing fee on the futures market is not high. Attention should be paid to the opportunity of expanding the spread at low prices and the situation of warehouse receipts [8] - For natural rubber and 20 - grade rubber, the main contradictions are that the national explicit inventory is stable at a relatively low absolute level, and the price of Thai cup lump rubber is stable while rainfall affects rubber tapping. The strategy is to wait and see [8] Summary by Related Catalogs PTA - **Price and Index Changes**: From October 22 to October 28, 2025, the price of crude oil decreased by 1.2, naphtha decreased by 9, PX CFR Taiwan decreased by 10, PTA domestic spot price increased by 30, and POY 150D/48F increased by 15. The naphtha cracking spread decreased by 0.06, PX processing margin decreased by 1, PTA processing margin remained unchanged, and polyester gross profit decreased by 5. The PTA balance load and PTA load remained unchanged, the number of warehouse receipts + valid forecasts increased by 4104, the TA basis increased by 1, and the production - sales ratio decreased by 0.2 [2] - **Device Changes**: Dushan Energy's 3 - million - ton device was put into operation [2] MEG - **Price and Index Changes**: From October 22 to October 28, 2025, the price of Northeast Asian ethylene remained unchanged, MEG outer - market price decreased by 1, MEG inner - market price decreased by 16, MEG East China price decreased by 16, and MEG far - month price decreased by 15. The coal - based MEG profit decreased by 16, the MEG inner - market cash flow (ethylene) remained unchanged, the total MEG load, coal - based MEG load, MEG port inventory, and non - coal - based load remained unchanged [8] - **Device Changes**: Fujian Refining's 400,000 - ton device was under maintenance [8] Polyester Staple Fiber - **Price and Index Changes**: From October 22 to October 28, 2025, the price of 1.4D cotton - type staple fiber increased by 40, the price of low - melting - point staple fiber remained unchanged, the price of virgin hollow staple fiber increased by 40, and the prices of other products remained unchanged. The profit of virgin staple fiber increased by 20, the profit of pure polyester yarn decreased by 20, the price difference between cotton and polyester staple fiber decreased by 80, and the price difference between viscose and polyester staple fiber decreased by 40 [8] - **Device and Market Information**: The near - term device operation is stable, with the operation rate maintained at 94.3%. The production and sales have improved on a month - on - month basis, and the inventory has continued to decline. The spot price is around 6381, and the market basis is around - 30 for December [8] Natural Rubber and 20 - grade Rubber - **Price and Index Changes**: From October 22 to October 28, 2025, the price of US - dollar - denominated Thai standard rubber decreased by 15, the price of US - dollar - denominated Thai mixed rubber remained unchanged, the price of RMB - denominated mixed rubber decreased by 50, and the prices of other products had corresponding changes. The daily change in the price difference between mixed rubber and RU main contract was - 30, the price difference between US - dollar - denominated Thai standard rubber and NR main contract remained unchanged, and other price differences also had corresponding changes [8] - **Market Situation**: The national explicit inventory is stable at a relatively low absolute level, and the price of Thai cup lump rubber is stable while rainfall affects rubber tapping [8] Styrene - **Price and Index Changes**: From October 22 to October 28, 2025, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of pure benzene (CFR China) remained unchanged, the price of pure benzene (East China) decreased by 65, and the prices of other products had corresponding changes. The daily change in the price of PS (East China transparent benzene) remained unchanged, the price of ABS (0215A) remained unchanged, the Asian price difference between pure benzene and naphtha remained unchanged, the domestic profit of styrene remained unchanged, the domestic profit of EPS decreased by 30, the domestic profit of PS increased by 69, and the domestic profit of ABS remained unchanged [11]

Core Views - The financial options implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity options implied volatility index is obtained by weighting the implied volatilities of the two - strike prices above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility indicates the relative level of implied volatility to historical volatility. A larger difference means higher implied volatility relative to historical volatility, and a smaller difference means lower implied volatility relative to historical volatility [3] - The implied volatility quantile represents the current implied volatility level of a variety in history. A high quantile means the current implied volatility is high, while a low quantile means it is low. The volatility spread is the implied volatility index minus the historical volatility [5] Summary by Related Content Implied Volatility Index, Historical Volatility and Their Spread Chart - The chart shows the implied volatility (IV), historical volatility (HV) and their differences (IV - HV) of various financial and commodity options, including 300 - stock index, 50ETF, 1000 - stock index, 500ETF, silver, gold, soybean meal, corn, sugar, cotton, methanol, rubber, iron ore, PTA, copper, crude oil, aluminum, PVC, rebar, zinc, urea, palm oil, etc [4] Implied Volatility Quantile and Volatility Spread Quantile Ranking Chart - The chart presents the implied volatility quantile ranking and historical volatility quantile ranking of different varieties such as 300 - stock index, 50ETF, PTA, methanol, PVC, iron ore, cotton, etc [5][6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views - **Methanol**: The current situation remains poor, with Iranian shutdowns slower than expected. High imports are likely in November, making it difficult to resolve the contradictions in the 01 contract. The issue of port sanctions is expected to be resolved before the end of gas restrictions, and inventory depletion is difficult. Methanol has limited upside potential, and the downside space depends on the inland market. Although coal prices have strengthened recently, they do not affect profits [1]. - **Polyethylene**: The inventory of Sinopec and PetroChina is neutral year - on - year. Upstream Sinopec and PetroChina and coal - chemical enterprises are reducing inventory, while social inventory remains flat. Downstream inventory of raw materials and finished products is also neutral. Overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. The import profit is around - 200 with no further increase for now. The price of non - standard HD injection molding is stable, and other price differences are fluctuating, with LD weakening. Domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion and US quotations, as well as the commissioning of new plants in 2025 [6]. - **PP**: The upstream Sinopec and PetroChina and mid - stream enterprises are reducing inventory. In terms of valuation, the basis is - 60, the non - standard price difference is neutral, and the import profit is around - 700. Exports have been good this year. The non - standard price difference is neutral. The PDH profit is around - 400, propylene is fluctuating, and the powder production start - up rate is stable. The拉丝 production schedule is neutral. Future supply is expected to increase slightly, and downstream orders are average currently. Under the background of over - capacity, the 01 contract is expected to face moderate to excessive pressure. If exports continue to increase or there are many PDH plant overhauls, the supply pressure can be alleviated to a neutral level [6]. - **PVC**: The basis remains at 01 - 270, and the factory - delivery basis is - 480. Downstream operating rates are seasonally weakening, but there is a strong willingness to hold inventory at low prices. Mid - and upstream inventories are continuously accumulating. In summer, Northwest plants have seasonal overhauls, and the load center is between the spring overhaul and the high production in Q1. In Q4, attention should be paid to the commissioning of new plants and the sustainability of exports. Recent export orders have declined slightly. Coal sentiment is positive, and the cost of semi - coke is stable. The profit of calcium carbide is under pressure due to PVC overhauls. Attention should be paid to whether subsequent export orders can support the high price of caustic soda. The PVC comprehensive profit 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 operating rates [6]. 3. Summary by Related Catalogs Methanol - **Price Data**: From October 21 - 27, 2025, the power coal futures price remained at 801. The Jiangsu spot price decreased from 2265 to 2232, a decrease of 33. Other regional prices also showed certain fluctuations [1]. - **Profit and Basis**: The import profit remained at around 320 - 326, and the main contract basis and MTO profit also changed [1]. Polyethylene - **Price Data**: From October 21 - 27, 2025, the Northeast Asia ethylene price decreased from 780 to 765 on October 24, and then no data was provided. The prices of North China LL, East China LL, etc. showed an upward trend, with the main contract futures price increasing by 55 [6]. - **Inventory and Other Information**: The two - oil inventory decreased, and the production of domestic linear products decreased recently [6]. PP - **Price Data**: From October 21 - 27, 2025, the prices of Shandong propylene and Northeast Asia propylene remained unchanged. The prices of East China PP, North China PP, etc. fluctuated, and the main contract futures price increased by 37 [6]. - **Inventory and Other Information**: Upstream and mid - stream enterprises are reducing inventory, and the PDH profit is around - 400 [6]. PVC - **Price Data**: From October 21 - 27, 2025, the price of Northwest calcium carbide remained at 2500 on October 24 - 27, and the price of Shandong caustic soda decreased from 822 to 807. The price of calcium carbide - based PVC in East China remained at 4680 [6]. - **Profit and Other Information**: The export profit and comprehensive profit showed certain fluctuations, and the basis remained at - 90 [6].