Report Date - The report is dated August 11, 2025 [3] Price - The report presents the prices of different grades of ferrosilicon (FeSi) and silicomanganese (SiMn) in various regions from 2021 to 2025, including 72% FeSi in Inner Mongolia, Qinghai, Ningxia, Shaanxi, Jiangsu, and Tianjin, as well as 75% FeSi in Shaanxi [1][2][6] - It also shows the prices of related products such as silicon carbide - ferrosilicon spread, silicon - manganese spread, and the export and import average prices of ferrosilicon [2][4] Supply - The supply section includes the production data of ferrosilicon and silicomanganese, such as the monthly production of 136 ferrosilicon enterprises in China and the weekly production of silicomanganese in China from 2021 to 2025 [4][6] - The capacity utilization rates of ferrosilicon production enterprises in Inner Mongolia, Ningxia, and Shaanxi are also provided [4] Demand - The demand part shows the demand data of ferrosilicon and silicomanganese, including the estimated and actual production of crude steel in China, the production of stainless steel, and the procurement volume and price of ferrosilicon and silicomanganese by Hebei Iron and Steel Group [4][6][7] - The demand for silicomanganese in China (Steel Union caliber) is also presented [4][7] Inventory - The inventory section provides the inventory data of ferrosilicon and silicomanganese, such as the weekly inventory of 60 ferrosilicon sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the inventory of silicomanganese in China [5][7] - It also shows the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts for ferrosilicon and silicomanganese [5][7] Cost and Profit - The cost and profit part includes the cost data such as electricity prices in different regions for ferroalloys, the market price of semi - coke, and the production cost of ferrosilicon in Ningxia and Inner Mongolia [5] - The profit data such as the production profit of semi - coke in China, the profit of ferrosilicon exports, and the profit of silicomanganese in different regions are also presented [5][7]

甲醇聚烯烃早报 研究中心能化团队 2025/08/11 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 4 801 2370 2375 2538 2530 2495 2685 271 333 38 -20 -1237 2025/08/0 5 801 2378 2373 2538 2535 2510 2695 271 333 44 -15 -1237 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 2383 2378 2545 2535 2535 2690 270 333 52 -12 -1237 日度变化 0 -4 -7 -10 0 0 -20 -2 0 15 -2 0 | 日期 | 西北电石 | 山东烧碱 | 电石法-华 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary of Key Information SP Main Contract Closing Price - On August 8, 2025, the SP main contract closing price was 5162.00, with a -0.46278% change from the previous day [3]. - The closing prices from August 4 - 8, 2025, were 5168.00, 5160.00, 5170.00, 5186.00, and 5162.00 respectively, with corresponding percentage changes of -0.34709%, -0.15480%, 0.19380%, 0.30948%, and -0.46278% [3]. Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion was 51.55, and that of Lion was -392.78; for Chilean Silver Star, it was -76.65 [4]. - The port dollar prices of Golden Lion, Lion, and Silver Star were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6450, 5600, and 5835 respectively [4]. National and Regional Pulp Price Averages - From August 4 - 8, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4]. - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4]. Paper Index and Profit Margin Information - From August 5 - 8, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged at 5725, 5670, 4350, and 828 respectively [4]. - The profit margins of double - offset, double - copper, white card, and living paper on August 8, 2025, were 6.4302%, 24.2360%, -11.9756%, and 7.9481% respectively, with the living paper profit margin changing by -0.3820 compared to previous days [4]. Pulp Price Spreads - On August 8, 2025, the softwood - hardwood, softwood - natural, softwood - chemimechanical, and softwood - wastepaper price spreads were 1700.00, 435, 2010, and 4259 respectively [4].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment. It is recommended to hold short positions on the October contract and maintain the logic of shorting on rallies [2]. Group 3: EC Futures Contract Information - EC2508 closed at 2071.0 with a - 0.08% change, volume of 273, and an open interest of 3432 with a change of - 147; EC2510 closed at 1436.0 with a 1.10% change, volume of 56447, and an open interest of 56602 with a change of 3006; EC2512 closed at 1760.0 with a - 0.18% change, volume of 6068, and an open interest of 10276 with a change of 516; EC2602 closed at 1530.4 with a 1.66% change, volume of 1105, and an open interest of 4135 with a change of - 44; EC2604 closed at 1353.0 with a 0.46% change, volume of 1290, and an open interest of 5403 with a change of 34; EC2606 closed at 1490.5 with a 0.17% change, volume of 142, and an open interest of 800 with a change of - 8 [2]. - The month - spread of EC2508 - 2510 was - 17.3 compared to the previous day and - 65.5 compared to the previous week; EC2510 - 2512 was 18.8 compared to the previous day and - 68.6 compared to the previous week; EC2512 - 2602 was - 28.2 compared to the previous day and 22.6 compared to the previous week [2]. Group 4: Spot Freight Index Information - The SCFI (European Line) on August 4th was 2297.86 dollars/TEU with a - 0.81% change from the previous period and - 3.50% from the period before; on August 8th, it was 1961 dollars/TEU with a - 4.39% change from the previous period and - 1.87% from the period before [2]. - The CCFI on August 8th was 1799.05 with a 0.53% change from the previous period [2]. - The NCFI on August 8th was 1257.71 with an - 8.37% change from the previous period [2]. Group 5: Recent European Line Quotation - Currently, downstream customers are booking space for mid - August (week33 - 34). The average quote in week33 was about 3150 dollars (equivalent to about 2200 points on the futures). In week34, shipping companies' quotes dropped by 200 - 300 dollars, with an average of 2850 dollars (2000 points). The PA Alliance quoted 2700 dollars, MSK 2600 dollars, and the OA Alliance 2900 - 3000 dollars [3]. Group 6: Shipping Capacity Information - In week33 of August, the cargo collection of each alliance varied, with MSK performing well, OA average, and PA poor. In week34, cargo collection significantly weakened. EMC cancelled its independent operation ship in week35, and OA added a suspension in week39. The shipping capacity decreased slightly but remained high. The average weekly shipping capacity in August, September (tentative), and October (tentative) 2025 is 327,000, 321,000, and 319,000 TEU respectively, and 327,000, 300,000, and 287,000 TEU after considering all TBN as suspensions [2]. Group 7: Related News - On August 8th, the Israeli security cabinet approved the IDF to take over Gaza City and agreed to the "five principles" for a cease - fire. On August 9th, sources said that Qatar and the US were formulating a comprehensive cease - fire agreement for the Gaza Strip [4].

Report Information - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Date: August 11, 2025 [1] Price and Inventory Information Coal Prices - The latest price of Liulin Main Coking Coal is 1404.00, with a weekly increase of 92.00 and a monthly increase of 254.00, and an annual decrease of 14.91% [2]. - The latest price of Raw Coal Port Delivery Price is 973.00, with a daily decrease of 27.00, a weekly increase of 93.00, a monthly increase of 216.00, and an annual decrease of 21.53% [2]. - The latest price of Shaheyi Mongolian No. 5 is 1380.00, with a weekly increase of 160.00, a monthly increase of 300.00, and an annual decrease of 22.47% [2]. - The latest price of Anze Main Coking Coal is 1470.00, with a daily and weekly decrease of 30.00, a monthly increase of 270.00, and an annual decrease of 18.33% [2]. Inventory - The total inventory is 3296.08, with a weekly decrease of 13.62, a monthly decrease of 273.67, and an annual decrease of 1.43% [2]. - The coal mine inventory is 245.66, with a weekly decrease of 2.60, a monthly decrease of 131.52, and an annual decrease of 15.49% [2]. - The port inventory is 282.11, with a weekly decrease of 10.23, a monthly decrease of 22.16, and an annual decrease of 9.00% [2]. - The steel mill coking coal inventory is 803.79, with a weekly increase of 4.28, a monthly increase of 14.19, and an annual increase of 10.98% [2]. - The coking coking coal inventory is 992.73, with a weekly increase of 7.35, a monthly increase of 144.55, and an annual increase of 11.05% [2]. - The coking coke inventory is 86.30, with a weekly decrease of 0.32, a monthly decrease of 0.72, and an annual decrease of 0.98% [2]. Coking Capacity and Utilization - The coking capacity utilization rate is 74.03, with a weekly increase of 0.34, a monthly increase of 1.16, and an annual increase of 0.42% [2]. Futures Information - The latest price of Futures Contract 05 is 1255.00, with a daily decrease of 2.50, a weekly increase of 113.00, a monthly increase of 294.50, and an annual decrease of 16.05% [2]. - The latest price of Futures Contract 09 is 1066.50, with a daily decrease of 18.50, a weekly increase of 84.00, a monthly increase of 157.00, and an annual decrease of 23.96% [2]. - The latest price of Futures Contract 01 is 1219.50, with a daily decrease of 1.50, a weekly increase of 114.00, a monthly increase of 278.00, and an annual decrease of 17.99% [2]. - The 05 basis is -47.30, with a daily increase of 2.50, a weekly decrease of 113.00, a monthly decrease of 38.18, and an annual decrease of 311.72 [2]. - The 09 basis is 141.20, with a daily increase of 18.50, a weekly decrease of 84.00, a monthly increase of 99.32, and an annual decrease of 0.60 [2]. - The 01 basis is -11.80, with a daily increase of 1.50, a weekly decrease of 114.00, a monthly decrease of 21.68, and an annual decrease of 1.04 [2]. - The 5 - 9 spread is 188.50, with a daily increase of 16.00, a weekly increase of 29.00, a monthly increase of 137.50, and an annual increase of 1.04 [2]. - The 9 - 1 spread is -153.00, with a daily decrease of 17.00, a weekly decrease of 30.00, a monthly decrease of 121.00, and an annual increase of 0.81 [2]. - The 1 - 5 spread is -35.50, with a daily increase of 1.00, a weekly increase of 1.00, a monthly decrease of 16.50, and an annual increase of 3.44 [2].

1. Report Date - The report is dated August 11, 2025 [1] 2. Price and Inventory Data 2.1 Coke Prices - The prices of different types of coke (such as Shanxi quasi - first wet - quenched, Hebei quasi - first wet - quenched, etc.) have shown various changes over different time periods. For example, Shanxi quasi - first wet - quenched coke is priced at 1426.72, with a weekly change of 54.61 and a monthly change of 273.06, and a year - on - year decrease of 22.64% [2] 2.2 Inventory Data - Coking plant inventory is 44.63, with a weekly decrease of 1.89 and a monthly decrease of 14.95, and a year - on - year increase of 1.39% - Port inventory is 218.15, with a weekly increase of 3.05 and a monthly increase of 18.07, and a year - on - year increase of 15.29% - Steel mill inventory is 619.28, with a weekly decrease of 7.41 and a monthly decrease of 18.52, and a year - on - year increase of 15.49% [2] 3. Production - related Data 3.1 Production Capacity Utilization - The coking production capacity utilization rate is 73.48, with a weekly decrease of 0.13 and a monthly increase of 0.28, and a year - on - year increase of 0.34% - The blast furnace start - up rate is 90.09, with a weekly decrease of 0.15 and a monthly increase of 0.19, and a year - on - year increase of 1.37% [2] 3.2 Output - The daily average coke output is 51.78, with a weekly decrease of 0.39 and a monthly decrease of 1.81, and a year - on - year decrease of 3.47% - The daily average iron water output is 240.32, with a weekly decrease of 0.39 and a monthly increase of 0.51, and a year - on - year increase of 3.72% [2] 4. Futures - related Data 4.1 Futures Prices - The price of futures contract 05 is 1812, with a daily decrease of 7.00, a weekly increase of 104.50, a monthly increase of 272.00, and a year - on - year decrease of 15.33% - The price of futures contract 09 is 1648.5, with a daily decrease of 9.50, a weekly increase of 64.00, a monthly increase of 170.50, and a year - on - year decrease of 17.68% - The price of futures contract 01 is 1729.5, with a daily decrease of 6.00, a weekly increase of 88.50, a monthly increase of 222.00, and a year - on - year decrease of 17.68% [2] 4.2 Basis and Spread - The 05 basis is - 95.10, with a daily increase of 7.00, a weekly decrease of 104.50, a monthly increase of 26.99, and a year - on - year decrease of 104.85 - The 09 basis is 68.40, with a daily increase of 9.50, a weekly decrease of 64.00, a monthly increase of 128.49, and a year - on - year decrease of 78.85 - The 01 basis is - 12.60, with a daily increase of 6.00, a weekly decrease of 88.50, a monthly increase of 76.99, and a year - on - year decrease of 61.35 - The 5 - 9 spread is - 82.50, with a daily increase of 1.00, a weekly decrease of 16.00, a monthly decrease of 50.00, and a year - on - year decrease of 43.50 - The 9 - 1 spread is 163.50, with a daily increase of 2.50, a weekly increase of 40.50, a monthly increase of 101.50, and a year - on - year increase of 26.00 - The 1 - 5 spread is - 81.00, with a daily decrease of 3.50, a weekly decrease of 24.50, a monthly decrease of 51.50, and a year - on - year increase of 17.50 [2] 5. Historical Price Charts - The report includes historical price charts of coke in different regions (such as Linfen, Lvliang, Rizhao Port, etc.) from 2021 to 2025, showing the price trends of coke over the years [3][4][5]

Report Summary 1. Industry Investment Rating - No information provided on industry investment rating. 2. Core View - Russia's rapeseed production is expected to reach 5 million tons this year, with winter rapeseed output forecasted at 1 - 1.2 million tons and spring rapeseed contributing the rest. The sown area has increased to 3 million hectares, but there's a risk of harvest delays in Siberia and potential output reduction due to import - related area decrease. Russia produced 4.66 million tons of rapeseed in 2024 [1] - France's Ministry of Agriculture has raised this year's rapeseed production forecast from 4.2 million tons to 4.5 million tons [1] 3. Summary by Related Catalogs Overnight Market Information - Russia's rapeseed production forecast is 5 million tons, with 1 - 1.2 million tons from winter rapeseed and the rest from spring rapeseed. The sown area is 3 million hectares (754,500 hectares for winter and 2.4 million hectares for spring). There are risks of harvest delay in Siberia and potential output reduction due to import - related area decrease. In 2024, production was 4.66 million tons [1] - France's Ministry of Agriculture has increased the rapeseed production forecast from 4.2 million tons to 4.5 million tons [1] Spot Prices - Spot prices of various products (bean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu) from August 4 - 8, 2025 are presented in a table [2] Protein Meal Basis and Oil Basis - No specific content provided [3] Oil and Oilseed Futures Price Spreads - No specific content provided [4]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. The cracking spread of Singapore 0.5% low - sulfur fuel oil continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [5][6] - This week, Singapore's on - shore inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month. Saudi Arabia's shipments were at a historical high for the same period, and arrivals rebounded this week. UAE's shipments rebounded significantly month - on - month, and net exports increased substantially. [6] - The divergence between the East and West of high - sulfur fuel oil continued. The current price difference has triggered logistics changes. In the heavy - oil pattern, the cracking spread of Singapore 380cst is the weakest, and the premium of heavy crude oil is the strongest. It is expected to converge in both directions later. [6] - This week, LU's weakness was realized, the spot price of the external MF0.5 decreased slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. Pay attention to the opportunity of the high - sulfur 380 EW spread to widen, and short - term short positions in LU should exit. [6] Group 3: Data Summaries Rotterdam Fuel Oil Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | 3.5% HSF O Swap M1 | -$1.52 | | 0.5% VLS FO Swap M1 | +$0.76 | | HSFO - Brent M1 | -$0.29 | | 10ppm Gasoil Swap M1 | +$6.27 | | VLSFO - G M1 | -$5.51 | | LGO - Brent M1 | $0.00 | | VLSFO - HSFO M1 | +$2.28 | [3] Singapore Fuel Oil Data Swap Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | 380cst M1 | -$3.06 | | 180cst M1 | -$1.55 | | VLSFO M1 | -$1.64 | | GO M1 | +$1.06 | | 380cst - Brent M1 | -$0.17 | | VLSFO - GO M1 | -$9.49 | [3] Spot Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | FOB 380cst | - | | FOB VLSFO | - | | 380 Basis | - | | High - sulfur Internal - External Spread | -$0.1 | | Low - sulfur Internal - External Spread | -$1.7 | [4] Domestic FU Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | FU 01 | -41 | | FU 05 | -42 | | FU 09 | -60 | | FU 01 - 05 | +1 | | FU 05 - 09 | +18 | | FU 09 - 01 | -19 | [4] Domestic LU Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | LU 01 | -45 | | LU 05 | -34 | | LU 09 | -78 | | LU 01 - 05 | -11 | | LU 05 - 09 | +44 | | LU 09 - 01 | -33 | [5]

M E G 日期 东北亚乙烯 MEG外盘 价格 MEG内盘 价格 MEG华东 价格 MEG远月 价格 MEG煤制 利润 MEG内盘现金 流（乙烯） MEG总负 荷 煤制MEG 负荷 MEG港口 库存 非煤制负荷 2025/08/04 820 522 4455 4470 4455 481 -587 68.6 75.7 51.6 65 2025/08/05 820 523 4463 4478 4463 489 -578 68.6 75.7 51.6 65 2025/08/06 820 527 4491 4506 4489 517 -552 68.6 75.7 51.6 65 2025/08/07 820 525 4486 4500 4482 512 -554 68.6 75.7 51.6 65 2025/08/08 820 522 4465 4480 4465 429 -577 68.6 75.7 51.6 65 变化 0 -3 -21 -20 -17.00 -82.60 -23 0 0 0 0 MEG现货成交 基差对09（+77）附近。 MEG装置变化 内蒙通辽30万吨重启；山西沃能30万吨检修。 周度观点 近 ...

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 680.0 3.0 23.0 52.0 -170.0 25省终端可用天数 18.1 0.1 -1.8 -2.8 0.5 秦皇岛5000 618.0 3.0 26.0 55.0 -137.0 25省终端供煤 603.4 4.2 -5.1 -36.6 -19.4 广州港5500 755.0 0.0 15.0 45.0 -160.0 北方港库存 2449.0 -35.0 -31.0 -257.0 -45.1 鄂尔多斯5500 465.0 0.0 20.0 55.0 -165.0 北方锚地船舶 54.0 -1.0 -42.0 -31.0 -1.0 大同5500 550.0 5.0 30.0 80.0 -140.0 北方港调入量 142.0 17.4 7.7 -14.5 -7.3 榆林6000 602.0 10.0 10.0 35.0 -214.0 北方港吞吐量 142.9 -9.8 -25.6 -3.6 -6.4 榆林6200 630.0 10.0 10.0 35.0 -213.0 CBCFI海运指数 765.1 3.4 14 ...