Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report No explicit core view presented in the given content. 3) Summary by Related Catalogs Price and Profit - The report provides the spot prices of various steel products in different regions from October 21 to October 27, 2025, including Beijing, Shanghai, and other cities' threaded steel and hot - rolled and cold - rolled coils in Tianjin, Shanghai, etc [1]. - For threaded steel, the price changes from October 21 to October 27 were 50 yuan in Beijing, 40 yuan in Shanghai, 0 yuan in Chengdu, 0 yuan in Xi'an, 50 yuan in Guangzhou, and 10 yuan in Wuhan [1]. - For hot - rolled coils, the price changes were 40 yuan in Tianjin, 50 yuan in Shanghai, and 20 yuan in Lecong. For cold - rolled coils, the price changes were 80 yuan in Tianjin, 60 yuan in Shanghai, and 10 yuan in Lecong [1]. Basis and Spread No relevant information provided. Production and Inventory No relevant information provided.

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - For copper, maintain a buy - on - pullback strategy considering the continuous tightness in the mining end and the growth of infrastructure and power demand in Southeast Asia and the Middle East. Pay attention to the support around $10,300 for LME copper and consider selling put options below $10,300 or gradually building virtual inventories [1]. - For aluminum, the short - term fundamentals are acceptable, and long - term holdings on dips are recommended while keeping an eye on terminal demand [1]. - For zinc, due to the poor domestic fundamentals but potential export opportunities, it is advisable to stay on the sidelines for unilateral trading. Consider taking profits on long - short spreads between domestic and overseas markets and look for reverse spread opportunities in the far - month contracts. Also, pay attention to the positive spread opportunity between December and February contracts [2]. - For nickel, with weak short - term fundamentals and increased macro uncertainties, it is recommended to wait and see [3]. - For stainless steel, the fundamentals remain weak, and there is some price - supporting motivation from the Indonesian policy side with increased short - term macro uncertainties [3]. - For lead, it is expected that the lead prices at home and abroad will maintain a narrow - range oscillation in the coming week, and it is recommended to observe the resumption of recycled lead production and the increase in warehouse receipts before making cautious operations [6]. - For tin, in the short term, it is recommended to follow the macro sentiment and stay on the sidelines. If there is a systemic macro risk, the tin price may have a large downside. In the long - term, it is advisable to hold on dips near the cost line [10]. - For industrial silicon, in the short term, the price is expected to oscillate weakly. In the long - term, the price is expected to oscillate at the bottom of the cycle based on the seasonal marginal cost [13][16]. Group 3: Summary by Metals Copper - Market sentiment is dominated by tariff negotiation progress and the release of the 15th Five - Year Plan. There are still uncertainties in scrap copper supply in the fourth quarter and next year, which may affect copper consumption and supply. Overseas, there is no sign of inventory delivery despite the opening of exports. The operation of copper and aluminum cables has diverged, and attention should be paid to whether the operation stabilizes [1]. Aluminum - The operating capacity remains flat. The production schedule of photovoltaic modules has stabilized, and the proportion of molten aluminum has increased significantly in September. There is seasonal inventory accumulation during holidays and significant destocking after holidays. Some European electrolytic aluminum plants have reduced production due to equipment failures [1]. Zinc - The zinc price has oscillated upward. The domestic and imported TC are showing a downward trend. The domestic zinc ore is expected to be tight from the fourth quarter to the first quarter of next year, while overseas ore production increased more than expected in the second quarter. The domestic smelting has slightly recovered in October. The demand is seasonally weak at home and faces some production resistance abroad. The domestic social inventory is oscillating, and the overseas LME inventory is decreasing [2]. Nickel - The supply of pure nickel remains at a high level, the demand is weak, and the inventory is continuously increasing both at home and abroad. There are continuous disturbances in the Indonesian mining end, and the policy side still has the motivation to support prices [3]. Stainless Steel - The steel mill production schedule in October has increased slightly compared to the previous month. The demand is mainly driven by rigid needs. The prices of ferronickel and ferrochrome remain stable, and the inventory remains at a high level [3]. Lead - The tight spot market has driven the lead price up. The supply of recycled lead is recovering slowly, and the refined ore is in short supply. The demand for batteries has increased, and the expected weakening of demand has been reversed. The LME registered warehouse receipts have decreased by 100,000 tons. The market is expected to turn from peak season to off - season in October, but the spot tightness has continued [6]. Tin - The tin price has oscillated. The mining processing fee is at a low level, and the supply has marginally recovered after the Yunnan Tin's maintenance. There are still differences in the output in overseas Wa State, and Indonesia's tin exports are affected in the short term. The demand is mainly supported by rigidity, and the overseas LME inventory is oscillating at a low level [10]. Industrial Silicon - The production of leading enterprises in Xinjiang is stable, and the production in Sichuan and Yunnan will decrease significantly in the dry season. Considering the maintenance of polysilicon leading enterprises, the supply - demand balance in Q4 is slightly loose with a monthly inventory accumulation of 40,000 - 50,000 tons [13][16]. Lithium Carbonate - The quotes of SMM battery - grade and industrial - grade lithium carbonate have increased. The basis of the main and near - month contracts has changed, and the number of warehouse receipts has decreased [16].

Report Industry Investment Rating - Not provided in the document Core View - The report presents the basis data of various futures varieties on October 27, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products, along with the corresponding spot prices, price changes, basis values, basis - corresponding contracts, and basis deviation degrees [2][3][4][5] Summary by Category Macro - On October 27, 2025, for IF, the spot price was 4716 with a change of 55, the basis was 32, the corresponding contract was 2512, and the basis deviation degree was 0.76; for IH, the spot price was 3070 with a change of 24, the basis was 3, the corresponding contract was 2512, and the basis deviation degree was 0.30; for IC, the spot price was 7379 with a change of 120, the basis was 125, the corresponding contract was 2512, and the basis deviation degree was 0.90 [2] Black - In Shanghai on October 27, 2025, the spot price of rebar was 3210 with a change of 10, the basis was 110, the corresponding contract was 2601, and the basis deviation degree was 0.34; in Beijing, the spot price was 3210 with a change of - 20, the basis was 110, the corresponding contract was 2601, and the basis deviation degree was - 0.26. For hot - rolled coil in Shanghai, the spot price was 3330 with no change, the basis was 21, the corresponding contract was 2601, and the basis deviation degree was 0.27. For ore in Shandong, the spot price was 840 with a change of 15, the basis was 54, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.46. For coke in Tianjin Port, the spot price was 1656 with no change, the basis was - 124, the corresponding contract was 2601, and the basis deviation degree was - 0.72. For coking coal with port warehouse receipts, the spot price was 1623 with a change of 6, the basis was 359, the corresponding contract was 2601, and the basis deviation degree was 0.74. For steam coal in Qinhuangdao Port, the spot price was 768 with a change of - 1, the basis was - 33, the corresponding contract was 2511, and the basis deviation degree was - 0.17. For glass at the low price in Shahe, the spot price was 1095 with a change of - 9, the basis was 0, the corresponding contract was 2601, and the basis deviation degree was 0.05; in Hubei at the low price, the spot price was 1040 with a change of - 30, the basis was - 55, the corresponding contract was 2601, and the basis deviation degree was - 0.14. For ferrosilicon in Yinchuan, the spot price was 5570 with a change of - 30, the basis was - 114, the corresponding contract was 2601, and the basis deviation degree was - 0.80. For silicomanganese in Inner Mongolia, the spot price was 6050 with no change, the basis was 178, the corresponding contract was 2601, and the basis deviation degree was 0.62 [3] Energy - Chemical - On October 27, 2025, for methanol at the port, the spot price was 2232 with no change, the basis was - 55, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.88; in Henan, the spot price was 2315 with a change of - 35, the basis was 47, the corresponding contract was 2601, and the basis deviation degree was 0.14; in southern Shandong, the spot price was 2475 with a change of - 10, the basis was 207, the corresponding contract was 2601, and the basis deviation degree was 0.52; in Hebei, the spot price was 2625 with a change of - 160, the basis was 357, the corresponding contract was 2601, and the basis deviation degree was 0.82. For PTA in East China, the spot price was 4534 with a change of 98, the basis was - 82, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.83. For PP in East China, the spot price was 6585 with a change of 10, the basis was - 114, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.88. For LLDPE in North China, the spot price was 6930 with a change of 20, the basis was - 94, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.56. For high - end PVC, the spot price was 4625 with no change, the basis was - 90, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.63; for low - end PVC, the spot price was 4565 with a change of 10, the basis was - 150, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.78. For asphalt in East China, the spot price was 3500 with no change, the basis was 205, the corresponding contract was 2601, and the basis deviation degree was 0.24; in Shandong, the spot price was 3340 with a change of - 10, the basis was 125, the corresponding contract was 2601, and the basis deviation degree was 0.07; in South China, the spot price was 3520 with a change of 20, the basis was 205, the corresponding contract was 2601, and the basis deviation degree was 0.51. For ethylene glycol in the domestic market, the spot price was 4191 with a change of 19, the basis was 82, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.78. For soda ash, the spot price was 1170 with a change of 20, the basis was - 76, the corresponding contract was 2601, and the basis deviation degree was - 0.54. For pulp in Shandong, the spot price was 4990 with no change, the basis was - 268, the corresponding contract was 2601, and the basis deviation degree was - 0.94. For staple fiber in East China, the spot price was 6150 with a change of - 30, the basis was - 92, the corresponding contract was 2512, and the basis deviation degree was - 0.89. For urea, the spot price was 1520 with a change of 30, the basis was - 120, the corresponding contract was 2601, and the basis deviation degree was - 0.90. For natural rubber in Shanghai, the spot price was 15000 with a change of 40, the basis was - 380, the corresponding contract was 2601, and the basis deviation degree was 0.62; for whole - latex natural rubber, the spot price was 14680 with a change of 45, the basis was - 700, the corresponding contract was 2601, and the basis deviation degree was 0.55. For 20 - grade rubber in Qingdao, the spot price was 1860 with a change of 5, the basis was 682, the corresponding contract was 2512, and the basis deviation degree was 0.95. For styrene, the spot price was 6505 with a change of - 10, the basis was - 26, the corresponding contract was 2512, and the basis deviation degree was - 0.98 [3] Non - Ferrous - On October 27, 2025, for copper, the spot price was 88210 with a change of 1735, the basis was - 35, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.52; for international copper, the spot price was 78225 with a change of 1450, the basis was - 635, the corresponding contract was 2511, and the basis deviation degree was 0.04. For aluminum, the spot price was 21160 with a change of 50, the basis was - 40, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.36. For zinc, the spot price was 22210 with a change of 20, the basis was - 50, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.73. For lead, the spot price was 17250 with a change of - 50, the basis was - 215, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.43. For nickel, the spot price was 122250 with a change of 200, the basis was 400, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.76. For tin, the spot price was 283500 with a change of 1600, the basis was - 3220, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.90 [4] Agricultural Products - On October 27, 2025, for 43% soybean meal in Jiangsu, the spot price was 2900 with a change of - 10, the basis was - 32, the corresponding contract was 2601, and the basis deviation degree was - 0.10. For first - grade soybean oil in Jiangsu, the spot price was 8470 with a change of 30, the basis was 236, the corresponding contract was 2601, and the basis deviation degree was - 0.14. For 36% rapeseed meal at the average price in Guangdong, the spot price was 2470 with a change of 10, the basis was 135, the corresponding contract was 2601, and the basis deviation degree was 0.90. For rapeseed oil at the market average price, the spot price was 10273 with a change of - 10, the basis was 525, the corresponding contract was 2601, and the basis deviation degree was 0.99. For 24° palm oil in Guangzhou, the spot price was 9000 with a change of - 50, the basis was - 100, the corresponding contract was 2601, and the basis deviation degree was - 0.93. For cotton nationwide, the spot price was 14565 with a change of 10, the basis was 1000, the corresponding contract was 2601, and the basis deviation degree was 0.52. For white sugar in Guangxi, the spot price was 5750 with no change, the basis was 305, the corresponding contract was 2601, and the basis deviation degree was 0.07; in Yunnan, the spot price was 5825 with a change of - 5, the basis was 380, the corresponding contract was 2601, and the basis deviation degree was 0.50. For fresh eggs in Shijiazhuang, Hebei, the spot price was 2960 with no change, the basis was - 174, the corresponding contract was 2512, and the basis deviation degree was - 0.52; in Dalian, Liaoning, the spot price was 2890 with no change, the basis was - 244, the corresponding contract was 2512, and the basis deviation degree was - 0.59; in Dezhou, Shandong, the spot price was 2750 with no change, the basis was - 384, the corresponding contract was 2512, and the basis deviation degree was - 0.70; in Shangqiu, Henan, the spot price was 2800 with no change, the basis was - 334, the corresponding contract was 2512, and the basis deviation degree was - 0.72. For soybeans in Bei'an, the spot price was 4060 with no change, the basis was - 17, the corresponding contract was 2601, and the basis deviation degree was - 0.68; in Jiamusi, the spot price was 4140 with no change, the basis was 63, the corresponding contract was 2601, and the basis deviation degree was - 0.33. For corn in Changchun, the spot price was 2240 with no change, the basis was 128, the corresponding contract was 2601, and the basis deviation degree was 0.58; in Weifang, the spot price was 2350 with no change, the basis was 238, the corresponding contract was 2601, and the basis deviation degree was 0.53. For starch in Changchun, the spot price was 2580 with no change, the basis was 125, the corresponding contract was 2601, and the basis deviation degree was 0.32; in Weifang, the spot price was 2605 with no change, the basis was 190, the corresponding contract was 2601, and the basis deviation degree was 0.73. For live pigs in Kaifeng, Henan, the spot price was 12050 with a change of 200, the basis was - 280, the corresponding contract was 2601, and the basis deviation degree was - 0.91. For red dates in Hebei, the spot price was 9600 with no change, the basis was - 790, the corresponding contract was 2601, and the basis deviation degree was - 0.21. For apples in Shandong, the spot price was 7400 with a change of 1000, the basis was - 1536, the corresponding contract was 2601, and the basis deviation degree was - 0.72 [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - SCFIS (European Line) significantly exceeded expectations, potentially driving the market up today [1]. - As of now, cargo volume shows no obvious signs of improvement, but shipping companies have implemented many suspension operations. The market currently expects the freight rate in January to potentially reach between 2000 - 2200 US dollars (1400 - 1540 points) [1]. - Overall, with subsequent positive drivers, adopt a "buy on dips" strategy for contracts EC2512 and EC2602, and a "sell on rallies" strategy for EC2604 [1]. 3. Summaries by Related Catalogs Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Yesterday's Volume | Yesterday's Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | | EC2510 | 1130.9 | -0.61 | 1377 | 3428 | -864 | | EC2512 | 1775.0 | -3.06 | 27748 | 27995 | -2254 | | EC2602 | 1571.6 | -1.84 | 6174 | 13138 | 1629 | | EC2604 | 1178.8 | -0.07 | 2045 | 14146 | -78 | | EC2606 | 1387.1 | -0.77 | 109 | 1371 | -6 | [1] Month - to - Month Spread Information | Month Spread | Previous Day | Two Days Ago | Day - on - Day Change | Week - on - Week Change | | --- | --- | --- | --- | --- | | EC2510 - 2512 | -644.1 | -693.2 | 49.1 | -9.8 | | EC2512 - 2602 | 203.4 | 230.0 | -26.6 | 2.1 | [1] Index Information | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Two Periods Ago | Current Period Change | Previous Period Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | TTN | Weekly | 2025/10/27 | Points | 1312.71 | 1140.38 | 1031.80 | 15.11% | 10.52% | | SCFI (European Line) | Weekly | 2025/10/24 | US dollars/TEU | 1246 | 1145 | 1068 | 8.82% | 7.21% | | CCFI (European Line) | Weekly | 2025/10/24 | Points | 1293.12 | 1267.91 | 1287.15 | 1.99% | -1.49% | | NCFI | Weekly | 2025/10/24 | Points | 822.3 | 803.21 | 698.67 | 2.38% | 14.96% | [1] Recent European Line Quotation Information - Currently, downstream is booking space for early November (Week 45). - Week 44 offline quotes: PA 1400, GEMINI 1600, OA 1800 US dollars. - November price increase announcements: Shipping companies announced price increases mostly between 2500 - 2700 US dollars, with an average equivalent to about 1800 points on the disk. MSK opened at 2350 US dollars, in line with expectations. Online, HMM reduced to 1900 US dollars, OOCL reduced to 2300 - 2400 US dollars (one route reduced to 2100 US dollars), and HPL reduced to 2335 US dollars [2]. Related News - On October 28, the Israeli military stated that it will not stop attacking Hamas until all hostages are returned. - On October 28, the Israeli government spokesman said that Israel will maintain full security control over the Gaza Strip. - On October 27, Israel announced the lifting of the emergency state in southern Israel for the first time in more than two years [3].

数据来源：MYSTEEL 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及 建议内容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信 息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货 交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。 未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬 件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系 统篡改或伪造变造资料等，我司均不承担任何责任。 声明 15 20 25 30 35 40 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 - 2022 2023 2024 2025 / 5 7 9 11 13 15 1 ...

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - As of the week ending October 23, 2025, the U.S. soybean export inspection volume was 1,061,375 tons, in line with market expectations, and the cumulative export inspection volume for this crop year was 6,715,111 tons, lower than the same period last year [1] - As of last Thursday, the planting rate of soybeans in Brazil's 2025/26 season reached 36% of the expected sown area, unchanged from the same period last year [1] - From October 1 - 25, 2025, Malaysia's palm oil production increased by 2.78% month - on - month, with a 1.63% increase in fresh fruit bunch yield and a 0.22% increase in oil extraction rate [1] - Different institutions' data on Malaysia's palm oil exports from October 1 - 25, 2025 showed different trends: SGS reported a 23.79% increase, while AmSpec reported a 0.3% decrease and ITS reported a 0.4% decrease [1] Group 3: Summary by Related Catalogs Overnight Market Information - U.S. soybean export inspection volume as of the week ending October 23, 2025 was 1,061,375 tons, with market expectations of 1,000,000 - 1,500,000 tons, and the previous week's revised volume was 1,590,264 tons [1] - As of the week ending October 24, 2024, the U.S. soybean export inspection volume was 2,630,651 tons [1] - The cumulative U.S. soybean export inspection volume for this crop year was 6,715,111 tons, compared to 10,643,999 tons in the same period last year [1] - Brazil's 2025/26 season soybean planting rate reached 36% as of last Thursday, unchanged from the same period last year and up from 24% the previous week [1] - From October 1 - 25, 2025, Malaysia's palm oil production increased by 2.78% month - on - month, fresh fruit bunch yield increased by 1.63%, and oil extraction rate increased by 0.22% [1] - SGS reported that Malaysia's palm oil exports from October 1 - 25, 2025 were 985,301 tons, a 23.79% increase from the same period last month [1] - AmSpec reported that Malaysia's palm oil exports from October 1 - 25, 2025 were 1,182,216 tons, a 0.3% decrease from September [1] - ITS reported that Malaysia's palm oil exports from October 1 - 25, 2025 were 1,283,814 tons, a 0.4% decrease from the same period last month [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 October 21 - 27, 2025 are provided [5] Others - Information on precipitation in major producing countries, import soybean crushing profit on the futures market, and grease import profit are mentioned but no specific data is provided [1] - Information on grease basis, grease and oilseed price spreads on the futures market, and protein meal basis are mentioned but no specific data is provided [8][10][13]

Report Industry Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - For PTA, the low processing fee of TA has persisted for a long time, and the improvement in terminal data supports the continuity of polyester operation. With limited future production, the processing fee center may gradually recover [2]. - For MEG, the industry has entered a continuous inventory accumulation phase, but there may be some negative feedback on the supply side after the weakening of coal - based efficiency and price ratio. Attention should be paid to the opportunity of selling put options near the coal - based cost [3]. - For polyester staple fiber, the overall efficiency and operation of polyester yarn have not improved significantly. With high exports and good spot efficiency, the inventory pressure is limited. Attention should be paid to the opportunity of expanding the spread at low prices and the situation of warehouse receipts [3]. - For natural rubber and 20 - numbered rubber, the national explicit inventory is stable at a non - high level, and the price of Thai cup rubber is stable with rainfall affecting tapping. The strategy is to wait and see [3]. Summary by Product PTA - **Data Changes**: From October 21 to 27, 2025, the price of PTA increased by 55 to 4505, the PX price increased by 9 to 824, and the PXN spread decreased. The spot processing fee decreased, and the inventory increased slightly [2]. - **Device Changes**: The 3 - million - ton unit of Dushan Energy was put into operation [2]. - **Outlook**: TA low processing fee persists, terminal data improves, and the processing fee center may recover [2]. MEG - **Data Changes**: From October 21 to 27, 2025, the MEG price increased slightly, and the coal - based profit decreased by 4. The total load remained unchanged, and the port inventory continued to accumulate slightly [3]. - **Device Changes**: The 400,000 - ton unit of Fulian was under maintenance [3]. - **Outlook**: The industry is in the inventory accumulation phase, but there may be supply - side negative feedback, and attention should be paid to the put - selling opportunity near the coal - based cost [3]. Polyester Staple Fiber - **Data Changes**: From October 21 to 27, 2025, the price of 1.4D cotton - type staple fiber increased by 5 to 6405, and the profit decreased by 5. The operation rate remained at 94%, and the inventory decreased [3]. - **Device Changes**: No device maintenance information was reported [3]. - **Outlook**: The overall situation of polyester yarn is not significantly improved, and attention should be paid to the opportunity of expanding the spread at low prices and the warehouse receipt situation [3]. Natural Rubber & 20 - numbered Rubber - **Data Changes**: From October 21 to 27, 2025, the price of Shanghai full - latex increased by 525 to 14635, and the price of Thai cup rubber increased by 2 to 52.4. The national explicit inventory was stable, and the price of Thai cup rubber was stable [3]. - **Device Changes**: No device - related information was reported [3]. - **Outlook**: The main contradiction lies in stable inventory and rainfall - affected tapping, and the strategy is to wait and see [3]. Styrene - **Data Changes**: From October 21 to 27, 2025, the price of styrene decreased by 5 to 795, and the profit of EPS increased by 10 to 345 [6]. - **Device Changes**: No device - related information was reported [6]. - **Outlook**: There is no outlook information provided in the report [6].

意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏 、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 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 768.0 -1.0 15.0 59.0 -87.0 25省终端可用天数 24.1 0.1 4.1 3.2 6.5 秦皇岛5000 677.0 -1.0 15.0 58.0 -78.0 25省终端供煤 535.5 -2.4 -73.0 -104.5 -87.3 广州港5500 805.0 0.0 10.0 40.0 -105.0 北方港库存 2207.0 -1.0 -37.0 156.0 -137.9 鄂尔多斯5500 550.0 -10.0 15.0 55.0 -80.0 北方锚地船舶 101.0 -7.0 16.0 23.0 31.0 大同5500 600.0 -10.0 20.0 45.0 -110.0 北方港调入量 187.1 23.0 50.9 4 ...

废钢早报 研究中心黑色团队 2025/10/28 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/21 | 2227 | 2300 | 2051 | 2226 | 2256 | 2134 | | 2025/10/22 | 2227 | 2302 | 2053 | 2228 | 2250 | 2135 | | 2025/10/23 | 2228 | 2304 | 2053 | 2231 | 2250 | 2134 | | 2025/10/24 | 2228 | 2304 | 2053 | 2230 | 2250 | 2131 | | 2025/10/27 | 2235 | 2302 | 2053 | 2230 | 2258 | 2129 | | 环比 | 7 | -2 | 0 | 0 | 8 | -2 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The PG main contract fluctuated upwards. 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 deliverable was East China civil gas at 4279 (-66), Shandong at 4360 (+160), and South China at 4405 (-55). With no pressure on inventory and an increase in downstream purchasing willingness, spot prices are expected to rise slightly. Propane is still greatly affected by the Sino - US tariff policy, and cautious participation is recommended. [4] 3) Summary by Relevant Content Daily Changes - On Monday, the decline of civil gas continued. In East China, it was 4282 (+3), in Shandong 4270 (-90), and in South China 4410 (+5). Ether - after carbon four was 4430 (-40). The lowest delivery location was Shandong, with a basis of -83 (-14), the 11 - 12 spread was 80 (-10), and the 12 - 01 spread was 106 (+1). FEI and CP increased to 495 (+3) and 458 (+4) dollars/ton respectively. [4] Weekly View - The PG main contract fluctuated upwards. 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 deliverable was East China civil gas at 4279 (-66), Shandong at 4360 (+160), and South China at 4405 (-55). There were 2416 lots of warehouse receipts, including 2300 from Wanhua, an increase of 64 from Yunda, and an increase of 52 from Haiyu Petrochemical. The overseas 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 reached 114 (-17), PG - FEI reached 79 (-33), and FEI - CP reached 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). PDH profit decreased. The arrival volume was at a low level, the external release decreased, and both port inventory and factory inventory decreased. Supported by chemical demand and with the expectation of a recovery in combustion demand, the PDH operating rate was 71.66% (+2.9pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but Zhongjing Phase II shut down again. Lihuayi Weiyuan is expected to resume next week. [4]