| | | | 钢材早报 | | 研究中心黑色团队 2025/08/14 | | | --- | --- | --- | --- | --- | --- | --- | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/08/07 | 3290 | 3350 | 3420 | 3320 | 3380 | 3420 | | 2025/08/08 | 3290 | 3330 | 3420 | 3320 | 3380 | 3390 | | 2025/08/11 | 3340 | 3380 | 3420 | 3330 | 3360 | 3430 | | 2025/08/12 | 3340 | 3390 | 3430 | 3340 | 3420 | 3440 | | 2025/08/13 | 3310 | 3340 | 3430 | 3280 | 3420 | 3400 | | 变化 | -30 | -50 | 0 | -60 | 0 | -40 | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津 ...

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弱，9-10小幅反弹至3.75美金/吨，LU11内外价差8美金上下震荡。本周新加坡陆上大幅累库， 库存历史同期最高，浮仓环比累库，沙特发货历史同期高位，本周到岸反弹，阿联酋发货环比 大幅反弹，净出口大幅增加。高硫东西方劈叉持续，目前价差引发物流变化，重质格局中新加 坡380cst裂解最弱，重质原油升贴水最强，预计后续双向回归。本周LU走弱兑现，外盘MF0.5 现货小幅走弱，估值兑现，关注后续LU配额放发。关注高硫380 EW走扩机会，LU短期空配离 场。 免责声明: | | | | | 燃料油早报 | | 研究中心能化团队 2025/08/14 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SF ...

有色套利早报 研究中心有色团队 2025/08/14 铜：跨市套利跟踪 2025/08/14 国内价格 LME价格 比价 现货 79510 9763 8.11 三月 79380 9842 8.05 均衡比价 盈利 现货进口 8.16 -39.06 现货出口 42.08 锌：跨市套利跟踪 2025/08/14 国内价格 LME价格 比价 现货 22560 2840 7.95 三月 22640 2841 5.94 均衡比价 盈利 现货进口 8.65 -1994.05 铝：跨市套利跟踪 2025/08/14 国内价格 LME价格 比价 现货 20760 2624 7.91 三月 20765 2629 7.91 均衡比价 盈利 现货进口 8.48 -1492.93 镍：跨市套利跟踪 2025/08/14 国内价格 LME价格 比价 现货 121750 15099 8.06 均衡比价 盈利 现货进口 8.25 -1531.68 铅：跨市套利跟踪 2025/08/14 国内价格 LME价格 比价 现货 16725 1974 8.48 三月 16940 2017 11.21 均衡比价 盈利 现货进口 8.85 -719.6 ...

0 品用H -100 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 江浙织机负荷指数 ll ◆ 2019 ● 2020 ↓ ● 2022 ● 2023 100 _ � 2024 ● 2025 80 60 40 ） 脂点资1孔 20 数据来源：中国化纤信息网，永安源点整理 0 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 唱片图片 POY 现金流 音紧像胶呈报 图1 研究中心能化团队 2025/08/14 P 不 A = 点击 POY 1 仓单+有 石脑油 PX CFR |PTA内盘现 PTA平衡 PTA加 PTA负 石脑油裂 聚酯毛利 50D/4 TA基美 日期 原油 PX加工美 产销 工差 效预报 日本 台湾 न्ह 解价差 荷 负荷 8F rest 2025/0 66.4 571 840 4690 6665 84.07 269.0 101 2 80.6 74.7 33459 -19 0.40 8/07 2025/0 66.6 571 831 4670 6660 82.40 260.0 131 21 78.3 74.7 33459 -18 0.35 8 ...

Report Information - Report Title: Scrap Steel Morning Report - Report Date: August 14, 2025 - Research Team: Black Team of the Research Center Key Points Steel Prices - The scrap steel prices in different regions from August 7 - 13, 2025 show fluctuations. For example, in the East China region, the price increased from 2237 on August 7 to 2258 on August 13. In the Central region, there was a significant increase, with a reported '11' in the '环比 SOURCE PO' row, likely indicating a key change [2]. - The price trends of Shagang Heavy Three (tax - included) and Zhenjiang Hongtai Sheared Material (tax - excluded) from 2022 - 2025 are presented in graphs, showing a general downward trend over the years [3][5]. Consumption and Inventory - The daily consumption of long - flow and short - flow processes from 2022 - 2025 is shown in graphs. The long - flow daily consumption and short - flow daily consumption in 2025 seem to have different trends compared to previous years [6][10]. - The arrival of scrap steel at 147 steel mills from 2019 - 2025 shows a downward trend over the years. The steel mill scrap steel inventory and scrap steel social inventory from 2022 - 2025 are also presented, with possible trends of change [7][8][9][11]. Profit and Spread - The graphs show the East China screw - scrap price difference and Jiangsu electric furnace rebar profit from 2022 - 2025, which can reflect the profit situation and price relationship in the steel market [11].

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 694.0 4.0 21.0 61.0 -156.0 25省终端可用天数 20.0 -0.2 0.1 -0.9 2.4 秦皇岛5000 630.0 3.0 19.0 60.0 -120.0 25省终端供煤 613.6 -8.1 5.0 -26.5 -9.3 广州港5500 760.0 0.0 10.0 40.0 -155.0 北方港库存 2363.0 -13.0 -123.0 -341.0 -123.5 鄂尔多斯5500 485.0 5.0 25.0 70.0 -145.0 北方锚地船舶 75.0 0.0 14.0 -18.0 16.0 大同5500 555.0 0.0 15.0 75.0 -135.0 北方港调入量 138.7 -6.1 14.1 -26.1 -8.1 榆林6000 612.0 10.0 20.0 45.0 -200.0 北方港吞吐量 153.6 14.8 0.9 9.8 14.1 榆林 ...

| 农产品早报 | | --- | | 白糖 | | 现货价格 | | 基差 | | 进口利润 | 仓单 | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 柳州 | 南宁 | 昆明 | 柳州基差 | 泰国 | 巴西 | 郑盘 | | 2025/08/07 | 6030 | 5970 | 5830 | 363 | 354 | 536 | 18615 | | 2025/08/08 | 6010 | 5950 | 5825 | 437 | 265 | 447 | 18545 | | 2025/08/11 | 6010 | 5960 | 5825 | 437 | 188 | 371 | 18240 | | 2025/08/12 | 6010 | 5960 | 5815 | 402 | 63 | 245 | 17853 | | 2025/08/13 | 6030 | 5970 | 5855 | 373 | 113 | 295 | 17529 | | 变化 | 20 | 10 | 40 | -29 | 50 | 50 | -324 | 【行情分析】： | ...

Group 1: Report Industry Investment Rating - No investment rating information is provided in the report [1] Group 2: Core Viewpoints - The spot price center has moved down, with the cheapest deliverable being South China civil LPG at 4380. The PG futures market is running weakly. The basis has strengthened to 606 (+161). The inter - monthly reverse spread has continued to strengthen, with the September - October spread at - 478 (-39). The registered warrants have increased to 10179 lots (+420). The international market fundamentals are loose, with FEI and CP fluctuating and MB weakening. The North Asian - Middle East oil - gas price ratio has declined, and the North American oil - gas price ratio has slightly increased. The internal - external price difference has decreased significantly. The US - Asia arbitrage window has opened. The freight rates from the US Gulf to Japan and the Middle East to the Far East have increased. The waiting time for VLGCs at the Panama Canal has increased but is expected to decline. The FEI - MOPJ spread has significantly narrowed. The naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve. The alkylation oil production gross profit has decreased. The MTBE gas - fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased. Fundamentally, the unloading volume has increased, port inventories have risen, factory inventories have decreased by 0.51%, and the commodity volume has increased by 0.57%. The PDH operating rate is 73.84% (+1.21pct). Overall, without fundamental drivers, the market is expected to fluctuate [1] Group 3: Summary by Relevant Catalog Market Data - From August 7 to August 13, 2025, the prices of South China LPG, East China LPG, and Shandong LPG have shown different degrees of change. The daily change on August 13 shows that South China LPG decreased by 10, Shandong LPG decreased by 20, while East China LPG remained unchanged. The prices of propane CFR South China, propane CIF Japan, MB propane spot, and CP forecast contract price also had corresponding changes. The paper import profit decreased by 7, and the main basis decreased by 12 [1] Wednesday Situation - On Wednesday, the cheapest deliverable was South China civil LPG at 4350. FEI and CP decreased. PP fluctuated weakly. The production profits of PP made from FEI and CP fluctuated, and the CP production cost was lower than that of FEI. The PG futures market fluctuated, and the 09 - 10 month spread was - 473 (+8). The US - Far East arbitrage window was closed [1] Weekly Viewpoints - The spot price center has moved down, and the PG futures market is running weakly. The basis has strengthened, and the inter - monthly reverse spread has continued to strengthen. The registered warrants have increased. The international market fundamentals are loose. The North Asian - Middle East oil - gas price ratio has declined, and the North American oil - gas price ratio has slightly increased. The internal - external price difference has decreased significantly. The US - Asia arbitrage window has opened. The freight rates have increased. The waiting time for VLGCs at the Panama Canal has increased but is expected to decline. The FEI - MOPJ spread has significantly narrowed. The naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve. The alkylation oil production gross profit has decreased. The MTBE gas - fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased. Fundamentally, the unloading volume has increased, port inventories have risen, factory inventories have decreased by 0.51%, and the commodity volume has increased by 0.57%. The PDH operating rate is 73.84% (+1.21pct) [1]

jis 灰安期货 永安合成橡胶早报 研究中心能化团队 2025/8/14 | | | 指标 | 7/14 | 8/6 | 8/11 | 8/12 | 8/13 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 主力合约收盘价 | 11625 | 11505 | 11785 | 11825 | 11750 | -75 | 245 | | | | 主力合约持仓量 | 24429 | 28087 | 28088 | 26687 | 26557 | -130 | -1530 | | | 第1章 | 主力合约成交量 | 74986 | 51579 | 138315 | 60045 | 80181 | 20136 | 28602 | | | | | 9200 | | 10470 | | 10470 | 0 | 160 | | | | 仓単数量 | | 10310 | | 10470 | | | | | | | 虚实比 | 13.28 | 13.62 | 13.41 | 12.74 | 12.68 | 0 ...