纸浆早报 研究中心能化团队 2025/10/20 SP主力合约收盘价： 5122.00 | 日期 | 2025/10/17 | 2025/10/16 | 2025/10/15 | 2025/10/14 | 2025/10/13 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5122.00 | 4856.00 | 4856.00 | 4846.00 | 4842.00 | | 折美元价 | 594.45 | 594.45 | 594.54 | 591.86 | 592.05 | | 距上一日涨跌 | 5.47776% | 0.00000% | 0.20636% | 0.08261% | 1.12782% | | 山东银星基差 | 478 | 744 | 734 | 744 | 718 | | 江浙沪银星基差 | 438 | 729 | 729 | 739 | 718 | 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: Price Performance - London Gold's latest price is 4224.75 with a change of -37.20 [1] - London Silver's latest price is 54.10 with a change of 1.08 [1] - London Platinum's latest price is 1674.00 with a change of 26.00 [1] - London Palladium's latest price is 1575.00 with a change of 35.00 [1] - WTI Crude's latest price is 57.54 with a change of 0.08 [1] - LME Copper's latest price is 10522.50 with a change of -105.50 [1] - US Dollar Index's latest value is 98.56 with a change of 0.20 [1] - Euro to US Dollar's latest rate is 1.17 with a change of -0.00 [1] - British Pound to US Dollar's latest rate is 1.34 with a change of -0.00 [1] - US Dollar to Japanese Yen's latest rate is 150.63 with a change of 0.20 [1] - US 10 - year TIPS's latest value is 1.75 with a change of 0.04 [1] Group 2: Trading Data - COMEX Silver's latest inventory is 15930.06 with no change [2] - SHFE Silver's latest inventory is 920.10 with a change of -62.16 [2] - Gold ETF's latest holding is 1047.21 with a change of 12.59 [2] - Silver ETF's latest holding is 15497.40 with a change of 74.79 [2] - SGE Silver's latest inventory is 1216.97 with no change [2] - SGE Gold's latest deferred fee payment direction is 1 with no change [2] - SGE Silver's latest deferred fee payment direction is 1 with a change of -1.00 [2] Group 3: Chart Data Source - The data in the above charts comes from Bloomberg, Yong'an Yuandian Information, and Wind [11]

Report Overview - The report provides daily updates on the methanol, polyethylene (PE), polypropylene (PP), and polyvinyl chloride (PVC) markets, including price data and market outlooks [1][5]. Methanol Price Data - From October 13 - 17, 2025, the daily change in动力煤期货 was 0, while江苏现货 decreased by 25, and华南现货 decreased by 22 [1]. Market Outlook - The current situation remains poor. Iranian plant shutdowns are slower than expected, and high imports are likely in November. The 01 contract's contradictions are difficult to resolve. Port sanctions are expected to be resolved before the end of gas restrictions, but inventory reduction is difficult. Methanol has limited upside potential, and the downside space depends on the inland market. Recent coal price increases do not affect methanol profits [1]. Polyethylene (PE) Price Data - From October 13 - 17, 2025, the华北LL price decreased by 50, and the主力期货 decreased by 55 [5]. Market Outlook - Overall inventory is neutral. The 09 contract's basis is around -110 in North China and -50 in East China. Import profits are around -200, with no further increase expected. Non - standard HD injection prices are stable, and other price differentials are volatile. LD prices are weakening. Domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US price quotes. New plant pressure is high in 2025 [5]. Polypropylene (PP) Price Data - From October 13 - 17, 2025, the华东PP price decreased by 15, and the主力期货 decreased by 67 [5]. Market Outlook - Upstream and mid - stream inventories are decreasing. The basis is -60, non - standard price differentials are neutral, and import losses are around 700. Exports have been good this year. PDH profits are around -400. Propylene prices are volatile, and powder production starts are stable.拉丝 production scheduling is neutral. Future supply is expected to increase slightly. Downstream orders are average, and raw material and finished product inventories are neutral. The 01 contract is expected to face moderate to excessive supply pressure, which can be alleviated if exports continue to grow or PDH plants undergo more maintenance [5]. Polyvinyl Chloride (PVC) Price Data - From October 13 - 17, 2025, the电石法 - 华东 price increased by 20 [5]. Market Outlook - The basis is maintained at 01 - 270, and the factory - delivered basis is -480. Downstream开工率 is seasonally weakening, but there is a strong willingness to hold inventory at low prices. Mid - and upstream inventories are continuously accumulating. Summer maintenance in Northwest plants has ended, and the load is between the spring maintenance and Q1 high - production levels. Attention should be paid to new plant commissioning and export sustainability in Q4. Recent export orders have decreased slightly. Coal prices are strong, and the cost of semi - coke is stable. Calcium carbide profits are under pressure due to PVC maintenance. The export counter - offer for caustic soda is FOB380. PVC comprehensive profits are -100. Current inventory contradictions are accumulating slowly, costs are stable, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, real estate sales, terminal orders, and开工率 [5].

| | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1482.39 | 0.00 | 0.00 | 54.61 | -21.49% 高炉开工率 | 90.33 | | -0.22 | -0.02 | 3.22% | | 河北准一干熄 | 1735.00 | 0.00 | 0.00 | 55.00 | -4.14% 铁水日均产量 | 240.95 | | -0.59 | -0.07 | 2.81% | | 山东准一干熄 | 1660.00 | 0.00 | 0.00 | 55.00 | -19.61% 盘面05 | 1797 | 15.50 | -16.50 | 53.00 | -17.36% | | 江苏准一干熄 | 1700.00 | 0.00 | 0.00 | 55.00 | -19.24% 盘面09 | 1876 | 11.50 | -29.00 | 363.50 | -13.85 ...

焦煤日报 2025/10/20 研究中心黑色团队 | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1575.00 | 25.00 | 25.00 | 174.00 | -1.56% Peak Downs | 204.50 | 0.00 | -1.50 | 1.50 | -10.20 | | 原煤口岸库提价 | 1051.00 | 11.00 | 23.00 | 101.00 | -15.58% Goonyella | 204.50 | 0.00 | -1.00 | 0.50 | -10.20 | | 沙河驿蒙5# | 1420.00 | 0.00 | -30.00 | 70.00 | -18.86% 盘面05 | 1244.00 | 22.00 | -18.00 | 55.00 | -17.97% | | 安泽主焦 | 1550.00 | 20.00 | 20.00 | 130.00 ...

Group 1: PTA - The price of PTA spot decreased from 4440 on October 13, 2025, to 4340 on October 17, 2025, with a change of -15. The average daily trading basis was 2601(-85). Yisheng New Materials increased the load of its 3.6 million - ton PTA plant. Near - term, some PTA plants increased their loads, and the start - up rate increased slightly. The polyester load remained stable, inventory slightly accumulated, the basis weakened, and the spot processing fee remained low. PX domestic start - up rate declined, some overseas maintenance was implemented, PXN widened, disproportionation and isomerization benefits were stable, and the US - Asia aromatics price difference widened. In the future, polyester has no unexpected performance, TA will gradually enter the inventory accumulation stage, but the current low processing fee has lasted for a long time. Pay attention to additional maintenance. With limited far - month production capacity expansion, the processing fee center may gradually recover [2]. Group 2: MEG - The price of MEG domestic market decreased from 4171 on October 13, 2025, to 4115 on October 17, 2025. Shell's 400,000 - ton MEG plant was under maintenance. Near - term, domestic MEG plants had a mix of maintenance restarts, and the load still increased slightly. Overseas maintenance was implemented, arrivals were stable but shipments were weak. Port inventory continued to accumulate slightly at the beginning of next week, the basis was stable, and coal - based MEG profits and price ratios further shrank. In the future, EG's existing start - up rate has returned to a relatively high level, and with the commissioning of new plants, it will enter a continuous inventory accumulation stage. However, after the weakening of coal - based profits and price ratios, there may be some negative feedback on the supply side. Also, the coal price has strengthened recently. Pay attention to the selling put options near the coal - based cost [2]. Group 3: Polyester Staple Fiber - The price of 1.4D cotton - type polyester staple fiber decreased from 6410 on October 13, 2025, to 6370 on October 17, 2025. The spot price was around 6301, and the market basis was around 11 + 40. Near - term, the plant operation was stable, the start - up rate remained at 94.3%, sales improved month - on - month, and inventory decreased slightly. On the demand side, the start - up rate of polyester yarn increased slightly, both raw material and finished product inventories decreased, and the efficiency improved slightly. In the future, the start - up rate and finished product inventory of polyester yarn have not increased significantly overall. The export of staple fiber itself has maintained high growth. With acceptable spot efficiency, the high start - up rate will be maintained, and the overall inventory pressure is limited. The processing fee on the futures market is not high. Pay attention to the situation of warehouse receipts [2]. Group 4: Natural Rubber & 20 - grade Rubber - The price of US - dollar - denominated Thai standard rubber decreased from 1805 on October 13, 2025, to 1815 on October 17, 2025. The main contradiction is that the national explicit inventory remains stable at a relatively low absolute level, and the price of Thai cup lump rubber remains stable, while rainfall affects rubber tapping. The strategy is to wait and see [2]. Group 5: Styrene - The price of styrene in the domestic market decreased from 6705 on October 13, 2025, to 6495 on October 17, 2025. The price of ethylene (CFR Northeast Asia) remained stable at 785 during this period. The domestic profit of styrene remained at - 453 [2][7].

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Report Summary 1. Report Information - Report Name: Scrap Steel Morning Report [1] - Research Team: Black Team of the Research Center - Date: October 20, 2025 2. Price Data | Region | Price on 2025/10/13 | Price on 2025/10/14 | Price on 2025/10/15 | Price on 2025/10/16 | Price on 2025/10/17 | Week-on-Week Change | | --- | --- | --- | --- | --- | --- | --- | | East China | 2245 | 2242 | 2238 | 2234 | 2229 | -5 | | North China | 2321 | 2315 | 2307 | 2293 | 2292 | -1 | | Central China | 2071 | 2059 | 2057 | 2053 | 2050 | -3 | | South China | 2250 | 2240 | 2235 | 2220 | 2219 | -1 | | Northeast China | 2272 | 2270 | 2266 | 2258 | 2258 | 0 | | Southwest China | 2146 | 2137 | 2135 | 2135 | 2135 | 0 | [2] 3. Core Viewpoints - No clear core viewpoints are presented in the provided content. 4. Industry Investment Rating - No industry investment rating is provided in the content.

玻璃纯碱早报 研究中心能化团队 | | | | | | | | | 研究中心能化团队 | | 2025/10/20 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 玻 璃 | | | | | | | | | | | 2025/10/10 2025/10/16 2025/10/17 周度变化 日度变化 | | | | | | 2025/10/10 2025/10/16 2025/10/17 周度变化 日度变化 | | | | 沙河安全 | 1241.0 | 1181.0 | 1173.0 | -68.0 | -8.0 | FG05合约 | 1334.0 | 1284.0 | 1231.0 | -103.0 | -53.0 | | 5mm大 板 | | | | | | | | | | | | | 沙河长城 | 1198.0 | 1160.0 | 1156.0 | -42.0 | -4.0 | FG01合约 | 1207.0 | 1147.0 | 1095.0 | -112.0 | - ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report presents the latest information on the overnight market of oilseeds and oils, including planting areas, production, planting rates, export volumes in major producing countries, as well as spot prices [1]. 3. Summary by Related Catalogs Overnight Market Information - Argentina's 2025/26 soybean planting area is expected to be 17.5 million hectares, a 2.8% year - on - year decline; 2024/25 soybean planting area is estimated at 18 million hectares, an 8.4% increase from the previous year, and the 2024/25 soybean production is expected to be 51.1 million tons, a 6% increase from 2023/24 [1]. - Brazil's soybean planting rate has reached 23.27%, much higher than 9.33% in the same period last year, 17.35% in 2023, and the 5 - year average of 16.20% [1]. - Malaysia's palm oil exports from October 1 - 15, 2025 increased by 49.82% month - on - month to 606,292 tons [1]. - Canada's rapeseed exports in the week ending October 12 increased by 97.8% to 159,200 tons compared with the previous week, but from August 1 to October 12, 2025, exports decreased by 59.1% compared with the same period last year [1]. Spot Prices - Spot prices of various products including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from October 13 - 17, 2025 are provided [2].