Report Information - Report Name: Coking Coal Daily Report - Date: October 17, 2025 - Team: Black Team of the Research Center [1] Price Information - **Domestic Coking Coal Prices**: The latest price of Liulin Main Coking Coal is 1550.00, with no daily or weekly change, a monthly increase of 149.00, and an annual decrease of 3.13%. The price of Yuanmei Port Warehouse Pick-up is 1040.00, with a daily decrease of 3.00, a weekly increase of 6.00, a monthly increase of 105.00, and an annual decrease of 16.13%. The price of Shaheyi Meng 5 is 1420.00, with a daily and weekly decrease of 30.00, a monthly increase of 40.00, and an annual decrease of 18.86%. The price of Anze Main Coking Coal is 1530.00, with no daily or weekly change, a monthly increase of 110.00, and an annual decrease of 15.00 [2]. - **International Coking Coal Prices**: The latest price of Peak Downs is 204.50, with a daily increase of 0.50, a weekly decrease of 1.00, a monthly increase of 2.00, and an annual decrease of 12.20. The price of Goonyella is 204.50, with a daily increase of 0.50, a weekly decrease of 1.00, a monthly increase of 1.50, and an annual decrease of 12.20 [2]. - **Futures Prices**: The latest price of Futures Contract 05 is 1244.00, with a daily increase of 22.00, a weekly decrease of 18.00, a monthly increase of 55.00, and an annual decrease of 17.97%. The price of Futures Contract 09 is 1327.50, with a daily increase of 22.50, a weekly decrease of 19.50, a monthly increase of 358.50, and an annual decrease of 13.18%. The price of Futures Contract 01 is 1162.00, with a daily increase of 15.00, a weekly decrease of 3.00, a monthly increase of 46.50, and an annual decrease of 20.22 [2]. Inventory Information - **Total Inventory**: The total inventory is 3319.57, with a weekly increase of 40.39, a monthly decrease of 53.41, and an annual decrease of 12.87% [2]. - **Sub - inventories**: Coal mine inventory is 205.41, with a weekly increase of 9.55, a monthly decrease of 27.38, and an annual decrease of 19.47%. Port inventory is 294.99, with no weekly change, a monthly increase of 23.88, and an annual decrease of 27.62%. Steel mill coking coal inventory is 781.13, with a weekly decrease of 6.93, a monthly decrease of 12.60, and an annual increase of 6.33%. Coking coking coal inventory is 959.06, with a weekly decrease of 78.65, a monthly increase of 75.52, and an annual increase of 2.55% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 74.24, with a weekly decrease of 0.94, a monthly decrease of 1.63, and no annual change [2]. - **Coking Coke Inventory**: The coking coke inventory is 84.72, with a weekly decrease of 0.81, a monthly decrease of 1.31, and an annual decrease of 2.06% [2]. - **Futures Basis and Spread**: The 05 basis is - 81.01, with a daily decrease of 22.00, a weekly decrease of 11.89, a monthly increase of 93.28, and an annual decrease of 107.96. The 09 basis is - 164.51, with a daily decrease of 22.50, a weekly decrease of 10.39, a monthly decrease of 210.22, and an annual decrease of 12.39. The 01 basis is 0.99, with a daily decrease of 15.00, a weekly decrease of 26.89, a monthly increase of 101.78, and an annual decrease of 0.99. The 5 - 9 spread is - 83.50, with a daily decrease of 0.50, a weekly increase of 1.50, a monthly decrease of 303.50, and an annual increase of 5.68. The 9 - 1 spread is 165.50, with a daily increase of 7.50, a weekly decrease of 16.50, a monthly increase of 312.00, and an annual increase of 1.28. The 1 - 5 spread is - 82.00, with a daily decrease of 7.00, a weekly increase of 15.00, a monthly decrease of 8.50, and an annual increase of 0.37 [2]

Group 1: Report's Core View - The PDH profit improvement may lead to increased demand for CP cargo purchases. One can focus on narrowing the PDH profit, but be aware of the risk of the low - opening of the end - of - month CP official price [1] Group 2: Market Data and Changes Daily Changes - On Thursday, civil gas prices declined. In East China, it was 4369 (-5), in Shandong 4280 (-70), and in South China 4500 (-30). Ether - post carbon four was 4460 (+0). The lowest delivery location was Shandong, with a basis of 28 (-174), and the November - December spread was 137 (+8). FEI and CP increased to 474 (+8) and 450 (+1) dollars per ton respectively [1] - The PG futures price dropped significantly. The cheapest deliverable was East China civil gas at 4384 (+21); in Shandong it was 4450 (-100), and in South China 4570 (-70). The basis was 314 (+188), and the November - December spread was 78 (+0). Warehouse receipts were cancelled to zero in September. The October CP official price opened low at 495/475, the lowest in two years, 40 - 60 dollars lower than expected. The FEI monthly spread was - 15 dollars (-8.5), and the CP monthly spread was - 8.75 dollars (+0.25). The domestic - foreign price difference PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window closed. AFEI was at a discount of - 18.75, and the South China CIF discount was 52. Freight rates dropped significantly, with the US Gulf - Japan at 126 (-5) and the Middle East - Far East at 63 (-5.5). The FEI - MOPJ spread widened significantly to - 83 (-28) [1] Market Conditions - The inventory pressure is small, the supply is abundant, the chemical demand provides strong support, and the combustion demand is gradually picking up. The PDH operating rate is 70.88% (-1.64pct), with some plants like Haiwei, Lihuayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing is expected to resume next week [1]

Group 1: Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center - Date: October 17, 2025 Group 2: Core Data Summary BR (Butadiene Rubber) - **Contract Information**: On October 16, the closing price of the main contract was 11,135, with a daily change of 240 and a weekly change of -85; the position volume was 18,411, a daily decrease of 6,057 and a weekly decrease of 10,447; the trading volume was 76,904, a daily increase of 16,649 and a weekly increase of 5,377 [3]. - **Warehouse Receipts and Ratio**: The number of warehouse receipts was 8,750, with no daily change and a weekly increase of 630; the virtual - real ratio was 10.52, a daily decrease of 3 and a weekly decrease of 7 [3]. - **Basis and Spread**: The butadiene basis was -85, with a daily decrease of 140 and a weekly decrease of 215; the 10 - 11 spread was -110, a daily increase of 170 and a weekly decrease of 210; the 11 - 12 spread was 85, a daily increase of 25 and a weekly increase of 40 [3]. - **Spot Prices**: The Shandong market price was 11,050, a daily increase of 100 and a weekly decrease of 300; the Transfar market price was 10,900, a daily increase of 100 and a weekly decrease of 350; the Qilu ex - factory price was 11,200, with no daily change and a weekly decrease of 300 [3]. - **Processing and Trade Profits**: The spot processing profit was 27, a daily increase of 24 and a weekly decrease of 147; the on - screen processing profit was 112, a daily increase of 164 and a weekly increase of 68; the import profit was -79,638, a daily increase of 270 and a weekly increase of 2,082; the export profit was 426, a daily decrease of 106 [3]. BD (Butadiene) - **Spot Prices**: The Shandong market price was 8,650, a daily increase of 75 and a weekly decrease of 150; the Jiangsu market price was 8,550, a daily increase of 100 and a weekly decrease of 200; the Yangzi ex - factory price was 8,600, with no daily change and a weekly decrease of 200; the CFR China price was 1,010, with no daily change and a weekly decrease of 35 [3]. - **Processing and Trade Profits**: The carbon - four extraction profit was not available; the butylene oxidative dehydrogenation profit was -124, a daily increase of 100 and a weekly decrease of 130; the import profit was 268, a daily increase of 115 and a weekly increase of 79; the export profit was -819, a daily decrease of 278 and a weekly decrease of 322 [3]. Downstream Profits - The butadiene rubber production profit was 112, a daily increase of 164 and a weekly increase of 68; the styrene - butadiene rubber production profit was 725, with no daily change and a weekly decrease of 300; the ABS production profit was 119, a daily increase of 23 and a weekly increase of 141; the SBS (791 - H) production profit was 730, with no daily change and a weekly decrease of 100 [3]. Price Spreads between Varieties - The RU - BR spread was -3,511, a daily increase of 6,062 and a weekly increase of 10,032; the NR - BR spread was -6,096, a daily increase of 6,137 and a weekly increase of 10,412; the Thai mixed - butadiene spread was 3,630, a daily decrease of 20 and a weekly increase of 230 [3]. Price Spreads within Varieties - The styrene - butadiene 1502 - 1712 spread was 950, a daily increase of 50 and a weekly decrease of 50; the 3L - styrene - butadiene spread was 3,500, with no daily change and a weekly increase of 100; the standard - non - standard butadiene spread was 250, a daily decrease of 80 and a weekly decrease of 100 [3]

1. Report Investment Rating There is no information about the investment rating in the provided content. 2. Core Viewpoints There are no clear core viewpoints explicitly stated in the given report. The report mainly presents a large amount of data on asphalt market indicators. 3. Summary by Categories Futures Contracts - **Price Changes**: From September 17 to October 16, the prices of most BU series futures contracts showed a downward trend. For example, the BU10 contract price decreased from 3451 to 3200, and the BU11 contract price dropped from 3445 to 3279 [4]. - **Volume and Open Interest**: The trading volume on October 16 was 269344, with a daily increase of 7215 and a weekly decrease of 53977. The open interest was 353352, with a daily increase of 6845 and a weekly increase of 30758 [4]. Spot Market - **Market Prices**: The market prices of asphalt in different regions generally declined. The Shandong market price decreased from 3520 to 3420, the East China market price dropped from 3640 to 3500, and the North China market price fell from 3660 to 3440 [4]. - **Regional Price Differences**: The price differences between regions also changed. For instance, the East China - South China price difference decreased from 150 to 50 [4]. Basis and Calendar Spreads - **Basis**: The basis values in different regions had fluctuations. The Shandong basis (+80) decreased from 125 to 171, and the East China basis decreased from 72 to 71 [4]. - **Calendar Spreads**: The spreads between different contract months changed significantly. For example, the 10 - 11 spread decreased from 112 to -79 [4]. Crack Spreads and Profits - **Crack Spreads**: The asphalt Brent crack spread increased from -31 to 200 [4]. - **Profits**: The profits of different types of refineries generally increased. The ordinary refinery comprehensive profit increased from 370 to 530, and the Ma Rui - type refinery comprehensive profit rose from 697 to 916 [4].

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 2025/10/10 5870 5800 5820 374 202 384 8867 2025/10/13 5850 5800 - 380 - - 8681 2025/10/14 5850 5810 5780 453 - - 8488 2025/10/15 5840 5790 5770 437 - - 8438 2025/10/16 5810 5790 5760 402 - - 8438 变化 -30 0 -10 -35 - - 0 【行情分析】： 白糖：国际市场方面，现阶段巴西正处于压榨高峰期，供应压力使得国际糖价承压。截至目前，巴西单产和出糖率同比持续偏低，制糖比略有 回落但仍处于历史高位，后期产量不确定性增加，关注双周报数据。国内整体跟随原糖，进口糖陆续到港，加工糖报价下调明显，盘面上方压 力较大。 | 棉花棉纱 | | | 棉花 | | | 棉纱 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 3128 | ...

Group 1: Spot Market - Newman powder's latest price is 773, with a daily change of 1 and a weekly change of -11. Its discounted spot price is 827.0, and the import profit is -42.79 [1] - PB powder's latest price is 778, with a daily change of 3 and a weekly change of -10. Its discounted spot price is 825.0, and the import profit is -31.25 [1] - Mac powder's latest price is 775, with a daily change of 5 and a weekly change of -4. Its discounted spot price is 846.5, and the import profit is -3.89 [1] - Jinbuba powder's latest price is 748, with a daily change of 3 and a weekly change of -10. Its discounted spot price is 840.9, and the import profit is -0.13 [1] - The latest price of mainstream mixed powder is 745, with no daily change and a weekly change of -10. Its discounted spot price is 875.4, and the import profit is -3.11 [1] - Super special powder's latest price is 703, with no daily change and a weekly change of -12. Its discounted spot price is 920.0, and the import profit is 2.92 [1] - Carajás powder's latest price is 904, with a daily change of 1 and a weekly change of -19. Its discounted spot price is 850.3, and the import profit is -12.34 [1] - Brazilian blended ore's latest price is 810, with no daily change and a weekly change of -12. Its discounted spot price is 824.4, and the import profit is -23.62 [1] - Brazilian coarse ore IOC6's latest price is 779, with no daily change and a weekly change of -13 [1] - Brazilian coarse ore SSFG's latest price is 784, with no daily change and a weekly change of -13 [1] - Ukrainian concentrate's latest price is 900, with no daily change and a weekly change of -13. Its discounted spot price is 990.4 [1] - 61% Indian powder's latest price is 737, with a daily change of 3 and a weekly change of -10 [1] - Karara concentrate's latest price is 900, with no daily change and a weekly change of -13. Its discounted spot price is 922.7 [1] - Roy Hill powder's latest price is 765, with a daily change of 3 and a weekly change of -10. Its discounted spot price is 842.1, and the import profit is -0.57 [1] - KUMBA powder's latest price is 837, with a daily change of 3 and a weekly change of -10. Its discounted spot price is 828.1 [1] - 57% Indian powder's latest price is 636, with no daily change and a weekly change of -12 [1] - Atlas powder's latest price is 740, with no daily change and a weekly change of -10 [1] - Tangshan iron concentrate's latest price is 1013, with no daily change or weekly change. Its discounted spot price is 900.0 [1] Group 2: Futures Market - The latest price of i2601 contract is 773.5, with a daily change of -3.0 and a weekly change of -21.5. The monthly spread is -42.5, with a daily change of 5.6 and a weekly change of 9.8 [1] - The latest price of i2605 contract is 752.0, with a daily change of -2.0 and a weekly change of -22.5. The monthly spread is 21.5, with a daily change of 4.6 and a weekly change of 10.8 [1] - The latest price of i2609 contract is 731.0, with a daily change of -2.0 and a weekly change of -22.0. The monthly spread is 21.0, with a daily change of 4.6 and a weekly change of 10.3 [1] - The latest price of FE01 contract is 101.50, with a daily change of -0.29 and a weekly change of -0.32. The monthly spread is -4.64, with a daily change of -3.2 and a weekly change of -13.7 [1] - The latest price of FE05 contract is 99.03, with a daily change of -0.27 and a weekly change of -0.81. The monthly spread is 2.47, with a daily change of -4.9 and a weekly change of -12.7 [1] - The latest price of FE09 contract is 96.86, with a daily change of -0.19 and a weekly change of -0.95. The monthly spread is 2.17, with a daily change of -5.0 and a weekly change of -12.0 [1]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report PTA - PTA device maintenance led to a slight decline in starting - up, polyester load increased month - on - month, inventory slightly accumulated, and basis remained weak with low - level spot processing fees. PX domestic start - up increased, overseas devices restarted, PXN widened month - on - month, disproportionation efficiency remained stable while isomerization efficiency weakened, and the aromatics price difference between the US and Asia widened. TA may have additional production cuts and production plans, but considering no unexpected performance of polyester, the far - month is expected to accumulate inventory. After the valuation is repaired month - on - month, the far - month processing fee is relatively reasonable. Attention should be paid to additional maintenance situations [1]. MEG - Near - end domestic oil - based start - up remained stable, coal - based restarted, overall load increased to a high level, there was some maintenance overseas, port inventory accumulated significantly at the beginning of next week due to increased arrivals during the holiday and dull shipments, basis strengthened slightly, and the efficiency ratio further shrank. With the existing start - up reaching a relatively high level and new device commissioning, it will enter a continuous inventory - accumulation stage, but after the coal - based efficiency and ratio weaken, there may be some negative feedback on the supply side. Attention should be paid to the support of coal - based cost at the lower end [7]. Polyester Staple Fiber - Some devices were under maintenance, some increased load, start - up decreased to 94.3%, sales volume decreased month - on - month, and inventory increased month - on - month. On the demand side, the start - up of polyester yarn remained stable, raw material stocking increased, finished product inventory remained stable month - on - month, and efficiency was weak. Considering the high - level finished product inventory of polyester yarn, the speed of increasing load may slow down. Although the spot efficiency of staple fiber is good and start - up remains high, inventory pressure is limited, and processing fees are expected to fluctuate [7]. Natural Rubber - National warehouse inventory remained stable at an absolute level, Thai cup - lump rubber price remained stable, and there was rainfall. The strategy is to wait and see [7]. Group 3: Summary According to Related Catalogs PTA - From January to October 2025, data such as PTA spot price, PX price, PTA processing fee, polyester load, etc. were presented. For example, on January 1st, 2025, the PTA spot price was 4490, and the PX price was 6595. The average daily spot basis was 2601(- 83). Yisheng New Materials increased its load by 3.6 million tons [1]. MEG - From October 10th to 16th, 2025, data on MEG price, profit, load, and inventory were provided. For example, on October 10th, 2025, the MEG domestic price was 4206, and the port inventory was 77.7. The basis was around 01(+ 64). Shell's 400,000 - ton device was under maintenance [7]. Polyester Staple Fiber - From October 1st to 1st (it seems there is a data presentation problem here, presumably multiple days in October), data on staple fiber price, profit, load, etc. were given. The spot price was around 6302, and the market basis was around 11 + 40. Xinjiang Jianshanli was under maintenance, and Zhejiang Huaxing increased its load, with start - up decreasing to 94.3% [7]. Natural Rubber - From October 1st to 16th, 2025, data on natural rubber price, processing profit, and price difference were presented. For example, on October 1st, 2025, the Shanghai full - latex price was 14730. The strategy is to wait and see [7]. Styrene - related Products - From October 10th to 16th, 2025, data on the price of ethylene, pure benzene, styrene, and their production profits and start - up rates were provided. For example, on October 10th, 2025, the pure benzene (CFR China) price was 5740 [7].

Report Summary 1. Report Industry Investment Rating No information provided 2. Core Viewpoints - SPPOMA data shows that Malaysia's palm oil production from October 1 - 15, 2025, increased by 6.86% month - on - month, with fresh fruit bunch yield up 5.76% and oil extraction rate up 0.21% [1] 3. Summary by Relevant Catalogs Overnight Market Information - SPPOMA reported a 6.86% month - on - month increase in Malaysia's palm oil production from October 1 - 15, 2025, with a 5.76% increase in fresh fruit bunch yield and a 0.21% increase in oil extraction rate [1] Spot Prices | Date | Bean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2025/10/10 | 2880 | 2510 | 8520 | 9350 | 10370 | | 2025/10/13 | 2910 | 2510 | 8470 | 9270 | 10270 | | 2025/10/14 | 2890 | 2480 | 8480 | 9240 | 10260 | | 2025/10/15 | 2900 | 2490 | 8460 | 9230 | 10280 | | 2025/10/16 | 2900 | 2500 | 8450 | 9220 | 10230 | [2] Protein Meal Basis, Oil Basis, and Oilseed Futures Spreads No detailed information provided [3]

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 736.0 8.0 30.0 55.0 -124.0 25省终端可用天数 23.5 -1.5 3.6 2.6 5.9 秦皇岛5000 646.0 8.0 31.0 57.0 -119.0 25省终端供煤 533.1 0.2 -75.5 -107.0 -89.8 广州港5500 780.0 0.0 15.0 25.0 -130.0 北方港库存 2194.0 -4.0 -179.0 125.0 -45.3 鄂尔多斯5500 510.0 5.0 25.0 45.0 -120.0 北方锚地船舶 96.0 -16.0 8.0 10.0 33.0 大同5500 560.0 5.0 25.0 40.0 -150.0 北方港调入量 142.0 -0.1 3.9 -11.0 -19.5 榆林6000 652.0 0.0 10.0 50.0 -173.0 北方港吞吐量 176.2 13.1 56.0 19.5 33.4 榆林6200 680.0 0.0 10.0 50.0 -173.0 CBCFI海运指数 923.8 44.6 263.6 ...

Report Summary Report Information - Report Title: Scrap Steel Morning Report - Research Team: Black Team of the Research Center - Date: October 17, 2025 [1] Core Data - Scrap steel prices in different regions from October 10 to October 16, 2025 are as follows: | Region | October 10 | October 13 | October 14 | October 15 | October 16 |环比 | | --- | --- | --- | --- | --- | --- | --- | | East China | 2251 | 2245 | 2242 | 2238 | 2234 | -4 | | North China | 2323 | 2321 | 2315 | 2307 | 2293 | -14 | | Central China | 2074 | 2071 | 2059 | 2057 | 2053 | -4 | | South China | 2258 | 2250 | 2240 | 2235 | 2220 | -15 | | Northeast China | 2277 | 2272 | 2270 | 2266 | 2258 | -8 | | Southwest China | 2156 | 2146 | 2137 | 2135 | 2135 | 0 | [2]