Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalog SP Main Contract Closing Price - On October 15, 2025, the SP main contract closing price was 4856.00, with a 0.20636% increase from the previous day [3]. - The closing prices from October 9 - 15, 2025, along with corresponding fold - dollar prices, daily changes, and basis in Shandong and Jiangsu - Zhejiang - Shanghai regions are presented in a table [3]. Pulp Price and Profitability - With a 13% VAT calculation, for imported pulp, the Canadian Golden Lion has a CFR port price of 780 dollars, a Shandong region RMB price of 6200, and an import profit of - 145.57; the Canadian Lion has a CFR price of 730 dollars, a Shandong price of 5360, and an import profit of - 583.29; the Chilean Silver Star has a CFR letter - of - credit 90 - day price of 700 dollars, a Shandong price of 5590, and an import profit of - 111.92 [4]. - From October 9 - 15, 2025, the national and Shandong regional average prices of different types of pulp (coniferous, broad - leaf, natural, and chemimechanical) remained unchanged [4]. - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged from October 10 - 15, 2025 [4]. - The profit margins of different types of paper showed some changes. For example, the double - offset profit margin decreased from 0.1462% on October 10, 2025, to - 0.0430% on October 15, 2025; the living paper profit margin decreased from 7.2414% on October 10, 2025, to 6.8977% on October 15, 2025 [4]. - The price differences between coniferous pulp and other types of pulp (broad - leaf, natural, chemimechanical, and waste paper) are presented in a table from October 9 - 15, 2025 [4].

Group 1: Price Performance - London Gold latest price is 4204.60, change is 78.30 [1] - London Silver latest price is 52.59, change is 1.07 [1] - London Platinum latest price is 1622.00, change is -23.00 [1] - London Palladium latest price is 1467.00, change is 16.00 [1] - LME Copper latest price is 10717.00, change is 190.00 [1] - US Dollar Index latest is 98.67, change is -0.38 [1] - Euro to US Dollar latest is 1.16, change is 0.00 [1] - British Pound to US Dollar latest is 1.34, change is 0.01 [1] - US Dollar to Japanese Yen latest is 151.06, change is -0.74 [1] Group 2: Trading Data - COMEX silver inventory latest is 15947.11, change is -90.86 [1] - SHFE silver inventory latest is 1030.43, change is -32.64 [1] - Gold ETF holdings latest is 1022.60, change is 1.15 [1] - Silver ETF holdings latest is 15422.61, change is -310.48 [1] - SGE silver deferred fee payment direction change is -1.00 [1] - SGE gold deferred fee payment direction change is -1.00 [1]

Report Information - Report Title: Ferroalloy Morning Report - Date: October 16, 2025 1. Report Industry Investment Rating - No information provided in the given content. 2. Report Core View - No clear core view is presented in the provided content. The report mainly offers price, supply, demand, inventory, and cost - profit data of ferroalloys such as ferrosilicon and ferromanganese. 3. Summary by Relevant Catalogs Price - **Ferrosilicon**: The latest prices of different grades and regions vary. For example, the price of Ningxia 72 ferrosilicon natural block is 5130 yuan, with a weekly decrease of 50 yuan; the export price of Tianjin 72 ferrosilicon is 1050 US dollars, with a daily increase of 15 US dollars and a weekly increase of 25 US dollars [2]. - **Ferromanganese**: The latest price of Inner Mongolia 6517 ferromanganese is 5680 yuan, with a daily increase of 30 yuan; the price of Guangxi 6517 ferromanganese is 5700 yuan, with no change [2]. Supply - **Ferrosilicon**: The production data of 136 ferrosilicon enterprises in China shows the monthly and weekly production trends from 2021 - 2025. The capacity utilization rates of Inner Mongolia, Ningxia, and Shaanxi also have corresponding trends [4]. - **Ferromanganese**: The weekly production of ferromanganese in China from 2021 - 2025 is presented, and the procurement prices and quantities of Hebei Iron and Steel Group for ferromanganese are also provided [6]. Demand - For ferrosilicon, factors such as the production of crude steel, stainless - steel, and metal magnesium, as well as the procurement volume of Hebei Iron and Steel Group, affect its demand. For ferromanganese, the demand in China is also related to the production of crude steel, and the demand data from 2021 - 2025 is given [4][7]. Inventory - **Ferrosilicon**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi shows the weekly inventory trends from 2021 - 2025. The warehouse receipt quantity, effective forecast, and the sum of them are also provided [5]. - **Ferromanganese**: The inventory data of 63 sample enterprises in China, the warehouse receipt quantity, effective forecast, and the sum of them, as well as the inventory average available days in China, are presented with trends from 2021 - 2025 [7]. Cost and Profit - **Ferrosilicon**: The cost mainly includes electricity prices in different regions and the market price of semi - coke. The profit data includes the profit of ferrosilicon in Ningxia and Inner Mongolia after converting to the main contract and the spot profit [5]. - **Ferromanganese**: The profit data of ferromanganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 is provided, as well as the profit of Guangxi ferromanganese after converting to the main contract [7].

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - DH profit improvement may lead to increased demand for CP cargo purchases. Consider narrowing PDH profit, but be aware of the risk of a low CP official price at the end of the month [1] - The PG market has declined significantly. The cheapest deliverable is East China civil gas. The basis and 11 - 12 month spread have changed. Warehouse receipts were cancelled to zero in September. The October CP official price was the lowest in two years [1] - The inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually recovering. PDH operating rate has decreased, and some plants have shut down with one expected to resume next week [1] 3) Summary by Related Content Price Changes - **Daily Changes**: On October 15, compared with the previous day, civil gas prices in East China decreased by 9 to 4374, in Shandong by 90 to 4350, and remained unchanged in South China at 4530. Ether - post - carbon four decreased by 20 to 4460 [1] - **Weekly Changes**: PG prices in different regions changed. The basis and 11 - 12 month spread changed. FEI and CP had small fluctuations. PDH profit, inventory, and supply - demand situations also had corresponding changes [1] Market Indicators - **Price and Spread**: The 10 - month CP official price was 495/475, the lowest in two years, 40 - 60 dollars lower than expected. FEI and CP month spreads, and various internal and external spreads (PG - CP, PG - FEI, FEI - CP) changed [1] - **Arbitrage Window**: The US - Asia arbitrage window is closed. AFEI and CP South China arrival discounts are given. Freight rates have dropped significantly [1] - **Profit**: PDH propylene production spot profit changed little, and PP production profit rebounded from a low level [1] - **Inventory and Supply - Demand**: Inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually recovering. PDH operating rate is 70.88% (-1.64pct) [1]

Group 1: PTA Market Core View - Proximal TA maintenance led to a slight decline in PTA operation rate, while polyester load increased month - on - month, inventory slightly accumulated, basis remained weak, and spot processing fees stayed at a low level. PX domestic operation rate rose, overseas units restarted, PXN widened month - on - month, disproportionation efficiency remained stable while isomerization efficiency weakened, and the aromatics price spread between the US and Asia widened. In the future, TA may have additional production cuts and production plans, but considering the lack of unexpected performance in polyester, the far - month inventory accumulation is expected. After the valuation is repaired month - on - month, the far - month processing fees are relatively reasonable. Attention should be paid to additional maintenance situations [1]. Key Points - The average daily trading basis of PTA main contract 2601 was - 85. The 3.6 - million - ton Yisheng New Materials increased its operation rate [1]. Group 2: MEG Market Core View - Proximal domestic oil - based operation rate remained stable, coal - based units restarted, and the overall load rose to a high level. There were some overseas maintenance. After the holiday, the port arrivals increased while the shipments were dull, and the port inventory accumulated significantly at the beginning of next week. The basis strengthened slightly, and the benefit ratio further shrank. In the future, with the existing operation rate reaching a high level and new units being put into production, it will enter a continuous inventory accumulation stage. However, after the coal - based benefits and ratios weaken, there may be some negative feedback on the supply side. Attention should be paid to the support of coal - based production costs [7]. Key Points - The MEG spot trading basis was around + 64 for the 01 contract. Shell's 400,000 - ton unit was under maintenance [7]. Group 3: Polyester Staple Fiber Market Core View - The Xinjiang Jianshanli unit was under maintenance, Zhejiang Huaxing increased its operation rate, the operation rate dropped to 94.3%, the production and sales weakened month - on - month, and the inventory accumulated month - on - month. On the demand side, the operation rate of polyester yarn remained stable, raw material stocking continued, the finished product inventory remained stable month - on - month, and the benefits were weak. In the future, due to the high - level finished product inventory of polyester yarn, the speed of increasing the operation rate may slow down. Although the spot benefits of staple fiber are acceptable and the operation rate remains high, the inventory pressure is limited, and the processing fees are expected to fluctuate [7]. Key Points - The spot price was around 6293, and the market basis was around + 60 for the 11 contract [7]. Group 4: Natural Rubber Market Core View - The national explicit inventory remained stable at an absolute level. The price of Thai cup rubber remained stable, and there was rainfall. The strategy was to wait and see [7]. Key Points - There were detailed price data for various types of natural rubber such as 20 - number rubber, US - dollar - denominated Thai mixed rubber, etc. from October 9 - 15, 2025 [7]. Group 5: Styrene and Related Products Market Core View - There were price changes in various products such as ethylene, pure benzene, styrene, etc., and profit changes in products like ABS, EPS, PS. The production and operation rates of related products also showed certain trends [7]. Key Points - There were daily price changes and profit data for products including ethylene, pure benzene, styrene, ABS, EPS, PS from October 9 - 15, 2025 [7].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - No clear core view presented in the given content Group 3: Summary of Key Information Spot Market - **Australian Iron Ore**: Newman powder price is 772, down 4 daily and 7 weekly; PB powder is 775, down 5 daily and 9 weekly; Mac powder is 770, down 4 daily and 5 weekly; Jinbuba powder is 745, down 5 daily and 9 weekly; Super Special powder is 703, down 2 daily and 9 weekly; Carajás powder is 903, down 5 daily and 15 weekly; Roy Hill powder is 762, down 5 daily and 9 weekly; KUMBA powder is 834, down 5 daily and 9 weekly; 57% Indian powder is 636, down 2 daily and 9 weekly; Atlas powder is 740, down 5 daily and 5 weekly [1] - **Brazilian Iron Ore**: Brazilian mixed powder is 810, down 3 daily and 11 weekly; Brazilian coarse IOC6 is 779, down 5 daily and 9 weekly; Brazilian coarse SSFG is 784, down 5 daily and 9 weekly [1] - **Other Regions**: Ukrainian concentrate powder is 900, down 5 daily and 10 weekly; 61% Indian powder is 734, down 5 daily and 9 weekly; Karara concentrate powder is 900, down 5 daily and 10 weekly [1] - **Domestic Ore**: Tangshan iron concentrate powder is 1013, down 7 daily and up 6 weekly [1] Futures Market - **DCE Contracts**: i2601 contract price is 776.5, down 5.5 daily and 14 weekly; i2605 is 754.0, down 7.0 daily and 17 weekly; i2609 is 733.0, down 6.5 daily and 17.5 weekly [1] - **SGX Contracts**: FE01 price is 101.79, down 1.97 daily and up 0.28 weekly; FE05 is 99.30, down 1.86 daily and 0.43 weekly; FE09 is 97.05, down 1.72 daily and 0.67 weekly [1] Premiums and Spreads - **Uzbekistan Ball/Pellet Premium**: Some data is presented but not clearly summarized here [1] - **PB Lump/Block Premium**: Some data is presented but not clearly summarized here [1] - **Monthly Spreads**: For DCE contracts, i2601 has a monthly spread of -43.5, up 4.1 weekly; i2605 has a spread of 22.5, up 7.1 weekly; i2609 has a spread of 21.0, up 7.6 weekly [1] - **FE Contracts Spreads**: FE01 has a spread of -4.74, down 7.4 weekly; FE05 has a spread of 2.49, down 2.9 weekly; FE09 has a spread of 2.25, up 63.2 weekly [1]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report No clear core view is presented in the given content. The report mainly provides various data on asphalt, including contract prices, trading volumes, market prices, basis, and spreads. 3. Summary According to Related Catalogs Futures Contracts - The prices of most BU contracts decreased on October 15 compared to the previous day, with BU10 remaining unchanged. For example, BU11 decreased by 40 to 3250, and BU01 decreased by 13 to 3154 [4]. - The trading volume on October 15 was 262,129, an increase of 18,325 from the previous day and 32,331 from the previous week. The open interest was 346,507, a decrease of 402 from the previous day but an increase of 29,572 from the previous week [4]. Market Prices - Market prices in different regions generally showed a downward trend. For instance, the Shandong market price decreased by 10 to 3450, and the Northeast market price decreased by 30 to 3720 [4]. - The price differences between regions also changed. The Shandong - Northeast price difference increased by 20 to -270, and the East China - South China price difference remained at 70 [4]. Basis and Spread - Most basis values increased. For example, the Shandong basis (+80) increased by 50 to 240, and the South China basis increased by 30 to 80 [4]. - The spread between different contract months also changed significantly. For example, the 10 - 11 spread increased by 40 to 220, and the 10 - 12 spread increased by 27 to 286 [4]. Crack Spread and Profit - The asphalt Brent crack spread increased by 38 to 199, and the asphalt MRE profit increased by 35 to 113. The comprehensive profit of ordinary refineries increased by 21 to 527, and the comprehensive profit of MRE - type refineries increased by 26 to 915 [4]. - The import profit from South Korea to East China and from Singapore to South China remained unchanged at -268 and -994 respectively [4].

Report Overview - Report Title: Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Report Date: October 16, 2025 [2] 1. Market Data Summary 1.1 BR (Butadiene Rubber) Market - **Price and Volume**: The closing price of the main contract was 10,895 on October 15, with a weekly change of -205. The main contract's open interest decreased by 8,746 to 24,468, and the trading volume was 113,246, with a weekly increase of 65,011. The warehouse receipt quantity was 8,550, with a change of -3 [3]. - **Basis and Spread**: The basis of BR was 195, with a weekly change of -115. The 10 - 11 month spread was -475, and the 11 - 12 month spread was 35 [3]. - **Market Prices**: The Shandong market price of BR was 10,950, down 350 from the previous period. The Chuanhua market price was 10,800, and the Qilu ex - factory price was 11,200, down 300 [3]. - **Profit Analysis**: The spot processing profit was 135, and the on - screen processing profit was 141. The import profit was -79,908, and the export profit was 445 [3]. 1.2 Butadiene (BD) Market - **Market Prices**: The CFR Northeast Asia price was 1,500, and the CFR Southeast Asia price was 1,700, both remaining unchanged. The Shandong market price was 8,550, down 475, and the Jiangsu market price was 8,450, down 400. The Yangzi ex - factory price was 8,600, down 300 [3]. - **Profit Analysis**: The carbon - four extraction profit was N/A, and the butene oxidative dehydrogenation profit was 80. The import profit was -141, and the export profit was -541 [3]. 1.3 Downstream Product Markets - **Production Profits**: The ABS production profit was N/A, the SBS (791 - H) production profit was 730, and the butadiene styrene rubber (SBR) production profit was N/A [3]. 1.4 Inter - and Intra - Product Spreads - **Inter - Product Spreads**: The RU - BR spread was -17,073, the NR - BR spread was -12,233, the Thai mixed - BR spread was 3,450, and the 3L - SBR spread was 3,500 [3]. - **Intra - Product Spreads**: The SBR 1502 - 1712 spread was 950, and the standard - non - standard spread of BR was 450 [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report Core Views - Corn prices are expected to remain weak in the short - term due to the concentrated listing of new - season corn. In the long - term, the game between farmers and traders will be crucial, and if prices drop significantly, farmers may resist selling, leading to a price rebound [1] - Starch prices are expected to decline in the short - term as raw material prices weaken, and inventory accumulation may further restrict price rebounds. In the long - term, downstream consumption rhythm is key, and a significant price drop may stimulate downstream replenishment [2] - International sugar prices are under pressure due to Brazil's peak - season supply. In the domestic market, imported sugar arrivals and lower processing sugar quotes are pressuring the price [3] - Cotton has entered a consolidation phase, and if there are no major macro - risks, the April low can be seen as a long - term bottom. Attention should be paid to demand changes [5] - Egg prices are expected to remain weak in the short - term due to high supply and seasonal demand decline after the holiday. The acceleration of chicken culling may support prices [9] - Apple's new - season production in the whole country is not expected to differ greatly from last year, but some areas have quality issues due to rainfall. The average opening price is above 3.5 yuan per catty [12] - For pigs, if the near - term pressure continues to be released, it will strengthen the policy expectations for the far - term production capacity inflection point next year. There may be short - term rebounds, but medium - term supply pressure remains. Attention should be paid to factors such as slaughter rhythm, diseases, and policies [12] Group 3: Summary by Commodity Corn - **Price Data**: From October 9 - 15, prices in some regions remained stable, while the price in蛇口 increased by 30. The basis decreased by 8, trade profit increased by 30, and import profit increased by 31 [1] - **Analysis**: New - season corn has been listed, and short - term prices are weak due to concentrated supply. Long - term prices depend on the game between farmers and traders [1] Starch - **Analysis**: After the holiday, new - season corn listing led to lower raw material purchase prices, but starch price adjustment is limited due to high production costs. Short - term prices may decline, and long - term prices depend on downstream consumption [2] Sugar - **Price Data**: From October 9 - 15, the spot prices in some regions decreased, the basis decreased by 16, and the number of warehouse receipts decreased by 50 [3] - **Analysis**: International market supply pressure from Brazil affects prices, and in the domestic market, imported sugar arrivals and lower quotes are pressuring the price [3] Cotton - **Price Data**: From October 9 - 15, the price of 3128 cotton decreased by 25, and the import profit increased by 9 [14] - **Analysis**: Cotton is in a consolidation phase, and the long - term bottom may be at the April low. Attention should be paid to demand changes [5] Eggs - **Price Data**: From October 9 - 15, prices in some regions remained stable, while the price in Hubei increased by 0.04. The price of yellow - feather broilers increased by 0.05, and the price of pigs decreased by 0.27 [9] - **Analysis**: Egg prices dropped 12.5% during the holiday, and short - term prices are expected to be weak. Chicken culling rhythm is a key factor [9] Apples - **Price Data**: From October 9 - 14, the spot price of Shandong 80 first - and second - grade apples remained stable, and the basis of different contracts changed [11] - **Analysis**: New - season apples in the western region are being bag - removed, and those in Shandong are delayed due to rain. The national production is similar to last year, but some areas have quality issues [12] Pigs - **Price Data**: From October 9 - 15, prices in some regions increased, and the basis increased by 150 [12] - **Analysis**: Near - term pressure release may strengthen far - term production capacity inflection point expectations. There may be short - term rebounds, but medium - term supply pressure remains [12]

废钢早报 研究中心黑色团队 2025/10/16 日期 华东 华北 中部 华南 东北 西南 2025/10/09 2249 2317 2070 2253 2278 2152 2025/10/10 2251 2323 2074 2258 2277 2156 2025/10/13 2245 2321 2071 2250 2272 2146 2025/10/14 2242 2315 2059 2240 2270 2137 2025/10/15 2238 2307 2057 2235 2266 2135 环比 -4 -8 -2 -5 -4 -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 ...