Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil oscillated, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again and fluctuated widely recently, and the domestic and foreign spreads of FU near - month oscillated. The low - sulfur cracking spread rebounded slightly but was still at a historical low compared to the same period. The monthly spread was weakly sorted out, the domestic and foreign spreads of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated [5]. - Fundamentally, Singapore's residue decreased, floating storage oscillated, ARA's residue inventory decreased slightly, EIA's residue decreased slightly, Fujairah's inventory decreased, and the high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. With the reshaping of logistics and the support of Singapore's high - sulfur marine fuel demand, the EW spread has completed its repair. Recently, the refinery's raw material procurement supports the 380 cracking level, and the short - term downward space is limited. It is expected that the 380 cracking spread will maintain an oscillating pattern, and the domestic FU is expected to oscillate with a slightly bullish trend in the short term. This week, the LU futures remained weak. The issuance of the third batch of export quotas met expectations, and the external MF0.5 basis oscillated at a low level. In the fourth quarter, the domestic and foreign spreads of LU can be expanded when the price is low. Pay attention to the quota usage [6]. 3. Summary by Directory - **Rotterdam Fuel Oil Swap Data**: From September 25, 2025, to October 9, 2025, the prices of Rotterdam 3.5% HSFO swap M1 decreased by $5.39, Rotterdam 0.5% VLSFO swap M1 decreased by $6.35, Rotterdam HSFO - Brent M1 decreased by $0.08, Rotterdam 10ppm Gasoil swap M1 decreased by $19.12, Rotterdam VLSFO - GO M1 increased by $12.77, LGO - Brent M1 decreased by $0.88, and Rotterdam VLSFO - HSFO M1 decreased by $0.96 [3]. - **Singapore Fuel Oil Swap Data**: During the same period, the prices of Singapore 380cst M1 decreased by $7.73, Singapore 180cst M1 decreased by $9.31, Singapore VLSFO M1 decreased by $7.87, Singapore 380cst - Brent M1 decreased by $0.64, and Singapore VLSFO - GO M1 increased by $0.57 [3]. - **Singapore Fuel Oil Spot Data**: From September 25, 2025, to October 9, 2025, the FOB 380cst price decreased by $6.99, the FOB VLSFO price decreased by $11.25, and the 380 basis decreased by $0.49 [4]. - **Domestic FU Data**: During this period, the prices of FU 01 decreased by 33, FU 05 decreased by 27, FU 09 decreased by 15, FU 01 - 05 decreased by 6, FU 05 - 09 decreased by 12, and FU 09 - 01 increased by 18 [4]. - **Domestic LU Data**: From September 25, 2025, to October 9, 2025, the prices of LU 01 decreased by 58, LU 05 decreased by 64, LU 09 decreased by 48, LU 01 - 05 increased by 6, LU 05 - 09 decreased by 16, and LU 09 - 01 increased by 10 [5].

Report Industry Investment Rating - Not provided Core Viewpoints - In the next three months, the supply side is expected to fluctuate slightly, combustion demand will steadily recover, and PDH plants may maintain high operation rates. However, with the expected increase in OPEC+ production, international propane prices are under pressure, and domestic refinery gas also faces significant pressure, so the overall LPG price is likely to fall rather than rise. Attention should be paid to PDH plant maintenance, OPEC+ policies, and geopolitical changes [1] Summary by Relevant Catalogs Daily Data - On September 29, 2025, compared with the previous day, the price of East China LPG increased by 17 yuan to 4380 yuan, Shandong decreased by 120 yuan to 4430 yuan, and South China decreased by 40 yuan to 4600 yuan. The price of etherified C4 increased by 70 yuan to 4620 yuan. The lowest delivery location was East China, with the basis increasing by 18 to 308 [1] Weekly Viewpoints - In the external market, Middle - East supplies are in tight balance, US inventories are at a historical high with high - load exports. The procurement needs of Japanese and Korean chemical industries, Chinese PDH plants, and Indian peak - season stockpiling support prices, but the warm - winter expectation may suppress Japanese and Korean restocking. The shipping freight from the US to the Far East has dropped significantly, and the arbitrage window is closed. Domestically, upstream inventory reduction and downstream restocking occurred simultaneously before the holiday, resulting in small price fluctuations [1] - The profit of PDH plants has improved (up about 200 yuan month - on - month) due to the decline in raw material arrival prices. Etherified C4 is not actively purchased due to weak terminal gasoline demand and poor plant profits. The expected increase in OPEC+ production puts pressure on international propane prices, and domestic refinery gas also has significant pressure, so the overall LPG price is expected to have limited upside [1]

Report Overview - No industry investment rating is provided [1] - The core view of the report is to present overnight market information, price data, and some forecasts in the oilseeds and fats industry [1] Overnight Market Information - Indonesia's B50 biodiesel plan will generate an additional demand of 5.3 million tons of crude palm oil [1] - As of the week ending October 2, 2025, the net increase in US soybean export sales for the 2025/26 season is expected to be 60 - 1.6 million tons, the net increase in US soybean meal export sales is expected to be 15 - 35 thousand tons, and the net increase in US soybean oil export sales is expected to be 0 - 25 thousand tons [1] - StoneX predicts that Brazil's biodiesel demand will increase by 6.3% in 2026 to 10.5 billion liters, and the consumption of soybean oil, the main raw material for biodiesel production, will increase by 6.3% to 8.4 million tons [1] Price Data - The report provides the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from September 25 to October 9, 2025 [2] Other Information - The report also mentions the precipitation in major producing countries, the import soybean crushing profit on the futures market, the import profit of oils, the protein meal basis, the oils basis, and the price spread of oils and oilseeds, but no specific data is provided [1][3][5][7]

147家钢厂废钢到货 + 2019 ↓ 2020 ↓ 2021 ↓ 2022 ↓ 2023 g ↓ 2024 ↓ 2025 60 50 40 30 20 10 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 废钢早报 研究中心黑色团队 2025/10/10 华东 स्क 中部 东北 日期 华南 2025/09/25 2264 2329 原点 2085 2263 2025/09/26 2263 2327 2085 2260 | 2025/09/25 | 2264 | 2329 | 2085 | 2263 | 2293 | 2165 | | --- | --- | --- | --- | --- | --- | --- | | 2025/09/26 | 2263 | 2327 | 2085 | 2260 | 2291 | 2165 | | 2025/09/29 | 2258 | 2311 | 2079 | 2257 | 2282 | 2151 | | 2025/09/30 | 2256 | 2311 | 2077 | 2255 | 2282 | 2150 | | 2025/10/09 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views - **Corn**: In the short - term, new - season corn is about to be listed, leading to weakened demand for old corn and a weak price trend. With low inventory levels, the decline is expected to be limited. In the long - term, prices are likely to be under pressure due to increased production and lower costs, and may turn around when consumption improves or farmers show reluctance to sell [2]. - **Starch**: In the short - term, as the cost of purchasing corn decreases, the price of starch is expected to be lowered to reduce inventory. In the long - term, high inventory and lower expected raw material costs keep the outlook for starch prices bearish [2]. - **Sugar**: Internationally, the peak crushing season in Brazil is pressuring sugar prices. Domestically, with imported sugar arriving and processing sugar prices dropping, the market faces upward pressure [3]. - **Cotton**: The market has entered a consolidation phase, waiting for demand verification. Without major macro - risks, the April low could be the long - term bottom, and the downside space is limited. Attention should be paid to demand changes [5]. - **Eggs**: In September, due to increased demand from school openings and holiday stocking, and traders' "buying on the upswing" mentality, the spot price rebounded nearly 40%. High inventory and cold - stored eggs limit price increases, but the price is unlikely to fall below the feed cost. Post - holiday chicken culling should be monitored [9]. - **Apples**: The new - season apples are being bag - removed. The national production is expected to be similar to last year, but consumption is in the off - season, and the market share is being squeezed by seasonal fruits. The final production should be watched [11]. - **Pigs**: There are policy - related expectations of a production capacity inflection point next year. However, insufficient capacity reduction still suppresses the medium - term supply. The near - term supply pressure is being released, and the spot price is hitting new lows. Attention should be paid to factors such as the slaughter rhythm, diseases, and policies [15]. 3. Summary by Commodity Corn/Starch - **Price Data**: From 2025/09/25 to 2025/10/09, prices in major regions decreased, e.g., the price in Changchun dropped by 120, and the price in Weifang decreased by 114. The trade profit increased by 30, while the import profit decreased by 16 [1]. - **Analysis**: Short - term price is weak due to reduced demand, and long - term price is pressured by increased production and lower costs. Starch price is expected to decline in the short - term and remain bearish in the long - term [2]. Sugar - **Price Data**: From 2025/09/25 to 2025/10/09, the spot price in Liuzhou decreased by 20, and the import profit from Thailand and Brazil decreased by 72 and 73 respectively [3]. - **Analysis**: International supply pressure and domestic imported sugar arrivals are pressuring the sugar price [3]. Cotton - **Price Data**: From 2025/09/25 to 2025/10/09, the price of 3128 cotton decreased by 45, and the import profit decreased by 62 [5]. - **Analysis**: The market is in a consolidation phase, and the downside space is limited if there are no major macro - risks [5]. Eggs - **Price Data**: From 2025/09/25 to 2025/10/09, prices in major production areas decreased, e.g., the price in Hebei decreased by 0.40, and the price in Shandong decreased by 0.70. The prices of substitutes such as yellow - feather broilers decreased by 0.35, and the price of pigs decreased by 0.67 [9]. - **Analysis**: The price rebounded in September, but high inventory and cold - stored eggs limit price increases [9]. Apples - **Price Data**: From 2025/09/25 to 2025/10/09, the spot price remained unchanged at 7500.00, and the national inventory decreased by 16.00 [10][11]. - **Analysis**: The new - season production is expected to be similar to last year, and consumption is in the off - season [11]. Pigs - **Price Data**: From 2025/09/25 to 2025/10/09, prices in major production areas decreased, e.g., the price in Henan Kaifeng decreased by 1.15, and the price in Hubei Xiangyang decreased by 1.05. The basis decreased by 390.00 [15]. - **Analysis**: There are policy expectations for next year, but medium - term supply pressure remains, and the near - term supply is being released [15].

1. Cross - market Arbitrage Tracking Copper - Spot price in China is 85,900, LME price is 10,843, and the ratio is 7.69; three - month price in China is 86,820, LME price is 10,868, and the ratio is 7.90. The equilibrium ratio for spot import is 8.11, with a loss of 968.44, and a profit of 1465.36 for spot export [1] Zinc - Spot price in China is 22,140, LME price is 3,096, and the ratio is 7.15; three - month price in China is 22,335, LME price is 3,030, and the ratio is 5.59. The equilibrium ratio for spot import is 8.53, with a loss of 4264.28 [1] Aluminum - Spot price in China is 20,960, LME price is 2,796, and the ratio is 7.50; three - month price in China is 21,085, LME price is 2,788, and the ratio is 7.53. The equilibrium ratio for spot import is 8.38, with a loss of 2476.58 [1] Nickel - Spot price in China is 121,850, LME price is 15,358, and the ratio is 7.93. The equilibrium ratio for spot import is 8.19, with a loss of 2247.17 [1] Lead - Spot price in China is 16,775, LME price is 1,986, and the ratio is 8.46; three - month price in China is 17,135, LME price is 2,016, and the ratio is 11.02. The equilibrium ratio for spot import is 8.83, with a loss of 734.46 [3] 2. Cross - term Arbitrage Tracking Copper - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 3400, 3470, 3500, and 3400 respectively, while the theoretical spreads are 519, 936, 1361, and 1787 [4] Zinc - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 1175, 1195, 1230, and 1260 respectively, while the theoretical spreads are 209, 323, 438, and 553 [4] Aluminum - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 380, 375, 375, and 370 respectively, while the theoretical spreads are 215, 330, 446, and 561 [4] Lead - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 690, 710, 720, and 595 respectively, while the theoretical spreads are 207, 310, 413, and 517 [4] Nickel - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 4170, 4350, 4540, and 4810 respectively [4] Tin - The spread of the 5 - 1 contract is - 210, and the theoretical spread is 5939 [4] 3. Spot - futures Arbitrage Tracking Copper - The spreads of the current - month and next - month contracts relative to the spot are - 2370 and 1030 respectively, while the theoretical spreads are - 208 and 762 [4] Zinc - The spreads of the current - month and next - month contracts relative to the spot are - 1000 and 175 respectively, and the theoretical spreads are 116 and 246 (also mentioned as 59 and 240) [4][5] Lead - The spreads of the current - month and next - month contracts relative to the spot are - 350 and 340 respectively, while the theoretical spreads are 44 and 156 [5] 4. Cross - variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) are 3.89, 4.12, 5.07, 0.94, 1.23, and 0.77 respectively; for LME (three - continuous contracts) are 3.61, 3.88, 5.35, 0.93, 1.38, and 0.67 respectively [5]

1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - No explicit core view is presented in the content. The report mainly provides a series of data on asphalt, including prices, trading volumes, open interests, basis, spreads, and profits. 3. Summary by Relevant Catalogs Price and Trading Volume Information - **Contract Prices**: The prices of various asphalt futures contracts (BU10 - BU03) showed fluctuations from September 10th to September 30th. For example, the BU10 contract price decreased from 3463 on 9/10 to 3440 on 9/30, with a daily change of -45 and a weekly change of 32 [4]. - **Trading Volume and Open Interest**: The trading volume on 9/30 was 229798, a decrease of 35312 from the previous day and 12721 from the previous week. The open interest on 9/30 was 316935, a decrease of 25400 from the previous day and 96907 from the previous week [4]. - **Market Prices**: Different regions had different asphalt market prices. For instance, the Shandong market price remained at 3500 from 9/24 - 9/30, while the Northeast market price decreased from 3830 on 9/24 to 3820 on 9/30 [4]. Basis and Monthly Spread - **Basis**: The Shandong basis (+80) was 126 on 9/30, with a daily increase of 42 and a weekly decrease of 42. The East China basis was 66 on 9/30, with a daily increase of 42 and a weekly increase of 38 [4]. - **Monthly Spread**: The 10 - 11 spread was 16 on 9/30, a decrease of 3 from the previous day and unchanged from the previous week. The 11 - 01 spread was 68 on 9/30, an increase of 4 from the previous day and a decrease of 22 from the previous week [4]. Spread and Profit - **Asphalt Spreads**: The asphalt Brent spread was 57 on 9/30, a decrease of 42 from the previous day and 115 from the previous week [4]. - **Profits**: The asphalt Ma Rui profit was -16 on 9/30, a decrease of 38 from the previous day and 104 from the previous week. The ordinary refinery comprehensive profit was 434 on 9/30, a decrease of 52 from the previous day and 107 from the previous week [4]. Other Related Data - **Crude Oil Price**: The Brent crude oil price was 66.3 on 9/30, an increase of 0.8 from the previous day and 2.1 from the previous week [4]. - **Gasoline and Diesel Prices**: The Shandong market price of gasoline was 7471 on 9/30, a decrease of 21 from the previous day and 12 from the previous week. The Shandong market price of diesel was 3733 on 9/30, a decrease of 50 from the previous day [4].

Report Overview - The report is an early morning report on aromatics and rubber, issued by the Energy and Chemicals Team of the Research Center on October 10, 2025 [2] PTA Section Data Summary - From September 25 to October 9, 2025, the price of crude oil remained at 65.2, the price of PTA spot decreased by 35 to 4500, and the price of POY 150D/48F decreased by 55 to 6595. The PTA processing difference remained at 112, and the polyester gross profit decreased by 8 to 182. The PTA balance load increased by 0.6 to 80.7, and the PTA load remained at 77.1. The number of warehouse receipts + valid forecasts increased by 3006 to 33522, and the TA basis decreased by 7 to -60. The sales volume increased by 0.2 to 0.50 [2] Device Changes - Hengli Dalian's 2.2 million - ton PTA device was under maintenance, and Yisheng New Materials' 3.6 million - ton device reduced its load [2] Weekly View - Near - term PX has some maintenance delays and an increase in the load of existing production capacity, gradually passing the fastest destocking stage. With short - term stable supply of the two oils, the short - process efficiency of TA may be under pressure. TA's low processing fees have led to more maintenance and production reduction discussions, but the polyester load has also declined. The inventory remains low, the processing fees have slightly recovered, and there is still an expectation of inventory accumulation in the far - term. Attention should be paid to the opportunity to shrink the PX - MX spread when the price is high and the opportunity to expand the far - month TA processing fees when the price is low [2] MEG Section Data Summary - From September 25 to October 9, 2025, the price of Northeast Asian ethylene remained at 805, the MEG outer - market price decreased by 8 to 494, and the MEG inner - market price decreased by 51 to 4224. The MEG coal - making profit decreased by 51 to 77, and the MEG inner - market cash flow (ethylene) remained at - 699. The total MEG load, coal - made MEG load, and non - coal - made load remained unchanged, and the MEG port inventory remained at 40.9 [2] Device Changes - Shanxi Meijin's 300,000 - ton MEG device was under maintenance [2] Weekly View - Near - term EG has the return of maintenance and the commissioning of new devices, so the supply remains at a relatively high level, and the arrival at the port has increased month - on - month. The port may gradually enter the inventory accumulation stage, but the current situation is still good, and the valuation may be slowly compressed. Attention should be paid to the cost support of coal - made MEG and the opportunity to sell put options close to the coal - made cost [2] Polyester Staple Fiber Section Data Summary - From September 25 to October 9, 2025, the price of 1.4D cotton - type polyester staple fiber decreased by 40 to 6460, and the price of low - melting - point staple fiber remained at 7350. The profit of pure - polyester yarn increased by 65 to - 60, and the difference between cotton and polyester staple fiber decreased by 40 to 8040 [2][3] Weekly View - Near - term devices are operating stably, with an operating rate of 95.4%. The sales volume has improved month - on - month, and the inventory has significantly decreased. On the demand side, the operating rate of polyester yarn has remained stable, raw material inventory has increased, and the finished - product inventory has decreased month - on - month, but the efficiency is weak. In the future, the speed of increasing the load of polyester yarn may slow down due to high finished - product inventory. The operating rate of staple fiber remains high due to good spot efficiency, and the inventory pressure is limited. The processing fees are expected to fluctuate [2][3] Natural Rubber and 20 - number Rubber Section Data Summary - From September 25 to October 9, 2025, the price of US - dollar Thai standard rubber increased by 35 to 1835, and the price of US - dollar Thai mixed rubber increased by 20 to 1800. The price of Shanghai full - latex rubber increased by 385 to 14215, and the price of Shanghai 3L rubber increased by 100 to 15200. The price of Thai glue decreased by 1 to 53.9, and the price of Thai cup glue remained at 50.7 [5] Daily and Weekly Changes - The daily change shows an increase in most prices, while the weekly change shows a decline in some prices. For example, the weekly change of US - dollar Thai standard rubber decreased by 15, and the weekly change of Shanghai full - latex rubber decreased by 205 [5] Today's View - The main contradictions are that the national explicit inventory remains stable at a relatively low level, and the price of Thai cup glue remains stable, with rainfall affecting rubber tapping. The strategy is to wait and see [5] Styrene Section Data Summary - From September 25 to October 9, 2025, the price of ethylene (CFR Northeast Asia) remained at 805, the price of pure benzene (CFR China) remained at 710, and the price of styrene (CFR China) remained at 835. The price of styrene in Jiangsu decreased by 10 to 6790, and the price of styrene in South China decreased by 35 to 6935. The price of EPS (East China ordinary material) decreased by 100 to 7750 [8] Daily Changes - The daily change shows a decrease in most prices, such as the price of pure benzene in East China decreased by 110, and the price of PS (East China transparent benzene) decreased by 50 [8]

Group 1: Report Information - Report title: Synthetic Rubber Morning Report [2] - Research team: Energy and Chemicals Team of the Research Center [2] - Report date: October 10, 2025 [2] Group 2: BR (Butadiene Rubber) Data Futures Market - On September 30, the closing price of the main contract was 11,100, a daily decrease of 240 and a weekly decrease of 420 [3] - The position volume of the main contract was 33,214, a daily decrease of 5,336 and a weekly decrease of 25,436 [3] - The trading volume of the main contract was 110,443, a daily decrease of 47,717 and a weekly decrease of 2,962 [3] - The warrant quantity was 7,700, a daily increase of 100 and a weekly decrease of 1,450 [3] - The long - short ratio was 21.57, a daily decrease of 4 and a weekly decrease of 10 [3] Basis and Spread - The basis of butadiene rubber was 200, a daily increase of 140 and a weekly increase of 140 [3] - The basis of butadiene rubber (two major oil companies) was 400, a daily increase of 240 and a weekly increase of 220 [3] - The 10 - 11 spread was 250, a daily increase of 215 and a weekly increase of 230 [3] - The 11 - 12 spread was - 10, a daily decrease of 15 and a weekly decrease of 20 [3] Price - The Shandong market price was 11,300, a daily decrease of 100 and a weekly decrease of 280 [3] - The Transfar market price was 11,150, a daily decrease of 200 and a weekly decrease of 350 [3] - The Qilu ex - factory price was 11,500, with no daily change and a weekly decrease of 200 [3] - CFR Northeast Asia was 1,515, with no daily or weekly change [3] - CFR Southeast Asia was 1,700, with no daily or weekly change [3] Processing and Import - Export Profits - The spot processing profit was - 131, a daily decrease of 49 and a weekly increase of 77 [3] - The futures processing profit was - 331, a daily decrease of 189 and a weekly decrease of 63 [3] - The import profit was - 81,725, a daily decrease of 101 and a weekly increase of 1,231 [3] - The export profit was 200, a daily increase of 87 and a weekly increase of 254 [3] Group 3: BD (Butadiene) Data Price - The Shandong market price was 9,050, a daily decrease of 50 and a weekly decrease of 350 [3] - The Jiangsu market price was 8,850, a daily decrease of 100 and a weekly decrease of 325 [3] - The Yangzi ex - factory price was 8,900, a daily decrease of 100 and a weekly decrease of 250 [3] - CFR China was 1,095, with no daily or weekly change [3] Processing and Import - Export Profits - The carbon four extraction profit was 1,745, a daily increase of 24 and a weekly decrease of 136 [3] - The butene oxidative dehydrogenation profit was 106, a daily decrease of 100 and a weekly decrease of 255 [3] - The import profit was 293, a daily decrease of 100 and a weekly decrease of 334 [3] - The export profit was - 908, a daily increase of 87 and a weekly decrease of 66 [3] Downstream Profits - The butadiene rubber production profit was - 331, a daily decrease of 189 and a weekly decrease of 63 [3] - The styrene - butadiene rubber production profit was 875, a daily increase of 75 and a weekly decrease of 113 [3] - The ABS production profit was 276, a daily increase and a weekly increase of 151 [3] - The SBS (791 - H) production profit was 1,160, a daily increase of 70 and a weekly increase of 175 [3] Group 4: Price Spreads between Varieties - RU - BR was - 18,184, a daily increase of 4,991 and a weekly increase of 24,846 [3] - NR - BR was - 21,114, a daily increase of 5,006 and a weekly increase of 25,071 [3] - Thai mixed - butadiene rubber was 3,300, a daily decrease of 100 and no weekly change [3] - 3L - styrene - butadiene rubber was 3,300, a daily increase of 100 and a weekly increase of 150 [3] - The spread between standard and non - standard butadiene rubber was 250, a daily increase of 50 and a weekly increase of 90 [3] - The spread between styrene - butadiene rubber 1502 and 1712 was 1,000, with no daily or weekly change [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summary by Related Catalogs SP Main Contract Information - The closing price of the SP main contract on 2025/10/09 was 4804.00, with a -0.62060% change from the previous day [3]. - The converted US dollar price on 2025/10/09 was 592.24 [3]. - The Shandong Yinxing basis on 2025/10/09 was 731, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 756 [3]. Pulp Price and Profit Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was -145.57, for Canadian Lion pulp was -588.29, and for Chilean Yinxing pulp was -166.92 [4]. - From 2025/09/25 to 2025/10/09, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged [4]. - The prices of cultural paper, packaging paper, and tissue paper also remained unchanged during this period, but the profit margins of some paper types changed [4]. - The profit margin of offset paper increased by 0.1032, the profit margin of coated paper increased by 0.0948, the profit margin of white cardboard increased by 0.0728, and the profit margin of tissue paper increased by 0.3246 from 2025/09/26 to 2025/10/09 [4]. - The price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp changed slightly during this period [4].