| | 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 | 1645.00 | 70.00 | 70.00 | 95.00 | 0.30% | Peak Downs | 211.50 | 0.00 | 1.80 | 6.50 | -7.30 | | 原煤口岸库提价 | 1170.00 | 0.00 | 35.00 | 152.00 | 0.86% | Goonyella | 211.50 | 0.00 | 1.80 | 6.50 | -7.30 | | 沙河驿蒙5# | 1470.00 | 0.00 | 0.00 | 80.00 | -12.50% | 盘面05 | 1349.00 | -12.50 | 28.00 | 45.00 | -5.30% | | 安泽主焦 | 1600.00 | 0.00 | 0.00 | 10.00 | -3.03% | 盘面09 | 1413.50 ...

Price Performance - London Gold's latest price is 4025.25 with a change of 13.75 [2] - London Silver's latest price is 48.78 with a change of -0.18 [2] - London Platinum's latest price is 1589.00 with a change of -10.00 [2] - London Palladium's latest price is 1465.00 with a change of 37.00 [2] - WTI Crude's latest price is 61.05 with a change of 0.07 [2] - LME Copper's latest price is 10912.00 with a change of 29.00 [2] Trading Data - SHFE Silver's latest inventory is 658.85 with a change of -6.69 [3] - Gold ETF's latest holding is 1041.78 with a change of 2.58 [3] - Silver ETF's latest holding is 15189.82 with no change [3] - SGE Silver's latest inventory is 1050.68 with no change [3] - SGE Gold's latest deferred fee payment direction is 1 with no change [3] - SGE Silver's latest deferred fee payment direction is 2 with no change [3]

Report Overview - The report is a fuel oil morning report released by the Energy and Chemicals Team of the Research Center on November 4, 2025, focusing on fuel oil market data and analysis [3]. Report Industry Investment Rating - Not provided in the report. Core Viewpoints - This week, the 380 fuel oil crack spread fluctuated, the monthly spread weakened month-on-month, the basis fluctuated weakly, the European HSFO crack spread strengthened, and the EW weakened significantly. The 0.5 low-sulfur crack spread in Singapore fluctuated at a low level, and the monthly spread and basis fluctuated at a low level [6]. - In terms of inventory, Singapore's residual fuel oil stocks increased, floating storage increased, ARA's residual fuel oil stocks decreased, floating storage increased, and EIA's residual fuel oil stocks decreased slightly [6]. - In terms of shipments, Russia's residual fuel oil shipments rebounded this week but were still low year-on-year. In October, Russia's overall residual fuel oil shipments decreased month-on-month. Saudi Arabia's residual fuel oil shipments fluctuated at a high level, the UAE's shipments decreased month-on-month. Singapore's arrivals were neutral this week, and China's residual fuel oil arrivals increased month-on-month [7]. - This week, the domestic and foreign spreads of high and low sulfur rebounded significantly. The external low-sulfur market remained weak. The fundamentals of high-sulfur in Singapore were poor, but the EW and raw material premiums supported the 380 crack spread, showing a short-term fluctuating pattern [7]. Market Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/10/28 | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 389.26 | 390.02 | 392.05 | 393.07 | 384.30 | -8.77 | | Rotterdam 0.5% VLS FO Swap M1 | 411.42 | 417.07 | 417.96 | 416.37 | 419.61 | 3.24 | | Rotterdam HSFO - Brent M1 | -2.31 | -3.04 | -2.63 | -2.40 | -3.40 | -1.00 | | Rotterdam 10ppm Gasoil Swap M1 | 680.86 | 689.14 | 691.99 | 688.48 | 675.04 | -13.44 | | Rotterdam VLSFO - Gasoil M1 | -269.44 | -272.07 | -274.03 | -272.11 | -255.43 | 16.68 | | LGO - Brent M1 | 28.62 | 29.11 | 29.43 | 28.89 | 27.83 | -1.06 | | Rotterdam VLSFO - HSFO M1 | 22.16 | 27.05 | 25.91 | 23.30 | 35.31 | 12.01 | [4] Singapore Fuel Oil Swap Data | Type | 2025/10/28 | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 383.93 | 373.72 | 373.35 | 375.53 | 381.30 | 5.77 | | Singapore 180cst M1 | 389.68 | 380.28 | 378.91 | 382.28 | 391.34 | 9.06 | | Singapore VLSFO M1 | 443.72 | 438.46 | 443.70 | 449.25 | 456.36 | 7.11 | | Singapore Gasoil M1 | 91.15 | 89.63 | 90.58 | 92.03 | 89.03 | -3.00 | | Singapore 380cst - Brent M1 | -3.23 | -4.56 | -4.93 | -4.98 | -4.30 | 0.68 | | Singapore VLSFO - Gasoil M1 | -230.79 | -224.80 | -226.59 | -231.77 | -202.46 | 29.31 | [4] Singapore Fuel Oil Spot Data | Type | 2025/10/28 | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 383.42 | 372.68 | 372.56 | 374.81 | - | - | | FOB VLSFO | 441.88 | 437.28 | 442.83 | 448.61 | 456.00 | 7.39 | | 380 Basis | -1.15 | -1.80 | -1.95 | -1.75 | -3.75 | -2.00 | | High - Sulfur Domestic - Foreign Spread | 10.2 | 10.4 | 9.1 | - | 8.0 | - | | Low - Sulfur Domestic - Foreign Spread | 13.4 | 12.6 | 14.3 | - | 10.2 | - | [5] Domestic FU Data | Type | 2025/10/28 | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2818 | 2796 | 2751 | 2745 | 2790 | 45 | | FU 05 | 2756 | 2744 | 2713 | 2712 | 2755 | 43 | | FU 09 | 2675 | 2672 | 2657 | 2653 | 2683 | 30 | | FU 01 - 05 | 62 | 52 | 38 | 33 | 35 | 2 | | FU 05 - 09 | 81 | 72 | 56 | 59 | 72 | 13 | | FU 09 - 01 | -143 | -124 | -94 | -92 | -107 | -15 | [5] Domestic LU Data | Type | 2025/10/28 | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3273 | 3246 | 3255 | 3268 | 3335 | 67 | | LU 05 | 3237 | 3212 | 3223 | 3239 | 3288 | 49 | | LU 09 | 3262 | 3235 | 3237 | 3252 | 3288 | 36 | | LU 01 - 05 | 36 | 34 | 32 | 29 | 47 | 18 | | LU 05 - 09 | -25 | -23 | -14 | -13 | 0 | 13 | | LU 09 - 01 | -11 | -11 | -18 | -16 | -47 | -31 | [6]

Report Title - Iron Alloy Morning Report [1] Report Date - November 4, 2025 [2] Price Information Silicon Ferrosilicon - Spot prices vary by region and grade, e.g., Ningxia 72 is 5150 yuan, with a daily change of -30 yuan and a weekly change of -20 yuan; Tianjin 72 export price is 1055 US dollars, with no daily or weekly change [2] - Futures prices also show different trends for different contracts, such as the main contract at 5526 yuan, up 26 yuan daily and down 38 yuan weekly [2] - Basis, spreads between different contracts, and the spread between silicon ferrosilicon and silicon manganese are provided [2] Silicon Manganese - Spot prices vary by region, e.g., Inner Mongolia 6517 is 5650 yuan, down 10 yuan daily and 30 yuan weekly; the main futures contract is 5794 yuan, up 22 yuan daily and down 8 yuan weekly [2] - Similar to silicon ferrosilicon, basis, spreads between different contracts are presented [2] Historical Price Trends - Multiple charts show the historical price trends of silicon ferrosilicon and silicon manganese in different regions, including market prices, export and import prices, and basis, from 2021 to 2025 [3][4][6] Supply - Related Information Silicon Ferrosilicon - Production data includes monthly and weekly production volumes of 136 sample enterprises in China, and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4] - Export prices at Tianjin Port for different grades are shown over the years [4] Silicon Manganese - Production data includes weekly production volumes in China and purchasing volumes and prices from HeSteel Group [6] - The opening rate of silicon manganese enterprises in China is also provided [6] Demand - Related Information - Demand - related data includes estimated and actual production volumes of crude steel in China, production volumes of stainless - steel crude steel, production and price data of metal magnesium, and the opening rate of 87 independent electric arc furnace steel mills in China [4] - The demand volume of silicon manganese in China is presented [4][7] Inventory - Related Information Silicon Ferrosilicon - Inventory data includes weekly inventories of 60 sample enterprises in China and different regions, as well as daily warehouse receipt quantities, effective forecasts, and the sum of warehouse receipts and effective forecasts [5] - Average available inventory days in different regions of China are provided [5] Silicon Manganese - Inventory data includes daily warehouse receipt quantities, effective forecasts, and the sum of warehouse receipts and effective forecasts, as well as weekly inventories of 63 sample enterprises in China [7] - Average available inventory days in China are presented [7] Cost and Profit - Related Information Silicon Ferrosilicon - Cost - related data includes electricity prices in different regions, market prices of raw materials such as blue charcoal and silica dioxide [5] - Profit data includes production costs, profits from converting to the main futures contract, and spot profits in Ningxia and Inner Mongolia [5] Silicon Manganese - Cost - related data includes prices of raw materials such as chemical coke and manganese ore [6] - Profit data includes profits in Inner Mongolia, Guangxi, and different regions in China, as well as profits from converting to the main futures contract [7]

Report Overview Report Industry Investment Rating No investment rating information is provided in the reports. Report's Core View The reports present a comprehensive overview of the global oils and fats and oilseeds market, covering planting progress, production, imports, and price trends in major producing and consuming regions. Key factors influencing the market include weather conditions, price differentials between various oils, and demand fluctuations in major importing countries like India. Summary by Relevant Catalog Overnight Market Information - As of October 30, 2025, Brazil's 2025/26 soybean planting rate reached 47% of the expected area, lower than 54% in the same period last year and up from 36% the previous week. The planting rate of the first - season corn in Brazil's central - southern region was 60%, compared to 59% last year [1]. - Expana predicts that the EU's 2026/27 rapeseed planting area will reach 6.46 million hectares, a 7% increase from the current year and 11% above the five - year average, the highest since 2010/11. Sunflower and soybean planting areas for harvest in 2027 are also expected to increase. The organization maintains the current - year rapeseed production forecast at 20.4 million tons, a 20.9% increase from last year; sunflower seed production at 8.4 million tons, a 3.4% decrease; and soybean production at 3 million tons, a 3.2% decrease [1]. - SPPOMA data shows that Malaysia's palm oil production in October 2025 increased by 5.55% month - on - month, with fresh fruit bunch yield up 4.50% and oil extraction rate up 0.20% [1]. - India's palm oil imports in October dropped to a five - month low of 600,000 tons, a 27.6% month - on - month decrease. The 2024/25 market - year imports decreased by 16% to 7.56 million tons, the lowest in five years. Meanwhile, India's 2024/25 soybean oil imports soared 61.6% to a record 5.56 million tons, while sunflower oil imports decreased by 17.7% to 2.88 million tons. In October, India's total edible oil imports decreased by 20.7% month - on - month to 1.27 million tons, while the 2024/25 total imports increased by 0.3% to 16 million tons [1]. Spot Prices - Spot prices of various oils and oilseeds in different regions of China from October 28 to November 3, 2025, are provided, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2]. Others - Information on protein meal basis, oils and fats basis, and oils and fats and oilseeds futures price spreads is mentioned, but no specific data is provided [3][5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The domestic trading atmosphere is expected to improve, and prices may rise slightly. However, the decline in CP official prices may limit the upward momentum of prices, despite the positive impact of the Sino - US tariff agreement on FEI and MB [1] Group 3: Summary by Related Content Price Changes - On Monday, for civil LPG, the price in East China was 4297 (+18), in Shandong 4360 (+60), and in South China 4395 (-5). The price of ether - post carbon four was 4680 (+260). The lowest delivery location was East China, with a basis of 4 (+57), and the 12 - 01 month spread was 100 (+24). FEI was 518 (+1), and CP was 483 (-5) dollars/ton [1] - The main contract of IPG fluctuated upward. The basis was - 14 (+55), and the 12 - 01 month spread was 80 (-33). The cheapest delivery product was civil LPG in East China at 4279. The price in Shandong was 4300 (-60), in East China 4279 (+0), and in South China 4400 (-5). The price of ether - post carbon four in Shandong was 4420 (-50). The number of warehouse receipts was 4194 (+1778) [1] - The outer - market price increased, and the oil - gas ratio decreased. The FEI month spread was - 5 (-1.75) dollars, and the CP month spread was - 14.4 (-6.4) dollars. The November CP official price dropped to 475/460 (-20/-15). The domestic and foreign PG - CP was 133 (-18); PG - FEI was 97 (-18.6). The US - Asia arbitrage window was closed. FEI - CP was 35.75 (+0.75). The arrival cost of propane in East China was 85 (+6) [1] Device Profits and Operating Rates - PDH profit decreased slightly, the profit of alkylation units declined significantly, and the production gross profit of MTBE changed little [1] - The PDH operating rate was 73.85% (+2.6 pct). Next week, Binhuahua will undergo maintenance, but Lihuayi Weiyuan will increase production, and Donghua Zhangjiagang will restart [1] Inventory and Demand - Domestic production decreased, imports increased, and port inventory rebounded, but there is an expected increase in chemical demand [1]

焦炭日报 研究中心黑色团队 2025/11/4 | | 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 | 1537.01 | 0.00 | 54.61 | 109.23 | -18.60% | 高炉开工率 | 88.61 | | -1.33 | -2.04 | 0.15% | | 河北准一干熄 | 1790.00 | 0.00 | 55.00 | 110.00 | -1.10% | 铁水日均产量 | 236.36 | | -3.54 | -5.45 | 0.38% | | 山东准一干熄 | 1715.00 | 0.00 | 55.00 | 110.00 | -16.95% | 盘面05 | 1910 | -20.00 | 13.00 | 24.50 | -8.77% | | 江苏准一干熄 | 1755.00 | 0.00 | 55.00 | 110.00 | -16.63% | ...

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Report Core Views - For PTA, near - term partial device load reduction leads to a slight decline in TA开工, while polyester load rises, inventory accumulates slightly, and the basis strengthens. PX domestic operation recovers, overseas maintenance occurs, and PXN expands. TA's low processing fees have persisted for a long time, and with better terminal data, the processing fee center may gradually recover [2]. - For MEG, domestic oil - based restart causes the load to rise, overseas devices restart, and port inventory decreases at the beginning of the week but is expected to rise later. The long - term pattern is bearish, but there may be negative feedback on the supply side, and attention should be paid to coal - based cost support [3]. - For polyester staple fiber, the restart of Fujian Shanli increases the start - up rate, sales decline, and inventory remains stable. The overall inventory pressure is limited, and attention should be paid to opportunities to expand spreads and warehouse receipt situations [3]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable, the price of Thai cup rubber is stable, and the rain affects tapping. The recommended strategy is to wait and see [3]. 3. Summary by Related Catalogs PTA - **Data Changes**: From Oct 28 to Nov 03, crude oil changed by - 0.2, PTA spot price increased by 25, and polyester price increased by 100. The inventory increased by 5802, and the basis remained unchanged. PTA spot average daily transaction basis is 2601(-73), and Shandong Weilian's 2.5 million - ton device reduced its load [2]. - **Outlook**: TA low processing fees have lasted long, and terminal data improvement supports polyester start - up. With limited far - month production, the processing fee center may recover [2]. MEG - **Data Changes**: From Oct 28 to Nov 03, Northeast Asia ethylene remained unchanged, MEG prices decreased, and MEG coal - based profit decreased by 38. The Tongliao 300,000 - ton device restarted [3]. - **Outlook**: The EG inventory is in a continuous accumulation stage, and the long - term pattern is bearish. But there may be negative feedback on the supply side after the decline of coal - based benefits, and attention should be paid to coal - based cost support [3]. Polyester Staple Fiber - **Data Changes**: From Oct 28 to Nov 03, the price of 1.4D cotton - type staple fiber decreased by 15, and short - fiber profit decreased by 24. The start - up rate of Fujian Shanli increased to 96.8% [3]. - **Outlook**: The overall inventory pressure is limited, the disk processing fee is not high, and attention should be paid to opportunities to expand spreads and warehouse receipt situations [3]. Natural Rubber & 20 - number Rubber - **Data Changes**: From Oct 28 to Nov 03, the price of US - dollar Thai standard decreased by 45, and the price of Shanghai full - latex decreased by 285. The national explicit inventory is stable, and the price of Thai cup rubber is stable [3]. - **Outlook**: The recommended strategy is to wait and see due to stable inventory and rain - affected tapping [3]. Styrene - **Data Changes**: From Oct 28 to Nov 03, ethylene remained unchanged, pure benzene in East China increased by 70, and styrene CFR China decreased by 5. EPS domestic profit increased by 30, and PS domestic profit increased by 29 [6].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 4, 2025 [1][4][5]. 3. Summary According to Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 4, 2025, the domestic spot price was 86840, the LME spot price was 10886, with a ratio of 7.99; the domestic three - month price was 87380, the LME three - month price was 10912, with a ratio of 7.97. The equilibrium ratio for spot import was 8.09, and the profit was - 840.38 [1]. - **Zinc**: The domestic spot price was 22340, the LME spot price was 3207, with a ratio of 6.97; the domestic three - month price was 22595, the LME three - month price was 3077, with a ratio of 5.65. The equilibrium ratio for spot import was 8.50, and the profit was - 4933.31 [1]. - **Aluminum**: The domestic spot price was 21440, the LME spot price was 2906, with a ratio of 7.38; the domestic three - month price was 21605, the LME three - month price was 2911, with a ratio of 7.38. The equilibrium ratio for spot import was 8.33, and the profit was - 2776.92 [1]. - **Nickel**: The domestic spot price was 123150, the LME spot price was 15049, with a ratio of 8.18. The equilibrium ratio for spot import was 8.18, and the profit was - 1794.93 [1]. - **Lead**: The domestic spot price was 17175, the LME spot price was 1999, with a ratio of 8.62; the domestic three - month price was 17430, the LME three - month price was 2027, with a ratio of 11.07. The equilibrium ratio for spot import was 8.73, and the profit was - 228.43 [3]. Cross - Period Arbitrage Tracking - **Copper**: On November 4, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 270, 350, 300, and 300 respectively, while the theoretical spreads were 537, 972, 1416, and 1861 [4]. - **Zinc**: The spreads were 215, 245, 250, and 260, and the theoretical spreads were 215, 336, 456, and 577 [4]. - **Aluminum**: The spreads were 305, 310, 300, and 305, and the theoretical spreads were 217, 336, 454, and 573 [4]. - **Lead**: The spreads were 110, 120, 90, and 130, and the theoretical spreads were 212, 319, 427, and 534 [4]. - **Nickel**: The spreads were 660, 890, 1070, and 1290 [4]. - **Tin**: The spread of the 5 - 1 contract was - 920, and the theoretical spread was 5910 [4]. Spot - Futures Arbitrage Tracking - **Copper**: On November 4, 2025, the spreads of the current - month and next - month contracts relative to the spot were 215 and 485 respectively, while the theoretical spreads were 288 and 808 [4]. - **Zinc**: The spreads were 10 and 225, and the theoretical spreads were 150 and 280 [4]. - **Lead**: The spreads were 135 and 245, and the theoretical spreads were 138 and 252 [5]. Cross - Variety Arbitrage Tracking - On November 4, 2025, for cross - variety arbitrage, the Shanghai (three - continuous) ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.87, 4.04, 5.01, 0.96, 1.24, and 0.77 respectively; the London (three - continuous) ratios were 3.50, 3.74, 5.36, 0.94, 1.43, and 0.65 [5].

Report Information - Report Title: Scrap Steel Morning Report - Research Team: Black Team of the Research Center - Date: November 4, 2025 [1] Regional Scrap Steel Prices and Changes Price Table | Date | East China | North China | Central China | South China | Northeast China | Southwest China | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/28 | 2238 | 2302 | 2054 | 2235 | 2261 | 2129 | | 2025/10/29 | 2238 | 2305 | 2054 | 2245 | 2261 | 2129 | | 2025/10/30 | 2238 | 2304 | 2056 | 2243 | 2261 | 2129 | | 2025/10/31 | 2239 | 2303 | 2056 | 2242 | 2261 | 2129 | | 2025/11/03 | 2234 | 2298 | 2053 | 2235 | 2261 | 2121 | |环比 | -5 | -5 | -3 | -7 | 0 | -8 | [2] Summary - The scrap steel prices in different regions showed various trends from October 28 to November 3, 2025 - In East China, the price decreased by 5 from October 28 to November 3 - In North China, the price also decreased by 5 during the same period - In Central China, the price dropped by 3 - In South China, the price declined by 7 - In Northeast China, the price remained unchanged - In Southwest China, the price decreased by 8 [2]