玻璃产销：沙河63，湖北80，华东59，华南50 | 玻璃纯碱早报 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/10/9 | | | 玻 璃 | | | | | | | | | | | | | 2025/9/30 周度变化 日度变化 | 2025/9/23 | 2025/9/29 | | | | | 2025/9/23 | 2025/9/29 | | 2025/9/30 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1155.0 | 1224.0 | 1241.0 | 86.0 | 17.0 | FG05合约 | 1312.0 | 1346.0 | 1326.0 | 14.0 | -20.0 | | 沙河长城 5mm大板 | 1147.0 | 1203.0 | 1207.0 | 60.0 | 4.0 | FG01合约 | 1183.0 | 1228.0 | 1210.0 | ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints The report presents the latest data on the production, export, and prices of major oilseeds and oils, including soybeans, rapeseed, and palm oil, which can help investors understand the current market situation and trends [1]. 3) Summary by Related Catalogs Overnight Market Information - **Brazilian Soybean Planting**: As of the week ending October 4, 2025, the planting rate of Brazil's 2025/26 soybean crop reached 8.2%, up from 3.5% the previous week, compared to 5.1% in the same period last year and a five - year average of 9.4% [1]. - **US Soybean Export Inspection**: For the week ending October 2, 2025, the US soybean export inspection volume was 768,117 tons, at the high end of the market's estimated range of 600,000 - 800,000 tons. The previous week's volume was revised to 610,633 tons. Since the start of the market year on September 1, the cumulative export inspection volume is 3,030,898 tons, compared to 3,555,417 tons in the same period last year [1]. - **Canadian Rapeseed Export**: For the week ending September 28, 2025, Canada's rapeseed exports increased by 68.6% to 88,200 tons from 52,300 tons the previous week. From August 1 to September 28, 2025, the export volume was 715,600 tons, a 59.4% decrease from the same period last year. As of September 28, the commercial inventory was 1,122,500 tons [1]. - **Malaysian Palm Oil**: Malaysia's September 1 - 30, 2025, crude palm oil production decreased by 2.35% compared to the previous month. Shipments data from SGS showed a 13.41% month - on - month decrease in September exports to 1,013,140 tons, while ITS reported a 9.6% increase to 1,558,247 tons [1]. - **Indonesian Palm Oil**: Indonesia set the reference price for crude palm oil in October 2025 at $963.61 per ton, up from $954.71 in September. The export tax will remain at $124 per ton, and a 10% special tax is also levied [1]. Spot Prices - 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 24 to September 30, 2025 [4].

焦煤日报 100.00 200.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 普氏峰景 2021 2022 2023 2024 2025 900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 沙河驿进口主焦 A11，V26，S0.7，G80，Y15，CSR60 2021 2022 2023 2024 2025 60.00 160.00 260.00 360.00 460.00 560.00 660.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 普氏中挥发 1900/1/4 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 ...

Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: October 9, 2025 [2] - Data Source: MYSTEEL [6] Spot Market Price Changes - The Platts 62 Index was at 103.45, down 0.45 daily and 3.30 weekly [3] - Most Australian mainstream iron ore varieties remained stable daily, with weekly declines ranging from 12 to 17 [3] - Some Brazilian mainstream iron ore varieties remained stable daily, with weekly declines ranging from 12 to 17 [3] - Some non - mainstream iron ore varieties had a daily increase of 1, with weekly declines ranging from 15 to 17 [3] - PB block/block ore premium was at 909, down 1 daily and 17 weekly; U - ball/ball pellet premium was at 906, up 1 daily and down 15 weekly [3] - Tangshan iron concentrate powder remained stable daily at 1002, with no weekly change [3] Import Profits - Import profits varied among different iron ore varieties, with some showing losses and others showing profits, such as the 26.99 profit for Super Special powder [3] Futures Market Price Changes - On the Dalian Commodity Exchange, the i2601 contract was at 780.5, down 3.5 daily and 23.0 weekly; the i2605 contract was at 759.5, down 3.0 daily and 23.5 weekly; the i2609 contract was at 740.5, down 2.5 daily and 21.5 weekly [3] - On the Singapore Exchange, the FE01 contract was at 100.49, down 0.22 daily and 2.54 weekly; the FE05 contract was at 98.47, down 0.14 daily and 2.49 weekly; the FE09 contract was at 105.30, down 0.02 daily and 0.39 weekly [3] Month - to - Month Spreads - The month - to - month spreads of different contracts also showed certain changes, for example, the i2601 - i2605 spread was - 40.0, with a daily change of 3.5 and a weekly change of 6.5 [3] Basis/Internal - External Market Spread - The basis/internal - external market spreads (in RMB) of different iron ore varieties and contracts also had different situations [3]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Not provided in the document Summary by Relevant Catalogs Price - For silicon ferroalloy on October 9, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5230, with a daily change of -20 and a weekly change of -100; the latest price of Inner Mongolia 72 was 5250, with a daily change of -50 and a weekly change of -100; the latest price of Shaanxi 75 was 6100, with a weekly change of 100. The latest price of Jiangsu 72 silicon ferroalloy qualified block was 5750, with a weekly change of -150; the latest price of Tianjin 72 was 5700, with a daily change of -50 and a weekly change of -100. The latest export prices of Tianjin 72 and 75 silicon ferroalloy were 1025 and 1105 respectively, with no daily or weekly changes [2] - For silicon manganese on October 9, 2025, the latest factory - ex prices of Inner Mongolia 6517 and Ningxia 6517 silicon manganese were 5680 and 5620 respectively, with weekly changes of -50 and -80; the latest price of Guangxi 6517 was 5700, with a weekly change of -50; the latest price of Guizhou 6517 was 5680, with a weekly change of -20; the latest price of Yunnan 6517 was 5650, with a weekly change of -50; the latest price of Guangxi 6014 was 5100, with a weekly change of -100. The latest trading prices of Ningxia 6517 and Jiangsu 6517 silicon manganese were 5620 and 5750 respectively, with weekly changes of -80 and -100 [2] Supply - The production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and monthly capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi. The production data of silicon manganese in China from 2021 - 2025 are also presented, including weekly production and the procurement volume and price of Hebei Iron and Steel Group [4][6] Demand - The demand - related data include the estimated and actual monthly production of crude steel in China from 2021 - 2025, the production and export price of magnesium metal, the demand for silicon manganese in China, and the procurement volume and price of silicon ferroalloy and silicon manganese by Hebei Iron and Steel Group [4][6][7] Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 are presented, as well as the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions. For silicon manganese, the inventory data of 63 sample enterprises in China from 2021 - 2025 are presented, as well as the number of warehouse receipts, effective forecasts, and the average available days of inventory in China [5][7] Cost - profit - For silicon ferroalloy, the cost - profit data include electricity prices in different regions, the market price and production profit of semi - coke, the market price of silica, the production cost and profit in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon ferroalloy. For silicon manganese, the cost - profit data include the ex - factory price of chemical coke, the price of manganese ore, and the profit in Inner Mongolia, Guangxi, and other regions [5][6][7]

焦炭日报 研究中心黑色团队 2025/10/9 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1482.39 | 54.61 | 54.61 | -53.55 | -13.95% 高炉开工率 | 90.65 | | -0.21 | 4.86 | 7.34% | | 河北准一干熄 | 1680.00 | 0.00 | 0.00 | -110.00 | 1.20% 铁水日均产量 | 241.81 | | -0.55 | 12.97 | 6.05% | | 山东准一干熄 | 1605.00 | 0.00 | 0.00 | -110.00 | -15.53% 盘面05 | 1790.5 | -17.50 | -79.00 | 98.50 | -20.42% | | 江苏准一干熄 | 1645.00 | 0.00 | 0.00 | -110.00 | -15.21% 盘面09 | 1852 ...

Report Summary Core View - The report provides a daily update on volatility data including implied volatility indices, historical volatility, and their spread trends for various financial and commodity options as of September 30, 2025. It also presents the percentile rankings of implied volatility and volatility spread [2]. Details from Different Sections Volatility Index and Spread - Financial option implied volatility indices show the 30 - day implied volatility (IV) trend as of the previous trading day. Commodity option implied volatility indices are calculated by weighting the IV of the two - strike options around the at - the - money option of the main contract, reflecting the IV trend of the main contract. The difference between the IV index and historical volatility (HV) indicates the relative level of IV to HV [2]. Implied Volatility and Historical Volatility Graph - Graphs display the IV, HV, and IV - HV spread for multiple options including 300 Index, 50ETF, 1000 Index, 500ETF, and various commodity options such as silver, gold, soybean meal, corn, etc. [3]. Implied Volatility and Volatility Spread Percentile Rankings - Implied volatility percentile represents the current IV level of a variety in history. A high percentile means the current IV is high, while a low percentile means it is low. The volatility spread is the difference between the implied volatility index and historical volatility. The report shows the percentile rankings of implied volatility and historical volatility for different options like 50ETF, 300 Index, PTA, etc. [4][5]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report - After the holiday, there are multiple upward drivers, including multiple price - hike announcement nodes, high operational space for shipping companies to reduce speed and suspend voyages, and the long - term contract signing season from December to January. Meanwhile, the economy in Northwest Europe is deteriorating, and new ships are being launched successively. Overall, the valuations of contracts 12 and 02 are still high, but they may fluctuate in the short term due to the poor implementation expectation in late October and the price - hike announcement expectation in November. Contract 04 has a currently high valuation, and as an off - season contract, it is more suitable for short - selling in the short term, but attention should be paid to the fact that its low liquidity may make it vulnerable to short - term disturbances [2][26]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: On September 30, 2025, the closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1115.0, 1756.3, 1667.0, 1253.0, and 1452.7 respectively, with changes of - 2.11%, - 1.16%, - 1.07%, - 1.23%, and - 2.08% [2][26]. - **Open Interest Changes**: The open interests of EC2510, EC2512, EC2602, EC2604, and EC2606 changed by - 3117, - 1012, 84, 11, and - 8 respectively [2][26]. - **Monthly Spreads**: For EC2510 - 2512, the spread was - 641.3, with a day - on - day change of - 3.3 and a week - on - week change of - 11749. For FC2512 - 2602, the spread was 89.3, with a day - on - day change of - 2.7 and a week - on - week change of 1.5 [2][26]. 3.2 Spot Market - **Spot Freight Indexes**: As of September 26, 2025, the SCFI (European Line) was 971 US dollars/TEU, down 7.70% from the previous period; the CCFI was 1401.91 points, down 4.69%; the NCFI was 614.14 points, down 8.85% [2][26]. 3.3 Short - term European Line Quotations - **Week 40 - 41**: Two - week joint cabin release, with an average quotation of 1450 US dollars (equivalent to 1020 points on the futures market). MSK quoted 1400, PA quoted 1300 - 1500, YML's 1300 was the lowest price of the year, and OA quoted 1400 - 1600 US dollars [2][26]. - **Week 42**: MSK's cabin - opening quotation was 1800 US dollars (a 400 - dollar increase from the previous period). ONE, OOCL, COSCO, and HPL successively announced price hikes to 2000 US dollars after the holiday, while CMA and MSC announced price hikes to 2200 US dollars [2][26].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - After the holiday, there are multiple upward drivers, including multiple price increase announcement nodes, high operation space for shipping companies such as speed reduction and suspension of voyages, and the long - term contract signing season from December to January. However, the economies in Northwest Europe are deteriorating, and new ships are being launched successively. Overall, the valuations of contracts for December and February are still high, but they may still fluctuate in the short term under the poor implementation expectations in October and the expected price increase in November. The current valuation of the April contract is high, and as an off - season contract, it is more suitable for short - selling in the short term, with attention to the fact that low liquidity may cause short - term disturbances [3] Group 3: Summary by Related Content Futures Market - For EC2510, the closing price was 1115.0, with a decline of 2.11%, the trading volume was 16679, the open interest was 29314, and the open interest change was - 3117. For EC2512, the closing price was 1756.3, with a decline of 1.16%, the trading volume was 11879, the open interest was 20683, and the open interest change was - 1012. Similar data are provided for other contracts like EC2602, EC2604, and EC2606 [2] - The monthly spreads such as EC2510 - 2512 and EC2512 - 2602 also have their respective changes compared to previous days and weeks [2] Spot Market - The SCEIS SCFI (European line) index on September 29, 2025, was 1120.49 points, a decrease of 10.71% from the previous period. The CCFI was 1401.91 points on September 26, 2025, a decrease of 4.69% from the previous period, and the NCFI was 614.14, a decrease of 8.83% from the previous period [2] Current European Line Quotations - Currently, downstream customers are booking spaces for the end of September and early October (week 40 - 41). The average quotation for week 40 - 41 is 1450 US dollars (equivalent to 1020 points on the futures market). For week 42, MSK's opening quotation is 1800 US dollars (a 400 - dollar increase from the previous period), and some shipping companies have announced price increases after the holiday [4] News - On September 30, it was reported that Hamas is unlikely to accept Trump's Gaza peace plan. The new cease - fire plan put forward by US President Trump is essentially an ultimatum to Hamas, and it is predicted that the US will use Hamas' possible rejection to "portray Palestinians as obstacles to peace" [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Key Points from the Report SP Main Contract Closing Price - On September 29, 2025, the SP main contract closing price was 4,878.00, with a -2.75120% change from the previous day [3]. - The closing prices from September 23 - 29, 2025, showed fluctuations, with the highest at 5,060.00 on September 25 and the lowest at 4,878.00 on September 29 [3]. Import Profit and Price Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was -$145.57, for Canadian Lion pulp was -$518.29, and for Chilean Silver Star pulp was -$136.92 [4]. - The exchange rate on the previous day was 7.12, and the data was sourced from Zhuochuang [4]. Pulp Price Averages - From September 23 - 29, 2025, the national and Shandong region pulp price averages for various types (coniferous, broad - leaf, etc.) remained unchanged [4]. Paper Index and Profit Margin - From September 24 - 29, 2025, the cultural paper (double - offset, double - copper), packaging paper (white card), and living paper indices remained unchanged [4]. - The profit margins of different papers changed during this period, with the double - offset profit margin changing by -1.9528, double - copper by -0.7458, white card by 0.1091, and living paper by 0.2865 [4]. Pulp Price Spreads - The price spreads between different types of pulp (coniferous - broadleaf, coniferous -本色, etc.) showed some changes from September 23 - 29, 2025, such as the coniferous - broadleaf spread decreasing from 1,370 to 1,325 [4].