Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints The report presents overnight market information, including data on the US soybean harvest, export, and Brazilian soybean and corn sowing, as well as some price - related data [1]. 3) Summary by Relevant Content US Soybean Information - As of the week ending September 28, 2025, the US soybean harvest rate was 19%, in line with market expectations, compared to 9% the previous week, 24% last year, and a five - year average of 20% [1]. - As of the week ending September 28, 2025, the US soybean good - to - excellent rate was 62%, higher than the expected 60%, compared to 61% the previous week and 64% last year [1]. - As of the week ending September 28, 2025, the US soybean defoliation rate was 79%, compared to 61% the previous week, 79% last year, and a five - year average of 77% [1]. - As of the week ending September 25, 2025, the US soybean export inspection volume was 593,956 tons, within the market forecast range of 450,000 - 900,000 tons, compared to a revised 565,630 tons the previous week [1]. - As of the current crop year (starting September 1, 2025), the cumulative US soybean export inspection volume was 2,246,104 tons, compared to 1,929,770 tons in the same period last year [1]. Brazilian Crop Information - As of last Thursday, Brazil's 2025/26 soybean sowing area reached 3.2% of the expected total area, higher than 0.9% a week ago and 2% last year [1]. - Brazil's 2025/26 first - season corn sowing in the core south - central region was 32% of the expected area, compared to 30% last year [1]. Price Information | Date | Bean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/23 | 2870 | 2530 | 8250 | 8980 | 10180 | | 2025/09/24 | 2880 | 2490 | 8330 | 9050 | 10120 | | 2025/09/25 | 2890 | 2520 | 8330 | 9140 | 10330 | | 2025/09/26 | 2880 | 2500 | 8430 | 9160 | 10400 | | 2025/09/29 | 2880 | 2500 | 8390 | 9150 | 10340 | [1][10]

Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: September 30, 2025 [1] Price and Inventory Data Coal Prices - **柳林主焦**: The latest price is 1550.00, with a daily change of 47.00, weekly change of 47.00, and monthly change of 140.00 [2] - **原煤口岸库提价**: The latest price is 1018.00, with a daily change of -22.00, weekly change of -22.00, monthly change of 98.00, and annual change of -13.36% [2] - **沙河驿蒙5**: The latest price is 1390.00, with a weekly change of 40.00, monthly change of 10.00, and annual change of -14.20% [2] - **安泽主焦**: The latest price is 1590.00, with a weekly change of 90.00, monthly change of 140.00, and annual change of -8.09% [2] Inventory - **总库存**: The latest inventory is 3359.19, with a weekly change of -13.79, monthly change of -148.46, and annual change of -12.87% [2] - **煤矿库存**: The latest inventory is 210.96, with a weekly change of -21.83, monthly change of -72.66, and annual change of -24.21% [2] - **港口库存**: The latest inventory is 282.19, with a weekly change of 11.08, monthly change of 20.70, and annual change of -30.34% [2] - **钢厂焦煤库存**: The latest inventory is 790.34, with a weekly change of -3.39, monthly change of -21.97, and annual change of 9.33% [2] - **焦化焦煤库存**: The latest inventory is 940.41, with a weekly change of 56.87, monthly change of -26.00, and annual change of 7.95% [2] Coking Data - **焦化产能利用率**: The latest utilization rate is 75.43, with a weekly change of -0.44, monthly change of 2.07, and annual change of 8.30% [2] - **焦化焦炭库存**: The latest inventory is 85.64, with a weekly change of -0.39, monthly change of 0.65, and annual change of -0.55% [2] Futures Data - **盘面05**: The latest price is 1258.50, with a daily change of -45.50, weekly change of -42.50, monthly change of 93.00, and annual change of -18.33% [2] - **盘面09**: The latest price is 1333.50, with a daily change of -40.50, weekly change of -37.00, monthly change of 370.50, and annual change of -14.44% [2] - **盘面01**: The latest price is 1171.50, with a daily change of -43.00, weekly change of -38.00, monthly change of 50.00, and annual change of -21.53% [2] - **05基差**: The latest value is -65.63, with a daily change of 45.50, weekly change of 42.50, monthly change of 32.29, and annual change of 161.81 [2] - **09基差**: The latest value is -140.63, with a daily change of 40.50, weekly change of 37.00, monthly change of -245.21, and annual change of -0.43 [2] - **01基差**: The latest value is 21.37, with a daily change of 43.00, weekly change of 38.00, monthly change of 75.29, and annual change of -1.12 [2] - **5 - 9价差**: The latest value is -75.00, with a daily change of -5.00, weekly change of -5.50, monthly change of -277.50, and annual change of 3.29 [2] - **9 - 1价差**: The latest value is 162.00, with a daily change of 2.50, weekly change of 1.00, monthly change of 320.50, and annual change of 1.47 [2] - **1 - 5价差**: The latest value is -87.00, with a daily change of 2.50, weekly change of 4.50, monthly change of -43.00, and annual change of 0.81 [2]

īs ​ 沥青早报 | | | | | | | | HIST. LA HOLO FARS ALAA | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 8/29 | 9/19 | 9/25 | 9/26 | 9/29 | 日度变化 | 周度变化 | | | BU主力合约 | 3507 | 3421 | 3440 | 3450 | 3466 | 16 | 45 | | | BU10 | 3507 | 3420 | 3460 | 3469 | | 16 | ર | | | | | | | | 3485 | | | | | BU11 | 3489 | 3421 | 3440 | 3450 | 3466 | 16 | 45 | | | BU12 | 3433 | 3374 | 3382 | 3412 | 3418 | 6 | 44 | | 播 | BU01 | 3399 | 3353 | 3360 | 3396 | 3402 | 6 | 49 | | | | | | | | | 7 | | | | BU03 | 3408 | 336 ...

Group 1: Report Information - Report Name: Coke Daily Report [1] - Report Date: September 30, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price and Production Data - **Coke Prices**: - Shanxi quasi - first wet - quenched coke price is 1427.78, with no daily change, no weekly change, a monthly decrease of 108.16, and a year - on - year decrease of 17.12% [2] - Hebei quasi - first dry - quenched coke price is 1680.00, with no daily change, no weekly change, a monthly decrease of 110.00, and a year - on - year increase of 1.20% [2] - Shandong quasi - first dry - quenched coke price is 1605.00, with no daily change, no weekly change, a monthly decrease of 110.00, and a year - on - year decrease of 15.53% [2] - Jiangsu quasi - first dry - quenched coke price is 1645.00, with no daily change, no weekly change, a monthly decrease of 110.00, and a year - on - year decrease of 15.21% [2] - Inner Mongolia second - grade coke price is 1080.00, with no daily change, no weekly change, a monthly decrease of 100.00, and a year - on - year decrease of 16.92% [2] - **Production and Utilization**: - Blast furnace operating rate is 90.86, with a weekly increase of 0.51, a monthly increase of 0.84, and a year - on - year increase of 8.09% [2] - Daily average hot metal output is 242.36, with a weekly increase of 1.34, a monthly increase of 2.23, and a year - on - year increase of 7.78% [2] - Coking plant capacity utilization rate is 75.35, with a weekly decrease of 0.23, a monthly increase of 1.18, and a year - on - year increase of 9.78% [2] - Daily average coke output is 52.02, with a weekly increase of 0.19, a monthly increase of 0.73, and a year - on - year decrease of 2.80% [2] Group 3: Inventory Data - **Inventory Quantities**: - Coking plant inventory is 39.54, with a weekly decrease of 2.67, a monthly decrease of 0.27, and a year - on - year decrease of 10.62% [2] - Port inventory is 196.06, with a weekly decrease of 8.04, a monthly decrease of 16.03, and a year - on - year increase of 4.73% [2] - Steel mill inventory is 661.31, with a weekly increase of 16.64, a monthly increase of 51.24, and a year - on - year increase of 17.95% [2] - **Inventory Days**: Steel mill inventory days are 11.66, with a weekly increase of 0.24, a monthly increase of 0.88, and a year - on - year increase of 4.95% [2] Group 4: Futures Data - **Futures Prices**: - Futures contract 05 price is 1808, with a daily decrease of 54.50, a weekly decrease of 39.00, a monthly increase of 63.00, and a year - on - year decrease of 17.14% [2] - Futures contract 09 price is 1890.5, with a daily decrease of 43.00, a weekly decrease of 43.00, a monthly increase of 358.50, and a year - on - year decrease of 15.81% [2] - Futures contract 01 price is 1666.5, with a daily decrease of 52.00, a weekly decrease of 44.00, a monthly increase of 13.50, and a year - on - year decrease of 23.48% [2] - **Basis and Spreads**: - 05 basis is - 79.20, with a daily increase of 54.50, a weekly increase of 39.00, a monthly decrease of 168.55, and a year - on - year increase of 56.82 [2] - 09 basis is - 161.70, with a daily increase of 43.00, a weekly increase of 43.00, a monthly decrease of 464.05, and a year - on - year increase of 37.82 [2] - 01 basis is 62.30, with a daily increase of 52.00, a weekly increase of 44.00, a monthly decrease of 119.05, and a year - on - year increase of 194.32 [2] - 5 - 9 spread is - 141.50, with a daily increase of 2.50, a weekly decrease of 5.00, a monthly decrease of 49.50, and a year - on - year decrease of 137.50 [2] - 9 - 1 spread is - 82.50, with a daily decrease of 11.50, a weekly increase of 4.00, a monthly decrease of 295.50, and a year - on - year decrease of 19.00 [2] - 1 - 5 spread is 224.00, with a daily increase of 9.00, a weekly increase of 1.00, a monthly increase of 345.00, and a year - on - year increase of 156.50 [2]

Report Industry Investment Rating - Not provided Core View of the Report - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead as of September 30, 2025, which can help investors analyze potential arbitrage opportunities [1][4][5] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 30, 2025, the domestic spot price was 82220, the LME price was 10235, and the ratio was 8.06; the three - month domestic price was 82360, the LME price was 10264, and the ratio was 8.01. The equilibrium ratio for spot import was 8.10, with a loss of 898.28, and the profit for spot export was 299.94 [1] - **Zinc**: The domestic spot price was 21620, the LME price was 2953, and the ratio was 7.32; the three - month domestic price was 21830, the LME price was 2909, and the ratio was 5.82. The equilibrium ratio for spot import was 8.54, with a loss of 3590.26 [1] - **Aluminum**: The domestic spot price was 20690, the LME price was 2660, and the ratio was 7.77; the three - month domestic price was 20725, the LME price was 2666, and the ratio was 7.76. The equilibrium ratio for spot import was 8.39, with a loss of 1632.20 [1] - **Nickel**: The domestic spot price was 119800, the LME price was 15057, and the ratio was 7.96. The equilibrium ratio for spot import was 8.18, with a loss of 1708.54 [1] - **Lead**: The domestic spot price was 16750, the LME price was 1948, and the ratio was 8.62; the three - month domestic price was 16885, the LME price was 1993, and the ratio was 10.89. The equilibrium ratio for spot import was 8.83, with a loss of 400.78 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 30, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 100, - 110, - 150, and - 130 respectively, while the theoretical spreads were 514, 927, 1348, and 1769 respectively [4] - **Zinc**: The spreads were - 150, - 120, - 75, and - 40 respectively, and the theoretical spreads were 213, 332, 450, and 569 respectively [4] - **Aluminum**: The spreads were - 25, - 30, - 20, and - 25 respectively, and the theoretical spreads were 215, 331, 446, and 562 respectively [4] - **Lead**: The spreads were - 215, - 185, - 165, and - 150 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 0, 170, 340, and 620 respectively [4] - **Tin**: The spread of the 5 - 1 contract was 1010, and the theoretical spread was 5645 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 295 and 195 respectively, and the theoretical spreads were 346 and 787 respectively [4] - **Zinc**: The spreads were 330 and 180 respectively, and the theoretical spreads were 159 and 285 respectively [4] - **Lead**: The spreads were 320 and 105 respectively, and the theoretical spreads were 179 and 291 respectively [5] Cross - Variety Arbitrage Tracking - On September 30, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.77, 3.97, 4.88, 0.95, 1.23, and 0.77 respectively; in the London (three - continuous) market, they were 3.54, 3.89, 5.22, 0.91, 1.34, and 0.68 respectively [5]

1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - No clear core view is presented in the given content. It mainly provides data on iron alloy prices, supply, demand, inventory, and cost - profit in the iron alloy industry. 3. Summary by Related Catalogs Price - For silicon iron, on September 30, 2025, the latest price of Ningxia 72 was 5250 yuan, with a daily change of - 80 yuan and a weekly change of - 130 yuan; the latest price of Tianjin 72 export was 1025 US dollars, with no daily or weekly change. The latest price of Tianjin 75 export was 1105 US dollars, also with no daily or weekly change [2]. - For silicon manganese, on September 30, 2025, the latest price of Inner Mongolia 6517 was 5680 yuan, with a daily change of - 20 yuan and a weekly change of - 50 yuan [2]. Supply - For silicon iron, data on the production of 136 silicon - iron enterprises in China (monthly and weekly), and the capacity utilization rate of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) are presented from 2021 - 2025 [5]. - For silicon manganese, data on the production of silicon manganese in China (weekly), and the purchase price and quantity of silicon manganese 6517 by Hebei Iron and Steel Group (monthly) are provided from 2021 - 2025 [7]. Demand - For silicon iron, data on the demand - related indicators such as the estimated and actual production of crude steel in China, the production of stainless - steel crude steel in China, the purchase volume of FeSi75 - B by Hebei Iron and Steel Group, and the export volume of silicon iron are presented from 2021 - 2025 [5]. - For silicon manganese, data on the demand - related indicators such as the estimated production of crude steel in China, the demand for silicon manganese in China (in ten thousand tons), and the export volume of silicon manganese are provided from 2021 - 2025 [5][8]. Inventory - For silicon iron, data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the number of warehouse receipts and effective forecasts of silicon iron in CZCE (daily), and the average available inventory days of silicon iron in different regions are presented from 2021 - 2025 [6]. - For silicon manganese, data on the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory of silicon manganese in CZCE (daily), the inventory of 63 sample enterprises in China (weekly), and the average available inventory days of silicon manganese in China are provided from 2021 - 2025 [8]. Cost Profit - For silicon iron, data on the electricity price of iron alloys in different regions, the market price of raw materials such as semi - coke, silica, and iron oxide scale, the production cost of silicon iron in Ningxia and Inner Mongolia, and the profit of silicon iron in Ningxia (spot and converted to the main contract) and the export profit of 75 silicon iron are presented from 2021 - 2025 [6]. - For silicon manganese, data on the profit of silicon manganese in Inner Mongolia, Guangxi, and the northern and southern regions (in yuan per ton), and the converted profit of silicon manganese in Ningxia and Guangxi to the main contract are provided from 2021 - 2025 [8].

研究中心黑色团队 2025/9/30 | | | | | | | 现货 | | | | 远期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 地区 | | 品种 | 最新 | 日变化 | | 周变化 | 折盘面 | 最新 | 日变化 | 周变化 | 进口利润 | | | | 普氏62指数 | | 103.90 | -2.20 | | -2.65 | | | | | | | | | | 纽曼粉 | 775 | -5 | | -15 | 829.2 | 101.65 | -0.10 | -2.85 | -30.55 | | | | | PB粉 | 778 | -7 | | -16 | 825.0 | 104.35 | 0.00 | -2.95 | -10.48 | | | 澳洲 | | 麦克粉 | 768 | -5 | | -15 | 838.9 | 100.30 | 0.00 | -2.95 | -3.01 | | | | | 金布巴 | 748 | -7 | | -17 | 84 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the given reports. 2. Report Core Views - **Corn**: Short - term prices are weak due to reduced terminal demand, but the decline is limited by low inventory. In the long - term, prices are expected to decline under the pressure of increased production and lower costs until consumption improves or farmers show reluctance to sell [2]. - **Starch**: In the short - term, prices are likely to be lowered to reduce inventory. In the long - term, high inventory and expected lower raw material costs keep the outlook bearish [2]. - **Sugar**: International sugar prices are under pressure from Brazil's high - supply period. In China, imported sugar arrival and lower processing sugar prices add pressure to the market [3]. - **Cotton**: The market is in a range - bound state. Without major macro - risks, the April low could be the long - term bottom, and the downside is limited. Attention should be paid to demand changes [4]. - **Eggs**: In September, prices rebounded due to increased demand, but high inventory restricts the increase. The probability of prices falling below feed costs is low. Post - holiday chicken culling should be monitored [9]. - **Apples**: New - season production is expected to be similar to last year. Consumption is in the off - season, and prices are stable. Attention should be paid to the final production after bag - removal [11]. - **Pigs**: There are policy expectations for a production inflection point next year. In the short - term, supply pressure persists, and prices are at a low level. Attention should be paid to factors such as slaughter rhythm, diseases, and policies [15]. 3. Summary by Commodity Corn/Starch - **Price Data**: From 2025/09/23 - 2025/09/29, prices in some regions changed, e.g., the price in Jinzhou for corn decreased by 30, and the corn basis decreased by 11. Starch processing profit remained at - 31 [1]. - **Analysis**: Short - term price is weak due to reduced demand; long - term price is pressured by production and cost factors. Starch prices are expected to be adjusted downwards to reduce inventory [2]. Sugar - **Price Data**: From 2025/09/23 - 2025/09/29, the Thai import profit decreased by 34, the Brazilian import profit decreased by 35, and the number of warehouse receipts decreased by 483 [3]. - **Analysis**: International supply pressure affects prices, and in China, imported sugar and processing sugar prices impact the market [3]. Cotton - **Price Data**: From 2025/09/23 - 2025/09/29, the price of 3128 cotton decreased by 70, and the 32S spinning profit increased by 74 [4]. - **Analysis**: The market is in a range - bound state, and the downside is limited. Attention should be paid to demand changes [4]. Eggs - **Price Data**: From 2025/09/23 - 2025/09/29, the price in Hubei decreased by 0.18, the basis decreased by 58, the price of yellow - feather broilers decreased by 0.20, and the price of pigs decreased by 0.10 [9]. - **Analysis**: Prices rebounded in September, but high inventory restricts the increase. Post - holiday chicken culling should be monitored [9]. Apples - **Price Data**: From 2025/09/23 - 2025/09/29, the national inventory decreased by 85, Shandong inventory decreased by 102, and Shaanxi inventory decreased by 51. The 1 - month basis decreased by 198, the 5 - month basis decreased by 179, and the 10 - month basis decreased by 184 [10][11]. - **Analysis**: New - season production is expected to be similar to last year. Consumption is in the off - season, and prices are stable. Attention should be paid to the final production after bag - removal [11]. Pigs - **Price Data**: From 2025/09/23 - 2025/09/29, the price in Henan Kaifeng decreased by 0.15, and the basis increased by 130 [15]. - **Analysis**: There are policy expectations for a production inflection point next year. In the short - term, supply pressure persists, and prices are at a low level. Attention should be paid to factors such as slaughter rhythm, diseases, and policies [15].

1. Report Overview - Report Title: Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: September 30, 2025 [2] 2. Core Data Summary 2.1 BR (Butadiene Rubber) - **Price and Volume Metrics**: On September 29, the closing price of the main contract was 11,340, down 90 from the previous day and 165 from the previous week; the position of the main contract was 38,220, down 1,541 from the previous day and 31,756 from the previous week; the trading volume was 158,160, down 33,594 from the previous day [3]. - **Warehouse Receipts and Ratios**: The number of warehouse receipts was 7,600, down 1,650 from the previous day and 1,590 from the previous week; the virtual - real ratio was 25.36, up 4 from the previous day and down 13 from the previous week [3]. - **Basis and Spread**: The basis of butadiene rubber was 160, down 110 from the previous day and 35 from the previous week; the 10 - 11 month spread was 35, unchanged from the previous day and down 30 from the previous week; the 11 - 12 month spread was 5, down 15 from the previous day and 15 from the previous week [3]. - **Market Prices**: The Shandong market price was 11,450, down 100 from the previous day and 100 from the previous week; the Transfar market price was 11,350, down 100 from the previous day and 100 from the previous week; the Qilu ex - factory price was 11,500, down 200 from the previous day and 200 from the previous week [3]. - **Processing and Trade Profits**: The spot processing profit was - 32, down 49 from the previous day and up 206 from the previous week; the on - screen processing profit was - 142, down 39 from the previous day and up 141 from the previous week; the import profit was - 81,760, up 1,526 from the previous day and 1,247 from the previous week; the export profit was 90, up 86 from the previous day and down 62 from the previous week [3]. 2.2 BD (Butadiene) - **Market Prices**: The Shandong market price was 9,100, down 50 from the previous day and 300 from the previous week; the Jiangsu market price was 8,950, down 20 from the previous day and 250 from the previous week; the Yangzi ex - factory price was 9,000, down 150 from the previous day and 150 from the previous week; the CFR China price was 1,060, unchanged from the previous day and the previous week [3]. - **Processing and Trade Profits**: The carbon four extraction profit was N/A; the butylene oxidative dehydrogenation profit was 206, up 20 from the previous day and 10 from the previous week; the import profit was 304, down 49 from the previous day and 274 from the previous week; the export profit was - 874, up 43 from the previous day and down 12 from the previous week [3]. 2.3 Downstream Products - **Production Profits**: The production profit of styrene - butadiene rubber was 875, down 188 from the previous day and 188 from the previous week; the production profit of ABS was N/A; the production profit of SBS (791 - H) was 1,090, up 105 from the previous day and 105 from the previous week [3]. 2.4 Price Spreads - **Inter - product Spreads**: The RU - BR spread was - 23,175, up 1,446 from the previous day and 31,516 from the previous week; the NR - BR spread was - 26,120, up 1,536 from the previous day and 31,761 from the previous week; the Thai mixed - butadiene rubber spread was 3,350, up 50 from the previous day and 50 from the previous week; the 3L - styrene - butadiene rubber spread was 3,200, unchanged from the previous day and up 100 from the previous week; the butadiene rubber standard - non - standard spread was 250, unchanged from the previous day and up 100 from the previous week [3]. - **Intra - product Spreads**: The styrene - butadiene rubber 1502 - 1712 spread was 1,000, unchanged from the previous day and the previous week [3].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints No explicit core viewpoints are given in the provided content. It mainly presents various data related to asphalt in different time periods. 3. Summary by Relevant Catalogs 3.1 Futures Contracts - The prices of BU main contract, BU10, BU11, BU12, BU01, and BU03 showed different degrees of change from August 29 to September 29. For example, the BU main contract price increased from 3507 to 3466, with a daily change of 16 and a weekly change of 45 [4]. - The trading volume decreased by 83458 on a daily basis and increased by 18494 on a weekly basis, while the open interest decreased by 24223 daily and 67096 weekly [4]. 3.2 Market Prices - The market prices of asphalt in different regions (Shandong, East China, South China, North China, Northeast) also had different trends. For instance, the Shandong market price decreased by 20 from August 29 to September 29, while the South China market price increased by 20 [4]. - The prices of different warehouses (Zhenjiang, Foshan) and refineries (Yinrun, Jingbo) also changed accordingly [4]. 3.3 Basis and Calendar Spreads - The basis and calendar spreads between different contracts (e.g., 10 - 11, 10 - 12, 11 - 12) showed various changes. For example, the 10 - 11 spread had a weekly change of 20 [4]. - The basis between regions (e.g., Shandong - East China, Shandong - Northeast) also changed over time [4]. 3.4 Crack Spreads and Profits - The asphalt Brent crack spread decreased from -62 to -152, with a daily change of -36 and a weekly change of -214 [4]. - The profits of different types of refineries (ordinary, Ma Rui - type) and import profits (South Korea - East China, Singapore - South China) also showed different trends. For example, the asphalt Ma Rui profit decreased from -11 to -205, with a daily change of -33 and a weekly change of -193 [4]. 3.5 Other Related Data - The prices of Brent crude oil, gasoline, diesel, and residue oil in Shandong also changed. For example, Brent crude oil price increased from 66.6 to 70.1, with a daily change of 0.7 and a weekly change of 3.6 [4].