Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: September 26, 2025 [2] Group 2: Spot Market Information Price and Changes - The latest price of the Platts 62 Index is 106.50, with a daily change of 0.30 and a weekly change of 0.90 [3] - For Australian mainstream ores: Newman powder is 792 (daily change: 2, weekly change: 3), PB powder is 795 (daily change: 2, weekly change: 3), etc [3] - For Brazilian mainstream ores: BHP Blend is 830 (daily change: 3, weekly change: 9), etc [3] Import Profit - Import profit of Newman powder is -34.69, PB powder is -16.23, etc [3] Group 3: Forward Market Information Price and Changes - On the DCE: i2601 is 805.5 (daily change: 2.0, weekly change: 5.5), i2605 is 785.5 (daily change: 2.5, weekly change: 7.0), etc [3] - On the SGX: FE01 is 103.03 (daily change: 0.00, weekly change: -0.23), FE05 is 100.91 (daily change: -0.05, weekly change: -0.33), etc [3] Spread - The monthly spread of i2601 is -40.5, i2605 is 20.0, etc [3] Group 4: Other Information - Data Source: MYSTEEL [6]

Price Performance - London Gold's latest price is 3730.75 with a change of -30.85 [2] - London Silver's latest price is 44.94 with a change of 1.06 [2] - London Platinum's latest price is 1480.00 with a change of 2.00 [2] - London Palladium's latest price is 1226.00 with a change of -4.00 [2] - WTI Crude's latest price is 64.99 with a change of 0.00 [2] - LME Copper's latest price is 10323.00 with a change of 357.00 [2] - US Dollar Index's latest value is 97.87 with a change of 0.00 [2] - Euro to US Dollar's latest exchange rate is 1.17 with a change of 0.00 [2] - British Pound to US Dollar's latest exchange rate is 1.34 with a change of 0.00 [2] - US Dollar to Japanese Yen's latest exchange rate is 148.90 with a change of 0.00 [2] - US 10 - year TIPS's latest value is 1.78 with a change of 0.00 [2] Trading Data - COMEX Silver's latest inventory is 16396.36 with a change of 0.00 [3] - SHFE Silver's latest inventory is 1156.86 with a change of -4.94 [3] - Gold ETF's latest holding is 996.85 with a change of 0.00 [3] - Silver ETF's latest holding is 15390.07 with a change of -79.05 [3] - SGE Silver's latest inventory is 1248.26 with a change of 0.00 [3] - SGE Gold's latest deferred fee payment direction is 1 with a change of -1.00 [3] - SGE Silver's latest deferred fee payment direction is 1 with a change of 0.00 [3]

Report Industry Investment Rating - No relevant content found Core Viewpoints - No relevant content found Summary by Category Price - For silicon ferroalloy, on September 26, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5330 and 5380 respectively, with daily changes of 0 and weekly changes of -20 and 30. The latest prices of the main contract and 01 contract were 5786 and 5736, with daily changes of 44 and 28, and weekly changes of 30 and -8 [2]. - For silicon manganese, on September 26, 2025, the factory - ex prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5700, 5660, 5730, 5680, and 5680 respectively. The latest price of the main contract was 5938, with a daily change of 22 and a weekly change of -32 [2]. Supply - The report shows long - term trends of 136 silicon ferroalloy production enterprises' output in China (monthly and weekly, with weekly capacity accounting for 95%), and the capacity utilization rates of these enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) from 2021 to 2025 [4]. - It also presents the long - term trends of silicon manganese production in China (weekly) from 2021 to 2025 [7]. Demand - The report provides long - term trends of the demand for silicon ferroalloy and silicon manganese in China (in ten thousand tons, steel - union caliber) from 2021 to 2025 [4][8]. - It also shows the long - term trends of the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly) from 2021 to 2025, as well as the procurement volume and price of FeMn65Si17 by Hebei Iron and Steel Group (monthly) [4][7]. Inventory - For silicon ferroalloy, the report shows the long - term trends of the inventory of 60 sample enterprises in China (weekly), and the inventory of these enterprises in Ningxia, Inner Mongolia, and Shaanxi (weekly) from 2021 to 2025. It also presents the long - term trends of CZCE silicon ferroalloy's total warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts (daily) [6]. - For silicon manganese, the report shows the long - term trends of CZCE silicon manganese's total warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory (daily), as well as the long - term trends of the inventory of 63 sample enterprises in China (weekly, in tons) from 2021 to 2025 [8]. Cost and Profit - For silicon ferroalloy, the report shows long - term trends of electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of small - sized blue coke in Shaanxi, the start - up rate of blue coke in China (weekly), the production profit of blue coke in China (daily), and the production cost, profit of folding the main contract, and spot profit of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 to 2025 [6]. - For silicon manganese, the report shows long - term trends of the profit of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region (steel - union, yuan/ton), and the profit of folding the main contract of Guangxi silicon manganese from 2021 to 2025 [8].

| | 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 | 1503.00 | 0.00 | 0.00 | -2.00 | 7.36% Peak Downs | 205.00 | 3.50 | 2.00 | 2.00 | -16.60 | | 原煤口岸库提价 | 1038.00 | 0.00 | 48.00 | 79.00 | -8.95% Goonyella | 205.50 | 3.50 | 1.50 | 0.50 | -11.50 | | 沙河驿蒙5# | 1390.00 | 0.00 | 40.00 | 10.00 | -14.20% 盘面05 | 1318.00 | 2.00 | 5.50 | 124.00 | -2.37% | | 安泽主焦 | 1590.00 | 10.00 | 90.00 | 120.00 | -8.09% 盘面09 | 1389.00 | 3.00 | 8.50 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - **Methanol**: The trading logic is that port pressure is transmitted to the inland. The inland has seasonal stocking demand and new device stocking increment from Lianhong, but the port will continuously cause reverse flow impact. The current price is benchmarked against the inland price, and the inland's actions are crucial. Xingxing is expected to start operation in early September, but inventory is still accumulating. Reverse flow can relieve port pressure but will affect inland valuation. Currently, the valuation, inventory, and driving forces are not favorable, so bottom - fishing still needs to wait, considering import variables such as India's purchase from Iran and unplanned maintenance [2] - **Plastic (Polyethylene)**: The inventory of Sinopec and PetroChina is neutral year - on - year. Upstream and coal - chemical industries are destocking, while social inventory remains flat. Downstream raw material and finished - product inventories are neutral. Overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. The import profit is around - 200 with no further increase for now. Non - standard HD injection price is stable, other price differences are fluctuating, and LD is weakening. The maintenance in September is flat compared to the previous period, and the recent domestic linear production has decreased. Attention should be paid to the LL - HD conversion and US quotes. The pressure from new devices in 2025 is significant, and the commissioning of new devices should be monitored [6] - **Polypropylene**: Upstream and mid - stream inventories of polypropylene are decreasing. In terms of valuation, the basis is - 60, non - standard price difference is neutral, and the import profit is around - 700. Exports have been good this year. Non - standard price difference is neutral. European and American markets are stable. PDH profit is around - 400, propylene is fluctuating, and powder production start - up is stable. The production scheduling of drawing is neutral. The subsequent supply is expected to increase slightly. Downstream orders are average, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the pressure on 01 is expected to be moderately excessive. If exports continue to increase or there are more PDH device overhauls, the supply pressure can be alleviated to a neutral level [7] - **PVC**: The basis remains at 01 - 270, and the factory - delivery basis is - 480. Downstream start - up is seasonally weakening, and the willingness to hold goods at low prices is strong. The inventories of middle and upstream are continuously accumulating. During summer, Northwest devices have seasonal overhauls, and the load center is between the spring overhaul and the high - production in Q1. In Q4, attention should be paid to the realization of new production capacity and the sustainability of exports. The recent export orders have slightly decreased. The coal sentiment is positive, the cost of semi - coke is stable, and the profit of calcium carbide is under pressure due to PVC overhauls. The counter - offer for caustic soda exports is FOB380. The comprehensive profit of PVC is - 100. Currently, the static inventory contradiction is accumulating slowly, the cost is stable, the downstream performance is mediocre, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and start - up [7] 3. Summary by Product Methanol - **Price Data**: From September 19 to 25, 2025, the动力煤期货 price remained at 801, the Jiangsu spot price decreased from 2260 to 2252, and other prices had minor changes [2] - **Profit and Basis**: Import profit was generally stable, and the main contract basis and MTO profit on the disk remained unchanged during this period [2] Plastic (Polyethylene) - **Price Data**: From September 19 to 25, 2025, the Northeast Asia ethylene price remained stable, some domestic polyethylene prices had minor fluctuations, and the main contract futures price increased by 27 [6] - **Inventory and Profit**: The two - oil inventory remained at 63, and the import profit was around - 200 with no further increase [6] Polypropylene - **Price Data**: From September 19 to 25, 2025, the Shandong propylene price decreased from 6580 to 6450, and other prices had corresponding changes. The main contract futures price increased by 21 [7] - **Inventory and Profit**: The two - oil inventory remained at 63, the export profit was relatively stable, and the PDH profit was around - 400 [7] PVC - **Price Data**: From September 19 to 25, 2025, the Northwest calcium carbide and Shandong caustic soda prices remained stable, and the East China calcium carbide - based PVC price increased from 4830 to 4800 [7] - **Profit and Inventory**: The PVC comprehensive profit was - 100, and the inventory contradiction was accumulating slowly [7]

Report Information - Report Title: Coke Daily Report - Report Date: September 26, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Not provided in the report Summary by Relevant Catalog Coke Prices - The latest price of Shanxi quasi - first wet quenching coke is 1427.78, with no daily or weekly change, a monthly decrease of 108.16 (14.41% year - on - year) [2] - The latest price of Hebei quasi - first dry quenching coke is 1680.00, with no daily or weekly change, a monthly decrease of 110.00 (4.35% year - on - year) [2] - The latest price of Shandong quasi - first dry quenching coke is 1605.00, with no daily or weekly change, a monthly decrease of 110.00 (13.01% year - on - year) [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1645.00, with no daily or weekly change, a monthly decrease of 110.00 (12.73% year - on - year) [2] - The latest price of Inner Mongolia second - grade coke is 1080.00, with no daily or weekly change, a monthly decrease of 100.00 (13.60% year - on - year) [2] Production and Utilization Rates - The blast furnace开工率 is 90.35, with a weekly increase of 0.17, a monthly increase of 0.10 (7.70% year - on - year) [2] - The daily average iron water output is 242.36, with a weekly increase of 1.34, a monthly increase of 2.23 (7.78% year - on - year) [2] - The coking capacity utilization rate is 75.35, with a weekly decrease of 0.23, a monthly increase of 1.18 (9.78% year - on - year) [2] - The daily average coke output is 52.02, with a weekly increase of 0.19, a monthly increase of 0.73 (2.80% year - on - year decrease) [2] Inventory - The coking plant inventory is 39.54, with a weekly decrease of 2.67, a monthly decrease of 0.27 (10.62% year - on - year decrease) [2] - The port inventory is 196.06, with a weekly decrease of 8.04, a monthly decrease of 16.03 (4.73% year - on - year increase) [2] - The steel mill inventory is 661.31, with a weekly increase of 16.64, a monthly increase of 51.24 (17.95% year - on - year increase) [2] - The steel mill inventory days are 11.66, with a weekly increase of 0.24, a monthly increase of 0.88 (4.95% year - on - year increase) [2] Futures Market - The price of futures contract 05 is 1885.5, with a daily increase of 16.00, a weekly increase of 19.00, a monthly increase of 117.50 (6.29% year - on - year decrease) [2] - The price of futures contract 09 is 1956.5, with a daily increase of 13.50, a weekly increase of 33.00, a monthly increase of 348.50 (3.10% year - on - year decrease) [2] - The price of futures contract 01 is 1741, with a daily increase of 15.50, a weekly increase of 15.50, a monthly increase of 60.00 (11.87% year - on - year decrease) [2] - The 05 basis is - 156.70, with a daily decrease of 16.00, a weekly decrease of 19.00, a monthly decrease of 223.05 (190.68 decrease year - on - year) [2] - The 09 basis is - 227.70, with a daily decrease of 13.50, a weekly decrease of 33.00, a monthly decrease of 454.05 (254.68 decrease year - on - year) [2] - The 01 basis is - 12.20, with a daily decrease of 15.50, a weekly decrease of 15.50, a monthly decrease of 165.55 (82.68 decrease year - on - year) [2] - The 5 - 9 spread is - 144.50, with a daily decrease of 0.50, a weekly decrease of 3.50, a monthly decrease of 57.50 (108.00 decrease year - on - year) [2] - The 9 - 1 spread is - 71.00, with a daily increase of 2.50, a weekly decrease of 14.00, a monthly decrease of 231.00 (64.00 decrease year - on - year) [2] - The 1 - 5 spread is 215.50, with a daily decrease of 2.00, a weekly increase of 17.50, a monthly increase of 288.50 (172.00 increase year - on - year) [2]

| 日期 | 沪锌现货进口盈利 | 沪锌期货进口盈利 | 锌保税库premium | LME C-3M | LME锌库存 | LME锌注销仓单 | | --- | --- | --- | --- | --- | --- | --- | | 2025/09/19 | -3326.26 | -2684.28 | 130 | 51 | 47825 | 16450 | | 2025/09/22 | -3284.10 | -2610.97 | 130 | 46 | 46825 | 15450 | | 2025/09/23 | -3003.69 | -2494.16 | 130 | 43 | 45775 | 14950 | | 2025/09/24 | -3318.32 | -2606.04 | 130 | 60 | 44400 | 13675 | | 2025/09/25 | -3597.09 | -2807.34 | 130 | 54 | 43800 | 13075 | | 变化 | -278.77 | -201.30 | 0 | -6 | -600 | -600 | 本周锌价震荡下移。供应端，国产TC小幅下降，进口 ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints No clear core viewpoints are presented in the given content. 3) Summaries by Related Catalogs Price and Profit - The document provides the spot prices of various steel products in different regions from September 19 to September 25, 2025, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan for rebar, and Tianjin, Shanghai, and Lecong for hot-rolled and cold-rolled coils [1]. Basis and Spread No relevant information provided. Production and Inventory No relevant information provided.

Report Date - The report was released on September 26, 2025, by the macro team of the research center [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - Yields on September 25, 2025, varied widely, from 0.180% in Switzerland to 6.103% in Brazil [3] - Yield changes showed different trends in the latest, weekly, monthly, and yearly periods. For example, the US 10 - year yield increased by 0.023 in the latest change, 0.065 in a week, - 0.034 in a month, and 0.456 in a year [3] 2 - Year Treasury Yields of Major Economies - Yields on September 25, 2025, ranged from 0.929% in Japan to 4.014% in the UK [3] - Yield changes also had diverse trends. The US 2 - year yield decreased by 0.080 in the latest change but increased by 0.020 in a week [3] Dollar Exchange Rates Against Major Emerging - Market Currencies - Exchange rates on September 25, 2025, were presented, such as 5.364 for the dollar against the Brazilian real [3] - Exchange rate changes showed fluctuations, with the dollar against the Brazilian real having a 0.61% latest change and - 0.94% monthly change [3] Major Economies' Stock Indices - Index values on September 25, 2025, were given, like 6604.720 for the S&P 500 [3] - Index changes varied. The S&P 500 had a - 0.50% latest change, - 0.41% weekly change, 1.58% monthly change, and 15.60% yearly change [3] Credit Bond Indices - Index values' latest, weekly, monthly, and yearly changes were provided. For example, the US investment - grade credit bond index had a - 0.20% latest change and 3.04% yearly change [3][4] Stock Index Futures Trading Data Index Performance - Closing prices, percentage changes, and valuations were reported. The A - share index closed at 3853.30 with a - 0.01% change, and the S&P 500 had a PE(TTM) of 27.49 [5] Fund Flows - Latest values and 5 - day average values of fund flows were shown. A - share fund flow had a latest value of - 523.88 and a 5 - day average of - 505.69 [5] Trading Volume - Latest trading volumes and their changes were presented. The trading volume of the Shanghai and Shenzhen stock markets was 23710.90 with a 443.06 change [5] Basis and Spread - Basis and spread percentages of IF, IH, and IC were given. IF had a basis of - 31.29 and a spread of - 0.68% [5] Treasury Bond Futures Trading Data - Closing prices and percentage changes of T00, TF00, T01, and TF01 were reported. T00 closed at 107.610 with a - 0.06% change [6] - Interest rates and their daily changes of R001, R007, and SHIBOR - 3M were provided. R001 had an interest rate of 1.5191% with a - 19.00 BP change [6]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The LPG market is expected to remain weak overall. The cheapest delivery location is Shandong, where the supply is abundant due to incoming resources, while the chemical demand is declining [1]. 3) Summary by Relevant Contents - **Price Changes**: - **Daily Changes**: On Thursday, the low - end price in East China was 4387 (+0), in Shandong was 4570 (+20), and in South China was 4600 (+0). The price of ether - post carbon four was 4620 (-10). The lowest delivery location was East China, with a basis of 7 (-55) and a 10 - 11 month spread of 113 (+33). FEI and CP c1 decreased to 550 (-3) and 544 (-3) dollars/ton respectively. The FEI monthly spread remained unchanged at 6 dollars, and the CP monthly spread dropped to -14.5 dollars (-3.5) [1]. - **Weekly Changes**: The PG main contract fluctuated strongly. The cheapest delivery product was Shandong civil gas at 4500. The basis weakened to 51 (-74). The 10 - 11 month spread was 49 (-20), the 11 - 12 month spread was 62 (+3). The number of warehouse receipts was 13002 (-6). The external market price increased. The internal - external price difference decreased slightly: PG - CP to 75 (-3); PG - FEI to 67.6 (-9.3). The FEI - CP was 7.5 (+6.5). The US - Asia arbitrage window closed [1]. - **Market Conditions**: - **Supply and Demand**: Incoming shipments decreased, external sales increased slightly, but demand narrowed, leading to an increase in both port and factory inventories. Chemical demand decreased, with the PDH operating rate at 70.49% (-2.61). The operating rates of alkylation and MTBE both declined [1]. - **Profitability**: The profit of PDH to PP continued to weaken, and the production gross margins of alkylated oil and MTBE were low [1]. - **Shipping and Spreads**: Freight rates continued to rise, with the latest rates from the US Gulf to Japan at 155 (+11) and from the Middle East to the Far East at 82 (+7). The FEI - MOPJ was -41.5 (-6.5), and the naphtha spread strengthened [1].