Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Content - The report presents the scrap steel prices in different regions (East China, North China, Central China, South China, Northeast China, and Southwest China) from September 19 to September 25, 2025 [2][12] - The price changes in different regions on September 23 compared to the previous period are as follows: 1 in East China, -1 in North China, 2 in Central China, 1 in South China, 0 in Northeast China, and -6 in Southwest China [3]

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again, and recently had wide - range oscillations. The domestic FU is expected to oscillate more in the short - term. The low - sulfur cracking rebounded slightly but is at a historically low level compared to the same period. The LU disk remained weak this week. The third batch of export quotas was issued as expected. In the fourth quarter, the spread between domestic and foreign LU can be widened on dips, and attention should be paid to the quota usage [3][4]. Summary by Relevant Data Rotterdam Fuel Oil Swap Data - From September 19 to September 25, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 382.97 to 407.73, with a change of 4.00; Rotterdam 0.5% VLS FO swap M1 increased from 427.48 to 442.97, with a change of 4.43; Rotterdam HSFO - Brent M1 increased from - 5.82 to - 4.10, with a change of 0.37; Rotterdam 10ppm Gasoil swap M1 increased from 668.48 to 696.42, with a change of 9.65; Rotterdam VLSFO - Gasoil M1 decreased from - 241.00 to - 253.45, with a change of - 5.22; LGO - Brent M1 increased from 24.80 to 26.25, with a change of 1.60; Rotterdam VLSFO - HSFO M1 decreased from 44.51 to 35.24, with a change of 0.43 [1]. Singapore Fuel Oil Swap Data - From September 19 to September 25, 2025, the price of Singapore 380cst M1 increased from 390.12 to 407.32, with a change of 2.17; Singapore 180cst M1 increased from 400.69 to 416.26, with a change of 1.61; Singapore VLSFO M1 increased from 465.21 to 475.67, with a change of 7.11; Singapore Gasoil M1 increased from 87.81 to 89.89, with a change of 1.23; Singapore 380cst - Brent M1 increased from - 5.13 to - 3.83, with a change of - 0.66; Singapore VLSFO - Gasoil M1 decreased from - 184.58 to - 189.52, with a change of - 2.00 [1]. Singapore Fuel Oil Spot Data - From September 19 to September 25, 2025, the FOB 380cst price increased from 390.94 to 407.53, with a change of 0.71; FOB VLSFO increased from 464.79 to 473.88, with a change of 7.81; the 380 basis decreased from 0.40 to 1.25, with a change of - 0.20; the high - sulfur domestic - foreign spread increased from 6.0 to 7.6, with a change of 0.7; the low - sulfur domestic - foreign spread increased from 9.7 to 10.2, with a change of 0.8 [2]. Domestic FU Data - From September 19 to September 25, 2025, FU 01 increased from 2796 to 2887, with a change of 27; FU 05 increased from 2754 to 2830, with a change of 22; FU 09 increased from 2699 to 2738, with a change of 12; FU 01 - 05 increased from 42 to 57, with a change of 5; FU 05 - 09 increased from 55 to 92, with a change of 10; FU 09 - 01 decreased from - 97 to - 149, with a change of - 15 [2]. Domestic LU Data - From September 19 to September 25, 2025, LU 01 increased from 3362 to 3431, with a change of 64; LU 05 increased from 3337 to 3389, with a change of 42; LU 09 increased from 3308 to 3363, with a change of 44; LU 01 - 05 increased from 25 to 42, with a change of 22; LU 05 - 09 decreased from 29 to 26, with a change of - 2; LU 09 - 01 decreased from - 54 to - 68, with a change of - 20 [3]. Fundamental Data - In terms of fundamentals, Singapore's residue decreased, floating storage oscillated, ARA residue inventory decreased slightly, EIA residue decreased slightly, Fujairah inventory decreased, and high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. Supported by logistics reshaping and Singapore's high - sulfur marine fuel demand, the EW spread has been repaired. Recently, refinery feedstock purchases support the 380 cracking level, and the short - term downward space is limited [4].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 26, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 26, 2025, the domestic spot price was 82525, LME price was 10291, and the ratio was 8.04; the domestic three - month price was 82690, LME price was 10323, and the ratio was 8.01. The equilibrium ratio for spot import was 8.12, with a profit of - 745.90, and the spot export profit was 433.73 [1] - **Zinc**: The domestic spot price was 21870, LME price was 2979, and the ratio was 7.34; the domestic three - month price was 22055, LME price was 2926, and the ratio was 5.85. The equilibrium ratio for spot import was 8.55, with a profit of - 3597.09 [1] - **Aluminum**: The domestic spot price was 20770, LME price was 2645, and the ratio was 7.85; the domestic three - month price was 20765, LME price was 2648, and the ratio was 7.85. The equilibrium ratio for spot import was 8.40, with a profit of - 1466.82 [1] - **Nickel**: The domestic spot price was 122300, LME price was 15261, and the ratio was 8.01. The equilibrium ratio for spot import was 8.20, with a profit of - 2154.78 [1] - **Lead**: The domestic spot price was 16950, LME price was 1967, and the ratio was 8.62; the domestic three - month price was 17115, LME price was 2004, and the ratio was 11.00. The equilibrium ratio for spot import was 8.84, with a profit of - 434.90 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 26, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 50, 30, 30, and - 30 respectively, while the theoretical spreads were 515, 929, 1351, and 1773 respectively [4] - **Zinc**: The spreads were 15, 25, 35, and 65 respectively, and the theoretical spreads were 213, 332, 451, and 571 respectively [4] - **Aluminum**: The spreads were 5, 5, 5, and 15 respectively, and the theoretical spreads were 215, 331, 446, and 562 respectively [4] - **Lead**: The spreads were 30, 55, 65, and 30 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 310, 480, 670, and 740 respectively [4] - **Tin**: The 5 - 1 spread was 650, and the theoretical spread was 5676 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 195 and 245 respectively, and the theoretical spreads were 391 and 856 respectively [4] - **Zinc**: The spreads were 160 and 175 respectively, and the theoretical spreads were 176 and 304 respectively [4] - **Lead**: The spreads were 110 and 140 respectively, and the theoretical spreads were 164 and 277 respectively [5] Cross - Variety Arbitrage Tracking - On September 26, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.75, 3.98, 4.83, 0.94, 1.21, and 0.78 respectively; for London (triple - continuous) were 3.51, 3.86, 5.09, 0.91, 1.32, and 0.69 respectively [5]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/9/18 | 2025/9/24 | 2025/9/25 | | 周度变化 日度变化 | | 2025/9/18 | 2025/9/24 | 2025/9/25 | | 周度变化 日度变化 | | 沙河重碱 | 1210.0 | 1210.0 | 1220.0 | 10.0 | 10.0 | SA05合 约 | 1400.0 | 1394.0 | 1404.0 | 4.0 | 10.0 | | 华中重碱 | 1200.0 | 1200.0 | 1210.0 | 10.0 | 10.0 | SA01合约 | 1306.0 | 1307.0 | 1315.0 | 9.0 | 8.0 | | 华南重碱 | 1350.0 | 1350.0 | 1350.0 | 0.0 | 0.0 | SA09合约 | 1442.0 | 1448.0 | 1459.0 | 17.0 | 11.0 | | 青 海 ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - For PTA, with the restart of some devices, the de - stocking pace slows down. Given the lack of unexpected performance in polyester and upcoming new production, long - term inventory build - up is expected. However, the processing fee has been at a very low level for a long time, and as PX supply gradually recovers, opportunities to expand processing fees under potential additional maintenance should be monitored [1]. - Regarding MEG, near - term domestic oil - based production has slightly reduced its load, while coal - based production has maintained its operation. Overseas, there are both maintenance and restart situations. With stable arrivals and weak shipments, port inventories have slightly increased. Although new devices have been put into operation earlier than expected and valuations have been significantly compressed, considering the subsequent increase in arrivals and high - supply expectations in the long - term, ports may start to gradually accumulate inventory. However, the current inventory level is still not high, and valuations may be slowly compressed. Attention should be paid to the support of coal - based production costs [1]. - For polyester staple fiber, the start - up rate has increased due to some devices increasing their loads. Sales have improved compared to the previous period, and inventories have continued to decline. On the demand side, the start - up rate of polyester yarn has remained stable, raw material inventory has increased, and finished - product inventories have decreased. However, the profit margin is weak. In the future, the rate of increasing the start - up rate of polyester yarn may slow down due to high finished - product inventories. The start - up rate of staple fiber will remain high due to good spot profit margins, and the processing fee is expected to fluctuate [1]. - In the case of natural rubber, the national visible inventory has remained stable, and the price of Thai cup lump rubber has also been stable. The recommended strategy is to wait and see [1]. 3. Summaries According to Related Catalogs PTA - **Device Changes**: Fuhai Chuang's 4.5 million - ton device restarted, and Ineos' 1.25 million - ton device stopped [1]. - **Market Situation**: Near - term TA maintenance has been implemented, the start - up rate has slightly decreased, polyester load has remained basically stable, inventory has slightly accumulated, the basis has weakened, and spot processing fees have slightly recovered. Domestically, the start - up rate of PX has decreased, overseas devices have operated smoothly, PXN has weakened month - on - month, the benefits of disproportionation and isomerization have remained basically stable, and the price difference between US and Asian aromatics has widened [1]. MEG - **Device Changes**: Xinjiang Tianye's 600,000 - ton device stopped again, and Shanxi Meijin's 300,000 - ton device underwent maintenance [1]. - **Market Situation**: Near - term domestic oil - based EG production has slightly reduced its load, coal - based production has maintained its operation, overseas there are both maintenance and restart situations. Arrivals have remained stable while shipments have been weak, and port inventories have slightly increased at the beginning of next week. Downstream inventory levels have increased, the basis has weakened month - on - month, and the profit - to - price ratio has shrunk [1]. Polyester Staple Fiber - **Device Changes**: Zhongtai and Xianglu have increased their loads, and the start - up rate has increased to 95.4% [1]. - **Market Situation**: Sales have improved compared to the previous period, and inventories have continued to decline. On the demand side, the start - up rate of polyester yarn has remained stable, raw material inventory has increased, finished - product inventories have decreased, but the profit margin is weak [1]. Natural Rubber - **Price Changes**: There have been daily and weekly changes in the prices of various types of natural rubber products such as US - dollar - denominated Thai mixed rubber, US - dollar - denominated Thai standard rubber, etc. [1]. - **Market Situation**: The national visible inventory has remained stable, and the price of Thai cup lump rubber has been stable due to rainfall [1].

Group 1: Overnight Market Information - US soybean export sales net increase was 72.45 million tons in the week ended September 18, in line with expectations. The current - market - year sales net increase was 72.45 million tons, and the next - year sales net increase was 0 tons. The export shipment was 51.24 million tons [1] - US soybean meal export sales net increase was 22.62 million tons in the week ended September 18, in line with expectations. The current - market - year sales net increase was 7.96 million tons, up 156% from the previous week and 196% from the four - week average. The next - year sales net increase was 14.66 million tons. The export shipment was 22.85 million tons, down 3% from the previous week and 8% from the four - week average. The current - market - year new sales were 10.69 million tons, and the next - market - year new sales were 23.5 million tons [1] - Argentina's soybean exports reached a seven - year high due to the suspension of export taxes. The 2024/25 export sales declarations exceeded 1,010 million tons, the highest since 2017/18 [1] - MPOA data showed that Malaysia's September 1 - 20 crude palm oil production decreased by 4.26% compared to the same period last month. The yield in the Malay Peninsula declined by 8.23%, while that in East Malaysia increased by 2.64%, with Sabah up 0.73% and Sarawak up 7.63% [1] - AmSpec reported that Malaysia's September 1 - 25 palm oil exports increased by 11.3% month - on - month, reaching 1,185,422 tons [1] - ITS reported that Malaysia's September 1 - 25 palm oil exports increased by 12.9% month - on - month, reaching 1,288,462 tons [1] - Argentina re - imposed export withholding taxes on grains, beef, and poultry after reaching a $7 billion sales cap [1] - India purchased 30 million tons of soybean oil from Argentina from Tuesday to Wednesday, a record - high single - purchase volume. The oil will be delivered from October to March next year at a price of $1100 - 1120 per ton (CIF) [1] - The EU Commission raised the EU's 2025/26 rapeseed production forecast to 1,990 million tons from 1,880 million tons, while keeping the import forecast at 580 million tons [1] Group 2: Spot Prices - Spot prices of various agricultural products in different regions from September 19 - 25, 2025 are presented, including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [3]

Group 1: Report General Information - The report is from the agricultural products team of the research center, dated September 26, 2025 [1] Group 2: Corn and Starch Analysis Price Data - Corn prices in Changchun remained at 2230 from September 19 - 25, while in Jinzhou it increased by 10 to 2260. Starch prices in Heilongjiang and Weifang stayed at 2750 and 2850 respectively. The processing profit of starch remained at -31 [2] Market Outlook - Short - term: New - season corn is about to be launched, and enterprise demand for old corn is weakening, leading to a weak price. Starch enterprises are reducing inventory by lowering raw - material corn prices and are expected to cut starch prices. [3] - Medium - to - long - term: Corn prices are expected to decline under the pressure of increased production and lower costs. Starch prices are bearish due to high inventory and expected lower raw - material costs [3] Group 3: Sugar Analysis Price Data - Sugar spot prices in Liuzhou remained at 5890 on September 25, while in Kunming it increased by 10 to 5810. The import profit from Thailand decreased by 37 to 321 [4] Market Outlook - International market: Brazil is in the peak crushing season, putting pressure on international sugar prices. The sugar - making ratio is at a record high, and future production is uncertain. [4] - Domestic market: The domestic market follows the international trend. Imported sugar is arriving at ports, and the price of processed sugar has dropped significantly, pressuring the market [4] Group 4: Cotton and Cotton Yarn Analysis Price Data - The price of 3128 cotton decreased by 5 to 14770 from September 19 - 25. The import profit of Vietnamese yarn decreased by 40 to 249 [5] Market Outlook - Cotton prices are in a consolidation phase. If there are no major macro - risks, the April low can be seen as the long - term bottom, and the downside space is limited. Attention should be paid to demand changes [5] Group 5: Egg Analysis Price Data - Egg prices in Hebei decreased by 0.04 to 3.49, and in Liaoning it decreased by 0.05 to 3.42 on September 25. The basis decreased by 10 to 660 [8] Market Outlook - Since September, egg spot prices have rebounded nearly 40% due to increased demand from school openings and holiday stocking. High inventory and cold - storage eggs limit price increases, but the price is unlikely to fall below the feed cost. Monitor the situation of chicken culling and cold - storage egg release [8] Group 6: Apple Analysis Price Data - The price of Shandong 80 first - and second - grade apples remained at 7500 from September 19 - 25. The national inventory decreased by 110 to 14.79 [9][10] Market Outlook - In the new season, apple bag - removing is approaching. The yield in the western region may increase slightly, while Shandong is expected to have a 20% reduction. The overall national yield is not expected to differ much from last year. Consumption is in the off - season, and the price is currently stable. Monitor the final yield [10] Group 7: Pig Analysis Price Data - Pig prices in Henan Kaifeng decreased by 0.10 to 12.53, and in Hubei Xiangyang it decreased by 0.10 to 12.35 on September 25. The basis decreased by 55 to - 155 [14] Market Outlook - There are policy expectations for a production capacity inflection point next year, but in the short - term, there is supply pressure. Spot prices are hitting new lows, and futures are trading based on the weak reality. Focus on factors such as slaughter rhythm, diseases, and policies [14]

Group 1: Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 26, 2025 [2] Group 2: BR (Butadiene Rubber) Market Data Futures Market - On September 25, the closing price of the main contract was 11,545, with a daily increase of 25 and a weekly increase of 130 [3] - The open interest of the main contract was 51,154, a daily decrease of 7,496 and a weekly decrease of 23,349 [3] - The trading volume of the main contract was 83,682, a daily decrease of 29,720 and a weekly decrease of 32,429 [3] - The warrant quantity was 9,250, a daily increase of 100 and a weekly decrease of 1,740 [3] - The virtual - to - real ratio was 27.65, a daily decrease of 4 and a weekly decrease of 6 [3] Basis and Spread - The basis of cis - butadiene was 155, a daily decrease of 25 and a weekly decrease of 130 [3] - The 8 - 9 spread was - 5, a daily decrease of 15 and a weekly decrease of 170; the 9 - 10 spread was 190, a daily decrease of 40 and a weekly increase of 45 [3] Spot Market - The Shandong market price was 11,580, unchanged daily and up 30 weekly; the Transfar market price was 11,500, unchanged daily and up 50 weekly [3] - The Qilu ex - factory price was 11,700, unchanged both daily and weekly [3] - CFR Northeast Asia was 1,500, unchanged daily and down 25 weekly; CFR Southeast Asia was 1,700, unchanged both daily and weekly [3] Processing and Import - Export - The spot processing profit was - 121, a daily increase of 87 and a weekly increase of 142; the futures processing profit was - 156, a daily increase of 112 and a weekly increase of 242 [3] - The import profit was - 83,107, a daily decrease of 151 and a weekly decrease of 128; the export profit was - 38, a daily increase of 16 and a weekly decrease of 187 [3] Group 3: BD (Butadiene) Market Data Price - The Shandong market price was 9,315, a daily decrease of 82 and a weekly decrease of 110; the Jiangsu market price was 9,175, unchanged daily and up 25 weekly [3] - The Yangzi ex - factory price was 9,150, unchanged both daily and weekly; CFR China was 1,060, unchanged daily and down 30 weekly [3] Processing and Import - Export - The carbon - four extraction profit was not available; the butylene oxidative dehydrogenation profit was 361, unchanged daily and up 305 weekly [3] - The import profit was 492, a daily decrease of 14 and a weekly increase of 252; the export profit was - 1,080, a daily decrease of 60 and a weekly decrease of 259 [3] Group 4: Downstream Profit Data - The cis - butadiene production profit was - 156, a daily increase of 112 and a weekly increase of 242; the styrene - butadiene production profit was 1,063, unchanged daily and up 125 weekly [3] - The ABS production profit was 106, a daily decrease of 19 and a weekly increase of 109; the SBS (791 - H) production profit was 985, unchanged daily and up 130 weekly [3] Group 5: Inter - variety Spread Data - RU - BR was - 35,584, a daily increase of 7,446 and a weekly increase of 23,349; NR - BR was - 38,724, a daily increase of 7,461 and a weekly increase of 23,479 [3] - The Thai mixed - cis - butadiene spread was not available; the 3L - styrene - butadiene spread was 3,100, a daily decrease of 50 and a weekly increase of 50 [3] - The cis - butadiene standard - non - standard spread was 180, a daily increase of 20 and a weekly increase of 30; the styrene - butadiene 1502 - 1712 spread was 1,000, unchanged both daily and weekly [3]

Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: September 26, 2025 [3] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Categories Futures Contracts - The prices of BU main contract, BU10, BU11, BU12, BU01, and BU03 on September 25 were 3440, 3460, 3440, 3382, 3360, and 3372 respectively, with daily changes of 48, 52, 48, 48, 58, and 47, and weekly changes of -5, 9, -5, -19, -26, and -6 [4]. - The trading volume on September 25 was 275,998, with a daily increase of 33,479 [4]. - The open interest on September 25 was 394,577, with a daily decrease of 19,265 and a weekly decrease of 12,976 [4]. - The number of combined contracts remained at 18,940 on September 25, with no daily change and a weekly decrease of 4,650 [4]. Spot Market - The market prices of asphalt in Shandong, East China, South China, North China, and Northeast China on September 25 were 3,500, 3,560, 3,500, 3,660, and 3,830 respectively, with no daily change and weekly changes of -20, -80, 10, 0, and -20 [4]. - The prices of asphalt in Zhenjiang Warehouse and Foshan Warehouse on September 25 were 3,420 and 3,450 respectively, with no daily change and weekly changes of -50 and -30 [4]. - The prices of Hongrun and Jingbo asphalt on September 25 were 3,490 and 3,610 respectively, with a daily change of 10 for Hongrun and no change for Jingbo, and weekly changes of 0 and -20 [4]. Basis and Monthly Spread - The Shandong basis (+80), East China basis, and South China basis on September 25 were 130, -20, and 10 respectively, with daily changes of -38, -48, and -48, and weekly changes of 5, -45, and -25 [4]. - The 10 - 11, 10 - 12, 11 - 12, 11 - 01, and 12 - 03 monthly spreads on September 25 were 20, 75, 55, 80, and 13 respectively, with daily changes of 4, 4, 0, -10, and 1, and weekly changes of 14, 28, 14, 21, and -13 [4]. Crack Spread and Profit - The asphalt Brent crack spread, asphalt Ma Rui profit, ordinary refinery comprehensive profit, Ma Rui - type refinery comprehensive profit, import profit (South Korea - East China), and import profit (Singapore - South China) on September 25 were -104, -161, 329, 648, -173, and -942 respectively, with daily changes of -93, -84, -57, -66, -5, and -6, and weekly changes of -127, -114, -87, -95, -80, and -2 [4]. Related Commodity Prices - The price of Brent crude oil on September 25 was 69.3, with a daily increase of 1.7 and a weekly increase of 1.9 [4]. - The market prices of gasoline, diesel, and residue oil in Shandong on September 25 were 7,517, 3,703, and 6,485 respectively, with daily changes of 34, 10, and 11, and weekly changes of -3, -10, and 35 [4][5].

Report Information - Report Title: Yongan Town Daily Data - Research Team: Nonferrous Metals Team of the Research Center - Date: September 25, 2025 [2] Key Points 1. Price Information - LME nickel spot settlement price was 15,100 on September 25, 2025 [3] - LME nickel 3 closing price was 15,435 on September 25, 2025, with an increase of 95 [3] - SHFE nickel main contract settlement price was 121,680 on September 25, 2025, with an increase of 670 [3] 2. Inventory Information - LME total nickel inventory was 230,586 on September 25, 2025, with an increase of 132 [3] - LME nickel bean inventory was 27,708 on September 25, 2025, with a decrease of 24 [3] - LME nickel plate inventory was 198,282 on September 25, 2025, with an increase of 480 [3] - SHFE total electrolytic nickel inventory was 29,834 on September 25, 2025, with an increase of 2,334 [3] - SMM total stainless - steel inventory was 897,200 on September 25, 2025, with a decrease of 5,400 [3] 3. Basis and Ratio Information - 1 imported nickel premium to SHFE nickel contract was 325 on September 25, 2025, with an increase of 25 [3] - 1 Jinchuan nickel premium to SHFE nickel contract was 2,300 on September 25, 2025, with a decrease of 50 [3] - Nickel bean spot premium was 2,450 on September 25, 2025 [3] - LME nickel 0 - 3 premium was - 178.85 on September 25, 2025, with a decrease of 5.5 [3] 4. Month - spread and Spread Information - The spread between the first and third contracts was - 340 on September 25, 2025, with an increase of 30 [3] - The spread between the second and third contracts was - 210 on September 25, 2025, with an increase of 30 [3] - SMM electrolytic nickel dollar premium in bonded area was 50 on September 25, 2025 [3] 5. Import and Export Information - Electrolytic nickel import profit and loss was - 1,581.9 on September 25, 2025, with a decrease of 186.17 [3]