Report Summary 1. Core Concepts - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day. The implied volatility index of commodity options is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility: a larger difference indicates that the implied volatility is relatively higher than historical volatility, while a smaller difference means the opposite [3] - The implied volatility quantile represents the current level of the implied volatility of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means it is low. The volatility spread is the implied volatility index minus the historical volatility [5] 2. Implied Volatility and Historical Volatility Data - The report presents the implied volatility (IV), historical volatility (HV), and their differences (IV - HV) of various financial and commodity options, including 300股指, 50ETF, 1000股指, 500ETF, silver, Shanghai gold, soybean meal, corn, sugar, cotton, methanol, rubber, iron ore, PTA, crude oil, aluminum, PVC, rebar, zinc, urea, palm oil, etc. [4] 3. Implied Volatility Quantile and Volatility Spread Quantile Ranking - Implied volatility quantile ranking: 50ETF (0.65), 300股指 (0.78 for one and 0.52 for another), PTA (0.32 and 0.38), cotton (0.14 and 0.22), iron ore (0.07), PVC (0.20), etc. [6]

Group 1: General Information - Report title: Yongan Town Daily Data [2] - Report date: September 25, 2025 [2] - Research team: Nonferrous Metals Team of the Research Center [2] Group 2: Price Data - LME nickel spot settlement price: 15,100 [3] - LME nickel 3 - month closing price: 15,435, up 95 [3] - SHFE nickel main contract settlement price: 121,680, up 670 [3] Group 3: Inventory Data - LME nickel total inventory: 230,586, up 132 [3] - LME nickel bean inventory: 27,708, down 24 [3] - LME nickel plate inventory: 198,282, up 480 [3] - SHFE electrolytic nickel total inventory: 29,834, up 2,334 [3] - SMM stainless steel total inventory: 897,200, down 5,400 [3] Group 4: Basis and Ratio Data - 1 imported nickel premium to SHFE nickel contract: 325, up 25 [3] - 1 Jinchuan nickel premium to SHFE nickel contract: 2,300, down 50 [3] - Nickel bean spot premium: 2,450 [3] - LME nickel 0 - 3 premium: - 178.85, down 5.5 [3] Group 5: Month - Spread and Price - Spread Data - Spread between consecutive first and third contracts: - 340, up 30 [3] - Spread between consecutive second and third contracts: - 210, up 30 [3] - SMM bonded area electrolytic nickel US dollar premium: 50 [3] Group 6: Import and Export Data - Electrolytic nickel import profit and loss: - 1,581.9, down 186.17 [3]

焦炭日报 研究中心黑色团队 2025/9/25 | | 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 | 1427.78 | 0.00 | 0.00 | -108.16 | -14.41% 高炉开工率 | 90.35 | | 0.17 | 0.10 | 7.70% | | 河北准一干熄 | 1680.00 | 0.00 | 0.00 | -110.00 | 4.35% 铁水日均产量 | 241.02 | | 0.47 | 0.27 | 7.68% | | 山东准一干熄 | 1605.00 | 0.00 | 0.00 | -110.00 | -13.01% 盘面05 | 1869.5 | 22.50 | 16.00 | 63.00 | -6.27% | | 江苏准一干熄 | 1645.00 | 0.00 | 0.00 | -110.00 | -12.73% 盘面09 | 1943 | 9.50 ...

Report Information - Report Date: September 25, 2025 [1] - Report Author: Research Center Macro Team of Guanyi Futures [1] Global Asset Market Performance 10-Year Treasury Yields of Major Economies - On September 24, 2025, the 10-year Treasury yields in the US, UK, France, etc., were 4.148%, 4.668%, 3.568% respectively. There were various changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was 0.041, and the one-year change was 0.443 [2]. 2-Year Treasury Yields of Major Economies - On September 24, 2025, the 2-year Treasury yields in the US, UK, Germany, etc., were 3.610%, 3.948%, 2.020 respectively. There were also different changes in different time periods. For instance, the latest change in the US was 0.040, and the one-year change was -0.030 [2]. US Dollar Exchange Rates Against Major Emerging Economies' Currencies - On September 24, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, South Korean won, etc., were 5.331, 17.347, 1404.300 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US dollar against the Brazilian real was 0.93%, and the one-year change was -2.37% [2]. Stock Indices of Major Economies - On September 24, 2025, the closing prices of the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were 6637.970, 46121.280, 22497.860 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the S&P 500 was -0.28%, and the one-year change was 18.15% [2]. Credit Bond Indices - There were different changes in the latest, weekly, monthly, and yearly periods for US investment - grade, euro - zone investment - grade, emerging economies' investment - grade credit bond indices, etc. For example, the latest change in the US investment - grade credit bond index was -0.28%, and the one - year change was 3.38% [2][3] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc., were 3853.64, 4566.07, 2939.51 respectively, with corresponding percentage changes. For example, the A - share index had a 0.83% increase [4]. Valuation - The PE(TTM) of CSI 300, SSE 50, CSI 500, etc., were 14.10, 11.69, 34.83 respectively, with corresponding环比 changes [4]. Risk Premium - The risk premiums (1/PE - 10 - year interest rate) of S&P 500 and German DAX were -0.53 and 2.37 respectively, with corresponding环比 changes [4]. Fund Flows - The latest values of fund flows into A - shares, the main board, etc., were 930.68, 373.77 respectively, and there were corresponding 5 - day average values [4]. Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc., were 23267.84, 6291.62, 1571.95 respectively, with corresponding环比 changes [4]. Main Contract Basis - The basis of IF, IH, IC were -36.07, 0.29, -166.71 respectively, with corresponding percentage changes [4] Treasury Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 107.650, 105.565, 107.305, 105.445 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M in the money market had daily changes in basis points [5]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Methanol**: The trading logic is the pressure transfer from ports to the inland. The inland has seasonal stocking demand and new device stocking increment from Lianhong, but port backflow will impact the inland. Currently, the price is benchmarked to the inland price. Xingxing is expected to start operation in early September, but inventory is still accumulating. Backflow can relieve port pressure but will affect inland valuation. With average valuation, inventory, and weak drivers, it's necessary to wait before bottom - fishing [2]. - **Plastic (Polyethylene)**: The inventory of major producers is neutral year - on - year. Upstream and coal - chemical producers are destocking, while social inventory remains flat. Downstream raw material and finished - product inventories are neutral. The 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. Non - standard HD injection prices are stable, and other spreads are volatile. LD is weakening. September maintenance is flat month - on - month, and domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US quotes, as well as new device commissioning in 2025 [6]. - **PP**: Upstream and mid - stream inventories are decreasing. The basis is - 60, non - standard spreads are neutral, and the import profit is around - 700. Exports are doing well. Non - standard spreads are neutral, and prices in Europe and America are stable. PDH profit is around - 400, propylene is volatile, and powder production is stable.拉丝 production is neutral. Future 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 01 contract is expected to face moderate to excessive pressure. If exports continue to grow or PDH devices have more maintenance, supply pressure can be relieved to a neutral level [8]. - **PVC**: The basis remains at 01 - 270, and the factory - pick - up basis is - 480. Downstream operation is seasonally weakening, and the willingness to hold goods at low prices is strong. Mid - and upstream inventories are continuously accumulating. Northwest devices have seasonal maintenance in summer, and the load is between the spring maintenance and Q1 high - production levels. In Q4, attention should be paid to production capacity commissioning and export sustainability. Near - end export orders have slightly decreased. Coal sentiment is positive, and the cost of semi - coke is stable. Calcium carbide profit is under pressure due to PVC maintenance. The export counter - offer for caustic soda is FOB380. The PVC comprehensive profit is - 100. Currently, the static inventory contradiction is accumulating slowly, with stable costs, average downstream performance, and neutral macro - environment. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operation [8]. 3. Data Summary Methanol | Date |动力煤期货|江苏现货|华南现货|鲁南折盘面|西南折盘面|河北折盘面|西北折盘面|CFR中国|CFR东南亚|进口利润|主力基差|盘面MTO利润| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/18 | 801 | 2267 | 2270 | 2585 | 2545 | 2570 | 2690 | 262 | 326 | - 10 | - 110 | - 1255 | | 2025/09/19 | 801 | 2260 | 2268 | 2580 | 2545 | 2570 | 2685 | 262 | 326 | 6 | - 105 | - 1255 | | 2025/09/22 | 801 | 2257 | 2258 | 2563 | 2545 | 2570 | 2665 | 262 | 326 | - 6 | - 110 | - 1255 | | 2025/09/23 | 801 | 2245 | 2253 | 2560 | 2535 | 2570 | 2680 | 262 | 326 | - 19 | - 110 | - 1255 | | 2025/09/24 | 801 | 2260 | 2265 | 2540 | 2535 | 2570 | 2680 | 262 | 326 | - 19 | - 110 | - 1255 | | Daily Change | 0 | 15 | 12 | - 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | [2] Plastic (Polyethylene) | Date |东北亚乙烯|华北LL|华东LL|华东LD|华东HD|LL美金|LL美湾|进口利润|主力期货|基差|两油库存|仓单| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/18 | 850 | 7120 | 7285 | 9540 | 7400 | 840 | 796 | - 97 | 7188 | - 90 | 64 | 12736 | | 2025/09/19 | 845 | 7100 | 7250 | 9530 | 7400 | 840 | 796 | - 66 | 7169 | - 70 | 63 | 12736 | | 2025/09/22 | 845 | 7070 | 7215 | 9530 | 7350 | 840 | 796 | - 97 | 7130 | - 60 | 63 | 12736 | | 2025/09/23 | 845 | 7050 | 7190 | 9515 | 7350 | 840 | 796 | - 97 | 7105 | - 60 | 63 | 12736 | | 2025/09/24 | 845 | 7070 | 7200 | 9515 | 7350 | 840 | 796 | - 97 | 7142 | - 60 | 63 | 12736 | | Daily Change | 0 | 20 | 10 | 0 | 0 | 0 | 0 | 0 | 37 | 0 | 0 | 0 | [6] PP | Date |山东丙烯|东北亚丙烯|华东PP|华北PP|山东粉料|华东共聚|PP美金|PP美湾|出口利润|主力期货|基差|两油库存|仓单| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/18 | 6580 | 770 | 6830 | 6838 | 6740 | 6996 | 840 | 925 | - 26 | 6926 | - 140 | 64 | 13676 | | 2025/09/19 | 6580 | 770 | 6795 | 6833 | 6750 | 7052 | 840 | 925 | - 24 | 6914 | - 130 | 63 | 13499 | | 2025/09/22 | 6500 | 765 | 6770 | 6818 | 6750 | 7024 | 840 | 925 | - 23 | 6873 | - 130 | 63 | 13477 | | 2025/09/23 | 6450 | 760 | 6710 | 6790 | 6750 | 6996 | 840 | 925 | - 20 | 6842 | - 130 | 63 | 13413 | | 2025/09/24 | 6450 | 760 | 6740 | 6765 | 6750 | 6996 | 840 | 925 | - 20 | 6877 | - 130 | 63 | 14158 | | Daily Change | 0 | 0 | 30 | - 25 | 0 | 0 | 0 | 0 | 0 | 35 | 0 | 0 | 745 | [8] PVC | Date |西北电石|山东烧碱|电石法 - 华东|乙烯法 - 华东|电石法 - 华南|电石法 - 西北|进口美金价（CFR中国）|出口利润|西北综合利润|华北综合利润|基差(高端交割品)| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/18 | 2550 | 825 | 4800 | 5500 | 5450 | 4460 | 700 | 336 | 356 | - 244 | - 150 | | 2025/09/19 | 2600 | 817 | 4830 | 5500 | 5450 | 4460 | 700 | 339 | 356 | - 244 | - 150 | | 2025/09/22 | 2600 | 817 | 4810 | 5500 | 5450 | 4460 | 700 | 359 | 356 | - 244 | - 150 | | 2025/09/23 | 2600 | 817 | 4760 | 5500 | 5450 | 4420 | 700 | 358 | 356 | - 244 | - 150 | | 2025/09/24 | 2600 | 817 | 4760 | 5500 | 5450 | 4420 | 700 | 358 | 356 | - 244 | - 150 | | Daily Change | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | [8]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - On Wednesday, the market rose significantly driven by the news of MSK's price increase. The 10 - 12 month spread was -582.1 (-58.7), and the 02 - 04 month spread was 327.1 (+26.1). The 10 - contract basis was around 95 points [1][18]. - In early October, the goods receipt was still weak. After the market closed, MSK raised the post - holiday weekly仓位 to $1800 (+$400). However, the purpose of this price increase was to stabilize prices and encourage downstream shippers to stock up before the holiday, not a real price increase, and the final implementation was expected to be poor. The 10 - contract could be shorted depending on the subsequent upward trend [1][18]. - After the holiday, there were multiple upward drivers, including multiple price - increase announcement nodes and high operational space for shipping companies to reduce speed and suspend voyages. The period from December to January was a long - term favorable period [1][18]. - From a valuation perspective, the valuation of the 12 - contract was not low, but funds might be more concentrated on this contract, so a long - allocation strategy was recommended in the short term. The cost - performance of the 02 - contract might be higher than that of the 12 - contract because the Spring Festival in 2026 was relatively late (February 17, 2026), and the settlement price of the 02 - contract might be high. The 04 - contract was currently in a low - valuation range and was more suitable for short - allocation as an off - season contract, but its low liquidity might make it easily disturbed [1][18]. Group 3: Summary by Relevant Catalogs Futures Contracts - EC2510: Yesterday's closing price was 1114.4, with a change of 1.31%, yesterday's trading volume was 40940, and the position was 22606 with a change of -568 [1][18]. - EC2512: Yesterday's closing price was 1696.5, with a change of 4.50%, yesterday's trading volume was 26219, and the position was 488 [1][18]. - EC2602: Yesterday's closing price was 1588.1, with a change of 3.42%, yesterday's trading volume was 147.9, and the position was 8043 with a change of 442 [1][18]. - EC2604: Yesterday's closing price was 1261.0, with a change of 2.14%, yesterday's trading volume was 179.2, and the position was 8931 with a change of 77 [1][18]. - EC2606: Yesterday's closing price was 1445.3, with a change of 1.69%, yesterday's trading volume was -6, and the position was 105 [1][18]. Spread between Futures Contracts - FC2510 - 2512: The spread was -582.1, with a previous value of -523.4 and a change of -58.7 [1][18]. - EC2512 - 2602: The spread was 108.4, with a previous value of 87.8 [1][18]. Freight Rate Indexes - SCFIS: Updated weekly. As of September 15, 2025, the index was 1566.46, the previous value was 1440.24, and the value two periods ago was 1773.60, with a current - period decline of 8.06% and a next - period decline of 11.68% [1][18]. - SCFI (European Line): Updated every Friday. As of September 19, 2025, the index was 1052, the previous value was 1154, and the value two periods ago was 1315, with a current - period decline of 8.84% and a next - period decline of 12.24% [1][18]. - CCFI: Updated every Friday. As of September 19, 2025, the index was 1470.97, the previous value was 1638.77, and the value two periods ago was 1537.28, with a current - period decline of 4.31% and a next - period decline of 6.19% [1][18]. - NCFI: Updated every Friday. As of September 19, 2025, the index was 673.61, the previous value was 729.42, and the value two periods ago was 855.93, with a current - period decline of 7.65% and a next - period decline of 14.78% [1][18]. Recent European Line Quotations - Week 39: The average quotation was $1600 (equivalent to 1150 points on the futures market). Among them, MSK quoted $1500 (later raised to $1570), the PA alliance quoted between $1550 - $1600, and the OA alliance quoted between $1600 - $1720 [1][18]. - Week 40 - 41: There were space allocations in these two weeks (because most of the cargo volume in Week 41 was handled through skipping voyages during the holiday). The average quotation was $1450 (equivalent to 1020 points on the futures market). Among them, MSK quoted $1400, the PA alliance quoted between $1300 - $1500 (YML's $1300 was the lowest price of the year), and the OA alliance quoted between $1400 - $1600 [1][18]. - Week 42: MSK opened with a quotation of $1800 (a month - on - month increase of $400), CMA opened with a quotation of $2520 (an increase of $900), and HPL opened with a quotation of $2035 (an increase of $600) [1][18].

| | 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 | 201.50 | -0.50 | -1.00 | -3.50 | -19.10 | | 原煤口岸库提价 | 1038.00 | -2.00 | 38.00 | 60.00 | -8.95% Goonyella | 202.00 | -1.00 | -1.00 | -6.30 | -15.00 | | 沙河驿蒙5# | 1390.00 | 40.00 | 40.00 | 10.00 | -14.20% 盘面05 | 1316.00 | 15.00 | 13.50 | 112.00 | -1.61% | | 安泽主焦 | 1580.00 | 80.00 | 80.00 | 110.00 | -8.67% 盘面09 | 1386.00 | 1 ...

Report Summary Core View - The report presents the spot prices of various steel products in different regions from September 18 to September 24, 2025, including price changes [1]. Spot Price Details Rebar - In Beijing, the price remained at 3180 from September 23 - 24 with no change compared to the start. In Shanghai, it increased by 40 from 3250 on September 23 to 3290 on September 24. In Chengdu, it was 3270 on September 24 with no change from the previous value. In Xi'an, it stayed at 3200 throughout the period. In Guangzhou, it was 3330 on September 24 with no change. In Wuhan, it was 3270 on September 24 with no change [1]. Hot - Rolled Coil - In Tianjin, the price was 3310 on September 24 with no change. In Shanghai, it increased by 50 from 3370 on September 23 to 3420 on September 24. In Lecong, it increased by 70 from 3350 on September 23 to 3420 on September 24 [1]. Cold - Rolled Coil - In Tianjin, it was 3770 on September 24 with no change. In Shanghai, it was 3870 on September 24 with no change. In Lecong, it decreased by 20 from 3870 on September 23 to 3850 on September 24 [1]. Other Aspects - The report also mentions topics such as price and profit [2], production and inventory [10], basis and spread [15], but no detailed content is provided for these sections.

Group 1: Report Investment Rating - No information provided regarding the industry investment rating Group 2: Core Views - This week, copper prices fluctuated widely around 80,000 yuan. Before the interest - rate meeting, the market's profit - taking sentiment led to a decline in copper prices. The copper fundamentals remained resilient with increased downstream orders after the price drop. Consider mid - term long positions below 79,000 - 79,500 yuan or selling put options below 78,000 yuan [1] - Aluminum supply increased slightly, downstream开工 improved, and inventory was expected to decline in September. Hold long positions at low prices and pay attention to inter - month and domestic - foreign reverse arbitrage [1][2] - Zinc prices moved down in oscillation. Supply was affected by TC changes, and demand was seasonally weak domestically and faced some resistance overseas. Hold short positions and partially take profits on domestic - foreign positive arbitrage [6] - Nickel's supply remained high, demand was weak, and inventory increased. The short - term fundamentals were weak, but macro - policies and Indonesian policies had some impact [7] - Stainless steel's supply was expected to increase slightly, demand was mainly for rigid needs, and inventory decreased. The fundamentals were weak, and there was some price - supporting motivation from policies [7] - Lead prices rose due to macro factors. Supply was affected by various factors, demand improved slightly, and prices were expected to oscillate between 16,800 - 17,200 yuan next week [9] - Tin prices oscillated widely. Supply was expected to recover marginally, demand was mainly rigid, and short - term supply - demand was weak. Suggest short - term waiting and light - shorting above 275,000 yuan/ton [12] - Industrial silicon production in some regions was expected to adjust, with short - term tight balance and long - term price oscillation at the cycle bottom [15] - Lithium carbonate prices oscillated strongly. Raw - material suppliers were reluctant to sell, and demand was supported by pre - holiday stocking. The market was in an over - capacity stage with some supply disruptions [17] Group 3: Summary by Metal Copper - This week, the spot price of Shanghai copper, the spread between waste and refined copper, inventory, and import profitability showed various changes. The copper price was affected by market sentiment, fundamentals, and macro policies. Consider mid - term long positions below 79,000 - 79,500 yuan or selling put options below 78,000 yuan [1] Aluminum - Aluminum prices, inventory, and import profitability changed. Supply increased slightly, downstream开工 improved, and inventory was expected to decline in September. Hold long positions at low prices and pay attention to inter - month and domestic - foreign reverse arbitrage [1][2] Zinc - Zinc prices, inventory, and import profitability were in flux. Supply was affected by TC changes, and demand was seasonally weak domestically and faced some resistance overseas. Hold short positions and partially take profits on domestic - foreign positive arbitrage [6] Nickel - Nickel prices, import profitability, and inventory changed. Supply remained high, demand was weak, and inventory increased. The short - term fundamentals were weak, but macro - policies and Indonesian policies had some impact [7] Stainless Steel - Stainless steel prices were stable. Supply was expected to increase slightly, demand was mainly for rigid needs, and inventory decreased. The fundamentals were weak, and there was some price - supporting motivation from policies [7] Lead - Lead prices rose due to macro factors. Supply was affected by factors such as scrap battery supply and smelting profit, demand improved slightly, and prices were expected to oscillate between 16,800 - 17,200 yuan next week [9] Tin - Tin prices oscillated widely. Supply was expected to recover marginally, demand was mainly rigid, and short - term supply - demand was weak. Suggest short - term waiting and light - shorting above 275,000 yuan/ton [12] Industrial Silicon - Industrial silicon production in some regions was expected to adjust, with short - term tight balance due to production resumption in Southwest China and Hesheng, and long - term price oscillation at the cycle bottom due to over - capacity [15] Lithium Carbonate - Lithium carbonate prices oscillated strongly. Raw - material suppliers were reluctant to sell, and demand was supported by pre - holiday stocking. The market was in an over - capacity stage with some supply disruptions [17]

Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on September 25, 2025 [2] SP Main Contract Closing Price - On September 24, 2025, the SP main contract closing price was 5044.00, with a 0.71885% increase from the previous day. The converted US dollar price was 618.06. The Shandong Yinxing basis was 566, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 581 [3] Import Profit Calculation - With a 13% VAT calculation, the import profit for Canadian Golden Lion was -145.57, for Canadian Lion was -533.29, and for Chilean Yinxing was -91.92. The previous day's exchange rate was 7.12 [4] Price Averages - From September 18 - 24, 2025, the national average prices for softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong regional average prices also remained unchanged [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged from September 19 - 24, 2025 [4] Profit Margins - The double - offset profit margin on September 24, 2025, was 1.9642%, the double - copper profit margin was 15.6172%, the white card profit margin was - 12.6135%, and the living paper profit margin was 6.7258%, with a 0.0382 change compared to previous data [4] Price Spreads - On September 24, 2025, the softwood - hardwood price spread was 1370.00, the softwood - natural price spread was 210, the softwood - chemimechanical price spread was 1785, and the softwood - waste paper price spread was 4034 [4]