Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Related Catalogs Price - For silicon ferroalloy, on October 24, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5180 yuan, unchanged from the previous day and up 50 yuan from the previous week; the latest price of Inner Mongolia 72 was 5200 yuan, unchanged from the previous day and up 20 yuan from the previous week; the latest price of Qinghai 72 was 5200 yuan, up 30 yuan from the previous day and up 50 yuan from the previous week; the latest price of Shaanxi 72 was 5200 yuan, unchanged from the previous day and up 100 yuan from the previous week; the latest price of Shaanxi 75 was 5800 yuan, unchanged from the previous day and down 300 yuan from the previous week. The latest price of Jiangsu 72 silicon ferroalloy qualified block was 5650 yuan, up 50 yuan from the previous day and up 80 yuan from the previous week; the latest price of Tianjin 72 (trader price) was 5650 yuan, unchanged from the previous day and the previous week. The latest price of Tianjin 72 silicon ferroalloy export was 1055 US dollars, unchanged from the previous day and down 5 US dollars from the previous week; the latest price of Tianjin 75 was 1105 US dollars, unchanged from the previous day and down 5 US dollars from the previous week [2]. - For silicon manganese, on October 24, 2025, the latest price of Inner Mongolia 6517 silicon manganese (factory - ex price) was 5680 yuan, unchanged from the previous day and the previous week; the latest price of Ningxia 6517 was 5580 yuan, unchanged from the previous day and down 20 yuan from the previous week; the latest price of Guangxi 6517 was 5650 yuan, unchanged from the previous day and the previous week; the latest price of Guizhou 6517 was 5600 yuan, unchanged from the previous day and the previous week; the latest price of Yunnan 6517 was 5600 yuan, unchanged from the previous day and the previous week; the latest price of Guangxi 6014 was 5100 yuan, unchanged from the previous day and the previous week. The latest price of Ningxia 6517 silicon manganese (trader price) was 5580 yuan, unchanged from the previous day and down 20 yuan from the previous week; the latest price of Jiangsu 6517 was 5750 yuan, unchanged from the previous day and up 50 yuan from the previous week [2]. Supply - For silicon ferroalloy, the content shows the production data of 136 silicon ferroalloy enterprises in China, including monthly production, weekly production (with a capacity - share of 95%), and the capacity utilization rate of 136 silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi on a monthly basis from 2021 - 2025 [4]. - For silicon manganese, the content shows the weekly production data of silicon manganese in China from 2021 - 2025, as well as the procurement price and quantity of silicon manganese 6517 by Hebei Iron and Steel Group on a monthly basis [6]. Demand - For silicon ferroalloy, the demand - related data includes China's estimated and revised monthly production of crude steel, the production of magnesium metal, the production of stainless - steel crude steel, the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group, and the export volume of silicon ferroalloy from 2021 - 2025 [4]. - For silicon manganese, the demand - related data includes China's estimated and revised monthly production of crude steel, the demand for silicon manganese in China (according to Steel Union's data), and the export volume of silicon manganese from 2021 - 2025 [4][7]. Inventory - For silicon ferroalloy, the inventory data includes the weekly inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, the daily total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts on the CZCE from 2021 - 2025. It also shows the monthly average available inventory days in East China, South China, and the North region, as well as the daily average available inventory days in China [5]. - For silicon manganese, the inventory data includes the daily total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts on the CZCE, the daily single - sided trading position, the weekly inventory of 63 sample enterprises in China, and the monthly average available inventory days in China from 2021 - 2025 [7]. Cost and Profit - For silicon ferroalloy, the cost - related data includes electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of small - sized semi - coke in Shaanxi, the market price of 98% silica in the Northwest region, and the market price of 70% Fe iron oxide scale in Shijiazhuang. The profit - related data includes the production cost, the profit after converting to the main contract, and the spot profit of silicon ferroalloy in Ningxia, as well as the production cost and the profit after converting to the main contract of silicon ferroalloy in Inner Mongolia, and the export profit of 75 silicon ferroalloy from 2021 - 2025 [5]. - For silicon manganese, the profit - related data includes the profit of silicon manganese in Inner Mongolia, Guangxi, the North region, and the South region (according to Steel Union's data), the profit after converting to the main contract of silicon manganese in Guangxi and Ningxia from 2021 - 2025 [7].

Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. Core View No core view provided in the report. 3. Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from October 17 to October 23, 2025, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan for rebar, and Tianjin, Shanghai, and Lecong for hot-rolled and cold-rolled coils. Price changes are also provided, such as a 20 increase in Guangzhou rebar and a 40 increase in Wuhan rebar, and a 10 - 50 increase in different hot-rolled and cold-rolled coils in various regions [1]. Basis and Spread No content related to basis and spread is provided in the given report. Production and Inventory No content related to production and inventory is provided in the given report.

Group 1 - The closing price of the SP main contract on October 23, 2025, was 5250.00 [3] - The closing prices of the main contract from October 17 - 23, 2025, were 5122.00, 5156.00, 5170.00, 5220.00, and 5250.00 respectively [3] - The corresponding converted US - dollar prices were 627.35, 631.87, 634.15, 639.70, and 639.70 respectively [3] - The daily price changes were 5.47776%, 0.66380%, 0.27153%, 0.96712%, and 0.57471% respectively [3] - The Shandong Yinxing basis from October 17 - 23, 2025, was 478, 444, 430, 380, and 350 respectively [3] - The Jiangsu - Zhejiang - Shanghai Yinxing basis from October 17 - 23, 2025, was 438, 404, 390, 340, and 310 respectively [3] Group 2 - With a 13% VAT calculation, the import profits for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were - 145.57, - 593.29, and - 101.92 respectively [4] - The port US - dollar prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 780, 730, and 700 respectively [4] - The Shandong region RMB prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 6200, 5350, and 5600 respectively [4] Group 3 - From October 17 - 23, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4 - From October 20 - 23, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and the price of household paper (household index) remained unchanged at 5725, 5670, 4350, and 839 respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 20, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 7.1077% respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 21, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 7.0696% respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 22, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 6.9741% respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 23, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 7.1077% respectively [4] - The change in the household paper profit margin from October 20 - 23, 2025, was 0.1336, while the others remained unchanged [4] Group 5 - From October 17 - 23, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper remained unchanged at 1360.00, 200, 1800, and 4024 respectively [4]

Report Information - Report Title: Coking Coal Daily Report [1] - Report Date: October 24, 2025 [1] - Research Team: Black Team of the Research Center [1] Price Information - **Coal Prices**: The latest price of Liulin Main Coking Coal is 1575.00, with no daily change, a weekly increase of 25.00, a monthly increase of 72.00, and an annual decrease of 1.56%. The price of Anze Main Coking Coal increased by 50.00 daily, 70.00 weekly, 100.00 monthly, and decreased by 7.51% annually [2]. - **Inventory Prices**: The total inventory is 3311.29, with a weekly decrease of 8.29, a monthly decrease of 47.91, and an annual decrease of 12.97%. The coal mine inventory decreased by 15.87 weekly, 21.42 monthly, and 27.22% annually [2]. - **Futures Prices**: The latest price of the 05 contract is 1303.00, with a daily increase of 31.00, a weekly increase of 36.50, a monthly decrease of 6.00, and an annual decrease of 6.70%. The 09 contract price increased by 27.00 daily, 31.50 weekly, 14.50 monthly, and decreased by 2.17% annually [2]. Core Viewpoints - The report presents the latest prices, inventory, and futures prices of coking coal, showing the price changes and trends of different types of coking coal in different time - periods [2]. Other Information - The report also includes historical price trend charts of coking coal, such as the price trends of Liulin Main Coking Coal, Mongolian Coal Warehouse Receipts, and Mongolian Port Raw Coal Warehouse Pick - up Prices from 2021 to 2025 [3][4]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The USDA's weekly export sales report was suspended due to the federal government shutdown, but the overseas agricultural service will continue to process export sales information, and the missing data will be补发 after federal funds are restored [1] - The expected net increase in US soybean export sales for the week ending October 16, 2025/26 is 60.0 - 200.0 million tons, with similar ranges for corn, wheat, bean meal, and soybean oil [1] - If Indonesia upgrades from B40 to B50, it will require an additional 3 million tons of palm oil, reducing its export supply significantly as it currently exports 24 - 28 million tons annually [1][2] - Global vegetable oil demand in the coming year will rely on sunflower oil as US and Brazilian exportable soybean oil supply is expected to drop from 2.7 million tons in 2024/25 to 1.6 million tons in 2025/26, a 41% decrease [2] - Argentina's soybean product export tax exemption policy has stimulated forward sales, which may weaken its crushing capacity and limit soybean oil exports [2] - Sunflower oil prices remain strong, leading vegetable oil prices, with a price of $1,360 per ton in the European market in mid - October, indicating tight supply [2] Summaries by Relevant Catalogs Overnight Market Information - The USDA's weekly export sales report was suspended due to the federal government shutdown, and the overseas agricultural service will continue to process export sales information. The missing data will be补发 after federal funds are restored [1] - Surveys show expected net increases in US export sales for the week ending October 16: soybeans 60.0 - 200.0 million tons, corn 80.0 - 200.0 million tons, wheat 35.0 - 65.0 million tons, bean meal 15.0 - 45.0 million tons, and soybean oil 0.5 - 2.5 million tons [1] MPOC Forecast - If Indonesia implements the B50 policy, it will need an additional 3 million tons of palm oil for blending, reducing its export supply to 22 million tons or less from the current 24 - 28 million tons annually [1][2] Global Vegetable Oil Supply and Demand - Global vegetable oil demand in the coming year will rely on sunflower oil as US and Brazilian exportable soybean oil supply is expected to drop by 41% from 2.7 million tons in 2024/25 to 1.6 million tons in 2025/26 [2] - Argentina's soybean product export tax exemption policy has stimulated forward sales, which may limit its soybean oil exports in the coming months [2] - Sunflower oil prices remain strong, leading vegetable oil prices, with a price of $1,360 per ton in the European market in mid - October, indicating tight supply [2] Spot Prices - Spot prices of various products in different regions from October 17 - 23, 2025 are provided, including bean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [11]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - PG main contract rose significantly due to news disturbances in macro and geopolitical aspects. Despite large pressure on spot supply and a sharp drop in PG basis turning negative, the futures market may not decline significantly in the short - term under the influence of tariff policies and geopolitical disturbances because of concerns about future supply. There is high inventory pressure and short - term supply pressure, but chemical demand provides support and combustion demand is expected to pick up [4]. 3. Summary by Related Catalogs Daily Changes - On Thursday, the price of civil LPG rebounded. In East China, it was 4267 (+8), in Shandong 4340 (+90), and in South China 4400 (+0). The price of ether - after carbon four was 4440 (+50). The lowest delivery location was East China, with a basis of - 89 (-21), and the November - December spread was 122 (-22). FEI and CP increased to 494.5 (+16.5) and 456 (+9) dollars/ton respectively [4]. Weekly Views - The PG main contract rose significantly due to news disturbances in macro and geopolitical aspects. The basis was - 20 (-334), and the November - December spread was 137 (+59). Domestic civil LPG prices dropped significantly. The cheapest deliverable was Shandong civil LPG at 4200 (-250); in East China it was 4345 (-39), and in South China 4460 (-110). Wanhua added 2300 lots of warehouse receipts. The overseas market prices dropped sharply. The FEI monthly spread was - 10 dollars (+5), and the CP monthly spread was - 4 dollars (+5). The internal - external price difference PG - CP reached 132 (+27); PG - FEI reached 112 (+14). FEI - CP reached 20 (+12.5). The US - Asia arbitrage window was closed. The arrival discount of CP propane and butane in South China increased significantly to 78 (+26). Freight rates dropped significantly, with the US Gulf - Japan at 108 (-18) and the Middle East - Far East at 60.5 (-2.5). The FEI - MOPJ spread narrowed but the switching window remained open at - 71 (-12). The profit of PDH to produce propylene decreased. The PDH operating rate was 68.76% (-2.12 pct), with Zhongjing Phase II resuming production, but Bohua under maintenance and Wanda Tianhong having a short - term shutdown; enterprises are expected to increase production in the coming week [4].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst fluctuated at a high level. The near - month spread weakened, the basis weakened month - on - month, the EW spread continued to weaken, the high - sulfur in the ARA region strengthened, and the FU internal - external spread oscillated between 8 - 10 US dollars. The low - sulfur cracking weakened month - on - month but was at a historical low year - on - year. The month - spread weakened slightly, and the LU internal - external spread dropped to 7 - 8 US dollars. The basis stabilized in the second half of the week. From a fundamental perspective, Singapore's residue oil inventory increased, at a historical high year - on - year. The floating storage inventory stabilized after destocking, also at a high level year - on - year. The residue oil in the ARA region increased slightly, with inventory at a historical low for the same period. The EIA residue oil inventory increased slightly at a low level. The inventory in Fujairah increased month - on - month, at a low level year - on - year. The high - sulfur floating storage in the Middle East increased significantly this week. Recently, the high - sulfur spot in Singapore has weakened, but the cracking is supported by raw material procurement, with limited short - term downside. It is expected that the 380 cracking will maintain an oscillating pattern. The FU internal - external spread should be viewed within a range recently, and the end - point of the 01 contract is bearish. This week, the LU futures remained weak. In the fourth quarter, the overseas low - sulfur market has a short - selling pattern on rallies, and the internal - external spread should focus on quota usage [3][6] Group 3: Data Summaries Rotterdam Fuel Oil Swap Data - From October 17 to October 23, 2025, the 3.5% HSF O swap M1 in Rotterdam increased from 367.92 to 395.67, a change of 21.78; the 0.5% VLS FO swap M1 increased from 393.96 to 420.75, a change of 18.09; the HSFO - Brent M1 changed from - 2.92 to - 2.95, a change of 0.17; the 10ppm Gasoil swap M1 increased from 607.89 to 677.93, a change of 45.67; the VLSFO - GO M1 changed from - 213.93 to - 257.18, a change of - 27.58; the VLSFO - H SFO M1 changed from 22.57 to 25.08, a change of 2.48; the VLSFO - H SFO M1 spread changed from 26.04 to 25.08, a change of - 3.69 [1] Singapore Fuel Oil Swap Data - From October 17 to October 23, 2025, the Singapore 380cst M1 increased from 359.76 to 384.53, a change of 17.57; the Singapore 180cst M1 increased from 369.96 to 392.53, a change of 17.57; the Singapore VLSFO M1 increased from 420.01 to 442.26, a change of 10.97; the Singapore GO M1 increased from 80.60 to 88.08, a change of 4.36; the Singapore 380cst - Brent M1 changed from - 3.71 to - 3.34, a change of 0.76; the Singapore VLSFO - GO M1 changed from - 176.43 to - 209.53, a change of - 21.29 [1] Singapore Fuel Oil Spot Data - From October 17 to October 23, 2025, the FOB 380cst in Singapore increased from 361.29 to 384.00, a change of 19.30; the FOB VLSFO increased from 421.95 to 438.50, a change of 11.20; the 380 basis changed from - 0.65 to - 0.73, a change of 0.73; the high - sulfur internal - external spread remained unchanged at 8.9; the low - sulfur internal - external spread increased from 6.8 to 6.9, a change of 0.1 [2] Domestic FU Data - From October 17 to October 23, 2025, the FU 01 increased from 2627 to 2752, a change of 61; the FU 05 increased from 2600 to 2701, a change of 53; the FU 09 increased from 2560 to 2640, a change of 44; the FU 01 - 05 spread increased from 27 to 51, a change of 8; the FU 05 - 09 spread increased from 40 to 61, a change of 9; the FU 09 - 01 spread changed from - 67 to - 112, a change of - 17 [2] Domestic LU Data - From October 17 to October 23, 2025, the LU 01 increased from 3064 to 3193, a change of 57; the LU 05 increased from 3099 to 3220, a change of 62; the LU 09 increased from 3110 to 3234, a change of 59; the LU 01 - 05 spread changed from - 35 to - 27, a change of - 5; the LU 05 - 09 spread changed from - 11 to - 14, a change of 3; the LU 09 - 01 spread changed from 46 to 41, a change of 2 [3]

、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 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 秦皇岛5500 767.0 3.0 31.0 62.0 -88.0 25省终端可用天数 23.9 -0.1 4.0 3.0 6.3 秦皇岛5000 677.0 3.0 31.0 62.0 -78.0 25省终端供煤 533.9 4.4 -74.7 -106.2 -89.0 广州港5500 805.0 0.0 25.0 40.0 -105.0 北方港库存 2239.0 -5.0 42.0 148.0 -114.9 鄂尔多斯5500 560.0 5.0 50.0 80.0 -70.0 北方锚地船舶 82.0 -3.0 -14.0 -24.0 18.0 大同5500 610.0 10.0 50.0 70.0 -100.0 北方港调入量 158.0 21.8 16.0 8.7 0.9 榆林6000 682.0 0.0 30.0 60.0 -137.0 北方港吞吐量 152.7 36.6 -23.5 15.1 8.7 榆林6200 710.0 0 ...

玻璃纯碱早报 | | | | | | | | | 研究中心能化团队 | | 2025/10/24 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玻 璃 | | | | | | | | | | | | | 2025/10/16 2025/10/22 2025/10/23 周度变化 日度变化 | | | | | | | | | 2025/10/16 2025/10/22 2025/10/23 周度变化 日度变化 | | | | 沙河安全 | 1181.0 | 1143.0 | 1130.0 | -51.0 | -13.0 | FG05合约 | 1284.0 | 1241.0 | 1256.0 | -28.0 | 15.0 | | 5mm大 板 | | | | | | | | | | | | | 沙河长城 | 1160.0 | 1113.0 | 1113.0 | -47.0 | 0.0 | FG01合约 | 1147.0 | 1094.0 | 1108.0 | -39.0 | 14.0 | | 5mm大 ...

废钢早报 研究中心黑色团队 2025/10/24 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/17 | 2229 | 2292 | 2050 | 2219 | 2258 | 2135 | | 2025/10/20 | 2226 | 2298 | 2051 | 2220 | 2258 | 2135 | | 2025/10/21 | 2227 | 2300 | 2051 | 2226 | 2256 | 2134 | | 2025/10/22 | 2227 | 2302 | 2053 | 2228 | 2250 | 2135 | | 2025/10/23 | 2228 | 2304 | 2053 | 2231 | 2250 | 2134 | | 环比 | 1 | 2 | 0 | 3 | 0 | -1 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结 ...