Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on September 23, 2025 [1][4][5] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 80210 domestically and 9926 on LME with a ratio of 8.09; March price is 80150 domestically and 9999 on LME with a ratio of 8.01. Spot import equilibrium ratio is 8.10 with a profit of - 157.47, and spot export profit is - 44.51 [1] - **Zinc**: Spot price is 21960 domestically and 2960 on LME with a ratio of 7.42; March price is 22095 domestically and 2915 on LME with a ratio of 5.87. Spot import equilibrium ratio is 8.53 with a profit of - 3284.10 [1] - **Aluminum**: Spot price is 20750 domestically and 2677 on LME with a ratio of 7.75; March price is 20760 domestically and 2673 on LME with a ratio of 7.77. Spot import equilibrium ratio is 8.37 with a profit of - 1657.38 [1] - **Nickel**: Spot price is 120550 domestically and 15058 on LME with a ratio of 8.01. Spot import equilibrium ratio is 8.18 with a profit of - 1660.15 [1] - **Lead**: Spot price is 17000 domestically and 1951 on LME with a ratio of 8.71; March price is 17175 domestically and 1997 on LME with a ratio of 11.05. Spot import equilibrium ratio is 8.82 with a profit of - 210.47 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are - 30, - 40, - 40, and - 50 respectively, while the theoretical spreads are 503, 904, 1314, and 1724 [4] - **Zinc**: The spreads are 10, 15, 40, and 65, and the theoretical spreads are 213, 333, 452, and 572 [4] - **Aluminum**: The spreads are - 5, 10, - 5, and 0, and the theoretical spreads are 215, 331, 446, and 562 [4] - **Lead**: The spreads are 40, 50, 35, and 40, and the theoretical spreads are 211, 317, 424, and 531 [4] - **Nickel**: The spreads are 160, 330, 520, and 670 [4] - **Tin**: The spread between the 5 - month and 1 - month contracts is 60, and the theoretical spread is 5649 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are 0 and - 30, and the theoretical spreads are 404 and 844 [4] - **Zinc**: The spreads are 120 and 130, and the theoretical spreads are 182 and 311 [4] - **Lead**: The spreads are 125 and 165, and the theoretical spreads are 177 and 291 [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) are 3.63, 3.86, 4.67, 0.94, 1.21, and 0.78 respectively; for LME (triple - continuous) are 3.45, 3.77, 4.99, 0.91, 1.32, and 0.69 respectively [5]

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 708.0 3.0 23.0 6.0 -162.0 25省终端可用天数 22.7 0.7 2.8 1.8 5.1 秦皇岛5000 618.0 3.0 24.0 -11.0 -147.0 25省终端供煤 580.1 -7.3 -28.4 -59.9 -42.7 广州港5500 765.0 0.0 10.0 0.0 -145.0 北方港库存 2069.0 26.0 27.0 34.0 -157.9 鄂尔多斯5500 510.0 10.0 35.0 20.0 -120.0 北方锚地船舶 95.0 -5.0 0.0 3.0 8.0 大同5500 565.0 5.0 35.0 5.0 -145.0 北方港调入量 141.7 -11.3 -18.7 -11.3 -30.3 榆林6000 642.0 0.0 40.0 20.0 -196.0 北方港吞吐量 143.9 -12.8 -9.5 0.1 41.7 榆林6200 670.0 0.0 40.0 20.0 -196.0 CBCFI海运指数 698.4 4.3 61.7 18.4 ...

Global Asset Market Performance - 10 - year Treasury yields of major economies on September 19, 2025: US 4.128%, UK 4.714%, France 3.553%, etc. Latest changes, weekly, monthly and yearly changes vary by country [3] - 2 - year Treasury yields of major economies on September 19, 2025: China (1Y) 3.520%, US 3.976%, UK 2.019%, etc. with corresponding changes [3] - Dollar exchange rates against major emerging - economy currencies on September 19, 2025: South Africa zar 5.324, Russia 17.344, etc. with different changes over different periods [3] - RMB data on September 19, 2025: on - shore RMB 7.118, off - shore RMB 7.119, etc. with various changes [3] - Stock indices of major economies on September 19, 2025: Dow Jones 6664.360, S&P 500 46315.270, etc. with percentage changes over different time frames [3] - Credit bond indices: latest changes, weekly, monthly and yearly changes of emerging - economy investment - grade, high - yield, US investment - grade, etc. are presented [3][4] Stock Index Futures Trading Data - A - share closing prices: A - share 3820.09, CSI 300 4501.92, etc. with corresponding percentage changes [5] - Valuation data: PE(TTM) of CSI 300 is 13.96, S&P 500 is 27.73, etc. with环比 changes [5] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.52, German DAX is 2.38 with环比 changes [5] - Fund flow data: latest values and 5 - day average values of A - shares, main board, etc. are given [5] - Trading volume data: latest values and环比 changes of Shanghai and Shenzhen stock markets, CSI 300, etc. are shown [5] - Futures basis and premium/discount data: IF basis is - 37.52, IH basis is 3.66, etc. with corresponding percentages [5] Treasury Futures Trading Data - Treasury futures closing prices: T00 107.835, TF00 105.675, etc. with percentage changes [6] - Fund interest rates: R001 1.4993%, R007 1.5160%, SHIBOR - 3M 1.5620% with daily changes in basis points [6]

Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on September 19, 2025, was 5018.00 [3] - The closing prices from September 15 - 19, 2025, were 5056.00, 5068.00, 5042.00, 5014.00, and 5018.00 respectively [3] - The corresponding dollar - converted prices were 619.47, 621.53, 619.23, 615.54, and 615.54 respectively [3] - The daily price changes were 1.32265%, 0.23734%, - 0.51302%, - 0.55534%, and 0.07978% respectively [3] - The Shandong Yinxing basis was 609, 582, 598, 611, and 607 from September 15 - 19, 2025 [3] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 624, 612, 623, 636, and 632 from September 15 - 19, 2025 [3] Group 2: Pulp Import Information - With a 13% VAT, the import profit for Canadian Golden Lion (CFR) was - 136.75, for Canadian Lion (CFR) was - 510.04, and for Chilean Yinxing (CFR, 90 - day letter of credit) was - 229.70 [4] - The port dollar prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6200, 5425, and 5625 respectively [4] Group 3: Pulp Price Averages - From September 15 - 19, 2025, the national average prices for coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices for coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Index and Profit Margin - From September 16 - 19, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and the change values were all 0, while the life - paper index had a change of 0, with the life - paper index on September 18 being 839 and others being 835 [4] - The profit margins for double - offset paper on September 16 - 19, 2025, were 2.0653%, 2.0989%, 2.1495%, 2.1495% respectively; for double - copper paper were 17.4005%, 17.4311%, 17.4770%, 17.4770% respectively; for white - card paper were - 12.5644%, - 12.5399%, - 12.5031%, - 12.5031% respectively; for life - paper were 7.3369%, 7.2032%, 7.2796%, 7.0505% respectively, with the change in life - paper profit margin being - 0.2291 [4] Group 5: Pulp Price Spreads - From September 15 - 19, 2025, the coniferous - broadleaf price spreads were 1490, 1460, 1440, 1425, and 1410 respectively; coniferous - natural price spreads were 265, 250, 240, 225, and 225 respectively; coniferous - chemical mechanical price spreads were 1840, 1825, 1815, 1800, and 1800 respectively; coniferous - waste paper price spreads were 4089, 4074, 4064, 4049, and 4049 respectively [4]

Group 1: Report Summary - The report is an early morning report on crude oil and refined oil, released on September 22, 2025, by the Energy and Chemicals Team of the Research Center [2] - It provides price data from September 15 - 19, 2025, for various oil - related products and analyzes daily news, regional fundamentals, and presents a weekly view [3][5][6] Group 2: Price Data Changes Crude Oil and Related Products - WTI decreased by $0.89 from September 15 - 19, 2025; BRENT decreased by $0.76; DUBAI decreased by $0.35 [3] - SC decreased by 4.80; OMAN decreased by 1.30 [3] Refined Oil and Other Products - Domestic gasoline decreased by $50.00; domestic diesel decreased by $28.00 [3] - Japan naphtha CFR dropped by 2.95; Singapore fuel oil 380CST decreased by 0.2 [3] Group 3: Daily News - Trump pressured European countries to stop buying Russian oil to end the Russia - Ukraine conflict [3] - Iran will suspend cooperation with the International Atomic Energy Agency due to the actions of the UK, France, and Germany [4] - Russia called the EU's reduction of Russian energy imports a "self - harm" behavior [4] - Cuba condemned the US for trying to seize Venezuela's resources through its actions in the Caribbean [5] - The UN Security Council vetoed the resolution to extend Iran's sanctions exemption, and sanctions may resume if no agreement is reached by September 27 [5] Group 4: Regional Fundamentals - In the week of September 12, US crude oil exports increased by 253.2 thousand barrels per day, while domestic production decreased by 1.3 thousand barrels [5] - Commercial crude oil inventory (excluding strategic reserves) decreased by 9.285 million barrels, a 2.19% decline [6] - Strategic Petroleum Reserve (SPR) inventory increased by 504 thousand barrels, a 0.12% increase [6] - The four - week average supply of US crude oil products increased by 1.69% year - on - year [6] - From September 12 - 18, the main refinery operating rate fluctuated, Shandong local refinery operating rate increased, domestic production of gasoline and diesel rose, and their inventories also increased [6] Group 5: Weekly View - This week, oil prices fluctuated at a high level, with fundamental and geopolitical factors diverging [6] - The EU's sanctions on Russia target shadow fleets, Russian banks, and oil buyers; Russian refined oil exports decreased by about 300 thousand barrels per day, while crude oil net exports increased by about 9% year - on - year [6] - Iranian crude oil exports did not decline; OPEC crude oil net exports increased by 11% year - on - year in September [6] - US EIA commercial crude oil inventory decreased, gasoline inventory decreased, and diesel inventory increased significantly [6] - Global refinery profits were divided, with US refinery profits rebounding, domestic refinery operating rates rising, and European and American refinery operating rates falling [6] - In the baseline scenario, there will be an oversupply of over 200 thousand barrels per day in Q4 2025 and 180 - 250 thousand barrels per day in 2026 [6] - It is expected that the absolute price center in Q4 will fall to $55 - 60 per barrel [6]

Group 1: 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 later [2]. - Xingxing is expected to start operation in early September, but the inventory is still accumulating. Reverse flow can relieve port pressure but will affect the inland valuation. Currently, the valuation and inventory are average, and the driving force is weak. It's still necessary to wait before bottom - fishing, considering import variables such as India's purchase from Iran and unplanned maintenance [2]. - From September 15th to 19th, the price of动力煤期货remained unchanged at 801, the Jiangsu spot price decreased by 7 to 2260, and the import profit increased by 16 to 6 [2]. Group 2: Plastic (Polyethylene) - The inventory of Sinopec and PetroChina is neutral year - on - year. Upstream Sinopec and PetroChina and coal chemical enterprises are destocking, social inventory remains flat, downstream raw material and finished product inventories are neutral. The overall inventory is neutral [6]. - The 09 basis is about - 110 in North China and - 50 in East China. The overseas markets in Europe, America, and Southeast Asia are stable. The import profit is around - 200 with no further increase for now [6]. - Non - standard HD injection molding prices are stable, other price differences are fluctuating, and LD is weakening. The number of maintenance in September is the same as the previous month, and the recent domestic linear production has decreased month - on - month. Attention should be paid to the LL - HD conversion and US quotes. The pressure from new devices in 2025 is large [6]. - From September 15th to 19th, the Northeast Asia ethylene price remained at 850, the North China LL price decreased by 20 to 7100, and the主力期货price decreased by 19 to 7169 [6]. Group 3: Polypropylene - Upstream Sinopec and PetroChina and mid - stream enterprises are destocking. The basis is - 60, non - standard price differences are neutral, and the import profit is around - 700. Exports have been good this year [7]. - The PDH profit is around - 400, propylene price is fluctuating, and powder production start - up rate is stable. The拉丝 production ratio is neutral. The subsequent supply is expected to increase slightly month - on - month, downstream orders are average currently, and raw material and finished product inventories are neutral [7]. - Under the background of over - capacity, the pressure on 01 is expected to be moderately excessive. If exports continue to increase or there are many PDH device maintenance, the supply pressure can be relieved to a neutral level [7]. - From September 15th to 19th, the Shandong propylene price remained at 6580, the华东PP price decreased by 35 to 6795, and the仓单decreased by 177 to 13499 [7]. Group 4: PVC - The basis maintains at 01 - 270, and the factory - pickup basis is - 480. Downstream start - up rate is seasonally weakening, and the willingness to hold goods at low prices is strong. Mid - upstream inventory is continuously accumulating [7]. - During summer, Northwest devices have seasonal maintenance, and the load center is between the spring maintenance 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 short - term export orders have slightly declined [7]. - Coal sentiment is positive, the cost of semi - coke is stable, and the profit of calcium carbide is under pressure with PVC maintenance. The counter - offer for caustic soda exports is FOB380. The PVC comprehensive profit is - 100. Currently, the static inventory contradiction is accumulating slowly, the cost is stable, downstream performance is average, and the macro situation is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and start - up rates [7]. - From September 15th to 19th, the Shandong caustic soda price decreased by 8 to 817, and the电石法 - 华东price increased by 30 to 4830 [7].

Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: September 22, 2025 [2] Spot Market - The latest price of the Platts 62 Index is 105.20, with a daily change of -0.40 and a weekly change of -0.45 [3] - Newman powder price is 795, with a daily change of 6 and a weekly change of 7, and the discounted futures price is 850.9 [3] - PB powder price is 799, with a daily change of 7 and a weekly change of 5, and the discounted futures price is 848.1 [3] - Australian Mac powder price is 787, with a daily change of 7 and a weekly change of 9, and the discounted futures price is 859.6 [3] - Kimbaba powder price is 770, with a daily change of 7 and a weekly change of 6, and the discounted futures price is 864.6 [3] - Mainstream mixed powder price is 760, with a daily change of 5 and a weekly change of 17, and the discounted futures price is 891.6 [3] - Super special powder price is 725, with a daily change of 10 and a weekly change of 21, and the discounted futures price is 944.2 [3] - Carajás powder price is 928, with a daily change of 9 and a weekly change of 22, and the discounted futures price is 876.5 [3] - Brazilian mixed powder price is 828, with a daily change of 7 and a weekly change of 12, and the discounted futures price is 843.8 [3] - Mainstream Brazilian coarse IOC6 price is 803, with a daily change of 7 and a weekly change of 4, and the discounted futures price is 880.9 [3] - Brazilian coarse SSFG price is 808, with a daily change of 7 and a weekly change of 4 [3] - Ukrainian iron concentrate price is 928, with a daily change of 5 and a weekly change of 8, and the discounted futures price is 1005.1 [3] - 61% Indian powder price is 759, with a daily change of 7 and a weekly change of 6 [3] - Karara iron concentrate price is 928, with a daily change of 5 and a weekly change of 8, and the discounted futures price is 953.7 [3] - Non - mainstream Roy Hill powder price is 769, with a daily change of 7 and a weekly change of 5, and the discounted futures price is 846.5 [3] - KUMBA powder price is 858, with a daily change of 7 and a weekly change of 5, and the discounted futures price is 849.7 [3] - 57% Indian powder price is 655, with a weekly change of 11 [3] - Atlas powder price is 755, with a daily change of 5 and a weekly change of 17 [3] - PB lump/lump premium price is 935, with a daily change of 9 and a weekly change of 7 [3] - Ukrainian pellet/pellet premium price is 928, with a daily change of 5 and a weekly change of 8 [3] - Domestic Tangshan iron concentrate price is 1008, with a daily change of 6 and a weekly change of 7, and the discounted futures price is 895.0 [3] Futures Market - The latest price of the i2601 contract on the Dalian Commodity Exchange is 807.5, with a daily change of 7.5 and a weekly change of 8.0, and the monthly spread is -43.5 [3] - The i2605 contract price is 786.0, with a daily change of 7.5 and a weekly change of 8.5, and the monthly spread is 21.5 [3] - The i2609 contract price is 764.0, with a daily change of 5.0 and a weekly change of -52.0, and the monthly spread is 22.0 [3] - The FE01 contract price on the Singapore Exchange is 102.78, with a daily change of -0.48 and a weekly change of 0.67, and the monthly spread is 2.49 [3] - The FE05 contract price is 100.85, with a daily change of -0.39 and a weekly change of 1.03, and the monthly spread is 1.93 [3] - The FE09 contract price is 105.27, with a daily change of -0.18 and a weekly change of -0.13, and the monthly spread is -4.42 [3] Basis and Spread - The latest basis/ domestic - foreign spread (in RMB) of the i2601 contract is 36.3, with a daily change of 0.1 and a weekly change of 5.0 [3] - The i2605 contract basis is 57.8, with a daily change of 0.1 and a weekly change of 4.5 [3] - The i2609 contract basis is 79.8, with a daily change of 2.6 and a weekly change of 65.0 [3] - The FE01 contract basis is -26.0, with a daily change of -1.6 and a weekly change of -0.1 [3] - The FE05 contract basis is -32.0, with a daily change of -1.8 and a weekly change of -2.5 [3] - The FE09 contract basis is -87.0, with a daily change of -4.0 and a weekly change of -79.6 [3] Import Profit - The import profit of Newman powder is -33.89 [3] - The import profit of PB powder is -13.57 [3] - The import profit of Australian Mac powder is -8.67 [3] - The import profit of Kimbaba powder is -11.94 [3] - The import profit of mainstream mixed powder is 15.47 [3] - The import profit of super special powder is 30.18 [3] - The import profit of Carajás powder is -7.41 [3] - The import profit of Brazilian mixed powder is -15.60 [3] - The import profit of non - mainstream Roy Hill powder is -7.32 [3]

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Group 2: Core Views of the Reports - This week, copper prices fluctuated widely around 80,000 yuan. The copper fundamentals remained resilient, with downstream开工 increasing month - on - month. Consider laying out medium - term long positions below 79,000 - 79,500 yuan or selling put options below 78,000 yuan [1]. - For aluminum, supply increased slightly from January to July. The downstream开工 improved, and inventory was expected to decline in September. Hold positions at low prices under the low - inventory pattern and pay attention to far - month spreads and internal - external reverse arbitrage [2]. - Zinc prices fluctuated downward this week. The supply side had mixed trends, and demand was seasonally weak domestically and faced some production resistance overseas. Hold short positions and take partial profits on internal - external long arbitrage [5]. - Nickel's short - term fundamentals were weak, but the macro - level policies brought positive sentiment. The Indonesian policy had some price - supporting actions [6]. - Stainless steel's fundamentals were generally weak, with short - term macro - level following the anti - involution expectations, and the Indonesian policy had price - supporting motives [6]. - Lead prices rose due to macro factors. Supply was expected to be flat, demand improved slightly but inventory was at a high level. Next week, lead prices were expected to fluctuate significantly in the range of 16,800 - 17,200 yuan [8]. - Tin prices fluctuated widely. The domestic and overseas supply was expected to improve marginally after October. Short - term, it is recommended to wait and see, and short lightly above 275,000 yuan/ton [11]. - For industrial silicon, the short - term supply - demand was in a tight balance, and the long - term price was expected to oscillate at the cycle bottom [15]. - Carbonate lithium prices fluctuated strongly. The supply was in an expansion cycle, but there were supply - side disturbances. The price had high elasticity after the supply - side disturbance hype landed [17]. Group 3: Summaries by Metal Copper - 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 downstream开工 increased month - on - month, and the scrap - refined substitution effect weakened. The internal - external long arbitrage had space, and copper was driven by the global fiscal and monetary double - loosening [1]. Aluminum - Supply increased slightly from January to July. The downstream开工 improved, with stable photovoltaic module production schedules, but overseas demand declined significantly. Inventory was expected to decline in September. Hold positions at low prices under the low - inventory pattern [2]. Zinc - This week, zinc prices fluctuated downward. The domestic TC decreased slightly, and the imported TC increased significantly. The demand was seasonally weak domestically and faced production resistance overseas. The LME inventory decreased, and the internal - external pattern might further differentiate. Hold short positions and take partial profits on internal - external long arbitrage [5]. Nickel - The supply of pure nickel remained at a high level, demand was weak, and inventory increased both at home and abroad. The short - term fundamentals were weak, but the macro - level policies brought positive sentiment, and the Indonesian policy had price - supporting actions [6]. Stainless Steel - The steel mills were expected to resume production slightly. Demand was mainly for rigid needs. The cost of nickel - iron remained stable, and that of chrome - iron increased slightly. Inventory decreased in Xifu areas, and the overall fundamentals were weak [6]. Lead - This week, lead prices rose due to macro factors. Supply was expected to be flat, with low -开工 of recycled lead. Demand improved slightly, but inventory was at a high level. Next week, lead prices were expected to fluctuate significantly in the range of 16,800 - 17,200 yuan [8]. Tin - This week, tin prices fluctuated widely. The domestic smelters reduced production, and overseas supply was expected to recover after September. Demand was mainly supported by rigidity, and the LME inventory rebounded from a low level. Short - term, it is recommended to wait and see, and short lightly above 275,000 yuan/ton [11]. Industrial Silicon - The Xinjiang leading enterprises remained stable, and the production in Sichuan and Yunnan was stable. The short - term supply - demand was in a tight balance, and the long - term price was expected to oscillate at the cycle bottom [15]. Carbonate Lithium - This week, carbonate lithium prices fluctuated strongly. The raw - material suppliers had strong price - holding intentions, and the lithium - salt procurement was supported by pre - holiday stocking. The supply was in an expansion cycle, but there were supply - side disturbances, and the price had high elasticity after the supply - side disturbance hype landed [17].

Report Overview - Report Name: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: September 22, 2025 [1] Key Price and Inventory Data Coal Prices - **柳林主焦**: The latest price is 1,503.00, with no daily change, a weekly increase of 102.00, a monthly increase of 50.00, and an annual increase of 7.36% [2] - **原煤口岸库提价**: The latest price is 1,009.00, with a daily increase of 19.00, a weekly increase of 74.00, a monthly increase of 47.00, and an annual decrease of 11.49% [2] - **沙河驿蒙5**: The latest price is 1,350.00, with no daily or weekly change, a monthly decrease of 30.00, and an annual decrease of 18.18% [2] - **安泽主焦**: The latest price is 1,500.00, with no daily change, a weekly increase of 80.00, a monthly increase of 30.00, and an annual decrease of 10.71% [2] Futures Prices - **盘面05**: The latest price is 1,312.50, with a daily increase of 10.00, a weekly increase of 48.00, a monthly increase of 127.00, and an annual increase of 2.54% [2] - **盘面09**: The latest price is 1,380.50, with a daily increase of 20.00, a weekly increase of 88.50, a monthly increase of 351.00, and an annual increase of 3.95% [2] - **盘面01**: The latest price is 1,216.00, with a daily increase of 0.50, a weekly increase of 44.00, a monthly increase of 74.50, and an annual decrease of 5.15% [2] Inventory Data - **总库存**: The latest inventory is 3,372.99, with a weekly increase of 56.61, a monthly decrease of 100.63, and an annual decrease of 10.92% [2] - **煤矿库存**: The latest inventory is 232.79, with a weekly decrease of 21.73, a monthly decrease of 42.85, and an annual decrease of 15.02% [2] - **港口库存**: The latest inventory is 271.11, with a weekly decrease of 4.38, a monthly increase of 15.62, and an annual decrease of 34.53% [2] - **钢厂焦煤库存**: The latest inventory is 793.73, with a weekly decrease of 2.03, a monthly decrease of 12.07, and an annual increase of 10.49% [2] - **焦化焦煤库存**: The latest inventory is 883.54, with a weekly decrease of 36.51, a monthly decrease of 93.34, and an annual increase of 4.31% [2] Other Data - **焦化产能利用率**: The latest utilization rate is 75.87, with a weekly decrease of 0.05, a monthly increase of 1.45, and an annual increase of 9.88% [2] - **焦化焦炭库存**: The latest inventory is 86.03, with a weekly increase of 0.10, a monthly decrease of 0.14, and an annual decrease of 0.06% [2] - **05基差**: The latest value is -28.94, with a daily decrease of 10.00, a weekly increase of 50.85, a monthly decrease of 95.97, and an annual decrease of 209.51 [2] - **09基差**: The latest value is -96.94, with a daily decrease of 20.00, a weekly increase of 10.35, a monthly decrease of 319.97, and an annual decrease of 1.73 [2] - **01基差**: The latest value is 67.56, with a daily decrease of 0.50, a weekly increase of 54.85, a monthly decrease of 43.47, and an annual decrease of 0.62 [2] - **5 - 9价差**: The latest value is -68.00, with a daily decrease of 10.00, a weekly decrease of 40.50, a monthly decrease of 224.00, and an annual increase of 0.42 [2] - **9 - 1价差**: The latest value is 164.50, with a daily increase of 19.50, a weekly increase of 44.50, a monthly increase of 276.50, and an annual increase of 2.58 [2] - **1 - 5价差**: The latest value is -96.50, with a daily decrease of 9.50, a weekly decrease of 4.00, a monthly decrease of 52.50, and an annual decrease of 49.25 [2]

Report Information - Report Name: Bitumen Morning Report [2][11][20] - Report Date: September 22, 2025 [3][12][21] - Report Team: Research Center Energy and Chemicals Team [3][12][21] Key Points Futures Market - **Contract Prices**: The BU main contract price decreased by 6 to 3421 on September 19, with a weekly decrease of 42. Other contracts like BU06, BU09, BU12, and BU03 also showed varying degrees of decline [4][13][22]. - **Trading Volume and Open Interest**: The trading volume increased by 36008 to 246616 on September 19, but decreased by 21872 compared to the previous week. The open interest increased by 675 to 409431 on September 19, with a weekly decrease of 34400 [4][13][22]. - **Inventory**: The inventory remained unchanged at 23240 on September 19, with a weekly decrease of 3250 [4][13][22]. Spot Market - **Market Prices**: The Shandong market price remained at 3520 on September 19, with a weekly decrease of 20. The East China market price remained at 3590, with a weekly decrease of 50. The South China market price remained at 3490, with a weekly decrease of 10. The North China market price remained at 3660, with a weekly increase of 10. The Northeast market price remained at 3850, unchanged from the previous week [4][13][22]. - **Enterprise Prices**: The Jingbo (Haiyun) price decreased by 10 to 3620 on September 19, with a weekly decrease of 30. The Xinhai (Xin Bohai) price remained at 3660, with a weekly increase of 10 [4][13][22]. Basis and Spread - **Basis**: The Shandong basis increased by 6 to 93 on September 19, with a weekly increase of 22. The East China basis increased by 6 to 169, with a weekly decrease of 8. The South China basis increased by 6 to 63, with a weekly increase of 32 [4][13][22]. - **Spread**: The 03 - 06 spread decreased by 2 to 17 on September 19, with a weekly increase of 15. The 06 - 09 spread decreased by 1 to 8, with a weekly increase of 75. The 09 - 12 spread increased by 6 to -33, with a weekly decrease of 70. The 12 - 03 spread decreased by 3 to 8, with a weekly decrease of 20 [4][13][22]. Crack Spread and Profit - **Crack Spread**: The bitumen Brent crack spread increased by 26 to 18 on September 19, with a weekly decrease of 40 [4][13][22]. - **Profit**: The bitumen MRE profit increased by 24 to -51 on September 19, with a weekly decrease of 36. The general refinery comprehensive profit increased by 7 to 387, with a weekly decrease of 52. The MRE - type refinery comprehensive profit increased by 13 to 725, with a weekly decrease of 45. The import profit (South Korea - East China) remained unchanged at -141, with a weekly decrease of 41. The import profit (Singapore - South China) remained unchanged at -944, with a weekly decrease of 5 [4][13][22]. Related Prices - **Crude Oil**: The Brent crude oil price decreased by 0.5 to 67.4 on September 19, with a weekly increase of 0.5 [4][13][22]. - **Gasoline and Diesel**: The Shandong market price of gasoline decreased by 28 to 7483 on September 19, with a weekly decrease of 74. The Shandong market price of diesel decreased by 40 to 6438, with a weekly decrease of 82 [4][13][22]. - **Residue Oil**: The Shandong market price of residue oil remained at 3660 on September 19, with a weekly decrease of 40 [4][13][22].