1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No explicit core viewpoints presented in the given reports 3. Summary by Related Catalogs Glass - **Price Changes**: From September 9 to September 16, 2025, the prices of 5mm glass in different regions showed various trends. For example, the price of 5mm glass from Shache Anquan decreased by 21.0 from 1165.0 to 1144.0, while Wuhan Changli's price increased by 20.0 from 1040.0 to 1060.0 [1]. - **Contract Price Changes**: FG05 and FG01 contracts also had price increases. FG05 rose by 51.0 from 1289.0 to 1340.0, and FG01 increased by 45.0 from 1192.0 to 1237.0 during the same period [1]. - **Price Spread Changes**: The FG 1 - 5 spread decreased by 6.0 from -97.0 to -103.0, and the 01 Hebei basis decreased by 62.0 from -32.0 to -94.0 [1]. - **Profit and Cost Changes**: North China's coal - fired profit decreased by 36.4 from 271.0 to 234.6, and the cost increased by 19.4 from 889.0 to 908.4. South China's natural gas profit decreased by 6.3 from -181.8 to -188.1 [1]. - **Production and Sales**: Shache's factory production and sales improved, but the low - price sales of Shache's traders were poor. Hubei's factory prices increased, and the factory transactions were good, while the transactions of Hubei's middle - stream old goods were poor [1]. - **Production and Sales Ratios**: Shache's production and sales ratio was 113, Hubei's was 127, East China's was 108, and South China's was 103 [1]. Soda Ash - **Price Changes**: From September 9 to September 16, 2025, the prices of heavy soda ash in different regions generally increased. For example, Shache's heavy soda ash price increased by 70.0 from 1180.0 to 1250.0, and Central China's increased by 50.0 from 1190.0 to 1240.0 [1]. - **Contract Price Changes**: SA05, SA01, and SA09 contracts all had price increases. SA05 rose by 62.0 from 1358.0 to 1420.0, SA01 increased by 61.0 from 1278.0 to 1339.0, and SA09 increased by 289.0 from 1159.0 to 1448.0 [1]. - **Price Spread Changes**: The SA 01 - 5 spread decreased by 1.0 from -80.0 to -81.0, and the SA01 Shache basis increased by 9.0 from -98.0 to -89.0 [1]. - **Profit Changes**: North China's ammonia - soda process profit increased by 61.7 from -149.3 to -87.6, and the combined - soda process profit increased by 63.2 from -126.5 to -63.3 [1]. - **Inventory Changes**: Soda ash factory inventories decreased significantly, while delivery warehouse inventories increased significantly [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - This week, oil prices closed higher, and the absolute price fluctuations intensified due to geopolitical news. The US proposed extensive sanctions on Russian energy, urging G7 allies to impose a 100% tariff on the purchase of Russian oil. Fundamentally, the global oil market is building inventories, with US EIA commercial crude oil and refined products inventories increasing, and global refinery profits declining. In the base case, the crude oil balance will have a surplus of over 2 million barrels per day in Q4 2025 and 1.8 - 2.5 million barrels per day in 2026. It is expected that the refinery maintenance in October will exceed previous years, and the fundamental situation will turn to the off - season. The medium - term surplus pattern remains unchanged. The absolute price center in Q4 is expected to fall to $55 - 60 per barrel. Attention should be paid to the impact of US sanctions on Russia and its potential to disrupt Russian supply [5]. Group 3: Summary by Relevant Catalogs Daily News - On the 16th, Russia reported multi - directional attacks on the Ukrainian army, while Ukraine reported an attack on a Russian refinery [3]. - The API crude oil inventory in the US for the week ending September 12 was - 3.42 million barrels, better than the expected - 1.565 million barrels and a decrease from the previous value of 1.25 million barrels [4]. - Transneft denied reports of restricting oil intake from producers, calling them "false news" [4]. - Transneft issued a production cut warning as its system's oil storage capacity is limited due to Ukrainian drone attacks on Russian ports and refineries [4]. Regional Fundamentals - In the week of September 5, US crude oil exports decreased by 1.139 million barrels per day to 2.745 million barrels per day, domestic production increased by 72,000 barrels to 13.495 million barrels per day, commercial crude oil inventory (excluding strategic reserves) increased by 3.939 million barrels to 425 million barrels (a 0.94% increase), the four - week average supply of US crude oil products was 20.888 million barrels per day (a 1.97% increase year - on - year), the SPR inventory increased by 514,000 barrels to 405.2 million barrels (a 0.13% increase), and crude oil imports (excluding strategic reserves) decreased by 471,000 barrels per day to 6.271 million barrels per day [4]. - From September 5 - 11, the operating rate of major refineries fluctuated slightly, and the operating rate of Shandong local refineries increased slightly. Domestic production of gasoline and diesel increased, and inventories of both also increased. The comprehensive profit of major refineries weakened, and the comprehensive profit of local refineries decreased [4]. Weekly Viewpoints - The oil price closed higher this week, with intensified absolute price fluctuations due to geopolitical news. The US proposed sanctions on Russian energy, and the global oil market is building inventories. The crude oil balance is expected to be in surplus in Q4 2025 and 2026. The refinery maintenance in October is expected to exceed previous years, and the fundamental situation will turn to the off - season. The absolute price center in Q4 is expected to fall to $55 - 60 per barrel, and attention should be paid to the impact of sanctions on Russian and Iranian supply [5].

Group 1: Overall Report Information - The report is a non - ferrous metals morning report released on September 17, 2025, by the non - ferrous metals team of the research center [1] Group 2: Copper - **Price and Inventory Data**: From September 10 - 16, 2025, the spot premium of Shanghai copper increased by 25, the spread between scrap and refined copper increased by 257, and the inventory of the Shanghai Futures Exchange increased by 3049. The LME inventory decreased by 1675 [1] - **Core View**: This week, copper prices fluctuated widely around 80,000, breaking upward on Thursday and Friday. Fundamentally, the domestic social inventory of copper did not accumulate despite the increase in imported copper arrivals. The downstream start - up weakened, and it was in the stage of consuming finished product inventory. Macroscopically, copper currently benefits from the global fiscal and monetary double - expansion. After the FOMC meeting next week, pay attention to the possible phased realization of bullish factors. The copper price is expected to be easy to rise and difficult to fall in the third and fourth quarters. If there is a callback after short - term bullish factors are realized, consider laying out medium - term long positions below 79,500 or selling put options below 78,000 [1] Group 3: Aluminum - **Price and Inventory Data**: From September 10 - 16, 2025, the price of Shanghai aluminum ingots remained unchanged, the domestic alumina price decreased by 9, and the aluminum exchange inventory remained unchanged. The aluminum LME inventory decreased by 1500 [1] - **Core View**: Supply increased slightly, with imports of aluminum ingots providing an increment from January to July. Downstream start - up improved, but overseas demand declined significantly. In September, inventory is expected to decline. In the short - term, the fundamentals are okay. Pay attention to demand. Hold at low prices in the low - inventory pattern and pay attention to inter - month and internal - external reverse arbitrage [1] Group 4: Zinc - **Price and Inventory Data**: From September 10 - 16, 2025, the spot premium remained at - 60, the price of Shanghai zinc ingots increased by 30, and the zinc social inventory remained unchanged. The LME zinc inventory decreased by 1175 [1][2] - **Core View**: This week, zinc prices fluctuated narrowly. On the supply side, the domestic TC decreased slightly, and the imported TC increased. In September, smelting production decreased slightly due to concentrated maintenance. On the demand side, domestic demand was seasonally weak, and overseas demand had some production resistance. The domestic social inventory continued to rise, and the overseas LME inventory decreased. The current pattern of strong overseas and weak domestic may further differentiate. In the short - term, it can be used as a short - side configuration, and the internal - external positive arbitrage can be continued to hold [2] Group 5: Nickel - **Price and Inventory Data**: From September 10 - 16, 2025, the price of 1.5% Philippine nickel ore remained unchanged, the price of Shanghai nickel spot increased by 50, and the LME inventory increased by 1950 [3] - **Core View**: On the supply side, the production of pure nickel remained at a high level. On the demand side, it was weak overall, and the premium was stable recently. In terms of inventory, there was a slight accumulation in the domestic market and an increase in overseas warehouse receipts. In the short - term, the fundamentals are weak, and the anti - involution sentiment in the macro - aspect has rebounded. Pay attention to the news that the Indonesian Forestry Bureau has taken over part of the world's largest nickel mine [4] Group 6: Stainless Steel - **Price and Inventory Data**: From September 10 - 16, 2025, the price of 304 cold - rolled coils increased by 50, and the price of 201 cold - rolled coils increased by 50 [5][6] - **Core View**: On the supply side, steel mills in the north are expected to resume production gradually. On the demand side, it is mainly for rigid demand. In terms of cost, the price of nickel iron remained stable, and the price of ferrochrome increased slightly. In terms of inventory, the inventory in Xijiao and Foshan remained stable, and the warehouse receipts decreased slightly. Fundamentally, it is still weak. Pay attention to the news that the Indonesian Forestry Bureau has taken over part of the world's largest nickel mine [6] Group 7: Lead - **Price and Inventory Data**: From September 10 - 16, 2025, the spot premium decreased by 5, the Shanghai - Henan price difference decreased by 25, and the LME inventory increased by 2225 [7] - **Core View**: This week, lead prices rose due to macro - factors. On the supply side, the scrap volume was weak year - on - year, and the supply of waste batteries was tight. On the demand side, the inventory of battery finished products was high, and the market was not prosperous in the peak season. The supply is expected to be tight, and the LME registered warehouse receipts decreased by 10,000. In September, there is an expectation of a peak season, but the terminal consumption and lead ingot procurement are weak this week. It is expected that lead prices will fluctuate significantly next week, in the range of 16,800 - 17,200 [7] Group 8: Tin - **Price and Inventory Data**: From September 10 - 16, 2025, the spot import earnings decreased by 2200.06, the spot export earnings increased by 1949.49, and the LME inventory remained unchanged [9] - **Core View**: This week, tin prices fluctuated widely. On the supply side, the processing fee of tin ore was at a low level, and some domestic smelters reduced production. Overseas, the import from Wa State was less than 200 metal tons in August, and the supply of raw materials is expected to increase gradually after October. On the demand side, the elasticity of solder is limited, and the domestic inventory fluctuates. The LME inventory has rebounded from a low level. In the short - term, the domestic fundamentals are in a situation of weak supply and demand. It is recommended to wait and see in the short - term and hold at low prices close to the cost line in the long - term [9] Group 9: Industrial Silicon - **Price and Inventory Data**: From September 10 - 16, 2025, the 421 Yunnan basis decreased by 15, the 421 Sichuan basis decreased by 65, and the number of warehouse receipts decreased by 33 [10] - **Core View**: This week, the leading enterprises in Xinjiang continued to resume production. Currently, the production in Sichuan and Yunnan is stable. In the short - term, the supply and demand in September and October are still in a tight balance state. In the long - term, the over - capacity of industrial silicon is still large, and the price is expected to fluctuate at the bottom of the cycle based on the seasonal marginal cost [10] Group 10: Lithium Carbonate - **Price and Inventory Data**: From September 10 - 16, 2025, the SMM electric carbon price increased by 400, the SMM industrial carbon price increased by 400, and the number of warehouse receipts decreased by 139 [12] - **Core View**: This week, lithium carbonate prices fluctuated widely. Affected by the expectation of CATL's resumption of production, the futures price dropped significantly in the middle of the week. On the raw material side, miners are not willing to sell at low prices. On the lithium salt side, upstream salt factories also have the sentiment of holding prices. The current basis level has strengthened slightly, and the supply of large - discount goods has decreased. The current contradiction is that under the background of over - capacity, the resource side faces phased compliance disturbances. In the seasonal peak season, the monthly balance after CATL's gradual production reduction turns to continuous inventory reduction, but the amplitude is small. The price elasticity is high after the speculation of supply - side disturbances is realized, and the price has strong downward support before the disturbances are realized [12]

价 格 和 利 润 | | | | 钢材早报 | | 研究中心黑色团队 2025/09/17 | | | --- | --- | --- | --- | --- | --- | --- | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/09/10 | 3160 | 3210 | 3260 | 3210 | 3300 | 3260 | | 2025/09/11 | 3150 | 3210 | 3250 | 3190 | 3240 | 3250 | | 2025/09/12 | 3190 | 3210 | 3290 | 3230 | 3240 | 3230 | | 2025/09/15 | 3190 | 3260 | 3290 | 3230 | 3330 | 3280 | | 2025/09/16 | 3220 | 3280 | 3310 | 3260 | 3360 | 3290 | | 变化 | 30 | 20 | 20 | 30 | 30 | 10 | | 日期 | 天津热卷 | 上海热卷 | 乐 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint No information provided. 3. Summary by Relevant Catalog Spot Market - The latest price of the Platts 62 index is 105.50, with a daily change of -0.85 and a weekly change of -0.20 [3]. - For Australian mainstream iron ore, Newman powder is priced at 793, with a daily increase of 8 and a weekly decrease of 2; PB powder is at 797, up 8 daily and down 2 weekly; Mac powder is 785, up 8 daily and unchanged weekly; etc [3]. - Brazilian mainstream iron ore includes Bafang at 823, up 12 daily and down 1 weekly; Baco IOC6 at 802, up 8 daily and down 2 weekly; etc [3]. - Non - mainstream iron ore such as Roy Hill powder is priced at 767, up 8 daily and down 2 weekly [3]. - The price of Tangshan iron concentrate powder (domestic ore) is 1002, up 1 daily and up 1 weekly [3]. Futures Market - For Dalian Commodity Exchange contracts, i2601 is at 803.5, up 7.5 daily and down 1.5 weekly; i2605 is at 782.0, up 7.5 daily and up 1.0 weekly; i2509 is at 762.5, up 5.5 daily and down 87.5 weekly [3]. - For Singapore Exchange contracts, FE01 is at 102.33, down 0.29 daily and up 0.32 weekly; FE05 is at 100.05, down 0.27 daily and up 0.41 weekly; FE09 is at 105.50, down 0.20 daily and up 0.25 weekly [3]. - The monthly spread of i2601 is - 41.0, with a daily change of 34.9, up 5.5 daily and up 0.4 weekly; the monthly spread of i2605 is 21.5, with a daily change of 56.4, up 5.5 daily and down 2.1 weekly; etc [3].

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Views - 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 inland prices, and the inland's actions are crucial. Xingxing is expected to start operation in early September, but inventory is still accumulating. Reverse flow can relieve port pressure but will affect inland valuation. Currently, the valuation and inventory are average, and the driving force is weak. It's necessary to wait before bottom - fishing, considering import variables such as India's purchase of Iranian products and unplanned maintenance [2]. - Plastic (Polyethylene): The inventory of major producers is neutral year - on - year. Upstream major producers and coal - chemical enterprises are reducing inventory, social inventory is flat, and downstream raw material and finished - product inventories are also neutral. The overall inventory is neutral. The 09 basis is around - 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. The non - standard HD injection price is stable, other price differences are oscillating, and LD is weakening. The maintenance in September is flat compared to the previous month, and the domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion and US quotes, as well as the new device commissioning in 2025 [3]. - PP (Polypropylene): The upstream major producers and mid - stream are reducing inventory. In terms of valuation, the basis is - 60, non - standard price differences are neutral, and the import profit is around - 700. Exports have been good this year. Non - standard price differences are neutral, and the overseas markets in Europe and America are stable. The PDH profit is around - 400, propylene is oscillating, and powder production start - up is stable. The拉丝 production scheduling is neutral. The subsequent supply is expected to increase slightly, downstream orders are average currently, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the pressure on the 01 contract is moderately excessive. If exports continue to increase or there are many PDH device maintenance, the supply pressure can be alleviated to a neutral level [3]. - PVC: The basis is maintained at 01 - 270, and the factory - pickup basis is - 480. Downstream start - up is seasonally weakening, and the willingness to hold goods at low prices is strong. The inventory of mid - upstream is continuously accumulating. The summer seasonal maintenance of northwest devices has a load center between the spring maintenance and the high production in Q1. In Q4, attention should be paid to the commissioning and export sustainability. The recent near - end export orders have slightly declined. The coal sentiment is positive, the cost of semi - coke is stable, and the profit of calcium carbide is under pressure due to PVC maintenance. The FOB counter - offer for caustic soda export is 380. 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 [3]. 3. Summary by Related Catalogs Methanol - Price Data: From September 1 to September 6, 2025, the daily change of动力煤期货 is 0, the江苏现货 decreased by 3, the华南现货 decreased by 2, the鲁南折盘面 remained unchanged, the西南折盘面 increased by 35, the河北折盘面 increased by 5, the西北折盘面 increased by 22, the CFR中国 and CFR东南亚 remained unchanged, the进口利润 remained unchanged, the主力基差 decreased by 5, and the盘面MTO利润 increased by 67 [2]. Plastic (Polyethylene) - Price Data: From September 1 to September 6, 2025, the东北亚乙烯 remained unchanged, the华北LL remained unchanged, the华东LL increased by 50, the华东LD increased by 25, the华东HD remained unchanged, the LL美金 and LL美湾 remained unchanged, the进口利润 increased by 2, the主力期货 decreased by 10, the基差 remained unchanged, the两油库存 remained unchanged, and the仓单 remained unchanged [3]. PP (Polypropylene) - Price Data: From September 10 to September 16, 2025, the山东丙烯 decreased by 50, the东北亚丙烯 remained unchanged, the华东PP increased by 25, the华北PP increased by 5, the山东粉料 remained unchanged, the华东共聚 remained unchanged, the PP美金 and PP美湾 remained unchanged, the出口利润 remained unchanged, the主力期货 increased by 4, the基差 decreased by 20, the两油库存 remained unchanged, and the仓单 remained unchanged [3]. PVC - Price Data: From September 10 to September 16, 2025, the西北电石 increased by 50, the山东烧碱 decreased by 20, the电石法 - 华东 increased by 50, the乙烯法 - 华东 remained unchanged, the电石法 - 华南 remained unchanged, the电石法 - 西北 remained unchanged, the进口美金价 (CFR中国) remained unchanged, the出口利润 remained unchanged, the西北综合利润 remained unchanged, the华北综合利润 remained unchanged, and the基差 (高端交割品) remained unchanged [3].

General Information - Report Title: Pulp Morning Report [2] - Report Date: September 17, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] SP Main Contract Closing Price - Closing price on September 16, 2025: 5068.00 [3] - Price changes from September 10 - 16, 2025: 0.52314%, 0.40032%, -0.51834%, 1.32265%, 0.23734% respectively [3] - Discounted US dollar price on September 16, 2025: 621.53 [3] - Shandong Yinxing basis on September 16, 2025: 582 [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis on September 16, 2025: 612 [3] Import Pulp Price and Profit - Calculated with 13% VAT, import profits of Canadian Golden Lion, Canadian Lion and Chilean Yinxing are -145.57, -533.29 and -212.83 respectively [4] Pulp and Paper Price and Margin - From September 10 - 16, 2025, there is no change in the national average price of softwood pulp, hardwood pulp, natural pulp and chemimechanical pulp, as well as the average price in Shandong region [4] - From September 11 - 16, 2025, there is no change in the prices of cultural paper (offset index, coated index), packaging paper (white card index) and household paper (household index) [4] - From September 11 - 16, 2025, the changes in estimated margins of offset paper, coated paper, white card and household paper are -0.9701, -1.6070, 0.0368 and -0.4202 respectively [4] Pulp Price Spread - On September 16, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper are 1460.00, 250, 1825 and 4074 respectively [4]

Group 1: Report Information - Report Title: Coke Daily Report [1] - Report Date: September 17, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Industry Data Coke Prices - Shanxi quasi - first wet quenching coke price is 1427.78, with no daily change, a weekly decrease of 54.61, a monthly decrease of 53.55, and a year - on - year decrease of 11.51% [2] - Shandong quasi - first dry quenching coke price is 1605.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year decrease of 10.34% [2] - Jiangsu quasi - first dry quenching coke price is 1645.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year decrease of 10.11% [2] - Inner Mongolia second - grade coke price is 1080.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 100.00, and a year - on - year decrease of 10.00% [2] Production and Capacity Utilization - Blast furnace开工率 is 90.18, with a weekly increase of 4.39, a monthly decrease of 0.04, and a year - on - year increase of 7.87% [2] - Daily average hot metal output is 240.55, with a weekly increase of 11.71, a monthly decrease of 0.11, and a year - on - year increase of 7.69% [2] - Coking plant capacity utilization is 72.61, with a weekly decrease of 0.09, a monthly decrease of 1.14, and a year - on - year increase of 4.43% [2] - Daily average coke output is 51.92, with a weekly increase of 0.51, a monthly increase of 0.25, and a year - on - year decrease of 3.96% [2] Inventory - Coking plant inventory is 43.91, with a weekly increase of 3.20, a monthly increase of 4.60, and a year - on - year increase of 0.99% [2] - Port inventory is 205.11, with a weekly increase of 0.05, a monthly decrease of 10.00, and a year - on - year increase of 8.43% [2] - Steel mill inventory is 633.29, with a weekly increase of 9.58, a monthly increase of 23.49, and a year - on - year increase of 16.50% [2] - Steel mill inventory days is 11.29, with a weekly decrease of 0.42, a monthly increase of 0.46, and a year - on - year increase of 4.34% [2] Futures Market - Futures contract 05 price is 1868.5, with a daily increase of 59.50, a weekly increase of 142.50, a monthly increase of 48.00, and a year - on - year decrease of 1.76% [2] - Futures contract 09 price is 1911.5, with a daily increase of 66.50, a weekly increase of 399.00, a monthly increase of 266.00, and a year - on - year increase of 7.48% [2] - Futures contract 01 price is 1726.5, with a daily increase of 62.00, a weekly increase of 125.50, a monthly increase of 1.50, and a year - on - year decrease of 7.80% [2] - 05 basis is - 139.70, with a daily decrease of 59.50, a weekly decrease of 185.09, a monthly decrease of 100.20, and a year - on - year decrease of 155.48 [2] - 09 basis is - 182.70, with a daily decrease of 66.50, a weekly decrease of 441.59, a monthly decrease of 318.20, and a year - on - year decrease of 321.98 [2] - 01 basis is 2.30, with a daily decrease of 62.00, a weekly decrease of 168.09, a monthly decrease of 53.70, and a year - on - year decrease of 42.98 [2] - 5 - 9 spread is - 142.00, with a daily increase of 2.50, a weekly decrease of 17.00, a monthly decrease of 46.50, and a year - on - year decrease of 112.50 [2] - 9 - 1 spread is - 43.00, with a daily decrease of 7.00, a weekly decrease of 256.50, a monthly decrease of 218.00, and a year - on - year decrease of 166.50 [2] - 1 - 5 spread is 185.00, with a daily increase of 4.50, a weekly increase of 273.50, a monthly increase of 264.50, and a year - on - year increase of 279.00 [2] Group 3: Historical Data Charts - There are historical data charts of coke prices in different regions (Linfen, Lvliang, Rizhao Port, Changzhi, Qingdao Port, Tianjin Port), production and capacity utilization, inventory, and other indicators from 2021 to 2025 [3][4][5]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summaries by Relevant Catalogs Price - The report presents the latest prices, daily and weekly changes of various silicon - iron and silicon - manganese products from different regions, including spot prices, futures contract prices, and price differences between different contracts and regions [1][2][6] - It also shows the historical price trends of silicon - iron and silicon - manganese products from 2021 to 2025, such as the market prices of 72%FeSi in different regions, silicon - iron export and import average prices, and silicon - manganese主力合约收盘价 [2][6] Supply - For silicon - iron, it includes the production data of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi, and the export prices of 72%FeSi and 75%FeSi at Tianjin Port [4] - For silicon - manganese, it shows the weekly production in China, the procurement prices and quantities of silicon - manganese 6517 by Hebei Iron and Steel Group, and the prices of various manganese ores at ports [6] Demand - The demand - related data includes the estimated and actual monthly production of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume of FeSi75 - B by Hebei Iron and Steel Group, and the demand for silicon - manganese in China (Steel Union caliber) [4][7] Inventory - For silicon - iron, it shows the inventory data of 60 sample enterprises in China and different regions (weekly), the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions [5] - For silicon - manganese, it includes the inventory data of 63 sample enterprises in China (weekly), the number of warehouse receipts, effective forecasts, and the average available days of inventory in China [7] Cost and Profit - The cost - related data includes the electricity prices in different regions for ferroalloys, the market prices of raw materials such as blue charcoal, silica dioxide, and iron oxide scale, and the production costs of silicon - iron in Ningxia and Inner Mongolia [5] - The profit - related data includes the production profit of blue charcoal in China, the profit of silicon - iron in different regions (spot and futures), the export profit of 75 silicon - iron, and the profit of silicon - manganese in different regions (Steel Union caliber) [5][7]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: September 17, 2025 [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report Core View - Not provided in the given content 3. Summary by Relevant Catalog Price Information - **Domestic Coking Coal Prices**: The latest price of Liulin Main Coking Coal is 1401.00, with no daily change, no weekly change, a monthly decrease of 52.00, and a yearly increase of 0.07%. Anze Main Coking Coal is priced at 1420.00, with no daily or weekly change, a monthly decrease of 50.00, and a yearly decrease of 14.46%. The price of Shaheyi Meng 5 is 1350.00, with no daily change, a weekly decrease of 30.00, a monthly decrease of 30.00, and a yearly decrease of 18.18% [2]. - **Imported Coking Coal Prices**: The latest price of Peak Downs is 202.00, with a daily increase of 0.50, a weekly increase of 2.00, a monthly decrease of 5.50, and a yearly decrease of 0.60%. Goonyella is priced at 202.50, with a daily increase of 1.50, a weekly increase of 2.00, a monthly decrease of 9.00, and a yearly decrease of 0.10% [2]. - **Coal Port Delivery Price**: The latest price of raw coal at the port delivery is 991.00, with a daily increase of 41.00, a weekly increase of 62.00, a monthly increase of 37.00, and a yearly decrease of 12.69% [2]. - **Futures Prices**: The latest price of Futures 05 is 1324.00, with a daily increase of 59.50, a weekly increase of 135.00, a monthly increase of 91.00, and a yearly increase of 3.64%. Futures 09 is priced at 1371.50, with a daily increase of 79.50, a weekly increase of 402.50, a monthly increase of 323.00, and a yearly increase of 12.37%. Futures 01 is priced at 1228.50, with a daily increase of 56.50, a weekly increase of 113.00, a monthly increase of 35.00, and a yearly decrease of 3.91% [2]. Inventory Information - **Total Inventory**: The total coking coal inventory is 3351.85, with a weekly decrease of 45.83, a monthly decrease of 68.46, and a yearly decrease of 11.31% [2]. - **Sub - inventory**: Coal mine inventory is 254.52, with a weekly decrease of 13.56, a monthly decrease of 3.15, and a yearly decrease of 17.86%. Port inventory is 275.49, with a weekly increase of 0.14, a monthly decrease of 1.85, and a yearly decrease of 31.83%. Steel mill coking coal inventory is 795.76, with a weekly decrease of 16.09, a monthly decrease of 12.90, and a yearly increase of 10.78%. Coking plant coking coal inventory is 920.05, with a weekly decrease of 41.22, a monthly decrease of 67.87, and a yearly increase of 7.72% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 75.92, with a weekly increase of 2.78, a monthly increase of 1.58, and a yearly increase of 9.74% [2]. - **Coking Coke Inventory**: The coking coke inventory is 85.93, with a weekly increase of 1.62, a monthly decrease of 0.24, and a yearly decrease of 0.26% [2]. - **Futures Basis and Spread**: The 05 basis is - 116.30, with a daily decrease of 36.51, a weekly decrease of 112.01, a monthly decrease of 135.83, and a yearly decrease of 362.59. The 09 basis is - 163.80, with a daily decrease of 56.51, a weekly decrease of 379.51, a monthly decrease of 367.83, and a yearly decrease of 1.54. The 01 basis is - 20.80, with a daily decrease of 33.51, a weekly decrease of 90.01, a monthly decrease of 79.83, and a yearly decrease of 1.08. The 5 - 9 spread is - 47.50, with a daily decrease of 20.00, a weekly decrease of 267.50, a monthly decrease of 232.00, and a yearly decrease of 1.83. The 9 - 1 spread is 143.00, with a daily increase of 23.00, a weekly increase of 289.50, a monthly increase of 288.00, and a yearly decrease of 3.47. The 1 - 5 spread is - 95.50, with a daily decrease of 3.00, a weekly decrease of 22.00, a monthly decrease of 56.00, and a yearly decrease of 96.50 [2]