Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints No information provided. 3) Summary by Relevant Catalogs Price and Profit - Spot prices of various steel products from September 5th to September 11th, 2025 are presented. For example, Beijing thread steel decreased by 10 yuan, Shanghai thread steel remained unchanged, and Guangzhou thread steel decreased by 60 yuan. For hot - rolled coils, Tianjin, Shanghai, and Lecong hot - rolled coils showed no change. Cold - rolled coil data after September 10th is incomplete [1]. Basis and Spread No information provided. Output and Inventory No information provided.

Group 1: Spot Market - Newman powder price is 787, with a daily change of -8 and a weekly change of 6, and the import profit is -35.20 [1] - PB powder price is 790, with a daily change of -9 and a weekly change of 5, and the import profit is -15.48 [1] - Mac powder price is 777, with a daily change of -8 and a weekly change of 6, and the import profit is -11.44 [1] - Jinbuba powder price is 758, with a daily change of -5 and a weekly change of 7, and the import profit is -16.25 [1] - Mainstream mixed powder price is 739, with a daily change of -6 and a weekly change of 14, and the import profit is 3.63 [1] - Super special powder price is 700, with a daily change of -5 and a weekly change of 15, and the import profit is 11.32 [1] - Carajás powder price is 900, with a daily change of -8 and a weekly change of 6, and the import profit is -36.52 [1] - Brazilian mixed powder price is 812, with a daily change of -8 and a weekly change of 2, and the import profit is -23.40 [1] - Brazilian coarse IOC6 price is 795, with a daily change of -9 and a weekly change of 5 [1] - Brazilian coarse SSFG price is 800, with a daily change of -9 and a weekly change of 5 [1] - Ukrainian iron concentrate price is 920, with a daily change of -7 and a weekly change of 10 [1] - 61% Indian powder price is 747, with a daily change of -5 and a weekly change of 7 [1] - Karara iron concentrate price is 920, with a daily change of -7 and a weekly change of 10 [1] - Roy Hill powder price is 760, with a daily change of -9 and a weekly change of 5, and the import profit is -9.15 [1] - KUMBA powder price is 849, with a daily change of -9 and a weekly change of 5 [1] - 57% Indian powder price is 640, with a daily change of -5 and a weekly change of 10 [1] - Atlas powder price is 734, with a daily change of -6 and a weekly change of 14 [1] - Tangshan iron concentrate price is 1001, with a daily change of -3 and a weekly change of 12 [1] Group 2: Futures Market - i2601 contract price is 795.5, with a daily change of -9.5 and a weekly change of 4.0, and the monthly spread is 31.0 with a daily change of 0.9 and a weekly change of -1.8 [1] - i2605 contract price is 773.5, with a daily change of -7.5 and a weekly change of 6.0, and the monthly spread is 53.0 with a daily change of -1.1 and a weekly change of -3.8 [1] - i2509 contract price is 840.5, with a daily change of -7.0 and a weekly change of 9.5, and the monthly spread is -14.0 with a daily change of -1.6 and a weekly change of -7.3 [1] - FE01 contract price is 103.29, with a daily change of -0.41 and a weekly change of 1.76, and the monthly spread is -26.2 with a daily change of 3.3 and a weekly change of 2.3 [1] - FE05 contract price is 100.85, with a daily change of -0.41 and a weekly change of 1.69, and the monthly spread is -30.6 with a daily change of 3.3 and a weekly change of 1.4 [1] - FE09 contract price is 106.37, with a daily change of -0.38 and a weekly change of 1.70, and the monthly spread is -8.5 with a daily change of 0.6 and a weekly change of 11.2 [1]

Group 1: Price Performance - London Gold latest price is 3629.55, with a change of -21.20 [2] - London Silver latest price is 41.08, with a change of -0.13 [2] - London Platinum latest price is 1389.00, with a change of 9.00 [2] - London Palladium latest price is 1183.00, with a change of 52.00 [2] - WTI Crude latest price is 62.37, with a change of -1.30 [2] - LME Copper latest price is 9998.00, with a change of 57.50 [2] - US Dollar Index latest price is 97.53, with a change of -0.31 [2] - Euro to US Dollar latest price is 1.17, with a change of 0.00 [2] - British Pound to US Dollar latest price is 1.36, with a change of 0.00 [2] - US Dollar to Japanese Yen latest price is 147.22, with a change of -0.24 [2] Group 2: Trading Data - COMEX Silver inventory latest is 16314.19, with a change of 43.07 [3] - SHFE Silver inventory latest is 1240.19, with a change of -11.98 [3] - Gold ETF holdings latest is 977.95, with a change of -2.01 [3] - Shanghai Gold Exchange Silver inventory deferred fee payment direction latest is 2, with a change of 0.00 [3] - Shanghai Gold Exchange Gold inventory deferred fee payment direction latest is 1, with a change of 0.00 [3]

Report Summary Investment Rating - Not provided in the report Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst fluctuated weakly, the near-month spread continued to strengthen, the basis rebounded and then fluctuated, the EW spread continued to strengthen, and the FU internal and external spread was affected by the delivery warehouse. The low-sulfur cracking fluctuated, the monthly spread fluctuated weakly, and the LU internal and external spread fluctuated around 9 US dollars. The MF0.5 basis fluctuated [5]. - Fundamentally, Singapore's residual oil inventories increased significantly, floating storage decreased slightly, ARA residual oil inventories increased significantly, floating storage inventories increased significantly, and EIA residual oil decreased slightly. The global supply and demand of high-sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high-sulfur marine fuel in Singapore provided support, the EW spread repair was completed, and the domestic high-sulfur spot was still in excess. Be wary of overheated sentiment [6]. - This week, LU remained weak, and the external MF0.5 basis remained volatile. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity of the low-sulfur to high-sulfur spread widening in the fourth quarter can be concerned [6]. Data Summary Rotterdam Fuel Oil Swap Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | Rotterdam 3.5% HSFO Swap M1 | -3.05 | | Rotterdam 0.5% VLSFO Swap M1 | -6.29 | | Rotterdam HSFO - Brent M1 | 0.43 | | Rotterdam 10ppm Gasoil Swap M1 | -14.80 | | Rotterdam VLSFO - GO M1 | 8.51 | | LGO - Brent M1 | -0.89 | | Rotterdam VLSFO - HSFO M1 | -3.24 | [3] Singapore Fuel Oil Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | Singapore 380cst M1 | -6.62 | | Singapore 180cst M1 | -8.09 | | Singapore VLSFO M1 | -6.87 | | Singapore GO M1 | -1.33 | | Singapore 380cst - Brent M1 | -0.35 | | Singapore VLSFO - GO M1 | 2.97 | [3] Singapore Fuel Oil Spot Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | FOB 380cst | -3.96 | | FOB VLSFO | -2.86 | | 380 Basis | -0.75 | [4] Domestic FU Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | FU 01 | 16 | | FU 05 | 13 | | FU 09 | 5 | | FU 01 - 05 | 3 | | FU 05 - 09 | 8 | | FU 09 - 01 | -11 | [4] Domestic LU Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | LU 01 | -6 | | LU 05 | -6 | | LU 09 | -10 | | LU 01 - 05 | 0 | | LU 05 - 09 | 4 | | LU 09 - 01 | -4 | [5]

纯碱现货：重碱河北交割库现货报价在1170左右，送到沙河1200左右 纯碱产业：工厂库存下行，交割库存累积，整体持平 1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1147 1159 1147 1030 989 1093 1185 1282 900 950 1000 1050 1100 1150 1200 1250 1300 1350 沙河德金 沙河安全 沙河低价 湖北低价 09合约 11合约 01合约 05合约 玻璃价格结构 今日(9/11） 昨日(9/10） 一周前(9/4） 一月前(8/11） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3, ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The spot market is weak, with slight declines in Shandong's civil LPG and ether - post carbon four. The market is expected to be mainly volatile as the combustion off - season is nearing its end, but demand remains weak, and supply in the cheapest delivery area (East China) is expected to increase slightly with no substantial improvement in demand [1] Group 3: Summary According to Related Data Spot Market - Spot market is weak, with East China's low - end price at 4507 (+0), Shandong at 4500 (-20), and South China at 4590 (+0). Ether - post carbon four is at 4800 (+0). The lowest delivery area has shifted to Shandong [1] Futures Market - The PG main contract fluctuates. The cheapest deliverable is East China's civil LPG at 4501. The basis strengthens to 125 (+55), and the 10 - 11 month spread is 69 (-18). The registered warehouse receipt volume is 13008 lots (-199) [1] International Market - External prices are differentiated. FEI, CP, and MB month spreads fluctuate and strengthen. The internal - external price difference declines. The freight rate drops slightly. The Panama Canal waiting time for VLGCs significantly decreases [1] Industry Data - Port inventory changes little, refinery commercial volume drops by 3.01%, and PDH operating rate is 73.10% (+0.08pct). Next week, Ningbo Jinfa will shut down, while Hebei Haiwei and Wanhua Yantai will resume operations [1]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - **Corn**: In the short - term, new - season corn is about to be listed, causing a wait - and - see attitude in the market. Spot prices at ports are weakening, pulling down the futures prices. However, due to limited supply increase, there is no expectation of a sharp decline. In the long - term, prices are expected to decline under the background of increased production and lower costs, and may turn around when domestic consumption improves or farmers are reluctant to sell [2]. - **Starch**: In the short - term, starch prices fluctuate with raw material prices. High inventory and low downstream demand pressure prices. In the long - term, high inventory and expected lower raw material costs keep the outlook bearish [2]. - **Sugar**: Internationally, Brazil is in the peak crushing season, pressuring international sugar prices. Uncertainty in Brazil's sugar production remains. Domestically, following the international trend, with imported sugar arriving and lower processing sugar prices, there is pressure on the futures [2]. - **Cotton**: The market is in a consolidation phase, waiting for demand verification. Without major macro - risks, the April low may be the long - term bottom, and the downside is limited. Attention should be paid to demand changes [3]. - **Eggs**: Reduced mid - autumn festival stocking demand, high supply, and high cold - storage egg inventory suppress egg prices. Although there is a recent spot price rebound, it is still restricted, and the progress of culling laying hens is slowed [6]. - **Apples**: New - season apple production may not differ much from last year. Consumption is in the off - season, and seasonal fruits are squeezing the market share of apples. Attention should be paid to the final production after the bag - removing season [9]. - **Pigs**: The market is in a range - bound oscillation. There are policy expectations for a production capacity inflection point next year and seasonal support this year, but mid - term supply pressure remains due to insufficient production capacity reduction. Near - term contracts are adjusting for premium, and far - term contracts still have a slight premium expectation, waiting for spot price verification [9]. 3. Summary by Commodity Corn/Starch - **Price Data**: From September 5 - 11, corn prices in some regions were stable or slightly decreased, and starch prices also showed a downward trend. The basis, trade profit, and import profit of corn changed, and the processing profit of starch was negative [2]. - **Market Analysis**: Reserve corn auctions had a slight improvement in trading volume. New - season corn listing and market sentiment affected prices. Starch producers may sell at lower prices to clear inventory [2]. Sugar - **Price Data**: From September 5 - 11, spot prices in some regions were relatively stable, and the basis and import profit changed. The number of warehouse receipts decreased [2][13]. - **Market Analysis**: International supply pressure from Brazil and domestic imported sugar arrivals affected the market [2]. Cotton/Cotton Yarn - **Price Data**: From September 5 - 11, the price of 3128 cotton decreased. The import profit of Vietnamese yarn and the 32S spinning profit changed [3]. - **Market Analysis**: The market is waiting for demand to pick up [3]. Eggs - **Price Data**: From September 5 - 11, egg prices in some production areas were stable or increased slightly, and the basis increased. The prices of substitute products changed slightly [5]. - **Market Analysis**: Reduced stocking demand and high inventory affected prices, and the recent spot price rebound was restricted [6]. Apples - **Price Data**: From September 5 - 11, the spot prices of Shandong apples were stable, and the national inventory decreased. The basis of different contracts changed [8][9]. - **Market Analysis**: Production in different regions has different situations, and consumption is in the off - season [9]. Pigs - **Price Data**: From September 5 - 11, pig prices in some production areas decreased, and the basis decreased [9]. - **Market Analysis**: Policy expectations and seasonal factors co - exist with mid - term supply pressure [9].

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents overnight market information on the trading of US soybeans, soybean meal, and palm oil, as well as the estimated data of US soybean crushing and the production forecast of Brazilian soybeans [1]. Summary by Related Catalogs Overnight Market Information of US Soybeans and Soybean Meal - From September 1 - 4, US 2025/2026 soybean export sales net increased by 541,100 tons, with a total of 767,000 tons carried over from the 2024/2025 sales. The export shipment as of August 31 was 406,600 tons, and the cumulative export shipment reached 50.1059 million tons, a 13% increase from the previous year. The new sales of US soybeans in the current market year were 1.4957 million tons [1]. - From September 1 - 4, US current - market - year soybean meal export sales net increased by 33,400 tons, a 16% increase from the average of the previous four weeks. The next - market - year soybean meal export sales net increased by 324,100 tons. The export shipment of soybean meal was 250,100 tons, a 20% decrease from the previous week and a 12% decrease from the average of the previous four weeks. The new sales of current - market - year soybean meal were 56,100 tons, and the next - market - year new sales were 325,400 tons [1]. Estimated Data of US Soybean Crushing - Before the release of the NOPA monthly report, analysts estimated that the US soybean crushing volume in August would be 182.857 million bushels, a 6.6% decrease from July but a 15.7% increase from August 2024. The estimated daily crushing volume in August was 5.899 million bushels, the slowest since August last year. The estimated soybean oil inventory held by NOPA members as of August 31 was 1298 million pounds, a 5.8% decrease from the end of July [1]. Production Forecast of Brazilian Soybeans - Conab raised the forecast of Brazil's 2024/2025 soybean production to a record 171.47 million tons, an increase of 1.82 million tons from the August forecast. The export forecast for 2024/2025 was raised by 400,000 tons to 106.65 million tons. Brazilian farmers have started sowing the 2025/2026 soybeans, and the new - year production is expected to exceed 180 million tons [1]. Palm Oil Production in Malaysia - According to SPPOMA, from September 1 - 10, 2025, Malaysia's palm oil production decreased by 3.17% month - on - month, with a 2.70% decrease in fresh fruit bunch yield and a 0.09% decrease in oil extraction rate [1]. Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from September 5 - 11, 2025, are provided, showing price fluctuations during this period [2].

1. Report Industry Investment Rating No information provided in the documents. 2. Core Views of the Report - PTA: The start - up of PTA devices has rebounded slightly, polyester load has increased, inventory has continued to decline, basis has weakened month - on - month, and spot processing fees have declined. PX domestic start - up is stable, overseas devices are restarted, PXN has weakened month - on - month. Although TA inventory continues to decline, its structure and efficiency are still weakening. Considering the lack of unexpected performance in polyester and subsequent new production, there is an expectation of inventory accumulation in the far - month. However, the processing fee has reached a very low level, and PX supply is gradually recovering. One can pay attention to the opportunity of expanding the processing fee at low prices [1]. - MEG: Recently, domestic oil - based production has increased the load, coal - based start - up has slightly declined, the overall load has decreased, overseas maintenance has increased. At the beginning of the week, port inventory continued to decline, and the arrival of goods within the week has rebounded. Downstream inventory levels have decreased, and the basis has strengthened month - on - month. There is an expectation of inventory accumulation in the far - month due to the return of maintenance and the commissioning of new devices. The pattern is not bad, and the profit level is also considerable. It is expected to fluctuate in a relatively wide range. One should pay attention to the restart progress of Satellite and Xinrun [8]. - Polyester Staple Fiber: Recently, the start - up of Xin凤鸣, Times Hollow, and Zhongtai has increased, and the start - up rate has reached 93.9%. Sales have weakened month - on - month, and inventory has remained stable month - on - month. On the demand side, the start - up of the polyester yarn end has slightly increased, raw material inventory has rebounded, and finished product inventory has continued to accumulate, with weak efficiency. In the future, the start - up rate of the polyester yarn end may slow down after the accumulation of finished product inventory. It is expected that the start - up will remain high under the good spot efficiency of staple fiber, and the processing fee is expected to fluctuate [8]. - Natural Rubber: The national explicit inventory remains stable at an absolute level, and the price of Thai cup rubber remains stable. The strategy is to wait and see [8]. 3. Summaries According to Related Catalogs PTA - **Device Changes**: Dushan Energy's 2.5 million - ton device and Hengli Huizhou's 2.5 million - ton device have been restarted [1]. - **Market Data**: From September 5th to 11th, 2025, the price of PTA internal - market spot fluctuated, the PX processing difference changed slightly, and the polyester production and sales rate also had certain fluctuations [1]. MEG - **Device Changes**: Shaanxi Weihua's 300,000 - ton device, Inner Mongolia Jianyuan's 260,000 - ton device, and Xinjiang Tianying's 150,000 - ton device have been under maintenance [8]. - **Market Data**: From September 5th to 11th, 2025, the prices of MEG in various markets such as the East China market, far - month market, and coal - based market have changed to different degrees, and the profit and load have also shown corresponding changes [8]. Polyester Staple Fiber - **Device Changes**: Recently, Xin凤鸣, Times Hollow, and Zhongtai have increased their loads, and the start - up rate has reached 93.9% [8]. - **Market Data**: From September 5th to 11th, 2025, the prices of various types of staple fibers and related products such as pure polyester yarn and polyester - cotton yarn have changed to different degrees, and the load and profit have also shown corresponding changes [8]. Natural Rubber - **Market Data**: From September 5th to 11th, 2025, the prices of various types of natural rubber such as Shanghai full - latex, Shanghai 3L, and Thai cup rubber have changed to different degrees, and the price difference and processing profit have also shown corresponding changes [8]. Other Chemical Products - **Ethylene, Pure Benzene, Styrene, etc.**: From September 5th to 11th, 2025, the prices of ethylene (CFR Northeast Asia), pure benzene (CFR China), styrene (East China), etc. have changed to different degrees, and the production profits of related products such as ABS, EPS, and PS have also shown corresponding changes [8].

沙钢重三价格 (含税) ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 4,200元/吨 3,900 3,600 3,300 3,000 2,700 2,400 2,100 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 废钢早报 研究中心黑色团队 2025/09/12 华东 स्क 中部 东北 日期 华南 2025/09/05 2226 2060 2254 2281 2321 原点 2285 2025/09/08 2231 2326 2066 2261 2285 2025/09/09 2237 2331 2071 2269 2025/09/10 2238 2331 2070 2266 2285 2025/09/115 咨 2241 ~ 2330 原占 2071 2267 版 2285 环比 3 -1 1 1 0 长流程日耗 镇江鸿泰剪切料价格（不含税） ● 2022 ● 2023 ● 2024 ● 2025 3,600 3,300 3,000 2,700 2,400 2,100 1,800 品因H 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 短 ...