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]

1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 2021 2022 2023 2024 2025 4500.00 青岛港准一平仓 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 2021 2022 2023 2024 2025 焦炭日报 研究中心黑色团队 2025/9/17 | | 最新 | 日变化 | 周变化 | 月变化 | 同比 | 最新 | 日变化 | 周变化 ...

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]

Report Information - Report Title: "Large Class Asset Morning Report" - Report Date: September 17, 2025 - Author: Macro Team of the Research Center [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - Yields and Changes: On September 16, 2025, the 10 - year Treasury yields of the United States, the United Kingdom, France, etc. were 4.029, 4.638, 3.488 respectively. There were various changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was -0.010, and the yearly change was 0.319 [3]. 2 - Year Treasury Yields of Major Economies - Yields and Changes: On September 16, 2025, the 2 - year Treasury yields of the United States, the United Kingdom, Germany, etc. were 3.560, 3.960, 2.000 respectively. There were also different changes in different time - spans [3]. Dollar Exchange Rates Against Major Emerging - Market Currencies - Exchange Rates and Changes: On September 16, 2025, the dollar - to - Brazilian real exchange rate was 5.297, and there were percentage changes in the latest, weekly, monthly, and yearly periods. For instance, the latest change was -0.37%, and the yearly change was -5.40% [3]. Stock Indices of Major Economies - Index Values and Changes: On September 16, 2025, the S&P 500 was 6606.760, the Dow Jones Industrial Average was 45757.900, etc. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the S&P 500 was -0.13%, and the yearly change was 22.16% [3]. Credit Bond Indices - Index Changes: The latest, weekly, monthly, and yearly changes of credit bond indices such as the US investment - grade credit bond index, the euro - zone investment - grade credit bond index, etc. were presented. For example, the latest change in the US investment - grade credit bond index was 0.04%, and the yearly change was 4.72% [3] Stock Index Futures Trading Data Index Performance - Closing Prices and Changes: The closing prices of A - shares, CSI 300, SSE 50, etc. were 3861.87, 4523.34, 2947.82 respectively, with corresponding percentage changes [4]. Valuation - PE Ratios and Changes: The PE (TTM) ratios of CSI 300, SSE 50, and others were 14.09, 11.80, 34.32 respectively, with环比 changes [4]. Risk Premium - Risk Premium and Changes: The risk premiums (1/PE - 10 - year interest rate) of S&P 500 and German DAX were -0.39 and 2.50 respectively, with环比 changes [4]. Fund Flows - Fund Flow Values: The latest values and 5 - day average values of fund flows in A - shares, the main board, etc. were provided. For example, the latest value of A - share fund flow was -305.93 [4]. Trading Volumes - Trading Volumes and Changes: The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 23414.02, 6137.28, etc., with环比 changes [4]. Main Contract Basis and Premium/Discount - Basis and Premium/Discount: The basis and percentage of premium/discount of IF, IH, IC were given. For example, the basis of IF was -6.54, and the percentage was -0.14% [4] Treasury Bond Futures Trading Data Closing Prices and Changes - Closing Prices and Percentage Changes: The closing prices of Treasury bond futures T00, TF00, T01, TF01 were 108.000, 105.795, 107.680, 105.680 respectively, with corresponding percentage changes [5]. Fund Interest Rates - Interest Rates and Daily Changes: The R001, R007, and SHIBOR - 3M interest rates were 1.4778%, 1.4998%, 1.5530% respectively, with daily changes in basis points [5]

玻璃产销：沙河131，湖北135，华东108，华南107 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 1121 1144 1121 1030 1115 1120 1237 1340 900 1000 1100 1200 1300 1400 沙河德金 沙河安全 沙河低价 湖北低价 10合约 11合约 01合约 05合约 玻璃价格结构 今日(9/16） 昨日(9/15） 一周前(9/9） 一月前(8/18） (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 3,000 3,500 玻璃：河北低价大板 2019 2020 2021 2022 2023 202 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil fluctuated, the near - month spread oscillated, the basis strengthened, the EW spread fluctuated at a high level, and the fluctuation of the near - month domestic and foreign spreads of FU intensified due to delivery factors. The low - sulfur cracking spread weakened rapidly, the month - to - month spread weakened at an accelerated pace, the domestic and foreign spreads of LU compressed to $6 - 7 per ton, and the basis of MF0.5 fluctuated [3]. - Fundamentally, Singapore's residue inventory decreased by 871,000 barrels, floating storage decreased slightly, ARA residue inventory increased significantly, and EIA residue inventory continued to accumulate. The high - sulfur peak season in the Middle East has passed. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provides support, and the EW spread has completed the repair. The domestic high - sulfur spread rose again due to the influence of the delivery warehouse, and the short - term domestic and foreign spread was repaired. This week, LU accelerated its decline, and the basis of the external MF0.5 was weak. Due to the support of gasoline and diesel cracking spreads in Europe and the United States, the opportunity for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter can be concerned [4]. 3) Summary by Relevant Data Rotterdam Fuel Oil Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 380.24 | 375.09 | 385.00 | 381.06 | 385.64 | 4.58 | | Rotterdam 0.5% VLS FO Swap M1 | 435.80 | 429.32 | 438.60 | 435.93 | 443.49 | 7.56 | | Rotterdam HSFO - Brent M1 | - 7.03 | - 6.94 | - 6.46 | - 6.95 | - 7.14 | - 0.19 | | Rotterdam 10ppm Gasoil Swap M1 | 669.77 | 654.97 | 666.83 | 671.73 | 686.03 | 14.30 | | Rotterdam VLSFO - Gasoil M1 | - 233.97 | - 225.65 | - 228.23 | - 235.80 | - 242.54 | - 6.74 | | LGO - Brent M1 | 24.25 | 23.36 | 24.22 | 24.47 | 25.32 | 0.85 | | Rotterdam VLSFO - HSFO M1 | 55.56 | 54.23 | 53.60 | 54.87 | 57.85 | 2.98 | [1] Singapore Fuel Oil Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 395.14 | 392.94 | 385.68 | 392.66 | 392.01 | | Singapore 180cst M1 | 405.46 | 406.96 | 392.75 | 404.29 | 403.72 | | Singapore VLSFO M1 | 467.01 | 464.95 | 454.67 | 466.57 | 469.70 | | Singapore Gasoil M1 | 87.47 | 87.81 | 86.60 | 87.42 | 87.75 | | Singapore 380cst - Brent M1 | - 4.47 | - 5.01 | - 5.13 | - 4.97 | - 5.19 | | Singapore VLSFO - Gasoil M1 | - 180.27 | - 184.84 | - 186.17 | - 180.34 | - 179.65 | [1] Singapore Fuel Oil Spot Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | | --- | --- | --- | --- | --- | --- | | FOB 380cst | 396.90 | 392.94 | 385.11 | 392.42 | - | | FOB VLSFO | 466.00 | 463.14 | 453.23 | 468.08 | - | | 380 Basis | 0.35 | - 0.40 | - 0.75 | - 1.60 | - | | High - sulfur Domestic - Foreign Spread | 6.5 | - | - | 7.5 | - | | Low - sulfur Domestic - Foreign Spread | 5.7 | - | - | 7.5 | - | [2] Domestic FU Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2786 | 2802 | 2717 | 2799 | 2795 | - 4 | | FU 05 | 2741 | 2754 | 2693 | 2752 | 2751 | - 1 | | FU 09 | 2697 | 2702 | 2665 | 2702 | 2700 | - 2 | | FU 01 - 05 | 45 | 48 | 24 | 47 | 44 | - 3 | | FU 05 - 09 | 44 | 52 | 28 | 50 | 51 | 1 | | FU 09 - 01 | - 89 | - 100 | - 52 | - 97 | - 95 | 2 | [2] Domestic LU Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3370 | 3364 | 3259 | 3349 | 3368 | 19 | | LU 05 | 3339 | 3333 | 3259 | 3325 | 3341 | 16 | | LU 09 | 3331 | 3321 | 3247 | 3321 | 3345 | 24 | | LU 01 - 05 | 31 | 31 | 0 | 24 | 27 | 3 | | LU 05 - 09 | 8 | 12 | 12 | 4 | - 4 | - 8 | | LU 09 - 01 | - 39 | - 43 | - 12 | - 28 | - 23 | 5 | [3]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3651.10, 42.26, 1399.00, 1218.00, 63.30, and 10119.50 respectively, with changes of 0.00, 0.00, 0.00, 0.00, 0.00, and 38.00 [2] - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 97.36, 1.18, 1.36, 147.42, and 1.68 respectively, with changes of 0.00, 0.00, 0.00, 0.00, 0.00 [2] Group 2: Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 16411.68, 1231.26, and 1283.61 respectively, with changes of 0.00, - 12.22, and 0.00 [3] - The latest holdings of Gold ETF and Silver ETF are 976.81 and 15059.74 respectively, with changes of 0.00 and 0.00 [3] - The latest deferred - fee payment directions of SGE Silver and SGE Gold are 2 and 1 respectively, with changes of 1.00 and 0.00 [3]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - Spot prices are still falling, but the decline is expected to slow down and gradually bottom out in October. Week 39 spot price was 1600 USD (equivalent to 1150 points on the futures market). The WSK's opening quotation for the first week of October (Week 40) was 1400 USD, with a weekly decline of -150, more aggressive than market expectations. OOCL and YML also lowered their prices [2]. - On Tuesday, the far - month futures market rose significantly, driven by expectations of a slowdown in decline and approaching the bottom, as well as sentiment from Sino - US trade negotiations and the China - Europe Railway Express. However, it declined at the end of the session due to the MSK's 1400 opening quotation. The basis of the October contract was -10 points, almost at par with the spot price. The October - December spread was -504.1 (-11), and the December contract's valuation was relatively neutral and slightly high. There are multiple upward drivers in the future, so the December contract is cautiously bullish, with a neutral valuation and mainly driven by trading factors. The settlement price of the February 2026 contract may be high as the Spring Festival in 2026 is late (February 17, 2026), and its current valuation is low. The long - position allocation of the February contract has a higher cost - performance than that of the December contract. To avoid the potential price - cutting risk of shipping companies in October, a long - February and short - April spread trade can be arranged [3]. Group 3: Summary by Relevant Catalogs Futures Market - **Futures Contract Prices and Changes**: EC2510 closed at 1169.7 with a 0.57% increase, EC2512 at 1673.8 with a 1.06% increase, EC2602 at 1572.1 with a 3.64% increase, EC2604 at 1283.7 with a 2.38% increase, and EC2606 at 1471.6 with a 2.77% increase. The October - December spread was -504.1 (-11), and the December - February 2026 spread was 101.7 [2]. Spot Market - **Spot Price Index Changes**: The spot price index of the European line (including TELLAT, SCFI, CCFI, NCFI) has been declining. For example, the TELLAT index on September 15, 2025, was 1440.24, down 8.06% from the previous period and 12.24% from two periods ago [2]. Shipping Company Quotes - **Recent European Line Quotes**: In Week 38, the average quote was 1800 USD (equivalent to 1260 points on the futures market); in Week 39, it was 1600 USD (equivalent to 1150 points on the futures market); in Week 40, MSK opened at 1400 USD, OOCL lowered to 1500 - 1550 USD, and YML lowered to 1400 USD [2][4]. Market News - **Geopolitical and Trade News**: The Israeli military expanded its ground military operation in Gaza City on September 17. The US Department of Commerce is considering imposing additional tariffs on more imported auto parts [4].

Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 17, 2025 [2] Key Points 1. BR (Butadiene Rubber) - **Price and Position Data**: On September 16, the closing price of the main contract was 11,675, down 30 from the previous day and 15 from the previous week; the position volume was 64,216, an increase of 45,431 from the previous day and 37,366 from the previous week; the trading volume was 74,764, an increase of 38,182 from the previous day and a decrease of 43,356 from the previous week; the warehouse receipt quantity was 13,670, unchanged from the previous day and an increase of 30 from the previous week; the virtual - real ratio was 23.49, an increase of 17 from the previous day and 14 from the previous week [3]. - **Basis and Spread**: The butadiene rubber basis was 30 from the previous day and - 185 from the previous week; the butadiene rubber basis (two - oil) was 30 from the previous day; the styrene - butadiene basis was 130 from the previous day and - 85 from the previous week; the 8 - 9 month spread was 35 from the previous day and 145 from the previous week; the 9 - 10 month spread was 90 from the previous day and - 130 from the previous week [3]. - **Market Price**: The Shandong market price was 11,700, unchanged from the previous day and a decrease of 200 from the previous week; the Transfar market price was 11,550, unchanged from the previous day and a decrease of 200 from the previous week; the Qilu ex - factory price was 11,900, unchanged from the previous day and the previous week; CFR Northeast Asia was 1,525, unchanged from the previous day and an increase of 10 from the previous week; CFR Southeast Asia was 1,700, unchanged from the previous day and the previous week [3]. - **Processing and Profit**: The spot processing profit was - 190, a decrease of 102 from the previous day and 169 from the previous week; the disk processing profit was - 215, a decrease of 132 from the previous day and an increase of 16 from the previous week; the import profit was - 84,535, an increase of 16 from the previous day and a decrease of 166 from the previous week; the export profit was 29, a decrease of 2 from the previous day and an increase of 242 from the previous week [3]. 2. BD (Butadiene) - **Market Price**: The Shandong market price was 9,500, an increase of 100 from the previous day and a decrease of 30 from the previous week; the Jiangsu market price was 9,300, an increase of 50 from the previous day and unchanged from the previous week; the Yangzi ex - factory price was 9,250, unchanged from the previous day and a decrease of 100 from the previous week; CFR China was 1,090, unchanged from the previous day and a decrease of 5 from the previous week [3]. - **Processing and Profit**: The carbon four extraction profit was N/A; the butene oxidative dehydrogenation profit was 136, an increase of 50 from the previous day and unchanged from the previous week; the import profit was 382, an increase of 51 from the previous day and 43 from the previous week; the export profit was - 944, a decrease of 45 from the previous day and an increase of 104 from the previous week [3]. 3. Downstream Products - **Production Profit**: The butadiene - styrene production profit was 1,113, unchanged from the previous day and an increase of 75 from the previous week; the SBS 791 - H production profit was 825, unchanged from the previous day and a decrease of 230 from the previous week; the ABS production profit was N/A [3]. 4. Variety Spreads - **Inter - Variety Spreads**: RU - BR was - 48,176, a decrease of 45,386 from the previous day and 37,266 from the previous week; NR - BR was - 51,501, a decrease of 45,426 from the previous day and 37,386 from the previous week; Thai mixed - butadiene rubber was 3,450, unchanged from the previous day and an increase of 350 from the previous week; 3L - styrene - butadiene was 3,050, a decrease of 50 from the previous day and an increase of 150 from the previous week [3]. - **Intra - Variety Spreads**: The butadiene rubber standard - non - standard price difference was 150, a decrease of 50 from the previous day and 100 from the previous week; the styrene - butadiene 1502 - 1712 was 1,000, unchanged from the previous day and the previous week [3].