Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints are presented in the given text Summary by Related Catalogs Price - For silicon ferroalloy on September 16, 2025, the latest price of Ningxia 72 natural block was 5280 yuan, with a daily change of 30 yuan and a weekly change of 80 yuan; the latest price of Inner Mongolia 72 was 5300 yuan, with a daily change of 20 yuan and a weekly change of 20 yuan; the latest price of Shaanxi 75 was 5950 yuan, with no daily or weekly change. The export price of Tianjin 72 was 1025 US dollars, with no daily or weekly change, and the export price of Tianjin 75 was 1105 US dollars, with a daily change of 5 US dollars and a weekly change of 25 US dollars [2]. - For silicon - manganese alloy on September 16, 2025, the factory - ex price of Inner Mongolia 6517 was 5680 yuan, with a daily change of 30 yuan and no weekly change; the factory - ex price of Ningxia 6517 was 5600 yuan, with no daily change and a weekly change of 50 yuan; the factory - ex price of Guangxi 6517 was 5680 yuan, with a daily change of 30 yuan and no weekly change [2]. Supply - The production data of 136 silicon ferroalloy production enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, capacity utilization rate in different regions such as Inner Mongolia, Ningxia, and Shaanxi, and the production of silicon - manganese alloy in China is also shown from 2021 - 2025 [4][6]. Demand - The demand data of silicon - manganese alloy in China from 2021 - 2025 are provided, including the demand volume (in ten thousand tons) and the procurement volume and price of Hebei Iron and Steel Group [4][6][7]. Inventory - The inventory data of 60 silicon ferroalloy sample enterprises in China from 2021 - 2025 are presented, including weekly inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi, and the inventory data of silicon - manganese alloy in China from 2021 - 2025 are also shown, including daily and weekly inventory [5][7]. Cost and Profit - The cost - profit data of silicon ferroalloy and silicon - manganese alloy from 2021 - 2025 are provided, including electricity prices in different regions, the market price of semi - coke, production costs, and profits in different regions [5][7].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The PG main contract oscillated strongly, with the cheapest deliverable being Shandong civil gas at 4500. The basis weakened to 51 (-74), the Oct-Nov spread was 49 (-20), and the Nov-Dec spread was 62 (+3). The external market prices rose, the internal-external price difference decreased slightly, and the US-Asia arbitrage window closed. Freight rates continued to rise, and the naphtha crack spread strengthened. The profit of PDH to PP continued to weaken, and the production margins of alkylated oil and MTBE were low. Inbound shipments decreased, external shipments increased slightly, but demand narrowed, leading to an increase in both port and factory inventories. Chemical demand declined, with the PDH operating rate at 70.49% (-2.61). Shandong is the most cost-effective delivery location, with sufficient supply from inbound resources and declining chemical demand. The overall market is expected to remain weak [1]. 3) Summary by Relevant Catalog Daily Data - **Price Changes**: On 2025/09/15, compared with the previous day, the prices of LPG in East China decreased by 3 to 4504, in Shandong increased by 30 to 4530, and in South China decreased by 10 to 4540. The price of etherified C4 increased by 30 to 4790. The lowest delivery location was Shandong. The internal market rose significantly, with the basis at 15 (-66) and the Oct-Nov spread at 51 (+2). FEI and CP were 558 (+8) and 550 (+4) dollars per ton respectively, with the FEI monthly spread unchanged at -4 and the CP monthly spread unchanged at -10. The arrival cost decreased slightly, with the October arrival prices of propane in East China and South China at 4707 and 4652 respectively [1]. Weekly View - **Contract Performance**: The PG main contract oscillated strongly, with the cheapest deliverable being Shandong civil gas at 4500. The basis weakened to 51 (-74), the Oct-Nov spread was 49 (-20), and the Nov-Dec spread was 62 (+3). There were 13002 (-6) warehouse receipts, with 1 less from Shanghai Yuchi and 5 less from Donghua [1]. - **External Market**: External market prices rose. The FEI monthly spread increased by 1, the MB monthly spread remained unchanged, and the CP monthly spread decreased by 2.5. The internal-external price difference decreased slightly, with PG-CP at 75 (-3), PG-FEI at 67.6 (-9.3), and FEI-CP at 7.5 (+6.5). The US-Asia arbitrage window closed. The AFEI discount was -6.5 (+3), and the CP South China arrival discount was 43 (+0). Freight rates continued to rise, with the latest rates from the US Gulf to Japan at 155 (+11) and from the Middle East to the Far East at 82 (+7). The FEI-MOPJ was -41.5 (-6.5), and the naphtha crack spread strengthened [1]. - **Profit and Demand**: The profit of PDH to PP continued to weaken, and the production margins of alkylated oil and MTBE were low. Inbound shipments decreased, external shipments increased slightly, but demand narrowed, leading to an increase in both port and factory inventories. Chemical demand declined, with the PDH operating rate at 70.49% (-2.61). Hebei Haiwei resumed operations, while Donghua Zhangjiagang and Ningbo Jinfa were under maintenance and shut down, and Binhuaxin Material reduced its load. The operating rates of alkylation and MTBE both decreased [1]. - **Market Outlook**: Shandong is the most cost-effective delivery location, with sufficient supply from inbound resources and declining chemical demand. The overall market is expected to remain weak [1].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 16, 2025 [1][3][4] 3. Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: Spot price in China is 80930, LME is 10020, with a ratio of 8.13; March price in China is 80910, LME is 10082, ratio 8.02. Spot import equilibrium ratio is 8.10, profit - 307.15 [1] - **Zinc**: Spot price in China is 22240, LME is 2983, ratio 7.46; March price in China is 22315, LME is 2956, ratio 5.80. Spot import equilibrium ratio is 8.56, profit - 3280.38 [1] - **Aluminum**: Spot price in China is 20950, LME is 2691, ratio 7.78; March price in China is 21025, LME is 2687, ratio 7.82. Spot import equilibrium ratio is 8.37, profit - 1587.60 [1] - **Nickel**: Spot price in China is 121500, LME is 15209, ratio 7.99. Spot import equilibrium ratio is 8.18, profit - 2378.18 [1] - **Lead**: Spot price in China is 17000, LME is 1966, ratio 8.62; March price in China is 17190, LME is 2014, ratio 11.08. Spot import equilibrium ratio is 8.82, profit - 391.22 [3] Cross - period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 420, - 450, - 460, - 460 respectively, theoretical spreads are 509, 916, 1331, 1747 [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 60, 65, 80, 100 respectively, theoretical spreads are 214, 335, 455, 575 [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 265, - 260, - 285, - 305 respectively, theoretical spreads are 217, 336, 454, 573 [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 160, 190, 195, 190 respectively, theoretical spreads are 210, 316, 422, 528 [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 780, 1020, 1180, 1390 respectively [4] - **Tin**: 5 - 1 spread is 420, theoretical spread is 5673 [4] Spot - Futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 450 and 30 respectively [4] - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 10 and 70 respectively [4][5] - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 0 and 160 respectively [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.63, 3.85, 4.71, 0.94, 1.22, 0.77 in Shanghai (three - continuous), and 3.42, 3.77, 5.09, 0.91, 1.35, 0.67 in London (three - continuous) [5]

芳烃橡胶早报 研究中心能化团队 2025/09/16 P T A 日期 原油 石脑油 日本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/0 9/09 66.4 597 836 4605 6805 110.61 239.0 75 226 80.3 76.8 14651 -65 0.40 2025/0 9/10 67.5 603 838 4625 6725 108.55 235.0 86 134 80.3 76.8 11842 -65 0.90 2025/0 9/11 66.4 604 838 4620 6760 117.51 234.0 82 181 80.3 76.8 11434 -65 0.40 2025/0 9/12 67.0 599 832 4575 6760 107.46 233.0 66 229 80.3 76.8 9893 -75 0.35 2025/0 9/15 67.0 599 832 4575 6710 107.46 233.0 66 2 ...

研究中心能化团队 2025/09/16 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/09/0 9 801 2285 2273 2560 2520 2495 2698 263 323 14 -125 -1295 2025/09/1 0 801 2302 2290 2590 2520 2565 2728 266 326 -3 -125 -1295 2025/09/1 1 801 2292 2280 2590 2520 2565 2723 263 326 13 -110 -1295 2025/09/1 2 801 2290 2275 2585 2520 2565 2723 263 326 13 -95 -1295 2025/09/1 5 801 2295 2290 2580 2520 2565 2723 263 326 13 -100 -1295 日度变化 0 5 15 -5 0 0 0 0 0 0 -5 0 观点 仍是交易港口压力传导到内地得逻辑，内地后期有季节性备货需求+联泓新装 ...

油脂油料早报 研究中心农产品团队 2025/09/16 隔 夜 市 场 信 息 ： USDA：9月11日止当周美国大豆出口检验量为804,352吨，好于预期 美国农业部公布的周度出口检验报告显示，截至2025年9月11日当周，美国大豆出口检验量为804,352吨，此前市场 预估为200,000-730,000吨，前一周修正后为467,624吨，初值为452,151吨。 当周，对中国大陆的大豆出口检验量为0吨。 截至2024年9月12日当周，美国大豆出口检验量为474,010吨。 本作物年度迄今，美国大豆出口检验量累计为1,068,204吨，上一年度同期为747,598吨。 美国大豆的市场年度自9月1日开始。 AgRura：截至上周四巴西大豆播种完成0.12% 农业咨询机构AgRural称，截至上周四，巴西2025/26年度大豆播种完成总预估面积的0.12%，并指出该国中西部的 干旱可能中断作业。 AgRural表示，播种进度略高于上年同期的0.06%。 帕拉纳州、马托格罗索州和圣保罗州的大豆种植户已经开始播种。预计巴西新一年度大豆产量为1.8亿吨，将创下 纪录新高。 AgRural在声明中表示："尽管目前还不 ...

农产品早报 | | | | | | | | | | 研究中心农产品团队 2025/09/16 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/09/09 | 2230 | 2270 | 2280 | 2440 | 56 | 35 | 308 | 2800 | 2850 | 295 | -24 | | 2025/09/10 | 2230 | 2260 | 2280 | 2430 | 63 | 35 | 296 | 2800 | 2850 | 217 | -27 | | 2025/09/11 | 2230 | 2260 | 2270 | 2430 | 58 | 40 | 320 | 2800 | 2850 | 228 | -27 | | 2025/09/12 | 2230 | 2 ...

Report Industry Investment Rating - No relevant content found Core Views - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened, the EW spread oscillated at a high level, and the fluctuation of the near - month of FU inside and outside was intensified due to delivery factors. The low - sulfur cracking weakened rapidly, the spread weakened at an accelerated pace, the LU inside - outside spread was compressed to 6 - 7 US dollars/ton, and the MF0.5 basis oscillated [3]. - Fundamentally, Singapore's residue decreased by 871,000 barrels, floating storage was slightly destocked, ARA residue inventory increased significantly, and EIA residue 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 is supported, and the EW spread repair is completed. The domestic high - sulfur spread has risen again due to the influence of the delivery warehouse, and the short - term inside - outside spread is repaired. This week, LU accelerated its decline, and the MF0.5 basis of the outer market was weakly operating. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter can be concerned [4]. Summary by Directory Rotterdam Fuel Oil Swap Data - From September 9 - 15, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by - 3.94, Rotterdam 0.5% VLS FO swap M1 changed by - 2.67, Rotterdam HSFO - Brent M1 changed by - 0.49, Rotterdam 10ppm Gasoil swap M1 changed by 4.90, Rotterdam VLSFO - Gasoil M1 changed by - 7.57, LGO - Brent M1 changed by 0.25, and Rotterdam VLSFO - HSFO M1 changed by 1.27 [1]. Singapore Fuel Oil Swap Data - From September 9 - 15, 2025, the price of Singapore 380cst M1 changed, Singapore 180cst M1 changed, Singapore VLSFO M1 changed, Singapore GO M1 changed, Singapore 380cst - Brent M1 changed, and Singapore VLSFO - Gasoil M1 changed [1]. Singapore Fuel Oil Spot Data - From September 9 - 15, 2025, the FOB 380cst price changed by 7.31, FOB VLSFO price changed by 14.85, 380 basis changed by - 0.85, high - sulfur inside - outside spread and low - sulfur inside - outside spread had relevant data changes [2]. Domestic FU Data - From September 9 - 15, 2025, FU 01 changed by 82, FU 05 changed by 59, FU 09 changed by 37, FU 01 - 05 changed by 23, FU 05 - 09 changed by 22, and FU 09 - 01 changed by - 45 [2]. Domestic LU Data - From September 9 - 15, 2025, LU 01 changed by 90, LU 05 changed by 66, LU 09 changed by 74, LU 01 - 05 changed by 24, LU 05 - 09 changed by - 8, and LU 09 - 01 changed by - 16 [3].

声明 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 685.0 4.0 1.0 -14.0 -170.0 25省终端可用天数 21.7 -0.2 1.8 0.8 4.1 秦皇岛5000 594.0 5.0 -1.0 -38.0 -161.0 25省终端供煤 600.7 0.9 -7.9 -39.4 -22.2 广州港5500 755.0 0.0 0.0 -10.0 -155.0 北方港库存 2065.0 41.0 49.0 -21.0 -91.9 鄂尔多斯5500 475.0 10.0 10.0 -10.0 -145.0 北方锚地船舶 81.0 -1.0 23.0 2.0 -30.0 大同5500 530.0 10.0 10.0 -25.0 -180.0 北方港调入量 160.4 -2.4 27.2 6.4 1.1 榆林6000 602.0 0.0 0.0 -20.0 -197.0 北方港吞吐量 153.4 -14.6 13.3 16.3 -7.2 榆林6200 630.0 0.0 0.0 -20.0 -195.0 CBCFI海运指数 636.7 32.3 56. ...

废钢早报 價in 研究中心黑色团队 2025/09/16 华东 स्क 中部 东北 日期 华南 西南 2025/09/09 2237 2071 2269 2285 2331 原点 2152 ~ (图H 2285 2025/09/10 2238 2331 2070 2266 2153 2025/09/11 2285 2241 2330 2071 2267 2152 2025/09/12 2241 2329 2072 2261 2285 2150 2025/09/15= 容 2242 2329 原占 2071 2260 原d 2284 2152 ~ 环比 0 -1 2 1 -1 -1 沙钢重三价格 (含税) 镇江鸿泰剪切料价格（不含税） ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 ● 2022 ↓ 2023 ↓ 2024 ↓ 2025 3,600元/吨 4,200元/吨 3,900 3,300 3,600 3,000 3,300 2,700 3,000 2,400 2,700 2,100 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 ...