焦炭日报 研究中心黑色团队 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观、公正，研究方法专业审慎，分 析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资 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 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 2021 2022 2023 2024 2025 70.00 75.00 80.00 85.00 90.00 95.00 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 247家高炉产能利用率 ...

Report Industry Investment Rating - No relevant content Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, lead, and tin on September 12, 2025 [1][4][8] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 80175, LME price is 9936, and the ratio is 8.04; March price in China is 80100, LME price is 9998, and the ratio is 8.01. The equilibrium ratio for spot import is 8.11, with a profit of - 286.15; the profit for spot export is 84.86 [1] - **Zinc**: Spot price in China is 22180, LME price is 2912, and the ratio is 7.62; March price in China is 22255, LME price is 2889, and the ratio is 5.84. The equilibrium ratio for spot import is 8.57, with a profit of - 2761.78 [1] - **Aluminum**: Spot price in China is 20850, LME price is 2647, and the ratio is 7.88; March price in China is 20900, LME price is 2636, and the ratio is 7.92. The equilibrium ratio for spot import is 8.38, with a profit of - 1318.27 [1] - **Nickel**: Spot price in China is 119600, LME price is 14961, and the ratio is 7.99. The equilibrium ratio for spot import is 8.18, with a profit of - 1530.38 [1] - **Lead**: Spot price in China is 16750, LME price is 1948, and the ratio is 8.60; March price in China is 16905, LME price is 1991, and the ratio is 11.17. The equilibrium ratio for spot import is 8.83, with a profit of - 442.74 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 350, 320, 320, and 330 respectively, while the theoretical spreads are 501, 900, 1308, and 1716 [4] - **Zinc**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 110, 115, 120, and 135 respectively, while the theoretical spreads are 214, 333, 453, and 573 [4] - **Aluminum**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 125, 110, 75, and 50 respectively, while the theoretical spreads are 215, 331, 447, and 563 [4] - **Lead**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 140, 145, 140, and 175 respectively, while the theoretical spreads are 209, 314, 418, and 523 [4] - **Nickel**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 20, 190, 350, and 560 respectively [4] - **Tin**: The spread between the 5 - 1 contracts is - 10, and the theoretical spread is 5620 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 375 and - 25 respectively, while the theoretical spreads are 69 and 563 [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are - 40 and 70 respectively, while the theoretical spreads are 78 and 221 [6] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 10 and 150 respectively, while the theoretical spreads are 89 and 201 [6] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 3.60, 3.83, 4.74, 0.94, 1.24, and 0.76 respectively; for LME (three - continuous) are 3.47, 3.76, 5.03, 0.92, 1.34, and 0.69 respectively [8]

Report Industry Investment Rating - No information provided in the report Core Viewpoints - No clear core viewpoints are presented in the given content Summary by Relevant Catalogs Price - On September 12, 2025, for silicon iron, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5250 and 5310 respectively, with no daily change but weekly changes of 50 and 90 [2]. - For silicon manganese, the latest prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 were 5680, 5600, and 5680 respectively, with daily changes of 0, 50, and 0, and weekly changes of 0, 100, and 0 [2]. Supply - There are data on the production and capacity utilization of 136 silicon iron production enterprises in China, including monthly production and weekly production with a 95% capacity - occupancy ratio [4]. - Data on the production of silicon manganese in China on a weekly basis are also provided [7]. Inventory - For silicon iron, there are data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi on a weekly basis [6]. - For silicon manganese, there are data on the inventory of 63 sample enterprises in China on a weekly basis, as well as data on warehouse receipts, effective forecasts, and the sum of them [8]. Cost and Profit - Information on the electricity prices of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia is provided, which affects the production cost of ferroalloys [6]. - There are data on the production cost and profit of silicon iron in Ningxia and Inner Mongolia, and the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions [6][8].

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 柳林主焦 2021 2022 2023 2024 2025 500.00 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 600.00 1100.00 1600.00 2100.00 2600.00 3100.00 3600.00 4100.00 4600.00 蒙煤仓单 焦煤日报 研究中心黑色团队 2025/9/12 | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1401.00 | 0.00 | -9.00 | -3.00 | ...

价 格 和 利 润 | | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/09/12 | | | 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 | | 2025/09/05 | 3200 | 3260 | 3300 | 3240 | 3300 | 3290 | | 2025/09/08 | 3200 | 3260 | 3260 | 3240 | 3300 | 3240 | | 2025/09/09 | 3200 | 3260 | 3260 | 3240 | 3300 | 3300 | | 2025/09/10 | 3160 | 3210 | 3260 | 3210 | 3300 | 3260 | | 2025/09/11 | 3150 | 3210 | 3250 | 3190 | 3240 | 3250 | | 变化 | -10 | 0 | -10 | -20 | -60 | -10 | | ...

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]