焦煤日报 2025/12/25 研究中心黑色团队 | | 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 | 1500.00 | 0.00 | -5.00 | -145.00 | 2.74% Peak Downs | 228.00 | 0.00 | 0.00 | 14.00 | 28.00 | | 原煤口岸库提价 | 996.00 | 31.00 | 77.00 | -4.00 | 5.96% Goonyella | 229.00 | 0.00 | 0.00 | 16.00 | 29.00 | | 沙河驿蒙5# | 1340.00 | -20.00 | -20.00 | -160.00 | -8.84% 盘面05 | 1124.00 | -1.00 | 16.00 | -43.50 | -1.58% | | 安泽主焦 | 1600.00 | 0.00 | 100.00 | 20.00 | 6.6 ...

废钢早报 研究中心黑色团队 2025/12/25 华东 स्क 中部 东北 日期 华南 2025/12/185 | 2172 2030 2224 2216 2253 原点 2225 2025/12/19 2172 2252 2031 2216 2227 2025/12/22 2172 2253 2032 2216 2025/12/23 2174 2254 2032 2227 2216 2025/12/24 12 2174 2254 原品 2036 2226 原 2216 环比 0 4 -1 0 0 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 4,200元/吨 3,900 3,300 3,600 长流程日耗 ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 nd 18 16 14 12 10 8 6 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 147家钢厂废钢到货 + 2019 ↓ 2020 ↓ 2021 ↓ 2022 ↓ 2023 lt+ ...

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Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - No explicit core view was presented in the provided content; the report mainly offers data on the synthetic rubber market. 3. Summary by Related Catalogs BR (Butadiene Rubber) - **Futures Indicators**: The closing price of the BR main contract (12) on December 24 was 11395, with a daily increase of 220 and a weekly increase of 355. The open interest was 99013, with a daily decrease of 4086 and a weekly decrease of 2363. The trading volume was 191046, with a daily increase of 34482 and a weekly increase of 63612. The warehouse receipt quantity was 23490, with a daily increase of 980 and a weekly increase of 3310. The long - short ratio was 21.08, with a daily decrease of 2 and a weekly decrease of 4 [4]. - **Price Differences**: The cash - and - carry spread was - 345, with a daily decrease of 170 and a weekly decrease of 155. The butadiene - styrene price difference was not fully clear from the data. The 02 - 03 spread was - 10, with a daily increase of 5 and a weekly increase of 0; the 03 - 04 spread was - 5, with a daily increase of 10 and a weekly increase of 20. The RU - BR spread was 4255, with a daily increase of 140 and a weekly decrease of 25; the NR - BR spread was 1220, with a daily decrease of 10 and a weekly decrease of 195 [4]. - **Spot Prices**: The Shandong market price was 11050, with a daily increase of 50 and a weekly increase of 200. The Transfar market price was 10950, with no daily change and a weekly increase of 150. The Qilu ex - factory price was 11100, with a daily increase of 200 and a weekly increase of 200. The CFR Northeast Asia price was 1400, with no daily change and a weekly increase of 50. The CFR Southeast Asia price was 1625, with no daily change [4]. - **Profit Indicators**: The spot processing profit was 767, with a daily decrease of 27 and a weekly increase of 149. The import profit was - 571, with a daily increase of 64 and a weekly decrease of 173. The export profit was 1166, with a daily decrease of 57 and a weekly decrease of 22 [4]. BD (Butadiene) - **Spot Prices**: The Shandong market price on December 24 was 7925, with a daily increase of 75 and a weekly increase of 50. The Jiangsu market price was 7700, with a daily increase of 75 and a weekly decrease of 50. The Yangzi ex - factory price was 7800, with no daily or weekly change. The CFR China price was 930, with no daily change and a weekly increase of 60 [4]. - **Profit Indicators**: The ethylene cracking profit data was incomplete. The carbon - four extraction profit data was incomplete. The butene oxidative dehydrogenation profit was - 1254, with a daily increase of 75 and a weekly decrease of 120. The import profit was 164, with a daily increase of 84 and a weekly decrease of 511. The export profit was - 945, with a daily increase of 279 and a weekly increase of 802. The styrene - butadiene production profit was 1313, with a daily increase of 100 and a weekly increase of 100. The ABS production profit data was incomplete. The SBS production profit was - 425, with no daily or weekly change [4]

纯碱现货：重碱河北交割库现货报价在1100左右，送到沙河1140左右 纯碱产业：上游库存累积，中游库存去化，远兴一期提负至1.7万吨日产，二期出合格品 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 950 976 950 990 941 1048 1145 1162 900 950 1000 1050 1100 1150 1200 1250 1300 沙河德金 沙河安全 沙河低价 湖北低价 01合约 05合约 09合约 11合约 玻璃价格结构 今日(12/24） 昨日(12/23） 一周前(12/17） 一月前(11/24） (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 ...

研究中心农产品团队 2025/12/25 | 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 | | 2025/12/18 | 2160 | 2240 | 2250 | 2410 | 50 | 20 243 | 2750 | 2800 | 206 | -14 | | 2025/12/19 | 2160 | 2240 | 2250 | 2410 | 48 | 20 228 | 2750 | 2800 | 203 | -14 | | 2025/12/22 | 2160 | 2230 | 2250 | 2410 | 38 | 30 228 | 2750 | 2800 | 208 | -14 | | 2025/12/23 | 2160 | 2230 | 2250 | 2400 | 41 | 20 227 | 2750 | 2800 | ...

油脂油料早报 合1+ 研究中心农产品团队 2025/12/25 隔夜市场信息： 100 ■点资讯 MPOA:马来西亚12月1-20日毛棕榈油产量环比下降7.44% ● MPOA公布的数据显示，马来西亚12月1-20日毛棕榈油产量较上月同期下降7.44%。其中，马来半岛产量下降 11.66%，婆罗洲产量下降1.73%，沙巴产量减少2.12%，沙捞越产量减少0.75%。 产 国 降 水 情 况 Brazil Soybeans Precipitation Brazil Soybeans Precipitation Observed Precipitation Compared to Normal (mm) Forecast Precipitation Compared to Normal (mm) Production-Weighted Area Average Production-Weighted Area Average 60 days ending 20 December 2025 15-Day Forecast Beginning 21 December 2025 250 Accumulated Prec ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current valuation of 02 is high, and its future performance mainly depends on the spot market trend. In the short term, due to the improvement in the spot market, the market sentiment is positive. However, it is difficult to predict the peak height and time of the freight rate in January and the subsequent price - decline rhythm. Therefore, entry at the current level is not recommended. [2][8] - The valuation of 04 is moderately high, but in the short term, it may follow the spot market or recover the basis. Attention should be paid to shorting opportunities in the near - term continuous high. The far - month contracts are greatly affected by geopolitical factors. Shorting off - season contracts is safer than shorting peak - season contracts. Overall, a positive spread strategy should be adopted, and attention should be paid to shorting opportunities in the 10 contract. [2][8] Group 3: Summary by Related Catalog Futures Contract Data - EC2512: Yesterday's closing price was 1606.0, down 1.53% or 16.8, with a trading volume of 281 and an open interest of 1890, a decrease of 11 in open interest. [2][8] - EC2602: Down 3.48%, trading volume of 35004, closing price of 1806.6, down 217.4, open interest of 41660, down 0.75%. [2][8] - EC2604: Trading volume of 7754, open interest of 20867, closing price of 1158.0, up 431.2. [2][8] - EC2606: Up 0.89%, closing price of 1331.7, up 257.5, open interest of 372, trading volume of 2187. [2][8] - EC2608: Trading volume of 141, open interest of 1199, closing price of 1480.0, up 109.2. [2][8] - EC2610: Down 0.85%, closing price of 1052.0, up 537.2. [2][8] Month - to - Month Spread Data - EC2512 - 2504: The spread was 448.0, with a daily decline of 16.2 and a weekly decline of 52.1. [2][8] - EC2512 - 2602: The spread was - 200.6, with a daily decline of 40.2 and a weekly decline of 104.4. [2][8] - EC2502 - 2604: The spread was 648.6, with a previous value of 705.0 and a previous - two - period value of 591.0. [2][8] Index Data - SCEIS: Up 5.21%, updated every Monday. The current value is 1589.20, the previous value was 1510.56, and the previous - two - period value was 1509.10, announced on 2025/12/22. [2][8] - SCFI (European line): Up 9.86%, updated every Friday. The current value is 1400 dollars/TEU, the previous value was 1533, and the previous - two - period value was 1538, announced on 2025/12/19. [2][8] - CCFI (European line): Up 1.59%, the current value is 1473.9 points, the previous value was 1470.55, and the previous - two - period value was 1447.56, announced on 2025/12/19. [2][8] - NCFI: Up 9.98%, the current value is 1067.29 points, the previous value was 1064.13, and the previous - two - period value was 967.55, announced on 2025/12/19. [2][8] European Line Spot Market Situation - Week 52: MSK opened bookings at $2300 (a decrease of $100 compared to the previous week). Other companies mainly continued to use the rates of Week 51. The central price was $2500, equivalent to about 1750 points on the futures market. All shipping companies announced price increases for January bookings. [2][8] - Week 1: MSK opened bookings at $2500 (an increase of $200 compared to the previous week), waiting for other shipping companies to open bookings. [2][8] - Week 2: MSK mainly maintained the same price, quoting $2500 (high - cube containers at $2600). [2][8] Related News - On 12/23, the Suez Canal Authority: The Jacques Saadé and Adonis of CMA CGM passed through the canal on Tuesday. One was a return vessel with a previous statement, and the other was on a regular route with a precedent. [2][8]

研究中心能化团队 2025/12/24 | | 指标 | 11/21 | 12/17 | 12/19 | 12/22 | 12/23 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东基差(+80)(非京博) | 61 | -102 | 1 | -2915 | -2897 | 18 | | | | 华东基差(镇江库) | 91 | -32 | -9 | -2995 | -2977 | 18 | -2795 -2945 | | 基差&月差 | 华南基差(佛山库) | 71 | -102 | -109 | -2995 | -2977 | 18 | -2875 | | | 01-03 | -41 | -17 | -27 | -30 | -26 | 4 | -9 | | | 02-03 | -26 | -2 | -15 | -12 | -13 | -1 | -11 | | | 03-06 | -42 | -10 | -24 | -23 | -27 | -4 | -17 | | | BU主力合约(02) | 300 ...

1. Report Information - Report Name: Coking Coal Daily [1] - Date: December 24, 2025 [1] - Research Team: Black Team of the Research Center [1] 2. Price Information Spot Prices - **LiuLin Main Coking Coal**: The latest price is 1,500.00, with no daily change, a weekly decrease of 5.00, a monthly decrease of 145.00, and an annual increase of 3.45% [2] - **Raw Coal Port Delivery Price**: The latest price is 965.00, with a daily decrease of 5.00, a weekly decrease of 5.00, a monthly decrease of 43.00, and an annual increase of 1.58% [2] - **ShaHeYi Meng 5**: The latest price is 1,360.00, with no daily change, no weekly change, a monthly decrease of 150.00, and an annual decrease of 8.11% [2] - **AnZe Main Coking Coal**: The latest price is 1,600.00, with no daily change, a weekly increase of 100.00, a monthly increase of 20.00, and an annual increase of 3.90% [2] International Spot Prices - **Peak Downs**: The latest price is 228.00, with no daily change, a weekly increase of 2.00, a monthly increase of 14.00, and an annual increase of 27.00 [2] - **Goonyella**: The latest price is 229.00, with no daily change, a weekly increase of 2.00, a monthly increase of 16.00, and an annual increase of 28.00 [2] Futures Prices - **Futures 05**: The latest price is 1,125.00, with a daily increase of 20.50, a weekly increase of 63.00, a monthly decrease of 63.50, and an annual decrease of 2.93% [2] - **Futures 09**: The latest price is 1,199.50, with a daily increase of 14.50, a weekly increase of 64.00, a monthly decrease of 54.00, and an annual decrease of 2.04% [2] - **Futures 01**: The latest price is 1,034.50, with a daily increase of 30.50, a weekly increase of 64.00, a monthly decrease of 62.50, and an annual decrease of 4.39% [2] 3. Inventory Information - **Total Inventory**: The latest inventory is 3,934.10, with a weekly increase of 28.66, a monthly increase of 297.27, and an annual decrease of 16.27% [2] - **Coal Mine Inventory**: The latest inventory is 272.77, with a weekly increase of 17.46, a monthly increase of 86.85, and an annual decrease of 19.17% [2] - **Port Inventory**: The latest inventory is 307.50, with a weekly increase of 11.00, a monthly increase of 9.00, and an annual decrease of 31.50% [2] - **Steel Mill Coking Coal Inventory**: The latest inventory is 794.65, with a weekly decrease of 3.62, a monthly increase of 4.48, and an annual increase of 5.11% [2] - **Coking Plant Coking Coal Inventory**: The latest inventory is 1,037.30, with a weekly increase of 28.10, a monthly decrease of 31.67, and an annual decrease of 0.23% [2] - **Coking Plant Coke Inventory**: The latest inventory is 85.73, with a weekly decrease of 0.22, a monthly increase of 0.50, and an annual decrease of 0.89% [2] 4. Production and Utilization Information - **Coking Capacity Utilization Rate**: The latest utilization rate is 72.05, with a weekly decrease of 1.11, a monthly increase of 0.34, and an annual decrease of 1.33% [2] 5. Basis and Spread Information Basis - **05 Basis**: The latest basis is -98.79, with a daily decrease of 20.50, a weekly decrease of 40.01, a monthly decrease of 137.65, and an annual decrease of 80.94 [2] - **09 Basis**: The latest basis is -173.29, with a daily decrease of 14.50, a weekly decrease of 41.01, a monthly decrease of 147.15, and an annual increase of 1.08 [2] - **01 Basis**: The latest basis is -8.29, with a daily decrease of 30.50, a weekly decrease of 41.01, a monthly decrease of 138.65, and an annual decrease of 1.14 [2] Spread - **5 - 9 Spread**: The latest spread is -74.50, with a daily increase of 6.00, a weekly decrease of 1.00, a monthly decrease of 9.50, and an annual increase of 0.14 [2] - **9 - 1 Spread**: The latest spread is 165.00, with a daily decrease of 16.00, no weekly change, a monthly increase of 8.50, and an annual increase of 0.16 [2] - **1 - 5 Spread**: The latest spread is -90.50, with a daily increase of 10.00, a weekly increase of 1.00, a monthly increase of 1.00, and an annual increase of 0.18 [2]