1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 787, down 4 daily and up 7 weekly; PB powder price is 790, down 4 daily and up 7 weekly; Mac powder price is 784, down 3 daily and up 7 weekly; Jinbuba powder price is 743, down 4 daily and up 7 weekly; Mixed powder price is 733, down 2 daily and up 8 weekly; Super special powder price is 672, down 5 daily and up 2 weekly; Roy Hill powder price is 777, down 4 daily and up 7 weekly [1] - **Brazilian Mainstream Iron Ore**: Ba Hun price is 825, down 4 daily and up 5 weekly; Ba coarse IOC6 price is 754, down 10 daily and up 1 weekly; Ba coarse SSFG price is 759, down 10 daily and up 1 weekly [1] - **Other Iron Ores**: Ukrainian concentrate powder price is 875, down 2 daily and up 10 weekly; 61% Indian powder price is 732, down 4 daily and up 7 weekly; 57% Indian powder price is 607, down 5 daily and up 2 weekly; Atlas powder price is 728, down 2 daily and up 8 weekly; KUMBA powder price is 849, down 4 daily and up 7 weekly [1] - **Domestic Iron Ore**: Tangshan iron concentrate powder price is 976, unchanged daily and up 7 weekly [1] 3.2 Futures Market - **DCE Contracts**: i2601 price is 796.5, down 1.0 daily and up 13.0 weekly; i2605 price is 778.5, down 3.0 daily and up 17.5 weekly; i2609 price is 756.5, down 4.0 daily and up 17.0 weekly [1] - **SGX Contracts**: FE01 price is 104.76, up 0.06 daily and up 3.23 weekly; FE05 price is 102.81, up 0.06 daily and up 3.33 weekly; FE09 price is 100.75, up 0.06 daily and up 3.30 weekly [1]

s 加安期货 研究中心能化团队 2025/12/24 -300 -300 沥青早报 2019 2022 2024 2020 2021 2023 2025 2019 2024 2021 2022 2023 2025 2020 BU02-03 BU03-06 100 100 80 80 60 60 40 40 20 20 0 0 7/1 8/1 4/1 5/1 6/1 3/1 5/1 6/1 7/1 4/1 -20 -20 -40 -40 -60 -60 -80 -80 r -100 -100 2019 2021 2022 2023 2024 2020 2025 2019 2020 -2021 2022 · 2024 2025 2023 BU主力合约 BU远期结构 5000 3150 4500 3100 4000 3050 3000 3500 2950 3000 MAR MA 2900 S 2500 2850 3/1 4/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 2/1 5/1 6/1 BU05 BU06 BU01 BU02 BU03 BU04 2022 -2019 -2020 -2021 ...

研究中心能化团队 2025/12/23 | | 指标 | 11/20 | 12/16 | 12/18 | 12/19 | 12/22 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(非京博) | 2 | 16 | -42 | | -2915 | -2916 | -2931 | | | 华东基差(镇江库) | 42 | 86 | -25 | -9 | -2995 | -2986 | -3081 | | | 华南基差(佛山库) | 22 | 36 | -132 | -109 | -2995 | -2886 | -3031 | | | 01-03 | -42 | -25 | -29 | -27 | -30 | -3 | -5 | | | 02-03 | -27 | -22 | -17 | -15 | -12 | 3 | 10 | | | 03-06 | -31 | -44 | -20 | -24 | -23 | 7 | 21 | | 载请 | BU主力合约(02) | 3058 | ...

纸浆早报 研究中心能化团队 2025/12/23 SP主力合约收盘价： 5622.00 | 日期 | 2025/12/22 | 2025/12/19 | 2025/12/18 | 2025/12/17 | 2025/12/16 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5622.00 | 5506.00 | 5500.00 | 5506.00 | 5468.00 | | 折美元价 | 698.09 | 683.23 | 682.39 | 682.74 | 678.31 | | 距上一日涨跌 | 2.10679% | 0.10909% | -0.10897% | 0.69495% | -1.86648% | | 山东银星基差 | -17 | 19 | 40 | 34 | 72 | | 江浙沪银星基差 | -47 | 29 | 40 | 34 | 82 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿 ...

原油成品油早报 研究中心能化团队 2025/12/23 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2月差 | T | RT（EFS | OB | T | HO | | | | | | | nt | | | | | | | | | 2025/12/16 | 55.27 | 58.92 | 60.99 | - | 0.25 | -3.65 | 0.34 | 168.09 | 11.68 | 212.86 | 30.48 | | 2025/12/17 | 55.94 | 59.68 | 61.31 | - | 0.28 | -3.74 | 0.40 | 169.43 | 11.48 | 214.95 | 30.60 | | 2025/12/18 | 5 ...

Group 1: Price Performance - London Gold's latest price is 4421.65 with a change of 84.05 [1] - London Silver's latest price is 69.22 with a change of 3.43 [1] - London Platinum's latest price is 1956.00 with a change of 32.00 [1] - London Palladium's latest price is 1683.00 with a change of -28.00 [1] - LME Copper's latest price is 11969.00 with a change of 159.50 [1] Group 2: Trading Data - COMEX Silver inventory is 14016.58 with a change of -95.90 [1] - SHFE Silver inventory is 901.47 with a change of 1.83 [1] - Gold ETF持仓 is 1064.56 with a change of 12.02 [1] - Silver ETF持仓 is 16599.25 with a change of 533.01 [1] - SGE Silver inventory is 693.35 with a change of 0.00 [1] - SGE Gold deferred fee payment direction is 1 with a change of 0.00 [1] - SGE Silver deferred fee payment direction is 2 with a change of 0.00 [1]

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/12/23 | | | 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 | | 2025/12/16 | 3100 | 3290 | 3310 | 3270 | 3480 | 3350 | | 2025/12/17 | 3100 | 3290 | 3310 | 3270 | 3480 | 3350 | | 2025/12/18 | 3140 | 3320 | 3390 | 3270 | 3520 | 3380 | | 2025/12/19 | 3140 | 3320 | 3390 | 3270 | 3520 | 3380 | | 2025/12/22 | - | - | - | - | - | - | | 变化 | - | - | - | - | - | - | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | 上海冷卷 ...

甲醇聚烯烃早报 研究中心能化团队 2025/12/23 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 2025/12/1 6 801 2120 2075 2445 2475 2395 2555 245 317 5 25 - 2025/12/1 7 801 2130 2095 2440 2485 2385 2550 249 318 -5 25 - 2025/12/1 8 801 2168 2120 2440 2485 2385 2525 251 318 0 20 - 2025/12/1 9 801 2157 2115 2435 2485 2385 2508 249 320 1 20 - 2025/12/2 2 801 - - - 2485 2385 2500 - - - 20 - 日度变化 0 - - - 0 0 -8 - - - 0 - 伊朗装置开始停车，港口内地共振反弹，基差小幅走强，卸货慢，港口连续两周去库，浮仓很多，预计后期回归 累库，11月伊朗发 运110w，预计12-1月进口下降 ...

价格 铁合金早报 | | | | | | | | | | 2025/12/23 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | | 宁夏#72 内蒙#72 | 5220 5250 | 20 0 | 20 30 | 5520 5600 | 主力合约 01合约 | 5644 5516 | 4 -6 | 126 106 | | 硅铁自然块 产区汇总价 | 青海#72 | 5200 | 0 | 20 | 5530 | 05合约 | 5592 | 6 | 114 | | | 陕西#72 | 5200 | 20 | 50 | 5500 | 09合约 | 5654 | 8 | 122 | | | 陕西#75 | 5650 | 0 | 50 | | 主力月基差 | -124 | 16 | -106 | | 硅铁合格块 | 江苏#72 | 5700 | 50 | 200 ...

Report Information - Report Title: Coking Coal Daily Report - Date: December 23, 2025 - Research Team: Black Team of the Research Center [1] Price Information Spot Prices - Liu Lin Main Coking Coal: 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: Latest price is 970.00, a daily decrease of 13.00, a weekly increase of 30.00, a monthly decrease of 40.00, and an annual increase of 1.57% [2] - Shaheyi Meng 5: Latest price is 1,360.00, with no daily change, a weekly decrease of 20.00, a monthly decrease of 150.00, and an annual decrease of 8.11% [2] - Anze Main Coking Coal: Latest price is 1,600.00, with no daily change, a weekly increase of 100.00, a monthly decrease of 60.00, and an annual increase of 3.90% [2] Futures Prices - Futures Contract 05: Latest price is 1,104.50, a daily decrease of 5.50, a weekly increase of 46.00, a monthly decrease of 79.00, and an annual decrease of 4.58% [2] - Futures Contract 09: Latest price is 1,185.00, a daily decrease of 0.50, a weekly increase of 48.50, a monthly decrease of 60.00, and an annual decrease of 3.23% [2] - Futures Contract 01: Latest price is 1,004.00, a daily increase of 6.50, a weekly increase of 40.00, a monthly decrease of 93.00, and an annual decrease of 7.34% [2] Inventory Information - Total Inventory: Latest is 3,934.10, a weekly increase of 28.66, a monthly increase of 297.27, and an annual decrease of 16.27% [2] - Coal Mine Inventory: Latest is 272.77, a weekly increase of 17.46, a monthly increase of 86.85, and an annual decrease of 19.17% [2] - Port Inventory: Latest is 307.50, 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: Latest is 794.65, a weekly decrease of 3.62, a monthly increase of 4.48, and an annual increase of 5.11% [2] - Coking Coking Coal Inventory: Latest is 1,037.30, a weekly increase of 28.10, a monthly decrease of 31.67, and an annual decrease of 0.23% [2] Other Information Coking Capacity Utilization - Coking Capacity Utilization: Latest is 72.05, a weekly decrease of 1.11, a monthly increase of 0.34, and an annual decrease of 1.33% [2] Basis and Spread - 05 Basis: Latest is -78.29, a daily increase of 5.50, a weekly decrease of 23.01, a monthly decrease of 122.15, and an annual decrease of 61.94% [2] - 09 Basis: Latest is -158.79, a daily increase of 0.50, a weekly decrease of 25.51, a monthly decrease of 141.15, and an annual increase of 0.91% [2] - 01 Basis: Latest is 22.21, a daily decrease of 6.50, a weekly decrease of 17.01, a monthly decrease of 108.15, and an annual decrease of 0.61% [2] - 5 - 9 Spread: Latest is -80.50, a daily decrease of 5.00, a weekly decrease of 2.50, a monthly decrease of 19.00, and an annual increase of 0.20% [2] - 9 - 1 Spread: Latest is 181.00, a daily decrease of 7.00, a weekly increase of 8.50, a monthly increase of 33.00, and an annual increase of 0.28% [2] - 1 - 5 Spread: Latest is -100.50, a daily increase of 12.00, a weekly decrease of 6.00, a monthly decrease of 14.00, and an annual increase of 0.36% [2]