1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - No explicit core viewpoints are presented in the provided content. 3. Summary by Relevant Catalogs Futures Contract Prices and Trading Volume - The prices of BU main contract, BU06, BU09, BU12, and BU03 have shown different degrees of change from August 6th to September 4th. For example, the BU main contract price decreased from 3529 on August 6th to 3468 on September 4th, a daily change of -82 and an interval change of -3 [4]. - Trading volume increased from 219,521 on August 6th to 396,842 on September 4th, with a daily change of 152,545 and an interval change of 96,736. The open interest decreased from 455,367 on August 6th to 464,569 on September 4th, with a daily change of -28,631 and an interval change of 84,140 [4]. Spot Market Prices - The spot market prices of asphalt in different regions also changed. For example, the Shandong market price decreased from 3750 on August 6th to 3540 on September 4th, with a daily change of -10 and an interval change of 20. The East China market price remained stable at 3700 from August 27th to September 4th [4]. Basis and Spread - The basis and spread of asphalt contracts also showed different trends. For example, the Shandong basis increased from 221 on August 6th to 72 on September 4th, with a daily change of 72 and an interval change of 23. The BU06 - BU09 spread decreased from -142 on August 27th to -125 on September 4th, with a daily change of -44 and an interval change of 17 [4]. Crack Spread and Profit - The asphalt Brent crack spread increased from -67 on August 27th to 21 on September 4th, with a daily change of 70 and an interval change of 88. The asphalt Ma Rui profit increased from -128 on August 27th to -49 on September 4th, with a daily change of 64 and an interval change of 79 [4]. Related Prices - The price of Brent crude oil decreased from 68.6 on August 27th to 67.6 on September 4th, with a daily change of -1.5 and an interval change of -1.0. The Shandong market price of gasoline decreased from 7599 on August 27th to 7531 on September 4th, with a daily change of -22 and an interval change of -68 [4].

免责声明: | | | | | | | | | | LPG早报 | | | 研究中心能化团队 2025/09/05 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | | 日期 | 华南液化气 | 华东液化 气 | 山东液化气 | 丙烷CFR华 南 | 丙烷CIF日 本 | MB丙烷现 货 | CP预测合 同价 | | 山东醚后碳四 山东烷基化油 | 纸面进口 利润 | 主力基差 | | 2025/08/2 9 | 4620 | 4481 | 4540 | 580 | 541 | 69 | 515 | 4990 | 7820 | -133 | 170 | | 2025/09/0 1 | 4580 | 4486 | 4540 | 583 | 545 | - | 531 | 4900 | 7770 | -201 | 188 | | 2025/09/0 2 | 4540 | 4486 | 4560 | 590 | 550 | 72 | 540 | ...

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Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints are presented in the given content Summary by Related Catalogs Glass - **Price and Spread Changes**: From August 28 to September 4, 2025, the price of 5mm large - plate glass in some regions showed different trends. For example, the price of 5mm large - plate glass of Shahe Great Wall increased by 11.0 week - on - week and 9.0 day - on - day; FG9 - 1 spread increased by 15.0 week - on - week and 6.0 day - on - day [1]. - **Profit Changes**: During the same period, the profit of North China coal - fired glass increased by 19.5 week - on - week and 9.4 day - on - day; the profit of North China natural gas glass increased by 15.2 week - on - week and 9.0 day - on - day [1]. - **Market Conditions**: The production and sales of glass in Shahe factories were average, with low - price sales of Shahe traders around 1113 and average shipments; the price of factories in Hubei Province was around 1000, with average transactions. The production and sales rates of glass in different regions were: Shahe 97, Hubei 106, East China 86, and South China 99 [1]. Soda Ash - **Price and Spread Changes**: From August 28 to September 4, 2025, the price of heavy soda ash in some regions changed. For example, the price of heavy soda ash in Shahe decreased by 10.0 week - on - week and then increased by 20.0 day - on - day; SA09 - 01 spread increased by 7.0 week - on - week and 1.0 day - on - day [1]. - **Profit Changes**: The profit of North China ammonia - soda process decreased by 12.4 week - on - week and then increased by 0.6 day - on - day [1]. - **Market Conditions**: The spot price of heavy soda ash in Hebei delivery warehouses was around 1160, and the price delivered to Shahe was around 1200. The industry showed factory de - stocking and delivery warehouse inventory accumulation, with overall slight de - stocking [1].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report No explicit core view is presented in the provided content. The report mainly offers a comprehensive set of data on synthetic rubber, including prices, basis, spreads, processing profits, and import/export profits. 3. Summary by Relevant Catalogs BR (Butadiene Rubber) - **Price and Basis**: The BR price on September 4 was 11810, a daily decrease of 75 and a weekly decrease of 170. The basis and spreads showed various changes, such as the cis - butyl basis increasing by 75 daily and 120 weekly [3][4]. - **Warehouse Receipts and Virtual - Real Ratio**: The warehouse receipt quantity was 12540 on September 4, with no daily change but a weekly increase of 280. The virtual - real ratio decreased to 10.61 on September 4, a daily decrease of 1 and a weekly decrease of 6 [4]. - **Processing and Import/Export Profits**: The spot processing profit was - 67, the disk processing profit was - 157, the import profit was - 86106, and the export profit was - 306 on September 4 [4]. BD (Butadiene) - **Price and Profit**: The Shandong market price of BD on September 4 was 9575, a daily decrease of 25 and a weekly decrease of 15. The carbon tetrachloride extraction profit was 2137, the butene oxidative dehydrogenation profit was 186, the import profit was 377, and the export profit was - 975 [4]. Downstream Profits - **Production Profits**: The ABS production profit was 38, the SBS production profit (791 - H) was 20, the cis - butadiene production profit was - 157, and the styrene - butadiene production profit was 1125 on September 4 [4]. Spreads - **Inter - Variety Spreads**: The RU - BR spread was - 10654, the NR - BR spread was - 13879, the Thai mixed - cis - butadiene spread was 3080, and the 3L - styrene - butadiene spread was 2800 on September 4 [4]. - **Intra - Variety Spreads**: The cis - butadiene standard - non - standard price spread was 300, and the styrene - butadiene 1502 - 1712 spread was 1000 on September 4 [4]. BR Main Contract Market Overview - **Closing Price, Position, and Volume**: On August 28, the closing price of the BR main contract was 11980, the position was 30432, and the volume was 53945. On another date (not specified in detail), the closing price was 11515, the position was 41078, and the volume was 132297 [8].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy on September 5, 2025, the latest prices of 72 silicon ferroalloy in Ningxia and Inner Mongolia were 5200 and 5220 respectively, with daily changes of 0 and -30, and weekly changes of -120 and -130 [2]. - The latest price of 72 silicon ferroalloy in Qinghai was 5200, with a daily change of -50 and a weekly change of -150; the latest price of 72 silicon ferroalloy in Shaanxi was 5200, with a daily change of 0 and a weekly change of -100; the latest price of 75 silicon ferroalloy in Shaanxi was 5950, with a daily change of 0 and a weekly change of 50 [2]. - For silicon manganese on September 5, 2025, the latest prices of 6517 silicon manganese in Inner Mongolia, Ningxia, Guangxi, Guizhou and Yunnan were 5680, 5500, 5680, 5650 and 5650 respectively, with different daily and weekly changes [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including monthly production, weekly production (with a capacity - share of 95%), and monthly capacity utilization rates in Inner Mongolia, Ningxia and Shaanxi [4]. - The production data of silicon manganese in China from 2021 - 2025 are presented, including weekly production and the purchase prices and quantities of 6517 silicon manganese by Hebei Iron and Steel Group [6]. Demand - Various demand - related data from 2021 - 2025 are shown, such as the estimated and statistical monthly production of crude steel in China, the purchase volume and price of FeSi75 - B silicon ferroalloy by Hebei Iron and Steel Group, and the demand for silicon manganese in China (Steel Union's caliber) [4][6][7]. Inventory - The inventory data of 60 sample silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including weekly inventory in China, Ningxia, Inner Mongolia and Shaanxi, as well as daily warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - The inventory - related data of silicon manganese from 2021 - 2025 are shown, including daily warehouse receipts, effective forecasts, warehouse receipts + effective inventory, and the inventory average available days in China, as well as the inventory of 63 sample enterprises in China (weekly, in tons) [7]. Cost Profit - The cost - profit data of silicon ferroalloy from 2021 - 2025 are presented, including electricity prices in different regions, the market price of blue charcoal, production costs and profits in Ningxia and Inner Mongolia, and the export profit of 75 silicon ferroalloy [5]. - The cost - profit data of silicon manganese from 2021 - 2025 are shown, including the profit in Inner Mongolia, Guangxi, the northern and southern regions (Steel Union's caliber), and the profit of Guangxi silicon manganese converted to the main contract [7].

| | | | 钢材早报 | | 研究中心黑色团队 2025/09/05 | | | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/08/29 | 3200 | 3250 | 3300 | 3240 | 3280 | 3300 | | 2025/09/01 | 3170 | 3240 | 3270 | 3210 | 3260 | 3280 | | 2025/09/02 | 3170 | 3220 | 3270 | 3210 | 3260 | 3250 | | 2025/09/03 | 3160 | 3210 | 3250 | 3200 | 3260 | 3250 | | 2025/09/04 | 3200 | 3210 | 3250 | 3200 | 3260 | 3240 | | 变化 | 40 | 0 | 0 | 0 | 0 | -10 | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | ...

Group 1: Price Performance - London Gold price is 3556.20 with no change [2] - London Silver price is 40.86 with no change [2] - London Platinum price is 1376.00 with no change [2] - London Palladium price is 1111.00 with no change [2] - WTI Crude price is 63.97 with no change [2] - LME Copper price is 9910.00, down 60.50 [2] - US Dollar Index is 98.15 with no change [2] - Euro to US Dollar is 1.17 with no change [2] - British Pound to US Dollar is 1.34 with no change [2] - US Dollar to Japanese Yen is 148.11 with no change [2] - US 10 - year TIPS is 1.82 with no change [2] Group 2: Trading Data - COMEX Silver inventory is 16051.50 with no change [3] - SHFE Silver inventory is 1259.95, up 32.91 [3] - Gold ETF持仓 is 984.26 with no change [3] - Silver ETF持仓 is 15366.48 with no change [3] - SGE Silver inventory is 1281.86 with no change [3] - SGE Gold deferred fee payment direction is 2 with no change [3] - SGE Silver deferred fee payment direction is 2 with no change [3] Group 3: Other Information - There is a section about precious metal ratios [4] - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [7]

焦炭日报 研究中心黑色团队 2025/9/5 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1535.94 | 0.00 | 0.00 | 109.23 | -2.82% 高炉开工率 | 90.02 | | -0.23 | -0.22 | 6.79% | | 河北准一湿熄 | 1780.00 | 0.00 | 0.00 | 130.00 | -1.39% 铁水日均产量 | 228.84 | | -11.29 | -11.48 | 2.80% | | 山东准一干熄 | 1715.00 | 0.00 | 0.00 | 110.00 | -7.05% 盘面05 | 1668.5 | -27.00 | -76.50 | -143.00 | -15.33% | | 江苏准一干熄 | 1755.00 | 0.00 | 0.00 | 110.00 | -6.90% 盘面09 | 1449.5 | ...

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 3500.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 600.00 1100.00 1600.00 2100.00 2600.00 3100.00 3600.00 4100.00 4600.00 蒙煤仓单 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 蒙古口岸原煤库提价 A10.5，V28，S<0.6%，G83 2021 2022 2023 2024 2025 1900/1/4 免责声明 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 ...